announcer: from the heart of where innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with caroline hyde and ed ludlow. ♪ caroline: live from new york, i am caroline hyde and this is "bloomberg technology." all eyes on the downsized ipo. we will discuss with the largest equity holder. ai capacity concerns remain. the race to invest in ai companies has created a slate of

new billionaires. we will highlight them. u.s. and ev tariffs front and center with a market share of chinese ev's pulling to a two-year low across europe. markets in selloff mode. off almost 2% on the nasdaq. we are back to the worst week since march 14. it is the who's who of the magnificent seven that drag us down. it is amazon, meta, the likes of microsoft, apple even among some of the biggest drags today. we want to put this in the light of the ipo we have. coreweave, one of its biggest clients is microsoft. it is off more than 2%. amazon, key exposure to the hyperscalers. nvidia off 1.6% which invest a lot into coreweave. across the board, we are in the

red. let's get to coreweave after it raised $1.5 billion in the ipo. shares are excited to begin trading today on the nasdaq. the latest is they priced at $40. they are indicated to open at $45. katie roof joins us now. this is such a litmus test not only for the ai trade with the ipo trade. katie: it has been a tough few years for tech ipo's. this was supposed to be the one that would kick off seven or eight venture-backed ipo's and they are all watching this to see how it is going. so far, it is not going well at all. they downsized the size of the ipo significantly and priced below the range. both things are seen as negative indicators. caroline: instead of raising $4 billion which they originally aimed to, a month ago, they raised $1.5 billion. all of this is to continue to

put more ai data centers out there. it is also about paying down their debt. this is one of the idiosyncratic risks to coreweave. it is a unique asset to be investing into. katie: it is hard to say if this is skepticism about coreweave or the market in general. it could be concerns about their debt, concerns about even ai getting overvalued. there is a lot of investor enthusiasm about ai broadly speaking still. maybe they thought there would be even more enthusiasm. it is hard to say what the market's concerns are now. it is tied to a hot company like nvidia. it is going public at a time when last year's ipo's went fairly well. caroline: timing seems to be the brutal issue. nvidia had to step in and say i will take $250 million of this, i will secure and put a $40 price bottom on it because i am

a key client and a key investor. they have about 60% of the equity. that is a bad signal. who else is impacted by this? who are the vc's who got in late on this name? katie: maga tar hedge fund is the largest shareholder. you also have other names involved. of the top shareholders, there were no vc names above 5% ownership. while it is venture-backed, it is some unusual players that are the owners. caroline: strategic investors to say the least. you will want to tune in later this hour for the senior managing partner of magnetar joining us to discuss.

the senior market analyst at swiss quote is with us. all eyes are on this listing, not just private investment that matters but the ongoing ai narrative is in the breach here. i think we have a technical issue. are you muted? [laughter] how technology fails us at times. we will get back to her in a moment. we want to be discussing what the demand side is for ai capacity at the moment but also for ai generative products. let's bring you a tweet, post coming from sam altman who has been discussing the fact we are rushing to use the latest formation of chatgpt and we are seeing the melting of g.p.o.'s at -- gpu's at the moment. we are questioning ai

infrastructure, whether we are in a bubble and whether we should be backing coreweave or not. you have sam altman seeing so much success that his gpu's are melting. what is your take right now? >> coreweave is coming at the right time in terms of market. there is an oversupply in ai data centers and supply while demand looks like it is not growing as fast as many projected. there is a great adoption of ai in technology and the adoption is expanding. it is also happening in china and across the world. there are doubts about whether

the ai adoption. big technology companies sure investors this is happening. on the other hand, we see slowing in the case of what you would expect to be strong market value. caroline: we will have to leave it there with technical difficulties. thank you for your perspective. happy weekend. coming up, the tech industry morning president trump's tariffs could undermine his own policy agenda. jason oxman will be joining us. this is "bloomberg technology." ♪

caroline: the tech industry has been warning trading restrictions on chips during the biden administration could hurt u.s. companies at a time when tariff uncertainties are already creating headwinds. jason oxman is the person to talk to about this because we know nvidia and oracle are joining your industry group hoping you will help navigate the policy quandary upon us now. ultimately, they do not want the ai diffusion. why is it a bad thing? jason is a good concept.

