Bloomberg Technology 03/25/2024

>> FROM>> THE HEART OF WHEREINNOVATION, MONEY, AND POWER COLLIDE, THIS IS BLOOMBERGTECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. ED:I'M ED LUDLOW IN SAN FRANCISCO. CAROLINE HYDE IS OFF.COMING UP, FACING BIGGER FINES. THE EUROPEAN UNION OPENSINVESTIGATIONS INTO APPLE, GOOGLE, AND META IN THE FIRSTPROBES UNDER THE DIGITAL MARKETS ACT.WE GO LIVE TO BRUSSELS. WE WILL TAKE A DEEP DIVE INTOTHE JUSTICE DEPARTMENT LAWSUIT.

AGAINST APPLE.THE CASE IS MISSING AN OPPORTUNITY TO ADDRESS MOREPRESSING CONCERNS. AND LUCID GETTING A CASHINGESTION — INJECTION FROM ITS BIGGEST INVESTOR.WE WILL DISCUSS THAT AND MORE. LET'S LOOK AT LUCID SHARES, NOWUP 8%. THEY HAD BEEN AS HIGH AS AROUND20% FOLLOWING THE MARKET OPEN. THIS IS A PRIVATE PLACEMENT OFCONVERTIBLE STOCK. IT TAKES THE SAUDI PIF ANDMOVES IT TO $6.5 BILLION ALL TOLD.A LOT MORE TO DISCUSS ON THAT.

LATER. THESE ARE THE MEGA CAP TECHNOLOGY SHARES THAT WE AREWATCHING THIS MONDAY, ALL MOVING TO THE DOWNSIDE, APPLEDOWN A PERCENTAGE POINT. ALPHABET DOWN MORE THAN APERCENTAGE POINT. META DOWN .7%. WE HAVE AN E.U.PROBE OF EACH OF THOSE COMPANIES UNDER THE DIGITALMARKETS ACT. >> THESE ARE SERIOUS CASES THATWE HAVE BEEN ABLE TO SOLVE WITH A DISCUSSION — SERIOUS CASES.HAD WE BEEN ABLE TO SOLVE THAT WITH THE DISCUSSION, IT WOULDHAVE BEEN DONE BY NOW.

IF WE FIND COMPLIANCE SOLUTIONSIF THEY PERSIST, CONSUMERS WILL NOT HAVE THE CHOICE THAT THEYWERE PROMISED BY THE DIGITAL MARKETS ACT. ED:LET'S GO TO BRUSSELS. OUTLINE THE BASICS OF THESEPROBES UNDER THE DIGITAL MARKETS ACT AND HOW THEY RELATETO U.S. TECHNOLOGY COMPANIES. >> GOOD AFTERNOON FROM BRUSSELS.WE ARE BACK HERE AGAIN. THE E.U.FACING UP TO THE DOMINANCE OF BIG TECH.THE EUROPEAN COMMISSION HAS OPENED FIVE INVESTIGATIONSUNDER ITS NEW DIGITAL MARKETS.

ACT RULES TARGETING APPLE,GOOGLE HIM AND META. HOW SERIOUS IS THIS?IT IS A STATEMENT OF INTENT FROM BRUSSELS THAT WANTS TOENFORCE AS ROBUSTLY AS POSSIBLE THESE NEW DIGITAL COMPETITIONRULES, WHICH ONLY TOOK HOLD 18 DAYS AGO ON MARCH 7. ED:WE PLAYED THAT CLIP. ONE OF THE QUESTIONS IN THEPRESS CONFERENCE WAS IS THIS A FRIEND RON?IS THIS YOU MOVING QUICKLY? SHE SAID NO.WE ARE MOVING IN A TIMELY FASHION.

WE ARE SHOWING POTENTIAL RISKSTO THESE TECHNOLOGY COMPANIES. EXPLAIN WHAT FINES THESE TECHCOMPANIES COULD FACE. >> FROM TODAY, THE COMMISSIONWILL AIM TO CONCLUDE THESE INVESTIGATIONS INTO APPLE,GOOGLE, AND META WITHIN ABOUT 12 MONTHS.AT THE END OF THOSE 12 MONTHS, IT WILL ADOPT A DECISION.WITH THAT POWER, IT HAS THE CAPACITY TO FINE THESECOMPANIES UP TO 10% FOR THOSE TYPES OF BREACHES AND ALSO HASADDITIONAL POWERS IN THE CASE OF REPEATED INFRINGEMENTS TOFIND FIRMS UP TO 20% OF THEIR.

GLOBAL ANNUAL REVENUE OR EVENMANDATE THE BREAKUP OF THESE COMPANIES, SO IT IS A SERIOUSMATTER. WE ARE NOT AT THAT STAGE YET.THERE IS A 12 MONTH PERIOD TO GO THROUGH, BUT THAT KICKS OFFTODAY. ED: FOR SIZE AND SCOPE, APPLEREVENUE IN 2023 WAS $383 BILLION AND 20% OF THAT ISHEFTY. THANK YOU. THE E.U.PROBE IS NOT THE ONLY ANTITRUST STORY OUT OF APPLE.THE DOJ FILED A SUIT ACCUSING APPLE OF VIOLATING ANTITRUSTLAWS AND SUPPRESSING.

COMPETITION AND THE CULMINATIONOF A FIVE-YEAR PROBE INTO THE COMPANY.I WANT TO SPEAK TO THE LEGAL DIRECTOR OF PUBLIC KNOWLEDGEAND GO DEEPER ON THIS. THIS WAS A BIG STORY FROM AMARKETS PERSPECTIVE. IT IS RARE A STOCK SHOWSPRESSURE OF AN ANTITRUST ACTION. WHAT IS YOUR ASSESSMENT OF HOWSTRONG THE DOJ IS AGAINST APPLE? >> IT IS VERY STRONG.THEY LISTED ABOUT FIVE BEHAVIORS NOT INTENDED TOGATHER UP THE COMPLAINTS PEOPLE HAVE ABOUT APPLE BUT THEBEHAVIORS THEY THINK PROBABLY.

VIOLATE THE LAW. SOWS INCLUDE — ED:PLEASE CONTINUE. ED: THOSE CONTINUE USING THE APPSTORE MONOPOLY TO PREVENT CATEGORIES FROM COMPETING,BLOCKING BANKS FROM ACCESSING THE NFC CHIP AND OTHER MATTERSAND THOSE ARE EXCLUSIONARY BEHAVIORS WHERE COMPANIES THATHAVE DOMINANT MARKET POWER ARE USUALLY PREVENTED FROM DOINGTHINGS THAT BLOCK OUT COMPETITORS.THE DOJ PUT FORWARD A COMPELLING NARRATIVE SHOWINGHOW APPLE HAS DONE THAT.

