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tv   Bloomberg Technology  Bloomberg  June 8, 2022 11:00pm-12:00am EDT

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>> from the heart of where innovation, money and power
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collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: welcome to this special edition of "bloomberg technology." we are live from the city club in san francisco where the bloomberg technology summit is happening. over the next hour, an exclusive conversation with amazon ceo andy jassy. his thoughts about the economy, unions and regulations, plus how his relationship with jeff bezos evolved since he got the top job. and is uber recession resistant? the ceo seems to think so. what he's planning to do to keep it that way if the economy gets any worse. and arc invests cathie wood says investors should just trust her. but first let's get a look at
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some market stocks falling after a two day rally. chips dragging stocks down. joining us now is abigail doolittle. abigail: at one point we had the nasdaq 100 higher. it seemed as though stocks were going to put a three day rally together but i did not happen. some pressures including oil rising to of, yields rising, inflation and mid-day, the head of the sec, gary gensler, at a pipe or send low-tech conference, gave some details around some potential regulation for markets. that is when stocks seem to take a nosedive. the s&p 500 closing down more than 1%. nasdaq 100 down more than three quarters of 1%. investors continue to be worried about inflation ahead of friday's all-important cpi report. there is some hope especially for large cap check.
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when we go into the bloomberg terminal, we are looking at a fancy chart put together by our very talented markets team. the nasdaq 100, which is shown here in white, you can see a downtrend. in yellow, we are looking at the number of the nasdaq 100 numbers above the 50 day moving average. creeping higher at 37% should the technical suggests we could see that go above 50%. that is similar to what we are seeing for the s&p 500. the bottom panel is an indicator of momentum. it looks like bulls might getting ready to step back out a little bit. maybe this market rarely has some legs ahead. emily: so may be a down day but is the reason for hope for big tex stocks -- big tech stocks based on that chart? abigail: definitely. when i think of big tech, i think of facebook, but today is the end of a decade-long era.
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facebook higher on the day trading under its f the ticker for the last time shared tomorrow it will be the start of the new era. it will be trading under meta. we also have tesla hire appeared this as cathie wood is saying she is buying the shares of tesla after quite a break. intel lower. citigroup cut shares as the company in a soft way announced to the downside. finally, amazon lower. there does not appear to be any specific reason. just a tough take. you have the wonderful broad ranged interview with andy jassy. emily: let's get to that now. i did sit down for an exclusive and wide-ranging interview with amazon ceo andy jassy. we spoke about everything from the economy to unions to the will of jeff bezos today. first, i asked about dave clark who spent more than two decades
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climbing the ranks amazon to become his consumer chief your he is -- she resigned abruptly last week and announced he is joining a logistic startup. andy: different people want to do different jobs with different responsibilities at different times. it is incredibly personal. i think dave wanted a different gig at this point. i don't break at -- i don't begrudge him at all. they've gave so much to amazon over the last 23 years. particularly the last two and half years which have a bit -- which have been among the most crazy in the history of amazon. i think if you want to build a business that lasts 100 plus years, you have to get used too the sort of transitions and make sure you are doing the right succession planning and you have the right talent to keep pulling the business. we have done that is directly. i expect we will do it again. emily: elon musk came out saying he has a super bad feeling about the economy, laying off 10% of
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his staff. jamie dimon says he is preparing for an economic hurricane. the world bank slashed its forecast for global growth. how do you feel about the economic climate? andy: i was not planning on giving any guidance [laughter] emily: please. super bad or super super bad? [laughter] andy: i think there are some things as relates to amazon that are useful to remember. i think the first piece is, remember the 85% of the worldwide we tell market segment share is off-line. if you believe that that equation will flip at some point, which we do, but if you believe that, the companies that have great customer experiences like we do are going to do all right. great customer experiences mean you have really broad selection,
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low prices, very fast delivery reliable to customers. i also think if you look at different downturns, should we have one at some point and we have been through in the 25 years i been at amazon, customers change their habits. they tend to be pickier about what they buy, when they buy and who they buy from. they often pick the partners and companies they trust and have great customers. i also think those two reasons, those two factors give me optimism that even if we have a downturn, we have the potential to still -- potential to still grow. i would say regardless, we have simply things we believe we can do better for customers. we have a roadmap that is probably three to five years long. we will continue to do ultimately get for customers. emily: everyone is curious about jeff's role these days, what kind of fixative chair he is.
