June 12, 2025 • 37 mins
Bloomberg’s Caroline Hyde and Ed Ludlow discuss Micron’s plans to spend $200 billion on U.S. chip manufacturing and R&D. Plus, Chime CEO Chris Britt discusses the company’s growth strategy as the company goes public. And Oracle’s earnings impress investors with its rising cloud sales.
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Speaker 1 (00:04):
Bloomberg Tech is a live from coast to coast with
Caroline Hide.
Speaker 2 (00:08):
In New York and Eva Low in Sent Francisco.
Speaker 3 (00:15):
This is Bloomberg Tech coming up.
Speaker 4 (00:17):
Micron boosts its commitment to invest in new memory chip
capacity and R and D in the USA.
Speaker 1 (00:22):
Plus we stay across the evolving story of the Boeing
Dreamliner crash in India that leaves over two.
Speaker 4 (00:27):
Hundred dead, and fintech firm Chime prices its IPO above
its targeted range to raise eight hundred and sixty four
million dollars.
Speaker 2 (00:36):
First from tech in on these markets.
Speaker 1 (00:38):
And look, there is cautious training as we digest yet
another point showing that inflationary pressure is not as high
as expected.
Speaker 2 (00:45):
PPI numbers come in.
Speaker 1 (00:47):
Can the Fed raise not once but well cut, not
once but twice this year.
Speaker 2 (00:51):
For twenty twenty five.
Speaker 1 (00:52):
That's what the market price is in the bond market
pushes forward and so to TO stocks were up three.
Speaker 2 (00:56):
Percent on the NASDAK.
Speaker 1 (00:58):
Some big players in the chipspace the high side like
in video, but you're digging into a key chip company ed.
Speaker 4 (01:04):
YEP, that's right, Caroline, I'm looking at Micron, America's biggest
memory chip maker, boosting a commitment to invest in new
capacity and R and D in the USA. The company
is investing an additional thirty billion dollars beyond previous plans
for a new memory chip plant at its home Boise, Idaho,
to modernize its Virginia facilities, and build a megafab in
(01:24):
New York. It's now committing two hundred billion dollars total
two US manufacturing and research projects, the previous pledge one
hundred and twenty five billion. Here's the Bloomberg Intelligence react.
Micron's large scale US investments will likely span over several decades.
Given the company's focus on cash generation and potential investor
concerns over excess capital spending, this strategically aligns with the
(01:47):
Trump administration. Jake Silverman, the Bloomberg Intelligence analyst on that research,
joins US now Jake net new investment thirty billion dollars.
What is your reaction to this morning's news.
Speaker 5 (01:58):
Yeah, I mean, we think there's a pretty much just
a continuation of the strategy to bring domestic spending drive
capacity within the United States. So this is just a
you know, continuation of that R and D capital's capex
as well.
Speaker 1 (02:13):
Let's talk about the R and D side a bit,
because they're promising ninety thousand jobs, whether that's indirect or direct.
Speaker 2 (02:20):
But where does the R and D need to go?
Speaker 1 (02:22):
Because we know they're focusing in particular on high bandwidth memory,
but that seems to be more on the manufacturing side.
Speaker 3 (02:28):
Yeah.
Speaker 5 (02:28):
Well, look, I mean there's continual R and D both
in terms of traditional memory for both DRAM and NAN,
but there's continual R and D both for high bandwidth
memory as well. I mean, we've seen the stack sizes
increase from eight to twelve. HBM four is expected to
come out next year. The standards have already been announced,
and beyond that we'll expect to continue to see HBM
(02:51):
four E, potentially HBM five and so on.
Speaker 4 (02:55):
Let's go back to basics real quick, Jake. High bandwidth
memory is just stacked d RAM. For every high performance
GPU or AI accelerator card, there's a corresponding eight or
sixteen high bandwidth chips in that server tray. Why is
Micron an important player in this space?
Speaker 3 (03:10):
Yeah?
Speaker 5 (03:11):
Well so right now, HBM is actually there is supply constraints.
S ke Heinez is the leader. They are still struggling
to meet the demand for in videos GPUs as well
as hyperscaler A six and so Micron has also stepped
up to the plate and is offering their solutions as well,
and they're starting to gain share. Samsung has had their
(03:34):
own issues and so without really Samsung to plug some
of those gaps, Micron is an important supplier of HBM.
Speaker 1 (03:42):
All of our stories today really signal that there is
still a lack of supply when it comes to the
genitive AI trade, rather than there being any questioning of demand, Jake,
But I wonder where the money is ultimately coming from.
Speaker 2 (03:54):
Yes, they've put.
Speaker 1 (03:55):
This glorious two hundred billion dollar figure out, only thirty
billion seems to be new, but they've got to pay.
