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Google won't back down to those challenging its search dominance · The Financial Exchange Show

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  Speaker 1: and Mark Vandetti.
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  Speaker 2: Our two here on the Financial Exchange. It is Chuck,
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  Speaker 2: Mark and talker with you, and we got markets kind
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  Speaker 2: of mixed today. The DAW is off almost one percent
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  Speaker 2: three hundred and sixty five points, the SMP is down
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  Speaker 2: twenty points, about a third of a percent, of the
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  Speaker 2: Nasdaq up just to touch about thirteen basis points twenty
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  Speaker 2: eight points. Right now. It is up, being largely driven
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  Speaker 2: by Google, er Alphabet, or whatever the heck they're called
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  Speaker 2: these days. They're up almost four percent on the back
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  Speaker 2: of some new AI features that were announced yesterday. I
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  Speaker 2: don't know if being able to make photorealistic movies using
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  Speaker 2: a very basic prompt is something that is going to
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  Speaker 2: be good for humanity. In fact, I suspect it's going
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  Speaker 2: to be general awful for us, But people like it
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  Speaker 2: today for the stock, and so the stock is U
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  Speaker 2: have either guys seen like what they announced yesterday.
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  Speaker 3: It was like some sort of AI search thing.
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  Speaker 1: I don't know.
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  Speaker 2: So the big one that I saw, it's something called
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  Speaker 2: I don't know if it's peru, Vio or Veo, but
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  Speaker 2: veo uh, and it is a video generating AI model
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  Speaker 2: that can create video and audio that goes with it
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  Speaker 2: with very basic prompts, and some of the stuff that
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  Speaker 2: I've then seen created as a result of it is
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  Speaker 2: to the point where in somewhere, you know, in the
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  Speaker 2: range of you know, eight to ten minutes from now,
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  Speaker 2: adults are gonna, you know, start viewing this stuff everywhere,
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  Speaker 2: and we're not gonna know what's real and what isn't,
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  Speaker 2: and so we're basically gonna have to turn the Internet off.
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  Speaker 2: That's kind of where this is going. I honest, I
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  Speaker 2: don't know why this is useful to anyone. I realized
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  Speaker 2: that we need to talk more about what markets are doing.
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  Speaker 2: But in what world is it a good thing to
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  Speaker 2: allow to build technology that allows people to make photo
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  Speaker 2: realistic video just from text that you're writing? What what
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  Speaker 2: what what? What? What are we doing here? Hmm? Like
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  Speaker 2: that all the geniuses that are out there and they're like, yeah,
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  Speaker 2: what could go wrong with with this? You realize they're
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  Speaker 2: gonna kill Like they're going to end up killing their
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  Speaker 2: own company because no one's gonna trust the internet.
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  Speaker 3: Yeah, I mean, you question everything now You've see on
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  Speaker 3: social media like twice.
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  Speaker 2: I mean, like I see Tucker standing in front of me.
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  Speaker 2: I'm not even sure if he's real.
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  Speaker 3: Yeah, I'm at home on the couch, really right, this
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  Speaker 3: isn't me.
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  Speaker 2: So I don't know. Like this, this really sees like
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  Speaker 2: a big stupid problem quite honestly, Like I'm.
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  Speaker 4: Kind of what problem does it?
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  Speaker 2: I'm kind of upset about this, to be honest, And
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  Speaker 2: it's just because it's like what what's the point? Like
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  Speaker 2: what what do you? Oh, well, we can charge two
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  Speaker 2: hundred and fifty dollars a month, So someone's gonna pay
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  Speaker 2: two hundred and fifty dollars a month to make all
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  Speaker 2: the photorealistic videos they want and you don't see anything
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  Speaker 2: that could possibly go wrong with this, And just as
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  Speaker 2: an example of what can go wrong with this, someone
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  Speaker 2: who I follow through various different social media platforms already
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  Speaker 2: I'm trying to find the exact prompt that they used.
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  Speaker 2: But like you know, all the things are like, oh, well,
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  Speaker 2: you can't use you know, someone's real name and this
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  Speaker 2: and that, and all you can do is like just
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  Speaker 2: change the words around a little bit and you can
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  Speaker 2: basically get there. But somebody already made a fake video
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  Speaker 2: of a British news anchor saying that JK Rowling's yacht
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  Speaker 2: was sunk with her on board when it was attacked
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  Speaker 2: by a herd of orcas. This obviously did not happen,
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  Speaker 2: But the way they got around this was just by
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  Speaker 2: instead of writing like JK Rowling, they spelled like Jake
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  Speaker 2: Hey rawl ng and like that was enough to get
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  Speaker 2: past the AI filters. So again we're going to have
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  Speaker 2: you know, fake news anchors that are saying that, like,
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  Speaker 2: you know, Chuck Zada was beaten by a group of
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  Speaker 2: angry toenails yesterday and you know he's in critical condition
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  Speaker 2: and is currently receiving plasma from the sun in order
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  Speaker 2: to help with his recovery. I don't know. I feel
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  Speaker 2: like we just live in the stupidest timeline.
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  Speaker 3: It's getting dumber.
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  Speaker 2: It's getting dumber, and honestly, at some point we just
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  Speaker 2: need to go find the off switch for the Internet.
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  Speaker 3: And use it or reset he said button.
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  Speaker 2: We tried. It's do we know, but we should. It's
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  Speaker 2: just attempted to like someone just needs to turn the
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  Speaker 2: Internet off and start over.
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  Speaker 3: Unplug it, plug it back in. Yeah, reboot it.