ED:THE APPLE ARGUMENT IS THAT THE CONSUMER DOES HAVE CHOICE, THATTHEY ARE THE MAKER OF A CREATIVE MARKET. DO YOU THINK THAT COMPETITIVEMARKET, AND THAT THEY OFFER DEVELOPERS THE OPPORTUNITY TO MAKE A LIVING, DOES THAT GIVETHEM ANY CHANCE OF WARDING OFF THIS FIGHT FROM THE DOJ? >> I DO NOT THINK SO.IF YOU ARE A DEVELOPER, YOU HAVE NO CHOICE BUT TO DEVELOPFOR BOTH.

I DOUBT THE MAJORITY OFCUSTOMERS BUY IPHONES BECAUSE OF THESE EXCLUSIVE PRACTICES.APPLE MAKES EXCELLENT PRODUCTS. THE QUESTION IS NOT WHETHERAPPLE MAKES GOOD PRODUCTS BUT WEATHER CAN USE PRODUCTS TOCONTROL OTHER MARKETS LIKE PAYMENT APPS. ED:YOU WORK AT PUBLIC KNOWLEDGE. THE GOALS TO MAKE SURE EACHPART OF THE TECHNOLOGY AND STAKEHOLDERS HAVE A SAY IN THEFUTURE. WHAT — ONE OF THE THINGS THATGETS TO BEAT IT IS WHO IS IT.

SERVING? WHO IS IT PROTECTING?THE ARGUMENT FROM THE DOJ IS IT IS PROTECTING THE CONSUMER,MAKING SURE IT ENDS IN A POLICY CHANGE AT APPLE THAT WOULDALLOW THE CONSUMER TO HAVE GREATER CHOICE AMOUNT DOES THATEVER HAPPEN? — CHOICE, BUT DOES THAT EVERHAPPEN? >> IT DOES FREQUENTLY WITHANTITRUST CASES. THEY TAKE A LONG TIME TOLITIGATE. ANTITRUST IS NOT THE ONLY TOOLPOLICYMAKERS HAVE TO PROTECT CONSUMERS.APPLE — DOJ IS NOT SUING APPLE.

FOR HAVING PRODUCTS THERE TOOGOOD OR TOO INTEGRATED. IT IS SUING APPLE FROM BLOCKINGCOMPETITORS FROM DOING THE SAME ON THE PLATFORM, WHICH IS SODOMINANT IF YOU ARE A COMPETITOR OR DEVELOPER YOUHAVE NO CHOICE BUT TO DEVELOP FOR THE IPHONE. ED: YOU MENTIONED IT IS NOT THEONLY TOOL. OFTEN TALK ABOUT REGULATINGTHROUGH THE COURTS, BUT THERE IS LAWMAKING ON CAPITOL HILL.IS THERE AN AVENUE FOR APPLE TO REACH SOME KIND OF SETTLEMENTWITH THE DOJ WHERE THEY COULD.

WORK THIS OUT BEHIND CLOSEDDOORS? >> I CANNOT PREDICT WHETHERTHERE WOULD BE A SETTLEMENT. APPLE WILL SET FORTH ITS SIDEOF THE STORY. LITIGATION OFTEN TAKES YEARS.CONGRESS IS NOT SITTING ON ITS HANDS AND OTHER REGULATORS ARENOT SITTING ON THEIR HANDS. CONGRESS INTRODUCED A BILL THATDID NOT PASS CALLED THE AXIS ACT, IT WOULD HAVE OPENED THEAPP STORE MONOPOLY A LITTLE BIT. AS YOU HAVE REPORTED, EUROPE ISTAKING ACTION. THERE IS LITIGATION INAUSTRALIA, SO IT WILL BE A.

COMPLICATED SITUATION FOR APPLEAND MAYBE IT IS IN THEIR INTEREST TO TRY TO RESOLVETHESE DISPUTES BUT APPLE SO FAR HAS SHOWN IT WANTS TO FIGHTTOOTH AND NAIL AND RESIST ATTEMPTS TO REGULATE OR CHANGEBEHAVIOR. ED: IT IS GETTING COMPLICATED.APPLE IS FACING ANTITRUST SCRUTINY ON TWO FRONTS. I WANT TO SAY IF YOU READ THEBLOOMBERG STORY EACH OF THE COMPANIES GAVE A PRETTY FULLRESPONSE SAYING WE ARE COMPLIANT , SO I ENCOURAGE OURAUDIENCE TO LOOK AT THOSE.

RESPONSES. JOHN DRAKE MAYOR –BERGMAYER,THANK YOU. APPLE CEO TIM COOK HAS REVEALEDPLANS TO INVEST IN SUPPLY CHAIN STORES AND RESEARCH IN CHINA.STATE MEDIA SAYS HE MADE THE PROMISE ANY MEETING WITHBEIJING'S COMMERCE MINISTER AT THE ANNUAL CHINA DEVELOP ANFORUM, SAYING AI WILL BE AN ESSENTIAL TOOL FOR HELPINGBUSINESSES REDUCE THEIR CARBON FOOTPRINTS. >> WE WOULD NOT BE ABLE TORECOVER THE LEVEL OF MATERIALS.

THAT WE DO TODAY FOR RECYCLINGWITHOUT AI. IT IS ALREADY FUNDAMENTAL INOUR CALCULATION AND I THINK IT PROVIDES AN ENORMOUS TOOL FOREVERY COMPANY THAT IS WISHING TO BE CARBON NEUTRAL OR TOLOWER EMISSIONS BY SUBSTANTIAL AMOUNT. ED: COMING UP, WE WILL HAVE THELATEST ON LUCID'S CASH INJECTION FROM ITS DEFINITIVELYINVESTOR. THAT STICK A LOOK AT THE NASDAQ 100, MY GO TO INDEX, VERYCONCENTRATED. WE ARE SOFTER .2%.

WE STARTED THE WEEK TREADINGWATER, BUT WE ARE COMING OFF THE BEST WEEK FOR THE NASDAQ100 IN 2024 SO FAR AND THE FOCUS AGAIN WILL BE THE FEDRATES AND EVENTUALLY EARNINGS SEASON. WE WILL BE RIGHT BACK.THIS IS BLOOMBERG TECHNOLOGY. ED:LUCID TRADING UP AROUND 5% OR 6% RIGHT NOW.HAD BEEN TRADING UP AS THE COMPANY RECEIVE A CASHINJECTION FROM ITS BIGGEST INVESTOR AND AFFILIATE, SAUDIARABIA'S PUBLIC INVESTMENT FUND. PROVIDING THE ELECTRIC CARMAKER A FURTHER LIFELINE.

HERE TO DISCUSS IS BLOOMBERG'SGLOBAL AUTOS EDITOR. YOU AND I HAVE BEEN FOLLOWINGLUCID A LONG TIME, BEFORE THE REVERSE MERGER THAT TOOK THEMPUBLIC AT THE POINT OF THAT IS WE HAVE ALSO TRACKED THEBILLIONS OF DOLLARS THE PIF AND ITS AFFILIATES HAVE PUT IN.BRING US UP TO SPEED ON HOW MUCH CASH THE SAUDI'S HAVE PUTINTO LUCID SO FAR. >> PEOPLE TALK ABOUT THE– ABOUT THE FEDERAL RESERVE PUT. THIS IS THE PIF PUT THIS IS ONTOP OF THE BOOST ALREADY PUT IN.