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-- what kind of executive chair he is. he says he focused his attention on initiatives that he cares about but on the outside looks like he cares about philanthropy, focusing on space. what kind of executive chairman is he? andy: jeff will always be involved. i feel very lucky to have been at amazon for 25 years. i feel lucky to have worked directly for jennifer 20 of them. we have a close relationship and have for a long time. i think we share a lot of the same values about customers and how important it is to optimize for customers and standards need to be given. how easy it is for people to switch. the important of -- importance of invention, speed should i feel lucky to have had the chance to work closely with him. we still talk all the time. it is useful for me to seek his counsel. he has always made himself available.
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emily: he was your only boss for 25 years. as your relationship fundamentally different than it was when you were the head -- andy: every single job you have come the relationship is different the first couple years our word for jeff, it was what was like a chief of staff. that was different than when i was starting aws, which was far from where we got a b -- when we got eight of u.s. going. it is different when i'm in the ceo role or the constant has always been we have a great relationship and we collaborate really well. i think we listen to one another and for me, to have the ability to bounce different things off him is valuable. emily: he is still focused on amazon? andy: he is still focused on amazon. emily: amazon employees have become the biggest private sector employer in the world, second only -- right now walmart is in that spot, but amazon will probably soon surpass it. you have been spending a lot of
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time at warehouses. when you look at someone like chris smalls who some looked at as a modern-day hero who got fired, pulled off this union vote, what is your message to someone like him? your message to the folks who think maybe we should join a union. andy: the first thing to be clear about is employees get to make that choice whether they want a union or not. they have always had that choice. we happen to think they are better off without a union for a number of reasons, including the fact that it's much harder when you have a union to have a direct relationship with your manager and get things done quickly. if you see something on the line you think can be better for your team or customers, you can't just go to your manager and say let's change this. there is a whole bureaucracy you have to go through. when there is a union, we are
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going to get the feedback filtered by what the union decides is worth bringing up. we would much rather hear from every employee, whatever is on their mind. if you want to continue to have the structure we have had for all this time, you have to have competitive benefits. if you look at amazon, they are unusual in this space. we championed the $15 minimum wage years ago. the starting salary is now more than double the federal minimum wage. you get health insurance and 401k and up to 20 weeks of parental leave. if you want to get a college education, we have a program that lets associates do so. that is a very unusual and compelling set of benefits. those were all accomplished without a union. i think we realize we have to
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continue to work on the relationship with our employees and we need to continue to provide the right benefits. we need to continue to work on safety. that is our intention. emily: my exclusive interview with amazon ceo andy jassy. we will have much more from the bloomberg tech summit coming up. jet fuel price hikes, flight cancellations, what does it mean for summer travel? the expedia ceo will join me next. this is bloomberg. ♪
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emily: welcome back to the bloomberg summit in san francisco where we are live. summer is here, but will all of our travel plans come out without a hitch. i am joined by the expedia ceo, peter kern. thank you for flying here from seattle. there were a ton of flight cancellations over memorial day weekend, jet fuel prices, pilot shortages, hotels struggling to get enough staff. how will this affect our summer travel plans? we have been dying to travel. peter: clearly everyone is going to travel somehow. i think there will be disruptions. we are seeing it in europe and the u.s., the shortage of staff create a problem. we would love to see hotels open to full capacity. in the meantime i think people are finding options wherever
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they go, sometimes vacation rentals, sometimes hotels, they are planning flights domestically if they can't find them internationally. we are seeing just about everything going up. i think it will be a busy time either way. emily: delta just cut capacity for example for the foreseeable future. how long does this go on for? peter: with the talk we see on your shows and all the shows about potential resections, inflation issues, with the fed is doing, it will make some companies be more conservative about letting the rope out. we were expecting increases in capacity in late-summer for international travel. we will see what happens there. we are hopeful. we would like to see the airlines expand, hotels again opened to capacity. i think a lot of ceos i talked to will tend to the careful side, which will continue to constrain supply, keep prices
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up, which is not great for the consumer. that looks like it will sustain itself for a while. emily: if elon musk has a super bad feeling about the economy, what does peter kern think? peter: i'm no elon musk and i don't tweet about anything. [laughter] from what we can see of the u.s. and western markets, markets where people can't travel and that is still going on. there is tons of pent-up demand. we have seen people wanting to rebound. they were buying lots of stuff. you had indy on today. they under spent travel. they saved a lot of money. we are seeing that savings probably come into spending on travel. that looks pretty robust for us. one that runs out of gas and how the economy lance, who knows? as we say we are in a dollar market.
