tv Bloomberg Technology Bloomberg April 11, 2022 11:00pm-12:00am EDT
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>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ caroline: i am caroline hyde in new york, in for emily chang, and this is "bloomberg technology. one week later twitter is no , longer getting a new board member in elon musk. and we will go to the floor the
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nasdaq for a conversation with the head of revenue to get a look at the current ipo market. how all this volatility is affecting finance. we will get to all of that in a moment. but first, look at the market with ritika gupta. ritika: not a great start to the week for u.s. equities. s&p 500 down 1.7%. nasdaq 100 underperforming, down 2.3%. a big part of this has to do with yields surging, both nominal yields and real yields. inflation becoming increasingly less negative. we are looking at the 10 year really yield. the question really is when the yield does turn positive, what is that going to do to the stock picture. let's drill into some individual movers. it is not all doom and gloom in
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the tech space. twitter, what a volatile ride in the last 24 hours. initially slumping on the news that elon musk will not be joining the board after all, but reversing course and shares ending the session higher on the idea that he will increase his activist stake, pushing for bigger changes. i'm looking at the cybersecurity firm that is surging, going to be acquired by a private equity firm. this will value the company at 6.9 billion dollars. a lot of interest in cybersecurity with work from home options and the russia-ukraine war. nvidia pushing some of the chipmakers lower. going to downgrade. fighting some weak demand outlook. riot chain glut, stuck moving in sympathy with bitcoin. we saw the below the $14,000 threshold. that brings me to my terminal chart.
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i'm looking at the correlation between bitcoin and tech stocks , which has reached a record high. you can see on my right the green on your screen is very positive relationship. it pours cold water over this idea that bitcoin is going to be a good diversifier in your portfolio. we have the founder of bit max saying he thinks bitcoin could go down to 30,000 if the stock route continues. we will have to wait and see for that. caroline: a bit more of risk asset van and -- bit more of a risk asset than inflation hedge right now. amid the war in ukraine raging on, consumers on both sides tightening their belts due to the rising costs, particularly at the gas pump. it is a question many have been talking about, where it the store of value -- gold or digital gold, for example. an mp, wonderful to have you here, minister.
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i'm interested in what people have said about the red carpet being rolled out at the dish in -- being rolled out in the united kingdom to cryptocurrency. >> i think we have to accept that this be a great opportunity. we have gripped it in the u.k. i made a speech last monday and i mentioned a number of interventions. we want to bring the street together with the regulators and government to work out the best steps to take this interesting phenomenon forward. it has many applications for financial services the wider economy. i am excited about that. i am pleased we were able to get that engagement with industry both here and in london. caroline: let's talk about here in new york. the meetings were having with the sec, federal reserve, this has got to be across atlantic regulation. it's a global asset. >> every jurisdiction has a
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slightly different take. i was here in the autumn and i'm back here now in washington this week talking to regulators and government and industry to ensure that we meet expectations and think creatively about what we need to do to get this into the right place so consumers have certainty that any risks are dealt with and faced up to and we can actually come to terms with the challenges in terms of how we tax, do we tax, and creating a regulatory framework and that is reliable and gives innovators assurance about the future. caroline: what do you make of talent -- i think about the bank of england worried about scams in the crypto space. i think it was the bank of england leading to a crypto job. how do you see the tension between the institutional finance moving into the world? >> in the u.k. we have been a global hub of fintech, and i see in cryptocurrency and exchanges
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developing in the u.k. a great opportunity. it is right we have to get the right regulatory framework. andrew bailey has been clear on that. we have got to terms with the promotions regime that taxes consumers. we have got to embrace the opportunities for new technology and new phenomena and how it will apply to markets. caroline: let's talk about the sensationalism in many ways of non-fungible tokens, taking a nosedive but still a lot of interest. we have the royal mint looking to create an nft. >> that was part of the announcement last week, and the chancellor wants us to create an nft. it is important that we pick up on the emblems of change in the opportunities that will exist in the future. we have asked the royal mint to
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develop an nft. caroline: in the united kingdom my family day in and day out talks about inflation and electricity and what is happening in terms of the ramifications, antagonized by the invasion of russia into ukraine. talk to us about how the u.k. feels right now. february, 0.1% growth and the economy being stifled. that is before you factor in the implications of the russia-ukraine invasion. >> these are challenging times . we hoped we would come out of covid and get to brighter times. that hasn't happened. what has happened in the ukraine has a very difficult impact on the economy. we are seeing that. we also have global pressures in terms of inflationary pressures and that is playing out in the u.s., playing out in the u.k., and across the globe. these are challenging times for british consumers. caroline: challenging times for british consumers where they are being asked to burden heavier
