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US Manufacturing Activity Contracted in May for a Third Month · Bloomberg Intelligence

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  Speaker 2: Gonna right to Susan Spence. She's the chair of ISM Manufacturing.
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  Speaker 2: Susan talk to us about this. ISM Manufacturing came out
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  Speaker 2: at forty eight point five. The consensus was forty nine
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  Speaker 2: point five. Tell us what's going on?
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  Speaker 3: Good morning, Thank you for having me on.
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  Speaker 4: You know, unfortunately we have another month of contraction abouzero
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  Speaker 4: point two percent lower than last month, so forty eight
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  Speaker 4: point five.
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  Speaker 3: We are absolutely under consensus.
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  Speaker 4: What we're seeing and what our panelists are telling us,
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  Speaker 4: of course, is a continued issue with uncertainty in the
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  Speaker 4: market driven by terrorists. So this month, if I can
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  Speaker 4: talk about demand, outputs, and input, it's demand which is
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  Speaker 4: new orders, customer inventory, backlog, and new export orders. Three
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  Speaker 4: of those four indicators continue to contract. Backlog and new
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  Speaker 4: orders contracted a bit slower this month at a slower rate.
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  Speaker 3: New export orders.
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  Speaker 4: Not surprisingly took another plunge in an accelerated reduction at
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  Speaker 4: a three percentage points lower. So, in our view, the
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  Speaker 4: lack of new orders driven by that uncertain demand from
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  Speaker 4: the marketplace demand, the conflicts of who's going to pay
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  Speaker 4: for the tariff costs. The customer index for inventories does
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  Speaker 4: remain low.
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  Speaker 3: We always consider that positive.
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  Speaker 4: At some point customers have to reorder, and so we're
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  Speaker 4: hoping to see that.
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  Speaker 3: But that continues to contract.
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  Speaker 4: So our in our survey, eighty six percent of the
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  Speaker 4: general comments from our panelists were about the terriffs.
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  Speaker 3: It was eighty two percent last month. It just continues
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  Speaker 3: to grow. It's not gotten any better, and certainty is
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  Speaker 3: even worse.
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  Speaker 5: Susan, Susan, do you get the sense that if some
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  Speaker 5: of the tariff headwinds were removed, things get better quickly
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  Speaker 5: or is this sort of permanent confusion in the manufacturing sector.
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  Speaker 3: It's not permanent, but it's not quick.
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  Speaker 4: So we think if tomorrow everything was settled, and of
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  Speaker 4: course it won't be.
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  Speaker 3: We think we're in this for at least the summer.
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  Speaker 3: It's going to take some time. We already have.
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  Speaker 4: Some inventory at the higher prices customers, again, is indicated
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  Speaker 4: by the survey results.
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  Speaker 3: Are hesitating to order, and so that is driven down. Production,
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  Speaker 3: backlog is down, and I'll talk about production and employment
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  Speaker 3: as well. So we're in it for a bit. The
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  Speaker 3: best thing that could happen is certainty.
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  Speaker 4: And then my personal belief is it's still going to
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  Speaker 4: take a few months for folks to not wait for
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  Speaker 4: the other shoe to drop.
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  Speaker 2: If you will, Susan, thank you so much for give
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  Speaker 2: us a couple of minutes of your time. Susan Spence,
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  Speaker 2: Chair for Ism Manufacturing PMI, the Institute for Supply Management,
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  Speaker 2: joining us here. Weaker than expected manufacturing numbers coming out
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  Speaker 2: this month.
• 3:07
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  Speaker 2: The last time we saw Sam Fazzelli, who's the director
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  Speaker 2: of research and does some of the healthcare stuff for
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  Speaker 2: Bloomberg Intelligence, he was here in New York and he
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  Speaker 2: was on his way to Chicago to some conference where
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  Speaker 2: a lot of these healthcare folks get together and they
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  Speaker 2: talk about new drugs and new therapies, and he said,
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  Speaker 2: watch out, there's going to be some deals coming out
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  Speaker 2: of there.
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  Speaker 6: Boy was he right.
