We will bring you everything you need to know. Ed we will get the inside look into the Digital Asset industry as the Firm Announces it has raised 500 80 million for new funds. Caroline the ai startup raises 100 Million Dollars to further grow its business. We will have an exclusive conversation with the ceo. Lets check in on markets. We are all looking at what is happening in terms of the fed, the bank of england, the bank of japan as well. The twoyear yield ticking higher. Some nervousness about whether we are expecting a pause later this week. New york crude the Inflationary Pressure point. 92 a barrel, up one point 2 again. 1. 2 again. Even amid the caution and nerves, we are seeing a bid into bitcoin. We are seeing some outsized moves. Still above the 27,000. Ed there is a lot of news driving movers. Apple rallying up 1. 9 . They are trying to make sense of the early preorder data for the iphone 15. The market seems to like what it is seeing. He goes on sale september 22 in this country. We follow it closely because we want to know if it is a driver of an upgrade cycle for apple. Here are some names i am looking at. Disney basically flat. There is a lot on the table with some interesting names in the mix. Interesting call from bernstein saying it is highly commoditized. We want to see evidence of stabilization. We are in our Third Session since the debut thursday. It falls friday. We are now down below, around 57 a share. Interesting because there are ipos waiting in the wings. Caroline this is why new york is hot. It is an ipo week. Lets think about instacart first and foremost. It is finally set to take the plunge into public markets. Joining us is k. D. Roof and k atie rufin. We dont often see ipos on a monday. Katie big ones not typically on pricing monday night. But why not . Caroline we have someone walking in front of the camera. It is monday madness. We are new to this studio. Im interested in what you think this is a test of. Is it a test of the pivot the ceo has made to focus on the ecommerce bellwether player and not just delivery . Katie sure, yeah. The market is looking at a lot of different things. I think it is a big test of whether the market cares more about profitability or growth. There has been so much said about why all of these tech stocks went down the last few years. A lot of people are under the impression public tech investors care more about the rate of growth the they cared more about the rate of growth before and now they care about profitability. Instacart has been focusing on new business segments. Caroline remind us, who is set to benefit . Katie sequoia backed it early. There have been vcs that invested at the top of the range and instacart might just be 10 billion. Sequoia invested around 1 a share. I would say the average cost per share is going to be meaningful for a lot of vcs. There are some venture firms that may have invested too much at the preipo stage. A lot of them are crossover investors like hedge funds although they invested in several rounds prior to the 39 billion valuation. There are some investors that will be underwater. Caroline katie roof breaking it down for us, thank you. It is not the only ipo. Ed it is a mad monday. Lets keep the ipo conversation going. Klaviyo gears up for its ipo. I have never seen anyone as keen to break news as ryan. Lets respectfully say it was the less talked about name. But what will happen in the next 24 hours . You say it was the one less talked about but if you look on paper and think about size and profile, instacart is very similar to klaviyo. They are both pushing a 9 billion valuation. It has followed instacarts lead. They were looking to boost the price range. They are now pushing 27, 29 price range. I think this confirms what we learned last week. This is still a tentative time for markets. There has been a shot in the arm for companies perhaps thinking we have a good amount backed up by cornerstones. Lets play it safe and smart. They are pushing they are raising their range. Ed you saw the names behind clay be out klaviyo. Which banks will help take it public . 11 of their revenue comes from shopify. I think when you start thinking about how the consumer responds in the retail appetite, it is interesting to think about the insights these guys are giving us across the spectrum. I would say they are very different businesses. I think it is probably good not to draw too many comparisons. Tomorrow, we would have both instacart pricing today, trading tomorrow and klaviyo pricing tomorrow for trading on wednesday. Caroline focus on the difference for a minute. What is a marketing and Data Automation provider . What is klaviyo up to from a Business Model perspective . It is getting down into the weeds for what they think people are interested in and how they can better provide insights to those looking to make the most money. I think when you think about instacart, it is grocery delivery, how to provide them the insights into what people are wanting. Even outside the ipo candidates, there are quite a few companies on the m a side that are good options for businesses exposed to marketing, data, insights. Caroline making us by the right thing at the right time, you need data for that. Thank you. Coming up, we will talk more about the world of crypto, Digital Assets. There is some fundraising going on. His firm just raised 580 million. We will get into it. This is bloomberg technology. The first time you connected your godaddy website and your store was also the first time you realized. Well, we can do anything. Cheesecake cookies . The chookie manage all your sales from one place with a partner that always puts you first. we did it start today at godaddy. Com we can barely keep in stock. Blendjet 2 gives you icecrushing, big blender power onthego. So you can blend up a mouthwatering smoothie, protein shake, or latte wherever you are recharge quickly with any usb port. Best of all, it even cleans itself just blend water with a drop of soap. What are you waiting for . Order yours now from blendjet. Com