SpaceX, Uber and the Future of Mobility

23:31Ed Ludlow:By the way, Dara, we're live on Bloomberg Television and on Bloomberg Radio. And this is Bloomberg Tech speaking to Uber's CEO. And you've just said that you don't want to rely on any one partner. Let me put it a different way. If we accept that Waymo is kind of the commercial robo-taxi leader, in the U.S. at least, in terms of deployments, charging a fare, of the rest of the field, which do you think is most competitive or going to be most competitive against Waymo? I think there are going to be multiple winners. I mean, this market is so early in its development. And I compare it to, like, the foundation model space.

24:05You remember like three years ago or two years ago, people were like, OpenAI is going to run away with it. They're going to be the only game in town. Then it turned into Anthropic and Claude is the best model that's going to conquer them all. Now you see XAI and SpaceX AI coming in with Grok and the combination with Cursor being a really great combination as well. You've got Google coming in with Gemini. They were late in the game, but they're definitely in the game. NVIDIA releasing open source and really supporting that ecosystem. So there is going to be no single winner here. Waymo's in the lead now, just like OpenAI was in the lead.

24:48But there are going to be many, many players as part of this ecosystem. And we will help the ecosystem overall commercialize because ultimately we've got the demand and we can bring more rides to those cars and monetize those vehicles. in a way that no one else can.

25:04Ed Ludlow:So, Dara, really quick, to drive early adoption, is it important that the RoboTaxi firms price lower than other ride share? No. Actually, what we're seeing is pricing is super strong and demand is super strong as well. So when you get the product in market, it sells. It's taken a long time, right? Like 20 % of search now is driven by AI. AV is less than 0.5 % of overall trips at this point. So the adoption is going to take time, but the product is a terrific product. And we look forward to making it available on the Uber app really all over the world. Uber CEO Dara Khosrowshahi, thank you very much.

25:44Ed Ludlow:And again, later in the hour, we're going to stick with RoboTaxies and speak with Zoop's CEO, Aisha Evans. So stick around for that. Coming up right now, AI safety is back in the spotlight after OpenAI and Anthropics models took, quote, unsanctioned actions. But the details next. This is Bloomberg Tech.

26:06Ed Ludlow:Ken Griffin's Citadel is cashing in on Wall Street's biggest AI hedge fund blow up. Citadel's flagship Wellington fund, excuse me, surged 5.9%. In July. You know what? I'm going to turn over to Yajira for Talking Tech because I've lost my voice. Yajira, I'm hoping you're there. Save me for a second. I will add. Well, let's get to Talking Tech right away. First up, Monolith Management, one of Moonshot AI's early backers, is looking to raise$500 million for a new fund, according to sources. Last year, Monolith raised$289 million for a fund and has since emerged as one of China's most prolific venture backers.

26:49And OpenAI and Anthropics AI models carried out unsanctioned actions during a safety test, including hacking a website and trying to inject harmful code into software. That's according to the UK government's AI Security Institute, which says it's the first time it sees, quote, risks around autonomy and deception manifest this clearly in the real world. Ed, I hope you got some water out there.

27:15Ed Ludlow:Yeah, let's try that again. Another stock that we're watching today, by the way, is Shopify. Absolutely surging. Actually, at one point in the session, up the most since 2015, continues to hit top line growth above 30 percent. Six consecutive quarters. And that's the direction of travel for this name. It's interesting. It's one that we cover less in the e-commerce space, but it continues to have a lot of momentum and is growing super fast. It is an astonishingly busy earnings period. And with my voice back in full force, this is what's to come. More earnings. We're going to break down the prints from AMD, Paramount and Disney.

27:50Ed Ludlow:And this is how those stocks are trading right now in this Wednesday session. OK, everybody take a breath. It's halftime here in San Francisco, the beautiful city of don't go far. We'll be right back. This is Bloomberg Tech.