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taxes, largest since the 1950's. and at a time when they look to the chancellor of the exchequer and feeling that he or she is out of touch. i'm wondering how he is dealing with the pressure that is upon him and his family and many are worrying that his own family members have not been paying their taxes as they should've been doing. we look in particular and his -- particular at his wife who has been super rich in her own right but many feel did not pay u.k. taxes on overseas earnings. how is that being digested? >> i think the chancellor is an absolute professional in the way he has worked the last two years. he was parachuted into this role at the start of a global pandemic and has worked tirelessly to provide interventions to support the british economy. i recognize these are
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challenging times for him and his family, but he will come through them. his focus is on doing what it takes to get the british economy through these very difficult times. he has made a number of interventions dealing with the thresholds of when you start to pay national insurance in tax. of course there will many who will say there is more to be done and he will look to the future fiscal events to address some of those concerns. caroline: how do you feel when as a member of the conservative party, looking at what ethically is being judged at by the moment when we think about the leader of your party underwent, the chancellor of the exchequer doesn't seem to be in touch with reality and many people feel that, holding a green card at the same time. what tethering he has in the longer term to the country. nothing to do with you i realize but today the unseating of an mp
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in a crisis election and previous misdemeanors when it comes to sexual abuse it how does it make you feel when you have been trying to defend your conservative party? collects i have -- >> i have been in this position for nearly four and half years. i like the chancellor and focused on the task at hand. i have done that with three chancellors and i have always been impressed by the professionalism of the people they work under. he is a first-rate boss and a first-rate chancellor. i have absolute confidence he will come through these difficult moments and we will see what can be telling -- what can be done in future fiscal events in the budget. caroline: come back to tell us about the u.k. and how you can embrace the change in the world of technology. the u.k. economic secretary to the treasury, that is john glenn. it turns out that the twitter board meetings won't be so lit after all now that elon musk is
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caroline: well, a week feels like a month, doesn't it, when -- doesn't it, with elon musk and twitter. look at where things stood one week ago, because last monday it was revealed that musk held a 9.2% stake in twitter. the next day it was announced he would join the twitter board of directors. we then learned he was delayed in reporting his new stake in twitter and concerns that the sec might start looking around.
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and then over the weekend he had been tweeting about twitter dying and tweeted to jeff bezos about turning twitter headquarters into a homeless shelter. on sunday night we learned from the twitter ceo musk will not be joining the board after a left are some pretty bad jokes on twitter by elon musk. the first angle we are going to look at is why musk may have rejected the offer. joining me is a professor from columbia law school. what an extraordinary story to be unfolding. i'm interested in what you think is behind this. what is initially the rejection about? john: on one level, this looks like deja vu all over again. elon being elon. he did this at tesla when he thunderously disclosed he had
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offered to take the company private, which saudi arabia was standing behind. when the sec sued, he agreed he put in the general counsel of the company, the intermediary between him and any public statement about the company. he has never really obeyed that. now over at twitter he is doing the same thing. he is under a legal duty to disclose when he crosses 5%. he eventually got tenure 10%. think about all the people who stole in the interval between 5% and 10% which could be 100 million or more in terms of shares. those people would have sold at a much higher price if he had disclosed he was buying and he was going on the board when he was just becoming the largest shareholder of the company because he is physically the world's richest man and can by what he wants. when he did not disclose, they sold at a lower price them they would have gotten with
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disclosure. some of those people mehsud in class action claiming they were cheated by effectively insider trading when he bought the stock without disclosing information he was required to disclose to you can debate both sides of that but it is likely to get either a private lawsuit or the sec suing on behalf of those shareholders. they are concerned about trading activities at tesla when he was paging the shareholders, pulling them to see if they wanted him to change ownership levels. there could be a recurring pattern of close to the line or over the line insider trading violations. that could bring it very seriously suit. carolyn: talk to us about fiduciary duty. many felt it was in many ways defensive of twitter to have brought him on to the board.
