October 22, 2025 • 37 mins
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Tesla Inc.’s third-quarter profit fell short of Wall Street’s expectations despite record electric-vehicle sales, a sign of the pressure automakers are facing from shifting federal policies and rising costs.
Adjusted earnings were 50 cents per share in the period, the company said Wednesday in a statement. Analysts had expected 54 cents on average in estimates compiled by Bloomberg. Revenue was $28.1 billion, outpacing expectations.
The company reiterated language from the previous quarter that it’s “difficult to measure” how shifting global trade and fiscal policies would impact its businesses and operations. Tesla sees results hinging on the broader economic environment as well as its speed in accelerating autonomy efforts and ramping up production for key products.
Tesla warned it still faces “near-term uncertainty from shifting trade, tariff and fiscal policy,” but it’s investing in future business lines, including robotics. Analysts surveyed by Bloomberg expect Tesla to report a second year in a row of declining vehicle deliveries.
Today's show features:
- Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, and Bloomberg Tech Co-Host Ed Ludlow on Tesla’s earnings and outlook
- Tye Brady, Chief Technologist, Robotics at Amazon on the company’s “Delivering the Future” event and the evolution of AI with Amazon warehouses
- Mayor Tim Kelly (I – Chattanooga, TN) and Janet Rehberg, EPB's President and CEO-Elect, on Chattanooga's quantum economy
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg business Week,
Daily reporting from the magazine that helps global leaders stay
ahead with insight on the people, companies, and trends shaping
today's complex economy. Plus global business, finance and tech news
(00:23):
as it happens. The Bloomberg Business Week Daily Podcast with
Carol Masser and Tim Stenebek on Bloomberg Radio.
Speaker 2 (00:32):
Well back to Tesla shares down two percent in the
after hours. The company posted third quarter profit that fell
short of Wall Street's expectations despite record ev sales. I
want to bring back Ed Ludlow. He's the co host
of Bloomberg Tech, and also bring in Ross Gerber. He's
president and CEO of Gerber Kawasaki Wealth and Investment Management
got more than three billion dollars in assets under management.
(00:54):
He joins us from Santa Monica, California. Ross, you now
have about eighty million dollars of Tesla shares, down from
one hundred million earlier this year. At it, at your peak,
how much Tesla stock did you own?
Speaker 3 (01:09):
I think we had about one and a half times
more than we have today.
Speaker 4 (01:16):
So that's not that much more.
Speaker 5 (01:18):
No, we've got our.
Speaker 3 (01:20):
Positioned by sixty percent, So that's that's fairly large.
Speaker 2 (01:23):
Are you Are you buying or selling today or buying
or selling right now?
Speaker 5 (01:27):
Neither neither.
Speaker 3 (01:28):
You know, you know Tesla as a hold for us.
You know, the people who are holding the stock at
our firm, our clients very much believe in Tesla and
don't want to let go of their shares at all.
And then you know, the clients that don't want to
own Tesla don't own Tesla anymore. But we're not recommending
to buy Tesla or per Se more likely recommending to
(01:49):
sell Tesla for investors up at these prices because you're
getting such a premium valuation. But in general, we've just
been holding the stock because you know, we're kind of
stuck with our position right now.
Speaker 2 (02:00):
What about you, because we check in with you quarterly
and you've really changed your position on the company in
recent years in recent quarters and your position on Elon
Musk too.
Speaker 4 (02:09):
Are you a believer in the company right now?
Speaker 5 (02:12):
Yes, and no.
Speaker 3 (02:13):
I still own Tesla's stock as well personally, not a lot,
but you know I like to have some because I
bought it at a dollar a share or a dollar fifty,
So it's like fun to have in my portfolio still.
But that said, you know, I don't know what's going
to happen with full self driving. I just don't think
it works, and I think vision only systems don't work.
(02:34):
And I'm very sure of this now. Even though I'm
not an engineer, I can explain to you how humans drive.
And I don't think Elon gets how humans work. I
think he gets how machines work. And so I think
that Tesla's in a pickle. If they can solve full
full self driving, like I could get in my car
right now and push a button and it drives me home,
Like I can get in a Weymo right now and
(02:55):
it'll drive me home no problem, then I think Tesla
has a reason to buy the stock because now they've
got their products working and they can grow from there.
But as far as waiting for robots and cabs to
pay off, it doesn't matter if full self driving doesn't work.
And full self driving doesn't work, so nothing's going to
get me excited about Tesla until it drives me home.
Speaker 6 (03:14):
All right, good stuff, we're talking with Ross, Gerber and Ludlow.
I know you're reading over stuff. Come on into the
conversation with Roth.
Speaker 7 (03:23):
Yeah, I mean, you know, just going through the deck.
The way that Tesla explains it is that they had
lower FSD revenue recognition in this quarter because of the
timing of previous generation releases of FSD in the same
period a year ago.
Speaker 5 (03:38):
You know, I'm not a.
Speaker 7 (03:39):
Tesla shareholder, as you guys know, but I do drive
a Model Y in fact, and I use FSD every
day for about sixty miles thirty miles to work, thirty
miles back. I'm not on version fourteen yet. But Ross
is speaking to the question, which is always there. Explain
the jump or the steps to the end result, the
(03:59):
end state. The end state is robotaxi, right if Tesla
is to be believed, And right now, you know, the
street seems kind of split on whether we understand how
we go from a software platform that consumers pay for
as a one offer a subscription package to a world
where the vehicles built on a common software platform or
(04:21):
iterations of that platform power a rope proprietary ride hailing
robotaxi service. You know, it's difficult to see the jump,
and Ross can speak for himself, but just in the reporting,
that's what we hear all the time.
Speaker 3 (04:35):
Yeah, I mean you're one hundred percent right in that
these are completely different businesses, right, Like selling cars that
drive themselves is an Apple business model, And that's why
I always love Tesla. When I first found Tesla, I
was like, this is the Apple of cars, right, Like
you build hardware and with great software, and then you
make money on services, right And that's really where Tesla's
(04:56):
making a ton of money right now is on services
and energy storage, which are still great businesses for Tesla.
But when you talk about building an Uber like platform,
this is an extremely difficult thing that it took Uber
almost a decade or more to make money doing, and
Uber is very very good at this now and the
only way they've been able to make money is by
(05:17):
charging substantially more for the rides because Uber is not
cheap anymore and they had to subsidize rides for a
decade just to build that business. So when you actually
think about Tesla scaling, if there was no competition, that'd
be one thing. But there's already several cab services I
can take right now, whether it be Uber, Lyft or
waimap that are all very good at what they do.
(05:40):
So you know, even if Tesla gets this to work,
it's still a tough business. And the second thing I
would just say, ed you use full self driving a lot?
Obviously you probably if I asked, do you feel comfortable
turning it on and going into the backseat of your
car and letting you drive that full thirty miles home?
Speaker 7 (06:00):
I've never done that or attempted it, and I think
you know, I post quite a lot on X my experiences,
like I say today, this is what happened. You know,
I would never get in the back of the car
and turn it on. I also would not put my
little baby boy in it either. But the way that
I've tried to track it is generation by generation. How
has it improved on the route that I take every day.
(06:22):
The one area that is really struggled is with the
toll boobs on the Golden Gate Bridge. You know that
can be precarious, and you can see my posts on
that on your point.
Speaker 5 (06:31):
In the AI graph of the shareholder deck.
Speaker 7 (06:34):
The way that Tester explains it is that the latest
version of FSD, they say, has a substantial amount of
the source code in the Robotaxi version, and by putting
it out into the real world. It gives them valuable
real world data to help them improve a future robo
taxi service.
Speaker 5 (06:51):
I don't weigh in on that one way or the other.
Speaker 7 (06:53):
I'm just saying that's Tesla's explanation on the link between
the two, the consumer facing FSD and the same codebase
that will be used to power a future rover taxi service.
Speaker 2 (07:04):
He ed Ross made the point that he doesn't believe
vision only FSD or vision only self driving works. Can
you talk a little bit about that technology that that
Tesla uses versus the other companies, namely Weima and Amazons,
Amazon subsidiary as well.
Speaker 5 (07:24):
Yeah, so very simple.
Speaker 7 (07:26):
When we say vision based system, the inputs for the
vehicle are only cameras on a Tesla. The cameras capture
capture optical data from around the vehicle and use the
underlying algorithm to make an onboard decision interpreting the world
around them.
Speaker 8 (07:45):
Uh.
Speaker 7 (07:45):
The opposite academic view is that you need to paint
a richer digital picture of the world using other forms
of data gathered by lidar, radar, and in some cases
even going beyond that. You know, like there are very
degrees of lightar spinning or stationary or static. Sorry, The
economic argument that Tesla and Elon must have always made
(08:08):
is that having a vehicle that has multiple sensors on
it is not scalable. You know, there is no end
result whether the vehicle could be affordable for a consumer
or profitable for an operator of that system to run.
The other robotaxi companies like Weymo or zooks, who do
have multiple sensors and custom versions of them, say that
(08:30):
you have to have them for redundancy. So if one
of those digital pictures fails, i e. The vision one,
the cameras fail, or the ID or radar fails, you
can still be safe because you have a rich enough
digital picture of the world around you for the vehicle
to make a decision based on the circumstances presented in
front of it.
Speaker 6 (08:51):
So I put this question to both of you, and
let me just start with you, Rass. I mean, I've
gotten in a weymore I love it, and I've sat
in the back seat, I've closed my eyes for like
a thirty forty minute trip to an airport. I have
loved it. So FSD full self driving?
