The stand at the google trial. Caroline we will get estate on the eve of industry. Lets check on the broader public markets. We are dictated by macros and all eyes on Jerome Powell having his roundtable. The nasdaq is up bite zero. 3 . The 10 year yield can probably take some of that rally, 12 basis points on the high side of the 10 year. The focus and where the Federal Reserve has to relay the pressure to fight off inflation. Some pressures are coming off of commodities today. This is a question of growth. Lets move on to the risk asset thats up three and 4 on bitcoin which is a stellar rally to start this new quarter with maybe some repositioning at the moment. Ed we got Third Quarter delivery numbers for the ev space, tesla and rivian fell in premarket trading. The numbers and come back and we are notably higher compared to where we year where we were. Tesla, 435,000 evs delivered in the quarter. Downtime for factors as they root tool as they retool. That impacted some of their production figures but deliveries missed estimates. Rivian beat expectations from production and deliveries but maintain guidance at 52,000 units for 2023. Some are saying you can do better than that. Maybe there is hope they would update their guidance. We started this week much like how we ended last week and thinking about antitrust and the make a cap tech names. The news we will get into shortly is that microsoft see eo is on the stand in the google antitrust trial the government has put focus on search. We will bring you details later in the program. Caroline we have to look at what it means for market thats been so under pressure. That stock was off 5. 8 this past month. What does october bring . Danny fisher is with us. We have these headwinds pointing out the regulatory headwind but will there be a buying opportunity to technologies for october . Its hard to tell on a monthtomonth basis. Clearly, september was a difficult month. It was a confluence of events. The 10 year continues to rise and thats generally a headwind for stocks. Secondly, the 10 year is not going up because Economic Growth is robust. Its going up because inflation pressures continue to persist. The fed has indicated its going to be higher for longer. Investors needed to digest that. Where we go from here is earnings. October brings earnings season. Its going to be a tugofwar, i would call it depending on idiosyncratic stories and if we look at the most recent reports from Companies Like adobe and accenture that had august quarter ends, accenture was much more muted, more Macro Economic headwinds associated with their results. Adobe has some unique drivers in its business. Its on their front foot with ai. They put a very nice numbers. Expectations are strong going forward. Its going to be a casebycase basis. Ed one session a market does not make but lets look at the mega caps. We talked about ai and we know about the macro picture right now. Its the kind of aceptance that rates will be higher for longer. Did th share prices on your screen ha any basis or priced in reflecting antitrust, whats happening in the courtroom now . There absolutely has to be. The one name that is not on that screen is apple. Google, microsoft, apple are all intertwined in this as it relates to default search. Its important because google effectively pays apple an exorbitant amount of money. There are many estimates as to what it is to actually be the default search provider on ios. Those of the most important consumers in the world. Its a very virtuous relationship. Microsoft would love to be able to compete for that business given their investments into being and chatgpt as well but the reality is, google has been able to corner the market and that is the governments case. They say google is exercising or alphabet is exercising market power in this default relationship. The hard part is apple is the one thats actually the toll taker here in terms of actually dictating the terms. Also, its a result of the idea that alphabet has the best Consumer Experience research. Its not as though consumers are being harmed. Thats where the antitrust laws and these cases are evolving. They are different than what weve seen historically. Ed this is interesting for you in particular because you look at your portfolio and you have exposure to microsoft and apple. Which one are you most concerned about . There are number of possible outcomes of course but which one carries the most risk . That would be apple. Apple is generating whats called traffic acquisition costs from alphabet today. 