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what limitations would it have put on elon musk to his own communications if he had joined the board? john: the reason he did not go on the board was partly the ceo could not tolerate the statements he was making. he tweeted to the world he would like to have twitter stop selling advertisement should -- selling advertising. that must have stung the ceo because twitter makes 90% of its revenue from advertising. if you are the ceo, you cannot have anyone making statements without having them cleared by management, counsel or anyone. i don't think the ceo could focus on long-term planning to you're going to get a daily barrage of comments from elon musk. carolyn: you are expecting --
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caroline: it is something elon musk has dealt with before. john: different things could happen. there could be a class action by investors who sold during the period he did not disclose when he was supposed to disclose. the sec could say also these statements really do amount to a material omission. you did not disclose that you owned over 5%. you breached your legal duty and we say that could amount to insider trading. they may say you made some false statements. caroline: and fines? john: i'm sorry, what? caroline: with the ramifications be fines or something worse? john: insider trading can be a criminal offense. the department of justice could charge a crime. the sec could sue for damages equal to as much as three times
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of the gain made or the loss of her. -- was averted. -- loss averted. what he was doing and the sec could seek three times the gain on the stock between the 5% level and the 10% level. he is the richest man in the world. that will not bankrupt him but it could be a painful amount to pay. caroline: john coffee, jr., columbia law school professor, fascinating conversation. i want to stick with musk and the issues he was facing with twitter and welcome in dan eyes for another extraordinary story involving elon musk. from your perspective, what happens if he is not on the board? >> him being on the board, that was almost a cinderella story to the point he would be on the board, they would limit his ownership to 15% and strategically could help the company. now i view it as more hostile. he ups his stake going forward.
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the question is does he team up with private equity and how active does he get. for twitter, i think this goes from a cinderella story to potentially game of thrones with musk in twitter and the board clearly going to lock heads. caroline: great analogies there. if they are going to look heads, is your number one perspective we see some sort of oil? >> before muska was involved, the stock was a significant underperformer. advertising has been significantly underperforming. i think the next step is going to be he is going to be a loud force. there is going to be a bright spot in terms of the strategy and advertising. for twitter, for the board, it
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is their worst nightmare because musk in the board room is contained. musk outside the boardroom, this becomes a soap opera. caroline: he is an activist investor with 8 million. what will be the product innovations that potentially start happening? >> this is going to end with some sort of strategic initiatives. whether that ends with an ultimate sale, focusing on some of the subscriber and advertising side because that is the issue. this is going to over the coming months and year, you're going to be in a tough situation for twitter and the board. if they somehow miss execute
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again. carolyn: we have time to think about the world of cybersecurity. you, attention with a note about sale point what do you make of the focus on where you're putting your money in terms of cybersecurity >> -- terms of cybersecurity? >> >> look it's helping getting involved i look at names like tenable, palo alto, checkpoint among others. it really just shows the value of cybersecurity. public investors sell the stocks. the strategic and financials will buy them. caroline: it is always so great to catch up with you. we thank you so much. we will have more next. this is bloomberg. ♪
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caroline: this is bloomberg technology. here are a few of the other stories we have been following. a company will give the ceo a founder share as long as he is at the company. chairs have been under pressure. does shares have been under pressure. ending the day a little bit higher. sony and the owner of liquor group have invested $2 billion in epic games, maker of fortnite. the videogame maker is one of the five most valuable startups in the u.s. it is waging a costly legal battle with apple and alphabet. china has approved of the first batch of videogame licenses since july.