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  Speaker 2: Yep, reboot it. Bow on it a little bit. You know,
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  Speaker 2: maybe the cartridge is just a little dirty, like a
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  Speaker 2: Nintendo exactly, and then plug it back in and see
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  Speaker 2: if it works. Because this Internet, I gotta say, it's
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  Speaker 2: kind of starting to suck.
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  Speaker 3: Kind of.
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  Speaker 2: There's some redeeming aspects to it. Still, there are some
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  Speaker 2: redeeming aspects to it. But man, when when we're just like, hey,
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  Speaker 2: for two hundred and fifty dollars a month, you can
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  Speaker 2: generate all the photorealistic videos you want and just have
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  Speaker 2: all kinds of you know, stuff that that gullible people
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  Speaker 2: are gonna believe. I don't know, man, because here's the thing.
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  Speaker 2: Isn't like the last bastion of what we believe to
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  Speaker 2: be truth? Well, it was caught on video? Not anymore, right,
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  Speaker 2: not any Like how how can you prove anything.
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  Speaker 4: The old fashioned way? I guess evidence and witnesses.
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  Speaker 2: Which is why I say, like, we're gonna have to
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  Speaker 2: just turn the whole thing off, the whole Internet. We
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  Speaker 2: got to turn it off.
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  Speaker 3: Yeah, I mean, you see verification now of social media accounts,
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  Speaker 3: whether it's Instagram or x or whatever. You know, you
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  Speaker 3: see that check mark there. You're gonna get to the
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  Speaker 3: point now where somebody's gonna have to go through the
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  Speaker 3: video and have some sort of watermark there and be
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  Speaker 3: like verified real.
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  Speaker 2: Yeah, it's gonna be really dodgy. I don't know how
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  Speaker 2: we get through this with the Internet continuing to exist,
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  Speaker 2: because they're gonna kill it if they keep doing this stuff.
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  Speaker 2: And people say, well, oh, like someone else could come
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  Speaker 2: up with it, I don't know. It took Google, with
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  Speaker 2: all the money they have, like three years to come
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  Speaker 2: up with this pretty good idea that like Jim Smith
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  Speaker 2: in his garage, is not gonna be able to do
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  Speaker 2: it faster than them because he hasn't.
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  Speaker 3: Somebody said, uh, text in into the show at six
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  Speaker 3: one seven three six two thirteen eighty five. I agree
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  Speaker 3: one hundred percent. Ever since AI came out, I don't
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  Speaker 3: believe half the videos.
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  Speaker 2: And that person's probably a bot that texted in too.
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  Speaker 2: Even the AI doesn't trust itself. AI listeners we have,
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  Speaker 2: Even the AI listeners we have don't trust themselves. That's
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  Speaker 2: where we are continuing through markets. The tenuere treasury is
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  Speaker 2: down four point eight basis points to four point five
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  Speaker 2: two nine percent. Uh. We have crude oil West Text
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  Speaker 2: Intermediate down eight cents a barrel today to sixty one
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  Speaker 2: ninety five, so not a ton of movement on that front.
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  Speaker 2: And we've got gold up twenty three twenty announced to
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  Speaker 2: thirty three oh seven and eighty cents. Also, Platinum wakens
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  Speaker 2: making some waves the last couple days, up almost five
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  Speaker 2: percent yesterday and nearly three percent today on news of
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  Speaker 2: something related at the Platinum I don't follow it, so
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  Speaker 2: I don't know why. I just saw it moving and said, oh,
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  Speaker 2: like gee, that's kind of interesting. So let's take a
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  Speaker 2: quick break here. When we come back, no more AI talk. Instead,
• 9:12
  Speaker 2: we're talking about something real. Specifically, it's got real in
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  Speaker 2: the name and a state in the name. That's right,
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  Speaker 2: We're talking real estate. When we come back.
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  Speaker 1: By the way, and.
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  Speaker 3: Today is Al Franklin's seventy fourth birthday. Franken was one
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  Speaker 3: of the original writers for Saturday Night Live, but left
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  Speaker 3: the show in nineteen eighty when he wasn't selected to
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  Speaker 3: succeed Lorne Michaels as executive producer. Franken returned to SNL
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  Speaker 3: in nineteen eighty five and stayed on until ninety five,
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  Speaker 3: when he resign after not receiving the vacant weekend Update position.
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  Speaker 3: So trivia question today who became the weekend update anchor
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  Speaker 3: instead of Al Franken? In nineteen ninety five, once again,
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  Speaker 3: who became the weekend Update anchor instead of Al Franken
• 11:18
  Speaker 3: back in nineteen ninety five. Be the fourth person today
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  Speaker 3: to text us at six one seven three six two
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  Speaker 3: thirteen eighty five with the correct answer, and you win
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  Speaker 3: seven three six two thirteen eighty five, we'll win that
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  Speaker 3: T shirt. See complete contest rules at Financial Exchange Show
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  Speaker 3: dot com.
• 11:42
  Speaker 2: Did you guys see that the the kangaroo got loose
• 11:45
  Speaker 2: again in uh? Colorado?
• 11:48
  Speaker 1: What?
• 11:51
  Speaker 2: Someone in Durango, Colorado owns a pet kangaroo. It got
• 11:55
  Speaker 2: loose last fall. It was loose again early this week
• 11:58
  Speaker 2: and police had to go and catch it. They literally
• 12:02
  Speaker 2: this like police officer had to go and basically hug
• 12:04
  Speaker 2: this kangaroo after like chasing it through the streets to
• 12:07
  Speaker 2: catch it and bring it back to its owner.
• 12:11
  Speaker 3: That's gonna be tough to catch things throwing haymakers NonStop.
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  Speaker 2: Probably it actually so it. I watched the video again.