100 gross margin and they fall to the bottom line and thats apple money that they can reinvest and it would been be material gains. Today microsoft gets nothing. Microsoft can pay twice the amount that alphabet pays to be the default search provider and it would be incremental to the business. The challenges being does not have the creek bing does not get the same advertising revenues. There are a lot of things to think about but its all upside for microsoft. It could be downside for apple and clearly would be downside for alphabet if it was the most onerous outcome. Caroline its interesting about the timing about the all of this. Alphabet searches having a run from for its money from generative ai and people wondered whether bing would come to the fore. Of the names you put your attention on, when you have such a large exposure to microsoft, youve also got nvidia in their andasml. These companies have an ai uplift here but is it priced in yet . With the market, its interesting, coming into this year, nothing was priced into these stocks as it related to ai. Then we got a lot that was priced in. If we actually look at the estimates and the valuations of these companies, they are all still fairly reasonable. If you go back to september, 2022, the market expected nvidia to earn around five dollars in 2024. Market now is expecting nvidia to earn 16 or 17 meaning the estimates have gone up three times in the stock actually hasnt gone up that much so you could argue nvidias cheaper today than it was in september of 2022 despite the move. Microsoft is now back to one of its most reasonable valuations we have seen in some time. Alphabet still trades sub 20 times earnings. You look at these and they are not egregious by any means. The fundamentals actually continue to be just fine for all of these companies. It may not be robust like nvidia. Caroline it feels as though you are aligning with Goldman Sachs in terms of valuations might look quite high but when you look at the fundamentals of this business, they are still relatively opportunities. Where is the risk factor when you look at companies being eroded by the opportunity of ai . There are companies, we go through this exercise of draw a line down the middle of the whiteboard and whos on the right and who is on the wrong side of time as far as ai. I mentioned adobe earlier as a company that if we go back nine months ago, was viewed as being on the wrong side of time. As they been able to actually communicate with the street more clearly as to their product roadmap and deliver on products, and put up results, the company is firmly on the right side of ai. One of the things i think is interesting in this market is we have the obvious winners and i think we have obvious losers and then we have some companies that may are perceived as losers that can move into the winners bucket and we are focused on finding some of those as well. Ed we love the winners and losers conversation here. Thank you. Coming up on the show, the trial of Sam Bankmanfried is coming up this week and we will be joined by Duke UniversitysCampbell Harvey about the significance of this trial for the industry. This is bomberg. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Ed Sam Bankmanfried is getting ready to trial for what prosecutors allege was one of the biggest financial frauds in u. S. History. We are going to bring in Campbell Harvey, professor of finance at Duke University who was asked to be an expert for the defense in this case. Professor harvey, you declined to give expert testimony. Why did you declined . I have to admit, i was very tempted. Its such a fascinating trial. To be teaching my classes from the courtroom on zoom could be pretty entertaining for my students, but the bottom line is there were a few reasons i declined. Probably the biggest reason is that if i do this type of testimony, the deal is that i tell the jury what i believe. And that usually knocks me out. Ed why would that be a problem . The idea would be you be called as an Expert Witness to assess a Bigger Picture rather than of the individual. Why would that be a problem . Its often the case that experts are engaged to support the point of view of whoevers hiring them. Given my reputation which i consider very important, im just going to tell what i believe area this was going to be a big Time Commitment and its not my main job. My main job is to do research and to teach at Duke University. Caroline lets dig into what you believe if you are being potentially called on by the defense. You would defend what has occurred in the world of decentralization. Your argument was that this was not a decentralized problem, just an old school problem. Thats correct. People believe this is a crypto problem. There are some connections here but this is like a traditional finance problem. This is a problem weve got people running an exchange who have no idea as to how to run an exchange. They have no experience and Risk Management. And most importantly, the comingling of funds which is the main thing in the case where client money is used to bailout hedge a hedge fund. These are problems that could happen in traditional finance, but given that crypto is essentially unregulated with a lot of uncertainty over regulations, many of these exchanges exist offshore. B ftx,inance are examples of exchanges that are offshore to avoid Regulatory Oversight and that creates problems with spx but its not the only exchange that has suffered two failures and Risk Management and other things. Caroline from the experts and founders and builders we speak to, it doesnt feel as though the Regulatory Environment is tempting people to continue to build within the United States. It