Speaker 7 (09:06):
Is it?
Speaker 6 (09:07):
Are we crazy to think that that's going to be
our world going forward, or do we have to change
our infrastructure dramatically to make it possible going forward? Like
trying to understand because if the model is so to.
Speaker 2 (09:19):
Ultrastructure is the hardest part would be the hardest part.
Speaker 6 (09:22):
I'm just thinking, if it's such a torture model, like,
are we crazy to even be talking about it?
Speaker 3 (09:28):
You're getting into one of my favorite discussion debate issues
out there right now, which is the future of what
mobility actually looks like. And my basic premise is that
humans love to drive and are not giving it up.
And I'm now raising my children. I thought when I
(09:49):
had children that we would have had this master that
my kids would never learn to drive. But my kids
learning how to drive now, you know what I'm saying.
And people love to drive. Now, Younger people don't love
to drive as much as older people. That's one thing
in our surveys we've noticed. Okay, but I'm not giving
up driving, And if I live another thirty years, I'm
still gonna love driving. And I love cars, and I
(10:10):
love driving fast, and I love like, you know, driving
the one freeway, you know, whatever you want to call it.
But you know, humans love the independence and the functionality
of having their own vehicle.
Speaker 5 (10:23):
We've had.
Speaker 3 (10:24):
It started with the horse. We all had our own horse.
You fought to the death to protect your horse. And
I just don't see people giving up cars anytime soon
for a lot of practical reasons, like when you're doing
errands and you have to store stuff in your car
or pick up your kids and then go to soccer.
It's like you're not going to be taking cabs everywhere.
That's just not a realistic view of the world. So
(10:45):
unless we rejig our cities and start from scratch, where
I think the biggest use case would be in very
dense urban environments that are very difficult for people to drive.
Just saying no more cars, it has to be cabs.
That makes sense in New York City or downtown LA,
let's say. But I just don't see how you implement that,
(11:05):
because it's like millions of people already have their commuter
lifestyle and I just don't see how that changes.
Speaker 6 (11:12):
All right, So EDLA. That brings us back then to Tesla.
If they keep talking about FSD, I mean, they're an
ev company and a lot more we know that, but
I don't know is it enough. I don't know momentum
I look at the valuation, like, what is this company
going forward?
Speaker 7 (11:30):
Well, I repeat the same thing I've said every quarter
for eight years. Elon Musk is often late on his predictions,
but gets there in the end, and Tesla is clearly
committed to this.
Speaker 5 (11:41):
That's part one.
Speaker 7 (11:43):
You know that largely Tesla has made economic benefit arguments
and the industry has as well. There are people that
disagree with Ross in that car ownership as a model
is in doubt. You know, there are multiple reasons from
the cost of owning and operating a vehicle through to
generational attitude and appetite to go out and get a
driving license that people feel will make the technology more
(12:08):
pervasive and be adopted. Where people agree with Ross is
the environment, the infrastructure, And I go back to the
reporting always. I have to go back to what we've
actually reported, which is there is a piece of legislation
currently dormant and is not moved beyond the proposal stage
that we reported. Elon Musk and other Tesla staff lobbied
(12:29):
very hard on, which is to have some federal level
framework where purpose built robotaxis that don't have steering wheels
or pedals can be deployed unfettered in the real world,
but it doesn't address that what happens with the rest
of road users, and that's where academics believe we're heading
for a real issue.
Speaker 6 (12:47):
All Right, and Lola, we know you've got some stuff
to do off of these earnings, so appreciate your input
throughout the day today and certainly off of Tesla's earnings. Right,
we got to run. Always enjoy talking with you, Ross,
Thank you so much. Ross Gerbert, President, chief executive officer
of Gerbert Kawasaki Wealth and Investment Management. More than three
billion in assets under management, and they own about eighty
(13:09):
million dollars worth of Tesla shares.
Speaker 2 (13:12):
Stay with us more from Bloomberg Business Week Daily coming
up after this.
Speaker 1 (13:20):
You're listening to the Bloomberg Business Week Daily Podcast. Catch
us live weekday afternoons from two to five eas During
that listen on Applecarplay and Android Auto with the Bloomberg
Business app, or watch us live on YouTube.
Speaker 6 (13:34):
Bloomberg's Thomas Black He recently wrote an opinion piece and
he talked about the hype around humanoid robots being pretty
i with forecasts of nearly one billion humanoids in service
by twenty fifty, but the reality is that most people
overestimate what robots can do at this point in their development.
Got to say, though, one company that's been using robots
a lot and for a long time and has deployed
(13:55):
its one millionth robot happens to be one of the
world's largest market at companies out there. It's also a
household name. So we wanted to check in once again
with Ty Brady. He's chief technologist at Amazon Robotics. He
joins us from Amazon's Delivering the Future twenty twenty five
event from Amazon's d u R three. It's a delivery
station in Millipedes, California, and so we kind of want
(14:20):
to find out where they are in terms of the
world of robotics. Ty, I got to tell you, Tim,
and I love talking to you last time, so so
glad to check in with you again. First of all,
this event, where you are, I mean right now, I
just see a curtain, but I'm assuming there's lots of
stuff happening at the event. Who's there, what's going on?
Tell us a little bit about it?
Speaker 5 (14:40):
Yep.
Speaker 9 (14:40):
Well, first of all, thank you so much for having me,
and I really appreciate it and I enjoyed our conversation
as well.
Speaker 5 (14:44):
It's just really great to be here.
Speaker 9 (14:46):
We are are fourth delivering the Future event here and
there's a bunch of press that we have here, and
we made a couple of big announcements in robotics today.
Speaker 6 (14:57):
Can you tell us about them if you have.
Speaker 9 (14:59):
But the first is in our manipulation robot that we
call blue Jay. And what blue Jay the way that
you can think of that as we can you can
take three assembly lines and put it in the same
footprint of one. What it does is help eliminate the menial,
the mundane, and the repetitive, and it could pick more
than seventy five percent of the inventory that we actually
(15:21):
sell in our sortable network, which is a really big deal.
I'm really proud of that. And I also say there's
something interesting about blue Jay as well as compared to
our other bird manipulation systems Cardinal, Sparrow and Robin, it
took us about three years to kind of design, deploy
and get out to our frontline employees. We have actually
(15:41):
done blue Jay with the power of AI in just
over a year, so it's really the pace of innovation.
Speaker 2 (15:48):
I think a lot of people think about Amazon and
robots I just want to jump in because we don't
have a ton of time, but I I want we'll
get to some of the other announcements. They think about
the Kiva Systems robots the big acquisition at the time,
you know, twenty twelve. That was a big position for Amazon,
and they've seen pictures of the way that those can
move large loads of things across warehouses. But if you
were to go into a state of the art Amazon
(16:09):
warehouse today, what would you see That's in addition to
those Kiva robots.
Speaker 9 (16:14):
Yeah, in addition to the world's first goods to person
fulfillment strategy, which was a really good idea where we
have more than a million robots that we manufacture action
in Massachusetts doing that job every day. You're going to
see more of the unstructured fields, right, So, you're going
to see green robot that we call Proteus that can
move big cargoes of packages to the right dock at
(16:39):
the right time. You're going to see many more manipulation
systems that we have in there, eliminating kind of the
repetitive motions that they we have. No one wants to
lift a fifty pound box box all day. Robin does
that cardinal does that. Moving into some of these proteus
bound karts that we have, you're going to see much
(17:00):
more collaborative robotics, right. So that's where we build our
robotics systems to enable people to augment what people are
capable of. And we really believe in the philosophy of
people and machines working together. How can we build a
tool set that enables our employees to do their job
not only more efficiently, but also with better safety in mind?
Speaker 6 (17:21):
All right, So there's this robot arm called blue Jay.
You just talked about it. You know, you guys are
using this AI agent called the Iluna, and then you're
also working with augmented reality glasses to be worn by
drivers and delivery trucks in the field. There's like so
much going on. Step back for a moment, because you
guys have a lot of data. You look at what
you're doing. I'm just curious investors who are thinking about
(17:44):
Amazon and what you are doing, how do they think
about the long term, like ROI return on investment When
it comes to the investment you guys make in robots.
Is the goal about labor efficiency through put speed or
is it margin expansion? Kind of tie across your full
filment operations. What is it?
Speaker 5 (18:02):
Yeah, well, definitely efficiency.
Speaker 9 (18:05):
We think about efficiencies and how can we gain efficiency
through all the chain of our fulfillment processes for sure,
And you mentioned data and data is the fuel for
AI systems. Data has allowed us to bring think of
the body of being our robotics, but bring the mind
to robotics, allowing it to be more adaptable, more fluid.
(18:27):
You can almost think of this as the ability to
pour our robotics systems into any size building, any scale
of building, to amplify what our employees are already doing.
We want to give them an amazing tool set and
we see that when we do that, we're more productive.
Right when you do robotics, right when you do collab
of robotics where you need both people and machines doing
what they do best and they do different things better,
(18:50):
that it allows you to be more productive. And when
you're more productive, that allows you to invest more in people.
We've skilled more than seven hundred thousand of our employees,
which is a great stat And also in our robotics
we've expanded from the Kiba days. We've expanded from just
a movement solution to now movement and mobility and sortation
and storage and perception systems, packing systems that have really
(19:12):
changed the game for our customers. That's a big deal
to us.