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a tiny fraction of it as big as we are and we have plenty of room to continue to grow. emily: you and i spoke about a month ago and said maybe we will see some rerouting from paris to san diego. how much of that is happening? peter: we have not seen it. you go to paris, all the luxury hotels completely sold out for summer. we are not seeing a lot of rerating down. people have been planning for this big summer. they are all booked way ahead. as that rolls off, we don't know. not seeing a lot of rewriting to people looking for cheaper alternatives. emily: could this be delayed to the fall and holiday travel? peter: no signs yet. there is no magic date out in november where everything falls off a cliff. we are not seeing it in terms of looking ahead but we are not making any predictions either. there is a lot of noise in the market. gas prices and home prices. that is where i think we will see adjustments for the demand
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and perhaps adrs come down. prices on air and hotels etc.. so far, there is no signed of easing on price and there is no sign demand is drinking. emily: your technology and abel's customers to track prices to figure out when there is the best time to fly. why should folks choose expedia and are you even discouraging people from buying now? peter: what we are trying to do is give people confidence. one of the biggest issues consumers face when picking airline tickets is the fear they will buy too early and pay too much. we have data that can show you what might happen to the price. we are trying to give you tracking so if you are not ready to purchase you don't feel like you have to make a decision, you can wait until you feel it is the right time. what we are doing is more than
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just tracking single flights, we are tracking the whole route system across the airlines. if you want a nonstop from san francisco to new york, you check the price and are not ready to buy, watch it and maybe in a week you will make a choice. airlines see it as an opportunity for us to give customers confidence to book. emily: what does this mean for expedia's business? we talked about the share price. shares are down. you have some uncertainty about the travel ahead. what is your statement to investors? peter: we don't think about it in the short term. we are not spending a lot of time thinking about a potential recession. we are not planning for it or valuing our business that way. we are doing the work to upgrade the technology. we are changing the whole stack. we are innovating around customer experience like flight tracking and other tools to discover better products and match for you, which we don't think has been in the travel sector for decades.
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we are focused on that work and we think that will unleash a ton of business for our supply partners and focus on how that will help our beta be business. there is a lot of opportunity and we are not worried about the rest. emily: any plan to live on vrbo? peter: i will spend a big part of july in london staying in a vrbo. that is my summer so far. emily: thank you for making the trip down here. i have some plans which i will not share on television. peter kern, ceo of expedia, good to have you here in person. coming up, our exclusive with cathie wood, ceo of ark investment management, how she is explaining the big drop in her fund, next. this is bloomberg. we are at the "bloomberg technology" summit live. ♪
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emily: welcome back to "bloomberg technology" live from our big tech summit in san francisco. in the world of etf's there are few as influential as cathie wood. she spoke exclusively with our very own ed ludlow. cathie: if you look at our performance, our flagship performance from the low of covid until the peak of february 2021, that was an increase. we had a lot of problems through the coronavirus. we were rewarded accordingly. since then, when we hit our
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trough, down 75%. why? inflation and interest rates. it is and trusting to be here, walmart territory, because we are learning a lot from the retailers now. [indiscernible] the fear of rising interest rates and inflation control has gripped the market. but not the equity market. if you look at the fixed income market, it does not agree with it. the 10 year treasury bond yield is 3%. that instrument should be one of the most responsive to inflation fears. so 3%, gdp growth 4% over the next 10 years. nothing corroborated by the fixed income markets. i don't think we are in a period where we can't extricate ourselves from this.