28:11This is the Bloomberg Tech Minute brought to you by ChachiPT. Now with ChatGPT Work. I'm Carol Masser. Globetrotters hunting for airfare bargains are in for a rude awakening, as the days of stumbling across a cheap seat on a popular flight could soon disappear. Bloomberg's Juan Ha reports that airlines from Delta to Virgin Atlantic are adopting artificial intelligence to change seat prices more quickly by weighing dozens of variables in real time, helping capture more revenue while shrinking pricing gaps that once allowed travelers to find bargain fares. Machine learning models can more accurately forecast demand by analyzing historical booking patterns, seed inventory, and seasonal trends, while also continuously tracking competitors' fares and capacity changes to update prices in near real time.

28:59The technology could lead to higher fares on busy routes as airlines pack flights closer to capacity, but may also result in lower fares on off-peak and lower-demand routes. That's the Bloomberg Tech Minute brought to you by ChatGPT. ChachiPT. Put ChachiPT to work on your most ambitious ideas and projects. Get 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.

29:36The 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. Things 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.

30:10And 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. As industries evolve faster than ever, companies need an environment that accelerates strategic growth, and Michigan delivers on that promise. From From emerging startups to global enterprises, Michigan offers what executives value most, a resilient, innovative ecosystem, diverse communities that attract top talent, and a quality of life that supports work-life balance.

30:45With our unified Team Michigan approach, businesses scale faster and compete at the highest level. Michigan, pure opportunity. Seize your opportunity at michiganbusiness.org.

31:03Ed Ludlow:Welcome back to Bloomberg Tech. This is what technology markets look like this morning. SpaceX is the big earnings story. The Nasdaq 100 modestly lower, basically flat. You know, with SpaceX, there's been limited ripple effect, the downward pressure on the carriers. We'll talk about that later in the program. A little bit of upside in Nvidia after the Elon Musk name check. Then there's the earnings stories that continue. AMD reported better than expected second quarter earnings yesterday. But that wasn't enough for investors who expected more given rising demand in the sector, sending the stock lower and a big focus on the outlook of sales in the third quarter.

31:37Ed Ludlow:Thirteen point three billion dollars plus or minus three hundred million. Why aren't they doing better? Bloomberg's Ian King joins us to try and explain. I mean, a lot of the call focused on what do you mean, Lisa Su, CEO of AMD, that the business for data center will more than double? It seemed like the street really wanted specific size and scope. Absolutely. I mean, if you look at the forward estimates, AMD is doing very well. Everybody thinks they're going to do very well, but everybody kind of knows that. So when she said, oh, we expect data center business to more than double. What do you mean by more than?

32:11Do you mean 60 percent more than? You mean 2 % more than. So that was a lot of what was going on on the call.

32:15Ed Ludlow:It's still framed in the context of, like, well, what is NVIDIA doing in terms of growth? And is AMD closing the gap? But there was also a technology story, which is that AMD has a new generation of server design, Helios, with MI450, its latest generation accelerator. That's not showing up yet. Yeah, there's a lot of focus on this accelerator. and AMD has been out there and said, look, this is a product that's actually better than what NVIDIA has and has coming. So the expectations are obviously rising for that. So now it's a case of, okay, we believe you, but when's it going to be there? When is it going to really kick in?

32:49And the same with the server design. Because again, NVIDIA said, look, we can do everything for you. We can put it all in one server. It's easy. You just get it off the loading dock, plug it in, and away you go. This is AMD's attempt to head that off at the pass, and we want to see that.

33:02Ed Ludlow:What's the CPU story? CPU story is there is so much demand for CPUs right now. It's what is old is new again, right? The data centers are now full of CPUs. We saw a huge run-up in Intel's CPU business. Obviously, the expectation was that that would happen for AMD as well. It did. They're taking share. But again, people want more. People put a lot of money to work in this stuff. Bloomberg's Ian King on all things chips. Thank you very much. Paramount posted a surprise surge in second quarter profits, proving its cost-cutting Skydance merger continues to pay off. Meanwhile, in the company's earnings call, CEO David Ellison said they're moving forward with the Warner Brothers deal.

33:43We remain highly confident that this transaction will close, and we're preparing for basically a successful combination once it does. If you take a step back and just look at exactly where we are today, we received approvals from basically 65 regulators representing 65 countries around the world, including the United States federal government, Canada, European Union, China, and many more.