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  Speaker 2: Santa Fe buying immunology biotech Blueprint for nine point one billion,
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  Speaker 2: Bristol to pay buy in Tech up to eleven billion
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  Speaker 2: dollars for a cancer deal. Moderner is getting some new news.
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  Speaker 2: So we got to get Sam here. He's still in Chicago.
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  Speaker 2: He's at our Chicago office there, Sam, thanks so much
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  Speaker 2: for joining us here. We've had some deals today in
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  Speaker 2: the healthcare space. Help us think about this centi feed
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  Speaker 2: deal here. Nine point one billion dollars. That seems pretty substantial.
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  Speaker 7: Yeah, well it's more than I have in the back
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  Speaker 7: of my sofa if you like, and you know the
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  Speaker 7: little change that you find there. But this sector needs these.
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  Speaker 7: I mean, we've had a drought of deals since Johnson
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  Speaker 7: and Johnson did interest Sellular Therapeutics, and then we've got
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  Speaker 7: this deal now. And the sector, as I'm sure you've
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  Speaker 7: talked about we've talked about, has been under pressure because
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  Speaker 7: of all the new issues that are being created for
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  Speaker 7: them with the current administration, and that really slowed down
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  Speaker 7: deal making. So it's nice to see this deal happen.
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  Speaker 7: Not the biggest premium in the world twenty seven billion dollars.
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  Speaker 7: But still, it's nice to see some of these deals happen,
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  Speaker 7: and I think, assuming we don't get another round of
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  Speaker 7: tariffs for farmer drugs and most favored nation conversations turning up,
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  Speaker 7: it might be the beginning of a little renaissance in
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  Speaker 7: deal making.
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  Speaker 5: What was the absolute coolest thing that you learned over
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  Speaker 5: the weekend?
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  Speaker 8: I mean, I was.
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  Speaker 5: Floored yesterday I was sitting and thinking of you and
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  Speaker 5: reading all these amazing articles coming out about these amazing
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  Speaker 5: new drugs that could have tremendous effect on cancer.
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  Speaker 8: For example, what was the coolest thing you heard?
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  Speaker 7: Yeah, so, Alex, there's been some continued evolution an increase
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  Speaker 7: in opportunities in breast cancer. So AstraZeneca had two presentations
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  Speaker 7: yesterday at what they called plenary sessions, and that's one
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  Speaker 7: of the key areas where I mean the room gets
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  Speaker 7: packed with ten thousand people or whatever the number is.
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  Speaker 7: So they had an update on a breast cancer drug
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  Speaker 7: which is continuing to further expand the options that patients
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  Speaker 7: when it gets approved. If it gets approved, patients have
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  Speaker 7: in treating that disease, which has become something that a
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  Speaker 7: lot of people as long as they're lucky and don't
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  Speaker 7: get the worst kind of it, it can live with
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  Speaker 7: for quite a long time now. And then we had
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  Speaker 7: one also from them on gastric This the guest stories
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  Speaker 7: of digital junction disease, which is not one of the
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  Speaker 7: is a bad one and there's not been many therapies there,
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  Speaker 7: and so that was a really good, very good data set,
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  Speaker 7: I have to say, practice changing. And there's a whole
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  Speaker 7: host of phase one, phase two early stage drugs that
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  Speaker 7: look really good. So I'm going to be coming to
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  Speaker 7: this conference for I don't know how many more years
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  Speaker 7: because it's going to keep developing.
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  Speaker 2: Bristol paying Buy and Tech up to eleven point one
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  Speaker 2: billion dollars for cancer deals. What's going on there?
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  Speaker 7: Yeah, up to is the operative word. The actually guaranteed
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  Speaker 7: cash is about three and a half billion dollars, so
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  Speaker 7: about one and a half billion right up front, and
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  Speaker 7: then when the deal closes, and then by twenty twenty
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  Speaker 7: eight another two billion. That's not contingent on any there
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  Speaker 7: are just anniversary payments, payments. So that's pretty good given
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  Speaker 7: that they acquired the asset, amongst the whole host of
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  Speaker 7: other stuff from a Chinese biotech company acquisition by a
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  Speaker 7: theist only a few months ago, and it's in a
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  Speaker 7: new class of drugs that people have got excited about.
