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tv   Bloomberg Technology  Bloomberg  December 4, 2024 11:00am-12:00pm EST

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>> this is "bloomberg tech knology, with caroline hyde and ed ludlow. caroline: welcome to "bloomberg technology." i'm caroline hyde in the bloomberg world headquarters in new york. there is a lot to get to at this hour, but let's start with the political turmoil in france. a no-confidence vote could topple the current government.
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caroline is there for the latest on the debate. for our global technology audience, what can we expect from the next hour? >> the debate just started inside the national assembly behind me. the leader of the far left group of the international assembly is the group proposing this motion of no-confidence in order to topple the government and make the mill shut -- michelle von government collapse. we are pretty sure of the outcome as we speak given the national outcome -- given the no-confidence vote as presented. the two extremes joining forces in over to overthrow the barn your government. -- barnier government.
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caroline: for the audience that cares about french technology startups, what does it change, a collapsing government, what does it mean for them? >> of course, the main question is -- will we have a 2025 budget ? and what is left in the budget? there will probably be special laws in order to roll it over, but that means a lot of help and, for example, reduction of contributions from companies in order to hire the lowest income employees. this presents the index on inflation, it will costs more for those companies to hire some of those employees. technically in the short term, it's unclear, but in the longer term if there is still no budget over the next few weeks before the end of december, that will have a big impact on companies.
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we will have this 2024 budget staying the same without increase. caroline: we will come back to you on the breaking news, caroline, thank you. despite political turmoil worldwide, the nasdaq is at a record high, the s&p is at a record high, we have tech to thank for it. salesforce is also at a record high, up 8.7% on the back of its record earnings, pulling out the power from its focus. this applications software company rising on the back of the beaten raise for earnings after the bell. ma bell. marvell technology is now up 20%, soaring to a record high. this is the chip company that had better-than-expected results in a stronger earnings forecast. what is notable is that the ceo, matt murphy, set on the call that he's committed to the company, despite being a
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potential contender to lead intel. that is where we want to go next. the new session ceo is the focus at the moment. is it going to focus heavily on outsiders? the chip candidate chipmaker is considering candidates like matt murphy and ed boudin, who recently quit that board. let's bring in ryan gold for more. ryan, is it surprising to see intel not go to its own bench? ryan: i think it is. it's the first time since they were founded that they are thinking about looking outside. it gets to the heart of what it means to be in semiconductor's right now. it takes a lot of expertise and some of the things made over the years, you know, bob swan, chris snitch before him, these were decisions that would pay, if you made them write for 10 years. that's how long it takes to get things lined up in semi conductors. to think about your next ceo is not easy. caroline: many would say he
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wasn't given that much time. in many ways he was a lifer, starting his career there. what, therefore, is the attractiveness of the role at the moment? showing the power of ai strategy, is it not that appetizing of a role to take on? >> it could be a poison chalice. some people did view it that way when you think about the challenges. when you think about amd, big rival, they made that decision years and years ago. caroline: even more. ed: and we all know -- ryan: and we all know how that went. whoever comes in has a massive challenge on their hands. the fat that we considered matt murphy being considered yesterday, remember, they are a big advocate for making intel more industrially, manufacturer police sound. that could be interesting but there are many others.
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when we talked to sources we heard that anyone who puts her hand up with a remote degree and expertise in semi conductors will be considered and i can tell you that as they run the process right now, they are saying that they are probably looking at four or five candidates and then a short list of one or two. caroline: timeframe? ryan: as soon as possible. caroline: ryan, keeping us up to speed, thank you. let's get a deeper look at the chip space tech market more broadly. more than $9 billion under management, you look like you are in every chip name apart from intel, tony. is that right? how are you looking at the ecosystem and its strength? >> great question. when you look at our holdings, we are looking at the compute aspect. nvidia is a big holding along with marv l and broadcom.