Speaker 5 (03:59):
For for it, right Well yeah, Look, I mean that's
why we think this is going to take several decades
to occur. I mean, they have a solid balance sheet
right now. They're focusing on continuing to generate free cash flow,
but they're not able to outlay that much cash right now,
and so obviously this is going to be a focus
over the very long term. But also if you look
(04:20):
the continual growth rates and memory, they still need to
invest in capacity. So in order to increase that capacity,
they're going to have to spend money, and if they
want to do that in the United States, they'll commit
some of that capital.
Speaker 3 (04:31):
Here.
Speaker 1 (04:32):
Jake Gray Analysis, Glue Meg Intelligence, Jake Silverman. There, let's
bring you the investor analysis now, Nazi Latango Investment CEO
and CIO. All of this Oracles numbers, which we'll get
into later in the show. The fact that we're seeing
a commitment in terms of money and investment coming from Micron,
it all signals supplies needed.
Speaker 2 (04:50):
They can't build it fast enough.
Speaker 6 (04:52):
You're right, Caroline, I mean, and I think we've heard
that consistently from the hyperscalers. You know, there was that
Meca dinner where Elon Musk and Larry Ellison had dinner
with Jensen Wong and just kept saying more chips, Please,
more chips. The supply constraint is the problem at the moment.
And so you know, Oracle's the largest holding in our
(05:12):
ETF TGLR.
Speaker 7 (05:14):
It's been a great holding.
Speaker 6 (05:16):
It's always a better company when Larry Ellison is involved.
But what you heard from him was that they have
had the biggest orders and demand is as good as
they've seen it. So I think you want. I think
you still want to belong this trade. Maybe not forever,
but certainly for the near term.
Speaker 3 (05:32):
Nancy.
Speaker 4 (05:33):
This is the promote side of the White House's promote
and protect policy when it comes to the American technology stack.
Speaker 3 (05:39):
It was really interesting earlier today in London.
Speaker 4 (05:41):
Rene has the arm CEO weighed in on this protect portion.
Speaker 3 (05:46):
Just listen to what he had to say.
Speaker 8 (05:48):
If you narrow access to technology and you force other
ecosystems to grow up, it's not good.
Speaker 3 (05:57):
It makes the pie.
Speaker 8 (05:58):
Smaller, if you will, and frankly, it's not very good
for consumers.
Speaker 4 (06:04):
There is an interesting linkage here because on the Oracle
call you also had Larry Ellison talking about the potential
business of Chinese customers like Timo, for example, promote and protect.
As an investor, do you like the balance of that
policy right now?
Speaker 6 (06:19):
Yeah, I share the concern that the administration is trying
to apply a kind of industrial policy or protectionism to
the distribution of this technology.
Speaker 7 (06:31):
I think in some.
Speaker 6 (06:32):
Regards ed it's prudent, But generally speaking, the US has
been has innovated around every problem for decades and decades,
so I would rather see competition allow the ecosystem to
grow and then find ways to limit the Chinese impact.
And so I'm more in agreement with yes, with that
(06:54):
policy of promote and protect. I think that's what you said,
but certainly the protect.
Speaker 4 (06:59):
Part Oracle's obligations. It's backlog. It's kind of astonishing. Actually
the story's really changed for that company. Just give me
a bit more on the thesis. I was really interested
in how you're positioning with Oracle, but also like, did
something change last night? Did they jump to a different level?
Speaker 6 (07:18):
They did, for sure, I think you know they've disappointed
the last two quarters. I've owned the stock for forty years,
if you can imagine, I think my average cost is
two dollars. I know, but again, it's always been a
better company when Larry Ellison is engaged. I don't know
if you heard the recent he's you know, writing code now.
Speaker 7 (07:36):
He is in his eighties.
Speaker 6 (07:37):
But if money can buy longevity, I think this is
the guy that can do it.
Speaker 7 (07:41):
And so I think what you're seeing.
Speaker 6 (07:42):
Is that the focus that they've had on cloud and
the way that they are involved in the cloud, which
allows them to have more flexibility than some of the
other providers. Then you've got the Cerner transaction, which I
think is really interesting and not talked about very much
the whole health care aspect.
Speaker 7 (08:01):
Of the business. So because that is a problem, I mean.
Speaker 6 (08:05):
We should be applying AI not just to pharmaceutical development,
but care and so I think there's a lot of
moving parts that are now coming together, coming to fruition,
and you're seeing it in the backlog, You're seeing it
in their enthusiasm, and that to me is you know,
reason to continue to hold the stock. Plus the dividend
growth is like ten to twelve percent annually, so you're
(08:27):
getting paid to enjoy the ride.
Speaker 1 (08:30):
Larry, They're really speaking to the fact that they're still
supply constrained. I want to go back to supply constraints
and to do with China at the moment, we are.
Speaker 2 (08:38):
So focused on rare earths at.
Speaker 1 (08:41):
The moment, the minerals, the metals, and the fact that
they come from China.
Speaker 2 (08:44):
I just want to pivot to Tesla.
