nre a company for four years and private for 12, you should probably start helping them. we've seen an incredible number of institutional sellers. what's driven our volumes has been investors who are late stage who are in a company for five years and they're selling with ipos as well. obot emotion or at least how to fake we saw this with slack. you used to have a tender offers. it. a robotist tells us the secret. that's still going but seeing a more open and liquid plus, billion dollar market because there are companies. investors all over the world is time running out for an ipo. that want to get into these the latest data from ford ceo companies and they don't want to wait to do it. >> some of these companies have kelly rodriguez. a lot of restrictions on employees selling their shares outside of the company sponsored our reporters, editor in chief tender offer. how are you able to get around of the "wall street journal" that? >> our platform really is focused on working with companies. five years ago, even three years this week on press here. ago there were companies really on thursday a biocompany called 10 x jgenomics. working to rezistrict this.

today we're seeing that loosen up. we really see a world where the founder was my guest a few there are managed liquidity or weeks ago. the company's stock priced at 39 cash programs. companies need to manage that. above expectation and rose we think that technology and global relationships help them steadily throughout the day. manage that. silicon valley companies are >> for a company like peloton marching toward ipo even as we before it files to go public, worry about the days ahead. when we hear they're about to go public, it's because katie roof we have the ceo of forge, which wrote about it in the wall allows employees of private companies to sell shares before street journal. the company goes public. but you've got access to data in these companies, buying, and selling and pricing. is there some sort of let's start with this idea of information in what you're able these companies that are not yet public that are so big. to see -- doesn't have to be give me a list. peloton, in any company -- in what's happening behind the spacex would be one. scenes that gives you some sort what else is on this list? of indication what's going to >> there are 40 companies today happen next? that are the size of what used >> we obviously see pricing data to be considered a large cap so we can tell you in the last public company that are still two years what the values and private. these companies are now staying share prices have looked like in private for an average of 12 companies before they go. years. in certain cases when companies

about ten years ago it was six years. >> we talked about why companies are managing liquidity programs are staying private. and working with a provider like what's your opinion? us, we'll actually see >> i think companies who are trying to change the world, who performance information about the companies too. are building something new, that's highly proprietary but it building something global. in the case of spacex the most gives us insight into what be a cost effective way to get to space and back, it's taking successful compa that goes longer for them to mature. public into one that not because they have such great access to capital be as successful. it's part of our value internationally, they don't rely proposition on the market. on the previous systems of the we share it with the company's permission to a limited set of venture capital community to investors and we use it to help -- if you've seen the stay private. >> given that so many of these direct listings lately, we were companies went public this year, involved in spotify and slack. has that hurt your private so we helped set the reference pricing for directs by transactions business? >> no. we actually thought more would referencing what has happened in the private market up to that go. for every one that goes, in the point. >> is there a situation in which last year that it's private, private trading will increase. an employee or institution wants to sell in which forge or kelly and then just before it goes out, it will decrease. rodriguez would buy the stock? i think the market starts to set you don't have to be necessarily its public price within a few

months of it being public. just the pivot point, you could others join the ranks of be buying in sagituations where unicorns in the meantime. you say we'll take that right >> which ones did we think would now. >> we have a couple of partners now. we announced one earlier this go public that didn't? >> we heard rumors of airbnb and year. some of the largest banks in the world trade through us. an international bank called bnp peloton. >> pelot i for this perry built a fund to invest in fall, it has been reported. i reported that airbnb is slated the first half of 2020. >> right. baskets of pre ipo stock. there was speculation many would try and rush out in the 2019 they have very close to us and good market time frame. i think less have gone than what data so they can be a new source we thought. >> the problem you're trying to of funds for investors. solve as employees that don't want to wait ten or 12 years to >> some of these companies are get value out of the companies they work for, this is not a new waiting long to go public. sometimes by the time they do problem. we saw this happen with facebook they end up trading lower on the which took ten years. stock market as we saw with uber and others. can you talk a little bit about how is that impacting your the pros and cons of doing this? business? >> it's an incredibly important i know companies generally don't question on the market. if you look at ones that went

like employees to go out and sell their stock early. out there year between 9 and 70 >> that's changing. billion, there's a question of what's different now is that what's the proper entry point. is the entry point the ipo or companies now recognize that shareholder and employee li sometime earlier? when you look at the really big liquidity is actually a ones, it comes down to how much beneficial thing. they've disclosed about themselves. who owns what. as you saw with the disclosures on uber for example, the world didn't know about some of the convertible structures that existed within these companies. so it became difficult to understand whether it was a good deal or not. i think that's part of what you're seeing right now with wework. >> one of the challenges of private market trading is sometimes people are making investment decisions without having the information they would if they were public shareholder. is there anything that can happen to change that? >> yes. that is the most critical next three years we'll see. i believe we're going to see private companies disclose more than they ever have. because to get access to large