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the foundational models are growing exponentially every year. it will be advantageous in capture. i liked the space long-term, but we are selective in our holdings here. specifically those three, especially. caroline: let's talk about marvell, for example. would you worry if the leader jumped ship to intel? tony: matt murphy has created a ton of value over the years. when he picked it up it was a sad -- sub $10 billion market cap and over the years has done a lot of great m&a, capital allocation, spun off businesses, acquired a world-class custom team to compute chips for the
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likes of amazon, for example. it would be a concern if he jumped ship. i do think that he has put a lot of work in there, has a great team and they are kind of firing on all cylinders coming out of the last few years. from my perspective, it seems like he has a lot of good reasons to stay at marvell. i'm taking his word for what he said last night at face value. caroline: marvell is one of the intel holdings, 2% of the fund. the top is nvidia, as you mentioned. matt gelman was on our network yesterday and we will be playing out a bit of that sound later. but amazon is the best points contributor to the nasdaq today. they had a raft of chip announcements. what does it mean for nvidia and in terms of their own customers
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building custom silicone? tony: i don't think that that story is anything new, it's just the evolution of compute and its general purpose, those chips. over time as the world gets bigger, they ensure and stabilize and bring in the custom compute. the two kind of coexist and have coexisted over the last decade. so, going forward i think of them as kind of symbiotic in a relationship in some ways. just evidence that the chip is increasing in demand. because the workloads are so big , it makes sense to have a custom chip. but once we move on to 5, 10 years ago, we thought ai would just be subject to just only
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identifying what was a cat and what was not a cat image. now it has transformed into something no one could have thought about or predicted. i think it's just that we have had this debate before, but what we have seen is that both nvidia and the custom chip providers have done well as they have increased. caroline: i am not a cat, to forever be part of the story of the internet. what about the evaluation of nvidia at these levels? from the perspective of ai, using it in our everyday life, can they grow in terms of their own valuation, or has it all been priced in? tony: ryan: -- tony: that's a great question. the market cap right now is astounding. profitability within cash flow was pretty reasonable, right? 30, 30 five times for earnings.
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while the stock price has gone up a lot, when we look at it, it's not an extreme, 100 times earnings, i think it says that the market is saying that there is a bit of concern over how sustainable the numbers are and if profitability can continue to be at these levels. so, i think the valuation there is relatively moderate, you know, given its history and growth. caroline: it's extraordinary to think that at this day we were at a record high in terms of market cap and then you have the salesforce numbers and their own record high in terms of share price. what do you make of their application and whether it will make the more profitable getting off the ground? tony: it's an exciting time intact.
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ai could be the next productivity revolution. uncapping layers with digital agents and flavor that essentially doesn't need to take breaks, operates 20 47, can operate alongside humans. it's really exciting. all of these software companies are now kind of seeing the opportunity and going after it. everyone wants to be the platform where you store your data and operate. whatever the offer is, it's a big opportunity. we have seen the first big year dominated by the chip companies like nvidia on the infrastructure layer. what you need to see is the apt layer for the chip companies to continue to doing what -- to continue to do well and i think we are seeing that in the last earnings season. caroline: yet we have seen that
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shift in movement from all in on chips heading into software and boy it's playing out with palantir, 100 trick -- 100 80 times earnings, the darling of the ai story. will other companies ripped to get to those valuation levels or is palantir overdone as well? you talked about a crucial moment where ai disrupts the workforce, but the market has been trying to price that in for quite a while. tony: absolutely. not every company can be like what palantir is doing. they have been in ai leader for the last decade. them bringing ai to the government and the enterprise, i think what is special about them is they have got this very centralized tautology for ai and they can kind of customize that for clients and clients can build on it. then it's like a platform.
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when you think about the u.s. government and what they are trying to do now, it's being more efficient and bringing ai technology into automate things and modernize, processing that data. i don't think every company can be like that. there are some special ones in the aaa's -- ai software area. there are specific vertical applications where they can drive the intelligence. caroline: tony, brilliant to have you on there from t. rowe price. thank you. the latest on the tragic story out of new york city, the ceo of the united health insurance division was fate -- fatally shot in the chest outside new york hilton midtown, where they were hosting an investor day, according to people familiar
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with the situation. early reports suggest the attack was targeted according to someone familiar. the nypd is expected to provide an update and we will continue to bring the latest on tv and radio throughout the day.