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  Speaker 7: There's Mark that did a deal, There's Summit and Akiso.
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  Speaker 7: Fizer just did a deal on last week, paying one
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  Speaker 7: point two billion dollars for a drug in development, which
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  Speaker 7: we quite like. The data for that was presented here.
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  Speaker 7: So these are drugs that are trying to push the
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  Speaker 7: barrier of what we've been able to achieve, which with
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  Speaker 7: what's called immunotherapy, can you do better? Can you push
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  Speaker 7: more patients to survive longer using these drugs?
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  Speaker 8: What about Oh wow, I just lost my train of thought.
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  Speaker 5: Oh it was there, it was so brilliant, and then
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  Speaker 5: it went away.
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  Speaker 8: Oh I know. Funding, here's my brilliant point.
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  Speaker 5: Government funding for universities that have big medical units.
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  Speaker 8: Like did What were people saying about that?
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  Speaker 7: Yeah, they're not happy. I've talked to a lot of
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  Speaker 7: people here and you know, even my interestingly an uber
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  Speaker 7: driver that I had who does double just doubles up.
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  Speaker 7: She works in a lab that does genomic analysis for
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  Speaker 7: scientists at Northwestern University in Chicago. She said she's noticing
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  Speaker 7: a palpable slowdown in the request she's getting to do
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  Speaker 7: analysis of you know, laboratory analysis because people are uncertain.
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  Speaker 7: It's even got to yuber driver, which is which is
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  Speaker 7: sad now it is it is a problem. People are
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  Speaker 7: worried and will We'll have to see whether philanthropists can
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  Speaker 7: fill the gap.
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  Speaker 2: Sam, So from your conference there in Chicago, what's is
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  Speaker 2: the key focus still cancer or is there other parts
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  Speaker 2: of healthcare that are getting as much I guess attention.
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  Speaker 7: Yeah, but so this is a cancer conference. This is
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  Speaker 7: the biggest cancer conference in the world. People come from
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  Speaker 7: and I have to say there's a palpable increase in
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  Speaker 7: the number of presentations by Chinese scientists, real and companies. Yeah,
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  Speaker 7: every year's got more and more, which is expected. They've
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  Speaker 7: been funding research significantly for the past fifteen twenty years
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  Speaker 7: and this is the fruits of it. The X conference
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  Speaker 7: that's coming up is a also. I don't think it's
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  Speaker 7: in Chicago, but it's over here somewhere in the US.
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  Speaker 7: Is the American Diabetes That's where you get all the obesity,
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  Speaker 7: liver disease kind of data that that we're also looking
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  Speaker 7: forward to.
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  Speaker 2: All right, Sam, thanks so much for joining us. As always,
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  Speaker 2: Sam Fizzelli, Director of Research for Global and Industries and
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  Speaker 2: Senior Pharmaceuticals Anels for Bloomberg Intelligence. He's based in London,
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  Speaker 2: but he's in our Chicago bureau todays. He spent the
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  Speaker 2: weekend Eddie as he was just mentioning a cancer conference
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  Speaker 2: and where you know, a lot of the latest science
• 9:33
  Speaker 2: is presented, so and in for investors, it's really important
• 9:36
  Speaker 2: to think about how you know which things which I guess,
• 9:39
  Speaker 2: therapies and drugs you want to finance?
• 9:41
  Speaker 7: Mean work?
• 9:42
  Speaker 8: Does Sammon have the coolest job? Like media is really
• 9:44
  Speaker 8: cool to one of the people.
• 9:46
  Speaker 5: Energy is really cool. We all love it, but like
• 9:47
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• 10:14
  Speaker 2: John was just reporting SMP at fifty nine hundred. I mean,
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  Speaker 2: after all ups and downs this year, pretty much year
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  Speaker 2: to date, we're unched on the S and P five hunderd.
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  Speaker 2: It feels like a lot of effort for not a
• 10:25
  Speaker 2: lot of payoff there. Shane Sissel joins US president and
• 10:29
  Speaker 2: CEO of ban Rion Capital Management from Chicago, Shana. How
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  Speaker 2: do you put twenty twenty five year to date into
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  Speaker 2: context for your clients, because boy, we were down twenty percent.