Speaker 6 (19:15):
But Ty, you know, well you need less workers, and
I got to bring it up. You know, The Times
had a story out They talked about interviews and a
cash of internal strategy documents that they saw that it
reveals that your execs think that the company's on the
cusp of its next big workplace shift. I'm reading from
(19:35):
the Times and replacing more than half a million jobs
with robots, so you know, we know things change. I'm
not in a horse and buggy anymore. I don't make
things piecemeal. I get it. I don't get tons of
faxes and I don't get tons of pieces of physical mail.
Thank God, things change. Having said that, is Amazon, do
you guys believe that you're on the cusp of a
(19:57):
workplace shift and that you won't need as many workers
because the advancements in robotics.
Speaker 9 (20:03):
Well, there's no doubt that things change. I mean, and
we're actually really proud of that. And Amazon is that
we avoid stasis at all costs. We change and we
adapt and the nature of tasks definitely changed, There's no
doubt about that. We are laser focused on efficiencies inside
of our buildings. But when it comes to that article,
(20:24):
that article was speculating ten years out right, that's a
ten year speculation, and it's hard to say what's going
to happen in the next ten years. But I can
tell you what happened in the last ten years, the
last ten years, which is when we seriously invested in robotics,
that we created hundreds of thousands of new jobs and
new job types. And there's been no employer in the
(20:44):
United States that has employed more people than Amazon ten years.
I mean, that's and that's the power of efficiencies and
building your robots in way that's applied and real that
actually augments the human potent.
Speaker 6 (21:00):
All Right, my brother Sam, I like a dog with
a bone. So does that mean ten years out it
could be less jobs or we just don't know, or
you don't think that's the case, Well you have.
Speaker 5 (21:10):
To think about it.
Speaker 9 (21:11):
I mean there's jobs and there's tasks, right, so we
of course we're changing the nature of tasks. Like I'm
very bullish on eliminating every menial, mundane and repetitive job
out there. Nobody wants to do that, so we were
going to change those tasks one hundred percent, but we
can again, as history has shown, we continue to create
jobs right with the goal of two things. Can you
(21:33):
have it all? Can you be more productive which means
more efficiency, and can you also create a safer environment
for employees? And we're actually doing both. That's what history
has shown. In the last ten years. We have create
better than thirty percent reduction in our overall recordable injury
rate over the last five years because of our robotics
and also much more efficient. For example, our latest generation
(21:57):
film at Center and shreport is twenty five percent more
phishing the order.
Speaker 5 (22:03):
So you can't have it all, but you have to
build your robotics in the right way that empowers people.
Speaker 2 (22:08):
We're speaking with Ty Brady, chief technologist at Amazon Robotics.
When we think about hiring for these one off or
seasonal events like the holiday season or Amazon Prime Day,
I'm wondering how you're putting pencil to paper right now
and thinking about those numbers and to what extent automation
has reduced Amazon's dependency on seasonal or hourly labor for
(22:31):
holidays for Prime Day. What does that look like or
what will that look like this year next year.
Speaker 9 (22:36):
Well, it's the same philosophy of empowering employees, whether they're
temporary or the full time employees with the world's best
machines that help them do their job.
Speaker 5 (22:45):
It's the same philosophy. I'm really proud of the.
Speaker 9 (22:46):
Fact that this year we're going to from more than
two hundred and fifty thousand temporary jobs for our employees
to come in during the holiday season. Those are good
paying jobs. I'm really happy about that, really pleased with that.
And I'm really pleased with the work that are women
than men have done in the robotics field, designing the
pioneering these new physical AI systems that help them do
their jobs better.
Speaker 6 (23:08):
I got to say, one thing that I've been thinking
a lot about is what's going on overseas, whether it's China,
whether it's Japan. Bloomberg has done some reporting about service
industries in Japan because they have a labor shortage that
they are leading increasingly on robotics. Have you been over
there and looking at what they're doing, And I'm just
curious if you're seeing some things that are pretty impressive,
(23:31):
and that the US, as a creator of things or
its role in the robotics industry, has to keep a
watching what's going on in other countries.
Speaker 4 (23:41):
Yeah.
Speaker 9 (23:42):
I think it's easy, especially in robotics, to get distracted
about what other people are doing. I think anybody can
make a YouTube video. I think anybody can kind of
pop in and overflate something. But if you come into
our world, our world is a lot about application. Our
world is the re reality.
Speaker 3 (24:05):
All right.
Speaker 6 (24:05):
We're talking with Ty Brady, chief technologist Robotics at Amazon,
of course are our shot for that's the world of technology.
We're talking a lot about technology. Stuff happens, and we're
hoping we can get tie back. Just to finish up
this conversation.
Speaker 4 (24:19):
Maybe the robots are using all the Wi Fi.
Speaker 6 (24:23):
Robots, Like, I don't like what it is.
Speaker 4 (24:25):
That is a connectivity thing though.
Speaker 6 (24:26):
Well it fees into the path right like you.
Speaker 4 (24:28):
It's all question about resources.
Speaker 6 (24:30):
Get charge These puppies can't just plug them in right
if there?
Speaker 4 (24:32):
I don't know we need recharging too.
Speaker 6 (24:34):
Okay, Yeah, it's called food and sleep. Yeah, for Tim,
it's called robot food, food and sleep. You know what
I will say, do we have tie back, could we
grab them for twenty seconds? Tie twenty seconds forgive us
your final thoughts here.
Speaker 5 (24:49):
Sorry about that, No, it's okay, let it go. I'm
ready for you.
Speaker 6 (24:52):
Okay, twenty seconds. Just final thoughts for our audience because
we got to run.
Speaker 5 (24:58):
So final thoughts.
Speaker 9 (24:59):
Are is that robotics when done the right way, when
you reframe your relationship with machines, you can enable more productivity,
create greater efficiencies, and create a more safer environment for employees.
And this collaborative mindset that we've had that we've done
for the last ten years really does make the day.
Speaker 6 (25:16):
Ty Brady over at Amazon, so appreciate it.
Speaker 4 (25:21):
Stay with us.
Speaker 2 (25:22):
More from Bloomberg Business Week Daily coming up after this.
Speaker 1 (25:28):
You're listening to the Bloomberg Business Week Daily Podcast. Catch
us live weekday afternoons from two to five eastering. Listen
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or watch us live on YouTube.
Speaker 6 (25:43):
We love talking to mayers.
Speaker 4 (25:44):
We do, we do.
Speaker 2 (25:45):
We also love talking quantum computing, and there is some
news in quantum computing today. Google running an algorithm modents
Willow quantum computing chip that can be repeated on a
similar platform and outperformed classical computers. We spoke a little
bit about this with that love though earlier. The folks
in Chattanoa, ten I see, I've been thinking a lot
about quantum computing for years. The first commercially available quantum
network in the US was established there back in twenty
(26:07):
twenty two. Back with us is Mayor Tim Kelly. He's
an independent. He's the Mayor of Chattanooga, Tennessee. Also with
us as Janet Rayberg. She's the president and CEO elect
of EPB, formerly known as the Electric Power Board of Chattooga,
provides energy, internet, phone, and more in and around the
Chattanooga area. They both join us here in the Bloomberg
Interactive Brokers Studio. We should note that last year Bloomberg
(26:28):
Philanthropy's named Chatanooga one of twenty five cities selected for
its American Sustainable Cities Program. Bloomberg Philanthropies is founded and
supported by Michael R. Bloomberg, the founder and majority owner
of Bloomberg LP, and Chattanooga Sustainable Cities program is still ongoing.
Chattanooga also part of the Bloomberg Harvard Leading City Procurement
Reform program.
Speaker 6 (26:47):
We're big Wilievers in full disclosure. Great to have both
of you here in studio with Tim and me. Mayor Kelly,
I just have to first ask you a broad question,
because we do want to talk a lot about quantum
computing and energy in general, because there's just so much
going on the environment today. How is it in terms
of running your city being a mayor in a political
(27:10):
environment that's a tough one, an economic environment that may
be tough.
Speaker 10 (27:13):
Yeah, it's tough, but you know, running cities is an
eminently practical exercise. And I will say, you know, our
mayor's races are nonpartisan. They always have been, and I stayed.
Speaker 11 (27:25):
In that lane. Again.
Speaker 10 (27:26):
I mean, I'm not here to catalog my political beliefs.
They're pretty confusing to most people anyway. I'd say, you know,
Republicans think I'm a Democrat, and Democrats think I'm a Republican.
I'm probably doing a pretty good job. So you know,
I look, that has served me well in this environment,
because again I believe, as does a lot of folks
of Bloomberg, as do rather, but that cities are really
(27:47):
the foundation of our economy. I swear ninety percent of
the GDP's generateds we're all innovations generated. So I'm focused
on whatever is best for Chattanooga, so I can work
and have managed to work with people on both sides
of the aisle, and you know, in the best interest
of my city.
Speaker 2 (28:01):
Do you find yourself getting pulled into the social issues
that seem to define our era right now, the stuff
that does dominate cable news, whether you're talking about the
right or the left.
Speaker 10 (28:12):
Yeah, I mean I find myself, you know, I find
people attempting to pull me into those But I think
I've gotten pretty good at wrestling my way out of
them and trying to just translate back into simple terms.
You know, is this what's best for the city? You know,
does it work or does it not work? I mean,
sometimes you can't avoid those political issues. It's not as though,
(28:33):
you know, I don't have my own beliefs. But again,
I think you, just as a mayor, have to take
a thoroughly practical approach to what's going to work best
for the city.
Speaker 6 (28:43):
All right, So when you think about what's best for
the city, let's talk about that. Because you are on
the ground talking to people what they need, what you
need to make sure you have a good economy, strong economy,
not just today but in the future. That quantum computing
that you made it back in twenty twenty two, tell
us about kind of give us an update or for
someone who didn't hear the conversation when you were last
on with this kind of where you guys are with this.
