Latest / Bloomberg Intelligence / Starbucks Says It’s Not Buying Chipotle, Dousing Deal Rumors

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Starbucks Says It’s Not Buying Chipotle, Dousing Deal Rumors · Bloomberg Intelligence

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  Speaker 3: We did have some reports last week that Starbucks was
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  Speaker 3: looking to buy Chipotle, but there's now a denial from
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  Speaker 3: the company. Starbucks saying it's not doing so. So tamping
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  Speaker 3: down the speculation about what could have been one of
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  Speaker 3: the restaurant sector's biggest ever deals. Red Brown is Bloomberg
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  Speaker 3: Consumer Reporter, and we start there because he covers the
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  Speaker 3: restaurant industry. I mean, everyone was all over this because Red,
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  Speaker 3: Brian Nickel, who runs Starbucks used to run Chipotle. So
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  Speaker 3: it kind of made sense that there'd be some kind
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  Speaker 3: of talk there or that there might be opportunity for more.
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  Speaker 2: Yeah, I think that was like the extent of the
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  Speaker 2: connection maybe was that Brian worked at both of them.
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  Speaker 2: So the company's obviously coming out pretty strongly saying that
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  Speaker 2: they're not buying Chipotle at the moment. Because I think
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  Speaker 2: a lot of like, if you read the analyst reports,
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  Speaker 2: which I have the pleasure of doing often, Um, everyone
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  Speaker 2: was kind of scratching their heads about like, what does
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  Speaker 2: this actually, does this make any sense? And like, you know,
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  Speaker 2: people were kind of really having to stretch to get
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  Speaker 2: to that, to, to kind of justify this, this deal. So, um,
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  Speaker 2: not too surprised, uh, with the news today that they're saying, actually,
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  Speaker 2: there's not much to this.
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  Speaker 6: It seems like the coffee burrito combo dreams are dead. Um,
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  Speaker 6: Starbucks does seem to be casting about a little bit.
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  Speaker 6: Maybe that's why the story took off. What kind of
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  Speaker 6: shape is Starbucks in right now?
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  Speaker 2: Starbucks is obviously going through this huge turnaround that Brian
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  Speaker 2: Nicol came in to institute. It's called Back to Starbucks.
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  Speaker 2: I think earlier this year, before the economy and the
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  Speaker 2: consumer health really started to wobble, there was the first
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  Speaker 2: moments of green shoots. We saw traffic coming back to Starbucks,
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  Speaker 2: which has been a, it was kind of the thing
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  Speaker 2: that everyone was like watching and waiting for. So like,
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  Speaker 2: that's been very positive for them. That's coming from, you know, quicker,
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  Speaker 2: better customer service, more friendly staff, better food, all these
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  Speaker 2: things that they're just trying to do, making the stores
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  Speaker 2: a little bit more approachable. So that is bearing fruit.
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  Speaker 2: But then obviously they've run into this wall of just
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  Speaker 2: the consumer health. So that's probably going to make this
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  Speaker 2: a little bit more difficult for them to navigate. It's
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  Speaker 2: not that clear yet that the plan is going to
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  Speaker 2: result in profitability. So that's kind of the next step
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  Speaker 2: for them. So maybe once we see that, once maybe
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  Speaker 2: the economy can be heading in the right direction, we
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  Speaker 2: might start to see that. Because it does sound like
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  Speaker 2: the foundation of what Brian Nickell and the team that
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  Speaker 2: he's assembled.
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  Speaker 5: There has been.
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  Speaker 2: Been, you know, bearing fruit. But, you know, some things
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  Speaker 2: are out of their control, obviously. So I guess it
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  Speaker 2: kind of remains to be seen whether or not it's
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  Speaker 2: the foundation is strong enough for them to sort of
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  Speaker 2: build on into the kind of mid-future here.
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  Speaker 3: Well, speaking of bearing fruit, you also have a story
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  Speaker 3: about how California winemakers, who are definitely struggling with a
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  Speaker 3: structural shift in tastes, a lot of people are no
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  Speaker 3: longer drinking wine the way they used to, are now
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  Speaker 3: coming up with an alternative. They're now looking to make
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  Speaker 3: an American version of tequila.
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  Speaker 2: Yeah.
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  Speaker 7: Yeah.