seems more being driven offshore. Is there some way in which the United States could meet could be more attractive to ensure that people can interweave themselves and can safely use an exchange and whether they use it as an asset class or a way to develop technology . We are in a bad situation right now. There are very few regulations and whatever regulations, its kind of like regulation by enforcement. Given the uncertainty as to what the regulations will be, Many Companies are deciding that its not worth locating in the u. S. No country wants to lose their best ideas to some other country. I think there is a risk that innovation moves offshore in the next big thing in this space is not trading with ftx where you are trading bitcoin or ether, the next big thing is how this technology is deployed in regular companies so the Top Companies today. This is the idea of web3 where this technology can enable many things that were not possible before. Think of your computer, how much of the cpu and gpu do you use per day . Probably less than one hour. Why not rent out the other unused capacity and get paid for it . That is what web three is able to do. Im quite concerned given the harsh sort of regulatory enforcement, the lack of regulations that we cannot participate in this innovation. We have two disruptions going on now, ai and this decentralized technology disruption. Ed professor harvey, you had a book that was published on the future of finance. Have you been able to carry on your writing present day . What impact has spx had on the impact ofdefi . Whats important to understand is thatspf and ftx is not derfi. It is centralized finance. You dont give custody of your asset to anybody. You are the person who holds custody. You do not delegate. With ftx, customers delegated their custody and allegedly those funds were taken and used for a hedge fund. Thats the socalled comingling. Decentralized finances sharply i think this whole scandal within ftx and the other bankruptcies, we have had many crypto bankruptcies and almost all of them are centralized. Either an exchange ftx or lenders were not experienced in lending or Risk Management. I think this shifts the focus away from centralized finance to decentralized finance. Caroline great to have some time with you. We await the trial starting tomo. From new york and San Francisco, this is bloomberg technology. [mo] if youre thinking about going back to school, this is for you. I ended up spending less money my entire time at snhu than i did in just one year at my other university. [juan] my time at snhu has given me more confidence. Now i can go for that promotion. If youre ready to go back to school. You can do it. Southern New Hampshire university has changed my life. And it can change yours too. [announcer] visit snhu. Edu. Caroline time now for talking tech. Google will make its chrome laptops in india. The deal is viewed as a win for all parties. Production in india can help hp avoid curves on imports and india gains more production value. In the u. K. , top talk is selling to work against looming debt maturities that need to be refinanced in coming months. In an effort to test its capacities, elon musk streamed himself playing diabloiv. The first few minutes were setting things up. The 1300 viewers tuned in with 20,000 total by the end. Theres been plenty of other announcements coming from x today. Ed there is also partnership with paris hilton with fashion related video content. The ceo of microsoft is calling out google for its stake in the Search Market. He took the stand earlier this morning in the google antitrust trial, leaving no doubt about his perception of googles dominant. He warned the judge in this case about how Artificial Intelligence could give google a larger lead in the Search Market. He basically said there is choice in the Search Market and it was a bogus idea. Caroline he has also been one of the key people in the drive to make things substantive in the world of search. They didnt get there and there might be lots of reasoning and blaming us to why that wasnt the case. Suddenly, he will try to give context to the idea that maybe they could offer more money than two google than apple is currently potentially being offered to be a competitor in the space. Ed lets get more context from the Bloomberg Intelligence senior tech analyst. There is choice but is just the consumers are using one browser . To be honest, when i read the news, was laughing because only a few months ago, satya had a massive offense with the browser wars with openai and the ai for bing. The market cap took quite a bit of loss in the weeks to follow and now he says these guys have an advantage even in ais so its pretty amusing to me. Caroline he went on to say that google could extend their search dominance into ai that hasnt been the feeling on a day to day discussion. As we said, the timing of this trial is interesting because its money google searches is getting from generative ai. I talked to a lot of investors about this. Apple has apple maps and is pretty popular and im never used it. I still open up an app that has google maps in it to do any navigation. If i dont have a google default search on my browser or my phone, i may be forced to download an app and i could search that way. Google search is far better than anything else out there. I think thats what google is trying to make a case of here. Caroline thank you very much indeed. Coming up, could we be heading toward a 3. 