sources of cash, you have to disclose. previously that was only disclosed to a limit set of venture capitalist, it was their primary investor and their board. now i think as liquidity gets more broad and global, disclosure will get more broad. >> uber were ahead of their ipo. they were sharing their financials voluntarily. you think we'll see sort of mini earnings comes out ahead of going public? >> i think it's possible. >> is it possible that you would be a canary in the coal mine as far as a coming recession or downturn in the sebs thnse that companies are going to realize we are not going to be able to take it to the public market or things are going sour? we saw it quickly in the dotcom

bust. you would be one of the early guys who knew because employees at xyz corporation who knew they weren't going to go public would say, i'm going to sell now. fair theory? >> i think what's happening is as employees understand that liquidity is accessible to them, i don't think that necessarily a recession impacts that. where i do think a recession has an impact is on pricing. if companies don't have access to public capital and they have to stay private even longer and their price is i'd say they will rely more on private capital sources to extend their private life. >> assuming it's there. >> yes. >> thanks for being with us this morning. >> thank you. you can't make a robot happy because robots don't have feelings. but we do and that's why it's important to make a robot smile.

welcome back to press here. i'm going to show you a little video of a robot called kiki. i just want you to take a moment to look at it. it is a cute robot. i'm going to guess most of your attention is on the robot's face, its eyes. that robot is preprogrammed but so too are you. you are preprogrammed to search out faces and kiki has a face

because mita gave him a face. mita is a roboticist. we're talk to talk about how to give robots emotion. thanks for being with us. i guess i should start out with whether kiki is a him or her. >> it's really how you decide it to be but we're using a she for now. >> is kiki is cat, a raccoon, a robot? i'm already projecting. >> when we were designing kiki we drew a lot of inspiration from mammals but without making it look like anything in particular. it's really up to you. >> you can see and i didn't mean any of this, it was not intentional, twice i have projected onto that robot, which is kind of what we are talking about. i have tried to figure out what gender it is. i think it's a female cat but it

can be whatever you want it to be. >> yep. >> fair enough. >> what is the purpose of this particular robot? we've covered the evolution of adorable robots, if you will, whether it's a roomba or a character or personally based robot. everyone has a different goal. talk about what your goal is with this. >> right. for many years people have been building robots. there are industrial robots and home robots that help make our life more efficient. the goal of ki ki is to bring happiness to people. it's a companion. she can learn with the user in realtime so she can bring an emotional connection to the users. >> who are you targeting with this? >> we're really seeing a lot of different target audiences. one of the most prominent one is actually the seniors. they want to have the compani companionship from a real pet

but it's obviously a lot of effort to take care of one. >> how do you give a robot -- i mean obviously you can make it look cute. but emotionally with the face itself -- there was a tamagochi, right? >> yeah. >> how do you make somebody care whether or not it lives or dies because it's just an lcd screen, how do you make me care about this robot? how are you doing that in reading people's emotions and giving a robot emotion? >> it's a really good question. humans are hard wired to love characters and stories. there's researchers where they ask the humans to smash down a robot. when the robot actually takes form and when it has a back story, the humans are less likely to smash it.

with kiki it's a similar story. it has eyes just like us. when people see it, people already think he or she and does it have its own needs and wants. they want to help protect the robot and make it live in very good condition. that's what brings the first level of emotional condition to it. >> is it on the market yet and how much is it? >> kiki is preorder. this one is very different from the one we saw at cs. this is probably four iterations later than the prototype. it's 799 for the preorder price. >> part of the reason these robots are cute is you want to invite them into your home because nobody wants a scary looking robot. if they do wh, that's a whole different show. but at the same time it's a step

into your home that is an ai piece of equipment that needs to know a lot about you. and we live in a world where people's data has been coopted in so many different ways. so there's concern here's something that knows about me. you're keeping that information. how do i know i'm not going to be basically bamboozled especially if i'm a senior who' and maybe i start orderingthgs potential scam? i'm not saying you're a scam artist, i'm saying that is the general concern about inviting a friendly critter into your home. >> we don't want people to sacrifice their privacy and security just because they're living with a robot. for home robots it's possible for us to have a processor that is able to process all these deep learning models on board. on one hand it is going to be very fast to run all the algorithms so a robot can track

faces at a very fast speed. another hand is make it very hard for middlemen to attack because none of the data is actually being uploaded to the cloud. another aspect that everything that's stored on the robot should also be encrypted so your data is still secure. >> even with the on board processing and i know you're aware of gibo. it looked vaguely similar and its head would pivot around and stuff. and the company shut down which meant that the big servers, the cloud that was powering these robot, shut down which meant now it was a hunk of plastic. >> it's heartbreaking. >> people put videos on youtube of jibo announcing it was going to go away. it was like frosty the snowman.