Speaker 1 (08:46):
And really this affects that humanoid robot side of the equation,
also affects EVS broadly. How much are you focusing on
Tesla and the fact that we're starting to make inroads
in the China US relationship a bit.
Speaker 7 (08:59):
Yeah, I think that provided a release valve on the stock.
Speaker 6 (09:02):
You know, the last time I was on with you,
we had the high school girlfriend's spat, I don't know
what you call it, romance spat right between the president
and between Elon, and the stock has come back from that.
Speaker 7 (09:14):
One of the times when I was at one of.
Speaker 6 (09:16):
The factories, you know, they talked about the need not
to be vertically integrated, and I think that has changed somewhat.
Speaker 7 (09:23):
So I do think that, you know, we do need
to get this resolved. We do need to open up regulations.
Speaker 6 (09:28):
You know, there was a cobalt plant that was that
was ten years in the regulatory nightmare of trying to
come to fruition and then they finally just walked.
Speaker 7 (09:37):
Away from it. Not Tesla, but the company that was
trying to do it.
Speaker 6 (09:41):
So we've got to be better at also harvesting our wearers.
Speaker 7 (09:46):
And so I do think it is good news at
the margin.
Speaker 6 (09:50):
But everything about Tesla right now is Robotaxi, So I
think that's what investers are paying attention to.
Speaker 4 (09:56):
Ninety two weeks ago, I reported that Tesla was targeting
internally June twelfth to launch robotaxi. In Austin, then Elon
must post it an exit would be June twenty second,
but they have in the interim ramped up driverless testing
in Austin. It was just a date, but it moved
the needle for many people. Why is that date so
(10:17):
significant as somebody that backs the robotaxi thesis.
Speaker 6 (10:21):
Yeah, because you wonder if there's something behind the scenes
that's going on. You know, there was a recent video
of the twenty twenty three accident that it just gives
people time to think about it and you know, consider
other options. But as you point out, and you've been
right on this d all the way through, if you
point out, as you point out that the cars have
(10:43):
been driving, you know, I live in Phoenix, Happy Year.
The waymows are everywhere. It's commonplace to us, it's not scary.
So I think I think if any company can do it,
it's this company. And if you look at Tesla on
a cost per mile, their costs are like thirty to
forty percent below away most So once they get out
there and we start to see the compounding, I think
(11:05):
that's going.
Speaker 7 (11:05):
To be the driver of revenue growth.
Speaker 6 (11:08):
And I may not be in Kathy Woods nine hundred
and fifty eight billion dollar a year CAMP.
Speaker 7 (11:13):
But I do think, you know.
Speaker 6 (11:15):
The ninety eight billion dollars in revenues that you're seeing,
mostly driven by EV sales, is going to shift and
we're going to see significant growth in right handling from
ROBOTAXI I just want a quick.
Speaker 2 (11:27):
Question on IP.
Speaker 1 (11:28):
It's an interesting story coming from Downah Hall today that
Tesla is actually suing a former engineer regarding Optimists in particular,
how much does Optimus factor into the future.
Speaker 2 (11:38):
How much do we want to ensure.
Speaker 1 (11:41):
That that IP remains safely within Tesla's hands.
Speaker 6 (11:45):
Yeah, Caroline, I think it's one of the ex robotax
that I think is one of the most significant elements
of Tesla. They are planning to have thousands of Optimist
robots on their.
Speaker 7 (11:55):
Own factory floors.
Speaker 6 (11:57):
If you believe that the BLS members that we have
four hundred and fifty thousand manufacturing jobs that have gone unfilled, robots.
Speaker 7 (12:05):
Are the solution.
Speaker 6 (12:06):
So we need to protect that IP and they need
to be focused on producing robots. You know, Elonis famously
said the robots will make the robots that would be fantastic,
and that's really what we need to see, because if
we're moving manufacturing back to the US, we need to
have the ability to fill those jobs if we're not
going to film with people.
Speaker 4 (12:28):
Nancy Tangler Laffatangler Investments, CEO and CIO, thank you very much.
Coming up, Boeing Streamliner Aircraft was involved in the worst
commercial airline crash since twenty fourteen.
Speaker 3 (12:40):
We have the details names. This is Bloomberg Tech.
Speaker 7 (12:55):
Time.
Speaker 1 (12:56):
It is set to make its trading debut after raising
over eight hundred and sixty four million dollars in its
IPO shares indicated to jump when they open.
Speaker 2 (13:03):
CEO Chris Britt joins us now for more.
Speaker 1 (13:06):
How do you feel, Chris, We could see a sixty
six percent pop in the shares.
Speaker 9 (13:09):
Wow, I feel great.
Speaker 10 (13:11):
Today is such a momentous day for all of us
here at CHIME. We're so grateful to our members who
rely on us for their everyday banking, and I'm just
incredibly grateful for this team around me that has built
a business that we really see as ushering in a
new era for banking and one that's aligned with the
best interests of everyday members.
