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AMD Soars as AI Demand Fuels Better-Than-Expected Sales Outlook · Bloomberg Intelligence

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  Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. You're listening to the
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  Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am
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  Speaker 1: Business App. Listen on demand wherever you get your podcasts,
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  Speaker 1: or watch us live on YouTube.
• 0:24
  Speaker 2: Let's get back to tech, because why not. We always
• 0:26
  Speaker 2: go back to tech, and there's always a lot happening there.
• 0:29
  Speaker 2: AMD put out some numbers that really were really impressive
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  Speaker 2: to Wall Street and stocks just ripping here. We also
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  Speaker 2: want to talk about Nvidia and their deal with Cornying.
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  Speaker 2: We do that with qun John Sabani, Bloomberg Intelligence Senior
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  Speaker 2: semi coonductor Analystsjohn AMD. The street likes what it heard.
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  Speaker 2: What did you hear and see with their most recent earnings.
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  Speaker 3: Yeah, you know, the start of the show was really
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  Speaker 3: the CPO story. I know, for the past whole here,
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  Speaker 3: everyone including media has just been focused on the GPU.
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  Speaker 3: This is where they'll compete with the media. But over
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  Speaker 3: the last two quarters we have been calling out that
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  Speaker 3: this is going to be the year of CPU for them, and.
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  Speaker 2: It did pan out.
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  Speaker 3: What was really what really stood apart was they almost
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  Speaker 3: doubled or actually exactly doubled the TAM for CPU in
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  Speaker 3: less than a year than what they had given the
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  Speaker 3: numbers just like nine months ago. They also doubled the
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  Speaker 3: growthread expectations that comes with this larger TAM again in
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  Speaker 3: less than a year ago what they provided. So that
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  Speaker 3: is going to what is going to be really driving
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  Speaker 3: the growth for them this year. The GPU story again
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  Speaker 3: is just a four Q twenty six or twenty seven
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  Speaker 3: weighted phenomenon. So this is what is really driving past
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  Speaker 3: all the expectations that people had on the street in
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  Speaker 3: terms of revenue growth for their overall data center.
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  Speaker 2: Business today up ninety percent year to date, in up
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  Speaker 2: three hundred and twenty five percent on a trailing twelve
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  Speaker 2: month basis just a rip marketcap six hundred and eighty
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  Speaker 2: billion dollars.
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  Speaker 4: Glad you bring that up because it has handily outperformed
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  Speaker 4: in video, which of course has become you know, kind
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  Speaker 4: of the benchmark for chip and AI. So when it
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  Speaker 4: comes down to that, so KNJN, is it fair to
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  Speaker 4: compare AMD to Invidia or our investors kind of doing
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  Speaker 4: themselves a disservice by always using in Vidia as the
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  Speaker 4: benchmark for AMD.
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  Speaker 5: It is fair.
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  Speaker 3: I mean, look in the that is the only number
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  Speaker 3: two GPU provider out there, right, so by default you
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  Speaker 3: are going to compare to that. But what I think
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  Speaker 3: people were missing for the last two three quarters where
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  Speaker 3: the only focus were the GPUs and not towards the CPU,
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  Speaker 3: which is really AMD's bread and butter. This is where
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  Speaker 3: they have really made their name and competed against the
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  Speaker 3: past competitor of Intel or the incumbent in that space.
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  Speaker 3: So we think need to focus on both those areas,
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  Speaker 3: especially right now when CPUs are having resurgence in the
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  Speaker 3: AI server market.
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  Speaker 4: Yeah, but also because of this recent surgeon AMD this
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  Speaker 4: outperformance over in Vida. Yeah, the stock is really expensive.
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  Speaker 4: You look at the price earnings on a trailing basis,
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  Speaker 4: it's one hundred and forty four times, and then on
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  Speaker 4: forward earnings a fifty nine multiple versus in Vidia's twenty
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  Speaker 4: foremost well, which wow, Paul, that looks really really cheap. Yeah,
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  Speaker 4: So Knjohn, in terms of valuations, you know what needs
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  Speaker 4: to change for AMD or can it continue trading at
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  Speaker 4: these lofty valuations.