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caroline: last week we reported that the ftc is investigating microsoft and how they are bundling windows operating systems with other software and their dominance in cyber. reports are saying the agency is asking about the real openai, giving the cloud giant the
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exclusive right to run on the service and a cut of the company revenue. david belton joins us now. he formerly worked at the bureau of competition, someone well-versed in how long these investigations can go on. the way that the ftc is pursuing night -- microsoft, does it seem significant to you? david: it's very important. the microsoft case from the late 1990's was critical to the expansion and growth of the internet. many of the things that we benefit from in terms of competition on the internet are specifically because of that earlier case. caroline: what's interesting is, of course, we heard back from the microsoft deputy counsel general, who said that on behalf of microsoft, the inspector general is looking into improperly leaked information about antitrust investigations. how do you see these sorts of
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investigations when they become publicly known before microsoft has a chance to ultimately lead the way? david: i'm extraordinarily skeptical about whether or not the agency, whether there would be some sort of leak from the agency. that's extraordinarily unusual. third parties, however, who oversee investigative demands can disclose whatever they want. this may be a situation where one of those parties disclosed information to the press about the request they had received from the ftc. caroline: of course, this is wide-ranging. bloomberg focusing on the way they intertwine their operating system and dominance in cybersecurity, now talking about openai. listen to this conversation i had with the aws ceo yesterday talking about how he would like to offer his own clients access to openai models, but can't at the moment. >> i believe we would love
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openai models in aws. absolutely. we listen to our customers if that's something they want, we are absolutely game. with a partnership it takes multiple sources, as you alluded to, but in the fullness of time that will likely be the case. caroline: therein lies some of the issue that the ftc is investigating, this relationship with openai, microsoft, and whether it had broken open a little. seems that matt garman is positive it will. do you think that will ultimately be done by self-regulation or ftc regulation? david: no, the ftc is going to take a serious look at this relationship and the potential of that relationship to foreclose other rivals, other forms of competition. they are going to take a close look at the nature of the relationship between openai and microsoft. ed: do you think a lot of these cloud -- caroline: do you think
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a lot of these cloud companies are having these relationships with these other companies, will they be generally looked at across the board? david: yes but it is always important to realize that microsoft is dominant in cloud computing and software categories. when the firm takes that dominance and extends that dominance to other product markets and forecloses competition in those markets, it violates the antitrust laws. caroline: i feel that aws would have something to say about azure being all that dominant. they feel they own a lot of the market. oracle feels they have a key stake. google as well. can you have brought her, less oligopoly like cloud operations when this is ultimately incredibly expensive to offer? david: i think that is one of the considerations kept in mind here. we have seen many markets where
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there are not contractual arrangements that foreclose competition, where competition flourishes. it is specifically those arrangements, like the one between microsoft and openai, that will receive intense scrutiny. you know, especially because microsoft is so dominant in cloud computing. caroline: and dominant in cybersecurity and in many ways reporting is such that the investigation started because of some of the failings to do with cyber when it came to federal provisions. is that what sparked all of this, david? how will this whether a transition into a new administration? david: first of all, it suggests one of the real advantages of having a federal trade commission that deals with consumer protection issues, the failure to provide cybersecurity adequately and competition issues. i think this is an investigation that won't lose any steam in the
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trump administration. the kinds of legal issues here about when bundling is legal and illegal. i think there is a strong consensus between republican and democratic antitrust enforcers and i expect it will go full throttle in the next administration. caroline: david balto, former director of the ftc, thank you for your time. coming up, david ellison eyeing big changes to paramount. more on that, next. this is "bloomberg technology." ♪
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caroline: big changes coming to paramount global. the expected ceo is exploring combining the tv units, investing more in streaming and overhauling top management. this expected to come when the merger was sky dance is finalized next year. meta is looking towards nuclear energy for ai ambitions. they are asking developers to submit proposals for one to four gigawatt reactors starting in early 2030. the scale of the electricity is enough to power 750,000 homes. and iliad is set to sell half of its data center business to a french company. they are in exclusive talks to sell a 50% stake for a total enterprise value of $904 million. coming up, plenty more when it comes to data centers. my conversation with amazon web services ceo harmon on their major plans for ai.