Speaker 10 (29:03):
So I'll give you the cliff notes version, which is
that you know, we took advantage of a large federal
low interest loan way back when during Clinton and Gore
to put in a giant municipal fibre network, and that
gave us the first and fastest municipal fiber network in
the country. We had a lot of folks move in
during COVID because you know, you can get one gig
(29:25):
of symmetrical speed for sixty seven.
Speaker 11 (29:27):
Bucks a month. Yeah, pretty great.
Speaker 10 (29:29):
You can get twenty five gigs of speed at your
house in Chattanooga. But it turns out that you can
also do quantum computing on large loops of dark fiber,
one particular type that uses photons and trapped ions, which
is where ion Q began to become interested in Chattanooga.
Speaker 11 (29:45):
So we opened and Janet can talk more about it.
Speaker 10 (29:48):
The first commercially available quantum network, and it is starting
to attract a lot of investment and attention.
Speaker 2 (29:53):
So Janet, come on in here, because one thing that
we're trying to understand is what the practical applications of
quantum technology are. We spoke with ed Loo the cost
of our Bloomberg Tech program a little earlier, and Carol agreed,
I mean you thought healthcare first, he said, healthcare Also,
this is one area of application, but it's still kind
of the world where we're thinking about what this tech
can do, not necessarily seeing what it can do. Have
(30:14):
we seen any material things be developed as a result
of this technology and what you're doing in Chattanooga.
Speaker 8 (30:20):
Yeah, So ian Q has been working on a lot
of different type of application with different industry, and so
we were interested because we're in an electric company and
so we have all the data for them to help
us optimize our grid. So we're doing a partnership actually
with Ionq, Nvidia, and Oakridge National Lab as a full
way partnership to help do use hybrid computing until quantum
computing can you get to where it needs to be
(30:42):
to help us with some great optimization problem that we
can't solve today.
Speaker 6 (30:46):
In terms of energy demands tell us about that. That
is like what you are seeing front and center. We
know the AI conversation narrative has moved from the spend
and chips and so on and so forth, like to basically,
all right, do we have enough power to do all
of this? And there is certainly a power scramble among
the big hyper scalers. What are you seeing on that front?
Speaker 8 (31:04):
Yeah, and I think that's a nationwide you know, issue
with the energy problem.
Speaker 6 (31:08):
And as AI gets.
Speaker 8 (31:09):
Better as an energy problem, right, Yeah, I mean, as
AI gets better and better, the more energy that it's
going to need.
Speaker 6 (31:15):
And so that's where quantum comes in.
Speaker 8 (31:17):
Very important to the part of that solution is that
quantum computer, once it gets to the phase that it
needs to be, is it can solve things at a
much faster rate, which uses less energy than a classical
computer because it can do things in parallel versus sequential
as a classical computer.
Speaker 2 (31:33):
Today, Where do you get the energy that you sell
to people in and Aroundchattanoga.
Speaker 8 (31:37):
Yeah, so we buy it from TVA Tennessee Valley Authority,
and so they generate the power and we distribute it
to our customers.
Speaker 4 (31:44):
How do they generate it?
Speaker 8 (31:45):
They have a diverse mix of portfolio, from hydro, different
types of renewables to natural gas, and so you know
they're continuing to look at other options.
Speaker 4 (31:55):
Do you see that mixed?
Speaker 10 (31:55):
Go ahead, now, I'm just going to say they're also
very much on the front foot in terms of advanced
new Do you.
Speaker 4 (32:01):
See that mix? This is either of you.
Speaker 2 (32:03):
Do you see that mixed changing and focusing less unrenewables
more on nuclear as a result of the changes out
of Washington.
Speaker 10 (32:10):
I think you're going to see that, you know, and again,
regardless of your political affiliation, if you just kind of
look at.
Speaker 11 (32:16):
The math, there's no way around nuclear, right.
Speaker 10 (32:19):
I do think they are giving us or EPB more
latitude to generate some of our own power because of
the anticipated demands. And I think we still have a
lot of headway on solar, So I mean, I think
we'll contain, and we've got a lot of things we
can do with hydro. We're going to actually start using
biogas in our wastewater treatment plant to generate electricity. So
(32:39):
we're looking at any in all ways that we can generate.
Speaker 6 (32:41):
Because my understanding when we talk about SMR as the
small modular reactors it's ten fifteen.
Speaker 2 (32:47):
Will Wade reminds us who covers this here at Bloomberg News,
that we are not there right now, it's.
Speaker 10 (32:52):
A while, we're not, but we have a pretty significant
nuclear footprint with TVA already in the times.
Speaker 6 (32:58):
So what would you tell people who are still nervous
when it comes to the nuclear footprint that you guys have.
You know what, you know, fine, people do it, okay,
do it across the country or do it in another country.
But you know the feeling here.
Speaker 4 (33:09):
I mean, I grew up in the next to a
nuclear power planet. I'm fine, right, I'm a little weird.
Speaker 6 (33:15):
But what would you say about that?
Speaker 11 (33:16):
I mean, the technology has come a long long way. Yeah,
that's what I would say. Man, I'd say, go do
your research, do your homework. They're not.
Speaker 10 (33:23):
I mean, that's why we have these discussions, That's why
we have the fears. But but there's just not absolute fusion.
I will say the state in the University of Tennessee
is also working very very hard on fusion technology.
Speaker 11 (33:35):
Absent that breakthrough, there's really not.
Speaker 6 (33:37):
That's what I'm waiting for.
Speaker 2 (33:38):
When we're talking about quantum today and we're talking about Google,
we're talking about Silicon Valley. How do you get people
to think about Chattanooga, Tennessee and not Silicon Valley, not
New York City, not Austin, Texas when they're thinking about
where they want to live to have a job in technology.
Speaker 11 (33:56):
Coming on Bloomberg is it's a great first step.
Speaker 8 (33:58):
No.
Speaker 11 (33:58):
I mean, look, we talked about this all the time.
Speaker 10 (34:00):
It's a it's a mid size southern city with kind
of a funny name, and there's a bit of cognitive
dissonance there. So you know, look, we are out telling
the story. I mean, I was just in Detroit last
week at a sustainable mobility conference. We were at the
Quantum World Congress. I mean, at some point it's you know,
the evidence is mounting.
Speaker 11 (34:15):
We are it's not just smoke. We are doing the
work and it's working. Is it?
Speaker 5 (34:19):
Is it?
Speaker 2 (34:20):
If you build it, they will come mentality. I think,
so have they come?
Speaker 11 (34:24):
Yes, they have come.
Speaker 10 (34:24):
I mean again, we had you know, we now have
independent verification that you know, ten twelve thousand people moved
to Chattanooga during the pandemic very you know, degree talented
people that could work remotely. And I think again, our job,
my job is mayor, is to help break that glass
ceiling so that we have the level of business investment
and again can build up our academic horsepower to be
(34:47):
able to sustain those knowledge economy jobs.
Speaker 6 (34:49):
Jenna, you know, when we think about quantum computing, we
spend so much time to talking about you know, large
language models and generative AI and kind of where that's
going agentic AI. You just talked about the power or
aspect are the use of less power when it comes
to quantum computing. But I mean, should our conversation be
shifting in terms of what we are having for an
(35:10):
investing audience when we talk just so much about AI
generally versus quantum.
Speaker 8 (35:16):
Well, I think that with quantum computer, when it gets
to you know, the level it needs to be, you
can team it up with AI and get even more
powerful algorithm that comes out of it to be able
to solve more complex problems. So I don't think it's
one or the other. I think it's going to be
a combined of you know, how do you combine that
and use less energy and be able to build algorithm
more efficiently.
Speaker 6 (35:35):
So help me, because when we talk about the data
center build out, so does that go hand in hand
with the build out of quantum computing is that part
of it?
Speaker 8 (35:43):
So right now, it's you know, the we're building a
quantum computer to kind of learn more and be able
to help accelerate and advance that technology with companies like
ion Q, and I think once it gets to where
it needs to be, then well we can team it
up with AI.
Speaker 10 (35:55):
Okay, yeah, yeah, and many of the implications with quantum
asking basic quest because I feel like we spend so
much time talking about the AI, but this is something that.
Speaker 6 (36:03):
Increasingly is coming into the dialogue.
Speaker 4 (36:05):
Yeah.
Speaker 10 (36:05):
Now, I'm just going to say the logistics is a
huge vertical and chatt near go as well. And I
think the implications for quantum for logistics have huge implications
for lower power demand and a lower carbon footprint, right
because you're going to waste a lot less time getting
stuff from A to B.
Speaker 6 (36:20):
Right with root optimization we're going to have to do
because we talk about like the power drag or the
power demand and the cost. Mayor Kelly, I'd be remiss
not to ask you you are trying to build a
city where everyone has an opportunity to thrive and prosper
We talk so much about the case shaped economy. There's
a lot of people who aren't thriving and prospering in
this environment. Thirty five seconds. What's a message to send
(36:43):
to everybody.
Speaker 10 (36:44):
Well, we are working very hard to reform our workforce
fillment system so that we so we don't leave folks behind.
And I think we have some significant opportunities to do that,
and we are in the mist to doing that. Again,
it's tough out there, yeah, and I think it's going
to fall more to the state government into philanthropy frankly,
to kind of take up the slack in the meantime.
Speaker 11 (37:03):
But I mean, we have to play the long game.
Speaker 10 (37:04):
And the long game is we need some significant change
to the way that we do education workforce development in
this country so that we don't leave people behind.
