China Urges Local Firms to Avoid Nvidia H20 Chips

21:50Caroline Hyde:Well, very quickly, China responded in some form. How much do you think they're trying to protect their own domestic chip names? Just very quick. I think they are, of course, Ed. And I also think they're trying to get a better deal always out of the U.S. So stay tuned. I think we'll end up somewhere again in the middle. Nancy Tengler of Laffer Tengler Investments giving us your cranky side, which we appreciate. Thank you very much. Now, coming up, GM looks to resurrect its autonomous ambitions. That story and so much more next. This is Bloomberg Tech. The people who seem to get more done than everyone else.

22:25They're not working longer hours or running on more caffeine. They've just stopped wasting time on the stuff that doesn't move work forward. Switching apps, re-explaining context, hunting for files. Those aren't small inefficiencies. They're hours wasted every week. Superhuman Go gives you those hours back. From the makers of Grammarly, Go is an AI assistant that sits inside every tab and tool you already use. always available and already aware of what you're working on. Ask it to draft something, summarize a long thread, pull up a file, or prep you for a meeting. Go handles it without you ever leaving the page you're on.

23:06This is what it looks like when AI actually fits into your work instead of adding to it. It's like having a teammate whose only job is to help you be better at yours. Go keeps up so you can move forward. With Go working with you, you can show off what you do best. Superhuman Go. Find out more at superhuman.com. That's superhuman.com.

23:52Bloomberg's Natalie Lung reports the company says it has been conducting pilot programs with various restaurants, some of which have seen their order volume grow during the test period. The effort marks an expansion of DoorDash's in-house robotics efforts to reduce reliance on human couriers for some orders, as their wages constitute a key expense to the business. Drones are also a way for DoorDash to cut delivery times on orders from more remote locations that some dashers may not want. That's the Bloomberg Tech Minute brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects.

24:27Get started at ChatGPT.com today by selecting Work Mode, available on Plus and Pro Plans. Let's talk about healthcare for a second. It doesn't always work the way people expect it to. If you've ever waited on a prescription refill or had a hard time getting the care you needed, you know the feeling. The system should just work better for everyone. That's exactly what the people at Optum are trying to do every day. They're a healthcare company linking patient care and pharmacy services and using data and technology to drive the whole system so care is connected, not complicated, for patients and providers.

25:04Things like making it easier to get care that looks at the whole person, from primary care doctors to mental health support and even in-home care, and then using technology to make sure they all work together. technology designed to help doctors spend less time on busy work and more time with their patients. And those prescriptions? Optum is working to bring costs down, save patients money, and make it easier to get refills. Little by little, Optum is helping make healthcare work as one for everyone. Head to business.optum.com to see how.

25:42time now for talking tech and first up gm is looking to restart development of new driverless cars now according to sources it's looking to lure back ex-employees of its former autonomous cruise operations the project said to be focused on autonomous vehicles for personal use with the ultimate goal being a car that can drive with no one at the wheel Plus, GitHub CEO Thomas Donker is stepping down. Now, the coding platform executive is set to remain through the end of the year and will leave to become a founder. GitHub, which was acquired by Microsoft back in 2018, will become part of the company's core AI team.

26:16And ESPN is hoping to lure back customers with a new app. Now, the service costs$30 a month, and it'll include live games, fantasy sports, highlights, original programming. Look, this marks the first time ESPN's complete sports lineup will be available to viewers without cable satellite subscription, Ed.

26:35Caroline Hyde:All right, coming up, Circle CEO Jeremy Allaire joins us to talk about the company's first earnings since going public. Markets reacting pretty positively to those results. We're going to have a lot more on that next. I still feel like the story of the day is one of volatility in those two chip names. NVIDIA is modestly higher now, AMD up 8.10 % to 1%, but there was an information report that basically said China has ordered tech companies to stop ordering chips from those US names. Different to Bloomberg saying that regulators and authorities had urged those tech companies in China to stop placing the orders.

27:12Caroline Hyde:The stocks bounced around all over the place. There's so much news flow and we will have more on it throughout this hour. From London this week and also New York City, that's what your index level looks like. This is Bloomberg Tech.

27:48Caroline Hyde:Welcome back to Bloomberg Tech. Markets have just closed in Europe and in London where I'm sat. And therefore, I'm looking at these three names. Across Europe, software names have been under pressure today. The concern for these software names is that AI is going to kill software. Such an interesting concept. In fact, there is a note from RBC Capital Markets analyst Matthew Hedberg, which says, quote, there is, from a valuation perspective, death of software due to AI. These are companies that in Europe are seeing really strong revenue growth. But the idea is that AI elsewhere just renders their software offerings obsolete.