Speaker 4 (13:31):
Chris, we made a lot on the show over the
years of the kind of the down round, the valuation
of where you went public, the timing of it.
Speaker 3 (13:37):
Could you just reflect on that a little bit.
Speaker 10 (13:40):
Yeah, I mean, look, we don't focus on short term
fluctuation of the stock. Even if it goes up today,
I'm sure there's going to be other days that won't
be as great. So we remain focused on the long term,
and that is being a company that's member obsessed and
focused on solving the most important needs of everyday consumers
that we serve. So I think today's going to be
(14:01):
a pretty exciting day.
Speaker 1 (14:02):
You've got eight million plus of those consumers. Chris, How
do you increase your own revenue in the scale of
the business.
Speaker 2 (14:08):
Is it more products serving them? Is it more people
coming in?
Speaker 9 (14:12):
Yeah? We see multiple ways to grow.
Speaker 10 (14:14):
First of all, in Q one, we grew our active
member base by over twenty three percent, so that's increasing
year over year, and at.
Speaker 9 (14:22):
The same time, we continue to look.
Speaker 10 (14:24):
For opportunities to offer new products that drive product attach
and lead to more primary account engagement. At Chime, two
thirds of our members use us as their primary bank account,
so they rely on us for their everyday transactions, and
we love to know as a technology company, we monetize
the relationships really through a payments driven business model, which
(14:47):
is very different than the way traditional banks go to market.
Speaker 4 (14:50):
Chris, we love to read the risk factors section of
the RESPECTUS.
Speaker 3 (14:54):
I do it all the time.
Speaker 4 (14:56):
How real those risk factors for you, specifically on interchange
fees and how you're thinking about it?
Speaker 9 (15:02):
Oh, we you know, I guess you know.
Speaker 10 (15:06):
I'm sure there's lots of risks that the attorneys put
into the prospectus. We get questions about interchange all the time.
We really like this model of relying primarily on payments
driven revenue. That's about seventy two percent of our revenue
comes from payments, and what we like about it is
it's aligned with the best interests of our members.
Speaker 9 (15:27):
We have to earn our position.
Speaker 10 (15:29):
As the top of wallet card every day, and we
do it to the tune of about our average customer
does about fifty four transactions of months, so they're incredibly engaged.
And when you couple that with a digital first, low
cost structure that allows us to develop very healthy, profitable
relationships with this interchange driven business model.
Speaker 9 (15:48):
The reality is that our model.
Speaker 10 (15:50):
Has allowed us to offer fee free banking to millions
of consumers who otherwise we'd be paying hundreds of dollars
a year to have a bank account.
Speaker 1 (15:58):
You're able to be cheaper because of AI interesting quickly
though regular to risk that those interchange fees go smaller,
particularly if you become bigger.
Speaker 10 (16:06):
Well, you know, we have a balanced set of a revenue.
In the payments area. We have a debit card payments volume.
We also have a secured credit card that's actually growing
at a faster clip than debit.
Speaker 9 (16:18):
So we think we're very well balanced.
Speaker 10 (16:21):
And given the love and engagement we have, there's no
shortage of opportunities for us to offer new products and
services over time.
Speaker 4 (16:28):
All right, Chris britt chime CEO. We're waiting for the
start of trade, but indicating a big jump at the open.
Thank you very much for joining us in Bloomberg Tech.
Speaker 2 (16:43):
Welcome back to Bloomberg Tech. I'm Caroline Hide in New
York and I'm.
Speaker 4 (16:47):
Ed Ludlow in San Francisco. This is what we're watching
in the markets. Earlier in the show, we brought you
details of the Air India crash at Boeing seven eighty
seven that has crashed in India. It was bound for
London and two hundred pter are either assumed dead missing.
It was a fatal crash, the worst in many years.
As we explained earlier in the program, there's a lot
(17:08):
that we do not know about that incident. It is
clearly having an impact on Boeing stock, but when we
get more details, will bring them to you. In the
technology sector, Oracle and Oracle's earnings are really what's a
driver in this market right now. The projection is top
line growth of seventy seven zero percent within this fiscal year,
(17:29):
but the backlog of business obligations performance obligations is about
one hundred and thirty eight billion. You have names like
Xai as a customer. They're involved in the Stargate project.
With OpenAI stocks up fourteen percent, it's touched a fresh
record high, and it's really what's driving at least the
very technology focused indexes in the here and now. Let's
get more on those results and bring in Bloomberg's Brody
(17:50):
Ford and Brody. You've had a really interesting time of
late covering this company, but the numbers were really big,
particularly after two quarters. Prior to this, investors were left
really disappointed.