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  Speaker 2: This is assuming that it's real and not a creation
• 12:19
  Speaker 2: of whatever the internet's doing these days. But yeah, they
• 12:25
  Speaker 2: caught this kangaroo. He basically like cornered it in like
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  Speaker 2: a in an alley way and it just kind of
• 12:31
  Speaker 2: stopped and he just kind of gently leaned in and
• 12:33
  Speaker 2: hugged it and picked it up. Then it was kind
• 12:35
  Speaker 2: of touching.
• 12:36
  Speaker 4: Actually does not work with other animals. No, bears, you wouldn't.
• 12:41
  Speaker 2: I mean, look, I figured, you know, the thing would
• 12:43
  Speaker 2: just start, you know, jumping and kicking and you know,
• 12:46
  Speaker 2: throwing roundhouse on.
• 12:48
  Speaker 3: But it turned out he just saw. You're allowed to
• 12:50
  Speaker 3: own a kangaroo.
• 12:52
  Speaker 2: I mean, here's the thing. I figure you have to
• 12:54
  Speaker 2: be at least in Colorado because otherwise the first time
• 12:57
  Speaker 2: it got loose, they probably wouldn't have given it back.
• 13:02
  Speaker 3: It's gotta be some sort of exotic pet license you
• 13:05
  Speaker 3: have to get or something I would imagine.
• 13:07
  Speaker 2: I mean, here's the thing, what do you do with it?
• 13:10
  Speaker 2: What's the upside of owning a kangaroo? I don't know,
• 13:13
  Speaker 2: like what's the best case scenario that happens? You know,
• 13:18
  Speaker 2: like I don't think they are particularly cuddly. They can't
• 13:22
  Speaker 2: help you with work.
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  Speaker 3: So this kangaroo is two years old. By age four
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  Speaker 3: or five, kangaroos can grow taller than most men in
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  Speaker 3: weigh two hundred pounds. No upside, No upside, seems like
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  Speaker 3: a hassle.
• 13:35
  Speaker 2: Things is gonna be knocking, you know, things off the
• 13:37
  Speaker 2: wall and everything. Do you use a litter box? Do
• 13:42
  Speaker 2: you walk it a litter box? Do you potty train
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  Speaker 2: the thing?
• 13:48
  Speaker 1: Like?
• 13:48
  Speaker 2: What do you do? I don't know. This brings us
• 13:53
  Speaker 2: to our segment about why home sellers are dropping their
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  Speaker 2: prices too many kangaroos? No, so really we got a
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  Speaker 2: piece for barons. It's tyle. Home sellers are dropping prices,
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  Speaker 2: but buyers aren't budging. What could change that? And really
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  Speaker 2: it's kind of a couple things that could in either direction.
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  Speaker 2: The first is, hey, if rates move up further, you're
• 14:16
  Speaker 2: gonna have you know, potential buyers budging even less, they're
• 14:19
  Speaker 2: gonna be digging in their heels saying no, I can't
• 14:21
  Speaker 2: afford this. This lays out the case though that hey,
• 14:24
  Speaker 2: if there is some kind of economic slowdown, rates could
• 14:27
  Speaker 2: come down into the low sixes, maybe even touch the
• 14:29
  Speaker 2: high fives. Could that be good for the housing market?
• 14:32
  Speaker 2: And the answer is in some areas, but generally, when
• 14:36
  Speaker 2: you have a recession, it also SAPs demand for things
• 14:39
  Speaker 2: like housing. And so it's not like you get people
• 14:41
  Speaker 2: just jumping up and down to buy a house when
• 14:42
  Speaker 2: they're nervous about loosing their job.
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  Speaker 4: Yeah. I think when you're looking at any market, whether
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  Speaker 4: it's real estate or cars, you name it, you need
• 14:51
  Speaker 4: to think about both supply and demand. Over the past
• 14:55
  Speaker 4: several years' home prices are up since roughly twenty twenty,
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  Speaker 4: up a little over fifty percent. Inflation is up about
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  Speaker 4: twenty five percent over the same period, so in real terms,
• 15:05
  Speaker 4: up about twenty five percent. Outside of the housing bubble
• 15:10
  Speaker 4: of the early two thousands, that growth rate is unprecedented. Granted,
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  Speaker 4: I'm only looking back to the mid nineteen eighties, which
• 15:17
  Speaker 4: is when the case Shiller index, which is what I'm
• 15:19
  Speaker 4: looking at of here, starts. So growth in prices has
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  Speaker 4: been extraordinary. Has it been supply or demand or both.
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  Speaker 4: We're very quick to blame supply or lack thereof, but
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  Speaker 4: I'm going to argue that it could be a demand
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  Speaker 4: problem too. It could be an excess demand problem. Population
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  Speaker 4: is barely budged in Massachusetts at least.
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  Speaker 2: Go ahead, No, No, this is actually really interesting.
• 15:40
  Speaker 4: Keep going, well, this is not really my insight. Researchers
• 15:44
  Speaker 4: frequently struggle with looking at various price quantity pairs. If
• 15:52
  Speaker 4: you put these in a little graph and think about
• 15:55
  Speaker 4: what supply and demand. I drew them in different directions
• 15:57
  Speaker 4: with my hand. Fine, but anyway, you know nobody's watching anyway, Sorry, Ben.