adoption is enormously complex. under normal circumstances, our communication with the trump administration is the biden rules need to be rethought and redone. this is one of those examples. the challenge is the concept of denying the chinese communist party and chinese army access to the latest generation of ai technology from american companies is a good idea. it is a national security issue. the biden administration did it in the wrong way without consulting industry. without coming up with a roadmap for success. and perhaps most importantly, they did it by punishing american allies around the world by denying them access to ai technology. at the same time. . what we are asking the trump administration to do is to start over, let's get the rule done the right way. caroline: did they really not consult industry at all? did they consult the wrong people from your perspective? jason: it is easy for industry to say we were not consulted properly. in this case, it is honestly the

case they did not consult us at all. this rule was released seven days before the end of the biden administration. they wanted to rush it out the door. they ran out of time and did it without consulting industry. the reason industry consultation is important is not just because we think we have good ideas, we do, it is more important to make sure the rule is done correctly so american industry is not punished. most important of all, assuring america continues to dominate ai worldwide which is a key tenet of the trump administration. that is what we want to make sure happens when the world is redone. caroline: let's think about a more perfected rule. the ultimate goal of ensuring sophisticated chips does not get into china's hands you think is the right one. how do we get there without hurting the middlemen that are the wrong middlemen to hurt? jason: there are two things. one is the way the rule was put in place by the biden administration poses caps on every country in the world and their ability to get access to

ai technology. 17 countries in the e.u. are in the so-called tier two. there are three tiers. tier two for 17 countries in the e.u. means they are capped on their ability to buy ai technology from the u.s. why? not because we are worried about them but because we are worried about enforcement mechanisms. the trump administration could negotiate with allies around the world to make sure the enforcement mechanisms are in place to deny the chinese communist party access to the technology. that is the first thing i think is important. the second thing i think is important, and this is what industry consultation is important, is china is a market that is huge. it is 1.5 billion people. a lot of stuff is made there and sold their. if we deny china access to all american technology, the only message that delivers to china and other countries is maybe china should make the technology because they will make it available without restriction to the world.

we want to make sure we do not ironically incentivize the chinese technology industry to start making inroads and harm american interests as a result. caroline: has that horse already bolted? in the case of deepseek, they found a workaround. jason: there are a lot of questions about pete seek and how well it was put together, how functional it is, and whether it was programmed with american technology. we will see more about that going forward. i think there is no question u.s. technology does not continue to be dominant. the question is how long it will last. if we deny american technology companies access to international markets and partners, that handicaps our ability to continue positioning the united states as the world leader in ai. caroline: it is not just the ai diffusion rule that has many investors concerned. it is also tariffs coming in as a weapon. we have seen -- i think we have

breaking news i want to go to. president trump and the leader of canada agreeing to meet after canada's election where mark carney is now the leader. breaking news from the geopolitical front. this is to do with that very thing, tariffs. we have seen how autos have been in the eye of the storm when it comes to canadian tariffs, mexican tariffs. we understand semiconductors will be coming into place when we think of liberation day in early april. how much is that a fixation of the market? jason: the president has suggested semiconductors will not be subject to tariffs. this raises the broader question of certainty. business needs certainty. we are only nine weeks into the trump administration. a lot has happened. he is moving quickly. the tech industry is responding favorably to the president's call to bring manufacturing back to america.

less than 24 hours after his inauguration was softbank, oracle, and openai announcing a $500 billion manufacturing project in the united states. we have seen apple announce 500 billion even international companies have announced multi-hundred million dollar investments in the last few days. the tech industry is responding to the president's call. to your question about tariffs, it is about certainty. tariffs can be a tool. we would like to see the president continue to exercise his skill as a business negotiator and strike deals pretrade deals are important. tariffs are a path to trade deals. in his first administration, he did a great job entering into trade deals around the world. we would love to see those negotiations move forward and replace the need for tariffs so we can have business certainty

and access to markets american companies need. caroline: jason oxman, thank you for joining us. it is time for talking tech. india reveals a $2.7 billion plan to subsidize production of electronic components. the indian government says the program is expected to attract $7 billion in investment and could help some companies pivot away from china. tears of oracle are trading on the downside along with the rest of the market. u.s. department of defense said it is terminating a plan to use oracle. defense equity pete hegseth says the program ran six years behind schedule and ran over budget. speaking on fox news, elon musk says his doge team is well on the way to slashing the deficit and taking out waste and fraud. >> we will reduce the deficit by

