Latest / Bloomberg Intelligence / OpenAI’s Revenue Run Rate Tops $40 Billion Ahead of IPO

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OpenAI’s Revenue Run Rate Tops $40 Billion Ahead of IPO · Bloomberg Intelligence

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  Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the
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  Speaker 2: Let's get back to take a look at tech space.
• 0:26
  Speaker 2: A lot of news out here every single day. It
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  Speaker 2: seems like, unfortunately, we have a lot of smart people
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  Speaker 2: we can talk to. I can explain all this stuff
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  Speaker 2: to us and put it in context. One of them
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  Speaker 2: is Matthew Bloxham. He's the senior media and tech analyst
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  Speaker 2: for Bloomberg Intelligence. He's based in London. Matthew, I want
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  Speaker 2: to start in the AI space. Why not, because that's
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  Speaker 2: where we always seem to start. Open AI, one of
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  Speaker 2: the lead players there, reported recently by Bloomberg News, is
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  Speaker 2: on track to generate annualized revenue of more than forty
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  Speaker 2: billion dollars based on its current performance. That is roughly
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  Speaker 2: double its run rate from the end of twenty twenty five.
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  Speaker 2: These growth rates are just extraordinary.
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  Speaker 3: Here.
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  Speaker 4: What does it tell you about Open AII in this
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  Speaker 4: competitive market?
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  Speaker 5: Yeah, well, it tells you that they're still arguably lagging
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  Speaker 5: their biggest rival and Anthropic, because I think we heard
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  Speaker 5: back in May that Anthropic was doing closer to fifty billion.
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  Speaker 5: I think it's about forty seven billion, and we saw
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  Speaker 5: some reports they just sending the Financial Times that by
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  Speaker 5: the end of this year, Anthropics thinking it's going to
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  Speaker 5: get to maybe one hundred, two hundred and twenty billion
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  Speaker 5: dollars of annalyzed revenue. So I think, you know, there's
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  Speaker 5: still a gap for Open Aye to close, but I
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  Speaker 5: think the momentum is probably better than people have maybe
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  Speaker 5: worried because you know, remember back at earlier in the year,
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  Speaker 5: you know, it felt like maybe things weren't going quite
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  Speaker 5: according to plan with Open Eye, and perhaps some of
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  Speaker 5: the internal targets have been missed, and you know, they
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  Speaker 5: made a real effort to kind of develop their enterprise offerings.
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  Speaker 5: So what they offer into corporates has historically really been
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  Speaker 5: about the kind of consumer subscription model and in looking
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  Speaker 5: into advertising. And so I think this tells you that
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  Speaker 5: the enterprise offerings are starting to gain some traction. Some
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  Speaker 5: of the products like codex We're just Staying There, which
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  Speaker 5: is their equivalent of clawed code and chat GPT works
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  Speaker 5: which is more of a kind of generalized, kind of
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  Speaker 5: multi application workflow tool. So it seems that they're, you know,
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  Speaker 5: kind of getting some better attraction in the enterprise market,
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  Speaker 5: and I think that's what they need to demonstrate to
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  Speaker 5: kind of tell a good equity story to the markets
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  Speaker 5: when they do eventually come with their IVO.
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  Speaker 6: So if this was better than expected, I'm curious what
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  Speaker 6: this means for how people might reassess what anthropics prospects
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  Speaker 6: look like. I know, Anthropics said in May that it's
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  Speaker 6: runate revenue had cross forty seven billion dollars, and we
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  Speaker 6: don't know if you know the apples it's an apples
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  Speaker 6: to apples comparison between the two. But now that open
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  Speaker 6: Ai looks to be perhaps doing better than what some
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  Speaker 6: people expected, how do you extrapolate that for what it
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  Speaker 6: means for Anthropic.