28:24Caroline Hyde:It's not something we've talked about much, particularly from this geography, Caro, but serious declines and in Europe, a lot of weakness in those software names today. And this is something a lot of people have clicked on this Tuesday, which also took me a bit by surprise. Significant moves. Look, Ed, let's pivot back to another stock that's moving on the higher side this morning as well. We're focusing in on the stablecoin network operator up 6.5 % that is Circle. The company reporting second quarter revenue jumping 53%,$658 million. Now, it's the issue of stablecoins and it's its first earnings release since it went public back in June.

29:00Circle CEO Jeremy Allaire joins us now. Jeremy, just that bump in revenue. We know how ultimately you make a lot of your money and that comes from treasuries. It comes from other yielding assets that you're holding versus USDC. What about the other revenue growth that you want to see? How do you think about that pipeline? Well, a couple of quick things. I think first, that bump in revenue is driven by growth. We saw 90 percent year over year growth in USDC in circulation on our network, which is significant. And that growth is obviously a driver. Even where we see rates decline, that growth is really driving our overall top line revenue growth.

29:39We're also seeing growth in our other revenue. And so, you know, again, as you think about Circle and our business, we have our stable coin network. We have money that flows on that network. And we're adding new services, subscriptions and services fees, transaction fees for a wide array of different things. We're building an application layer through Circle Payments Network. And actually, we just announced a new blockchain network, ARK, today. And so those also grew 250 % year on year and, you know, obviously have a slightly different margin profile, a higher margin profile. So that actually added a couple hundred basis points to our margins, which obviously translated as well on the aggregate into our EBITDA growth, adjusted EBITDA growth of 52 % with a 50 % kind of adjusted EBITDA margin.

30:31Let's just dive more into the new products, into ARK that you referenced, into your payments network. How close a competition does it put you in with players like Stripe out there already, for example? How does it continue to make you market neutral when it comes to an infrastructure player? Well, when we think about Circle, we think about ourselves as an internet platform and network utility company. And we want to make sure that we can provide the full stack that's needed for financial institutions and leading enterprises around the world to take advantage of stablecoin finance. And ARK, as a blockchain network, is purpose-built for stablecoin finance.

31:12The transaction fees are paid in USDC and potentially other stablecoins. The network infrastructure is designed around what's called deterministic settlement finality. That's key. Bank regulators want to know that transactions and settlement are final. It's a key characteristic of a prudential-grade financial infrastructure. So we're building this, you know, very much in the view of what's coming. All of these major institutions that now want to build on stable coins, really making sure that we have the right infrastructure at play. But at the same time, broad interoperability for our stable coin network.

31:50We're interoperable across 24 different blockchain networks. We're fundamental dollar liquidity on those networks. And we're going to continue to do that. And in fact, ARK is going to become a very powerful way to provide even greater support for liquidity and interoperability on these networks.

32:08Caroline Hyde:I think, Jeremy, there's a lot of interest in the other revenues opportunity with you to get a better understanding of the core business. I have the Bloomberg story about your earnings report in front of me. And the AI summary is the majority of Circle's revenue comes from U.S. treasuries and other yield-bearing instruments that support the value of USDC tokens. Just to the uninitiated or the layman, could you just explain the basics of that? Yeah, so Circle operates the largest regulated stablecoin network in the world. And that network reaches over 600 million people who can reach in their pocket and access and use USDC.

32:41There's tens of thousands of products and services that are integrated to the network that provide ways for people to store and make transactions and payments or investments using USDC. So we have this really large network and there's demand for these digital dollars and that those digital dollars, you know, are essentially, you know, purchased using existing money and then issued as digital currency and are in free circulation on the Internet. And so that money stock on the network that's moving around. And we also noted we saw tremendous growth in the amount of transactions on the network, six trillion dollars of transactions in Q2 and seeing that accelerate into Q3 as well.

33:19So we have this very high velocity, high transaction money on the network, and we monetize that through the reserve returns. And so what we really focused on on this part of the business is growing that money stock. And there are a lot of different views as to how fast stablecoin money supply is going to grow. There's an optimistic view of a 90 percent CAGR for the next five years. The lowest view is a 25 percent CAGR over several years. And so we tend to be on the more conservative side when we think about that from a kind of outlook perspective. But, you know, we grew 90 percent year over year.