Speaker 4 (37:11):
Yeah.
Speaker 6 (37:11):
I just feel like in terms of education, we're starting
to think about that. Yeah, come back soon. I'd love
to kind of continue this conversation if we may. Mayor
Tim Kelly of Chattanooga, Tennessee, and Janet Raeberg, she's the
President's CEO Elective EP be joining us right here in
our Bloomberg Interactive Broker studio.
Speaker 1 (37:28):
This is the Bloomberg Business Week Daily Podcast, available on Apple, Spotify,
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(37:49):
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Daily reporting from the magazine that helps global leaders stay
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(00:23):
as it happens. The Bloomberg Business Week Daily Podcast with
Carol Masser and Tim Stenebek on Bloomberg Radio.
Speaker 2 (00:32):
Well back to Tesla shares down two percent in the
after hours. The company posted third quarter profit that fell
short of Wall Street's expectations despite record ev sales. I
want to bring back Ed Ludlow. He's the co host
of Bloomberg Tech, and also bring in Ross Gerber. He's
president and CEO of Gerber Kawasaki Wealth and Investment Management
got more than three billion dollars in assets under management.
(00:54):
He joins us from Santa Monica, California. Ross, you now
have about eighty million dollars of Tesla shares, down from
one hundred million earlier this year. At it, at your peak,
how much Tesla stock did you own?
Speaker 3 (01:09):
I think we had about one and a half times
more than we have today.
Speaker 4 (01:16):
So that's not that much more.
Speaker 5 (01:18):
No, we've got our.
Speaker 3 (01:20):
Positioned by sixty percent, So that's that's fairly large.
Speaker 2 (01:23):
Are you Are you buying or selling today or buying
or selling right now?
Speaker 5 (01:27):
Neither neither.
Speaker 3 (01:28):
You know, you know Tesla as a hold for us.
You know, the people who are holding the stock at
our firm, our clients very much believe in Tesla and
don't want to let go of their shares at all.
And then you know, the clients that don't want to
own Tesla don't own Tesla anymore. But we're not recommending
to buy Tesla or per Se more likely recommending to
(01:49):
sell Tesla for investors up at these prices because you're
getting such a premium valuation. But in general, we've just
been holding the stock because you know, we're kind of
stuck with our position right now.
Speaker 2 (02:00):
What about you, because we check in with you quarterly
and you've really changed your position on the company in
recent years in recent quarters and your position on Elon
Musk too.
Speaker 4 (02:09):
Are you a believer in the company right now?
Speaker 5 (02:12):
Yes, and no.
Speaker 3 (02:13):
I still own Tesla's stock as well personally, not a lot,
but you know I like to have some because I
bought it at a dollar a share or a dollar fifty,
So it's like fun to have in my portfolio still.
But that said, you know, I don't know what's going
to happen with full self driving. I just don't think
it works, and I think vision only systems don't work.
(02:34):
And I'm very sure of this now. Even though I'm
not an engineer, I can explain to you how humans drive.
And I don't think Elon gets how humans work. I
think he gets how machines work. And so I think
that Tesla's in a pickle. If they can solve full
full self driving, like I could get in my car
right now and push a button and it drives me home,
Like I can get in a Weymo right now and
(02:55):
it'll drive me home no problem, then I think Tesla
has a reason to buy the stock because now they've
got their products working and they can grow from there.
But as far as waiting for robots and cabs to
pay off, it doesn't matter if full self driving doesn't work.
And full self driving doesn't work, so nothing's going to
get me excited about Tesla until it drives me home.
Speaker 6 (03:14):
All right, good stuff, we're talking with Ross, Gerber and Ludlow.
I know you're reading over stuff. Come on into the
conversation with Roth.
Speaker 7 (03:23):
Yeah, I mean, you know, just going through the deck.
The way that Tesla explains it is that they had
lower FSD revenue recognition in this quarter because of the
timing of previous generation releases of FSD in the same
period a year ago.
Speaker 5 (03:38):
You know, I'm not a.
Speaker 7 (03:39):
Tesla shareholder, as you guys know, but I do drive
a Model Y in fact, and I use FSD every
day for about sixty miles thirty miles to work, thirty
miles back. I'm not on version fourteen yet. But Ross
is speaking to the question, which is always there. Explain
the jump or the steps to the end result, the
(03:59):
end state. The end state is robotaxi, right if Tesla
is to be believed, And right now, you know, the
street seems kind of split on whether we understand how
we go from a software platform that consumers pay for
as a one offer a subscription package to a world
where the vehicles built on a common software platform or
(04:21):
iterations of that platform power a rope proprietary ride hailing
robotaxi service. You know, it's difficult to see the jump,
and Ross can speak for himself, but just in the reporting,
that's what we hear all the time.
Speaker 3 (04:35):
Yeah, I mean you're one hundred percent right in that
these are completely different businesses, right, Like selling cars that
drive themselves is an Apple business model, And that's why
I always love Tesla. When I first found Tesla, I
was like, this is the Apple of cars, right, Like
you build hardware and with great software, and then you
make money on services, right And that's really where Tesla's
(04:56):
making a ton of money right now is on services
and energy storage, which are still great businesses for Tesla.
But when you talk about building an Uber like platform,
this is an extremely difficult thing that it took Uber
almost a decade or more to make money doing, and
Uber is very very good at this now and the
only way they've been able to make money is by
(05:17):
charging substantially more for the rides because Uber is not
cheap anymore and they had to subsidize rides for a
decade just to build that business. So when you actually
think about Tesla scaling, if there was no competition, that'd
be one thing. But there's already several cab services I
can take right now, whether it be Uber, Lyft or
waimap that are all very good at what they do.
(05:40):
So you know, even if Tesla gets this to work,
it's still a tough business. And the second thing I
would just say, ed you use full self driving a lot?
Obviously you probably if I asked, do you feel comfortable
turning it on and going into the backseat of your
car and letting you drive that full thirty miles home?
Speaker 7 (06:00):
I've never done that or attempted it, and I think
you know, I post quite a lot on X my experiences,
like I say today, this is what happened. You know,
I would never get in the back of the car
and turn it on. I also would not put my
little baby boy in it either. But the way that
I've tried to track it is generation by generation. How
has it improved on the route that I take every day.
(06:22):
The one area that is really struggled is with the
toll boobs on the Golden Gate Bridge. You know that
can be precarious, and you can see my posts on
that on your point.
Speaker 5 (06:31):
In the AI graph of the shareholder deck.
Speaker 7 (06:34):
The way that Tester explains it is that the latest
version of FSD, they say, has a substantial amount of
the source code in the Robotaxi version, and by putting
it out into the real world. It gives them valuable
real world data to help them improve a future robo
taxi service.
Speaker 5 (06:51):
I don't weigh in on that one way or the other.
Speaker 7 (06:53):
I'm just saying that's Tesla's explanation on the link between
the two, the consumer facing FSD and the same codebase
that will be used to power a future rover taxi service.
Speaker 2 (07:04):
He ed Ross made the point that he doesn't believe
vision only FSD or vision only self driving works. Can
you talk a little bit about that technology that that
Tesla uses versus the other companies, namely Weima and Amazons,
Amazon subsidiary as well.
Speaker 5 (07:24):
Yeah, so very simple.
Speaker 7 (07:26):
When we say vision based system, the inputs for the
vehicle are only cameras on a Tesla. The cameras capture
capture optical data from around the vehicle and use the
underlying algorithm to make an onboard decision interpreting the world
around them.
Speaker 8 (07:45):
Uh.
Speaker 7 (07:45):
The opposite academic view is that you need to paint
a richer digital picture of the world using other forms
of data gathered by lidar, radar, and in some cases
even going beyond that. You know, like there are very
degrees of lightar spinning or stationary or static. Sorry, The
economic argument that Tesla and Elon must have always made
(08:08):
is that having a vehicle that has multiple sensors on
it is not scalable. You know, there is no end
result whether the vehicle could be affordable for a consumer
or profitable for an operator of that system to run.
The other robotaxi companies like Weymo or zooks, who do
have multiple sensors and custom versions of them, say that
(08:30):
you have to have them for redundancy. So if one
of those digital pictures fails, i e. The vision one,
the cameras fail, or the ID or radar fails, you
can still be safe because you have a rich enough
digital picture of the world around you for the vehicle
to make a decision based on the circumstances presented in
front of it.
Speaker 6 (08:51):
So I put this question to both of you, and
let me just start with you, Rass. I mean, I've
gotten in a weymore I love it, and I've sat
in the back seat, I've closed my eyes for like
a thirty forty minute trip to an airport. I have
loved it. So FSD full self driving?
Speaker 7 (09:06):
Is it?
Speaker 6 (09:07):
Are we crazy to think that that's going to be
our world going forward, or do we have to change
our infrastructure dramatically to make it possible going forward? Like
trying to understand because if the model is so to.
Speaker 2 (09:19):
Ultrastructure is the hardest part would be the hardest part.
Speaker 6 (09:22):
I'm just thinking, if it's such a torture model, like,
are we crazy to even be talking about it?
Speaker 3 (09:28):
You're getting into one of my favorite discussion debate issues
out there right now, which is the future of what
mobility actually looks like. And my basic premise is that
humans love to drive and are not giving it up.
And I'm now raising my children. I thought when I
(09:49):
had children that we would have had this master that
my kids would never learn to drive. But my kids
learning how to drive now, you know what I'm saying.