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  Speaker 5: I think it just kind of tells you what we
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  Speaker 5: already knew, really that you know, this is a pretty
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  Speaker 5: aggressive race between the two companies to kind of really
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  Speaker 5: gain a strong foothold in the enterprise market. And I
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  Speaker 5: can't guess really just address every single type of AI
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  Speaker 5: opportunity that they're today and could be kind of evolving
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  Speaker 5: and obviously. You know, yesterday we had that user Anthropic
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  Speaker 5: might be buying a small kind of you know, startup
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  Speaker 5: for six billion dollars to primarily help the kind of
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  Speaker 5: efficiency of how technology uses their models. And then also
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  Speaker 5: on top of that, you've got the the China models,
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  Speaker 5: you know, which are kind of broadly comparable in performance
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  Speaker 5: but a lot cheaper. So there's like multiple dimensions to
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  Speaker 5: this competitive race, and that you know that there's still
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  Speaker 5: a lot for all of these companies to do to
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  Speaker 5: execute well and justify what's potentially going to be a
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  Speaker 5: very big multiple when they come to market.
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  Speaker 4: Matthew thirty seconds left.
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  Speaker 2: Here is is the expectation that enterprise customers will.
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  Speaker 4: Have more than one AI service or software or whatever
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  Speaker 4: you calling it. Yeah.
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  Speaker 5: Absolutely, I we clearly see that today many companies are
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  Speaker 5: parallel running Gemini Chat TPT Claude, and I think already
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  Speaker 5: you're kind of seeing some kind of dis sermon about
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  Speaker 5: which models work best for different types of application. So
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  Speaker 5: I think, just like in every other bit of software,
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  Speaker 5: you know that there's clearly going to be a handful
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  Speaker 5: of dominant players, but most corporations have a multitude of
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  Speaker 5: software providers. They figured out which ones work best for
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  Speaker 5: which particular use cases and workflow, and I think that's
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  Speaker 5: not going to be any different in AI.
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  Speaker 4: Stay with us. More from Bloomberg Intelligence coming up after this.
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• 5:09
  Speaker 2: There's certainly technology news here. Workday buyout with Signal low
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  Speaker 2: AI risk. Honorag Rana joins us here on our talk
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  Speaker 2: to us about workday what's going on there?
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  Speaker 7: So, Paul, if you remember we came back and I
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  Speaker 7: think January February timeframe when we did a big report
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  Speaker 7: saying that you know, all software is not created equal.
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  Speaker 7: Everything was down forty fifty percent, you know, at that time,
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  Speaker 7: just within a period of one and a half months,
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  Speaker 7: and we had picked out SAP, Workday, Shopify and Service
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  Speaker 7: Now as four vendors that are you know, best in
• 5:43
  Speaker 7: classed in their own category of what they do. And
• 5:47
  Speaker 7: we said, you know, these kinds of workflows are critical
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  Speaker 7: for an enterprise and it's not going to be easy
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  Speaker 7: for a large language model to disrupt them now. At
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  Speaker 7: the same time, you know, what I say doesn't matter.
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  Speaker 7: But at the end of the day, if somebody wants
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  Speaker 7: to go take them private, I think that really, you know,
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  Speaker 7: is the real message that if private equity wants to
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  Speaker 7: spend billions of dollars taking them private, then maybe there
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  Speaker 7: is value for a lot of these firms out there.
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  Speaker 7: And that's what we saw yesterday. There's there's some rumor
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  Speaker 7: out there that that these guys may be taken private,
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  Speaker 7: and you know, we think if that happens, that really
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  Speaker 7: changes the narrative and the software landscape, which has been
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  Speaker 7: under pressure for the last two years or so.
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  Speaker 2: And to just follow up on that, workday shares jumped
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  Speaker 2: after awards report that private equity firms silver Lake is
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  Speaker 2: in talks to purchase the software provider, and just puts
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  Speaker 2: context around that. Silver Lake, in my mind, is by
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  Speaker 2: far the number one technology focused private equity firm out there,
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  Speaker 2: some of the smartest people. They've got a tremendous history
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  Speaker 2: of deal flow.
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  Speaker 6: Yeah, it certainly sends a signal perhaps that that sas
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  Speaker 6: apocalypse whatever they were calling it, you know, might be
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  Speaker 6: over as a result. So anrag if this continues to
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  Speaker 6: be something where they're negotiating this and silver. As Paul mentioned,
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  Speaker 6: you know, a big name sending a message. What other
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  Speaker 6: companies might also be, you know, being eyed for acquisitions.