BY THEIR BIGGEST SHAREHOLDER.IT WAS NECESSARY. IT MAY BE THE CASE THAT THIS ISNOT THE LAST CAPITAL RACE — READS WE SEE THIS YEAR BECAUSETHIS IS A COMPANY GOING INTO 2024 HAD ONLY A LITTLE BIT OVER$4 BILLION ON ITS BALANCE SHEET AND THERE WERE EXPECTATIONSAMONG ANALYSTS THAT ALL OF THAT COULD BE ACCOUNTED FOR IN CASHBURN THIS YEAR, SO LUCID HAS BEEN A COMPANY THAT, WHEN ITWAS GOING PUBLIC THROUGH A REVERSE MERGER, WAS LOOKED ATAS A POTENTIAL TESLA CHALLENGER. IT HAS STRUGGLED TO LIVE UP TOTHOSE EXPECTATIONS AND GET.

MANUFACTURING GOING.I THINK IT LET A LOT OF INVESTORS DOWN WITH THEIROUTLOOK FOR THE YEAR BEING A SMALL INCREASE FROM LAST YEAR.ED: I THINK THEY ARE GUARDING TO 9000 UNITS THIS YEAR, A PREMIUMPRICE POINT. AT THE SAME TIME, THERE IS ANEV PROBLEM. WHERE DOES LUCID SIT IN THAT?CRAIG: THERE IS HOPE THAT MOVING INTOSPORT UTILITY VEHICLES WOULD BE A BIG HELP FOR THEM.THEY ARE PLAYING AT THE HIGHER END AND THE LEVEL OFCOMPETITION IS HIGH IN THE U.S..

WE HAVE SEEN SO MUCH MOREFIGHTING AT THE UPPER ENDS OF THE MARKET.WHERE WE HAVE NOT REALLY SEEN AS WE HAVE IN CHINA CUTTHROATCOMPETITION AMONG CHEAP EV'S. WHEN YOU HAVE TO GO UP AGAINSTOR ESTABLISHED PLAYERS LIKE MERCEDES AND BMW, IT IS TOUGH.LUCID HAS COMPELLING PRODUCT. THE ISSUE THEY HAVE HAD IS NOTBEEN ABLE TO MAKE ENOUGH OF IT TO BE ABLE TO MAKE THEIR EV'SWITHOUT LOSING A TON OF MONEY. THE MORE THEY ARE MAKING, THEMORE THEY ARE LOSING, AND THAT IS NOT A TREND THAT CAN BESUSTAINED.

ED: AS ELON MUSK HAS TEASED,PROTOTYPES ARE EASY AND PRODUCTION IS HARD.BLOOMBERG NEWS SPOKE TO THE SEA EO OF THE BIGGEST MAKER OFBATTERIES FOR EV'S. WHAT WERE THE BIGGEST TAKEAWAYSFROM THE INTERVIEW? CRAIG: ONE OF THE BIG ONES WAS ANEXCLUSIVE YOU WERE PART OF THIS YEAR, THIS IDEA THAT SEE ATLDID HAVE EQUIPMENT THAT WAS IDLE IN CHINA THAT TESLA WILLMAKE USE OF BY MAKING MORE BATTERIES AT ITS FACTORY.THIS IS A COMPANY THAT IS PRESSING AHEAD IN SPITE OF THEFACT THAT WE ARE SEEING AN EV.

SLOWDOWN AND VOWING TO CONTINUETO ADD CAPACITY. WE ARE SEEING THIS BROADERTREND , WHETHER IT IS ON THE BATTERY SIDE OR EV'S ANDBATTERIES, THE REAL DOMINANT PLAYERS IN CHINA ARE PRESSINGTHEIR VANTAGES OVER THE OTHERS. AND CONTINGENT AT CAPACITY.THE QUESTION IS GOING TO BE, HOW MUCH LONGER SOME OF THELESSER COMPANIES IN CHINA CAN SUSTAIN THEMSELVES IN THE FACEOF GETTING BIGGER AND GETTING MORE AGGRESSIVE TO DRIVE OUTPLAYERS WHO CANNOT KEEP UP. ED: GREAT TO HAVE YOU ON THEPROGRAM.

COMING UP, A SHAKEUP ATSTABILITY AI. MORE ON THE RESIGNATION OF THECEO NEXT. WE ARE ALSO TAKING A LOOK ATSHARES OF BOEING. HE MUST HAVE SEEN THIS STORY,UP .8%. CEO DAVE CALHOUN WILL STEP DOWNAT THE END OF THE YEAR. THERE ARE SWEEPING OVERHAULS OFLEADERSHIP. THE CHAIRMAN WILL NOT STAND FORREELECTION AND THE GUY ON THE RIGHT-HAND SIDE OF YOUR SCREEN,WHO LED THE COMMERCIAL BUSINESS, IS ALSO DEPARTINGWITH IMMEDIATE EFFECT.

THAT IS THE BIG STORY OUT OFTHE AEROSPACE INDUSTRY THIS MONDAY.THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: MATCH GROUP IS NAMING TWODIRECTORS TO HIS BOARD. THE OWNER OF DATING APPS WILLADD THE INSTACART CHIEF MARKETING OFFICER AND ZILLOWCO-FOUNDER TO HIS BOARD IMMEDIATELY. HE ALSO SAID — MATT ALSO SAIDTHEY ASSIGNED AN INFORMATION SHARING AGREEMENTS TOFACILITATE ONGOING.

COLLABORATION TOWARD VALUE.THE COMPANY PLANS TO UPDATE SHAREHOLDERS ON ITS STRATEGY ONAN UPCOMING INVESTOR DAY. AN UPCOMING CHIP START UPRAISES MONEY IN A FUNDING ROUND. THE COMPANY PROVIDES TECH THATUNIFIES SEMI CONDUCTORS TO WORK MORE SMOOTHLY AND FASTER AS THELEADER OF AI SEMI CONDUCTORS NVIDIA PUT FORWARD ITS PATH OFCOMBINING TRIPS TO WORK AS ONE RELYING ON THE WORK OFCOMPANIES TO HELP REALIZE THEIR GOALS. STABILITY AI'S CEO HAS RESIGNEDAMID QUARRELS WITH INVESTORS.

AND WAVES OF SENIOR STAFFDEPARTURES . IN A BLOG POST FRIDAY,STABILITY AI SAID ITS CTO WILL SERVE AS INTERIM CO-CEO.THE COMPANY'S BEST KNOWN FOR ITS IMAGE GENERATION TOOL ANDHELP KICKED OFF THE AI FRENZY, REACHING A VALUE OF $1 BILLIONIN 2022. I WANT TO BRING IN SOMEBODYTHAT WAS AT THE HEART OF THE REPORTING ON THE STORY.I DO NOT SAY THAT LIGHTLY. YOU COVERED EVERY STEP IN THISSTORY BUT ULTIMATELY HE HAS RESIGNED.