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bloomberg has learned regulators have approved a distributed list of titles. china's reaching tech crackdown extended to online gaming. coming up, as stocks continue to whipsaw, some big-name startups have slowed the rest of the -- the rush to the public mac it -- the public market. we discussed the health of the ipo pipeline next. we are also going to be discussing amazon throwing billions of dollars and how the drone program is faring. spoiler alert, not great. more on that after the break. let's check in on what happened in terms of tech stocks. amazon was one of the leading decliners on the downside in terms of points affected on the s&p and on the nasdaq. the nasdaq off by more than two percentage points. valuations under pressure as we see bond yields and borrowing costs continue to rise.
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caroline: this is "bloomberg technology." i'm caroline hyde in for emily chang. with several big names expected to go public, some are accelerating efforts. -- some are decelerating efforts. joining us to discuss, the senior vice president and head of u.s. listings and revenue for the nasdaq. fantastic to have time with you. talk to us about the solidity of the pipeline. how are we seeing companies? are they hunkering down until we see and ease up in volatility?
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>> companies are preparing to go public. this year is going to be a situation where you see windows of opportunity and they want to be able to hit the market when that window opens. we are starting to see signs of life. we are very focus on the vix, which is the volatility index. when that is between or below 25, which is where we like to see it, 95% of companies go public when it is below that level. we are very focused on that as a lead indicator as well as the convertible market, which has started to open up. the vix has day below 25 the last 18 sessions which is a good sign. we are starting to get inbound calls from companies looking to go public at the end of april, early may. caroline: what kind of companies?
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>> there is a lot of interest from consumer companies. that is about 37% of the pipeline. 22% or tech companies. 19% or health care companies. 10% are financial companies. the remainder are industrial and energy companies. really good depth and breadth and representation from the and cutter the entire economy. caroline: when you are thinking about how it will be taken by the market, it feels as though everyone is offering a inflation hedge. >> i think it is important. valuations have adjusted for the inflation. companies have to address the current pipeline situation with all the disruption they definitely have to have their ducks in a row. there is no rush to go to the public markets at the moment. there are plenty of ways to raise capital. people want to make sure they
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are ready. what i would say is we see a healthy pipeline. the pipeline for companies is greater than it was this time last year. we are very optimistic about that. caroline: talk to us about whether or not there is a disconnect between the public markets and the private markets. >> i think we are starting to see that close. what i would say is public markets tell you exactly where they think things belong. private markets respond a little more slowly to that. i don't think that is a bad thing but that is one of the key differences between the public and the private markets. companies that are looking to go public understand that and they have gotten their heads around their current valuations and what the market expectations might be. caroline: we have had a fascinating story with what is happening with elon musk and twitter and what many have looked at as a lack of
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controlling stake by founder. if you look at shop ify doing a stock split and making sure the founder is maintaining a level of control. when companies are coming to the market, how are they looking at those sorts of narratives? collects what i would say is esg is much more topical for private companies coming to the market. we are spending a let more time with companies on the private side if they are preparing. governance has always been very topical. it is really up to the company how they want to structure their business. investors i think will assign a discount or premium based on what they feel is the right structure. caroline you are an expert on the e, s as well as the g. i'm interested in the social part. when we are looking at russia
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and ukraine and the stakeholders where employees want to see their companies stand for something, how do you see that being exercised by businesses looking to list? >> there is a lot of conversation around stakeholder capitalism. it is the entire ecosystem focused on it. companies are recognizing their customers, their employees, their investors are all focused on these issues and went to make sure wherever they work, wherever they shop, that those brands and companies are doing the right thing whatever that may be. caroline: how about the environmental? suddenly feels like a country so focused on energy transition is having to think about digging oil, gas and i'm interested in what companies -- you said 10%
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or thereabouts were energy businesses. what kinds of energy? >> we are experiencing a lot of transfers to nasdaq and the utility sector. we have been seeing this for quite some time. i think the current climate has raised people's awareness as it relates to our dependency on carbon. you have the sec out with their climate change proposal. there is a lot going on in the space. this is a lot of bobbing and weaving and threading needles. i don't think there is any doubt our economy is transitioning to new energy. carolyn -- caroline: karen snow,
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great to have time with you. the vix level currently sub-25. 25. we thank you, karen snow of nasdaq. it's been a while since jeff bezos pledged for blue skies with delivery drones. now almost a decade. amazon's drones have technical challenges to show for themselves. a video on linkedin showing a package being delivered in the middle of nowhere. let's talk about this and more with spencer soper with his big take. the key story that jumped on the bloomberg for terminal users. what has been the main issue? >> the main issue is this design or amazon wanted to combine maneuverability to go up and down with a plane that can ride forward. that is difficult hold off. they wanted a payload that could carry five pounds.