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the inventories cory -- inventory story is a good example of why inflation has become a problem. the scrambling to bring more and more inventory to satisfy demand went into overdrive and i believe the narrative in the last year, inflation, gave purchasing managers this idea that what is the worst that could happen if i build inventory? the worst that could happen is a may go to deliver inventory profits, sell at the higher price. that is not going to happen. i have never seen inventory surges like this in my career. i have been around for a long time. 33% at walmart. 42% at target. 50% at kohl's. very broad-based. i think we are going to see a
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lot of discounting. what is beginning to happen now, we have the margins. our strategy is starting to outperform the rest of the market. i have never been in a market where the market has gone to new highs and we are heading lows. i have never been in a market shared -- in market. it has not been supported by the fixed income market so we will see what happens. emily: cathie wood with our ed ludlow, ceo of ark investments management. coming up, we have so much more to come from the "bloomberg technology" summit, including the uber ceo. he weighed in on gas prices and macro turmoil. ♪
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emily: welcome back to a special edition of "bloomberg technology." i'm emily chang at the city club of san francisco, where we had a host of special guests, including the uber ceo dara khosrowshahi about the current economic climate and how it could impact uber's business. dara: we don't see any signal of a recession coming. what is different about us than most companies out there is just as you saw during the pandemic a shift from spend on services to spend on retail, that shift is now going back to services and we are the definition of a service. travel is back, etc. i think our services benefiting from the shift back. certainly the reopening helps our mobility business. our mobility business is growing at a very high rate. the delivery of everything at home continues to be strong.
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at this point, we don't see any signal whatsoever. we have gone through recessions in south america, mexico and brazil in the past. what you see during a recession as as the labor pool heats up and we don't see signs of that here or in europe. more drivers come onto the platform. as more drivers come onto the platform, the service levels get at her. versus many other companies, we don't have large asset base. our cost base adjusts. strong -- stronger the economy, our cost base increases. drivers earn much more money. and weaker economies, earnings adjust as well. we are relatively recession resistant if it happens. i certainly hope it does not happen. the signal on the street is things are really strong and the
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spend on services continues to be robust. collects you said -- >> you said you will treat hiring as a privilege. you did not mention potential layoffs. some of your competitors are having to consider it. how do you feel about layoffs at uber? dara: we don't think they are necessary at all. the perspective at uber, q1, growth is up 39%. we are one of those companies, while our delivery business benefited from the pandemic, our mobility business is absolutely benefiting from the we opening. we talk about guidance of 28 and a half to between nine and a half in gross billings -- gross bookings in the next quarter. so the business is growing at a healthy pace. with the uncertain environment out there, we should be more cautious. there is much more and certainly
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as you look forward to 12 months and my message to our employee basis, were going to be careful. we feel good about the businesses and the trends. our environment is one that demands caution. i do think in tougher environment, we are the largest player on a global baseness. where the player that has the portfolio of go get it we have a platform advantage in terms of our riders turning into teachers. emily: you can get the full interview with dara khosrowshahi on now turning to the gaming world and the so-called metaverse. in a twitter poll, we asked what will the metaverse have the most drastic impact on? the overwhelming majority said gaming. joining me now is ann hand of super league gaming. you said something interesting
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on stage, which is you don't like to use that term metaverse. why is that? ann: there is a little backlash because people are wondering about this bigger metaverse play that we are probably five to 10 years away from. open world platform games have been around for over a decade. games like minecraft where they give you a set of tools and you make the game yourself. it has creation, collaboration and most of all, it is social. it is a digital cul-de-sac. we focus a lot on how we bring brands into metaverse experiences to reach those gen z players. gaming has been the trojan horse for the greater metaverse because it has existed for some time and it is a successful platform. emily: but you don't see it until five to 10 years out. ann: i think the big meta is a ways off. the difference about the metaverse for gaming is that it's so social and community-based. it's exciting in some ways.