>> HE SAID HE IS STEPPING DOWNTO WORK ON SOLVING THE CONCENTRATION OF POWER IN AI.WE HAVE BEEN THINKING FOR A WHILE THAT HE MAY BE STEPPINGDOWN. WE HEARD RUMORS ABOUT IT. WE WERE AWARE SOME OF THEPEOPLE BEHIND THE ORIGINAL VERSION OF STABLE DIFFUSION WHOHAD BEEN IN THE COMING FOR A WHILE WERE LEAVING THE COMPANY,SO PERHAPS THIS HELP TO HIS DECISION.IT IS UNCLEAR AT THIS POINT. ED: WHAT I HAVE LEARNED OVER THELAST FEW MONTHS IS THERE IS THE COMPANY THAT CAN OR CANNOT BEWELL-KNOWN KNOWN AND THEN THE.

TOOL.IN THIS CASE, STABLE DIFFUSION WORKS WELL.IT IS A WELL-KNOWN AND LEADING PIECE OF TECHNOLOGY. RACHEL:THAT IS CORRECT. IT IS WELL-KNOWN.IT IS A LEADING PIECE OF TECHNOLOGY, ORIGINALLYDEVELOPED BY A HANDFUL OF RESEARCHERS IN GERMANY. EMAD STEPPED IN AND OFFERED TOPAY FOR COMPUTE TO FURTHER TRAIN THIS MODEL.THEY RENAMED IT STABLE DIFFUSION AND EMAD DECIDED TOSPREAD IT FAR AND WIDE THROUGH.

STABILITY AI.THAT HELPED BRING IT TO THE PUBLIC AND POPULARIZE IT ANDTOUCHED OFF A LOT OF WHAT WE ARE SEEING NOW IN TERMS OFGENERATIVE AI. ED: WHAT IS LEFT AT STABILITY AI ORWHO IS LEFT? RACHEL: THIS IS A GOOD QUESTION.WE ARE TRYING TO FIGURE OUT THIS NOW.IN TERMS OF TALK TO HER RESEARCH — TOP-TIERRESEARCHERS, I AM NOT SURE THERE ARE MANY PEOPLE LEFT.SOME OF THE BEST PEOPLE JUST LEFT.WE ARE TRYING TO FIGURE OUT WHO.

ON THIS LIST OF NAMES FROMTHEIR BIGGEST RESEARCH PAPERS IS ACTUALLY STILL THERE.WE WILL HAVE TO TAKE A LOOK AND SEE WHAT IS HAPPENING SOON. ED:YOU HAVE TO REMEMBER WHO PUT THESE COMPANIES IN THESEPOSITIONS, THE INVESTORS BEHIND STABILITY AI. RACHEL: THERE IS LIGHTSPEED AND A BUNCHOF SMALLER AND INDIVIDUAL INVESTORS AS WELL.THAT WENT THROUGH MULTIPLE ROUNDS.IT IS IMPORTANT TO REMEMBER THAT STABILITY AI DID NOT JUSTEMERGE FULLY FORMED IN 2022.

IT WAS CREATED AS A WAY TO USEAI TO HELP WITH COVID RELATED RESEARCH OR ROUNDING UP COVIDRELATED RESEARCH. THEN IT SHIFTED GEARS AT ACERTAIN POINT, PROBABLY IN EARLY 2022. ED: BLOOMBERG'S RACHEL METZ.COMING UP, WE WILL GET BACK TO CRYPTO AND TALK BITCOIN WITHJACK MALLERS. AND A QUICK CHECK ON SHARES OFSOME OF THE CHIP NAMES. CHECK OUT AMD AND INTEL, AMDNOW UP BUT INTEL HAS STAY LOWER. IT HAS PAIRED HIS DECLINES.THE FINANCIAL TIMES IS.

REPORTING THAT CHINA'S FINANCEMINISTRY AND ITS INFORMATION TECHNOLOGY MINISTRY ARE ISSUINGNEW GUIDELINES WHEREBY GOVERNMENT ENTITIES HAVE TOSOURCE CHIPS FOR SERVERS AND SERVERS IN THEIR ENTIRETY FROMDOMESTIC SUPPLIERS , A MOVE AWAY FROM FOREIGN PROVIDERS.THIS IS THE LATEST IN WHAT HAS BECOME A HOSTILE DOMAIN.THE U.S. IS PUTTING FORWARD TECHNOLOGYEXPORT CURVES TO CHINA. NOW CHINA IS RESPONDING WITHTECHNOLOGY AND PUT RESTRICTIONS LIMITING WHAT GOVERNMENTAGENCIES AND STATE BACKED.

COMPANIES CAN USE. INTEL HAS 25% OF ITS REVENUESFROM CHINA. >> AFTER YEARS IN THE MAKING,THE UNITED STATES DEPARTMENT OF JUSTICE HAS FILED ITS ANTITRUSTLAWSUIT AGAINST APPLE, THREATENING ITS UNDERLYINGBUSINESS MODEL. THE GOVERNMENT IS TAKING AIM ATAPPLE'S POLICIES IS RUNNING SUPER APPS, CLOUD GAMINGSERVICES, MESSAGING, TAP TO PAY, AND SUPPORT ON THE IPHONE4 THIRD-PARTY SMART WATCHES. WHILE APPLE HAS HAD A NEGATIVEIMPACT ON SUPPLIERS, THE FIRST.

ITERATION OF THE DOJ'S CASEDOESN'T REALLY PROVE HOW APPLE HAS HARMED CONSUMERS.APPLE HAS ALREADY ADDRESSED SEVERAL OF THE DOJ'SCOMPLAINTS, PLEDGING TO ADOPT RCS TO ENABLE BETTER TEXTINGBETWEEN IPHONES AND ANDROID DEVICES, AND THE COMPANY HASSHOWN IT WILL HAVE NEW FEATURES FOR DEVELOPERS IN THE CLOUDGAMING AND SUPERAPP SPACES. THE IS RIGHT THAT THE APPLEWATCH IS FAVORED OVER THIRD-PARTY SMART WATCHES ANDAPPLE BLOCKS THIRD-PARTY APPS FROM USING THE NFC CHIP IN THEIPHONE 4 TAP TO PAY.

APPLE SHOULD ABSOLUTELY ADDRESSBOTH CONCERNS. BUT FOR NOW IT SEEMS LIKELYTHAT THE ENTIRE LAWSUIT WILL TAKE A FEW YEARS TO RESULT INMAJOR CHANGES. STILL, I ULTIMATELY EXPECTAPPLE TO CRACK THE IPHONE OPEN IN THE SAME VEIN AS IT IS DOINGIN THE EUROPEAN UNION BECAUSE OF THE DIGITAL MARKETS ACT.ALL THAT BEING SAID, THE DOJ IS STILL DISTRACTING FROM SOMEREAL ISSUES BY FOCUSING ON MATTERS INCLUDING FRIVOLOUSCLAIMS THAT APPLE IS BEHIND THE DOWNFALL OF THE AMAZON FIREPHONE A DECADE AGO.