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  Speaker 4: If you think about what supply and demand look like,
• 16:03
  Speaker 4: it's very hard to tease out from a bunch of
• 16:05
  Speaker 4: price quantity points, a supply and a demand curve. You
• 16:07
  Speaker 4: don't really know which is moving. This is a classic
• 16:11
  Speaker 4: problem in economics that goes back one hundred years. There
• 16:14
  Speaker 4: are ways to solve it, but those ways are challenging
• 16:17
  Speaker 4: and complicated. So for all the talk about lack of supply,
• 16:22
  Speaker 4: there's a chance that this is actually an excess demand,
• 16:26
  Speaker 4: not a supply problem. And to your point, what happens
• 16:29
  Speaker 4: during a recession demand shifts. I'm going to say to
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  Speaker 4: the left. That's a little technical, but you know what
• 16:34
  Speaker 4: I mean. Demand shifts the left. It falls, demand goes down,
• 16:38
  Speaker 4: thank you? Is the human way to say that demand
• 16:41
  Speaker 4: goes down, supply probably goes up because people are losing
• 16:46
  Speaker 4: their jobs. Unfortunately, this is not conducive true sellers.
• 16:50
  Speaker 2: Yeah yeah, right, yeah.
• 16:52
  Speaker 4: This is not conducive to home prices going up or
• 16:55
  Speaker 4: even sales going up. So be careful what you wish for.
• 16:59
  Speaker 4: If you're hope for an increase in supply or reduction
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  Speaker 4: in demand. I don't think either one of those things
• 17:05
  Speaker 4: are consistent with the economic that that that a healthy
• 17:08
  Speaker 4: housing market is consistent with the economic environment required to
• 17:12
  Speaker 4: better balance those two forces.
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  Speaker 2: The other piece that I think is interesting just to
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  Speaker 2: watch in terms of where home price is going, and
• 17:21
  Speaker 2: this is, you know, I often kind of poo pooed
• 17:26
  Speaker 2: demographic trends as something that you need to really pay
• 17:30
  Speaker 2: too much attention to because most of the time, on
• 17:34
  Speaker 2: like most people's timelines for what they're looking at in markets,
• 17:39
  Speaker 2: it just doesn't move quickly enough for it to matter.
• 17:42
  Speaker 2: But I do think there's something interesting when it comes
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  Speaker 2: to baby boomers getting older and what it means for
• 17:52
  Speaker 2: the inventory of homes coming on the market, and they're
• 17:59
  Speaker 2: chill's ability and or desire to own those homes into
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  Speaker 2: the future. And what I mean by that is, let's
• 18:10
  Speaker 2: say there's some homes that I don't think the next
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  Speaker 2: generation is necessarily going to want to own. As an
• 18:16
  Speaker 2: example sad situation, you look at West Virginia and young
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  Speaker 2: people have been fleeing that state for years. It's a
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  Speaker 2: huge problem. You just don't have enough people staying in
• 18:26
  Speaker 2: West Virginia to keep the economy viable in a lot
• 18:30
  Speaker 2: of those small towns. If Jim and Jane Smith pass away,
• 18:37
  Speaker 2: are there kids going to want to keep the family
• 18:40
  Speaker 2: home in West Virginia? Real question. You can substitute West
• 18:44
  Speaker 2: Virginia for a lot of rural towns throughout the country.
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  Speaker 2: But I use that just as an example because it's
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  Speaker 2: one we're really familiar with. So in that case, you
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  Speaker 2: might say, look, there's no desire to great there's this
• 18:55
  Speaker 2: inventory on the market, but who's gonna buy it? And
• 18:58
  Speaker 2: how much of those prices continue to slide them? The
• 19:01
  Speaker 2: other one is, hey, mom and dad passed away and
• 19:05
  Speaker 2: they've got this great house on the cape, but we
• 19:10
  Speaker 2: can't afford it because we don't make enough to be
• 19:12
  Speaker 2: able to continue to live there. We need to sell that.
• 19:16
  Speaker 2: Are there enough people that are going to want to
• 19:19
  Speaker 2: buy to keep those prices up in certain really desirable areas?
• 19:23
  Speaker 2: The answer still will be yes, and others the ANSWER's
• 19:26
  Speaker 2: gonna be we have to see take a quick break
• 19:29
  Speaker 2: when we come back. We got trivia the answer to it.
• 19:32
  Speaker 2: After this.
• 19:41
  Speaker 1: Bringing the latest financial news straight to your radio every day.
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• 20:00
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• 20:08
  Speaker 3: Trinted question today was who became the Weekend Update anchor
• 20:13
  Speaker 3: instead of Alf Rankin in nineteen ninety five. That'll be
• 20:17
  Speaker 3: the one and only and late Norm MacDonald. Tom from Winchester,
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• 20:36
  Speaker 2: I want to talk a little bit about this piece
• 20:38
  Speaker 2: from the Financial Times. It's titled in Video Chief Jensen
• 20:42
  Speaker 2: Huang condemns the US chip curbs on China as a failure,
• 20:46
  Speaker 2: and I'll quote from it here. In video Chief Jensen
• 20:49
  Speaker 2: Wang has condemned US export controls designed to limit China's
• 20:52
  Speaker 2: access to artificial intelligence chips as a failure. That's burg failure,
• 20:56
  Speaker 2: Thank you, Mark, that's burred Chinese rivals to excel development
• 21:01
  Speaker 2: of their own products. In a strongly worded criticism of
• 21:05
  Speaker 2: chip policies pursued by successive US administrations, Chief Executive of
• 21:09
  Speaker 2: the world's leading AI processor maker also criticized Washington's decision
• 21:13
  Speaker 2: to ban an Nvidio product design specifically for the Chinese market,
• 21:17
  Speaker 2: and basically saying, look, because you wouldn't let the Chinese
• 21:22
  Speaker 2: use our chips, they went out and came up with
• 21:25
  Speaker 2: their own stuff, to which I say, yeah, that was
• 21:28
  Speaker 2: kind of the plan. Like they China obviously was not
• 21:32
  Speaker 2: just going to sit there and be like, well, gee, golly,
• 21:35
  Speaker 2: you know we can't do anything now. I guess we'll
• 21:38
  Speaker 2: just call it a day and give up. The point is,
• 21:41
  Speaker 2: if you have someone that you view as an adversary
• 21:43
  Speaker 2: with potential national security concerns, you probably don't want to
• 21:47
  Speaker 2: give them some of this most sensitive technology that your
• 21:50
  Speaker 2: country produces. And even if it impacts that company's ability
• 21:56
  Speaker 2: to sell into the country, it still maybe in the
• 21:59
  Speaker 2: best interest of your country and the world to force
• 22:02
  Speaker 2: them to come up with their own ways of doing
• 22:04
  Speaker 2: things and not just sell them the technology.