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  Speaker 7: So we had mentioned some of the others, but they're
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  Speaker 7: too large, I mean, just a minter frankly speaking, some
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  Speaker 7: of the you know ones we talked about. I said,
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  Speaker 7: it's just too big for anybody to take private. But
• 7:17
  Speaker 7: what it does is you just need to be honest,
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  Speaker 7: take care of one of them. The rest of the
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  Speaker 7: industry will come out because right now, investors just don't
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  Speaker 7: want to be in the software space. The only space
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  Speaker 7: for them is to just go buy memory or AI
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  Speaker 7: infrastructure or chips and leave everything else aside. And you know,
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  Speaker 7: it's not good for the software industry, mostly because a
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  Speaker 7: very people centering industry. So if the evaluation keeps the
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  Speaker 7: depressed depressed, you know, all these employees will go out
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  Speaker 7: leave and then go to the model companies and so
• 7:45
  Speaker 7: so you know, this is just a good sign for everybody.
• 7:47
  Speaker 4: Frankly, stay with us. More from Bloomberg Intelligence coming up
• 7:50
  Speaker 4: after this.
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  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us Live
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  Speaker 1: weekdays that am Eastern on Apple Coarclay, and Android Auto
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• 8:05
  Speaker 1: get your podcasts, or watch us live on YouTube.
• 8:10
  Speaker 2: A recent poll found that contributing to the President's new
• 8:14
  Speaker 2: White House ballroom was seen as the most damaging thing
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  Speaker 2: a company could do, with a net negative of thirty
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  Speaker 2: seven points. So welcome and dig into that a little bit.
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  Speaker 2: We can do that with Mukunda lecture at Yale School
• 8:27
  Speaker 2: of Management and a Bloomberg opinion contributor on his column
• 8:32
  Speaker 2: entitled big Business Bought Influence. The bill is due Caltham,
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  Speaker 2: Thanks so much for joining us here. President Trump has
• 8:39
  Speaker 2: done a pretty admirable.
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  Speaker 4: Job from his.
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  Speaker 2: Perspective of courting corporate America and getting their support in
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  Speaker 2: many different forms. Put that into context for us, because
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  Speaker 2: that's not something you see too often.
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  Speaker 8: Yeah, I mean it's too often, is kind of It's
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  Speaker 8: like the nice way of putting in, Paul, But we've
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  Speaker 8: really never seen anything like a president leaning on companies
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  Speaker 8: and individuals for donations in this way. You know, every
• 9:00
  Speaker 8: politician fundraises are almost every politician. There's always some sense
• 9:05
  Speaker 8: as scent of favoritism or you know that there's there
• 9:08
  Speaker 8: are reasons people are so suspicious of campaign finance, but
• 9:11
  Speaker 8: the idea of the president saying, hey, I have this
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  Speaker 8: personal project that's sort of borderline legal, and you guys
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  Speaker 8: are just going to write the check for it, And
• 9:19
  Speaker 8: mysteriously companies that write these checks somehow keep getting regulatory favors.
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  Speaker 8: I'm sure that's just a coincidence. Like, it looks bad,
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  Speaker 8: it looks really really bad. And the public, you know,
• 9:29
  Speaker 8: even members of the public who are sympathetic to the
• 9:32
  Speaker 8: Trump administration broadly, they really don't like corruption. And this
• 9:36
  Speaker 8: looks this, you know, this kind of looks like that.
• 9:39
  Speaker 6: To be fair for the companies that have donated to
• 9:42
  Speaker 6: the Wall Street Sorry, Wall Street, the White House ballroom,
• 9:46
  Speaker 6: is that a personal project? I mean, at the end,
• 9:48
  Speaker 6: you know, when President Trump Leave's office, that ballroom will
• 9:51
  Speaker 6: still be there, and it will be the White House
• 9:53
  Speaker 6: will be occupied by whoever the American public elects next.
• 9:57
  Speaker 8: So I guess what I'd say is that is true.