5 Day Work Week . Jamie dimon thinks we could be. Maybe thats the allure of Artificial Intelligence and more about where he thinks the kids are heading. This is bloomberg technology. jennifer the reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you want. When i tell people how easy it was for me to lose weight on golo, they dont believe me. They dont believe i can eat real food and lose this much weight. The release supplement makes losing weight easy. Release sets you up for successful weight loss because it supports your blood sugar levels between meals so you arent hungry or fatigued. After i started taking release, the weight just started falling off. Since starting golo and taking release, ive gone from a size 12 to a 4. Before golo, i was hungry all the time and constantly thinking about food. After taking release, that stopped. With release, i didnt feel that hunger that comes with dieting. Which made the golo plan really easy to stick to. Since starting golo and release, i have dropped seven pant sizes and ive kept it off. Golo is real, our customers are real, and our Success Stories are real. Why not give it a try . Caroline welcome back to bloomberg technology. I am Caroline Hyde in new york. Ed lastly, the 100 just got a gain the nasdaq 100 just got a gain. It that the mega caps doing a lot of the work to keep this index in the green. One surprise move is the upside from a place perspective that is tesla missing on its deliveries and production numbers for the Third Quarter just gone. When the news hit in premarket, the stock fell. It has rebounded up 0. 7 . It is now down 0. 2 , trading all over the place. It be to production and deliveries in the corner by some distance but maintain guidance, 52,000 units this year. I know a lot of investors we speak to on this program are like, come on come you can do more than 52,000. You have on paperthe ability to do much more than that. The market shrugging his shoulders at this at least. Caroline it has been a mixed bag to digest this morning, and thats get into that a little more to dissect the data. Please welcome who covers these companies and start with tesla. The reason we saw this dropoff in deliveries, production, and what it signals going forward. The dropoff was forecasted by ceo elon musk on the live Earnings Call when they basically said they would have factory downtime as they prepared for the cyber truck in austin and as they rolled out the refresh model three at shanghai, so we knew this was going to be a soft quarter. I think wall street knew. It was definitely a miss compared to whatever consensus was, but the Market Reaction today has been pretty flat. It was down premarket and now trading slightly above. The big news as the company reaffirmed their guidance for the year of 1. 8 million units, and that is people are excited about that. The company will have to pick up the pace in terms of having a record fourthquarter. Ed there is a lot of debate about the true story, downtime for the sum only lines so they can tool up, the cyber truck. Dana or is it a demand problem . Ed that is where i was going to go. Is it a demand problem . Dana with high Interest Rates and inflation, buying a car is a huge purchase. I say this as someone who is driving a beater subaru for years. It is a big financial dcision for many families and many people. Some people are concerned the factory downtime is obfuscating a demand issue, but we saw a the ark of the future is electrification. The macro is definitely a factor. Ed rivian is interesting to compare and contrast. You covered the early days of model three, teslas first mass production model. Rivian is doing comparatively quite well in its first sort of 18 months of production. It is just that they spent billions of dollars to do it and tesla did it with no money at all. Dana right. [laughter] a lot of people who work at rivian were instrumental to that model three ramp so they have learned their lessons in terms of how to make a ramp well. I think it will be a really interesting fourthquarter to see what happens. The challenge tesla faces is everyone in the u. S. Is like, where is my refreshed model three . They need to clear out the inventory. It was an excellent column on this today as well. Caroline looking at the analysis with some of these numbers, rivian is seemingly a positive new story. An upgrading to overall where they think this business will go from outperform from inline. How are they setting themselves apart from the brand, the desire to make these big scale purchases with rivian rather than tesla . Dana i think their strategy is really interesting. They are clearly squarely focused on the pickup truck market, where tesla has lagged. A lot of people are wondering, where is the cyber truck . We have