• 22:08
  Speaker 4: Yeah, their methods may not be proven, so I understand
• 22:11
  Speaker 4: his point, but I don't know if the objective was
• 22:13
  Speaker 4: to ensure that they never evolved their chips. The objective
• 22:17
  Speaker 4: was to make it harder, and it probably did to
• 22:19
  Speaker 4: get them to divert capital from other areas, which it
• 22:22
  Speaker 4: probably did. So it was an inevitability that they would
• 22:26
  Speaker 4: develop an alternative, but it took time, it took resources.
• 22:30
  Speaker 4: It may not be as good, and hey, at least
• 22:33
  Speaker 4: at the end of the day, we're not you know,
• 22:34
  Speaker 4: signing our own death warrant so to speak. I don't
• 22:37
  Speaker 4: mean to be dramatic. We're not at war, so most
• 22:40
  Speaker 4: experts think we probably will be in the next ten years.
• 22:42
  Speaker 4: So let's let's not make that easier for them.
• 22:46
  Speaker 2: And Wang says, look if the quote umcgett. He says,
• 22:48
  Speaker 2: if the US wants to stay ahead, we need to
• 22:50
  Speaker 2: maximize and accelerate our diffusion meeting our proliferation of you know,
• 22:54
  Speaker 2: our AI technology into other parts of the world not limited.
• 23:00
  Speaker 2: And I'm just not sure that I buy that when
• 23:04
  Speaker 2: you have a country that has, you know, real national
• 23:07
  Speaker 2: security concerns. I mean, granted, like computer chips on their own,
• 23:11
  Speaker 2: they're not weapons, but clearly we can see how AI
• 23:16
  Speaker 2: could be used for nefarious purposes by you know, actors
• 23:20
  Speaker 2: with bad intentions, and so I don't think it's much
• 23:24
  Speaker 2: of a stretch to be like, hey, maybe we shouldn't
• 23:27
  Speaker 2: sell this stuff directly into China. It's not crazy to think.
• 23:34
  Speaker 4: That, Hey, on their own, they're not weapons, But neither
• 23:37
  Speaker 4: is the steel that goes into a gun or whatever,
• 23:40
  Speaker 4: other metals and materi of the plastics on the grip.
• 23:43
  Speaker 4: And I mean, you know, give me a break, correct.
• 23:46
  Speaker 2: So I I don't know. I don't really have a
• 23:49
  Speaker 2: ton of sympathy for this view of ge The US
• 23:52
  Speaker 2: government wouldn't let us, you know, sell stuff into China,
• 23:54
  Speaker 2: and now we've lost our edge. Well, I don't know,
• 23:58
  Speaker 2: try to maintain your edge, then continue innovating. You know,
• 24:01
  Speaker 2: it's again, what do you think the Chinese were gonna do?
• 24:04
  Speaker 2: Just give up? I just don't know.
• 24:08
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• 25:10
  Speaker 2: I want to talk a little bit about this news
• 25:12
  Speaker 2: out of Toyota. They announced their redesigned twenty twenty six
• 25:16
  Speaker 2: RAV four yesterday and interesting to me and that it
• 25:20
  Speaker 2: becomes now their second vehicle that they've redesigned in the
• 25:23
  Speaker 2: last two years that is going to only be offered
• 25:26
  Speaker 2: in hybrid version. The Toyota Camera now only comes in
• 25:31
  Speaker 2: hybrid versions, and the RAV four, beginning with the upcoming
• 25:35
  Speaker 2: model year, will be the same. They'll have both a
• 25:38
  Speaker 2: conventional hybrid as well as a plug in hybrid where
• 25:40
  Speaker 2: you get fifty miles of electric before it kicks over
• 25:42
  Speaker 2: to the conventional hybrid. At that point. But this now
• 25:47
  Speaker 2: means that Toyota's two best selling vehicles are going to
• 25:51
  Speaker 2: both be available hybrid only, And this to me is
• 25:54
  Speaker 2: interesting given a few different things. The first is Toyota
• 26:00
  Speaker 2: four or five years ago, when everyone else was trying
• 26:02
  Speaker 2: to go all ev they bucked the trend in their stock,
• 26:05
  Speaker 2: got punished for it, and now they're being rewarded for not,
• 26:07
  Speaker 2: you know, jumping the gun too far in that direction.
• 26:11
  Speaker 2: But what is interesting to me is that these are
• 26:14
  Speaker 2: their two most popular models now. The Raft four last
• 26:16
  Speaker 2: year sold four hundred and thirty four thousand vehicles in
• 26:20
  Speaker 2: the United States. The Camera was two hundred and ninety
• 26:23
  Speaker 2: thousand vehicles in the United States. Between the two of them,
• 26:26
  Speaker 2: they make up about half of Toyota's entire sales in
• 26:30
  Speaker 2: the United States, including the Lexus brand as well, which
• 26:34
  Speaker 2: falls under their umbrella. So I do find it notable
• 26:37
  Speaker 2: that pretty much at this point half of Toyota's sales
• 26:41
  Speaker 2: are going to only be available in hybrid. The CNA
• 26:43
  Speaker 2: minivans also there as well right now, but they only
• 26:46
  Speaker 2: sell sixty six thousand of those a year, so it's
• 26:48
  Speaker 2: not a huge number.