• 9:59
  Speaker 8: But it is also true that the president seems so
• 10:01
  Speaker 8: personally obsessed by this ballroom that he keeps like discussing
• 10:04
  Speaker 8: it in formal sort of meetings with other heads of state.
• 10:07
  Speaker 8: There's wasn't any demand for it. No previous president has
• 10:10
  Speaker 8: asked for it. And whatever it is, you know it
• 10:12
  Speaker 8: is when sort of when you see the drawings of designs,
• 10:15
  Speaker 8: it is elaborate in a way that you know is
• 10:17
  Speaker 8: let's say, unique to the Trumpian esthetic. So I think
• 10:20
  Speaker 8: wek it's fair to say that this is a personal
• 10:22
  Speaker 8: project because there was no demand for it from anyone
• 10:25
  Speaker 8: except President Trump.
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  Speaker 2: One could argue that it's understandable why these companies would
• 10:31
  Speaker 2: do whatever they have to do to stay out of
• 10:33
  Speaker 2: the crossairers of the president, because the president can in
• 10:36
  Speaker 2: fact impact your business, your industry. I mean Tim Cook,
• 10:40
  Speaker 2: he stepped out of CEO, but he's kept his role
• 10:42
  Speaker 2: as chairman, and most people feel like it's simply to
• 10:44
  Speaker 2: manage the relationship with a China but b President Trump.
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  Speaker 8: No, Paul, I think that's exactly right, And I honestly
• 10:52
  Speaker 8: have a lot of sympathy for sort of the leaders
• 10:54
  Speaker 8: who are put in this situation. I think I actually,
• 10:56
  Speaker 8: I think I said on your show like a year ago,
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  Speaker 8: that Tim Cook did he gave Donald Trump this sort
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  Speaker 8: of gold statue or a thing as a way and
• 11:03
  Speaker 8: got these deals and all it cost him was his dignity,
• 11:07
  Speaker 8: and I think that's right. Like, if you are a
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  Speaker 8: corporate leader, the pressure on you to do this is immense.
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  Speaker 8: They're sure you know, the consequences of not doing it
• 11:15
  Speaker 8: are very real. The reason I wrote this column is
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  Speaker 8: I want to point out that just because in the
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  Speaker 8: short term this might feel right, like the right thing
• 11:22
  Speaker 8: to do, in the long term, this is going to
• 11:25
  Speaker 8: blow up, and it's going to blow up really dramatically
• 11:27
  Speaker 8: in your face. Like whatever you think the likely outcome
• 11:29
  Speaker 8: of the next set of elections is, eventually someone is
• 11:33
  Speaker 8: going to come to power who does not view this
• 11:35
  Speaker 8: sort of thing favorably.
• 11:36
  Speaker 4: Who's going to say, we're going to.
• 11:37
  Speaker 8: Do some investigations, we're gonna have this, we're gonna have
• 11:39
  Speaker 8: sub poena power, We're gonna call you up in front
• 11:41
  Speaker 8: of Congress. And you know, if there is one email
• 11:44
  Speaker 8: that you sent, one text message that says, well, you know,
• 11:48
  Speaker 8: this is a shakedown and really I feel like I'm
• 11:50
  Speaker 8: bribing and I don't have a choice, but I have
• 11:52
  Speaker 8: to do it. That's going to come out and it's
• 11:54
  Speaker 8: going to look awful. And it's not just the Democrats
• 11:57
  Speaker 8: are going to be enraged that you were willing to
• 11:59
  Speaker 8: support this sort of stuff. The average American, the polling
• 12:02
  Speaker 8: data is very clear, really really does not like it
• 12:04
  Speaker 8: when there's people are seen to be buying to be
• 12:07
  Speaker 8: buying influence and you are not going to have the
• 12:10
  Speaker 8: allies that you normally think you do. And then, just
• 12:13
  Speaker 8: to compound that problem, the usual response of that sort
• 12:16
  Speaker 8: of you know, for business for all, is look, I'll
• 12:18
  Speaker 8: just write checks to the other side. I'll found both sides,
• 12:21
  Speaker 8: and I'll buy it my way out. I just don't
• 12:23
  Speaker 8: think that's going to work as well as it used to.