seen it in the bay area and texas but they have not handed any over to customers yet , so the pickup truck market is clearly where rivian is focusing but it also has this incredible deal with amazon for delivery van and that is not a segment tesla has played in at all yet. Ed everything ev but focused on the tesla numbers. Q. Jp morgan in london is posting a the ship forum which brings together companies and investors to hear from the industrys top players. Earlier today, we had an exclusive conversation with you jp morgan ceo jamie dimon. Have a listen. It is a living, breathing thing. It will change. It will be all the tops of models and tools and technology, but every single process, so errors, trading, hedging, research, every app, every database will be deploying ai. It might be as a copilot or to replace humans. Ai is doing all the equity hedging for us for the most part. This idea generation is largely which models. It is taking notes and saying here is anything the client might be interested in. It is a little bit of everything. But it will replace some jobs. Of course. People have to take a deep breath. Technology has always replaced jobs. Your children lived to 100 and did not have cancer because of technology. Technology has done unbelievable things for mankind come but planes crash, Pharmaceuticals Get misused. There are negatives. The biggest negative is ai being used by bad people to do bad things. Think of cyber. Henry kissinger talked about warfare. I think eventually there will be legal guardrails around it. Hard to do because it is new, but it will add a huge value. For jp morgan, if it replaces jobs, we hope to redeploy people. Like at first republic, we offered jobs to 90 of people. They accepted, but we also told them as some of those jobs are transitory, but we hired 30,000 people a year, so we expect to be able to get them a job somewhere local in a Different Branch or different function if we can do that. We will be doing that with any dislocation that takes place as a result of ai. The biggest 10 companies prop up a huge chunk of the s p. His big tech too big to fail . I think that is too broad of a question. In any industry, when you say too big to fail, which i lost touch with what that means anymore because car companys were bailed out and i dont understand. They should ask what they want. If the regulators dont want a bank to ever fail again, we should do a, b, c, d, and e. I think doddfrank accomplished the goals, which was to dramatically reduce the risk. Big tech, you have to be very specific. Sometimes companies misuse their position. Sometimes they dont. Sometimes regulators capture it sometimes they dont get they are powerful. I happen writing about big tech going into our business. We have fintech and big tech. Payment systems, white label banks like what apple did. They have the right to do that. I am not against that. I would be against unfair use of their position to dominate the business. Apple is going deeper into financial services. Do you worry about the bank of apple . Jamie i wrote about it. I wrote about five years ago. We will compete. They have a tough competitor. The whole money, move money that they hold money, move money. A white label checking account, credit card. They are a form of a competitor. We also partner with them but i am used to partnering and competing with lots of people. Existential threat . Jamie i do think it is an existential threat, but i think if we were complacent about it, yes. Caroline the world of frenem ies. Coming up, more from that Leadership Forum in london with jp morgan coming up. This is bloomberg technology. For five years now, this forum has brought together leaderss victim images ideas and the power to make a difference. We are aiming to come up with solutions that are practical, realistic, and easy to copy in cities and countries around the world. Because when Global Leaders work together, the outcomes benefit all of us. Ed it is time for the vc roundup. Dozens of japanese startups ranging from Software Outsourcing companies to translation gadget makers are preparing to list on the nasdaq in the next few years. Seven of them in the next few months. Trend follows a number of entrepreneurs turning away from an aging riskaverse home market over in japan. Canoe entered into a Purchase Agreement with an Institutional Investor for an investment of 45 million with potential for upsizing to 150 million. The closing and sale expect it to occur as soon as possible. Plus, sukhoi has miniature directing plus, sequoias managing director spoke exclusively with bloomberg. Listen. My first job in america was given to me by elon to work for x. Com three years ago. We were enthusiastic about x. The things that have happened at the company in terms of changing the cost structure, streamlining decisionmaking to get rapid product evolution, record usage levels on the servers, reinvention of the Business Model full transparency on content moderation and veracity so we are enthusiastic about the future. Caroline that is yes and being shared from the Leadership Forum happening in london at the moment. We