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the internet failed us in many ways, especially the ad model. it became a nuisance. it did not fully deliver because it interrupted the user's experience. what we focus on in super league is a way to bring brands in in a way that is engaging and allows brands to meet users where they are in games. emily: in the big meta, how much is our real world self different from our digital self? are we going to lose track of who we are? ann: on one hand you can always worry about some of the security concerns and the blurring of those lines, but when i think about the younger generation, and we talk to them and their parents, i feel there is more positives than negatives. gen z does not see a difference between their digital and physical life, it is just their life. they want their digital and physical selves to aligned to
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the same values and interests. i talked about it earlier at the summit today. a five-year-old picks their minecraft id and the world has not yet boxed them in. their aspirational self comes through. may be that means they feel more limitless in their physical life as well. i think there are just as many positives to establishing your digital self instead of it being an act, as over generations might do, it is more of a genuine interest in what they want to be. emily: sheryl sandberg, ceo of meta, just left. she would've had to evolve this long-standing business model. is advertising the business model of the future in the metaverse, and will it really translate? ann: it as just as much the digital to physical crossover. when you were interviewing andy jassy and talked about 85% of
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retail happening physically. someone in the metaverse can engage with them, the ways you can create crossovers. i think it is an acquisition retention channel. emily: are you saying we would make fewer bad online purchases because we get to try things on in the metaverse? ann: there will certainly be a game for that where you can try on fashion and get real-time feedback. if you have a gaming avatar and right now buy for that avatar a pair of nike shoes, your propensity to want to bring that brand into your physical life is much higher. it is an affordable, accessible way for brands to know a new batch of customers. emily: what kinds of companies will own the metaverse? ann: it will be interesting to see, the role of crypto and
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blockchain as well. right now it will continue to be gaming-led. players like microsoft owned minecraft, roblox, the unreal engine with fortnite, look for gaming to continue to lead. the next place it will lead i think is around education as a new entry point for kids to learn about s.t.e.m. emily: ann hand, thanks for stopping by. coming up, rethinking the pivot to crypto. what coinbase's hiring freeze means for workers that flock to digital assets. that is next. this is bloomberg. ♪
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emily: welcome back to "bloomberg technology" live from our flagship technology summit. we are talking crypto now. as it became more of a hot commodity, bookers rush to careers in digital assets. with coinbase announcing a hiring freeze and crypto markets roiling some, some are rethinking that pivot. joining us is a partner at sequoia capital. let's talk about what is happening in crypto. coinbase's hiring freeze certainly does not look good. what is happening in the industry right now? >> the thing to remember about crypto is there always ups and downs. it is a very volatile sector, especially before we get a better regulatory framework. coinbase is no stranger to the
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cycles and crypto. founders in this space expect ups and downs. every company is different. i work closely with ftx. they are not doing a hiring freeze. they are well capitalized and ready to take advantage of this period. there is a huge range in the way companies are reacting to the downturn in asset prices. long-term we are optimistic that the best bunnies will extend their advantage. emily: would you say in the case of coinbase it was a mistake in execution? they are a public company now. michelle: yes, many public company ceos have had to deal with their stock price changing and a market pivoting to one that values profitability. i think the important thing is that crypto is very diverse and there are companies well-positioned that are not struggling to make an impact on the future. emily: sequoia has a huge portfolio and you've got workers
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moving between companies all the time. do you see employees rethinking, oh, maybe i should stay at apple or google for a while longer? michelle: we have seen quite a valuable market in the market for startups. one positive of this period for the startups that play their cards right, they will be able to hire talent that they would not have been able to before. this loosening of the talent market could be beneficial for those companies to stack their staff and teams with top talent from these companies. we are optimistic that those companies will be able to succeed, even if there are some near-term shifts. emily: sequoia put out that good times -- if sequoia put out that good times memo now, what would it be? michelle: we gathered with
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investors to talk about how to plan for the downturn. the key message is staffing to endure. what we learned is focusing on extending your product advantage is one of the most important things you can do during this time. putting yourself ahead of your competitors while also potential contributing in other areas are the most important thing. we think the best companies can come out stronger, but they have to survive long enough to have that chance. emily: where is it sequoia placing its crypto bets now? michelle: very similar areas. our conviction is very unrattled by this honestly. on a 10 year horizon we hope crypto can grow from the millions of users into the billions. we are investing in a broad number of areas from infrastructure to internet applications based on blockchain. we are very excited, especially about the infrastructure and developer tools we are seeing that will help more companies
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build more resilient and secure applications. emily: does it matter if bitcoin gets back to 60? michelle: long-term we are not investing for the prices in the assets. ftx is a great example. they are building an exchange that we think could be an amazing product for crypto derivatives markets. whether the price goes up or down, people are still trading. it has a founder that is a perfect example of what we look for, great market opportunity. the price does not matter as much. emily: great to have you. thank you for sharing your view of the future. coming up, while it was once a bitter rivalry, now waymo and uber are teaming up. we talked to the uber ceo. this is bloomberg. ♪
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>> waymo is clearly a leader in the autonomous space and this is a pretty deep partnership with waymo where we now have -- we will have access to billions of miles driven as a relates to their autonomous driver. emily: the uber ceo speaking at the bloomberg tech summit about a new partnership with waymo. the two companies were bitter rivals. i am joined by the waymo co-ceo. great to have you with us. i know you just ran from the stage, so let's talk about how the partnership will work. in the future, does this mean
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waymo is on uber's network? >> we waymo will partner with carriers and shippers and they will have trucks with a waymo driver on them. and then those trucks and carriers will have an opportunity to opt in to the uber freight network. emily: these are trucks that are taking anything you can imagine, cris-crossing the world? >> massive long-haul trucks. major, major shipment of goods across the country. the reason this is so important is we reserve the capacity for billions of miles on this network because we only have two companies that we can improve the efficiency of. emily: uber and waymo long ago rivals that dates back to the cofounder of uber and cofounder of google car.