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  Speaker 2: Now we've retraced most of that from the recent highs.
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  Speaker 2: How do you position the twenty twenty five Well, I.
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  Speaker 9: Went into twenty twenty five thinking it was going.
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  Speaker 3: To be volatile.
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  Speaker 9: It lived up to my expectations, so we positioned portfolios
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  Speaker 9: for volatility and did quite well as a result. Ultimately,
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  Speaker 9: what come down to is as more and more information
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  Speaker 9: gets out. We have this twenty four hour news cycle,
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  Speaker 9: and people get information in real time. The markets are
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  Speaker 9: able to respond to news quickly. But more importantly, we've
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  Speaker 9: seen that the retail advisor has been eager to jump
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  Speaker 9: into the market when it turns downward, which is unusual.
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  Speaker 3: That's not normally the case.
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  Speaker 9: It's typically the institutions, and we've seen that kind of
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  Speaker 9: reversed where the institutions are holding off while the retail
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  Speaker 9: investors are jumping in, and ultimately that's kept the markets
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  Speaker 9: from getting too far down and they're able to rebound
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  Speaker 9: pretty quickly.
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  Speaker 8: Basically.
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  Speaker 9: You know, if you look in the past, normally we
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  Speaker 9: look for the capitulation of the retail advisor, and we
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  Speaker 9: just haven't seen that. So for those reasons, that's why
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  Speaker 9: I think there's been such great volatility.
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  Speaker 5: But on the flip side, you have to wonder, then
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  Speaker 5: who else is left to buy the rally? So where
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  Speaker 5: how our funds positioned institutional investors. Clearly retail has been
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  Speaker 5: buying the dip, so as you mentioned, there may not
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  Speaker 5: be an extension of that.
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  Speaker 9: Yeah, but the institutional investors have sat on the sidelines,
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  Speaker 9: and presently they have the bigger money to put to
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  Speaker 9: work and more likely to move the market when they
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  Speaker 9: jump back in. There's still very much on the sidelines,
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  Speaker 9: so I think there is some opportunity to drive the
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  Speaker 9: market higher. It's just not how we normally would expect
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  Speaker 9: it to be.
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  Speaker 3: It's also a little bit concerning.
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  Speaker 9: Obviously, the institutional investor tends to be the more informed investor,
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  Speaker 9: so the fact that they have stayed on the sidelines
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  Speaker 9: can mean a lot of things, but it's not for
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  Speaker 9: lack of information on their end and lack of analysis.
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  Speaker 9: But you know, if we talk about analysis paralysis all
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  Speaker 9: the time, there's a lot of uncertainty related to tariffs,
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  Speaker 9: related to the administration, related to monetary policy, and I
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  Speaker 9: think that in many ways the institutional investor is a
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  Speaker 9: little paralyzed by the uncertainty and for those reasons unwilling
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  Speaker 9: to jump into the market, which I think might be
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  Speaker 9: to their peril.
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  Speaker 2: Shana, I know you do a lot of work with
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  Speaker 2: alternative investments. When you speak to independent advisors, how are
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  Speaker 2: they using alternatives these days when volatility both in the
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  Speaker 2: equity markets and the bond markets are pretty pronounced.