Speaker 11 (18:03):
For many years if you said Oracle was going to
become one of the biggest cloud companies. People would have
not so nice words for you. But what's changed with
AI is that, you know, their capacity constraints, right, all
of the traditional giants, the Amazons and Microsoft and nobody
can get these data centers up fast enough. And it
really created this opportunity for Oracle and so they found that,
(18:25):
particularly for the AI workloads, they've been able to sign
an incredible amount of business. Of course, most of that
is still looking out. I mean, you know, you listen
to that executives on the call and they say, open
AI stargate. We're still forming it, we're still getting our
hands around it. But it's pretty clear that demand is
coming in.
Speaker 1 (18:43):
Boy, didn't Larry Ellison articulate that. He said, they've caught
one particular order that basically says, I.
Speaker 2 (18:48):
Want all of it, all of the capacity you.
Speaker 1 (18:49):
Bring, whether it's in europehether it's in an Asia, I
want to take it. But therefore, what are the supply chain,
the headaches, the bottlenecks that they now confront exactly.
Speaker 11 (18:58):
I mean, we all are familiar with the Nvidia chip shortages.
We also hear reports of you know, the folks assembling
the servers can assemble them fast enough. And so I
think the one concern is that you spend all this
money putting up these data centers and setting everything up.
But does the market for cloud in for us stabilize
two years out and now you're sitting on all this,
(19:20):
you know, data center capacity that maybe isn't as out
of a commodity as it is today.
Speaker 1 (19:25):
Bertie Ford, as always, we thank you and all things Oracle.
Now let's turn back to Chime Financial. It's the company
that's set to make his ip IPO debut, pricing well
above the marketed range already and we're waiting for trading.
Remember they raised eight hundred and sixty four million dollars.
Just heard from the CEO, Chris Britt. We're now joined
by one of these key backers, Sean Carolyn Menlo venture
(19:46):
partner joins us. Now, how did you see the effectiveness
of Chime when you first were given a potential pitch
on the dot? You were early in what drew you
to it.
Speaker 9 (19:58):
There's a lot to love, you know.
Speaker 12 (20:00):
We always look for companies that have incredible missions and
in the case of Chime, right like uniting everyday people
to unlock financial progress. You know, instead of penalizing people
with your bank, you know, do do them a favor, right,
So I heard one of the people say, you know,
they only get time, only gets paid when you swipe
and not when you stumble. And so you know, a
(20:21):
mission like that that just helps everybody is fantastic to back.
But you also need an incredible team. I mean you've
talked to Chris earlier today, just what a great leader,
team builder, visionary as co founder Ryan King, you know,
exceptional technologists, and they've just built you know, great executive
management team across the board. And then of course you
need a good business model. Yeah, and I you know,
(20:42):
saw some questions earlier on on the interchange and otherwise,
but you know you kind of see like, okay, we'll
just keep stacking these people. Every year new people show up,
they connect their direct deposit account, so they're very sticky customers.
Chime has, you know, got tons of features that are
just friendly for them, so they stay and they love.
It's the most beloved bank in the US right now.
Speaker 9 (21:01):
So it was just a lot to love.
Speaker 2 (21:03):
There's a lot to love, perhaps two loved.
Speaker 1 (21:05):
Back in twenty twenty one, a lot of companies were
two loved, they got given two high evaluations and then
it's been difficult selling and pricing and ipo into that.
Speaker 2 (21:14):
How does it feel when you're going to.
Speaker 1 (21:15):
See the stock potentially wallop up almost two thirds, but
it is still a down round.
Speaker 12 (21:22):
I blame the financial markets, not the companies in that
particular case.
Speaker 1 (21:25):
Right, And do you blame the vcs the people who
are in pricing.
Speaker 2 (21:28):
To that find?
Speaker 12 (21:28):
You just have to you know, play the game as
it's played, right, Like our job is to invest limited
partner capital. We try to pace it over time, you know,
so we don't buy everything at the peak, but you
just never know when peaks and troughs are going to happen.
What you can do is make sure you're investing in
just really great companies and you know, you keep an
eye on the price. Like we I've been on the
(21:50):
board for seven years now, Menlo has been invested.
Speaker 9 (21:54):
Chin's went around for thirteen years.
Speaker 12 (21:55):
Like they're just you know, they're the second inning of
the baseball game right now getting started. So there's still
plenty to do.
Speaker 3 (22:01):
Sean, it's great to have you on the show. I
ask what happens next?
Speaker 10 (22:04):
Right?
Speaker 3 (22:04):
You know, you just outlined the history.
Speaker 4 (22:06):
Do you hold you know, the public shares or is
this just a really celebratory liquidity event for the firm
and for its LPs.
Speaker 12 (22:16):
Yeah, we're just we're so grateful to you know, have
been welcome to be part of this mission and to
see this team act and you know, try to help
in a little ways that we can, but they're doing
all the hard work. But I think it's a really
happy occasion of course for ourselves. And you know, we're
investing pension funds and other funds like that, and you know,
(22:37):
everybody gets to celebrate when a great company does something
fantastic in the world, and especially a company like Chime
that has so many happy customers. So you know, the
rest is all noise and we'll make decisions as they go.