want to have not just a composition about what is happening in some private companies but some in the public world as well forget from the event is the head of emea Technology Investment banking for jp morgan. We have some excitement of this transition from private to public once again. We had three ipos of size in the United States how is it looking at the emea level . I think it is a similar level of optimism. It has been a long wait for the ipo market open. We had two tech ipos in europe earlier this year, but europe looks to the u. S. Capital markets to gain excitement. It is the deepest Capital Market in the world and typically it opens up six month or so ahead of europe so having those ipos get out, get away, get done has certainly raised enthusiasm here, and we can see on the floor of this conference we have about 50 more people here than we had last year. There is definitely a much more positive outlook for everyone you talk to. We are not out of the woods yet for a tech recovery but we felt we hit the bottom and are going upwards from here. Ed arms u. S. Listing was a starter gun moment in the United States. Caroline went so deep on the ipo day in new york city. For you guys in europe, was there a psychological blow to arm choosing to list in the United States rather than in london or europe . Matthew no, i dont think so. You think about arm, the heritage of the company is british founded but a Global Business that took time off the Capital Markets to be owned by a japanese company. What is good for the european ecosystem is arm was able to list and list with huge demand from Institutional Investors and to set itself up for good success in the Capital Markets. Lithic about european companies, when we think about european companies, we think about having them grow. It is a decision that each Company Needs to make itself. It is a great thing for the european ecosystem so there may have been handed handwringing here and there for politicians but we are super excited that got done. It should portend well for the tech ecosystem going forward. Caroline whats out of areas of growth can we expect, Companies Going public . You mentioned one that you are discussing. These are companies that perhaps did not get quite the exuberance at the top end of the range and bounce on the first day forget how do we get excited about first day. How do we get excited about what is coming out of europe . Matthew i think some of it has to do with just as the Capital Markets start rebounding, if you think about the ipos in europe and the one that happen very early this year in a different market, we are not in a position where the major indices are up mid to high teens in some cases more than that. There is a much more receptive investor environment. We are looking for investors to make money on the tech ipos because when that happens, that means you will see more ipos. As you start seeing u. S. Ipos work, we will see more european names. What we will see for European Technology companies our revenues are increasingly looking to the u. S. That is primarily the software businesses, some of the fintech businesses based here but have a global footprint. The more internet and Digital Media businesses that have a focus see the market as being attractive to a look to a looked at 24 versus 23. Ed it has been an astonishing year for your industry. You forget that we started with the collapse of Silicon Valley bank and in the u. K. And europe, hsbc moved in really quick to take advantage of some of the vacuum. Did jp morgan benefit from the collapse . We are able to come in and find new areas of business in the tech sector . Matthew predating the Silicon Valley bank collapse, we already started to really ramp up our offerings for earlystage Technology Companies. We had already been doing that. At the letter part of last year, we started ramping up an offering for series a onwards. We were focused on supporting the tech ecosystem from early days, not just waiting for the ipo to come in. Socially Silicon Valley banks struggles woke up some people in vcs and Technology Companies that they needed to diversify their banking relationships and to go to jp morgan in europe and get access to our offerings on a global basis, i would not say that hurt us by any stretch, probably jst raised the profile and exit limited our ramp by a couple months. Ed great to catch up and get the perspective from over in london in europe. Thank you very much forget coming up thank you very much. Coming up, we will talk about a sports fixture and mainstay in the Community Good the impact of levi stadium forget San Francisco 49ers president al g uido joins us next. This is bloomberg technology. The first time you connected your godaddy website and your store was also the first time you realized. Well, we can do anything. Cheesecake cookies . The chookie manage all your sales from one place with a partner that always puts you first. we did it start today at godaddy. Com is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Caroline it is going viral. You love seeing the pictures of the spear entertainments latest venue and it just opened on friday with a show by u2. Other highprofile events are scheduled for the rest of the year. It is called a revolutionary leap in live experiential. The Construction Costs are mammoth, 2. 