34:08Ed Ludlow:Okay, shares are up 2 % or so. Nothing that much to write home about in terms of size and scope. What's the story here? Bloomberg's Hannah Miller is with us. You know, surprise profit. There seems to be a lot of focus on what's going to happen with Warner Brothers. Yeah, there is a lot of focus here. And David Ellison mentioned on the earnings call yesterday that he is interested in pursuing an out-of-court settlement potentially. So even though this trial is now scheduled for March, things could still change. How is Paramount's business doing? I'm trying to think, what's the top hits that I associate with them?

34:46Ed Ludlow:We've been through the Skydance thing. It seems to be like that merger and integration's gone well. Yeah, we saw Strength for its streaming platforms. They had a big hit with Dutton Ranch, fantastic premier. here for them. Also, the UFC fight at the White House did very well for them in terms of viewership. So they did have some wins in streaming. I loved all of them. Dutton Ranch, Marshalls, Yellowstone spinoffs, right? And so let's see what happens with Warner Brothers Discovery. Bloomberg's Hannah Miller on the entertainment beat. Thank you very much. There's also Disney. Disney released earnings today before the opening bell.

35:22Ed Ludlow:Impressing investors with profit surge fueled by its streaming service, but also theme parks, shares up two and a half percent. Philips Security's research analyst, Helena Wong, has a buy rating on the stock and joins us now. There was a lot of fighting talk from CEO Josh DeMauro that Disney is doing better than its peers. Did they give the data points that evidence that? Well, we're seeing a really strong performance for this quarter. We're seeing very strong experiences despite the macro uncertainties that we have. If we look at domestic park attendance, the global guest growth, even per capita guest spending, they'll all be increasing.

36:02On the cruise side, it's also very strong. We're seeing very healthy occupancy and forward bookings for their Disney Destiny and Disney Adventure. They've also tried to raise their guidance to the higher end. And for the entertainment side, they've managed to release Toy Story 5 this quarter and resonated very well with the audience. It also helped to push up their customer products to the highest gross in the 20s quarters.

36:24Ed Ludlow:Let's listen a little bit to what Josh DeMaro said about the entertainment business, the streaming business, and what's in the pipeline. Our ability to outperform our prior consolidated fiscal Q3 guidance and reiterate our full year outlook, despite the mixed box office performance, demonstrates the strength of our diversified entertainment model. Of course, I'd be remiss not to acknowledge and congratulate everyone on this past weekend's record-breaking opening for Spider-Man. You know, it's interesting. Spider-Man did break records, but he talks about the box office being mixed. How much is Disney judged by those theatrical releases and successes?

37:06Well, I would say Disney's greatest competitive advantage is what I call the IP flywheel. So it has one of the strongest and most monetizable IP portfolios in the global media industry and supported by an incredibly loyal fan base built over the decades. So take this quarter, for example, their Toy Story 5 has been successful. So a customer might watch the Toy Story 5 in cinema, decide that he likes it, and then goes on to Disney Plus to watch the entire franchise and maybe visit the Disneyland and cruise to interact with the IPs and then purchase related merchandise. So yes, even though this time their box office is a little bit mixed, so they're a little bit mixed on their Star Wars and also the live action Moana, but they're still able to escalate that outside of theater and bring it into the IPs and the related merchandise.

37:56So very few companies can actually monetize their content across so many touch points. And that is what makes Disney's business model so unique.

38:05Ed Ludlow:there was a contribution from parks right particularly to profit disney you know from a stock perspective i think it's trading at 13 times forward 12 month earnings i'm still asking the question like is disney a technology company focused on streaming or do we still continue to model it based on the parks and other sort of more physical businesses i think you you can't really say they're a streaming company because they're still seeing very strong on their experiences. They're also trying to invest very heavily for long-term expansion pipeline. So we are seeing the villain scene area in Walt Disney World, the Aventa experience in Disneyland, and of course, the new Disney Abu Dhabi.

38:45They're also trying to add more cruise ships, find more cruise ships by 2031. And all these additions are going to drive long-term revenue for Disney. So I think it would be a little bit unfair to just categorize them as a streaming company. It's more like a company that's one of its kind that has competitive strengths in its IP.