it was awful. if you have on-board processing, how dependent am i on your company staying alive that my adorable robot is going to stay alive. >> kiki will stay alive as is. she'll be able to process all the different input and output kiki you have this character. if our company dies, of course future updates -- >> sure. fair enough. >> with kiki the personality can also be cloned. in the future if you switch to another device, you can still restore the same. >> bring kiki with you? >> right. >> mechanically you can do just about what you want. what is it emotionally as someone who is one of the to be roboticists, what is it you can't do emotionally that you

wish you could do? >> i guess it's to have almost infinite degrees of freedom. if we look at a real animal, the way they move, they don't have 20 motors, they have 100 motors. it's just infinite degrees of freedom. with a robot every motor is very costly and every motor adds a degree of complexity too. i wish in the ideal world we could have infinite degree of freedom. >> speaking of costly, you mentioned the price. i think you said 799, so an $800 robot. what makes you think that seniors are going to recognize the potential of this before shelling out that kind of money? >> i think it comes to the value that the robot can bring and what kind of alternatives there are. i do hope that one day robots can be as affordable as every family can continadopt it. the truth is to have the

algorithms on board you need a very powerful processor. you need motors, a high resolution screen. all of that combined is making robots very constantly. >> thank you ever so much.

apple's new iphone 11 went

on presail thle this weekend. the latest phones have three lenses on the back and we have more details about apple plus television streaming with its flag ship show taking place in a familiar place to me, a television newsroom. welcome back. let's talk a little apple. what was the big take-away? >> the big take-away and the most innovative thing that was announced was the price of their devices. i found it's a very popular smart phone. every september just like the leaves change color on the trees for the new iphone, this time the discussion was not so much the features on the new phone. but they started the pricing 699 and they kept older models that are all less expensive. >> part of that is i have an

iphone 6. here i work in technology in silicon valley and i just have not been -- the new ones are great but mine's good enough. i think sort of that is that price pressure. >> absolutely. we've seen the market for smart phones really start to slow which is why apple have said they see their future growth from software and services. you're holding onto your phone longer. you're not the only one who's keeping it for two, three, four years. generally speaking most people in established markets already have a phone. >> i read there are now six things you can subscribe to with apple rand apple and if you did you'd be paying them 55 bucks a month. >> or more. >> why the three cameras? i'm familiar with two cameras.

what's the third one for? >> there's wide lens, telephoto. apple is kind of behind on some of the tech. its rivals in the smart phone market have been pushing 5g. they don't have a 5g phone. apple has made a point and this is one of the talking points throughout the presentation is we're going to give you innovation that matters, not what's buzzing in the market as their way of saying, we know you wanted these other things, but we don't think the market is ready for that. >> i started the show talking on thursday about 10 x genomics had made its debut on the nasdaq. also smile direct club which you wrote about in the "wall street journal." >> it's direct to consumer liners, basically the clear braces. they started five years ago a crowd funding platform and they

grew to a $9 billion company when they priced their ipo. but that didn't last long because it didn't do well in its first day of trading which is pretty unusual to price above the expected range and then to trade down. the bankers definitely misunderstood the market's demand for this. what they were looking at is that it's had strong revenue growth, very significant, over 400 million in revenue last year which is a lot considering how young the company there's also concerns out there from orthodontist and others in the medical community who say hey if you're doing this at home and you're doing video chats with dentists, that's not as good as going to the real thing. so it's controversial. >> sometimes hard to read. i know there's one called hubble which does contact lenses and the glasses company which seems

legit. the doctors say, hey, we went to medical school and learned about this. on the other hand they have this industry they've got to protect. i'm not always sure which one is the right answer. >> it's not just smile direct club. there are others in this startup space that are kind of doing something similar to what smile direct club is doing. there's candid which is very similar and also raised 85 million in venture capital. there's also uniform teeth. these are all variants on what smile direct club does. these venture capitalists are optimistic there's an opportunity for this market. >> thank you. we'll be back in just a minute.

earlier i mentioned a past episode in which we talked to the 10 x genomics founder. we have thousands of interviews with silicon county founders on

our website pressheretv.com. that's our show this week. thank you for making us part of your sunday morning. the american red cross urgently needs blood and platelet donations and asks healthy donors to schedule an appointment to give.

during this corona virus outbreak, patients are counting on lifesaving transfusions. visit redcrossblood.org the top show dogs in the country have taken over a los angeles where they will be competing for best in show these dogs know they are the real stars