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  Speaker 2: So obviously like alcohol industry in general has been dealing
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  Speaker 2: with like a declining demand. But wine is actually probably
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  Speaker 2: being hit the hardest in that. It's kind of getting
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  Speaker 2: it from both ends of the generational spectrum. So younger
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  Speaker 2: people are not graduating into wine in the way that
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  Speaker 2: past generations have. Typically you go from like beer into
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  Speaker 2: wine would be your kind of next step as your
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  Speaker 2: palate develops. Um, and now we're also at the same
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  Speaker 2: time is that the older generation is actually cutting back, um,
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  Speaker 2: drinking as well. And that's sort of the bedrock of
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  Speaker 2: the wine industry. So I think that's something that's maybe
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  Speaker 2: a little bit less understood, but then throw on top
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  Speaker 2: of that, just what the wine industry did during pandemic.
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  Speaker 2: Like they expanded like rapidly, right? Because people were drinking
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  Speaker 2: a lot of wine that everyone's stuck home. You take
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  Speaker 2: the edge off, what have you. And so they built
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  Speaker 2: up their, their grape supplies tremendously, right? Like, um, so
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  Speaker 2: there's just this ton of wine sitting around that no
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  Speaker 2: one wants to buy. So to start to kind of
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  Speaker 2: figure out some alternative ways to utilize your land, diversify
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  Speaker 2: your revenue, there is this sort of budding group of farmers,
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  Speaker 2: now increasingly winemakers, who are looking to agave, which is
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  Speaker 2: obviously we all associate with tequila and mezcal and all
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  Speaker 2: those drinks, to maybe be a potential avenue for them
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  Speaker 2: to create essentially a market for what they're calling California
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  Speaker 2: agave spirits.
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  Speaker 1: You also make the.
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  Speaker 6: Point in your story about kind of some of the
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  Speaker 6: other forces hitting the wine market, including water and droughts,
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  Speaker 6: but also and the declining taste for wine, I guess.
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  Speaker 6: It seems like there's a lot of pressure on that land.
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  Speaker 6: That's expensive land, that farmland. And you make the point
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  Speaker 6: that vineyards are being kind of taken out as well.
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  Speaker 1: Is that part of the story?
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  Speaker 6: Do you think is Agave going to step in for
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  Speaker 6: all of this land or other things?
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  Speaker 2: I mean, that remains to be seen. So like we're
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  Speaker 2: just starting to see. So to address your first point
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  Speaker 2: about the sort of environmental impact. So like, yes, there
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  Speaker 2: is this sort of structural business side of things. It's
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  Speaker 2: like people don't want as much wine as they used to.
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  Speaker 2: But at the same time, growing wine is also as
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  Speaker 2: hard as it's ever been. So in California, obviously, it's
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  Speaker 2: well documented the sort of problems they have with water availability.
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  Speaker 2: Agave uses, I think, if I'm remembering correctly, two inches
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  Speaker 2: of water per year. So this is a plant that
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  Speaker 2: can just basically sustain on just natural rainfall, whereas grapes,
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  Speaker 2: I think it's 60 inches per year, which requires you
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  Speaker 2: to irrigate and have water supplies. But California as a
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  Speaker 2: state has been cutting back on the amount of water
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  Speaker 2: that you can use. There's a real nuts and bolts solution.
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  Speaker 2: I can just plant agave. It pretty much just sustains itself.
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  Speaker 2: It's native to the region and everything like that, too.
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  Speaker 2: It's a very robust plant as well. It doesn't take
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  Speaker 2: as much labor. Labor costs in California have, I think,
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  Speaker 2: tripled or something along those lines in recent times. It
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  Speaker 2: takes a lot of boxes for these people when it
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  Speaker 2: comes to actually just growing it. I'm forgetting the second
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  Speaker 2: part of your question.
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  Speaker 6: Is there other pressure on the land? Are we seeing other...
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  Speaker 6: vineyards being turned into other things as well as agave farms.
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  Speaker 7: Yeah.
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  Speaker 2: I mean, so I think that people are doing a
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  Speaker 2: lot of different things. So like, I think, um, the,
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  Speaker 2: one of the main characters of the story is Stuart Wolf.
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  Speaker 2: So he told me, he was telling me about how he's, um,
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  Speaker 2: leasing some of his land for, for solar panels.
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  Speaker 4: Right.
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  Speaker 2: So like, he doesn't just grow, he doesn't really grow
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  Speaker 2: grapes or anything like that. He's doing like pistachios and,
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  Speaker 2: you know, typical like California agriculture that we think of
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  Speaker 2: like tomatoes, things like that. So he's shifted some of
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  Speaker 2: that to areas that have more water, but also solar
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  Speaker 2: panels is another option. But he was also facing the
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  Speaker 2: prospect of just like just like doing nothing on this land, right?