39:05Ed Ludlow:It's still early days in the Josh DiMaro era of Disney, but how do you assess his leadership at the company and what he's tried to implement? Well, I think he's the right person. He has the exact expertise to do. I think Bob Edgar, before he left, he already said that Josh is ready and he's more than ready to bring the company in the correct direction. I think right now, Disney, they've already managed to fix so many problems they used to have. So they're and previously now streaming is profitable. Costs have come down. Parks are still generating strong cash flow. So I do think it's going towards the right direction.

39:47Ed Ludlow:Of course, Josh, tomorrow in post since about mid-March. What's the next catalyst? What happens in the balance of the year with Disney that you're looking at most closely? So I think something interesting for this quarter is they've just announced today that they're doing a collaboration with TikTok. So that's quite interesting to me because Disney has always been really protective of its IP usage because that's their core competitive advantage. So this collaboration is Disney acknowledging that customer behavior have changed and they're trying to embrace the changes. I mean, Disney Plus, previously they competed mainly streaming companies like Netflix.

40:21But now because consumers, they spend so much time on screen, screen time on TikTok, YouTube shorts, all those short video platforms. So they are trying to embrace a new trend as well. And I think it will also help Disney for their engagement problem. The current problem that Disney Plus had is users will click onto Disney Plus to watch a specific content that they want to watch, and then they will close it. so unlike tiktok tiktok managed to convince their user to open the app multiple times in a day so if they're able to guide that kind of traffic into disney plus then customer who opened disney plus so many times per day is less likely to cancel helena wong philips securities thank you

40:59Ed Ludlow:very much indeed let's try this again ken griffin citadel is cashing in on wall street's biggest ai hedge fund blow up citadel's flagship wellington fund surged 5.9 percent in july after buying most of Trouble's situational awarenesses, public stock portfolio at a discount. The deal helped lift Wellington's gains for the year to 12%, underscoring Citadel's ability to profit from market turmoil, while many AI-focused hedge funds were hit by the tech sell-off. Okay, coming up, Zoox will soon start charging for its rides in Las Vegas, marking a milestone for the RoboTaxi company and for the industry.

41:38Ed Ludlow:We're going to speak with the CEO next. This is Bloomberg Tech.

41:50This is the Bloomberg Tech Minute brought to you by ChatGPT. Now with ChatGPT work. I'm Carol Masser. Globetrotters hunting for airfare bargains are in for a rude awakening, as the days of stumbling across a cheap seat on a popular flight could soon disappear. Bloomberg's Juan Ha reports that airlines from Delta to Virgin Atlantic are adopting artificial intelligence to change seat prices more quickly by weighing dozens of variables in real time, helping capture more revenue while shrinking pricing gaps that once allowed travelers to find bargain fares. Machine learning models can more accurately forecast demand by analyzing historical booking patterns, seat inventory, and seasonal trends, while also continuously tracking competitors' fares and capacity changes to update prices in near real time.

42:37The technology could lead to higher fares on busy routes as airlines pack flights closer to capacity, but may also result in lower fares on off-peak and lower-demand routes. That's the Bloomberg Tech Minute brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects. Get 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.

43:18That's exactly what the people at Optum are trying to do every day. They're a health care 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. Things 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.

43:56Little by little, Optum is helping make healthcare work as one for everyone. Head to business.optum.com to see how.

44:30Pure Opportunity. Seize your opportunity at michiganbusiness.org.

44:37Ed Ludlow:Zooks will start charging for rides in Las Vegas next week, marking a big commercial milestone for the company and a first for a steering wheel free robo-taxi in the U.S. Zook CEO Aisha Evans joins us. Congratulations. This is something I've been questioning you about for years. You have. You're allowed to charge a fare now. What's the plan? First, thanks for having me. Exciting. Starting this phase of the journey. We start in Las Vegas next week on Monday. And then we have San Francisco coming up. We have more permits to get in California. Later this year, Miami and Austin will be entering Atlanta and L.A.

45:22And then we've also started testing in Dallas and Phoenix. So you can assume the robotax is coming. So starting now the commercial journey and bringing what we think is this delightful experience to customers.