But you know, eventually we need to get those shares
out to our limited partners, but not going to speculate
on when they might be.
Speaker 4 (22:58):
Sean you are surprised, raised or supportive of the timing
of this listing.
Speaker 3 (23:04):
I was very supportive.
Speaker 12 (23:06):
I think you know, in some ways, people like, oh,
the IPO market's open or the IPO market's closed. If
you're an exceptional company and you know, you look at
Chimes numbers.
Speaker 9 (23:16):
They did five hundred.
Speaker 12 (23:17):
Million dollars plus in Q one, you know, became profitable
eight point six million members. Right, Like this is just
it's just a strong, a strong company and it's being
run well and there's plenty more work to do, and
so yeah, you just go along for the raad.
Speaker 1 (23:34):
What's interesting now is the market is pretty toppy once again.
That's perhaps what's driving the timing of the IPO. We've
got Nasmak not quite at record highs, but certainly the
SMP five hundred is very close to it.
Speaker 2 (23:46):
How are things getting priced now?
Speaker 1 (23:48):
Are you seeing discipline amongst your community when you're looking
for the next Chime, the next success.
Speaker 12 (23:53):
Yeah, that's a great question. It really depends on the sector.
So if you know, Chime isn't necessarily AI company, So
that's a normal company that's doing great stuff. But those
are being priced i'd say rationally. The AI companies right
now are there's kind of a fever feeding frenzy.
Speaker 9 (24:11):
We've been very.
Speaker 12 (24:12):
Active in that sector, you know, companies like Anthropic and
many others, and so those tend to be like you know,
unlike in public markets where everybody's buying and selling in
private markets, you really just need one lead investor to
price it.
Speaker 9 (24:28):
So it was a little.
Speaker 12 (24:29):
Bit of Okay, you know, I want to win, you
want to win, and people bid it up.
Speaker 4 (24:36):
Sean, there are tons of founders that watch this program,
tons of bench capitalists that support them as well. If
there was one kind of like case study or thing
that you felt Chime did really well that you would
appeal to your portfolio companies to emulate, what would it be?
Speaker 9 (24:52):
Boy, It's never just one thing.
Speaker 12 (24:54):
But I know we're we're on air, so I need
to keep a shorter than all the reasons why I
can tell you they were successful. But above all, I
think of customer obsession is the Amazon term. But you know,
Chime really embodies that. They've always spent time with their
customers figuring out, you know, what are their actual needs,
(25:15):
not perceived needs, and always have been launching future after
feature which.
Speaker 9 (25:20):
Serves those interests.
Speaker 12 (25:21):
Right, So they serve everyday Americans that make under one
hundred k, Like, you know, you need liquidity, you got
to have access to here your paycheck earlier, or it's
helpful to have access to your paycheck early. It's nice
to get paid two days early. It's nice to not
get fees when you get overdrafts. So just by just
continuing to listen to that very closely, not you know,
getting worried about other things aside from making happy customers
(25:43):
is what builds trade companies.
Speaker 4 (25:45):
Sean, Carolyn and Meno Ventures, thank you very much, thanks
for having.
Speaker 3 (25:49):
As Warner Brothers.
Speaker 4 (25:50):
Discovery announces plans to split the company in two. Netflix
co CEO Greg Peters says streaming and on demand services
are dominating the media landscape and wbd's decision signals a
next stage of that market. He sat down with Bloomberg
editor in chief John Mickelfwaite at the Founder's Forum Global conference.
Speaker 13 (26:10):
Everything is moving the streaming, everything's moved on demand. It's
very clear that consumers want that. Then they have to
rationalize their business for that reality. And we're definitely seeing,
you know, the results of that, And I think these
are sort of inevitable, long predicted, long forecast. It changes,
So there's going to be a period of you know,
shakeout and transition associated with that. I'd say, you know,
(26:31):
I feel you know, we were lucky, I would say,
and the fact that we came into this new ecosystem
starting with the new model, so we don't actually have
some of the complexities or difficulties of having to navigate
through the transition because we've got a legacy business model.
So that just makes it a little bit easier for
us to.
Speaker 3 (26:50):
Expect to see mergers between these legacy players.
Speaker 13 (26:54):
I think that that's there's an inevitable logic to that.
And then you get to you know, every merger is
a unique opportunity, and sometimes it presents interesting complexities. There's
regulatory complexities that often are the case, and then there's
you know, the two companies have got to decide it
makes sense, you know, for them to go do it,
(27:15):
and there's lots of you know, I should note that
the track record around doing these large media mergers is
maybe not amazing. There's some good examples out there, but
there's some not necessarily a great ones, and so you know,
I think, you know, folks want to think long and
hard about whether or not they're in a position to
do it well.