• 26:49
  Speaker 3: Mike's one of them.
• 26:50
  Speaker 2: Mike is one of them, you know, the big questions,
• 26:54
  Speaker 2: not even big questions. Look, I think this is where
• 26:56
  Speaker 2: Toyota is going, which is, hey, we've figured out how
• 26:59
  Speaker 2: to make these things pretty darn well and pretty darn
• 27:02
  Speaker 2: cost effectively. There's clearly demand from people who want better
• 27:08
  Speaker 2: gas mileage or something with you know, partial electrification technology
• 27:12
  Speaker 2: attached to it. And so this is going to be
• 27:15
  Speaker 2: the backbone of our lineup going forward. The vehicles to
• 27:19
  Speaker 2: watch in the future Highlander, Tacoma. I don't think you'll
• 27:25
  Speaker 2: see it on the Tundra, just because from a heavy
• 27:27
  Speaker 2: duty perspective, you might want to maintain options that are
• 27:30
  Speaker 2: not hybrid only. But again, here's the thing about hybrids
• 27:35
  Speaker 2: and how they're being deployed. Now. The conventional version that
• 27:38
  Speaker 2: we're all used to is, hey, i'm a little pre
• 27:41
  Speaker 2: as I'm driving around on these teeny tiny tires and
• 27:44
  Speaker 2: I got sixty horse power. Oh boy, hope I can
• 27:47
  Speaker 2: get up this hill. That's what we're used to. What
• 27:51
  Speaker 2: you might not know is that Toyota does already offer
• 27:54
  Speaker 2: hybrid versions of the Tundra, just as an example, except
• 27:58
  Speaker 2: what they use the highbrid engine four is actually to
• 28:02
  Speaker 2: provide more power when needed through the electric drive motor
• 28:06
  Speaker 2: and conventional internal combustion engine operating at the same time.
• 28:10
  Speaker 2: So you can do a couple different things with that.
• 28:12
  Speaker 2: The first is you can get rid of any lag
• 28:14
  Speaker 2: in the gas pedal when you're really you know, stepping
• 28:16
  Speaker 2: on it takes a little while for the RPMs to
• 28:19
  Speaker 2: move up, and obviously, like then you know, you finally
• 28:21
  Speaker 2: get the power. This you could say, no, like when
• 28:24
  Speaker 2: you get you know, when pressure comes, you know, in
• 28:27
  Speaker 2: x milliseconds in this hard start the electric motor right away,
• 28:31
  Speaker 2: give me that power right away, and then phase it
• 28:33
  Speaker 2: off as the gas engine comes in and you get
• 28:36
  Speaker 2: more consistent, more power you know, coming through that way.
• 28:39
  Speaker 2: So I think you can also look at this as, hey,
• 28:42
  Speaker 2: how can you deploy hybrids in different ways depending on
• 28:45
  Speaker 2: these specific needs, Because what you want from a Tundra
• 28:49
  Speaker 2: driver is going to be different from what you want
• 28:52
  Speaker 2: from a camera or Rev four driver. They're gonna have
• 28:55
  Speaker 2: different use cases, and so you can build the hybrid
• 28:57
  Speaker 2: system so that it's used differently in those ways. And
• 29:01
  Speaker 2: that's something that I do think you'll continue to see
• 29:03
  Speaker 2: Toyota doing. But I gotta tell you, they seem to
• 29:07
  Speaker 2: have really nailed this and they are, pardon the expression,
• 29:12
  Speaker 2: firing on all cylinders. Your thoughts more or not?
• 29:16
  Speaker 4: Firing on all cylinders?
• 29:17
  Speaker 2: Fire? Yeah, or you know, occasionally just using those electric
• 29:21
  Speaker 2: motors to get you where you need to go. Any
• 29:23
  Speaker 2: thoughts on.
• 29:23
  Speaker 4: This, No, I don't have any deep insight here. I'm
• 29:27
  Speaker 4: glad to hear that shallow. Let's take a quick break.
• 29:31
  Speaker 4: When we come back, we'll do stack Roulette.
• 29:35
  Speaker 1: This is your home for the most comprehensive coverage of
• 29:37
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• 29:40
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• 29:46
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• 30:32
  Speaker 2: Mark what do you got for me? For stack roulettes?
• 30:34
  Speaker 4: This is from Bloomberg. CBS offers bonuses to staff and
• 30:38
  Speaker 4: pizza parties against size to them to two stores staff
• 30:44
  Speaker 4: and stores that hit certain vaccine targets. So I didn't
• 30:50
  Speaker 4: realize this, but vaccines are a greater driver of this
• 30:53
  Speaker 4: could be the flu, It could be COVID greater driver
• 30:55
  Speaker 4: of profit than just about anything else, including a to
• 31:00
  Speaker 4: this article pharmacy, So a huge profit center the vaccines
• 31:05
  Speaker 4: represent and potentially waning demand. There's questions will the FDA
• 31:10
  Speaker 4: approve COVID vaccine for people under sixty five without pre
• 31:14
  Speaker 4: existing conditions and so forth could weigh heavily on CBS's
• 31:18
  Speaker 4: bottom line, at least in the short term. So they're adapting,
• 31:22
  Speaker 4: even in the absence of certainty regarding how the FDA
• 31:24
  Speaker 4: is going to come down on this, adapting by inducing
• 31:27
  Speaker 4: staff to maintain or increase if that's possible. I guess
• 31:32
  Speaker 4: vaccine rates some of that makes sense. I mean, you're
• 31:34
  Speaker 4: in the store to get your vaccine you're gonna buy
• 31:35
  Speaker 4: other stuff. But vaccines are inherently a big profit center
• 31:40
  Speaker 4: for pharmacies, which I did not know. I always thought
• 31:42
  Speaker 4: of it as a like a service, sort of like
• 31:45
  Speaker 4: getting your car inspected. You don't think of that as
• 31:47
  Speaker 4: a profit center, which I don't think it is for
• 31:49
  Speaker 4: service stations.