$1 trillion. the government is not efficient. there is a lot of waste and fraud. we feel comfortable 15% reduction can be done without affecting any of the critical government services. caroline: the swift action by president trump and doge to fire workers are creating temptation amongst taxpayers to cheat. tax professionals and former irs commissioner's are sounding the alarm bell saying it may cause people to commit fraud or not pay them. experts say the signal mishap could have revealed sensitive information to foreign adversaries. more on that next. this is "bloomberg technology." ♪

caroline: chinese ev automakers saw the market share drop to a two-year low in europe. less than 7% of ev's registered in february were made in china despite an overall jump in demand. the director general of the european auto manufacturers discussed tariffs. >> this comes on top of challenging times. we are at a watershed in the industry in the midst of a huge transformation and fierce competition. this is very disruptive. we really hope this can still be averted. caroline: for more, let's go to anthony. i thought chinese ev makers were being brought up a storm in the u.k. and europe. it seems as though the tariff is having an impact. >> that is right.

with all the news around president trump and his tariffs, it is easy to forget there is trade tension between the e.u. and china. yeah, so, the chinese companies have been really making an impact in europe. they have been doing it for probably the past five years. all of that came to a halt around the middle of last year when the e.u. introduced tariffs on chinese-made electric vehicles. that has put a dent in that growth and held it at a stalling rate for the past six months. for february, we see it has gone down. as you said, despite the increase in the number being sold in europe, the number of chinese-made ev's has gone down.

caroline: we know tesla has not been benefiting either. is it local european makers that do well therefore? >> right. that is the other irony of the situation, europeans have largely started to turn away from tesla. they do not like the way elon musk has been conducting himself and intervening in german politics. that created an opening. the chinese automakers by and large have not been able to fulfill it. at the same time, the european automakers have come out with new models. there are some smaller ones made by renault. there is a larger one made by volkswagen that has done well. the local carmakers have done

well. caroline: thanks for the update. we are turning to the white house. it is dismissing the disclosure of houthi attack plans on signal as a glitch. experts say it could have given priceless information to form adversaries. what is it within these messages that are clearly detrimental to u.s. that spies cannot wait to get their hands on? >> it is a good question. it takes a close parsing of the messages, something we have seen security officials doing. one of the most important things that has raised questions about the security is the reference from mike waltz to surveillance or some type of view into the

movements of a particular who thin -- houthi leader who he refers to as a top missile guy. what he says suggests when we talk to current and former intelligence officials is that the u.s. had some sort of oversight and that is a valuable clue to foreign adversaries who might be trying to understand u.s. military operations. caroline: meanwhile, attorney general pam bondi says sensitive information not classified was inadvertently released. we go back to the technology side. is it music to adversaries' ears that signal is being used? >> i think it is, especially for this type of highly sensitive

operational information. the thing to understand is while signal makes strong and credible claims about end-to-end encryption, where that information ends is on a device. if that device is infiltrated, if it might be in a foreign country where it can be attacked by a foreign spy agency, it is still vulnerable. it might be secure in transit. but when it arrives on your phone, it is still vulnerable in the way anyone's phone is vulnerable. caroline: it is a story that will continue. we thank you for tracking it for us. meanwhile, coming up, we will have more on coreweave. the latest is it is indicated to open at about $45 a share. the ipo priced at $40, well below what was originally

planned just last month. from new york, this is "bloomberg technology." ♪ this looks bad, harris. we're probably going to have to amputate. what?! i'll get some 3d images to see how bad it really is. i don't care how many ds you use, his career's over! relax, coach. there's no tear. he'll be fine. amazing. innovation changes everything. what about bobby? no. with one investment, you can access the nasdaq-100 innovators who are rethinking the world. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com experience march madness from the best seat in the house investment objectives, risks with xfinity.enses watch every moment with xfinity multiview