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that's next. this is "bloomberg technology." ♪
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caroline: welcome back to "bloomberg technology." caroline hyde in new york. markets at new record highs. the nasdaq, s&p 500, apple at a record, amazon at a record. across-the-board key companies have earnings raising two new record highs. marvell at a new record high. so a sales force the nasdaq 100 is up .9% and in the large part being helped by crm. third-quarter earnings are looking strong as the ai agent
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force comes through to have 1000 people out there selling in particular 8% growth in earnings in terms of revenue. let's break it all down with our bloomberg intelligence analyst. many questioned the value of share price going into the report, but they vindicated it. anurag: almost everything was generally in line with what they were expecting. people are really buying be story and the potential for that to down the road at revenue. it will not at -- not at revenue for the next 12 months to the point where it moves the needle, but after that it should start to had good momentum in the overall revenue base. caroline: it's a good number of the amount of deals they have. what does it look like, do you
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think? anurag: those 200 deals are not moving the needle when it comes to the brookings data and we don't think that's going to happen. what we are seeing last night. at the end of the day, salesforce will be a net beneficiary of ai, it's the biggest discussion around the entire software space, what companies will benefit over the next two to three years or longer and which one is going to be not so much. that is where salesforce convinces us they have their act together. caroline: previously people were worried about that. we saw a concern about the marc benioff desire to do m&a, perhaps not thinking about profitability. making big business, splashing billions on start up acquisitions. do you still like them talking in where they can, adding on? anurag: small acquisitions don't
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bother me one bit, it doesn't impact the free cash flow. it's the big ones that worry, it will change the momentum of margin improvement. the day that he announced that there won't be any more m&a and it will focus on margins, from that point to today, the margins have gone up by 10%. that is a very big number by any standard. frankly speaking, when you look at a company like microsoft or oracle, salesforce has a long way to go before they reached those numbers. there is still more potential for improvement as long as they can get their own growth rate up. caroline: the margin coming in at 33.1%. what of microsoft? what of competitors in this offering that we hear so much about? caroline: looking at sales -- anurag: looking at salesforce, service cloud has a lot to depend on with the people who are looking at back-office
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customer support. this is where the agents are really going to benefit. think about it, if you are calling a human to get transaction data to take care of your work, it will costs the market a lot of money. if you can get that done through an automated chatbot, it can change the plan without getting a human being involved. without getting any human involved, it's a big cost-benefit. caroline: anurag, thank you so much. amazon is trading at a record high today off of the cloud division annual reinvent conference. it rolled out there yesterday powerful new chip arrays to compete with rivals. matt carmen joined us after his stage appearance and we started
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discussing the massive cluster of homegrown ships that he says will win top of the processing power. >> that's our first innovation, amazon designed custom silicone the gives us unparalleled performance for ai capabilities. and then we build it together. there will be cooling, heating, and power that we need to build the data centers. it really starts with silicon down at that level and we innovate on the entire stack of ai to control everything that goes into those clusters. >> this is less about dependency on gpu in many ways. the alternative for your clients, what sort of costs savings will they get? what kind of energy efficiency? >> we like to think of it as a supplement.