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  Speaker 9: Well, that's exactly where they use alternatives. If advisors or
• 13:19
  Speaker 9: individuals where to jump and allocate twenty percent of their
• 13:23
  Speaker 9: total portfolio two alternatives, they would have actually done quite
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  Speaker 9: well through the volatility, as these are low to no
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  Speaker 9: correlation or even in some cases negative correlation assets. And
• 13:32
  Speaker 9: so if you look at the most volatile parts of
• 13:36
  Speaker 9: the last five months, you look at March, some of April,
• 13:41
  Speaker 9: some of February, you'll see that like a BTL, which
• 13:44
  Speaker 9: is the AGF anti beta market neutral fund. That fund
• 13:48
  Speaker 9: largely outperformed the S and P by a substantial amount,
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  Speaker 9: was very positive during that period of time. So even
• 13:55
  Speaker 9: a small five percent allocation made a huge difference in
• 13:58
  Speaker 9: client portfolios. And then you start to pair that with
• 14:01
  Speaker 9: other low to no correlation assets like CTA and CBLS
• 14:05
  Speaker 9: and MRSK, and then you have Bob Elliott's unlimited multistrat fund,
• 14:11
  Speaker 9: and you have a number of these alternative funds that
• 14:15
  Speaker 9: all did really well through the volatility. So when equities
• 14:18
  Speaker 9: and fixed income were down, they were up, and so
• 14:21
  Speaker 9: that actually helped you through the volatilities. So advisors that
• 14:23
  Speaker 9: we work with that implemented those portfolios actually wrote out
• 14:26
  Speaker 9: that period of time quite well.
• 14:28
  Speaker 5: I know that where you look at in the tech
• 14:31
  Speaker 5: market isn't necessarily broad strokes or you know, buy AI
• 14:34
  Speaker 5: or buy the telecoms or whatever, but the mag seven
• 14:38
  Speaker 5: have really helped to lead that rally over the last month.
• 14:41
  Speaker 5: Does that continue or do you continue to see value
• 14:44
  Speaker 5: in different types of names?
• 14:46
  Speaker 9: Well, obviously I see value in different types of names
• 14:48
  Speaker 9: as they haven't participated and they are looking more attractive on.
• 14:53
  Speaker 8: A valuation basis.
• 14:54
  Speaker 9: But the tailwinds really do sit with those tech companies
• 14:57
  Speaker 9: because the biggest tailwind to business right now is AI,
• 15:02
  Speaker 9: and so anything related to AI, anything incorporating AI wins.
• 15:06
  Speaker 9: And so we saw with the mag seven, with the
• 15:09
  Speaker 9: most recent Nvidia earnings report that the demand for AI
• 15:15
  Speaker 9: is strong and the move to from learning and to
• 15:22
  Speaker 9: the next phase of AI is there, and so the
• 15:25
  Speaker 9: Blackwell chips, the greater need for computing power. All of
• 15:29
  Speaker 9: those things are real and very much in their infancy
• 15:33
  Speaker 9: and the sense of that there's no infrastructure there, and
• 15:37
  Speaker 9: so there continues to be substantial tailwinds, and so that's
• 15:40
  Speaker 9: why they continue to lead. You know, other areas of
• 15:42
  Speaker 9: the market have headwinds. So if you look at say energy,
• 15:46
  Speaker 9: you know, we have increased supply coming on, but we
• 15:50
  Speaker 9: have you know, declining demand from Asia. So that is
• 15:55
  Speaker 9: great if you want oil at forty bucks barrel, but
• 15:57
  Speaker 9: not great if you're an oil investor or an enery
• 16:00
  Speaker 9: G investor. You look at healthcare and we've seen a
• 16:03
  Speaker 9: lot of headwindes there but also some tremendous breakthroughs, and
• 16:06
  Speaker 9: especially in oncology, so you know, there's pros and constant everything,
• 16:10
  Speaker 9: but some of the cyclicals are starting to look cheap,
• 16:12
  Speaker 9: and that's definitely a place that I would be looking.
• 16:15
  Speaker 8: All right, Shanna, I really appreciate. I appreciate it. Always
• 16:17
  Speaker 8: good to get your perspective.
• 16:17
  Speaker 5: Shane sissel As, President and CEO of Benryon Capital Management.
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  Speaker 10: reactor basically, right. So what we're trying to do is
• 17:31
  Speaker 10: to replicate that, terristrially, to make essentially copious power, carbon free,
• 17:36
  Speaker 10: clean and sustainable for the future of humanity.
• 17:40
  Speaker 2: Where are you in the process at tay So we're
• 17:44
  Speaker 2: very close.
• 17:45
  Speaker 10: We're just one machine a way to get to a
• 17:47
  Speaker 10: point where we actually harvest more energy than what we're
• 17:49
  Speaker 10: putting into the facility. This has been obviously a long journey.