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they went to the drone to be able to do a 15 mile round-trip which they see as being critical to serve a big enough population. that design has been tricky. last summer they had a bad incident where the drone was transitioning from the up and down pattern to forward pattern where one of the motors failed. there are six propellers on the drone. one of the motors failed and disabled the thing. all of the safety mechanisms failed as well. you ended up with an 85 pound dropping from 160 feet from the sky to the ground and the hot lithium battery treating a brush fire that spread 25 acres. that was alarming to federal aviation officials worried about the airworthiness of this thing. we're going to have this flying over roads and people and schools. how safe is it? caroline: despite the engineering issues,
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there seems to be an area they are still committed to. is it because of the supply chain headache? >> your 30 minutes, that is a critical window where that is faster probably than giving my house and going to the store and coming back. other options like two hour delivery or same-day delivery, it is still quick to run to the store and back. trying to max -- to match that instinct edification is where drones fit in. robotic drones are the ultimate solution to that quick delivery challenge. caroline: they continue to the plate capital. it is all about r&d. they have been raising extra debt to be able to finance general purposes. a massive bond sale coming from amazon. talk to us about where we think it will be useful.
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>> they have not given a whole let of clarity other than these general corporate expenses. with amazon, they keep expanding capacity. they keep expanding trying to get closer to customers. we are going to see more of that. the amazon warehouse is going to get closer. caroline: the safety concerns, do you think they are surmountable? >> the workers think there is a little too much haste to bring this to people's homes. where they feel like this needs to come back to the r&d cycle and more tinkering and more learning before they are trying to prove the airworthiness of these machines. caroline: great reporting.
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i urge everyone to see it online and on the bloomberg terminal. thank you so much for keeping us up to speed. let's talk about other innovations. crypto, bitcoin. fading a little bit in terms of its prices. enjoy three week low. leading the crypto slide at the moment. we will discuss why we are coming off the recent highs. this is bloomberg. ♪
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bitcoin declining in the last 24 hours under pressure but it is not the underperformer. >> we have all coins that have dropped a lot to a seven-day decline of more than 20% for stable coins and alt coins. we know these companies are already buying each others reserves. you look at tara luna buying not just bitcoin but have a lan down more than 20%. you are looking at correlations all summer dropping more than others. it is important to recognize how much this entire community is related to each other. if you are buying bitcoin, what happens to the price? >> what else is bitcoin related to is interesting to you are seeing this intensifying correlation with the nasdaq 100. it is greater than it really has ever been should nasdaq cells
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off. so does bitcoin. caroline: how important is that to market participants? many sent out to eat saying the correlation is pulling back. do we want to see it dislocate from the nasdaq? >> i had a conversation with the hedge fund manager who is typically invested in a lot of hedge fund and asked if this is a diversify. he said he was able to hold generally stable because he had bitcoin rather than a lot of other risk assets. to your point, there are traditional money managers that take a look at this and say, ok we still when i diversifying asset. most people who are bitcoin believers don't look at the volatility. we are down below $40,000 again on becoming pit we are back to asking what is that floor. they still looking to what the 300,000 or 500,000 per bitcoin price target looks like over the next five years.