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customers want choice, giving them lower-cost options. we think that for certain workloads, training can give customers 30% to 40% because performance benefits. we think it is a huge win for customers as they look to lower the customers -- the costs of generative and i leaning in on building great technologies together for a long time. ed: training two is available, training three is in the works. all of it as they are estimated to have 95% market share. what area do you think this will come down to? >> it's higher than that. the vast majority of workloads run on nvidia technology. they have been the leaders in that space. we do hear from customers that
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they want choice. we are type partners with intel and amd. it's been hugely successful with our customers and we provide a lot of intel and amd today. those businesses continue to grow. i expect our usage of nvidia will continue to grow from our customers. the choice will be powerful. as we see an explosion of ai usage there will be plenty of business for many to be successful. caroline: key partner, intel, how concerned have you been about the change at the top? >> i wish pat the best. we have been partners with intel for a long time. it's been 18 years since we lost our first instance they first launched and we will continue to be great partners with intel, they have a great technology team there. we look forward to continuing to roll out the latest technologies
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for customers to be able to use. caroline: last time you were on we talked about blackwell. many were frustrated, perhaps, by the soreness in the market there. when do you anticipate them unfolding and how difficult has it been to ensure that the supply side is there? >> they have some manufacturing things they are going through but the early returns of fantastic. we expect a 2.5 times gain. i think it will be a really material jump for customers once we get those out. you know, i think that those will be early next year and we are excited about putting them in the hands of customers, we will have them out there as soon as they are available. caroline: i find it wild, this whole frenemy existence that's going on. you truly think investors want to see nvidia dependency and aws having its own offerings?
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is that something that you think everyone can swallow? or do you think that ultimately there will be a broadening out? >> i do think they are a partner. aws, from the beginning we started with a partnership mindset and we built the whole business around how we would have services and partners would have services and there is plenty of space for all of us to grow and build our businesses. it's true for software providers, for service providers, and for technology providers. we have proven time and again over the last 18 years that our partners can have products, aws can have products, and when we make them all available, the entire pie gets bigger. it makes for a fun narrative that it is either or, but we are great partners with nvidia and we will continue to be, it's all about making the pie get bigger. caroline: fighting the frenemy
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discussion, matt carmen. coming up, the underscore vc managing partner lily lyman will be joining us. this is "bloomberg technology." ♪
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caroline: this iscaroline: "bloomberg technology." check out our podcast on the terminal, apple, and spotify. this is bloomberg. strategies of major multibillion-dollar firms with specialized funds diverging venture asset in the new year. that's according to lily lyman. joining us from boston, when you think about early-stage investment, i'm interested in this theory of yours.
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lily: good to see you, thanks for having me. i'm lily lyman, under score bc, community driven early-stage venture firm here in boston. caroline: terribly sorry, we have breaking news happening in new york city. the nypd holding a news conference on the shooting death of the united health care ceo brian thompson. listen in. >> -- fired several rounds, striking the victim at least once in the back and once in the right calf. many people past the suspect, but he appeared to wait for his intended target. the suspect fled. first on foot, then on ebike, was last seen on central park center drive early this morning. the victim was moved to roosevelt hospital where he was pronounced. we have been in touch with his family, friends, and colleagues.
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they are very much in our thoughts and prayers at this hour. the full investigative efforts of the new york city police department are well underway and we will not rest until we identify and apprehend the shooter in this case. the women and men of the nypd taken norma's pride in the work that they do each day and night to drive down crime and violence in our city. right now we are asking the public for your help. if you have any information about this case, call crime stoppers. 800-57 seven-tips. the reward in this case has been increased to $10,000. i want to be clear, at this time every indication is that this was a premeditated, preplanned, targeted attack. millions of people will be enjoying the tree lighting tonight among other holiday events in the nypd will be out there with them keeping them safe.
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for preliminary details about the tragic incident today, i'm passing it over to our chief of detectives, chief joe kenny. >> thank you, commissioner. this information is preliminary as the investigation continues. 6:46 a.m., patrol officers responded to a 911 call of a person shot in front of the hilton hotel located at 1335, avenue of the americas between west 53rd and 54th. 6:48 a.m., officers arrived to find the victim, brian thompson, 58-year-old male, on the sidewalk in front of the hilton with gunshot wounds to his back and legs. he was moved to roosevelt hospital, where he was pronounced dead at 7:12. he is the ceo of united health care and resides in minnesota. detectives from nightwatch, manhattan south homicide, responding to the scene to begin the investigation.