• 12:25
  Speaker 8: It's pretty clear that the rise of small dollar donations
• 12:28
  Speaker 8: and the sort of loathing of that kind of influence
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  Speaker 8: trating is becoming so powerful that a lot of I
• 12:33
  Speaker 8: think a lot of Democrats and maybe even some Republicans
• 12:36
  Speaker 8: are going to start saying, look, I don't need your checks.
• 12:38
  Speaker 8: What I need is the credibility that comes from comes
• 12:40
  Speaker 8: from coming after you.
• 12:42
  Speaker 6: Okay, So you say that even not saying anything, not
• 12:45
  Speaker 6: doing anything is kind of a decision of sorts to
• 12:48
  Speaker 6: kind of comply with what's happening. Do you see evidence
• 12:51
  Speaker 6: of any company exhibiting the behavior that you would find respectable?
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  Speaker 8: So, I mean, so as I said, like I wrote,
• 13:00
  Speaker 8: this comment starts to give people the idea what you
• 13:02
  Speaker 8: have to do, right, Like I this is a tough situation.
• 13:05
  Speaker 8: You are in a thing when the President of the
• 13:07
  Speaker 8: United States leans on you, right, that's an elephant leaning
• 13:10
  Speaker 8: on you. You have to do something. My suggestion to
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  Speaker 8: companies is what they need to do, and they need
• 13:15
  Speaker 8: to do this proactively, is come out and basically say, like,
• 13:18
  Speaker 8: this is such a disaster, this is so awful. You
• 13:21
  Speaker 8: know that that we're forced to do this, that we
• 13:23
  Speaker 8: need to come out and say like, like, this tool
• 13:25
  Speaker 8: needs to be taken out of our toolkit so no
• 13:27
  Speaker 8: one can ever ask us to do this again. Like
• 13:29
  Speaker 8: and when you saw previous attempts in campaign campaign finance reform,
• 13:32
  Speaker 8: you know, champion by John McCain and people like him,
• 13:35
  Speaker 8: the business community was usually pretty strongly against it because
• 13:38
  Speaker 8: campaign finance was an enormously powerful weapon in their arsenal
• 13:41
  Speaker 8: and of sort of trying to get the government to
• 13:43
  Speaker 8: do what they wanted it to do. And it might
• 13:45
  Speaker 8: be time to say that that weapon is not worth
• 13:47
  Speaker 8: the cost of having it because of what's happening right now.
• 13:50
  Speaker 2: Do voters really care about this kind of stuff Gotham.
• 13:54
  Speaker 2: Isn't it just the economy?
• 13:58
  Speaker 8: So the thing is, I don't think that these are unlinked, Paul.
• 14:00
  Speaker 8: So if the economy is going great and everything is
• 14:03
  Speaker 8: perfect and where you know, like like, then I think
• 14:05
  Speaker 8: the temperature goes down. But one, right, the surface level
• 14:08
  Speaker 8: numbers on the economy are pretty great right now. Yet
• 14:10
  Speaker 8: people voters, they seem to be incredibly unhappy. And you know,
• 14:14
  Speaker 8: we always have this puzzle, why is it that voter
• 14:16
  Speaker 8: seems so unhappy when the economy seems like it's doing well.
• 14:19
  Speaker 8: But I think you know that there is a linkage
• 14:22
  Speaker 8: in most people's mind between things that seem like corruption
• 14:26
  Speaker 8: and favoritism and self feeling and why they themselves are
• 14:30
  Speaker 8: not benefiting from this economy that all the numbers say
• 14:33
  Speaker 8: is doing so well. And we've seen this, by the way,
• 14:36
  Speaker 8: this is not just in the United States, right. This
• 14:39
  Speaker 8: is the story that more than anything else, probably explains
• 14:42
  Speaker 8: why Orbon lost in Hungary. That it wasn't just about
• 14:45
  Speaker 8: sort of anti democratic motion motions and things like that.