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caroline: welcome back to bloomberg technology, caroline hyde in new york. we are in selloff mode to end the week. those declines were accelerating on this friday, currently off by almost 2% on the nasdaq 100. amazon, microsoft, nvidia, meta, google, a who's who of the magnificent seven leading us to the downside. very few stocks are in the green. this is on a key day and test for the market when it comes to ipo appetite and also artificial intelligence appetite. coreweave. we are joined now by who has

been tracking this ipo and the intricacies of the pricing. it looks like maybe $45 is where it is indicated. it is priced at $40 but may trade higher. you have just spoken to the ceo? >> i just got off of the phone with the ceo of coreweave. i think they are relieved to get to this point with the letters have been signed. they are looking to open shortly. indicated $45-ish. some of the takeaways, we saw yesterday nvidia said that they would anchor the ipo. without nvidia coming in, this ipo would probably not have gotten over the line, which is quite the statement. there is a lot to be said about them coming in and validating the coreweave strategy, but also putting that out there, it gives you a sense of the market dynamic. to have a customer like nvidia coming in and saying we are going to get behind you, without them the ipo wouldn't happen.

caroline: i hate to be cynical, but nvidia could be seen to be protecting its demand and its own investment. they were already a 6% holder of coreweave? ryan: that is probably fair. in a week where nvidia has been down and under pressure, i don't want to put words in two once mouth -- words in anyone's mouth, but it comes across as let's help a friend. how core nvidia is the coreweave, it makes sense for them to come in with that kind of statement. some of the headlines we talk about this week, the market headlines distancing themselves from data center infrastructure, it has been a rough week. it has been bruising. the guys at coreweave are relieved to get to this moment. caroline: perhaps some of the bankers are too. ryan gould, it has been a busy day for him. we thank him for joining us. a company that did have an ipo not long ago, reddit.

it cannot shake off its gloomy sentiment. shares have fallen 50% from february highs as it struggles to recover from the earning report that it lagged among peers in digital advertising. it took a hit in traffic thanks to changes in the google algorithm. reddit also faces additional scrutiny putting further selling pressure on the stock. we will see when that lockup ends if they do sell. the race to invest in ai companies is still on. amidst this anxiety about too much capacity, we are seeing new billionaires being minted according to analysis from bloomberg. tom maloney, put aside coreweave and the anxiety. no matter what there is a long list of new ai billionaires. tom: three billionaire founders coming out of coreweave. we decided to use it as an opportunity to look at other fortunes being made in ai with

these sky high valuations. 29 pounders across eight companies, collectively they earn stakes -- 29 founders across eight companies they collectively earn stakes worth billions of dollars. caroline: some of them are not surprising. some of them are openai alums setting up their own companies not even yet with products and they are worth so much money. tom: absolutely. a couple of these companies i had never heard of. thinking machines lab that is a brand-new company with no product. openai alums looking to raise a billion-dollar valuation. they are already sitting on a 32 billion-dollar valuation. really and sing numbers out there. caroline: there is clearly a lot of love for the use of generative ai if perhaps the capacity for it is in being to

loved on this day. coming up, silicon valley veterans set their sights on outsiders. the cofounders of long journey ventures talk about their firm's strategy. a little bit of magic, apparently. this is bloomberg technology. ♪

at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

caroline: you are looking at a live shot of the principal room. the news quiz for risktakers. you can play the first time at bloomberg.com/pointed. this is bloomberg. caroline: time now for vc spotlight. we are talking to investors with long histories in the sector who say that they're looking for founders who don't fit the typical silicon valley model.

cofounders of long journey ventures has $450 million of assets under management and a little bit of magic, it seems. lee, you are second believers in the magically weird. what does the second believers bit mean? >> the second believer is that it takes the founder to have a lot of belief in themselves and what they are up to. our role is to identify that believe and be there with them at the earliest stages. backing companies before they have a product and a lot of the times is just two people in a room. our role as the second believer is to be there with them and believe with everything we have and have them build the future that they imagine. caroline: you have phenomenal backgrounds coming from the founders fund.you say you are addicted to the early stage investing. you talk about backing entrepreneurs who are absurd or

who have absurd or unconventional ideas. do they all end up becoming conventional wisdom? >> obviously come you don't get everything right. some things maintain being absurd. there are a lot of examples that continue to be absurd. you are basically too early and you're not a right -- are not right about the timing. some things become consensus investments and you see it on the bloomberg terminal. we like to get ahead of it and invest in them early when it is not a thing and there hasn't been a term coined for the space yet. eventually, it does. caroline: lee, many would have thought that sending gigantic rockets that you can reuse and catch the boosters of would have been absurd a long time ago, but you helped with early checks into the likes of spacex, uber. is there a consistent factor in