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  Speaker 2: Just like leaving it dormant. So agave is a great
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  Speaker 2: option for people like that to kind of put in
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  Speaker 2: and make a cheap potential market.
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  Speaker 1: Stay with us.
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  Speaker 5: More from Bloomberg Intelligence coming up after this. You're listening
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  Speaker 7: All right.
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  Speaker 6: Well, it may be a sleepy trading day, but certainly
• 7:01
  Speaker 6: tech news is not stopping at all.
• 7:05
  Speaker 1: Absolutely.
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  Speaker 8: I feel like it's a continuous flurry. And this year
• 7:08
  Speaker 8: and really more recently past years, All the attention's been
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  Speaker 8: on tech in this market.
• 7:14
  Speaker 6: It's been driving the economy, it's been driving the markets,
• 7:16
  Speaker 6: and we are all now focused on tech news. Here
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  Speaker 6: to help us break down what is happening right now
• 7:22
  Speaker 6: is Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence.
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  Speaker 1: Welcome, Mandeep. And we should probably quickly say who we are.
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  Speaker 7: Oh, yes.
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  Speaker 6: I am Stacey Penick-Smith.
• 7:31
  Speaker 1: This is Bloomberg Intelligence. I'm Nora Melinda. And we're in
• 7:35
  Speaker 1: for Paul. Are you Paul or am I Scarlett? Or
• 7:38
  Speaker 1: am I Scarlett, you're Paul? You're in Scarlett's chair.
• 7:41
  Speaker 6: I am in Paul's chair, although I am sitting down,
• 7:43
  Speaker 6: which is not what Paul would ever do.
• 7:45
  Speaker 4: This is true.
• 7:46
  Speaker 6: He's a standing desk only man.
• 7:47
  Speaker 1: He loves to stand. That's true.
• 7:49
  Speaker 6: Thank you, Nora, for your kindness and walking me through
• 7:51
  Speaker 6: this day.
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  Speaker 1: All right, Mandeep.
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  Speaker 6: Welcome, and thank you for joining us.
• 7:58
  Speaker 7: Sure.
• 7:59
  Speaker 6: What are you watching right now in terms of tech news?
• 8:02
  Speaker 6: Looking at the sector right now, we are on the
• 8:05
  Speaker 6: cusp of yet another earnings season. What are you watching for?
• 8:07
  Speaker 4: I mean, we have so much news around data center financing,
• 8:12
  Speaker 4: and even just today, Hawk Tan talked about how he
• 8:18
  Speaker 4: thinks some investors are putting money in AI without realizing.
• 8:22
  Speaker 7: What the.
• 8:24
  Speaker 4: Long term is going to look like. So there is
• 8:27
  Speaker 4: a lot going on in terms of Microsoft launching its
• 8:30
  Speaker 4: own chips or, you know, Amazon looking to buy these companies.
• 8:34
  Speaker 4: But overall, it sounds like everyone is still quite optimistic about,
• 8:40
  Speaker 4: you know, the AI spend, what they're seeing in terms
• 8:43
  Speaker 4: of use cases. So the numbers when it comes to
• 8:47
  Speaker 4: the hyperscalers would be key around, you in cloud growth.
• 8:53
  Speaker 4: And I think that for me is a good validation
• 8:58
  Speaker 4: that companies are seeing ROI when it comes to this
• 9:01
  Speaker 4: huge CapEx. And a lot of this CapEx is coming
• 9:04
  Speaker 4: from the hyperscalers. So you want to make sure that
• 9:08
  Speaker 4: you're seeing that acceleration in their top line.
• 9:11
  Speaker 6: Do you feel like, I mean, I know there have
• 9:13
  Speaker 6: been both at the same time worries about a glut
• 9:15
  Speaker 6: of chips coming onto the market potentially, but also a
• 9:18
  Speaker 6: constraint because of data centers. How do you see those
• 9:22
  Speaker 6: issues playing out over 2027? Or do you think that
• 9:24
  Speaker 6: they're going to be issues?
• 9:27
  Speaker 4: I mean, overall, token spend continues to be quite robust.