STILL, THINGS COULD CHANGEQUICKLY, ESPECIALLY WHEN NEW EVIDENCE EMERGES IN A TRIAL.ULTIMATELY THE LAWSUIT SEEMS FRIVOLOUS, BUT THERE IS A LOTTHAT APPLE HAS CHANGED AND A LOT IT CAN STILL CHANGE.I AM MARK GURMAN FOR BLOOMBERG NEWS. ED: THAT WAS THIS WEEK'S “POWER ON”WITH MARK GURMAN F DOWN MORE THAN A PERCENTAGE POINT IN THESESSION. THE CATALYST, THE PROBE BY THEEUROPEAN COMMISSION. WHEN RECOVERED THE DOJ SUIT,THE STOCK FELL 4% THURSDAY, THE.

BIGGEST DROP SINCE AUGUST. ITIS STARTING TO FEEL THE ANTITRUST PRESSURE. REAL QUICK ON THE DMA, AN APPLESPOKESPERSON TOLD BLOOMBERG THAT APPLE FEELS IT ISCOMPLIANT WITH THE DNA. YOU NOTICE THE JUMP BEFORE WECAME ON AIR COMEBACK TOWARDS 70,000 U.S. DOLLARS.THERE IS A CALENDAR MOMENT COMING UP.BITCOIN IS APPROACHING ITS HIGHLY ANTICIPATED HIVINGEVENT, WHICH WOULD LOWER THE SUPPLY OF NEWLY MINTED BITCOIN.BITCOIN HIT RECORDS AFTER EACH.

OF THE LAST THREE HALVINMGS.LET'S BRING IN JACK MALLERS, WHO I'VE DISCUSSED THIS WITHBEFORE. GIVE ME YOUR THOUGHTS ON HALVING . >> WHAT'S GOING ON, ED, I MISSYOU, BROTHER, YOU LOOK GOOD. JUST SO EVERYONE IS AWARE OFTHE FIXED SUPPLY OF BITCOIN, 21 MILLION, BUT NOT ALL 21 MILLIONHAVE BEEN ISSUED TO THE WORLD YET.BITCOIN IS ON A FIXED-ISSUANCE SCHEDULE.TOSHI WHEN HE OR SHE OR THEY LAUNCH TO BITCOIN, HOW THOSEWOULD BE ISSUED OUT, $19.

MILLION OUT OF 21 SO FAR.EVERY 10 MINUTES MORE AND MORE GET ISSUED.HALVING IS WHEN THE SCHEDULE GETS CUT IN HALF.THE FORCED SELLERS, THOSE THAT PAY MONEY TO PRODUCE BITCOINS,THAT IS GOING TO BE HALVED. THE SIMPLE WAY TO THINK ABOUTIT, EDIT, IS IF DEMAND REMAINS THE SAME, THE BITCOIN SOLD GETSCUT IN HALF, IT SHOULD HAVE AN IMPACT ON THE PRICE TO THEUPSIDE. IT IS A BIG EVENT AND WE AREEXCITED ABOUT IT. ED: LET'S HAVE A HEALTHY AND ROBUSTDEBATE.

GIVE ME A MOMENT TO OUTLINE THECOUNTERPOINT. YOU HAVE BEEN IN THE CAMP FOR AWHILE THAT THERE IS ONLY GOING TO BE 21 MILLION BITCOIN, ANDSO PRICES HAVE TO GO UP. YOU HAVE TALKED ABOUT IN THECONTEXT OF HYPERINFLATION, DON'T BE HOLDING DOLLARS.I WOULD POINT OUT THAT THE MARKET DOESN'T SEE FURTHERINFLATION. IT DOESN'T SEEM MORE INFLATIONTO COME. AND IF YOU WILL ALLOW ME, IFYOU LOOK AT THIS MORNING'S TRADING IN TERMS OF LIQUIDITY,I THINK $30 BILLION TO $40.

BILLION WORTH OF BITCOIN WASOUT THERE IN THE MARKET. THERE ARE COUNTERPOINTS TO THETHESIS THAT YOU HAVE OUTLINED. JACK:IS THAT THE END OF YOUR POINT? ED: END OF MY POINT, PLEASEPROCEED. JACK: I WAS TRYING TO BE POLITE.LET'S DUMB IT DOWN — THE PROBLEM WITH CENTRAL PLANNINGMONEY, WHICH IS SUCH A CORE TECHNOLOGY TO SOCIETY WORKING– THINK ABOUT IT, ED CAN YOU GO TO WORK EVERYTHING IS THEREANY POOR YOUR BLOOD, SWEAT, AND TEARS ALL YOUR TIME YOU SPENTON THIS PLANET IN EXCHANGE FOR.

WHAT? MONEY. THE CENTRAL PLANNING MONEYCONVOLUTES SO MUCH OF THE INNER WORKINGS OF SOCIETY.LET'S GO BACK TO BASICS. OUR GOVERNMENT IS IN DEBT.ALL GOVERNMENTS. OUR GOVERNMENT IS INDEBTED.TRADITIONALLY IF I OWED YOU $20, I WOULD HAVE TWO OPTIONS.I WOULD, ONE, HAVE TO DEFAULT ON THAT AND SAY I HOPE YOUCONSIDER ME A GOOD FRIEND BUT I WILL NOT MAKE THAT $20.THE OTHER IS I CAN PAY BACK. THOSE ARE THE TWO OPTIONS THATANYONE IN DEBT HAS.

THE GOVERNMENT BECAUSE THEYCENTRALLY PLAN AND CONTROL OUR CURRENCY UNFORTUNATELY HAS ATHIRD, AND THAT IS THAT THEY CAN PRINT MORE MONEY COMINGDEVALUE THE DEBT THAT THEY HAVE AND THAT THEY OWE, AND ALLOCATEMORE CAPITAL TO THEMSELVES. OUR GOVERNMENT CAN'T DEFAULT.THE UNITED STATES OF AMERICA CANNOT DEFAULT ON DEBT.IT WOULD COLLAPSE THE ENTIRE PLANET.WE CANNOT AFFORD TO PAY IT BACK. LISTEN, I DIDN'T EVEN GO TOCOLLEGE, BROTHER. THIS IS 101 BASICS, HOW THEWORLD WORKS.