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  Speaker 3: Well, so remember they are just starting with their well
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  Speaker 3: they will be just starting with their server level AIGPU solutions,
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  Speaker 3: shipping and second half, right, So when we compare the
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  Speaker 3: same stage when Nvidia was in, Nvidia was also enjoying
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  Speaker 3: a very rich premium multiple. So I think as they
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  Speaker 3: start ramping these products, as we get into twenty seven
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  Speaker 3: twenty eight, there would be some normalization expected.
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  Speaker 2: Hey, Kunjohn, also in your space today in Nvidia has
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  Speaker 2: bought five hundred million dollars worth of rights for shares
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  Speaker 2: in Corning as part of the partnership to expand artificial
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  Speaker 2: intelligence infrastructure. What do you make of this year?
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  Speaker 3: Yeah, so this is not surprising if you and Media
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  Speaker 3: has actually been investing in the optical and the networking
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  Speaker 3: component and supply chain stack. They also made investments and
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  Speaker 3: momentum and Coherent a few months ago. And what is
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  Speaker 3: this is when we think about the scale up networking,
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  Speaker 3: this is what you connect all the GPUs together, and
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  Speaker 3: this is where the pathway is. The more and more
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  Speaker 3: GPUs you can connect together so that they work as
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  Speaker 3: a single entity, the better ROI you get, especially when
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  Speaker 3: you think about low latency for inference where most of
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  Speaker 3: the spending is going. So what n Media has been
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  Speaker 3: doing is really investing in the supply chain stack, in
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  Speaker 3: the component providers stack to make sure they have enough
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  Speaker 3: supply because as you know, that's the biggest bottleneck right now.
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  Speaker 3: A few months ago it was power, right now it's memory.
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  Speaker 3: So it could definitely come down to, you know, optical
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  Speaker 3: components being supply constraints. So in media is just making
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  Speaker 3: investments in the right suppliers that they think they are
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  Speaker 3: going to work with so that they have enough supply
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  Speaker 3: as their transition to CPO or optical or photonics starting
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  Speaker 3: in twenty seven to eight.
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  Speaker 4: I mean, Nvidia has a lot of cash to throw around,
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  Speaker 4: So five hundred million dollars would be a lot for
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  Speaker 4: a normal company, But now for an Nvidia, how long
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  Speaker 4: can it continue doing this, you know, kind of throwing
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  Speaker 4: out half a billion their two billion, their you know,
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  Speaker 4: to companies within its ecosystem. Is there a natural limit
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  Speaker 4: to this?
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  Speaker 3: There is a theoretical limit, but I don't think they're
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  Speaker 3: anywhere close to that. Look degenerating so much cash, which
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  Speaker 3: you know they are doing significant amount of buyback, but
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  Speaker 3: for a four trillion dollar company, I mean, how much
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  Speaker 3: of a buyback can you keep doing to really move
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  Speaker 3: the needle?
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  Speaker 6: Right?
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  Speaker 3: So this is we think of better use of cash
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  Speaker 3: investing sort of in their customers, investing in the ecosystems
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  Speaker 3: and broadening their reach across the ecosystem.
• 5:46
  Speaker 2: Stay with us more from Bloomberg Intelligence coming up 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 at ten am Eastern on Apple, Cocklay and Android
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• 6:03
  Speaker 1: you get your podcasts, or watch us live on YouTube.
• 6:07
  Speaker 4: All Right, Disney had a lowout quarter. The results were
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  Speaker 4: certainly impressive because the stock is up right now about
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  Speaker 4: seven percent. It's given back some of its advance because
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  Speaker 4: it was up quite a bit more before. KEITHA. Rong
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  Speaker 4: andathen Is our Bloomberg Intelligence analyst on US media and Geita,
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  Speaker 4: was there anything here that didn't deliver?
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  Speaker 6: Not really scarlet? So I think people were really coming
• 6:32
  Speaker 6: into this quarter. Everybody was really fearing whether they would
• 6:35
  Speaker 6: lower guidance. They did the exact opposite, raised guidance for
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  Speaker 6: EPs growth sixteen percent. Consensus was expecting about eleven percent.
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  Speaker 6: And really, I mean the biggest source of fear for
• 6:46
  Speaker 6: this stock has been the theme. Parks business just kind of
• 6:49
  Speaker 6: given you the backdrop of rising oil prices as well
• 6:53
  Speaker 6: as macroeconomic factors geopolitical tensions, but again management basically saying
• 6:58
  Speaker 6: that theme park demand remains extremely strong and you have
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  Speaker 6: the added benefits of a lot of new cruise ships
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  Speaker 6: coming on, so we're going to see an acceleration in
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  Speaker 6: that segment through the second half of fiscal twenty twenty six. Kitha.