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the question is if this year is a dud, how quickly do we get to 500,000? caroline: and the nascent interest from institutional clients. sonali: what is it correlated to, they will still have that question. we are getting more answers. there are others doing the math on this, but beyond the nasdaq, you and i spoke to somebody earlier making the correlation to the dollar. if the dollar weakens, that gives you the case for bitcoin as an alternative currency. if inflation rises, that is another correlation that used to be there and is breaking down more dramatically. early days of an asset class. caroline: geographical demands, do we have a breakdown of that? >> that is an interesting question. there are a lot of questions about what it means to have one buyer being such a big base for the asset. beyond that, unclear as to how much more after bitcoin 2022 and
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how much interest is being drummed up among new investors. caroline: brace ourselves for a whole load of headlines as we digest was -- digest what was a load of aspersions being cast towards older participants on wall street from one peter thiel, the overall bitcoin 2022 in miami. sonali basak, thank you for your breakdown. coming up, using wigs to solve the problem of bias in ai. this is going to be a fascinating conversation with the cofounders of parfait about how they are looking at data sets to improve for people of color. this is bloomberg. ♪
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caroline: disrupting ai. the ultimate goal of a company founded by two sisters and some other cofounders. they are doing it by getting into the rapidly growing wig market. they have pretty big names including serena ventures, backed by serena williams. joining me now are two women behind this. it is great to have some time with both of you. first and foremost, talk to us about what inspired you to take in what is a rapidly growing market and a large one in terms of addressable market. >> the origins started with a problem experienced by many women, which is managing and caring for our textured hair.
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the journey for me started at 10 years old when i had a terrible experience with a chemical relaxer that made my natural hair fall out. i was using an extension to give my hair a break and a chance to grow. i spent the last 20 years navigating the market of extensions. from our collective experience solving technical challenges during our time with the largest tech companies in the world, we were inspired to leverage ai to improve the lives of people with black hair at the top of our list of problems that needed real investment for a better solution. parfait was born with a mission to develop product and services with technology that prioritize all people, starting with people of color. caroline: talk to us about how you will be using facial recognition skin technology to match people to the correct wig. what was missing in the open source data already?
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>> our world continues to be more informed and shaped by artificial intelligence. as we think about the future, we have to start prioritizing. finding solutions to make it much more equitable. the training is largely invalid and it largely relies on data similar in makeup and that is the -- poor performance for people of color who don't fit into the data set. the impact can be seen in innovations in ai that cause negative experiences for people of color. one study by the georgia institute of technology found autonomous driving systems have more difficulty detecting pedestrians with darker skin. another study showed nonwhite testtakers had issues with verifying their identity. at parfait we are trying to tackle these problems and make progress for marginalized
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communities starting with facial-recognition technology for women of color. caroline: $5 million already raised. have a product you want to unfold. have a list of 10,000 people that signed up to be starting to buy their wigs by you. you are looking at including manufacturing, but also building up a data set and making ai less bias. tell us how you go about doing that from the ground up. apologies -- this was aimed at you. >> yeah, so right now manufacturing industry has not seen innovation in quite some time. there is the raw hair products that require significant time and manual intervention, which is a large reason for the exorbitant price tag. our goal is to fundamentally change the way these products are produced, making them
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cheaper to produce customized wigs at scale. caroline: ok, and i'm interested in when you are looking at the manufacturing revolution, getting a more consumer-sensitive price point in particular on something that would cost thousands down to the hundreds. i'm interested in what you need to do in terms of less bias in the data you are using -- how are you ensuring that you are making it better and more efficient ai? >> we cannot ever say artificial intelligence is going to be perfect, and while we take the precautions, no, we are not collecting raw data ourselves. we also have a very human-focused pipeline in that our stylists and live team members are taking data. caroline: briefly, your product is for people of all colors, and therefore very much you can see that from your marketing and the way you are focused.
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talk to us about how big a market this is, that this is sizable, this is scaling. >> yeah, this is a $13 billion market. it is expected to grow 13% to $13.2 billion in 2026. women have been largely underserved in the core pieces of wig wearing that require you to be able to wear these products require you to look natural and confident. that is true customization. we are creating a way for these women to be able to customize their wigs and extensions without the manual friction, and quite frankly, what we found is because of the way the manufacturing process is today, it is going to be required to be scaled to a $13 billion market that needs it, we would require ai and technical intervention. that is what we are working on today. caroline: well, we thank you so much for coming on this program.
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yousef: this is "bloomberg daybreak: middle east." our top stories this morning. manus: the u.s. orders all non-emergencies staff to leave shanghai due to a surgeon covid cases. in the arbitrary lockdown measures. yousef: countdown to tonight's report that's expected to cement the view that aggressive rate hikes are needed to
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