• 31:50
  Speaker 2: I'm trying to balance all of the conflicting thoughts in
• 31:54
  Speaker 2: my head on this, because on one hand, I look
• 31:57
  Speaker 2: at it and I go great, Like, you generally want
• 32:00
  Speaker 2: more people getting vaccinated against diseases that can hurt you.
• 32:03
  Speaker 2: It's a good thing. On the other hand, the incentivization
• 32:07
  Speaker 2: of any kind of medical procedure based on profit goals
• 32:11
  Speaker 2: for a specific company, you're kind of look at you
• 32:14
  Speaker 2: like not sure. That feels like too good to me
• 32:17
  Speaker 2: as a human being, Like that's that's kind of bad.
• 32:19
  Speaker 2: And then there's wow. So you're you know, screwing over
• 32:23
  Speaker 2: your pharmacists with lights staffing, and you know, basically like
• 32:25
  Speaker 2: you've prompted like a couple different you know, walkouts in
• 32:28
  Speaker 2: the last couple of years, and your idea is to
• 32:30
  Speaker 2: give them a pizza party, and instead of you know,
• 32:35
  Speaker 2: maybe staffing up to appropriate levels and things along those lines,
• 32:39
  Speaker 2: that feels, you know, kind of gross to me as well,
• 32:43
  Speaker 2: in a very just you know, companies not understanding how
• 32:49
  Speaker 2: humans work type of things. So I get a lot
• 32:52
  Speaker 2: of different thoughts going on.
• 32:53
  Speaker 4: But in this there what a research you will call
• 32:55
  Speaker 4: externalities associated with getting people vaccinated? Am I getting vaccinated
• 32:58
  Speaker 4: helps Hugh helps him. So in this case, I would
• 33:01
  Speaker 4: agree it could be sleazy. But if it's ye, if
• 33:04
  Speaker 4: it's transparent, and it's it's semi transparent. Here they don't
• 33:07
  Speaker 4: tell you what their margins are, only that they're higher
• 33:10
  Speaker 4: than on pharmacy. Uh and and and prescriptions. I don't
• 33:13
  Speaker 4: know why those two are different categories, but I.
• 33:16
  Speaker 2: Guess here's where I'd go with this. Instead of providing
• 33:21
  Speaker 2: the pizza party to your employees, Hey you got vaccinated.
• 33:26
  Speaker 2: Here's a slice.
• 33:28
  Speaker 4: Yeah, when I read the headline, I give it to.
• 33:29
  Speaker 2: The give it to the person, you know, like I
• 33:31
  Speaker 2: don't know, Yeah, give the person a slice, and while
• 33:34
  Speaker 2: you're on.
• 33:35
  Speaker 4: The way out, get a cholesterol drug.
• 33:37
  Speaker 2: Yeah, here's your lipator too, and you're you're good to go.
• 33:40
  Speaker 2: You know, it's a it's a three for one something
• 33:43
  Speaker 2: like that.
• 33:43
  Speaker 4: Yeah. I mean, in theory, we should the inducement it
• 33:47
  Speaker 4: is self evidently good to get vaccine, at least for
• 33:50
  Speaker 4: most people. I know opinions are shifting on that. But
• 33:54
  Speaker 4: you should need motivation to get a vaccine, right, some.
• 33:56
  Speaker 2: Of us need a little extra slice, you know.
• 33:58
  Speaker 4: And again I don't get I always get asked about
• 34:00
  Speaker 4: tetanus and I say, no, I'm not going to go
• 34:03
  Speaker 4: play in a junk yard. Do you get asked for
• 34:05
  Speaker 4: that at your annual physical? Hey, you haven't had a
• 34:07
  Speaker 4: tennis shot in X number of years? Yet ten years
• 34:09
  Speaker 4: you get your tetanus? Okay, okay, do.
• 34:12
  Speaker 2: You know what tennus does to you?
• 34:13
  Speaker 4: No, sir, it's a good ps A. What is my future?
• 34:19
  Speaker 2: So?
• 34:20
  Speaker 4: So, what like hair loss and uh, excess weight because
• 34:24
  Speaker 4: I'm because I'm living that. No, it's is it Does
• 34:27
  Speaker 4: it get much worse?
• 34:27
  Speaker 2: No, age, It's typically not good. So basically, once you
• 34:32
  Speaker 2: have symptoms of tetanus, I believe that the fatality rate
• 34:35
  Speaker 2: is pretty high. And so because it's like muscle spasms
• 34:39
  Speaker 2: and stuff like that that get incredibly uncomfortable and prevent
• 34:42
  Speaker 2: you from doing things. You know, It's not just like hey,
• 34:44
  Speaker 2: here's a fever and you know call it a day.
• 34:47
  Speaker 2: It's you know, it's it's.