Speaker 6 (27:31):
So Netflix would likely not be a player in buying
some of these things.
Speaker 13 (27:36):
You know, I think we have an obligation to explore
all of the opportunities are in front of us.
Speaker 3 (27:41):
So it's hard respons.
Speaker 13 (27:44):
Very, fusibly to good due diligence, but then also to
have a cold, you know, hard disciplined. Look at you know,
do we think we could do this well? And I
would just say, look like our track record is we're builders,
We're not buyers.
Speaker 1 (27:57):
John Michaelswaite alongside the Netflix co CEO Greg Peters.
Speaker 4 (28:07):
Nominal, a startup whose software tests hardware for space, energy
and defense companies, has raised a seventy five million dollars
Series B funding around just a year after emerging from Stealth.
It's programs analyze machines, data, find anomalies, and ensure hardware
is mission ready. Nominal CEO Camera McCord joins us in
the studio. It's so interesting because Sequoia led this round,
(28:28):
but you also have founders, fund Lux, General Catalysts, all
firms that are looking at the national security, national interest
portion of hardware. Right, And we kind of joked off camera,
but when I read about Nominal, I thought immediately about
like Mission Impossible seven, the submarine, the AI breaking free
of the hardware. The point is that you need to
(28:50):
raise these funds to do what for mission critical pieces
of infrastructure.
Speaker 14 (28:54):
Yeah, it's it's good to be here ed. You know,
our vision in our mission enomenal is to redefine the
way that hardware is tested. And so, you know, we're
living in a moment right now where we believe software
is colliding with the physical world in a way that
we've never seen before. So these hardware systems are generating
(29:15):
more data than they ever have previously at an exponential rate.
You mentioned reindustrialization, you know, the top line is sort
of massively increasing as we look to build more and
more hardware, certainly within the United States and globally. At
one big trend we notice is the timeline that hardware
is being developed on is massively shrinking. And all of
(29:38):
that is an amazing you know headwind for excuse me
of tailwind phenomenal. We're raising these funds for three main reasons.
The first is to continue to serve our larger and
larger enterprise customers. We're very lucky to be serving some
of the largest hardware developers in the world right now,
and we're going to continue that. The second is we
(29:59):
believe to win big in this software for hardware world
requires multiple products, and so we are investing in more
products to meet customer demand and then we're going to
be growing our team aggressively.
Speaker 4 (30:11):
I didn't mean the submarine reference flippantly. You know, you
were former submarine officer engineer. What prompted you to try
and crack this problem?
Speaker 14 (30:21):
Yeah, yeah, thank you. I spent the first eight years
of my career as a nuclear submarine officer, spent more
than a year underwater.
Speaker 3 (30:28):
I have operated with.
Speaker 14 (30:29):
Mission critical technology where it counts the most, and I've
seen where it works well and frankly, where it doesn't.
And you know, the reality is, in today's world, it
is very easy to test and deploy modern software. That
same luxury does not exist for hardware, and that is
our mission to give a perspective on the national security angle.
(30:52):
You know, the largest tester and validator of hardware in
the entire world is the Department of Defense. They're one
of the largest customers. Phenomenal for perspective. There's you know,
it's billions of dollars that gets spent on testing and
evaluating these mission critical hardware systems. And the Air Force
Test Center, an area where nominal works employees just within
(31:13):
the Air Force, over thirty thousand people, all of their
jobs both uniform and civilian, is testing hardware.
Speaker 1 (31:19):
Cameron, You've not only been a submarine officer, but you've
also been a congressional liaison.
Speaker 3 (31:24):
So what is the.
Speaker 1 (31:25):
Relationship, How direct is the relationship between you and members
of Congress, but more broadly the actual agencies and indeed
the Department of Defense.
Speaker 14 (31:36):
Yeah, I've been lucky to spend time looking at this
software for hardware problem from many different angles over my career.
I'm lucky to understand how the legislative branch works, how
the Pentagon works, and I think that's really critical to
building a company at the intersection of these massive public
problems of consequence, It's very helpful to understand, you know,
(32:00):
how how Congress, how the Department is thinking about modernizing technology.
You know, two big trends come to mind there, given
the sort of national security backdrop of a conflict in
Ukraine and you know, rising tension with the People's Republic
of China. We're trying to build and validate hardware systems,
(32:21):
weapons systems faster than we ever have before. You know,
a decade is something we want to we want to
accomplish now in months, which requires testing, testing faster. And
then these systems are all autonomous they're all atriatable, they're
all software defined.
Speaker 1 (32:36):
I mean, briefly, the latest headline out of a v
ABC is Israel is mulling military action against Iran. I'm interested,
Cameron on your global presence. Europe's beefing up defense too.
Speaker 14 (32:46):
Absolutely, we we already are serving international customers and a
big part of this, uh this fundraise, and I think
you know Sequoia's excitement is that this is certainly not
just a US domestic opportunity.