• 7:09
  Speaker 2: Another key driver for this company in this stock has
• 7:12
  Speaker 2: been their streaming business. Talk to us about the profitability
• 7:15
  Speaker 2: it's finally termed profitable, and talk to us about the
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  Speaker 2: profitability now and maybe what are some targets.
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  Speaker 6: So the profitability they actually for the quarter that they
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  Speaker 6: just reported paul A fiscal second quarter, they reported an
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  Speaker 6: eighty eight percent increase in profit, So definitely a fantastic
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  Speaker 6: turnaround from just a few years ago when they were
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  Speaker 6: reporting something like four billion dollars in losses. So this
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  Speaker 6: year we're going to look at about two point six
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  Speaker 6: billion dollars in profit. That translates to a ten percent
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  Speaker 6: operating margin. And really what investors are focused on for
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  Speaker 6: the next few years at least is that while theme
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  Speaker 6: parks is definitely the majority of earnings for Disney sixty
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  Speaker 6: percent of earnings this year, the biggest earnings growth story
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  Speaker 6: is really going to come from the streaming business, so
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  Speaker 6: we're kind of looking for ways that how management can
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  Speaker 6: basically improve that margin right now, you know, from ten
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  Speaker 6: percent this year to twenty twenty five thirty percent.
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  Speaker 5: And they have.
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  Speaker 6: Different levels in place, the most important one really being
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  Speaker 6: price increases as well as bundling, because we've seen them
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  Speaker 6: really you know, achieve a lot when it comes to
• 8:21
  Speaker 6: reducing churn with their bundle, and they plan to do more.
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  Speaker 4: Kitha, I want to also get your take on the
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  Speaker 4: big headline that we got in the past hour. Ted Turner,
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  Speaker 4: who of course founded CNN, passing away at the age
• 8:34
  Speaker 4: of eighty seven. Paul has talked a lot about how
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  Speaker 4: he is kind of the you know, walking and no
• 8:38
  Speaker 4: longer walking, but the embodiment of the twenty first century,
• 8:43
  Speaker 4: twentieth century media mogul. Tell us a little bit about
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  Speaker 4: how you see him influencing and affecting the media industry
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  Speaker 4: that you now cover in twenty twenty six.
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  Speaker 6: Yeah, a huge news. I mean, obviously a legend and
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  Speaker 6: the pioneer for cable cable network business and of course
• 9:00
  Speaker 6: twenty four hour news with CNN, we've kind of come
• 9:04
  Speaker 6: full circle. Scarlett, if you just kind of look at
• 9:05
  Speaker 6: it from a business perspective. I mean, obviously Teed Turner,
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  Speaker 6: you know, at the height of his career in the
• 9:10
  Speaker 6: nineteen eighties and nineteen nineties, you know, established the whole
• 9:14
  Speaker 6: Turner network business, sold that business to Time Warner, and
• 9:19
  Speaker 6: then we've seen that property kind of change hands over
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  Speaker 6: the year so many times, you know, with a sale
• 9:24
  Speaker 6: to AT and T, and then a sale to Discovery
• 9:27
  Speaker 6: and finally this year potentially a sale to Paramounts Guidance.
• 9:31
  Speaker 6: So really kind of you know, shaping the media ecosystem
• 9:37
  Speaker 6: in so many different ways. And you know, Paramounts Guide
• 9:41
  Speaker 6: aance as it kind of closes this year on this
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  Speaker 6: Warner Brothers Discovery transaction along but of course those Turner networks,
• 9:49
  Speaker 6: it will, I think, really reshape the media ecosystem in
• 9:52
  Speaker 6: so many ways that you know Tet Turner obviously set up,
• 9:55
  Speaker 6: so I can't understate his role in them, the shaping
• 10:01
  Speaker 6: the whole media narrative today.
• 10:03
  Speaker 2: Stay with us more from Bloomberg Intelligence coming up after this.
• 10:10
  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
• 10:14
  Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto
• 10:17
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• 10:20
  Speaker 1: get your podcasts, or watch us live on YouTube.
• 10:25
  Speaker 2: All right, let's get back to it here. Elon Musk.