• 14:47
  Speaker 8: There was this real sense of like that of elites,
• 14:50
  Speaker 8: the most powerful people in the political system and the
• 14:52
  Speaker 8: wealthiest people in Hungary who were sort of sucking up there,
• 14:56
  Speaker 8: you know, sucking up the wealthy economy into their own
• 14:58
  Speaker 8: hands and using corrupt tactics to do it. That you
• 15:01
  Speaker 8: know that doesn't it didn't go along well, down well
• 15:03
  Speaker 8: with the average Hungarian, and I'd be surprised if it
• 15:06
  Speaker 8: goes well with the average American.
• 15:08
  Speaker 4: I'm curious scot them.
• 15:09
  Speaker 6: What kind of feedback you've gotten from folks in the
• 15:11
  Speaker 6: business world to this column?
• 15:15
  Speaker 8: So an interesting It's it's been interesting, I'll say, is
• 15:18
  Speaker 8: that the nobody likes being leaned on by the president. Right,
• 15:23
  Speaker 8: Even people who are pretty sympathetic to this administration will say,
• 15:27
  Speaker 8: you know, the taking truth social and having it having
• 15:32
  Speaker 8: it like having having people pay one hundred thousand dollars
• 15:35
  Speaker 8: to get early access to the Trump to Trump tweets.
• 15:37
  Speaker 8: You know, even if it's not illegal, they think it's gross, right,
• 15:41
  Speaker 8: like like like it sticks in their craw There's something
• 15:43
  Speaker 8: deeply wrong about it. And I think there's like genuine
• 15:46
  Speaker 8: fear that this is going to escalate. That that what
• 15:49
  Speaker 8: we've seen in the first you know, two years of
• 15:51
  Speaker 8: the Trump of the Trump administration is these things keep
• 15:53
  Speaker 8: ramping up. Not to know, you don't know where it's
• 15:56
  Speaker 8: going to end.
• 15:57
  Speaker 4: Stay with us. More from Bloomberg Intelligence coming up after this.
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• 16:34
  Speaker 2: Bloomberg Terminal. Anna Edni joins US national healthcare reporter for
• 16:39
  Speaker 2: Bloomberg News and talk to us about We know that
• 16:42
  Speaker 2: pet owners are spending a lot of money on their pets,
• 16:46
  Speaker 2: but this is something else.
• 16:47
  Speaker 4: Tell us what's going on.
• 16:50
  Speaker 3: Hey, yeah, you know, we do know that there's a
• 16:53
  Speaker 3: lot of spending going on for pet owners, But one
• 16:57
  Speaker 3: of the things that we talk to people about is
• 16:59
  Speaker 3: kind of outside that traditional you know, food that care,
• 17:04
  Speaker 3: things like that. These are people who are going above
• 17:06
  Speaker 3: and beyond to you know, try to make their pets
• 17:10
  Speaker 3: live longer if possible, and they're looking into some of
• 17:14
  Speaker 3: the things.
• 17:15
  Speaker 9: That a lot of humans are doing as well.
• 17:18
  Speaker 3: You know, biohacking is pretty popular these days, and so
• 17:22
  Speaker 3: it's peptides. There's a longevity drug called Rapamize, and this
• 17:28
  Speaker 3: experimental in this space also red light therapy that we
• 17:33
  Speaker 3: heard about from owners, and they're just trying to cobble
• 17:36
  Speaker 3: together all these different ways of keeping their pets with
• 17:40
  Speaker 3: them as long as they.
• 17:41
  Speaker 2: Can any evidence that any of this works or is
• 17:47
  Speaker 2: I mean, how do we how do we see that?
• 17:49
  Speaker 3: I guess yeah, I think that's a million dollar question.
• 17:52
  Speaker 3: And like I said, a lot of this is experimental,
• 17:56
  Speaker 3: So these are people kind of taking a chance, you know,
• 18:00
  Speaker 3: something that that's normally caution against. But what is happening
• 18:06
  Speaker 3: is there are some clinical trials. So there's a company
• 18:09
  Speaker 3: called Loyal that is a startup and they're trying to
• 18:13
  Speaker 3: come up with a longevity drug that they can get
• 18:17
  Speaker 3: conditional approval from the Food and Drug Administration on.