• 9:32
  Speaker 4: So I think there are two things at play. One
• 9:35
  Speaker 4: is the token pricing is coming down. But then when
• 9:39
  Speaker 4: it comes to GPU rental prices and some of the
• 9:42
  Speaker 4: other data points, they are quite healthy. So Net-net, we
• 9:47
  Speaker 4: are still in that supply-demand mismatch where demand exceeds supply
• 9:51
  Speaker 4: for data center capacity, and everyone talks about ramping up
• 9:56
  Speaker 4: their CapEx for 2027. We would wait for that sort
• 9:59
  Speaker 4: of guidance. when companies report their 3Q numbers. But I
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  Speaker 4: think from all the signs that we have seen so far,
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  Speaker 4: everyone is looking to lock as much capacity as they can.
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  Speaker 4: So we're still in that supply-constrained environment.
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  Speaker 1: I wanted to take a quick look at Microsoft.
• 10:17
  Speaker 8: There's a story out in the Bloomberg terminal that Microsoft
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  Speaker 8: is preparing to put gigawatts of its chips in data centers.
• 10:23
  Speaker 8: And I'm just curious more broadly, the fact that it
• 10:25
  Speaker 8: wants to deploy its own chips at a gigawatt scale
• 10:28
  Speaker 8: next year and they're.
• 10:29
  Speaker 1: Called, is it Maya? Is that how you pronounce it?
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  Speaker 2: Okay.
• 10:32
  Speaker 1: Maya chips.
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  Speaker 8: How meaningful is this in terms of a potential threat
• 10:35
  Speaker 8: to the likes of NVIDIA?
• 10:38
  Speaker 4: I mean, look, for all these hyperscalers, what Google has
• 10:41
  Speaker 4: done in terms of vertical integration is the playbook to emulate. And,
• 10:47
  Speaker 4: you know, Google is now in its eighth version of,
• 10:51
  Speaker 4: you know, their TPUs, ninth version. And now they have
• 10:55
  Speaker 4: split training versus inferencing chips. So for Microsoft or Meta,
• 11:00
  Speaker 4: all these companies are still way behind when it comes
• 11:03
  Speaker 4: to incorporating their own chips in the tech stack. But
• 11:07
  Speaker 4: the risk of not doing anything is they become too
• 11:10
  Speaker 4: dependent on Nvidia, you know, as years go by. And
• 11:15
  Speaker 4: clearly the CapEx numbers seem to be growing at this
• 11:17
  Speaker 4: point of time. So for me, this is more about
• 11:21
  Speaker 4: staying in the game that they can make their own chips.
• 11:24
  Speaker 4: They're not going to meaningfully replace their Nvidia chips anytime soon.
• 11:28
  Speaker 4: But it's like if they're not... do anything about it now,
• 11:33
  Speaker 4: then basically they'll be reliant on NVIDIA for the foreseeable future.
• 11:37
  Speaker 4: So they have to keep making their own chips just
• 11:39
  Speaker 4: to make sure that they are making incremental progress, but
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  Speaker 4: they're nowhere close to where Google is at with its
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  Speaker 4: TPUs or where NVIDIA is at.
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  Speaker 6: This is such an interesting time because I feel like,
• 11:51
  Speaker 6: as you mentioned earlier, the technology is really still unfolding.
• 11:54
  Speaker 6: We don't know all the areas that it's going to change,
• 11:56
  Speaker 6: disrupt or alter forever. Given that, how do you see,
• 12:04
  Speaker 6: do you think that some of these stocks are overvalued?
• 12:06
  Speaker 6: I think that's the great fear in the markets right now,
• 12:08
  Speaker 6: that the earnings will come in at some point and
• 12:11
  Speaker 6: they won't match up or demand will fall. How concerned
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  Speaker 6: are you about that?
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  Speaker 4: I mean, we are talking about publicly traded names here, right?
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  Speaker 1: Yeah, yeah.
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  Speaker 4: So in the private market, obviously, there was a scale
• 12:22
  Speaker 4: around OpenAI's numbers, you know, whether it's 70 billion or
• 12:25
  Speaker 4: 50 billion. But when it comes to, you know, the
• 12:28
  Speaker 4: largest hyperscalers, These companies obviously are stepping up their capex.