• 17:53
  Speaker 10: It's hard to do, terrist Really, the stars have a
• 17:55
  Speaker 10: lot of gravity.
• 17:56
  Speaker 8: We don't have that.
• 17:57
  Speaker 10: We to use other means, magnets and all sorts of things,
• 18:00
  Speaker 10: and as you've probably seen over the last few years,
• 18:02
  Speaker 10: has been a playthrow of news inching really really close
• 18:05
  Speaker 10: to the goal and across multiple efforts on the planet.
• 18:08
  Speaker 10: So we're about a three year way to get tonate
• 18:11
  Speaker 10: energy and somewhere early twenty thirties, we hopefully have a
• 18:14
  Speaker 10: power plant online.
• 18:16
  Speaker 5: What would be if you're able to achieve it and
• 18:18
  Speaker 5: have a power plant? Like what is that? Is that
• 18:21
  Speaker 5: just tremendous amount of energy with like no footprint.
• 18:26
  Speaker 10: Yeah, it's very small footprint. So it's the highest energy
• 18:28
  Speaker 10: density fuel you can have, by the factor of five
• 18:31
  Speaker 10: to ten, higher than fission. Even it utilizes hydrogen or
• 18:36
  Speaker 10: light species that are ubiquitous, So there's infinite fuel supply
• 18:40
  Speaker 10: if you will, and you would harvest clean energy out
• 18:43
  Speaker 10: of that at probably starting at a scale of a
• 18:45
  Speaker 10: gas fired turbine, so something like four or five hundred
• 18:48
  Speaker 10: makawatts per plant, and it would literally be able to
• 18:51
  Speaker 10: distribute wherever you needed it in the grid.
• 18:54
  Speaker 6: Is there?
• 18:55
  Speaker 2: Can you talk about the economics surrounding this technologlogy?
• 19:00
  Speaker 8: Who would be the who would be the users.
• 19:02
  Speaker 2: The buyers, the developers of this technology?
• 19:05
  Speaker 10: Yeah, so I think what we're seeing and this gets
• 19:07
  Speaker 10: to what we just announced today. Aside from raising capital,
• 19:10
  Speaker 10: we really have a long partnership with Google and they've
• 19:14
  Speaker 10: been deep with us on machine learning and tools to
• 19:16
  Speaker 10: help make this more efficient and more economic, and in fact,
• 19:20
  Speaker 10: they would be a great first off taker for that right,
• 19:23
  Speaker 10: all the hyperscalers. Everybody that has high energy intens applications
• 19:28
  Speaker 10: growing at tremendous rates, right with a gap between supply
• 19:31
  Speaker 10: and demand developing, is looking for electrons and particularly green electrons.
• 19:35
  Speaker 10: So those would be probably the first off takers for
• 19:37
  Speaker 10: the technology.
• 19:38
  Speaker 5: Oh, I got to ask you, John Tucker, he likes
• 19:41
  Speaker 5: his fusion.
• 19:42
  Speaker 6: What sets you apart from ETR in terms of the
• 19:45
  Speaker 6: reactor itself, the containment that's a fusion reactor or what?
• 19:51
  Speaker 10: Yeah, so good question. So Eater and others are working
• 19:55
  Speaker 10: on tokmacs, we actually are not. We're working what you
• 19:57
  Speaker 10: see if you have a visual we have a compact machine,
• 20:01
  Speaker 10: not the size of gas turbine that can make about
• 20:04
  Speaker 10: the same output as those other plants. It's much more
• 20:07
  Speaker 10: efficient uses smaller magnets. There's various tricks in the physics
• 20:11
  Speaker 10: that allow you to do that, and that brings something
• 20:13
  Speaker 10: that's more compact, cheaper to produce, of course, more economic
• 20:17
  Speaker 10: to deploy, easier to maintain, etc.
• 20:19
  Speaker 8: And you can.
• 20:20
  Speaker 10: Essentially it's centralize these. We think we can build those
• 20:23
  Speaker 10: sort of cookie cutter in a factory and deploy on site.