before they sell out again caroline the chinese been tech was planning to unwind its investment pulling back from the fund on Digital Assets. It seems unclear if the venture firm will continue to operate for will snag a new key investor. Bucking that trend and the concerns around crypto, we have someone who has raised new funds. Pleased to welcome to the show spencer bogart, Blockchain Capital partner. Is there more interest coming into crypto . Spencer there is certainly plenty of lp interest. We continue to double down on the industry we have longterm conviction in in the middle of a bear market. We are looking forward to deploying capital into fresh opportunities. Caroline talk about the fresh opportunities. Where do you think there is disruption at the moment . Spencer we see opportunities at the early and later stage. If we go back to 20202022 and see the industry was mostly characterized by an influx of new and large allocators deploying large sums of capital to the midand late stage segment of the market. All of those Capital Allocators have walked off the playing field. They are no longer active in the industry. During this last kind of market cycle from 20202022, we did have a lot of earlystage companies funded. A few of those are grow into the midstage of the market. That is what we are keeping a close eye on. Ed you guys already have 2 billion in assets. Is it that the capitol had been committed and you are bringing new funds because you have opportunities to write new checks . Spencer correct. Assets under management grew to 2 billion over the last decade. We are now deploying capital out of our six earlystage Opportunity Fund during series b and later. The 2 billion came from the prior five funds. Ed explain how the focus has changed with the new fund. Spencer it continues to cover a lot of opportunities in the space. We are focused on, if you think from a sequencing perspective, which opportunities need to work first. That is largely thinking about things we broadly bucket under centralized finance. These are largely onramps and offramps. Things like coinbase and crack kraken. Nothing else can work unless you have reliable onramps and offramps. Over time, we have moved more towards more crypt of native crypto native opportunities. Gaming have been on the horizon the past couple of years. Caroline aside from the investments you are making, you said these big players writing big checks have walked off the field. They are still out there with a massive crypto fund. Are they not deploying the capital they raised . Spencer those are not the large allocators i am thinking of. Most of the crypto native investors have stayed true to the industry and continued to deploy capital. Thinking more of large late stage equity or hedge funds that were building pockets of illiquid private investments. Several came in and said we have zero exposure and would like to get up to 10 in 12 months. That resulted in clean prices above and beyond our appetite. The husbands push and pull of institutional appetite caroline there has been this push and pull of institutional appetite and regulation. How is that affecting the companys managing to scale up the moment . Spencer i think they are looking at the same thing, the metrics on the ground. Yes it is a bear market and crypto winter. We have seen stablecoins process over 6 trillion of volume the past 12 months alone. If we expanded, it would probably be closer to 10 trillion. We have 700 million of protocol revenue generated by these applications. We have 700 billion of volume going across decentralized exchanges in the past 12 months. On the ground, there are a lot of healthy things happening. It is not the way most people perceive it that in bear market winters it disappears. Ed when i think about blockchain in gaming, it is about monetizing ingame. Is it limited to that, the opportunities you see . Spencer it is not limited to that. I would characterize the opportunity in gaming at the same in most applications of Blockchain Technology which is to put users at the center. In the case of gaming, we have millions of people around the world that invest dozens or hundreds of hours a week into acquiring game assets. They spend time and money to acquire these assets. The promise from a lot of Blockchain Startups is within a gaming contest, they can give users actual ownership of the assets the same way they would in the physical world. Ed spencer bogart, thank you. Coming up, a conversation with the cofounder and ceo of the ai startup. That is coming up next. This is bloomberg technology. sfx stone wheel crafting the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Ed time for talking tech. The ceo of process is stepping down. He will remain as a consultant to the board and the Parent Company until the end of september 2024. His departure comes after a plan criticized by investors. During the meeting friday with turkiyes president , the Chinese Internet Company pledged 2 billion. Alibaba has already invested over 100 billion through its turkish unit, turkiyes biggest platform. They have agreed to by the Data Center Business for more than 800 billion. They will use the capital to bankroll expansion across southeast asia. The deal allows kkr to take up to two seats on the board further expanding its reach into the Server Networks the power the internet. The Artificial Intelligence startup is planning to invest more. The round values the company at more than 500 billion. Joining us is the ceo and cofounder, may habib. What do you use those funds for . May thank you so much. Great to be here. We are using the funds to invest in our models and platform. Enterprises are ready to move from the talk of the promise of generated ai to impactful programs. Caroline talk about impactful revenue for you as well. There is optimism around how much revenue this will bring in four key public companies. What are you seeing in terms of growth . May we are four x since the beginning of the year so an influx of folks who have gotten her hands dirty working with Large