• 10:27
  Speaker 2: SpaceX is proposing to spend fifty five billion dollars to
• 10:31
  Speaker 2: begin construction on a new semiconductor production facility and Guessware
• 10:36
  Speaker 2: Texas dubbed terror Fabs. Check in with George Ferguson, senior aerospace,
• 10:40
  Speaker 2: defense and airlines analysts for Bloomberg Intelligence. I think we
• 10:43
  Speaker 2: need to also. I think he's gonna be the space
• 10:45
  Speaker 2: analyst as well, because air defense, your portfolios, aerospace exactly, Drod, George,
• 10:50
  Speaker 2: talk to us about SpaceX. What do you think they're
• 10:52
  Speaker 2: doing here as they get ready to maybe go public?
• 10:55
  Speaker 7: Yeah, so we do cover space first. Yes, there you go,
• 10:59
  Speaker 7: Era space your and I mean, I think he's concerned
• 11:07
  Speaker 7: about his supply chains, right, he sees a heavy need
• 11:11
  Speaker 7: for semiconductors. I mean, you know, part of sort of
• 11:15
  Speaker 7: putting SpaceX and XAI and Starlink together. It was all
• 11:19
  Speaker 7: about putting data centers in space, which requires a lot
• 11:23
  Speaker 7: of computing power, which requires chips, you know, you know,
• 11:27
  Speaker 7: covering him from AFAR before getting SpaceX. You know, as
• 11:31
  Speaker 7: he's preparing to go through his ipoh. One of the
• 11:35
  Speaker 7: things I've sort of heard and seen is just that
• 11:38
  Speaker 7: Elon Musk likes to control his supply chain, and I
• 11:41
  Speaker 7: think he also likes clearly to drive down costs inside
• 11:45
  Speaker 7: his supply chain. And he's done it with Tesla from
• 11:47
  Speaker 7: some of the some of the analysis I've seen, and
• 11:50
  Speaker 7: I think this is that same playbook, right. He wants
• 11:54
  Speaker 7: to He wants to own a supply chain. He knows
• 11:56
  Speaker 7: semi conductor is a big issue. He knows he's going
• 11:59
  Speaker 7: to need a lot of them, and so he wants
• 12:02
  Speaker 7: to get in it and build it himself. And I
• 12:04
  Speaker 7: think would be a great thing. I think I could
• 12:07
  Speaker 7: see a lot of other industries in the US that
• 12:10
  Speaker 7: would like a US a more robust US semiconductor supply chain,
• 12:14
  Speaker 7: including defense. So he may also find other opportunities for
• 12:20
  Speaker 7: these chipsies making, but supply chain control I think and
• 12:23
  Speaker 7: concerned about getting.
• 12:24
  Speaker 4: Enough, Okay, Elon Musk, he is known for thinking big,
• 12:28
  Speaker 4: really big. Is it realistic of him for him to
• 12:33
  Speaker 4: be able to create a semiconductor plant that can really
• 12:36
  Speaker 4: move the needle? Take on stalwarts like TSMC.
• 12:41
  Speaker 7: You know, Look, there's a lot of people that have
• 12:43
  Speaker 7: bet against him, and I think sort of the roadside
• 12:48
  Speaker 7: is littered with them, right, and so I'd be very careful.
• 12:51
  Speaker 7: I'm typically a doubter. It comes from I think my
• 12:54
  Speaker 7: early days in credit. I'm still working through it in therapy.
• 12:58
  Speaker 7: But the issue is here, right. We've watched him even
• 13:02
  Speaker 7: in SpaceX.
• 13:03
  Speaker 2: Right.
• 13:03
  Speaker 7: We have a company now that's launching one hundred and
• 13:07
  Speaker 7: fifty sixty rockets a year, reusing bottom portions of those
• 13:13
  Speaker 7: rockets and driving down the cost to access space. And
• 13:17
  Speaker 7: I think if we talked about this two decades ago,
• 13:20
  Speaker 7: we'd say never gonna happen. Right, And he is by
• 13:24
  Speaker 7: far the leader in space launch now. Again, every other
• 13:28
  Speaker 7: day he's launching something. Even New Glenn couldn't get it
• 13:32
  Speaker 7: all right in the last launch, and they're trying to
• 13:35
  Speaker 7: catch up with their billions of dollars. So I would
• 13:38
  Speaker 7: say it's big. He always goes big. But I have
• 13:42
  Speaker 7: a hard time betting against him anymore. He's done so
• 13:45
  Speaker 7: many things big. I think he's got a real good opportunity.