• 34:49
  Speaker 4: I wonder why they don't push harder, given that the
• 34:51
  Speaker 4: consequences are so dire.
• 34:53
  Speaker 2: It's there's just not much of it. Yeah, okay, let
• 34:56
  Speaker 2: me pull up like I don't think it happens very often. Yeah,
• 34:59
  Speaker 2: so here we go. So tennoscures in all parts of
• 35:03
  Speaker 2: the world in twenty fifteen. They're around two hundred and
• 35:05
  Speaker 2: nine thousand infections and fifty nine thousand deaths globally. So again,
• 35:09
  Speaker 2: like the mortality rate is high if you get it,
• 35:14
  Speaker 2: there's just not that much tetanus out there. It's again,
• 35:17
  Speaker 2: it's a bacteria. I don't know why it hangs out
• 35:20
  Speaker 2: around rusty nails. I'm not sure of that.
• 35:23
  Speaker 4: It eats the rust I guess obviously, it's not that
• 35:26
  Speaker 4: it likes it.
• 35:27
  Speaker 2: Let me see, here we go. It's it's the bacteria
• 35:30
  Speaker 2: is called Costridium tetani and it's a common soil bacteria
• 35:37
  Speaker 2: causative agent of tetanus, usually rod shaped and up to
• 35:41
  Speaker 2: two point five micrometers long, so you can't see them.
• 35:45
  Speaker 4: That would explain why I'm missing it.
• 35:46
  Speaker 2: You know, you know you don't see I'm just crawling
• 35:48
  Speaker 2: around like little worms and everything. And let's see blah
• 35:52
  Speaker 2: blah blah roll in disease. It's frequently benign in the
• 35:57
  Speaker 2: soil or intestinal tracts of animals, but it can occasionally
• 36:01
  Speaker 2: cause the disease tetanus. It typically happens when spores enter
• 36:05
  Speaker 2: the body.
• 36:05
  Speaker 4: Through a wound, if you gardening or so.
• 36:08
  Speaker 2: Basically, this stuff is everywhere. It's fine if it's in
• 36:11
  Speaker 2: your gut, all right, But if it gets into your blood,
• 36:15
  Speaker 2: it's bad.
• 36:16
  Speaker 4: Okay.
• 36:16
  Speaker 2: Which I think the other name for tetnus used to
• 36:19
  Speaker 2: be blood poisoning, right, or is that something else? That
• 36:23
  Speaker 2: might be something else.
• 36:24
  Speaker 4: Don't give me anything else to worry about today, Chuck.
• 36:26
  Speaker 4: You've already given me a lot to think about.
• 36:27
  Speaker 2: In any case, Yeah, that's something else else, Okay, I thought, so,
• 36:32
  Speaker 2: I don't know. That's That's all I have on tetanus
• 36:35
  Speaker 2: is it's not good if you get it. I know
• 36:37
  Speaker 2: that much. Fortnite is back in the app store for Apple.
• 36:43
  Speaker 2: They restored. It's been gone for five years, by the way,
• 36:45
  Speaker 2: and this kicked off a huge lossuit between Epic Games
• 36:49
  Speaker 2: and Apple. I'll quota from The New York Times. Last month,
• 36:52
  Speaker 2: a judgment the US District Court of Northern California ruled
• 36:55
  Speaker 2: Apple cannot reject apps for including links to outside payment
• 36:58
  Speaker 2: methods that enable helpers to avoid the app stores thirty
• 37:01
  Speaker 2: percent commission. Apple then told the games developer Epic Games,
• 37:07
  Speaker 2: days later that it had a contractual right to reject
• 37:10
  Speaker 2: an app from the store. Court document showed, but Apple
• 37:12
  Speaker 2: Epic said that Apple was circumventing the ruling. On Monday,
• 37:16
  Speaker 2: the judge called an Apple to reinstate Fortnite to the
• 37:18
  Speaker 2: App store or returned to court to prove it out
• 37:20
  Speaker 2: a legal basis for not doing so, and the next
• 37:22
  Speaker 2: day Fortnite was back on iPhones and it.
• 37:24
  Speaker 3: Is now number one of the top charts.
• 37:27
  Speaker 2: Not really surprising that this is very popular games where
• 37:31
  Speaker 2: this end it up? Is it still like really big?
• 37:34
  Speaker 3: Otherwise I always see random videos of it. Yeah, maybe
• 37:37
  Speaker 3: not as big as when it first debuted, but still
• 37:40
  Speaker 3: you know, relevant.
• 37:41
  Speaker 2: Because that's the thing. I mean, this game came out,
• 37:43
  Speaker 2: I want to say it was twenty seventeen, maybe twenty eighteen,
• 37:45
  Speaker 2: So you're talking about a game that's almost ten years
• 37:47
  Speaker 2: old now, and it's it's got some staying power in
• 37:51
  Speaker 2: a way that only a few games really do. I mean,
• 37:53
  Speaker 2: the ones with good online competition. Tend to have that.
• 37:57
  Speaker 2: You know, the original counter strike was one of those
• 37:59
  Speaker 2: that stuck around for you know, eight nine years. I'm
• 38:02
  Speaker 2: trying to think of other ones that are in the ballpark.
• 38:03
  Speaker 2: World of warcraft has been going for like twenty years now.
• 38:06
  Speaker 2: They just keep throwing more stuff on that pile. So
• 38:09
  Speaker 2: in any case, let's take a quick break for the
• 38:11
  Speaker 2: entire rest of the day. Dow's off three hundred and
• 38:13
  Speaker 2: five points, SMPS down six, Nasdaq up eighty, so mixed markets.
• 38:17
  Speaker 2: We'll see what tomorrow brings on the Financial Exchange.