• 12:34
  Speaker 4: It's going beyond their operating cash flows. But they have
• 12:39
  Speaker 4: very healthy underlying businesses that support that cash flow. So
• 12:46
  Speaker 4: if they're able to show their top line growth accelerate
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  Speaker 4: because of AI workloads... I think that will calm down
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  Speaker 4: a lot of the fears around CapEx. Again, these are the,
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  Speaker 4: you know, trillion dollar companies that are doing the CapEx,
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  Speaker 4: so with very healthy businesses. And I think that's where,
• 13:06
  Speaker 4: in terms of the current publicly traded names, the hyperscalers,
• 13:10
  Speaker 4: we're still good. But obviously, once OpenAnthropic are public, then
• 13:14
  Speaker 4: we'll be having a different conversation here.
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  Speaker 6: All right, Mandeep, thank you. Mandeep Singh is Global Tech
• 13:19
  Speaker 6: Research Head at Bloomberg Intelligence. And thanks so much.
• 13:23
  Speaker 1: Stay with us. More from Bloomberg Intelligence coming up after this.
• 13:30
  Speaker 5: You're listening to the Bloomberg Intelligence podcast. Catch us live
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  Speaker 5: weekdays at 10 a.m. Eastern on Apple CarPlay and Android
• 13:37
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• 13:40
  Speaker 5: you get your podcasts or watch us live on YouTube.
• 13:45
  Speaker 1: Well, you know, we've been focusing so much on tech.
• 13:47
  Speaker 8: And earlier in the program, we were talking about software stocks.
• 13:51
  Speaker 5: Yes.
• 13:52
  Speaker 8: Adobe, Salesforce, keeping an eye on both of those. We
• 13:55
  Speaker 8: did see Adobe being double downgraded at Wells Fargo. And essentially,
• 13:59
  Speaker 8: they're talking about cracks to.
• 14:01
  Speaker 1: Its growth story.
• 14:02
  Speaker 8: And software is really a space that we've really been
• 14:04
  Speaker 8: monitoring for quite some time as we continue to see
• 14:07
  Speaker 8: how the trade goes. And we're joined by Neeraj Patel,
• 14:10
  Speaker 8: and he is Bloomberg Intelligence Senior Software Analyst. So he
• 14:13
  Speaker 8: knows everything that's going on in that space. But we
• 14:17
  Speaker 8: also want to talk a little bit about AI agents
• 14:19
  Speaker 8: because this has also been something that's super topical as
• 14:21
  Speaker 8: of late. Neeraj, when we say AI agents, though, what
• 14:24
  Speaker 8: exactly are we talking about? And how is that different
• 14:28
  Speaker 8: from when, you know, thinking about ChatGPT that people use today?
• 14:32
  Speaker 8: Explain to us what this is and why we should
• 14:34
  Speaker 8: care right now.
• 14:37
  Speaker 7: Yeah, Nora, this is an interesting point. And we're transitioning
• 14:41
  Speaker 7: from the simple prompt approach. and answer co-pilots, chat GPT
• 14:45
  Speaker 7: type of interaction to more of persistent agents. And they're
• 14:49
  Speaker 7: going to take on responsibility in the enterprise, monitor your work,
• 14:53
  Speaker 7: decide and act, and proceed on your next set of tasks.
• 14:58
  Speaker 7: And that's the movement that's occurring. And how you get
• 15:02
  Speaker 7: there is really having broad implications on the architecture. Typically
• 15:07
  Speaker 7: in the past, you had a user interact with an
• 15:09
  Speaker 7: application and you got the work or process completed. Now
• 15:13
  Speaker 7: you have a user interface that is being debated. And
• 15:16
  Speaker 7: this is a big challenge for application software. which is
• 15:19
  Speaker 7: why you had mentioned Adobe and Salesforce. They're trying to
• 15:22
  Speaker 7: reinvent that audience capture. And once you move from the
• 15:27
  Speaker 7: user interface, then we're looking at a harness, which is
• 15:30
  Speaker 7: wrapped around the model, which is controlling a lot of
• 15:33
  Speaker 7: the issues that are surfacing today in terms of security, guardrails, permissions,
• 15:38
  Speaker 7: context management, before you get to the enterprise data, and
• 15:42
  Speaker 7: then you process a business action. So you're having the
• 15:46
  Speaker 7: whole process being consumed by AI agents.
• 15:49
  Speaker 6: I feel like when the conversation around jobs and AI
• 15:52
  Speaker 6: comes up, mostly the idea is that my company is
• 15:55
  Speaker 6: going to replace me with an AI, and less so
• 15:58
  Speaker 6: about whole companies that could potentially be replaced by AI.
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  Speaker 6: How big of a conversation is that in the software
• 16:05
  Speaker 6: industry right now?