• 13:48
  Speaker 2: George, what do we know about the timing of this
• 13:50
  Speaker 2: potential IPO? You know it's been reported for a while,
• 13:53
  Speaker 2: but I'm just haven't seen.
• 13:54
  Speaker 8: Much yeah, neither of we We keep hearing June ish week,
• 14:00
  Speaker 8: you know, summer ish and so the noise I think
• 14:04
  Speaker 8: has gotten a little fainter recently, as you know, Paul
• 14:07
  Speaker 8: to sort of watch markets and see how they're performing.
• 14:11
  Speaker 7: But I think they I think that, you know that.
• 14:14
  Speaker 7: To me, if the markets are performing, the timing looks
• 14:17
  Speaker 7: right to put a lot more cash again inside this
• 14:20
  Speaker 7: SpaceX venture and you know, go for this, you know,
• 14:26
  Speaker 7: data centers in space and more investment in Xi x Ai.
• 14:31
  Speaker 7: And again with this new Glenn failure the other day,
• 14:34
  Speaker 7: the FAA is looking at you know, what happened in
• 14:36
  Speaker 7: the new Glenn shot. His distance on his competitors looks
• 14:40
  Speaker 7: even better. I would think that would help going into
• 14:42
  Speaker 7: an IPO.
• 14:45
  Speaker 2: Stay with us.
• 14:46
  Speaker 4: More from Bloomberg Intelligence coming up after this.
• 14:51
  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
• 14:55
  Speaker 1: weekdays at ten a m. Eastern on Applecarclay, and Android
• 14:58
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• 15:02
  Speaker 1: get your podcasts, or watch us live on YouTube.
• 15:06
  Speaker 4: Let's come back to Earth and talk a little bit
• 15:08
  Speaker 4: about companies that have things that drive on the roads
• 15:12
  Speaker 4: on the ground here, and that is Uber Uber coming
• 15:14
  Speaker 4: out with the results, investors really like them because the
• 15:17
  Speaker 4: stock is up almost nine percent on the day. Man
• 15:20
  Speaker 4: Deep Sing is our global tech research head here at
• 15:22
  Speaker 4: Bloomberg Intelligence. He covers tech companies including Uber. Man Deep,
• 15:27
  Speaker 4: what does the Uber results show you about how it's
• 15:30
  Speaker 4: core business, which is, you know, ride share versus its
• 15:34
  Speaker 4: ambitions for driver lists, driverlest rides. Looking, what does that
• 15:39
  Speaker 4: tell you about its prospects?
• 15:41
  Speaker 5: Yeah, I mean, look, this is a company that still
• 15:44
  Speaker 5: has the scale when it comes to ride sharing, food delivery,
• 15:48
  Speaker 5: you know, three point five billion rides. And when you
• 15:51
  Speaker 5: compare to this scale of rides for Raimo for example,
• 15:56
  Speaker 5: even though it's growing really fast. And in the case
• 15:59
  Speaker 5: of Uber as well, they talked about av rights growing tenfold,
• 16:04
  Speaker 5: but these are just fifteen million run rate compared to
• 16:08
  Speaker 5: three point five billion rides that they're did in the quarter.
• 16:11
  Speaker 5: So at the same time, I just feel with Uber
• 16:16
  Speaker 5: there are some headwinds in the sense like they have
• 16:20
  Speaker 5: to scale AV rides where their take rates go down,
• 16:24
  Speaker 5: they have to start buying fleet for av's now through
• 16:28
  Speaker 5: their investments in neuro Lucid. So this was an asset
• 16:34
  Speaker 5: light marketplace business. It feels like where it's going with
• 16:38
  Speaker 5: Uber is also they will have to ramp up their investments,
• 16:41
  Speaker 5: and so from that perspective, I definitely feel that they
• 16:45
  Speaker 5: will run into some issues when it comes to their
• 16:48
  Speaker 5: margins and take rates going forward with the pivot to av's,
• 16:51
  Speaker 5: which clearly is the fast growing part, albeit it's very small.