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we know the shooter arrived on foot about five minutes prior to the arrival of the victim. he stood alongside the building line has numerous other people in pedestrians passed him by. from video at 6:44 a.m. we see the victim walking alone towards the hilton after exiting his hotel across the street. we believe the victim was headed there to attend the unitedhealth group investors conference scheduled to start at 8 a.m. the shooter appears to be a light-skinned male, wearing a light brown or cream colored jacket, black face mask, black and white sneakers, a distinctive gray backpack. he stepped off the sidewalk from behind the car and ignored numerous other pedestrians, approaching the victim from behind and shooting him in the back. the shooter walked towards the victim and continue to shoot. it appears the gun malfunctioned , he cleared the jam and fired again. the shooter then flees on foot northbound into an alleyway between 54th and 55th.
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at west 55th the shooter continues to walk west bound on the avenue of the americas where he gets onto an electric bike and rides northbound on the avenue of the americas towards central park. the shooter rode the bike into central park -- central park. at the scene we recovered three live nine millimeter rounds and three discharged nine millimeters shell casings. the motive for the murderer is currently unknown but based on the evidence that we have so far it appears that the victim was specifically targeted and at this point we don't know why. this does not appear to be a random act of violence. we are seeking any information from the public to identify the shooter. as the commissioner said, we have offered rewards of up to $10,000 for information. you are urged to contact crime stoppers and all information will be kept anonymous. thank you very much. >> couple of questions. cnn?
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>> it's one hour 20 minutes before the start of the conference. any indication that he was going to meet someone? it's be early. was he on the way to meet someone? >> he left the hotel like he is going to attend the conference. we are working with his coworkers to get that information, but as of right now, he is, you know, in charge of the conference, so we believe that he is getting there to help set up. >> do we know where the city bike is now? does he docket or keep writing it? >> we are still tracking that video. is there a way to track the bike? >> there is a gps and we are working with the company. >> were any words exchanged and if so, what were they? i'm told that something was recovered in an alleyway on his escape route. a cell phone. >> we are working that cell
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phone and we will process that forensically. we do not have audio of the incident, only regular video. there was one witness standing next to the victim when he was shot and we are still trying to identify that witness. >> chief, was he checked into the hotel alone? was he in the city alone? was he accompanied by anyone? did he have known enemies or anyone that you have been able to find? >> like we said, we are reaching out to law enforcement in minnesota and interviewing coworkers. as far as who he was in the hotel with, we are doing a search warrant in his hotel right now that might help us get more information. >> moses? [inaudible]
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>> i will answer the part about whether or not he is a professional. we have no way of knowing that. from watching the video it seems he's proficient in the use of firearms as he cleared the malfunctions quickly. >> real quick, this incident will not affect the tree lighting. the tree lighting is set to start at 7 p.m. and the actual biting will be closer to 9:55 p.m. and there will be a massive police presence out there around rockefeller center from 52nd street to 47th street with plain clothes out there, a plainclothes detail out there. we will have crc assets, special strategic response group assets and intel division out there. a lot of assets out there to make sure that people come out and have a good time.
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we will have additional police officers in the subways as well so that people can take mass transit to make it easier to travel into the city and enjoy the tree. this is a terrible event, but we are going to go on and people will enjoy the tree lighting tonight. thanks can you tell me, the mayor said evidence was recovered at the scene indicating that this was not a random event. can you tell me what the evidence was? by looking at the gun it appears that there is a silencer. was there a silencer on the gun? does it indicate that it was premeditated and someone who knew his way around guns and might have been a professional? >> once again, we won't know that until we complete the investigation. you can see a glimpse of the gun in the video. we are not able to determine more from a quick glimpse of the video. i'm not going to commit to saying that at this time. that will be a part of our investigation.