3 Million Dollars 2. 3 billion. Ed in Silicon Valley, it is the 10th season of levi stadium. It has been a big decade and there is a big decade to come. The San Francisco 49ers president joins us on set. We talk about the impact that Tech Companies have in Silicon Valley. You guys are right in the heart of it and put out some data on the dollars flying out of the stadium. Run us through what you have announced. Al superintended to announce levi stadium and its 10 seasons has generated 2 billion of Economic Impact in our region, employing nearly 12,000 people over those 10 years. And i think what is amazing in that is to use of that was impacted by Global Pandemic where we did not have life events, so i think about it is only eight years and now looking forward to the super bowl and world cup and are really excited. Ed the big story of the year for caroline and i is this huge economic phenomenon called taylor swift. Have you heard . Al for my daughters as well forget three daughters, 14, 12, 10. I know all about friendship bracelets. Ed you guys had a tour date in july for taylor swift but looking at what happened on social media, did you feel the economic effect from taylor swift . Al we did forget 3 million of that. The largest concert we have seen. She is a force to be reckoned with as we know. I think to me it is a microcosm of the power of life forget sports and entertainment is back. Coming out of the pandemic, we thought, is this the pandemic bounced . It is not. It is here to stay. The streaming world, people watching it, in stadiums with people going, it has never been better than it is right now. Caroline we will see when the chiefs come to town how that affects things at the games, but how are you trying to ensure you are at the cutting edge . What we see this fear, i know when i was up there ordering my beers at the 49ers game, i was doing it through an app and that felt ahead of the time in 2016. How do you continue towards the next 10 years . Al that is a great question and we will spend 250 million over the next 10 years at levi stadium updating and enhancing it not just for the experience but frankly for the events that are to come. We were awarded super bowl 60 in 2026 and the world cup in the summer of 2026. That will not happen in any other city outside of the bay area. For that, our fans and fans around the globe are wanting the best technology. They are wanting the best content and experience. We will continue to invest our dollars to make sure that happens. Caroline i think when you are thinking about the experience of Artificial Intelligence and always you can do it, you are not only serving as president of tn francisco 49ers but also part of a Consulting Firm when you think about how other companies are adopting all of this. Is it happening quickly enough, owning that space . Al as you know, you report on it every day, it is an evolving space. Sports and the ecosystem we see around it right now is to go to a point where we can increase the Fan Experience on game day, but frankly, that is only the 700,000 people that come to San Francisco 49ers games. If you think about the 49ers ecosystem from a can perspective, we have 10 million fans across the globe so we think of ourselves as a sports and entertainment franchise that is global in nature, and we need the Technology Firms to help us which those fans wherever they are. Ed for example, the right to happen that u. K. International market. Outside of the stadium, how will you grow revenue and eyeballs . Is it a stream first strategy . Al we are not bound by the nfl as it relates to sports and marketing rights. You are absolutely correct. San francisco 49ers have rights to mexico and london today. What we are doing in mexico, we played a game in mexico city last year and saw tremendous been engagement, i think the highest gate in nfl history as it relates to an international gameplay. On the england side and the u. K. , not only do this emphasis go 49ers own leeds united, which is an attribute of now, but we are activating daily. We have a Global Watch Party coming up for our game. We play sunday night in primetime against the dallas cowboys, so it is about reaching those fans wherever they are. Caroline brits love football. We love it. Thank you. Great to spend some time with you. That does it for this edition of bloomberg technology. What a full hour we had. Ed a fast start to the week. Recap on our podcast wherever you get your podcasts forget you can find it on the bloomberg platforms. This is bloomberg technology. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Katie welcome to bloomberg etf iq. Tim the government is not shut down. Katie it blew up all my narratives but yields or higher so lets get into that because the biggest stories in the trend 10 trillion etf industry comes back to the fed. We heard from Jerome Powell today. He is focused on supporting a healthy economy as jamie dimon seen