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how did you get past a long and drawn out lawsuit? tekedra: i'm happy to say that the waymo and uber team have focused on what we are actually here for, which is improving road safety, improving long-haul trucking and live the just ask opportunity. dara and i from the beginning had a great direct relationship, which i appreciate. emily: let's talk about how far waymo has come. i rode in the google car in 2011. just a couple days ago my colleague rode in the waymo of today. how much has that experience changed in 11 years? this is since 2011. tekedra: so today we have the fifth-generation waymo driver, which is what you see. here in san francisco we have employees who are taking rider
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only rides. we have members of the san francisco community also taking rides. in addition we announced we are having employees taking rides. we have employees take rides to and from the phoenix airport, which is exciting because it is the first time any autonomous vehicle company is figuring out how to navigate an airport. emily: i ask you this every time we talk, but when can i in a major city open an app and hail a waymo? tekedra: right now you can in the phoenix metro area. [laughter] emily: and you are doing limited testing and san francisco, but when will this be more available? tekedra: what we are really focused on is what does it take to go from one city, one platform to now across multiple platforms? that is what we have been able to do.
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one of the things we learned is this operating of service that is the learning curve. you have to learn to make sure not just the technology works, but what does that experience look like? one of the areas that we found delightful is when people are using ride-hailing and there is no driver in the car, no human driver, a waymo driver only, they immediately start blasting their music. those kind of features are what people to feel like this is their own space. your question is what is your roadmap, i'm not telling you that, but we are spending time learning a lot. in the phoenix metro area, our service has been up and going almost two years now, 24 hours a day, seven days a week. emily: what is going to differentiate waymo from a self-driving tesla? there are a bunch of different companies working on
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self-driving technology. tekedra: you will have to see what those companies are focused on, that important first step, which is removing the driver. as we all remove the driver, then you figure out what your value proposition is going to be. i have no idea what it is going to be, i just know what ours is. emily: how much product do you think you are making on getting regulators testify on the safety -- regulators comfortable with the safety of them? tekedra: right now companies have the opportunity to submit. -- to submit safety reports. there has not been a lot of detailed movement at the federal level. at the state level, there has been. our teams work with all levels of government. as we see in california, state legislators and regulators are trying to figure out how best to advance this technology. emily: how often do you get to ride?
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tekedra: i love to ride. when i go to phoenix, any time i try to take a ride. now that it is right here in san francisco i do that. emily: and taking notes and sending them back to your team. tekedra: of course. emily: so let's say five years, where is waymo in five years? tekedra: in a lot of cities. emily: how many? tekedra: i don't know. and a lot of cities. -- in a lot of cities. we have ride-hailing. our trucks will be on roads moving goods safely. and then we have local delivery. your meals and groceries are hopefully coming to your house in a waymo. emily: is it going to go global? tekedra: definitely. emily: is there a market that is more exciting than another internationally? tekedra: there are a lot of exciting markets. [laughter] emily: how does this scale, right? tekedra: right. we are in the early days of focusing on that right now, scale.
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and operating across two platforms is the beginning of learning what we have to do in order to do that. emily: the co-ceo of waymo, great to have you here in person. i need my ride. it has been 11 years. that does it for our special edition of "bloomberg technology" in san francisco. we have had some fascinating conversations, amazing guests. you can catch all of that at we have a great show lined up for you tomorrow. arianna huffington will be with us. this is bloomberg. ♪
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