33:54That obviously drives top line as well. And and year to date, we've grown 49 percent as of August 10th, which is very strong growth. And that, again, driving and supporting that top line. While we also build out all of these new products with new revenue streams in subscriptions and services and in transaction fees. And so we're continuing to build those out as well.

34:20Caroline Hyde:You go through going public, you go through your first quarter as a public company. And the first thing the market is going to ask you is about inorganic growth. What's your M &A strategy, Jeremy? I mean, look, we are a technology company. We're very focused on software powered innovation. That's really the heritage that my heritage and the rest. And so virtually everything that we've done here has been organic. We love building software and software technology. And we have done acquisitions. We've actually done three acquisitions this year. One was a product and technology that's allowed us to accelerate our entry into the yield bearing token space with USYC.

35:04We had some big news with that in the quarter as well. And then two, our teams and intellectual property acquisitions, both of which supported our efforts to launch ARK. And so where we find great intellectual property or technology and great people, we see that as a very natural thing to do to kind of augment and bring speed and velocity to our product development initiatives. But, you know, we're not really here to like go do huge acquisitions and try and roll things up. That's not really our approach. So we'll look at things and, of course, continue to make acquisitions where it makes sense.

35:44But this is not an M &A play in the sense that people understand. Jeremy Allaire taking us across the business. We thank you hot on the heels of your earnings, the Circle CEO. Now, we just want to return to some breaking news more broadly about financial markets, not just stable coins, but about data, in particular labor statistics. Bloomberg International Economics Policy Editor Michael McKee joins us now on a reporting done by Fox about, well, the person who's going to be potentially taking over Labor statistics in the United States and his view on how often they should be. Just break down the news for us.

36:18Well, it's kind of a strange situation because he made these comments before the president announced that he was going to nominate him. He did an interview with Fox, and apparently they didn't run it until now. But he said, maybe given the poor jobs report that we had, maybe we should suspend the jobs report each month until we can get the numbers fixed. It's the president who thinks that the numbers are wrong, not the statisticians. And that, I'm not sure why you would do that. Right. Because this would mean that Wall Street would have nothing to trade on in terms of jobs reports. And I would think that would not go over well.

36:59Caroline Hyde:Michael McKee, if you're not sure, then I'm worried because I and hundreds of thousands rely on you for economic data. The jobs print is key to what we do when it comes out. Why does the market rely on it so much? It's a great signal of what's happening in the economy because when people have jobs, they spend money. When people are losing jobs, they don't spend money. And if people are spending money, then companies hire more people and profits go up. So it's sort of the linchpin indicator that the Fed uses and a lot of people on Wall Street use to tell us in general how the economy is going. And it's the data are delayed, as we know, and they get revised.

37:40But it is the best kind of numbers that we have on a regular basis, on a monthly basis. So the idea of suspending it, I think, would get no traction at all. I'm not sure that the BLS commissioner would have that ability anyway.

37:55Caroline Hyde:You know, I'm just riffing here a little bit, Caro, but, you know, in terms of manufacturing data, I've been thinking a lot about whether humanoid robots are coming on, not Bloomberg's Michael McKee with some interesting news. We have some breaking news crossing the Bloomberg terminal. Perplexity says that they've made an unsolicited bid to Google today, offering$34.5 billion to purchase its Chrome browser. I'm going to repeat that. Perplexity says it sent an unsolicited bid to Google this Tuesday,$34.5 billion for the Google Chrome browser. That's a significant and interesting piece of news. We're going to get the shares of Alphabet, the parent of Google, up very soon.

38:41Caroline Hyde:And we're going to talk to Bloomberg's Seth Figgerman, who's one of our technology and AI editors out of New York City. The details with the stock of Alphabet now up a percentage point, please, Seth. Yeah, it's an eye-popping offer, as you pointed out, Ed. It's also very much a long shot, but there's a lot of caveats here. Google has not actually put Chrome up for sale, as far as we know. It's largely in response to the U.S. government wanting a judge to order Google to sell off Chrome. The judge has not actually put out a ruling on that yet. And then on the offer itself, Perplexity is offering$34.5 billion.