IF WE CAN'T DEFAULT AND WECAN'T PAY IT BACK, WHAT IS THE ONLY OPTION THAT THEY HAVE TODO, NO MATTER WHAT THEY SIT AND TELL YOU ABOUT THE FED CHAIRMEETINGS AND ALL OF THE ECONOMISTS, THEY HAVE TO ISSUEMORE DOLLARS. IF THERE IS GOING TO BE MOREPIECES OF GREEN PAPER, YOU WANT THEM COMPETING FOR THE MOSTFIXED THING. THERE IS MORE DOLLARS THAT ARECOMPETING FOR A FIXED AMOUNT OF BITCOIN — ED: JACK — JACK:REAL ESTATE IS GOING TO GO UP, TOO, BECAUSE THERE IS MOREDOLLARS COMPETING FOR REAL.

ESTATE, BUT THEY CAN FIND MOREREAL ESTATE, THEY CAN FIND MORE GOLD, THEY CANNOT MAKE MOREBITCOINS. EVEN A COLLEGE DROPOUT CANUNDERSTAND THAT, MY FRIEND. ED: LET ME JUMP IN AND REITERATETHAT YOUR ARGUMENT IS THERE IS ONLY GOING TO BE 21 MILLIONBITCOIN, AND THE FINALITY OF THAT — WHAT AM I TRYING TO SAY– THE SUPPLY CONSTRAINT ON THAT IS WHAT WILL PROVIDEUPWARD MOMENTUM. I HAVE MANY QUESTIONS FOR YOU.PUT YOUR STRIKE CER HAT ON AND LET'S TALK ABOUT PAYMENTS.GIVE ME AN UPDATE ON THE STATE.

OF CRYPTO PAYMENT.WE HAVE A LOT OF QUESTIONS ABOUT THIS, REAL-WORLDADOPTION, BECAUSE WE ARE OVER THE MARKET MECHANICS OF BITCOINAT THIS POINT. WHAT ARE YOU SEEING GLOBALLY?JACK: I THINK THE BIGGEST — I DON'TKNOW IF IT'S TENSION — THE BIGGEST STORY IS STABLECOINSFOR SURE. HERE IS MY PERSONAL TAKE,BITCOIN IS THE ONLY NEUTRAL VALUE TRANSFER PROTOCOL FOR THEWORLD. WE VIEW IT AT STRIKE AS THESINGER VALUE TRANSFER PROTOCOL.

FOR PLANET EARTH.THAT SOUNDS LIKE A LOT OF GOBBLEDYGOOK.WHAT I ACTUALLY MEAN BY THAT IS BITCOIN IS THE ONLY PHYSICALDIGITAL INSTRUMENT. STABLECOIN IS JUST AN IOU FOR ABANK DEPOSIT. IT IS LIKE NOVATION TO ACH.YOU HAVE COUNTERPARTY RISK WITH THE ISSUER, WITH THEREGULATORS, WITH WHERE THE BANK DEPOSIT IS HELD.BITCOIN IS THE ONLY PHYSICAL INSTRUMENT ON THE INTERNET THATWE CAN MOVE GLOBALLY. WE VIEW IT AS THE WAY — IT ISLIKE THE TCPIP FOR VALUE.

TRANSFER OF THE WEB.THE PROBLEM IS THAT CONSUMERS AROUND THE WORLD PREFERSTABLECOINS BECAUSE OF THEIR RELATIVE STABLE VALUE TOBITCOIN. WHEN YOU HAVE EMERGING MARKETSLIKE IN AFRICA, WHEN AMERICA, ALL THROUGH LATIN AMERICA, THEYFIND IT DIFFICULT TO STOMACH THE VOLATILITY IF YOU ARELIVING PAYCHECK-TO-PAYCHECK, BITCOIN CAN BE AN INTIMIDATINGASSET. WHERE WE ARE SPENDING A LOT OFOUR TIME IS TRYING TO MEET THE CONSUMER DEMAND OF AFRICA,LATIN AMERICA, WHERE BITCOIN.

THE TECHNOLOGY IS JUST SO FARAHEAD OF EVERYTHING ELSE, BUT THE DOLLAR VALUE IS VALUABLE TOCONSUMERS IN THESE REGIONS. I THINK THAT IS GOING TO BE ALOT OF THE PAYMENT'S INNOVATION THE NEXT FEW YEARS, THEMARRYING OF THOSE TWO CONCEPTS. ED:JUST A QUICK FOLLOW-UP ON THAT, GEOGRAPHY WAS ONE OF THE OTHERQUESTIONS WE GOT. HOW WAS THE EL SALVADOR HQGOING? ONE EXAMPLE. BUT YOU MENTIONED AFRICA ANDLATIN AMERICA. ONLY HAVE A FEW SECONDS, BUT DOYOU HAVE A SPECIFIC LIST OF.

COUNTRIES TO WHICH YOU HAVEACTUALLY EXPENDED SERVICE? JACK: WE JUST LAUNCHED STRIKE AFRICA.LISTEN, EVERY SINGLE PERSON ON THE PLANET IS DEALING WITH FIATDEBASEMENT, WITH WHAT I EXPLAINED, THE FACT THAT THEGOVERNMENT HAS TO ISSUE MORE OF THEIR CURRENCY.ACCESS TO BITCOIN IS PARAMOUNT, THE KILLER USE CASE BECAUSE ITIS THE ONLY THING THAT NO ONE ON THE PLANET CAN CREATE MOREOF. FOR PAYMENTS, WE THINK IT IS FASCINATING TO DISRUPTCROSS-BORDER PAYMENTS. THE FACT THAT I CAN MOVESOMETHING PHYSICAL LIKE A WATER.

BOTTLE OR MY IPHONE FROM HERETO NIGERIA WITH BITCOIN IS CRAZY.THE CLASH SHOULD COME DOWN THERE.AFRICA WE HAVE LAUNCHED, EUROPE IS UP NEXT, LATIN AMERICA AFTERTHAT. WE ARE ON THE WARPATH TO BRINGA BITCOIN-FOCUSED CONSUMER EXPERIENCE TO THE WORLD.I'M CURIOUS TO SEE WHERE THIS GOES. ED:JACK, I ACTUALLY HAVE A QUESTION FOR YOU IN REAL TIMEON THE BLOOMBERG TERMINAL. JACK, HOW CAN THE BLOCKCHAINSUSTAIN ITSELF IF THE MINERS.

WHO ARE VALIDATING THETRANSACTION MINE LESS AND LESS NEW COINS?THAT IS A DIRECT QUESTION TO YOU FROM OUR AUDIENCE. JACK:YEAH, SO THE MINERS GET PAID FEES.EVERY SINGLE TRANSACTION IS A FEE ASSOCIATED WITH THAT.THERE HAS BEEN BLOCKED AS A RECENT WHERE THE FEES ARE MORETHAN THE ISSUANCE REWARD. BUT THE BITCOIN PROTOCOLAUTO-ADJUST ITSELF AND THE DIFFICULTY REQUIRED CHANGES BYHOW MANY PEOPLE ARE MINING. THE PROTOCOL IS BUILT TOSUSTAIN ITSELF, AND THIS IS A.