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  Speaker 7: Yeah, Stacey, this is interesting in terms of Is your
• 16:12
  Speaker 7: job going to be safe with AI in the background?
• 16:16
  Speaker 7: And how much is AI going to take scope of
• 16:19
  Speaker 7: employee workers? So right now, we're not in the, our
• 16:23
  Speaker 7: company is going to exist, but you can see the disruption,
• 16:26
  Speaker 7: the software apocalypse that occurred in the first half of
• 16:29
  Speaker 7: the year. Now we've proceeded to more of a differentiation.
• 16:32
  Speaker 7: Who has some staying power? Who has a system of
• 16:34
  Speaker 7: record that's going to be accessed by these agents? and
• 16:37
  Speaker 7: whose utilization is going to increase versus who's going to
• 16:40
  Speaker 7: be disrupted by not just data and access, by actually
• 16:43
  Speaker 7: going through a workflow. If you can actually commit payroll
• 16:48
  Speaker 7: through ChatGPT or at the developer day at OpenAI, they
• 16:52
  Speaker 7: showed how plugins are natively surfacing applications as simply as
• 16:57
  Speaker 7: looking at weekly average user trends across this campaign. And
• 17:02
  Speaker 7: three applications that were permitted popped up and surfaced. So
• 17:06
  Speaker 7: that does not permit the application coming in. That disruption
• 17:10
  Speaker 7: to companies, that's still ahead of us, I think.
• 17:14
  Speaker 1: Neeraj, you bring up an interesting question in your research.
• 17:16
  Speaker 8: Does the AI agent live inside the application or does
• 17:20
  Speaker 8: the application eventually live inside the agent?
• 17:22
  Speaker 1: What does this mean for the future? Existential questions. What
• 17:27
  Speaker 1: does this mean for the future of software?
• 17:30
  Speaker 7: Yeah, that's a contention point right now. It depends who
• 17:34
  Speaker 7: is controlling the harness today. If the LLM providers, Anthropic, OpenEye,
• 17:40
  Speaker 7: Google's Gemini, if they're controlling this point of entry with
• 17:44
  Speaker 7: their user interface, they're going to be the beneficiaries. Apps
• 17:48
  Speaker 7: get pushed to the back end, just database access. Provide
• 17:51
  Speaker 7: us the information that you're storing, and the agents will
• 17:54
  Speaker 7: take care of the rest. If the SaaS-controlled players like Salesforce, AgentForce,
• 18:00
  Speaker 7: or HubSpot Breeze or SAP Joule. These platforms are trying
• 18:04
  Speaker 7: to incorporate that scope of the harness. They're trying to
• 18:07
  Speaker 7: do the context management, security permissioning, as we mentioned, and
• 18:11
  Speaker 7: they can move beyond being the backend, being more of
• 18:14
  Speaker 7: the user interface and interaction. As you trace an agent
• 18:18
  Speaker 7: through this business process, they can give you some of
• 18:21
  Speaker 7: that feedback and intelligence. Is the agent working properly, efficiently,
• 18:25
  Speaker 7: using fewer tokens? All that type of workflow information. So,
• 18:30
  Speaker 7: It's still up in play, I would say, so to
• 18:34
  Speaker 7: be continued.
• 18:35
  Speaker 1: What are you watching for for the rest of this year?
• 18:38
  Speaker 6: Are there any sort of signs that you're looking to
• 18:41
  Speaker 6: to tell us which direction we might be heading in?
• 18:44
  Speaker 7: Yeah, I think some of the initiatives out of OpenAI DevStay,
• 18:48
  Speaker 7: the agent API, we're going to watch that and see
• 18:50
  Speaker 7: how developer downloads accrue on a monthly basis. That is
• 18:54
  Speaker 7: their harness introduction from Codex. So they made that publicly available. Dots,
• 19:00
  Speaker 7: their kind of business agent, which is going to move
• 19:03
  Speaker 7: you from just a prompt action to this persistent worker agent.
• 19:07
  Speaker 7: in the enterprise. So we want to see what that
• 19:09
  Speaker 7: take-up is. And that's going to be like your personal
• 19:12
  Speaker 7: assistant that's going to do your PowerPoint, your Excel, your scheduling,
• 19:15
  Speaker 7: and a lot of tasks, maybe even expense report submission.
• 19:19
  Speaker 7: So we're going to see some of these new initiatives
• 19:21
  Speaker 7: that got released by OpenAI over the last month, see
• 19:25
  Speaker 7: how that takes off.
• 19:26
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