• 16:57
  Speaker 2: How is that? How is this writering market? How do
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  Speaker 2: investors think it's going to evolve here? I mean, I
• 17:03
  Speaker 2: took my first way Mo ride, you know, a couple
• 17:05
  Speaker 2: months ago in Santa Clara, California. Is that a substitute
• 17:10
  Speaker 2: for Uber slash lift ride? How do you think about
• 17:14
  Speaker 2: the future?
• 17:15
  Speaker 7: Yeah?
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  Speaker 5: I mean if you have to go from point A
• 17:17
  Speaker 5: to point B and look, with Uber, almost thirty five
• 17:22
  Speaker 5: percent of their rides come from top ten cities, and
• 17:26
  Speaker 5: these are metropolitan cities. So vemo is operating in the
• 17:30
  Speaker 5: same cities. And look, in some cases they are partnering
• 17:33
  Speaker 5: with Uber, but in a lot of the other cities
• 17:36
  Speaker 5: they're not partnering with Uber. So suddenly your market share
• 17:41
  Speaker 5: will be going down because people are using and these
• 17:45
  Speaker 5: avis have a higher utilization. So I think Uber definitely
• 17:50
  Speaker 5: has the advantage of scale and the fact that you know,
• 17:53
  Speaker 5: they operate at a much bigger, you know, level than
• 17:57
  Speaker 5: any of the other smaller providers, especially Lyft. But I
• 18:02
  Speaker 5: do think over the medium term the avs will start
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  Speaker 5: hurting their margins and interesting, I don't know.
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  Speaker 2: I mean, I get in the back of an uber
• 18:11
  Speaker 2: with somebody I don't know, never met before. What's this
• 18:13
  Speaker 2: difference between a human and some technology.
• 18:16
  Speaker 4: The human will still let you out of the car
• 18:17
  Speaker 4: if you want to get out. What if the way
• 18:20
  Speaker 4: moo is locked and you can't get out, or what
• 18:22
  Speaker 4: if there's a blackout like there was in San Francisco
• 18:24
  Speaker 4: and the car just stops in the middle of the
• 18:25
  Speaker 4: inter section, which is what happened in San Francisco.
• 18:28
  Speaker 2: But I mean, oh no, I'm just reporting what happened.
• 18:33
  Speaker 5: But there are remote tele operators. To your point, it's
• 18:37
  Speaker 5: even though there is no driver in the car, there
• 18:40
  Speaker 5: is somebody watching, if remotely.
• 18:43
  Speaker 2: So if there is.
• 18:44
  Speaker 5: A problem in the car, it can't image.
• 18:46
  Speaker 4: Just like when I have a door dash problem and
• 18:48
  Speaker 4: I try to text someone, you know, there's a person
• 18:50
  Speaker 4: there who ostensibly should answer.
• 18:52
  Speaker 2: But never does.
• 18:53
  Speaker 4: Yeah, Mandeep, let me ask you about Lyft because you
• 18:56
  Speaker 4: mentioned the fact that this is the smaller rival. We
• 18:59
  Speaker 4: know Lyft is starting to expand internationally. I mean, can
• 19:01
  Speaker 4: it ever be anything but a distant too? No.
• 19:04
  Speaker 5: I think that's where it will remain a distant too,
• 19:07
  Speaker 5: no matter what they do in terms of geographic expansion
• 19:11
  Speaker 5: or in other new categories like food delivery and grocery delivery,
• 19:14
  Speaker 5: because it all adds up and that seems to be
• 19:17
  Speaker 5: the playbook. So Uber had the right idea in terms
• 19:20
  Speaker 5: of amassing scale through you know, international expansion and different categories.
• 19:26
  Speaker 5: So Lift is probably three four years late in terms
• 19:29
  Speaker 5: of emulating that. But look, I think the big technology
• 19:35
  Speaker 5: change is with AI and with autonomous rides. And if
• 19:39
  Speaker 5: Weimo is successful the pace at which they're adding supply
• 19:43
  Speaker 5: and it sounds like people prefer to have that sort
• 19:47
  Speaker 5: of ride and they feel safe, then it will have
• 19:51
  Speaker 5: a bearing on the business model of these companies. And
• 19:54
  Speaker 5: you can already see that with Uber. They are investing
• 19:57
  Speaker 5: you know, one point five billion dollars in loc to
• 20:01
  Speaker 5: get ab fleet, So suddenly you know you're not an
• 20:04
  Speaker 5: assellight model anymore.
• 20:07
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