And people love to drive. Now, Younger people don't love
to drive as much as older people. That's one thing
in our surveys we've noticed. Okay, but I'm not giving
up driving, And if I live another thirty years, I'm
still gonna love driving. And I love cars, and I
(10:10):
love driving fast, and I love like, you know, driving
the one freeway, you know, whatever you want to call it.
But you know, humans love the independence and the functionality
of having their own vehicle.
Speaker 5 (10:23):
We've had.
Speaker 3 (10:24):
It started with the horse. We all had our own horse.
You fought to the death to protect your horse. And
I just don't see people giving up cars anytime soon
for a lot of practical reasons, like when you're doing
errands and you have to store stuff in your car
or pick up your kids and then go to soccer.
It's like you're not going to be taking cabs everywhere.
That's just not a realistic view of the world. So
(10:45):
unless we rejig our cities and start from scratch, where
I think the biggest use case would be in very
dense urban environments that are very difficult for people to drive.
Just saying no more cars, it has to be cabs.
That makes sense in New York City or downtown LA,
let's say. But I just don't see how you implement that,
(11:05):
because it's like millions of people already have their commuter
lifestyle and I just don't see how that changes.
Speaker 6 (11:12):
All right, So EDLA. That brings us back then to Tesla.
If they keep talking about FSD, I mean, they're an
ev company and a lot more we know that, but
I don't know is it enough. I don't know momentum
I look at the valuation, like, what is this company
going forward?
Speaker 7 (11:30):
Well, I repeat the same thing I've said every quarter
for eight years. Elon Musk is often late on his predictions,
but gets there in the end, and Tesla is clearly
committed to this.
Speaker 5 (11:41):
That's part one.
Speaker 7 (11:43):
You know that largely Tesla has made economic benefit arguments
and the industry has as well. There are people that
disagree with Ross in that car ownership as a model
is in doubt. You know, there are multiple reasons from
the cost of owning and operating a vehicle through to
generational attitude and appetite to go out and get a
driving license that people feel will make the technology more
(12:08):
pervasive and be adopted. Where people agree with Ross is
the environment, the infrastructure, And I go back to the
reporting always. I have to go back to what we've
actually reported, which is there is a piece of legislation
currently dormant and is not moved beyond the proposal stage
that we reported. Elon Musk and other Tesla staff lobbied
(12:29):
very hard on, which is to have some federal level
framework where purpose built robotaxis that don't have steering wheels
or pedals can be deployed unfettered in the real world,
but it doesn't address that what happens with the rest
of road users, and that's where academics believe we're heading
for a real issue.
Speaker 6 (12:47):
All Right, and Lola, we know you've got some stuff
to do off of these earnings, so appreciate your input
throughout the day today and certainly off of Tesla's earnings. Right,
we got to run. Always enjoy talking with you, Ross,
Thank you so much. Ross Gerbert, President, chief executive officer
of Gerbert Kawasaki Wealth and Investment Management. More than three
billion in assets under management, and they own about eighty
(13:09):
million dollars worth of Tesla shares.
Speaker 2 (13:12):
Stay with us more from Bloomberg Business Week Daily coming
up after this.
Speaker 1 (13:20):
You're listening to the Bloomberg Business Week Daily Podcast. Catch
us live weekday afternoons from two to five eas During
that listen on Applecarplay and Android Auto with the Bloomberg
Business app, or watch us live on YouTube.
Speaker 6 (13:34):
Bloomberg's Thomas Black He recently wrote an opinion piece and
he talked about the hype around humanoid robots being pretty
i with forecasts of nearly one billion humanoids in service
by twenty fifty, but the reality is that most people
overestimate what robots can do at this point in their development.
Got to say, though, one company that's been using robots
a lot and for a long time and has deployed
(13:55):
its one millionth robot happens to be one of the
world's largest market at companies out there. It's also a
household name. So we wanted to check in once again
with Ty Brady. He's chief technologist at Amazon Robotics. He
joins us from Amazon's Delivering the Future twenty twenty five
event from Amazon's d u R three. It's a delivery
station in Millipedes, California, and so we kind of want
(14:20):
to find out where they are in terms of the
world of robotics. Ty, I got to tell you, Tim,
and I love talking to you last time, so so
glad to check in with you again. First of all,
this event, where you are, I mean right now, I
just see a curtain, but I'm assuming there's lots of
stuff happening at the event. Who's there, what's going on?
Tell us a little bit about it?
Speaker 5 (14:40):
Yep.
Speaker 9 (14:40):
Well, first of all, thank you so much for having me,
and I really appreciate it and I enjoyed our conversation
as well.
Speaker 5 (14:44):
It's just really great to be here.
Speaker 9 (14:46):
We are are fourth delivering the Future event here and
there's a bunch of press that we have here, and
we made a couple of big announcements in robotics today.
Speaker 6 (14:57):
Can you tell us about them if you have.
Speaker 9 (14:59):
But the first is in our manipulation robot that we
call blue Jay. And what blue Jay the way that
you can think of that as we can you can
take three assembly lines and put it in the same
footprint of one. What it does is help eliminate the menial,
the mundane, and the repetitive, and it could pick more
than seventy five percent of the inventory that we actually
(15:21):
sell in our sortable network, which is a really big deal.
I'm really proud of that. And I also say there's
something interesting about blue Jay as well as compared to
our other bird manipulation systems Cardinal, Sparrow and Robin, it
took us about three years to kind of design, deploy
and get out to our frontline employees. We have actually
(15:41):
done blue Jay with the power of AI in just
over a year, so it's really the pace of innovation.
Speaker 2 (15:48):
I think a lot of people think about Amazon and
robots I just want to jump in because we don't
have a ton of time, but I I want we'll
get to some of the other announcements. They think about
the Kiva Systems robots the big acquisition at the time,
you know, twenty twelve. That was a big position for Amazon,
and they've seen pictures of the way that those can
move large loads of things across warehouses. But if you
were to go into a state of the art Amazon
(16:09):
warehouse today, what would you see That's in addition to
those Kiva robots.
Speaker 9 (16:14):
Yeah, in addition to the world's first goods to person
fulfillment strategy, which was a really good idea where we
have more than a million robots that we manufacture action
in Massachusetts doing that job every day. You're going to
see more of the unstructured fields, right, So, you're going
to see green robot that we call Proteus that can
move big cargoes of packages to the right dock at
(16:39):
the right time. You're going to see many more manipulation
systems that we have in there, eliminating kind of the
repetitive motions that they we have. No one wants to
lift a fifty pound box box all day. Robin does
that cardinal does that. Moving into some of these proteus
bound karts that we have, you're going to see much
(17:00):
more collaborative robotics, right. So that's where we build our
robotics systems to enable people to augment what people are
capable of. And we really believe in the philosophy of
people and machines working together. How can we build a
tool set that enables our employees to do their job
not only more efficiently, but also with better safety in mind?
Speaker 6 (17:21):
All right, So there's this robot arm called blue Jay.
You just talked about it. You know, you guys are
using this AI agent called the Iluna, and then you're
also working with augmented reality glasses to be worn by
drivers and delivery trucks in the field. There's like so
much going on. Step back for a moment, because you
guys have a lot of data. You look at what
you're doing. I'm just curious investors who are thinking about
(17:44):
Amazon and what you are doing, how do they think
about the long term, like ROI return on investment When
it comes to the investment you guys make in robots.
Is the goal about labor efficiency through put speed or
is it margin expansion? Kind of tie across your full
filment operations. What is it?
Speaker 5 (18:02):
Yeah, well, definitely efficiency.
Speaker 9 (18:05):
We think about efficiencies and how can we gain efficiency
through all the chain of our fulfillment processes for sure,
And you mentioned data and data is the fuel for
AI systems. Data has allowed us to bring think of
the body of being our robotics, but bring the mind
to robotics, allowing it to be more adaptable, more fluid.
(18:27):
You can almost think of this as the ability to
pour our robotics systems into any size building, any scale
of building, to amplify what our employees are already doing.
We want to give them an amazing tool set and
we see that when we do that, we're more productive.
Right when you do robotics, right when you do collab
of robotics where you need both people and machines doing
what they do best and they do different things better,
(18:50):
that it allows you to be more productive. And when
you're more productive, that allows you to invest more in people.
We've skilled more than seven hundred thousand of our employees,
which is a great stat And also in our robotics
we've expanded from the Kiba days. We've expanded from just
a movement solution to now movement and mobility and sortation
and storage and perception systems, packing systems that have really
(19:12):
changed the game for our customers. That's a big deal
to us.
Speaker 6 (19:15):
But Ty, you know, well you need less workers, and
I got to bring it up. You know, The Times
had a story out They talked about interviews and a
cash of internal strategy documents that they saw that it
reveals that your execs think that the company's on the
cusp of its next big workplace shift. I'm reading from
(19:35):
the Times and replacing more than half a million jobs
with robots, so you know, we know things change. I'm
not in a horse and buggy anymore. I don't make
things piecemeal. I get it. I don't get tons of
faxes and I don't get tons of pieces of physical mail.
Thank God, things change. Having said that, is Amazon, do
you guys believe that you're on the cusp of a
(19:57):
workplace shift and that you won't need as many workers
because the advancements in robotics.
Speaker 9 (20:03):
Well, there's no doubt that things change. I mean, and
we're actually really proud of that. And Amazon is that
we avoid stasis at all costs. We change and we
adapt and the nature of tasks definitely changed, There's no
doubt about that. We are laser focused on efficiencies inside
of our buildings. But when it comes to that article,
(20:24):
that article was speculating ten years out right, that's a
ten year speculation, and it's hard to say what's going
to happen in the next ten years. But I can
tell you what happened in the last ten years, the
last ten years, which is when we seriously invested in robotics,
that we created hundreds of thousands of new jobs and
new job types. And there's been no employer in the
(20:44):
United States that has employed more people than Amazon ten years.