the companies that you are backing? lee: yeah. all of the businesses that we back at the stage when they are absurd before they become consensus are independently derived. the founder all of their own curiosity to something that no one else sees. i like to say that they are in a room by themselves, and that's a good sign. our job is to be in the room with them and for them to show us the future that they see. yes, all of these businesses that cyan and us have backed sounded crazy. but now they are here on bloomberg tv, so they enter the mainstream overtime. our role is to be there for them as they tell us the future. so, the main theme is independently derived and derived with curiosity. caroline: we saw a list of portfolios, co -- companies that you backed prior and now.

data center capacity, ai infrastructure, doing it with the climate in mind, what drew you to that company in particular? cyan: i will toss this one to lee. he was the first check into crusoe ever. he saw this company before anyone else and run it to me at founders fund. it is how lee and i developed some of our working relationship. he deserves all the credit. lee: go into this moment. we have a day where coreweave is going to the market. many are questioning the need for ai infrastructure. are you questioning it? lee: not at all. crusoe is a special business. we were the second believers of the business at the earliest stage. what they saw initially was a real need for energy and a real need for building these data centers in difficult places. coreweave is a great business and we are excited about the space in general. we believe that caruso has a

different business model and opportunity ahead of it, where they focus on energy from day one. we know the energy is the real bottleneck for what it takes to build a grade -- great ai application and data centers. we are thrilled. caroline: you build a unique space in which you work. a unique philosophy on the way that you invest. you have your fourth fund, 180 million dollars in excess of, how do you think about where the tell is that you back? are you all about west coast where you currently sit? are you thinking about outside of that area of silicon valley? cyan: we are location agnostic. we have venture art nerds all over the world. we have one in france -- venture capitalists all over the world. we have one in france. we punch above our wait for our fund size. magical founders exist everywhere. you know what, we are looking

for people who are just thinking about how they will fundamentally transform the future for humanity. thinking about very big ideas. we like to think six to seven years ahead. going back to crusoe, we identified the energy would be needed for crypto and a guy before ai was even a space. -- crypto and ai before ai was even a space. we are thinking about what's next. while everyone is investing in the application layer, we are thinking, what does this enable six to seven years from now? we are looking at biotechnology and nanotechnology, etc. you can count on long journey to think about the future. it is a long journey before they end up on the nasdaq. we have to be able to see this idea when it is just a napkin and a bunch of people potentially in a house. give them their first check and believe in them. caroline: house, garage, room. you have roughly 130 companies that you have backed thus far.

that's a lot. i'm thinking about how you are attracting the lps. what is the ability to whether what's been a tough time in the vc market? cyan: we are very differentiated. i think that our lp base sees that when they look across their fund managers. they see that there isn't a lot of duplication because we are looking into the future. we are finding people who look absurd so everyone is passing on them. when you have a crazy idea about the future, thing about uber. when they pitched uber everyone said to me when i try to pass the deal to my coinvest or, my colleagues, no one will get in a stranger's car. airbnb, no one will stay on a stranger's couch. no one will catch invisible pokemon. no one in the private sector deserves to launch rockets into space. the list goes on. one of my ex colleagues liked to call it a narrative violation.

that is how he coined it. that's what i'm looking for. things where i have a firm belief and i can see the future and no one else can. you're going to get a pricing advantage. we continuously back above average. we are doing incredibly well. i know that it is a competitive and tough landscape to raise right now, but our lps are excited and continue to be and what were doing. -- what we are doing. caroline: who doesn't love a little bit of absurd? to the founders' long journey. coming up, the coreweave largest institutional investors joining us. you don't want to miss this conversation. this is bloomberg technology. ♪

caroline: let's return to the coreweave ipo. i'm pleased to see that we are welcom -- welcoming david snyderman, the biggest core investor of coreweave. how do you feel about the timing? david: thank you for having me. this is an exciting day for our investors and our partners at coreweave. this is one step in a long

process, a beginning step of sentiment and timing. it's really about execution of the company today. caroline: will you, therefore, remain a long-term committed holder even as it goes public? david: we have not exited at all. we have bought in every round prior to this and remain committed to the company. this company is the gold standard for ai infrastructure. as this transformation happens, they are the people, the picks and shovels of this industry. this past year it was almost $2 billion in revenue and climbing quickly -- so it's incredible what they've done. caroline: in many ways, the timing hurts because of the narrative that we get bombarded with. saying that there is a bubble in ai capacity. trying to point to microsoft moving away from data centers.