39:17That's nearly double what Perplexity is valued at and far more than the more than$1 billion that Perplexity has raised to date. Perplexity is saying that they have investment funds that are willing to support this big in full. But again, this is a long shot offer as of now. They've made long shot offers before, whether or not they've been as formal as this one. But they threw their name in the ring when it came to TikTok, I remember. but the US part of TikTok. Numbers aside, the browser bit, well, they've already been building their own browser, so why make this purchase, and ultimately how would it beef up their offering and take away from that of Google's?

39:51Yeah, it's a great question. They have been working on a browser called Comet, but it's one thing to try to build your own browser from scratch and another to acquire a browser that reaches billions of people around the world. The idea here seems to be that they want to inject their AI agent capabilities into the interface that we all use on the web every single day and get in front of far more people, this would give them a major head start on that front.

40:13Caroline Hyde:But again, this is a lot of money that we don't think they currently have. Yeah, I mean, I'm reading the story and you'll forgive me, Seth, I'm just reading it in real time. Perplexity says it's going to invest$3 billion over the next two years in Chrome and Chromium, right, which is the underlying open source coding that supports a number of browsers. And also that they're going to extend a substantial offer to Chrome talent. I mean, I'll leave some of the details to you, but what do we make of that? What else are we reporting? Yeah, I mean, again, I think they're trying to show that there'll be a good steward for a platform that's used by billions of people around the world while continuing to move forward with their own venture and injecting AI capabilities into key internet functionality.

40:57Well, we're expecting that ruling from Judge Amit Mehta in coming days on the remedies that they want to see to prevent what it sees as Alphabet and Google being some sort of monopoly when it comes to search in the United States. Bloomberg, Seth Fiegeman, on the breakdown of perplexities offer for Google Chrome. Let's just return to the overarching geopolitical story of U.S. and China right now. We've been talking a lot about how China is urging its domestic firms, AI firms, not to use NVIDIA's H20 chips. This is after the U.S. agreed to revenue split for allowing AI semiconductors from NVIDIA, from AMD, to re-enter China.

41:34Now, Bloomberg opinion economist Dave Lee wrote about this yesterday, about the decision by the White House, and also what it would cost the US in terms of an AI advantage. The story moves on continually. But what was so striking about your story was, look, if there's a 15 % cut taken by the US government to allow AMD and NVIDIA to sell into China, the winners are NVIDIA, maybe less so now, but China. Why would China clearly seeming to push ahead in terms of its own AI semiconductor offerings? One of the things that H20 chip would allow more quickly is scale, right? I mean, one of the things this chip is good at compared to what China's capabilities are now is it can do more inference, so it can run the applications that AI is built for.

42:14That's something that we don't think domestically they could catch up on for a couple of years. And so, look, this doesn't change China's aggression in trying to build its own chips as quickly as possible. But what it does do is kind of fill the interim there to allow them to start integrating AI into all aspects of Chinese life and therefore continue to make it a global player. The question is, and where the story has moved on since I wrote those words, is China now going to look to sort of almost stop that from happening in order to protect its domestic supply? How's it going to balance trying to make sure AI is used as much as it can in China, whilst making sure that its homegrown effort is still built upon as quickly as possible.

42:57Caroline Hyde:So, Dave, on your piece, and I appreciate a lot has changed actually in 24 hours, just take mine and Caro's word for it. It's been a nightmare doing this for the last 24 hours. But you actually, your final point is that there are two winners here, NVIDIA and China, but you don't say the United States is a winner, if you get what I mean. Trump is supposed to be the deal maker. But your conclusion seems to be actually good deal for NVIDIA, but America in aggregate. That's what I want to get from you. I mean, look, if the concern over exporting these chips existed this time last week, I don't think the 15 % revenue cut changes that calculation.

43:38It doesn't seem like a good enough change to warrant what's essentially quite a dramatic change in national security policy. That would be my sort of overarching question here on why the U.S. would go forward with this. I guess one of the dynamics that we're just starting to learn now is what this might mean for other parts of the trade deal between the U.S. and China. We're hearing about rare earth metals being a concern. There's other types of chips that could be used as leverage as well. I mean, look, this is becoming a hugely complex piece of negotiation between the two countries. I worry that China has a position now of sort of saying to NVIDIA, well, look, you might have got your permission from your masters over there in the US, but we also hold many cards as well.

44:19And unless we get more of what we want in these trade deals, then we may not allow the sale of these chips in the country. And look, for NVIDIA, China is a very, very important part of its business. It's billions of dollars revenue. It could be billions of dollars more. They have to write off billions of dollars when the restrictions on the H20 were going to put in place. So I think it really matters to NVIDIA to please both countries. And that, to me, just seems incredibly difficult at this point.