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there is a cell phone recovered in the alleyway and we will once again process that forensically and see if it comes back to the shooting. [inaudible] once again, the investigation is less than five hours old. that will be a part of the investigation. >> my understanding is that he was staying close by. we know when he arrived in new york city? any evidence that they had crossed paths previously at all? x based on the current video that we have, it does not appear that they crossed paths and he arrived in new york on monday. >> we will take two or three more. >> did he trip -- typically travel with a security detail? even though it's early, any indications of any issues around
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a patient denied coverage, either back in minnesota or someone who lives here? >> from speaking to the employees who travel with him, didn't seem to have a security detail. he left the hotel by himself, was walking and didn't seem to have any issues at all. >> as far as denying coverage? i know that that can be an issue with these major companies. any reason to believe that he had been the subject of a threat? >> once again, we are looking at everything. his social media, interviewing employees, and we will speak to law enforcement in minnesota lacks -- minnesota. >>'s company, the social media, personal social media, anything obvious that sticks out at this early stage? >> the investigation is still too early, we have not uncovered anything at this time. >> last question, jake.
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>> with the suspect still at large, are you urging new yorkers to avoid central park? is the nypd deploying drones? i know they recently started doing that in the park. it was also wondering, any indication, when he gets the city bike that he is a member? sometimes if you are not a member, you can pay to use that. i don't know if you can tell. >> as far as the part about the city bike, i will leave it to the detective. we are encouraging new yorkers to go about their daily lives in business but to be alert. we are putting that picture out, we want people to take a look. if they see or hear anything suspicious, we want them to call 911 and reach out to the detectives. we put heavy deployment in manhattan. we have put additional resources out. the drones are up. aviation is out. canines are out. incidents like this, we don't spare and expense.
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we put all resources out there to support the mission of the chief of detectives and keep new yorkers say. we will have new yorkers out there throughout the tree lighting and in manhattan as well. as more information develops we can support the chief of detectives and what he needs to make a quick arrest. >> we are still working that through as far as where he got the city bike. we are pulling video from numerous locations and sources. in our timeline we have him walking and he has that distinctive backpack. we can see him on one video clip walking and then in another he's riding the bike. we don't have video or witness confirmation on how he obtained it. [inaudible] >> a cell phone was recovered and we will confirm that later on down and our forensic examination. >> thank you for your time and attention, everyone.
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caroline: that was the update from the nyc police department on the fatal shooting of brian thompson, ceo of united health care in manhattan. all of this, giving the update that indeed the nypd is reiterating that the shooting was premeditated. they are not sure why thompson was targeted in particular. they are working on tracking the location of the bike the perpetrator had been seen riding, last seen in central park. the shooting will not impact the rockefeller center tree lighting. time and again, you heard the comments about coming to make sure that everyone is safe and secure on mass transit, with the number of police officers the subways in streets following the shooting. nypd saying that they recovered cell phone from a nearby
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alleyway and will be doing some forensic testing on it. ultimately, they say the shooting was targeted. unitedhealth group itself says they are working closely with the nypd. all of this tragic circumstance around a brian thompson, longtime executive of unitedhealth group. he was focusing on the insurance part of the business. fatally shot in midtown, manhattan early wednesday morning at 6:40 am, that's what the nypd is telling us. 50 years old, shot outside the new york hilton midtown where they were hosting their investor day according to a person familiar with the matter. the early reports as we said, the nypd corroborated, it was a targeted attack with two shots to the back and one to the leg. upon his arrival, the alleged attacker was waiting for him and shot the executive from 20 feet
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away before fleeing on foot and mounting a city bike. as you heard there, there is a $10,000 reward to find him. thompson then had a gunshot wound to the chest and was taken to mount sinai west and in critical condition, where he was pronounced dead. nypd said that there is no arrest at this time and they are continuing on in active investigation as we heard from the ny police commissioner, jessica tisch. for more, follow bloomberg throughout the day. this is bloomberg. ♪
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♪ scarlett: midday right now on this wednesday and we want to get a quick check on where things stand in the financial markets. s&p 500 higher, on track for its 56th record close of 2020 four with mag seven names leading the gains -- 2000 24 with mag seven main -- meat -- names leading the gains. the yield ove t

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