• 20:27
  Speaker 10: And the other thing I should add is that sighting
• 20:29
  Speaker 10: on this compared to the other nuclear cousin, which is fission, right,
• 20:32
  Speaker 10: it is a lot easier. There's no meltdown possibility, there's
• 20:36
  Speaker 10: no sort of nuclear accident of substance that people would
• 20:40
  Speaker 10: have to worry about. It's truly clean and benign, and
• 20:42
  Speaker 10: so you can deploy it where you need it in
• 20:44
  Speaker 10: a much more straightforward way.
• 20:46
  Speaker 6: There's no use of beryllium in that reactor.
• 20:50
  Speaker 10: No, no. In fact, ours is using hydrogen and boron,
• 20:54
  Speaker 10: both of which are light and super ubiquitous.
• 20:56
  Speaker 6: Well deterium as the fuel, right, So the terium.
• 21:01
  Speaker 10: Atridium is one fuel cycle that's used by some of
• 21:04
  Speaker 10: us in the fusion community, and we can burn that too,
• 21:06
  Speaker 10: but we're really focused on hydrogen and boron. Ultimately, that
• 21:10
  Speaker 10: turns out that only makes helium, so you have no neutrons,
• 21:13
  Speaker 10: you have no radioactivity to speak of. It is just
• 21:16
  Speaker 10: a nirvana of energy. Essentially, you get ubigulous fuel in
• 21:20
  Speaker 10: no radioactivity or pollution in the process, totally sustainable, and
• 21:24
  Speaker 10: we think it will be competitive from a cost perspective.
• 21:27
  Speaker 10: It will be probably starting out midfield in current generation
• 21:30
  Speaker 10: asset costs, so you're not as cheap as you know
• 21:33
  Speaker 10: gas or renewables, but you're not as expensive as fission
• 21:37
  Speaker 10: is today is somewhere in the midfield and then trending down.
• 21:40
  Speaker 5: Okay, let's pretend that neither of us understood what any
• 21:42
  Speaker 5: of you guys were talking about in terms of brilliant.
• 21:45
  Speaker 5: That's why we have him, right. He knows a lot
• 21:46
  Speaker 5: about a lot of different things. Before we let you go,
• 21:50
  Speaker 5: just how hard is it to have gotten to where
• 21:53
  Speaker 5: you are?
• 21:53
  Speaker 1: Like?
• 21:53
  Speaker 8: What has been like the biggest hurdle?
• 21:56
  Speaker 10: Oh gosh, it's been an enormous journey. I mean, I've
• 21:58
  Speaker 10: aged I started this out high school. I'm said, I
• 22:01
  Speaker 10: started out out of graduate school with my brilliant PhD mantur,
• 22:04
  Speaker 10: and then it took us about twenty plus years to
• 22:07
  Speaker 10: amalgamate the technology around it. There's a lot of esoteric,
• 22:11
  Speaker 10: absolutely extreme things you got to master. Power supplies, accelerated technology, diagnostics,
• 22:17
  Speaker 10: feedback loops, you know, use a lot of machine learning
• 22:19
  Speaker 10: in AI, a lot of we developed together with Google
• 22:21
  Speaker 10: in the last decade that can react on the blink
• 22:24
  Speaker 10: of an eye to make changes in what happens inside
• 22:27
  Speaker 10: and do that reliably and consistently. And so those are
• 22:30
  Speaker 10: all the technologies we now have, so now we're putting
• 22:32
  Speaker 10: in the last machine. So it's been a long journey
• 22:35
  Speaker 10: and developing lots of technology to do that.
• 22:37
  Speaker 2: All right, Michael, thank you so much for joining us.
• 22:39
  Speaker 2: Michael Bindebauer, CEO of Tay Technologies, joining us there with
• 22:44
  Speaker 2: some exciting new technology on the energy front that John
• 22:48
  Speaker 2: Tucker's all into, which.
• 22:49
  Speaker 8: Is now like insanely impressive.
• 22:51
  Speaker 6: Questions were like even nobody understood them, so love it.
• 22:56
  Speaker 8: Make it all commercial break, that's true.
• 22:58
  Speaker 1: This is the Bloomberg Intelligence podcast, available on Apple, Spotify,
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• 23:06
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