• 18:19
  Speaker 9: They're testing that. Now. There is the Dog Aging Project.
• 18:24
  Speaker 9: I talk to their.
• 18:25
  Speaker 3: Chief veterinary officer and she told me that, you know,
• 18:30
  Speaker 3: they are they're studying this drug called Rappa mice and
• 18:34
  Speaker 3: it is something approved for use in humans, but for
• 18:37
  Speaker 3: very specific use it's to help transplant patients not reject
• 18:41
  Speaker 3: that organ and smaller doses. There's thoughts that it might
• 18:45
  Speaker 3: work to improve lifespan, and so they're testing that on dogs.
• 18:50
  Speaker 3: They are enrolling a clinical trial now to see what
• 18:52
  Speaker 3: they might be able to find. That's based on some
• 18:56
  Speaker 3: promising mouse data, but we just don't know yet if
• 18:59
  Speaker 3: any of the actually works.
• 19:01
  Speaker 2: Every time I see this figure, it just blows my mind.
• 19:05
  Speaker 2: US pet spending expected to hit a record one hundred
• 19:08
  Speaker 2: and sixty five billion dollars this year. That's extraordinary. But
• 19:13
  Speaker 2: like this pet supplement market, is that a growing part
• 19:17
  Speaker 2: of that overall big pet spending market.
• 19:21
  Speaker 9: Yes, the pet supplement market is a big one.
• 19:25
  Speaker 3: You know.
• 19:25
  Speaker 9: I talked to.
• 19:28
  Speaker 3: Someone who does research and a lot of this, and
• 19:31
  Speaker 3: she's seeing even you know, the pet supplement market not
• 19:35
  Speaker 3: just growing, but recognizing this trend where people are looking
• 19:40
  Speaker 3: not just for kind of to treat aging issues, but
• 19:46
  Speaker 3: they want to go a step further, they want to
• 19:48
  Speaker 3: go into longevity.
• 19:49
  Speaker 9: And so she's seeing some of the labels.
• 19:52
  Speaker 3: Change over time more and more to say instead of
• 19:55
  Speaker 3: you know, this is for a senior dog, it's now
• 19:58
  Speaker 3: talking about longevity for a pet. So that they can
• 20:02
  Speaker 3: live longer. Certainly, the supplements are a huge part of
• 20:05
  Speaker 3: this industry.
• 20:06
  Speaker 2: What are the what's the veterinary community saying about this?
• 20:10
  Speaker 2: They support some of these things, or are they saying, hey,
• 20:13
  Speaker 2: we think this may be going a little too far.
• 20:16
  Speaker 9: I think there's there's caution for sure.
• 20:19
  Speaker 3: You know, the Dog Aging Project is very much run
• 20:22
  Speaker 3: by veterinarians, the ones who are testing this some of
• 20:26
  Speaker 3: this stuff, but the you know, overall, they're there.
• 20:29
  Speaker 9: Even they have they say like, we don't know yet.
• 20:33
  Speaker 3: We're testing it because we don't know, and so you know,
• 20:37
  Speaker 3: they're sort of the The Veterinary Association says to to
• 20:41
  Speaker 3: be careful when when thinking about this. They don't come
• 20:45
  Speaker 3: out right and say just don't do any of this.
• 20:48
  Speaker 3: I mean a lot of people are doing it for themselves.
• 20:50
  Speaker 9: As well, but they do say that, you.
• 20:52
  Speaker 3: Know, when it's an unproven drug, there can it can
• 20:55
  Speaker 3: cause problems. And I talked to a vet who said
• 20:58
  Speaker 3: that they see supplement causing problems often and pets they're
• 21:03
  Speaker 3: coming into the vest office and they're having issues, they're sick,
• 21:08
  Speaker 3: and it's actually the supplements that are causing it sometimes.
• 21:11
  Speaker 3: So they want to get pet owners to stop the
• 21:14
  Speaker 3: supplements before they really try to go diagnose something else,
• 21:18
  Speaker 3: because often that's the problem.
• 21:22
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• 21:27
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• 21:30
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• 21:34
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• 21:38
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