PROBLEM THAT IS WAY OUT IN THEFUTURE. SOMETIMES WHEN PEOPLE GETSTRESSED OUT, THE BITCOIN PRICE IS OUTPACING THE HALVINGS.BITCOIN IS GOING UP MULTIPLES MORE THAN THE ISSUANCE BEINGHAD. BITCOIN IS UP 100% OVER THE LAST CALENDAR YEAR.I THINK THIS IS ANXIETY-INDUCING PROBLEM THATWE MAY FACE IN 20 COME, 40, 50, 100 YEARS.SATOSHI'S INTENTION WAS TRANSACTION FEES, THAT PEOPLEPAY TO GET TRANSACTION FINALITY, AND THAT SHOULDSUSTAIN THE NETWORK PLENTY. ED:.

STRIKE THE CEO JACK MALLORS,THANK YOU FOR FIELDING MY QUESTIONS IN THE AUDIENCEQUESTIONS. WE WILL GET YOU WANT IN THENEAR FUTURE. FROM LINE VENTURES WANTS TOACCELERATE TRANSATLANTIC EXPANSION FOR SOFTWARECOMPANIES IN THE U.S. AND EUROPE.WE ARE GOING TO TALK MORE ABOUT THAT NEXT WITH FRONTLINEVENTURES PARTNER ZOÉ CHAMBERS. STICK WITH US, THIS IS SHOT OF THE PRINCIPALI ROOM.”ETF IQ,”.

ONE OF MY FAVORITE BLOOMBERGSHOWS. THIS IS BLOOMBERG. ♪ FRONTLINE VENTURES RECENTLYRAISED $200 MILLION ACROSS TWO NEW FUNDS WITH THE GOAL OFACCELERATING TRANSATLANTIC EXPANSION FOR SOFTWARECOMPANIES IN THE U.S. AND EUROPE.I WANT TO BRING IN FRONTLINE VENTURES PARTNER ZOE CHAMBERSFOR TODAY'S VC SPOTLIGHT. WHAT QUALIFIES AS THE TRANSATLANTIC B2B SOFTWARE COMPANY? WHAT WERE THEY HAVE TO OFFERYOU TO GET A CHECK OUT OF THOSE FUNDS? ZOE:FIRST OF ALL, THANKS SO MUCH.

FOR HAVING ME THIS MORNING.AS YOU MENTIONED, MY NAME IS ZOE CHAMBERS AND I AM ONE OFTHE PARTNERS HAD FRONTLINE VENTURES.WE HAVE A EUROPEAN EARLY-STAGE FUND THAT LOOKS TO BE THE FIRSTINSTITUTIONAL CHECK INTO STARTUPS THAT ARE GLOBALLYAMBITIOUS AND LOOK TO ACCELERATE THE MARKET ENTRYINTO THE STATES . AND THEN WE HAVE A GROWTH STAGEFUND WHICH INVESTS IN SERIES B TO D AND LOOKS TO HELP THOSECOMPANIES ENTER THE EUROPEAN MARKET.

WE HAVE DONE SO WITH COMPANIES.ED: I FIND IT REALLY INTERESTING.DOES IT REFLECT A DEFICIT OF TALENT OR A DEFICIT OFCOMPANIES OPERATIONALIZING ONE MARKET VS.ANOTHER, OR IS THE OPPOSITE THAT IF YOU WANT TO GROW A GOODSOFTWARE COMPANY, YOU NEED TO BE IN THOSE MARKETS? ZOE:THAT IS EXACTLY ED, THAT POINT. FUNDAMENTALLY, 70% OF GLOBALSOFTWARE SPENT COMES FROM THE U.S.AND EUROPE, AND 70% OF VENTURE CAPITAL DOLLARS IS IN THOSE TWOMARKETS.

OUR STRATEGY CENTERS AROUND THECORE BELIEF THAT YOU HAVE TO ACCESS AND WIN IN BOTH THE U.S.AND EUROPE IF YOU TRULY WANT TO BE A CATEGORY LEADER AND GO ONTO IPO. IT'S MORE ABOUT THE MOST TALENTED WANT TO HAVE AFOOTHOLD IN THOSE GEOGRAPHIES BECAUSE THEY ARE SO IMPORTANT.ED: ZOE, WHEN FRONTLINE IS LOOKINGFOR THIS TALENT THAT THE FOUNDERS, TELL ME ABOUT THEFIRM AND HOW IT IS SET UP. DO YOU HAVE PEOPLETRANSATLANTIC AS WELL IN TERMS OF YOUR OFFICES? ZOE:WE ABSOLUTELY DO.

WE HAVE FOLKS IN SAN FRANCISCO,NEW YORK, DUBLIN, AND IN LONDON. THAT KIND OF FOLLOWS NOT ONLYWHERE TALENT IS, BUT EQUALLY THE KEY LANDING SPOTS WHEN YOUARE A U.S. COMPANY THAT EXTENDS INTOEUROPE TENDS TO BE LONDON, DUBLIN, AMSTERDAM, AND BERLIN.THE OTHER WAY AROUND, SAN FRANCISCO AND NEW YORK, TWOVERY STRONG, MATURE ECOSYSTEMS. OF COURSE WE HAVE PARTNERS ONTHE GROUND THERE. ED: FRONTLINE VENTURES PARTNER ZOECHAMBERS, TWO NEW FUNDS, 200 MILLION DOLLARS GOING AFTER THETRANSONIC START THANK YOU FOR.

JOINING US.COMING UP ON THE SHOW, INSTAGRAM MAKES CHANGES TOSUGGESTION — ITS SUGGESTIONS FOR POLITICAL CONTENT, AND THATIS INVOKED A RESPONSE FROM ITS USER BASE. WE WILL GO TO D.C.AND GET SOME OF THE DETAILS COMING UP NEXT.THIS IS “BLOOMBERG TECHNOLOGY.” ♪ ED:INSTAGRAM USERS ARE TAKING TO RIVAL PLATFORMS — FOR EXAMPLE,X — VOICE SOME OUTRAGE. PARENT COMPANY META QUIETLYROLLED OUT A FEATURE THAT.

LIMITS POLITICAL CONTENT BYDEFAULT WHEN IT COMES TO SUGGESTED POSTS.I WANT TO BRING IN KAILEY LEINZ OUT OF D.C.THIS IS AN INTERESTING ONE. EXPLAIN THE STORY TO ME. KAILEY:THIS IS INTERESTING, ED, BECAUSE INSTAGRAM AND THREADS,THE TWO PLATFORMS, ANNOUNCED OF THESE CHANGES WERE COMING INFEBRUARY, ESSENTIALLY SAYING THEY WERE NO LONGER GOING TO BEPROACTIVELY RECOMMENDING POLITICAL CONTENT.THEY SAID THAT IF YOU DECIDE TO FOLLOW ACCOUNTS THAT POSTPOLITICAL CONTENT, THEY DON'T.