Language Models but are stuck in poc purgatory of products that do not make it to production. We succeed when we can help customers realize the promise building applications that people actually use that involve their data and are secure in their environments. Caroline employees becoming more productive. This comes at a tough time from the mentality of theirs productivity to be had but we are worried there is productivity to be had but we are worried about strikes for writers and actors. Ai is a worry. How much are you thinking you might end up displacing workers . May that is a big concern of executives who took a chance on us and joined this round, customers like vanguard and loreal. Those executives are not promoting ai to displace jobs. We are all in concert to transform work to make it more creative, more interesting, and really take away the cognitive manual labor in a lot of workflows. I would say we are quite different in that regard in the way it is workflow based. People are at the heart of making generative ai work. Ed i think i am right in saying you are also in the h 100 club. How important is it to have that compute access . You have a cluster in the thousands . May nvidia is a close partner and customer. We would not be where we are if we did not have that partnership. There is a philosophy of smaller models are more out of gile more agile. They are easier to manage and put in the clouds. Bigger is not always better. Ed that is a good point. We have covered a lot of these raises of hundreds of millions at high valuation. Do you worry about the hype . Do you think your own valuation was fair in terms of your potential . May yeah. We could have done this at billions of valuation which i think is absurd. Some of what is happening is not good for the industry. We want to unhyped use cases and augmentations. The real use cases are when you put people and ai together. I think and overfocus on the Large Language Models, the valuations of the companies is distracting from actually getting value. Caroline we come off a week where a lot of thought leaders were in washington thinking about future regulation. How do you think about your role in forming that . May we already get rfps that ask us about the e. U. App and it is not even law yet. We have built for customers being able to audit our Training Data and look at if there is copyrighted information. I think the companies that make it in the enterprise have to think about a world where regulation is here globally and not just in europe. Ed what roles are a priority for you to hire . What kind of people do you need . May literally everything. If you are in tech and want to work in ai, please email me. Caroline we will not ask you to give us your email address on Live Television but maybe they can go to your twitter or social media accounts. Thank you. Coming up, lets talk about meta bringing back perks for employees to try to lure them back into the office after layoffs. This is bloomberg technology. Sweat isnt sweet. Its salty. Lmnt. More electrolytes. Zero sugar. You feel the difference when you get it right. Stay salty. Todays the day you graduate from Southern New Hampshire university. Ive been waiting for this day my whole life. The fact that i get to walk across the stage and get my degree, its honestly unreal. Dont ever stop. Keep on believing in yourself. It is never too late. If youre out there to wonder if you could be an snhu graduate today is the day to find out. Visit snhu. Edu. Ed welcome back to bloomberg technology. Ed ludlow in new york city. Caroline so good to have you here. Lets check on markets. Nasdaq turning to the higher side. Nasdaq 100 in particular. We get the Federal Reserve wednesday, bank of england thursday. Bank of japan to round up the week. Where will the pressure points before central bankers . To the upside on the twoyear yield up two basis points. We are worrying about whether we pause this time but have to keep on raising. Prices of oil on the rise. Off and zaidi up almost 3 . Ask not the reason why. Many say it is liquidity. We are above 27,000. Apple managing to make up some of the selloff friday as we see good mood music around interest in the iphone 15. Tesla off 2. 6 . Some analysts concerned about the earning potential of the company. Microsoft may be a bit of a revolving door. The head of product that has been at the company a long time will be staying long enough to help replacements transition into the role but he is leaving microsoft. Ed it has been a rough year for meta employees after 20,000 teammates were laid off over the past year. Now, they are starting to enjoy coming back into the office. One reason is the company has survived a number of popular prepandemic perks from branded tshirts to happy hours. This is interesting. When you and i reported big layoffs, we covered how deep and sudden and wide they were. Many people were upset. Talk about some of the cultural fixes meta is bringing back. As you mentioned, people were anxious and scared they could lose their jobs at any moment. They started to scale back perks. Now those are coming back. Employees say happy hours on thursday are happening again. Dinner time is now at 6 00. People are excited about that. Restaurants are opening again. Some of the more luxurious perks like Laundry Services and haircuts are back. People are excited it is coming back and it is boosting spirits. Caroline what about enough jobs to go around . In your story, people are being brought back that had previously been laid off. I talked to some employees that had been rehired. There are other people in the process. It is slow and they have to go through the application process again but meta is hiring. They want to hire more people in hot areas like generative ai. Ed we are in a time when we are not really talking about the metaverse and the losses there but we are talking more about the work meta is doing in ai. What is the latest signal we are getting out of meta on what the priority is for Mark Zuckerberg . It is still ai. They will tell you metaver