I mean, that's and that's the power of efficiencies and
building your robots in way that's applied and real that
actually augments the human potent.
Speaker 6 (21:00):
All Right, my brother Sam, I like a dog with
a bone. So does that mean ten years out it
could be less jobs or we just don't know, or
you don't think that's the case, Well you have.
Speaker 5 (21:10):
To think about it.
Speaker 9 (21:11):
I mean there's jobs and there's tasks, right, so we
of course we're changing the nature of tasks. Like I'm
very bullish on eliminating every menial, mundane and repetitive job
out there. Nobody wants to do that, so we were
going to change those tasks one hundred percent, but we
can again, as history has shown, we continue to create
jobs right with the goal of two things. Can you
(21:33):
have it all? Can you be more productive which means
more efficiency, and can you also create a safer environment
for employees? And we're actually doing both. That's what history
has shown. In the last ten years. We have create
better than thirty percent reduction in our overall recordable injury
rate over the last five years because of our robotics
and also much more efficient. For example, our latest generation
(21:57):
film at Center and shreport is twenty five percent more
phishing the order.
Speaker 5 (22:03):
So you can't have it all, but you have to
build your robotics in the right way that empowers people.
Speaker 2 (22:08):
We're speaking with Ty Brady, chief technologist at Amazon Robotics.
When we think about hiring for these one off or
seasonal events like the holiday season or Amazon Prime Day,
I'm wondering how you're putting pencil to paper right now
and thinking about those numbers and to what extent automation
has reduced Amazon's dependency on seasonal or hourly labor for
(22:31):
holidays for Prime Day. What does that look like or
what will that look like this year next year.
Speaker 9 (22:36):
Well, it's the same philosophy of empowering employees, whether they're
temporary or the full time employees with the world's best
machines that help them do their job.
Speaker 5 (22:45):
It's the same philosophy. I'm really proud of the.
Speaker 9 (22:46):
Fact that this year we're going to from more than
two hundred and fifty thousand temporary jobs for our employees
to come in during the holiday season. Those are good
paying jobs. I'm really happy about that, really pleased with that.
And I'm really pleased with the work that are women
than men have done in the robotics field, designing the
pioneering these new physical AI systems that help them do
their jobs better.
Speaker 6 (23:08):
I got to say, one thing that I've been thinking
a lot about is what's going on overseas, whether it's China,
whether it's Japan. Bloomberg has done some reporting about service
industries in Japan because they have a labor shortage that
they are leading increasingly on robotics. Have you been over
there and looking at what they're doing, And I'm just
curious if you're seeing some things that are pretty impressive,
(23:31):
and that the US, as a creator of things or
its role in the robotics industry, has to keep a
watching what's going on in other countries.
Speaker 4 (23:41):
Yeah.
Speaker 9 (23:42):
I think it's easy, especially in robotics, to get distracted
about what other people are doing. I think anybody can
make a YouTube video. I think anybody can kind of
pop in and overflate something. But if you come into
our world, our world is a lot about application. Our
world is the re reality.
Speaker 3 (24:05):
All right.
Speaker 6 (24:05):
We're talking with Ty Brady, chief technologist Robotics at Amazon,
of course are our shot for that's the world of technology.
We're talking a lot about technology. Stuff happens, and we're
hoping we can get tie back. Just to finish up
this conversation.
Speaker 4 (24:19):
Maybe the robots are using all the Wi Fi.
Speaker 6 (24:23):
Robots, Like, I don't like what it is.
Speaker 4 (24:25):
That is a connectivity thing though.
Speaker 6 (24:26):
Well it fees into the path right like you.
Speaker 4 (24:28):
It's all question about resources.
Speaker 6 (24:30):
Get charge These puppies can't just plug them in right
if there?
Speaker 4 (24:32):
I don't know we need recharging too.
Speaker 6 (24:34):
Okay, Yeah, it's called food and sleep. Yeah, for Tim,
it's called robot food, food and sleep. You know what
I will say, do we have tie back, could we
grab them for twenty seconds? Tie twenty seconds forgive us
your final thoughts here.
Speaker 5 (24:49):
Sorry about that, No, it's okay, let it go. I'm
ready for you.
Speaker 6 (24:52):
Okay, twenty seconds. Just final thoughts for our audience because
we got to run.
Speaker 5 (24:58):
So final thoughts.
Speaker 9 (24:59):
Are is that robotics when done the right way, when
you reframe your relationship with machines, you can enable more productivity,
create greater efficiencies, and create a more safer environment for employees.
And this collaborative mindset that we've had that we've done
for the last ten years really does make the day.
Speaker 6 (25:16):
Ty Brady over at Amazon, so appreciate it.
Speaker 4 (25:21):
Stay with us.
Speaker 2 (25:22):
More from Bloomberg Business Week Daily coming up after this.
Speaker 1 (25:28):
You're listening to the Bloomberg Business Week Daily Podcast. Catch
us live weekday afternoons from two to five eastering. Listen
on Applecarplay and Android Auto with the Bloomberg Business app,
or watch us live on YouTube.
Speaker 6 (25:43):
We love talking to mayers.
Speaker 4 (25:44):
We do, we do.
Speaker 2 (25:45):
We also love talking quantum computing, and there is some
news in quantum computing today. Google running an algorithm modents
Willow quantum computing chip that can be repeated on a
similar platform and outperformed classical computers. We spoke a little
bit about this with that love though earlier. The folks
in Chattanoa, ten I see, I've been thinking a lot
about quantum computing for years. The first commercially available quantum
network in the US was established there back in twenty
(26:07):
twenty two. Back with us is Mayor Tim Kelly. He's
an independent. He's the Mayor of Chattanooga, Tennessee. Also with
us as Janet Rayberg. She's the president and CEO elect
of EPB, formerly known as the Electric Power Board of Chattooga,
provides energy, internet, phone, and more in and around the
Chattanooga area. They both join us here in the Bloomberg
Interactive Brokers Studio. We should note that last year Bloomberg
(26:28):
Philanthropy's named Chatanooga one of twenty five cities selected for
its American Sustainable Cities Program. Bloomberg Philanthropies is founded and
supported by Michael R. Bloomberg, the founder and majority owner
of Bloomberg LP, and Chattanooga Sustainable Cities program is still ongoing.
Chattanooga also part of the Bloomberg Harvard Leading City Procurement
Reform program.
Speaker 6 (26:47):
We're big Wilievers in full disclosure. Great to have both
of you here in studio with Tim and me. Mayor Kelly,
I just have to first ask you a broad question,
because we do want to talk a lot about quantum
computing and energy in general, because there's just so much
going on the environment today. How is it in terms
of running your city being a mayor in a political
(27:10):
environment that's a tough one, an economic environment that may
be tough.
Speaker 10 (27:13):
Yeah, it's tough, but you know, running cities is an
eminently practical exercise. And I will say, you know, our
mayor's races are nonpartisan. They always have been, and I stayed.
Speaker 11 (27:25):
In that lane. Again.
Speaker 10 (27:26):
I mean, I'm not here to catalog my political beliefs.
They're pretty confusing to most people anyway. I'd say, you know,
Republicans think I'm a Democrat, and Democrats think I'm a Republican.
I'm probably doing a pretty good job. So you know,
I look, that has served me well in this environment,
because again I believe, as does a lot of folks
of Bloomberg, as do rather, but that cities are really
(27:47):
the foundation of our economy. I swear ninety percent of
the GDP's generateds we're all innovations generated. So I'm focused
on whatever is best for Chattanooga, so I can work
and have managed to work with people on both sides
of the aisle, and you know, in the best interest
of my city.
Speaker 2 (28:01):
Do you find yourself getting pulled into the social issues
that seem to define our era right now, the stuff
that does dominate cable news, whether you're talking about the
right or the left.
Speaker 10 (28:12):
Yeah, I mean I find myself, you know, I find
people attempting to pull me into those But I think
I've gotten pretty good at wrestling my way out of
them and trying to just translate back into simple terms.
You know, is this what's best for the city? You know,
does it work or does it not work? I mean,
sometimes you can't avoid those political issues. It's not as though,
(28:33):
you know, I don't have my own beliefs. But again,
I think you, just as a mayor, have to take
a thoroughly practical approach to what's going to work best
for the city.
Speaker 6 (28:43):
All right, So when you think about what's best for
the city, let's talk about that. Because you are on
the ground talking to people what they need, what you
need to make sure you have a good economy, strong economy,
not just today but in the future. That quantum computing
that you made it back in twenty twenty two, tell
us about kind of give us an update or for
someone who didn't hear the conversation when you were last
on with this kind of where you guys are with this.
Speaker 10 (29:03):
So I'll give you the cliff notes version, which is
that you know, we took advantage of a large federal
low interest loan way back when during Clinton and Gore
to put in a giant municipal fibre network, and that
gave us the first and fastest municipal fiber network in
the country. We had a lot of folks move in
during COVID because you know, you can get one gig
(29:25):
of symmetrical speed for sixty seven.
Speaker 11 (29:27):
Bucks a month. Yeah, pretty great.
Speaker 10 (29:29):
You can get twenty five gigs of speed at your
house in Chattanooga. But it turns out that you can
also do quantum computing on large loops of dark fiber,
one particular type that uses photons and trapped ions, which
is where ion Q began to become interested in Chattanooga.