how do you feel about ai capacity? david: we hear the same stories but it's not what we see in the business. the business itself has insatiable demand. that is why it is so exciting for us. i will walk you back to how we think about it at magna tar. we want -- we want to earnings reports of the major companies. where does capex go? innovative companies like openai. they announced a couple of days ago on bloomberg that they were 4 billion last year, 27 billion next year. that is one company and one sector. but people don't understand about commute is it is the biggest driver of the expense companies -- expense structure of these companies. right now, coreweave is the gold standard for that market.

caroline: i have to ask you about open eye a little more. what's interesting is the way that you've done it. you are lending and background is in fixed income. why go so across the capital structure for a company like this that ultimately only has a limited amount of ultimate customers, the hyperscalers? david: first, the customer base is growing quickly. so, we will hit on that in a second. for magnetar, we are good at lowering the cost of capital for capital-intensive companies. so, we haven't been in technology near as much in the past, but now we are seeing them cross. now, technology is capital-intensive. for ai to be effective, you need gp use, energy, and real estate, three of the most capital-intensive industries on the planet. people like magnetar can help companies and partner with them and lower their cost of capital. we want to participate across

the capital structure of these companies. caroline: you mentioned customers. a big lease was signed with openai by coreweave. interestingly, openai has exposure to the coreweave shares on the back of that. sam altman is saying that the frenzy to get a hold of the latest image generation chatgpt is "gpus are melting." tell us about openai and your bet. you were coming and when the valuation was $300 billion. is it about $1 billion that you are coming in? david: that was reported that we are looking at the investment. we love the company and we love management. they are doing a great job. that is now in our investment committee. we are also looking at other companies across the sector. so, that investment has not been made to date. caroline: tell us where you are looking and the value accrues. you say that you are about capital, but everyone is

excited about the applications. would you go there? david: we are focused on businesses that need to drive down the cost of capital. that is where we can be a value added partner. we can be a value added partner not only to companies but the venture firms who are used to looking at this type of capital intensity. caroline: you have been in coreweave for a long time. david: four years. caroline: you will stay with it through the public markets? david: yes. caroline: how do they need to talk to the market about insatiable demand? at the moment, we are worrying a little about the amount of leverage, about ultimately how they have financial controls. with this moment being public, how does it say about how the business is run? david: if we go back to real capital-intensive business days, people take orders and bring it to the bank. the bank lends the money to fulfill the orders and they pay

them back when the orders are filled. that is what mike and his team have done on their financing journey. in order to get the most efficient cost of capital, if you get long-term contracts, which they have, with companies like microsoft and openai, those are readily finance a bull in the marketplace. -- readily financeable in the marketplace. caroline: microsoft is not pulling away? david: microsoft has contracts for many years and will continue to pay every month. in my mind it is like leasing a car. of course it depreciates the day that you leave the lot, but you still owe four years on your lease. that is the same thing here. these companies need a ton of compute. the best provider of compute is coreweave. caroline: i am so interested in magnetar.

you are interesting and everything that is interesting to our audience. where do you focus? you tell us that it's about the capital expenditure element. what is the next company? what's the next openai for you? david: we have a lot in our pipeline and have made hundreds of investments. this is our 20 year anniversary. it's about a consistent and methodical process to invest. we want to understand assets, cash flows, and downside scenarios. so, we look different than a normal equity investor and are focused on analyzing assets that cash flows produce and making sure that companies have the right runway. caroline: will you promise that when it is out of your investment committee that you will come back with openai news? david: i would love to. magnetar managing partner, we hope to have him back. that does it for this edition of bloomberg technology. don't forget to check out our podcast on the terminal, apple, spotify, and iheart. wishing you a very happy weekend. this is bloomberg technology. ♪

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it gives me a lot of peace of mind. i want him to be around forever. ♪♪ no other cgm system is more affordable for medicare patients. don't miss out you may be entitled to this valuable benefit. call the number on your screen now to talk to a real person. >> from new york city, i am vonnie quinn. real yield starts right now.