WANT TO GET BETWEEN YOU ANDYOUR POSTS BUT THEY DON'T WANT TO PROMOTE CONTENT FROMACCOUNTS YOU DON'T FOLLOW. SO NOW IT IS THE DEFAULTSETTING THAT YOU WON'T SEE THE POLITICAL MATERIAL UNLESS YOUSELECT TO. IN RESPONSE SOME HAVE SAIDMAYBE THIS IS A WAY TO REDUCE MISINFORMATION OR INFLAMMATORYCONTENT BEING CIRCULATED IN AN ELECTION YEAR, BUT OTHERS ARESAYING IT COULD LIMIT POLITICAL DISCOURSE IN AN ELECTION YEAR.THERE IS CONCERN ABOUT HOW THE COMPANIES ARE DEFININGPOLITICAL CONTENT.

WHAT EXACTLY THAT MEANS, HOWTHEY ARE CATEGORIZING IT. IN THE SAME BLOG POST INSTAGRAMSAID IT COULD BE RELATED TO THINGS LIKE LAWS, ELECTIONS, ORSOCIAL TOPICS. OBVIOUSLY THAT IS PRETTY BROADBASKET. IN RESPONSE YOU ARE GETTINGUSERS ON ALL ENDS OF THE POLITICAL SPECTRUM THAT SEEMEDTO BE UNHAPPY. RIGHT-LEADING USERS SAID THISCOULD BE ANOTHER EXAMPLE BASIE OF EFFORTS TO CENSORCONSERVATIVE SPEECH, BUT EVEN SOME ON THE RIGHT SAY THEY SEETHIS AS AN ATTEMPT BY THE.

PLATFORM TO LIMITPRO-PALESTINIAN CONFLICT. IT IS ANOTHER EXAMPLE OF THEDIFFICULTY BETWEEN POLICING CONTENT MAKING SUREMISINFORMATION DOESN'T CIRCULATE, BUT ABIDING BY FIRSTAMENDMENT RIGHTS. GRANTED, WITH THE RIGHT TO FREESPEECH. ED: IT IS AN INTERESTING CASE STUDYIN AN ELECTION YEAR BECAUSE META, THE PARENT OF FACEBOOKAND INSTAGRAM AND THREADS, IS TRYING TO BE PROACTIVE, SAYINGHERE IS A NEW POLICY. THESE USER BASE DOESN'T LIKE IT.HAS THE COMPANY UPDATED ITS.

MESSAGING OR SAID ANYTHING MORERECENTLY THAT SUGGESTED THEY MIGHT MAKE A CHANGE? KAILEY:NOT THAT I HAVE SEEN, ED. IT BECOMES A QUESTION OFWHETHER A CHANGE COULD BE ENFORCED IN TERMS OF POLICINGTHIS CONTENT. WE HAVE SEEN JUST LAST WEEK THESUPREME COURT HEARING ARGUMENTS IN THE MURPHY V.MISSOURI CASE, A LAWSUIT BROUGHT AGAINST THE BIDENADMINISTRATION ARGUING THAT BIDEN AGENCIES LIKE THE CDCWENT TOO FAR IN THEIR EFFORTS TO PRESSURE PLATFORMS INCLUDINGWHAT WAS THEN TWITTER, EVEN.

META, TO TAKE DOWN INFORMATIONRELATED TO THE 2020 ELECTION, THE VALIDITY OF THE RESULTS,THE EFFICACY OF COVID-19 VACCINES.WE ARE GOING TO AWAIT A RULING FROM THE SUPREME COURT IN THATCASE, BUT IT COULD HAVE SWEEPING RAMIFICATIONS FOR THEWAY THAT THE SOCIAL-MEDIA PLATFORMS POLICE THE CONTENT.IT IS A QUESTION OF WHETHER LAWS COULD ENFORCE ANY KIND OFCHANGE ON THE PART OF THESE PLATFORMS AND NOT JUST WHETHERTHEY WOULD ELECT TO CHANGE POLICY THEMSELVES. ED:KAILEY LEINZ OUT OF D.C.,.

REALLY APPRECIATE YOURREPORTING. LET'S TALK MARKETS AGAIN.AFTER LAST WEEK'S PUBLIC LISTINGS, COULD THE U.S.IPO WINDOW FINALLY BE REOPENING PROPERLY?NEXT IN LINE IS A CONSUMER TECH COMPANY WHICH OFFERS CASH-BACKREWARDS ON VARIOUS PURCHASES FOR THE NETWORK, APP, ANDWEBSITE. GUESS WHO WAS ON THE STORY?KATIE RUTH. I REMEMBER YOU REPORTING ABOUTTHE BANKS INVOLVED IN THIS ONE. UPDATE ME ON WHERE THIS IS AT.

>> THAT'S RIGHT, WE SKIP THAT T– WE SCOOPED THAT THEY HAD HIRED BANKERS LAST YEAR, ANDTHEN FINALLY CAME OUT THAT REVEALED THEIR FINANCIALSINDICATING THAT THEY PLAN TO GO PUBLIC IN THE COMING WEEKS. ED: IBOTTA, MI SAYING THAT MY GUESS– MI SAYING THAT RIGHT? KATIE: YES, I BOBOTTA IN TERMS OF “IBOUGHT A THING.” IT ALMOST HAILS FROM THEGROUPON ERA. IT IS COUPON-RELATED, ALTHOUGHDIFFERENT FROM GROUPON. YOU CAN GET CASHBACK FROMRETAILERS, PARTICULARLY.

GROCERIES.THEY HAVE A LARGE PARTNERSHIP WITH WALMART. YEAH, THEY HELP USERS MAKEMONEY WHILE SHOPPING, OR AT LEAST GET A PORTION OF THEMONEY THEY ARE SPENDING BACK. ED: VALUED AT $1 BILLION.ANOTHER IPO FOR US TO BE EXCITED ABOUT.KATIE ROOF, PAY REPORTING, THANK YOU VERY MUCH.THAT DOES IT FOR THIS EDITION OF “BLOOMBERG TECHNOLOGY.”IT WAS GOING TO BE A SLOW MONDAY, AND THEN BECAME A VERYNEWS-HEAVY MONDAY.

WHEREVER YOU GET YOUR PODCASTS,WE ARE PUBLISHING IT TO THE PLATFORMS BUT WE ALSO HAVE APODCAST ON APPLE, SPOTIFY, AND I HEART.A LOT OF PEOPLE LISTEN TO PODCASTS LIKE THAT.I KNOW JOE ROGAN IS UP THERE, BUT “BLOOMBERG TECHNOLOGY”IS A GOOD PODCAST, TOO. WE ARE STILL CONTINUING TOFOLLOW WHAT IS GOING ON IN THE ANTITRUST CONTEXT, WHAT ISGOING ON WITH CRYPTO MARKETS, IN PARTICULAR BITCOIN.FROM SAN FRANCISCO, THIS IS “BLOOMBERG TECHNOLOGY.”.

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