Speaker 11 (29:45):
So we opened and Janet can talk more about it.
Speaker 10 (29:48):
The first commercially available quantum network, and it is starting
to attract a lot of investment and attention.
Speaker 2 (29:53):
So Janet, come on in here, because one thing that
we're trying to understand is what the practical applications of
quantum technology are. We spoke with ed Loo the cost
of our Bloomberg Tech program a little earlier, and Carol agreed,
I mean you thought healthcare first, he said, healthcare Also,
this is one area of application, but it's still kind
of the world where we're thinking about what this tech
can do, not necessarily seeing what it can do. Have
(30:14):
we seen any material things be developed as a result
of this technology and what you're doing in Chattanooga.
Speaker 8 (30:20):
Yeah, So ian Q has been working on a lot
of different type of application with different industry, and so
we were interested because we're in an electric company and
so we have all the data for them to help
us optimize our grid. So we're doing a partnership actually
with Ionq, Nvidia, and Oakridge National Lab as a full
way partnership to help do use hybrid computing until quantum
computing can you get to where it needs to be
(30:42):
to help us with some great optimization problem that we
can't solve today.
Speaker 6 (30:46):
In terms of energy demands tell us about that. That
is like what you are seeing front and center. We
know the AI conversation narrative has moved from the spend
and chips and so on and so forth, like to basically,
all right, do we have enough power to do all
of this? And there is certainly a power scramble among
the big hyper scalers. What are you seeing on that front?
Speaker 8 (31:04):
Yeah, and I think that's a nationwide you know, issue
with the energy problem.
Speaker 6 (31:08):
And as AI gets.
Speaker 8 (31:09):
Better as an energy problem, right, Yeah, I mean, as
AI gets better and better, the more energy that it's
going to need.
Speaker 6 (31:15):
And so that's where quantum comes in.
Speaker 8 (31:17):
Very important to the part of that solution is that
quantum computer, once it gets to the phase that it
needs to be, is it can solve things at a
much faster rate, which uses less energy than a classical
computer because it can do things in parallel versus sequential
as a classical computer.
Speaker 2 (31:33):
Today, Where do you get the energy that you sell
to people in and Aroundchattanoga.
Speaker 8 (31:37):
Yeah, so we buy it from TVA Tennessee Valley Authority,
and so they generate the power and we distribute it
to our customers.
Speaker 4 (31:44):
How do they generate it?
Speaker 8 (31:45):
They have a diverse mix of portfolio, from hydro, different
types of renewables to natural gas, and so you know
they're continuing to look at other options.
Speaker 4 (31:55):
Do you see that mixed?
Speaker 10 (31:55):
Go ahead, now, I'm just going to say they're also
very much on the front foot in terms of advanced
new Do you.
Speaker 4 (32:01):
See that mix? This is either of you.
Speaker 2 (32:03):
Do you see that mixed changing and focusing less unrenewables
more on nuclear as a result of the changes out
of Washington.
Speaker 10 (32:10):
I think you're going to see that, you know, and again,
regardless of your political affiliation, if you just kind of
look at.
Speaker 11 (32:16):
The math, there's no way around nuclear, right.
Speaker 10 (32:19):
I do think they are giving us or EPB more
latitude to generate some of our own power because of
the anticipated demands. And I think we still have a
lot of headway on solar, So I mean, I think
we'll contain, and we've got a lot of things we
can do with hydro. We're going to actually start using
biogas in our wastewater treatment plant to generate electricity. So
(32:39):
we're looking at any in all ways that we can generate.
Speaker 6 (32:41):
Because my understanding when we talk about SMR as the
small modular reactors it's ten fifteen.
Speaker 2 (32:47):
Will Wade reminds us who covers this here at Bloomberg News,
that we are not there right now, it's.
Speaker 10 (32:52):
A while, we're not, but we have a pretty significant
nuclear footprint with TVA already in the times.
Speaker 6 (32:58):
So what would you tell people who are still nervous
when it comes to the nuclear footprint that you guys have.
You know what, you know, fine, people do it, okay,
do it across the country or do it in another country.
But you know the feeling here.
Speaker 4 (33:09):
I mean, I grew up in the next to a
nuclear power planet. I'm fine, right, I'm a little weird.
Speaker 6 (33:15):
But what would you say about that?
Speaker 11 (33:16):
I mean, the technology has come a long long way. Yeah,
that's what I would say. Man, I'd say, go do
your research, do your homework. They're not.
Speaker 10 (33:23):
I mean, that's why we have these discussions, That's why
we have the fears. But but there's just not absolute fusion.
I will say the state in the University of Tennessee
is also working very very hard on fusion technology.
Speaker 11 (33:35):
Absent that breakthrough, there's really not.
Speaker 6 (33:37):
That's what I'm waiting for.
Speaker 2 (33:38):
When we're talking about quantum today and we're talking about Google,
we're talking about Silicon Valley. How do you get people
to think about Chattanooga, Tennessee and not Silicon Valley, not
New York City, not Austin, Texas when they're thinking about
where they want to live to have a job in technology.
Speaker 11 (33:56):
Coming on Bloomberg is it's a great first step.
Speaker 8 (33:58):
No.
Speaker 11 (33:58):
I mean, look, we talked about this all the time.
Speaker 10 (34:00):
It's a it's a mid size southern city with kind
of a funny name, and there's a bit of cognitive
dissonance there. So you know, look, we are out telling
the story. I mean, I was just in Detroit last
week at a sustainable mobility conference. We were at the
Quantum World Congress. I mean, at some point it's you know,
the evidence is mounting.
Speaker 11 (34:15):
We are it's not just smoke. We are doing the
work and it's working. Is it?
Speaker 5 (34:19):
Is it?
Speaker 2 (34:20):
If you build it, they will come mentality. I think,
so have they come?
Speaker 11 (34:24):
Yes, they have come.
Speaker 10 (34:24):
I mean again, we had you know, we now have
independent verification that you know, ten twelve thousand people moved
to Chattanooga during the pandemic very you know, degree talented
people that could work remotely. And I think again, our job,
my job is mayor, is to help break that glass
ceiling so that we have the level of business investment
and again can build up our academic horsepower to be
(34:47):
able to sustain those knowledge economy jobs.
Speaker 6 (34:49):
Jenna, you know, when we think about quantum computing, we
spend so much time to talking about you know, large
language models and generative AI and kind of where that's
going agentic AI. You just talked about the power or
aspect are the use of less power when it comes
to quantum computing. But I mean, should our conversation be
shifting in terms of what we are having for an
(35:10):
investing audience when we talk just so much about AI
generally versus quantum.
Speaker 8 (35:16):
Well, I think that with quantum computer, when it gets
to you know, the level it needs to be, you
can team it up with AI and get even more
powerful algorithm that comes out of it to be able
to solve more complex problems. So I don't think it's
one or the other. I think it's going to be
a combined of you know, how do you combine that
and use less energy and be able to build algorithm
more efficiently.
Speaker 6 (35:35):
So help me, because when we talk about the data
center build out, so does that go hand in hand
with the build out of quantum computing is that part
of it?
Speaker 8 (35:43):
So right now, it's you know, the we're building a
quantum computer to kind of learn more and be able
to help accelerate and advance that technology with companies like
ion Q, and I think once it gets to where
it needs to be, then well we can team it
up with AI.
Speaker 10 (35:55):
Okay, yeah, yeah, and many of the implications with quantum
asking basic quest because I feel like we spend so
much time talking about the AI, but this is something that.
Speaker 6 (36:03):
Increasingly is coming into the dialogue.
Speaker 4 (36:05):
Yeah.
Speaker 10 (36:05):
Now, I'm just going to say the logistics is a
huge vertical and chatt near go as well. And I
think the implications for quantum for logistics have huge implications
for lower power demand and a lower carbon footprint, right
because you're going to waste a lot less time getting
stuff from A to B.
Speaker 6 (36:20):
Right with root optimization we're going to have to do
because we talk about like the power drag or the
power demand and the cost. Mayor Kelly, I'd be remiss
not to ask you you are trying to build a
city where everyone has an opportunity to thrive and prosper
We talk so much about the case shaped economy. There's
a lot of people who aren't thriving and prospering in
this environment. Thirty five seconds. What's a message to send
(36:43):
to everybody.
Speaker 10 (36:44):
Well, we are working very hard to reform our workforce
fillment system so that we so we don't leave folks behind.
And I think we have some significant opportunities to do that,
and we are in the mist to doing that. Again,
it's tough out there, yeah, and I think it's going
to fall more to the state government into philanthropy frankly,
to kind of take up the slack in the meantime.
Speaker 11 (37:03):
But I mean, we have to play the long game.
Speaker 10 (37:04):
And the long game is we need some significant change
to the way that we do education workforce development in
this country so that we don't leave people behind.
Speaker 4 (37:11):
Yeah.
Speaker 6 (37:11):
I just feel like in terms of education, we're starting
to think about that. Yeah, come back soon. I'd love
to kind of continue this conversation if we may. Mayor
Tim Kelly of Chattanooga, Tennessee, and Janet Raeberg, she's the
President's CEO Elective EP be joining us right here in
our Bloomberg Interactive Broker studio.
Speaker 1 (37:28):
This is the Bloomberg Business Week Daily Podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live weekday
afternoons from two to five pm Eastern on Bloomberg dot Com,
the iHeartRadio app tune In, and the Bloomberg Business app.
You can also watch us live every weekday on YouTube
(37:49):
and always on the Bloomberg terminal
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Tim Stenovec
Carol Massar
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