44:51Caroline Hyde:Bloomberg Opinions, Dave Lee, did a good job. Thank you very much. Let's get more on what we can expect from China's policy response here. Amanda Shao is a director in the China practice of the Erasure Group geopolitical risk consulting firm. and Dave raises a point of chronology. Back when we were stopping the flow of chips to China, it was America's national security concern about how China would use those chips in the military context. The development 24 hours later after the president cut that deal is China saying we have national security concerns and we want to champion our own domestic names.

45:29Caroline Hyde:Who has the upper hand in this negotiation? Well, I think that for China, a lot of the signaling that it has been engaged in is largely performative. We know that the Chinese continue to lack the capabilities that the NVIDIA H20 chips offer. And so to some degree, there will be strong demand from the Chinese for the use of the H20 chips. But of course, as was pointed out previously, the Chinese, of course, do want to continue to strengthen its domestic chips building capacity. And, you know, included in that is really providing support to national champions like Huawei. But on the other hand, when we think about where China is headed, China also wants to be supporting national champions like DeepSeek.

46:24And of course, DeepSeek's AI models are run on NVIDIA chips. So I think for the Chinese, there are both sort of economic considerations, but there's also security ones. So I don't see the Chinese outright banning the use or purchase of H20 chips in the near term. Interesting that the information reported that there was a sort of full on stop being asked for the likes of ByteDance or the likes of Tencent. But for now, you're thinking that there wouldn't be some sort of ban because it implicate the users of chips. But what's so interesting is Cambricon Technologies and Huawei, of course, we have seen a market impact of the idea that they'd support their homegrown talent.

47:03What else have we seen from the Chinese government to really foster the building of semiconductors that rival that of the H20? Right. Well, the Chinese have really poured a lot of money into its effort to develop a homegrown chip industry. And we know that this is very much in line with the top leaders vision for the country, that Chinese development and rise to national rejuvenation, as the Chinese would put it. A key to that is technological development and being able to rival the U.S. in terms of technology and AI. So, you know, the Chinese have really made it very clear that this has been a priority and this will continue to be a priority in terms of its economic development.

47:51But nevertheless, the capabilities that they have at home remain short of what U.S. AI chips can provide. Amanda, briefly, where they do have the power, an outsized power, is rare earths. Is that part of the bargaining chip, if at all? Yeah, so we've seen that really the Chinese themselves have been, I think, a bit surprised by how potent of a weapon the rare earths controls have been in these trade negotiations. Now, I think it's important to point out that the lifting of the sales of H20 chips on the part of the Trump administration does not seem to have been linked to some sort of deal or concession from the Chinese side.

48:34The Chinese, in fact, issued a statement saying that it was not made as part of the deal to make clear really to an audience that they did not offer any concessions for this. But in terms of rare earths and its role in the larger U.S.-China trade negotiations, absolutely. It's been very important, I think, for the Chinese in realizing that they have this key piece of leverage. And I think for the Trump administration as well in realizing that the U.S. will remain dependent on Chinese rare earths and rare earths processing technology. Amanda Shao from the Eurasia Group, thank you very much for joining today.

49:10Coming up, a bit of a pivot, Taylor Swift. It trends across the internet with a surprise album announcement. That's next. This is Bloomberg Tech.

49:23The people who seem to get more done than everyone else. They're not working longer hours or running on more caffeine. They've just stopped wasting time on the stuff that doesn't move work forward. Switching apps, re-explaining context, hunting for files. Those aren't small inefficiencies. their hours wasted every week superhuman go gives you those hours back from the makers of grammarly go is an ai assistant that sits inside every tab and tool you already use always available and already aware of what you're working on ask it to draft something summarize a long thread pull up a file or prep you for a meeting go handles it without you ever leaving the page you're on This is what it looks like when AI actually fits into your work, instead of adding to it.

50:13It's like having a teammate whose only job is to help you be better at yours. Go keeps up so you can move forward. With Go working with you, you can show off what you do best. Superhuman Go. Find out more at superhuman.com. That's superhuman.com. This is the Bloomberg Tech Minute brought to you by ChatGPT. Now with ChatGPT Work. I'm Carol Masser. DoorDash, the largest food delivery company in the U.S., is building its own delivery drones and has gained the necessary FAA approvals to operate them commercially, the latest in its effort to delegate more orders to robots as a way of cutting delivery times.