45:36Ed Ludlow:So there's going to be a base fair and then the final fair gets calculated based on the distance traveled and how long it takes to get there. And your assurance that it'll pick the best route. But put some sort of dollar figures behind that. How it compares to jumping in an Uber or a Lyft driven by a human. So we're anchoring around what we call the comfort pricing. This is known in the industry as a category of fair. One thing that, one decision we've made, it's still early in the journey. So whatever we quoted you in terms of the best route, that is what we will charge you. So base fare, time, distance traveled.

46:11There are some surcharges. So, for example, the airport is not starting on Monday. The rest of the destinations are, but it'll be coming online soon. So there's a surcharge for that. We're also offering some delightful experiences to the sphere with a special autosphere. And this is in Las Vegas. In Las Vegas. with a drop-off, so there might be an additional fee for that. But whatever we tell you we're going to charge you is what we're going to charge you. If we took a little longer or the route was a little longer, we're not going to change the price.

46:40Ed Ludlow:What are the learnings from Las Vegas? I think the very simple question is, are people that are in Las Vegas and hail Azouk's prepared to pay for it? Well, we're about to find out. We think so. You must have an indication, though, yeah. The demand has been awesome. We've been monitoring from customers, not just how do they enjoy the experience, but what they're willing to pay for it. So we are cautiously optimistic that they will be happy to pay for this experience. And hopefully that will also modulate a little bit of the wait times that you see in West Vegas right now because it's free. Charging Affair is a big piece of news because it allows you to progress commercially right beyond R &D.

47:20Ed Ludlow:But it's not the only piece of news. So regulators said over the next two years you can deploy 5 ,000 of the Zoox on public roads. How do you respond to that? Like what's the ramp up in production and deployment? So I haven't changed. Measured approach. But you can see you're laughing. Measured approach. But you can, I mean, one of the things we're looking forward to was starting the commercial journey, but also just starting to unleash more robots. Now, they're not going to come all at once. We'll slowly ramp up the fleet size. at all locations. And we think that 5 ,000 is only the beginning.

47:56Ed Ludlow:For the record and the tape, I don't know which camera the director wants me to look at. I'm not laughing at Aisha. I'm just smiling because you're always cautious. You're always very deliberate in the timelines that you set out, more modest than other CEOs we've heard from in the last 24 hours. But, you know, you have utilization data in lots of cities. There isn't necessarily a match of the supply of those vehicles to the demand right now? We're very confident in the utilization. I mean, look, it can't be 100 percent because we have to go pick up people, drop them off, go pick up the next customer.

48:29But the industry quotes around 54 percent. We're very confident that we will beat that. And we've seen that from customers.

48:38Ed Ludlow:Zoox is owned by Amazon, right? How much pressure are you under to deliver some commercial success, bring in some real revenues and money? A lot less pressure than I put on myself. How's that? It's been a long journey. We're celebrating our 12th anniversary. So starting this phase, I mean, we've always said we're here to build a business. We're here to deliver an experience for people and frankly, to change how people move throughout society. So Amazon is a great parent. I have zero complaints, literally. But a lot of us have been waiting a long time. And so to finally sit here and talk about building the business as opposed to just the progress of the technology is key.

49:19Now, having said that, safety, foundational, and perform well, that's key.

49:24Ed Ludlow:What people might not be familiar with is that you build the Zoox here in the Bay Area. Can you just talk a little bit about that quickly? The factory is great. It's producing. It's nice that we used to talk about how many robots per week. We're now talking about how many robots per day. It's cranking. They are ready to go. And we'll start unleashing them into these multiple locations. Aisha Evans, Zouk CEO, back with us on Bloomberg Tech. Thank you very much. My pleasure. Indeed. Some news crossing the Bloomberg terminal a few moments ago. Sources tell Bloomberg that hackers launched a wave of sophisticated attacks on Wall Street firms in recent days, targeting information systems at major money managers, including Two Sigma, Citadel and Point72.

50:10Ed Ludlow:Several private equity firms were also targeted as part of the assault. This, again, according to sources. We're going to keep tracking the story and bring you any developments as we get them. Coming up in the show, SpaceX is taking aim at the telecoms giants. We're going to look at the company's ambitious wireless plans. This is Bloomberg Tech.