50:54Bloomberg's Natalie Lung reports the company says it has been conducting pilot programs with various restaurants, some of which have seen their order volume grow during the test period. The effort marks an expansion of DoorDash's in-house robotics efforts to reduce reliance on human couriers for some orders, as their wages constitute a key expense to the business. Drones are also a way for DoorDash to cut delivery times on orders from more remote locations that some dashers may not want. That's the Bloomberg Tech Minute, brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects.

51:29Get started at ChachiPT.com today by selecting Work Mode, available on Plus and Pro plans. Let's talk about healthcare for a second. It doesn't always work the way people expect it to. If you've ever waited on a prescription refill or had a hard time getting the care you needed, you know the feeling. The system should just work better for everyone. That's exactly what the people at Optum are trying to do every day. They're a healthcare company linking patient care and pharmacy services and using data and technology to drive the whole system so care is connected, not complicated, for patients and providers.

52:06Things like making it easier to get care that looks at the whole person, from primary care doctors to mental health support and even in-home care, and then using technology to make sure they all work together. Technology designed to help doctors spend less time on busy work and more time with their patients. And those prescriptions, Optum is working to bring costs down, save patients money, and make it easier to get refills. Little by little, Optum is helping make healthcare work as one for everyone. Head to business.optum.com to see how. So I wanted to show you something. Okay. What do we got?

52:44We got a briefcase. Yep. Make green with TS on it. Yep. What's in it? This is my brand new album, The Life of a Showgirl. So I wanted to show you something.

52:59Caroline Hyde:Whoa. Swifties Worldwide got a surprise from Taylor Swift, who announced her new album, The Life of a Showgirl, during a sneak peek of her appearance on the New Heights podcast with boyfriend Travis Kelsey. For more on the power of podcasting and the astonishing sights before my eyes, Bloomberg's Lucas Shaw, who leads Screen Time Coverage. This has dominated Google trending, by the way, and most other social platforms for most of the time I've been awake. This is big. Tell me more. Could you sleep last night? Were you able to? Or were you just so excited that you had to stay up thinking about Taylor Swift?

53:32Caroline Hyde:That was Elon Musk related. Let's stick with Taylor, please. Thanks. I mean, look, she's the biggest pop star in the world. It's not even really close. She just wrapped her Eres tour, which is the best-selling concert in music industry history, less than a year ago. I think there's a lot of debate speculation as to whether she would finally take a break, go away for a year or two as some artists have been known to do or if she would just keep going because she's been on kind of this crazy treadmill over the last five or six years where it feels like she's got new music every year if not more often than that.

54:05She just had that big tour and here she is ready less than a year later with a new album that I'm sure will break all types of records and I do think it's interesting that she did it on her boyfriend's podcast. Yeah, so who wins here, Lucas? The podcast underlying owner, but also the music labels that she's affiliated with? Well, that's actually a little bit of a complicated question because her music is released by Republic Records, which is a division of Universal Music Group. It's the biggest owner of all these different music companies in the world. But from what we understand about her deal, she's definitely the big winner, right?

54:40She owns the ultimate copyright. She is the IP owner. Universal gets fees and revenue shares for releasing it. And so it's good for them. But it's not the same as when you have someone that you fully control and own. Well, we'll see how this one unfolds when we're going to be able to all access it. Lucas Shaw, we thank you very much coming live for us on the news. Meanwhile, that does it for this edition of Bloomberg Tech. Ed, you're not going to get any sleep tonight, maybe, whether it's Elon or whether it's Taylor.

55:08Caroline Hyde:Just like astonishing news flow, so much of it actually playing out on social media and the internet as well. There's a lot to recap. Check out the podcast. You know where to find it on the Bloomberg Terminal as well as online on Apple, Spotify and iHeart. From San Bernard, or from London, I should say, and New York City, this is Bloomberg Tech. Healthcare doesn't always work great. If you've ever waited on a refill or couldn't schedule an appointment, you get it. That's the kind of stuff Optum is changing. They're using data and technology to integrate patient care, pharmacy and everything else.

55:39So healthcare is connected, not complicated. What's that look like? cheaper prescriptions that are easier to get, and care that looks at the whole person how you need it. Optum is helping make healthcare work as one for everyone. Learn more at business.optum.com. Before you sign off, you tuned in for ways to help teams move faster, make sharper decisions, and turn scattered context into work they can use. ChatGPT for Business can help. ChatGPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in ChatGPT. This means your business can move from question to answer and code to rollout quicker.

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