50:35As far as revenue, like I'm just going to take a very high level kind of top down. The big three in the United States, AT &T, Verizon and Timo, roughly between them,$600 billion a year. And I anticipate us to be able to acquire quite a few of their customers because I think our service will be better. we will eliminate dead zones leveraging the basically the satellites in orbit.

51:06Ed Ludlow:That was SpaceX President Gwynne Shotwell speaking on yesterday's earnings call and outlining the company's wireless ambitions. Bloomberg intelligence analyst George Ferguson says the connectivity business should continue to benefit from steady growth in subscribers and expanding satellite capacity. And George joins us now. There's a lot in that. But basically, they said we're going to combine the work that they've done in satellite space connectivity, Starlink, direct to sell with terrestrial investments and go after the U.S. carriers. How did you react to that? Yeah, I mean, that's that's what I heard.

51:41So, look, I'm just going to caveat the start of our discussion with John Butler covers those companies. He and I talk about it. We've talked since the earnings, those terrestrial carriers. The discussion around it seemed pretty aggressive, right? I think they talked about running most of broadband in a decade or something like that. And look, near term, when we discuss the technology they have here, right? Look, I think the new satellites, the V3s are coming out, they'll be better, but there's still a bunch of latency between satellites and terrestrial stations. I really feel like their broadband service is really one that's going to initially get built around where there's gaps in coverage for terrestrial providers.

52:27They've got to improve that service dramatically. That's one of the reasons why you're seeing so much CapEx and R &D. I think in order to go after those major carriers and take a lot of that market share and the revenue, I think they were pointing to yesterday. And I would note, as I sort of close my comments initially, is that, look, I don't think those carriers are going to roll over and just give all their customers away to SpaceX. So I think you have a good old-fashioned price fight on your hands. So I'm not sure that you're going to get everything you think it's worth, even if you go out and try to conquest all their customers.

53:06Ed Ludlow:I mean, Gwen Shortwell said they will acquire those customers, and that word, acquire, doing a lot of work. Let's go back to the core earnings outlook thesis. SpaceX's losses generally overall narrowed, in part because the connectivity business is still the cash cow. Yeah, agreed. But I mean, look, I was one of the things I kind of hate to do as an analyst is to take a look at sort of six month chunks. But I decided to do it anyways because this is a company that's growing so fast. And I messed around a little bit with that. Right. And so in most of their businesses, well, I mean, one, first, we know that we know that space, the launch business and AI both were loss making.

53:46Neither one of them returned, you know, any type of profit. There's a lot of R &D going into both those businesses. Really, even when you back the R &D out of launch, it was a flattish business. It looks about as good this year at midpoint as it looked last year. And, you know, look, I think the, you know, the connectivity business, they grew revenues 50 percent. They grew profit like 46 percent. So margins, you know, a little bit deteriorated. So it's OK, right? It's performing OK, I think, from the longer term. And then AI, you know, they, you know, really raised a lot of revenue. I think it was like six times or something.

54:31Sorry, 1.3 times, but cost rose six times. So kind of hard to win at that. So, right.

54:39Ed Ludlow:George Ferguson of Bloomberg Intelligence. Thank you for your service, looking at the numbers. That does it in this edition of Bloomberg Tech. Tune in tomorrow. We're going to speak to the CEO of Western Digital after their earnings, talking data storage, hyperscale infrastructure, a whole lot more. It was a big show. Recap on the podcast. You know where to find it. This is Bloomberg Tech.

55:04Healthcare 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. So 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. As industries evolve faster than ever, companies need an environment that accelerates strategic growth, and Michigan delivers on that promise.

55:41From emerging startups to global enterprises, Michigan offers what executives value most, a resilient, innovative ecosystem, diverse communities that attract top talent, and a quality of life that supports work-life balance. With our unified Team Michigan approach, businesses scale faster and compete at the highest level. Michigan, pure opportunity. Seize your opportunity at michiganbusiness.org. wise is the smart way to manage the currencies you need around the globe when you send money abroad using your bank you could get hit with hidden fees and exchange rate markups there's a better way try wise wise uses the exchange rate you'd usually find on google with no unwelcome surprises plus most transfers happen in under 20 seconds which means your money arrives in less time than you've been listening to me it's simple and free to sign up when you download the wise app be smart get wise t's and c's apply