Speaker 3 (32:59):
This is a glible problem.
Speaker 14 (33:01):
We're happy and we're excited to be moving more into
the EU as well as you know places like Australia
and Japan where they're they're testing and validing these systems
just as much.
Speaker 2 (33:11):
As the US is camera record CEO and co foundalh Nomenal.
Great to have you on. Thank you.
Speaker 1 (33:17):
Coming up, cuts to NASA's science budget, well, they could
threaten US space sed premises and be an opening for
the private sector.
Speaker 2 (33:23):
That's next. As a Bloomberg Tech.
Speaker 8 (33:33):
Working US love Junior.
Speaker 4 (33:43):
Shares of space and defense tech firm Voyager ended their
debut trading day up eighty two percent yesterday after the
company raised three hundred and eighty three million dollars in
an upsized us IPO.
Speaker 3 (33:53):
The company has been focusing.
Speaker 4 (33:55):
On expanding, including through a deal with SpaceX. Voyager CEO
Dylan Taylor joined bloom yesterday and weighed in on the
competition in space.
Speaker 8 (34:04):
SpaceX is a crucial player in the industry. You know,
we do business with them regularly. We have a launch
contract signed with them. So SpaceX is really important, But
there are other players in the industry that are also
doing great things. The industry is a bit unique in
the sense that we all are looking to collaborate and cooperate.
Space is very difficult and these infrastructure projects are very challenging,
(34:26):
and so it's perhaps a more a bit more collaborative
than other industries. And really everyone's ruining for everyone else,
I mean, and I mean that's sincerely because it's important
that we get replacements up there prior to the International
Space Station being decommissioned.
Speaker 1 (34:41):
While private space companies are commanding investors attention, NASA's dominance
in space science and face is an uncertain future President
Trump's spending agenda, and it calls for reducing the agency's
science budget by roughly half.
Speaker 2 (34:53):
Ramo's Lauren Grush joins.
Speaker 1 (34:55):
US now, look, many would say NASA needs to be
going for the moonshots to use a better pun but they.
Speaker 2 (35:01):
Should be going for extraordinary exploration.
Speaker 1 (35:04):
They perhaps shouldn't be funding well testing of well certain
private companies engines. They shouldn't be actually beefing up in
terms of managers, they be stripping layers.
Speaker 2 (35:14):
But is this going to the mown Schultz too well?
Speaker 15 (35:17):
I think there that's kind of the question of the
moment right now, there's this fundamental tension of.
Speaker 7 (35:23):
What NASA is supposed to be.
Speaker 15 (35:25):
You know, for years, for decades, the agency has really
been at the forefront of you know, technology innovation, developing
the hardware that we launch and then send to to space,
even deep space. And now as this as the private
sector has taken on more of those capabilities, you know,
NASA has started to transition more into something of an incubator.
Speaker 7 (35:48):
For the commercial space industry.
Speaker 15 (35:50):
But one thing that it always kind of stood at
the vanguard of was science. And so with these drastic
cuts being proposed to the science budget, it really begs
the question of what is NASA's role then, Is it
supposed to be opening up the commercial sector to more opportunity,
or does it still need to go for those moonshots,
even if people aren't involved.
Speaker 4 (36:11):
As you mentioned, the case study is the Perseverance rover
on Mars. We put it there and for four years
it's collected data and samples. Under these proposed cuts, we
may not now have a mission to get that sample back.
Speaker 9 (36:26):
Right, So what.
Speaker 15 (36:28):
The President's budget proposes is that eventually we would go
get those samples because we're going to invest in new
human missions to Mars. But you know that takes quite
some time. Anytime you put a human on a vehicle,
the development becomes much more intense, stretches longer, also risks delays.
And before we had just discussed, you know, putting people
(36:51):
on Mars, the idea is that we would actually send
robotic spacecraft to go pick up those samples and bring
them back to Earth.
Speaker 7 (36:58):
Now that was.
Speaker 15 (36:59):
Also running into a very intense and complicated process. Launching
off of Mars is just going to be one of
the most complicated and technological feats of our generation of
humanities in an entire existence. But of course what people
involved is going to make that even more complex.
Speaker 4 (37:20):
Bloombergs Laar, and Grush, thank you very much. Now that
does it to this edition of Bloomberg Tech.
Speaker 2 (37:25):
Don't forget to check out the podcast This Is Bloomberg
Bloomberg Tech is a live from coast to coast with
Caroline Hide.
Speaker 2 (00:08):
In New York and Eva Low in Sent Francisco.
Speaker 3 (00:15):
This is Bloomberg Tech coming up.
Speaker 4 (00:17):
Micron boosts its commitment to invest in new memory chip
capacity and R and D in the USA.
Speaker 1 (00:22):
Plus we stay across the evolving story of the Boeing
Dreamliner crash in India that leaves over two.
Speaker 4 (00:27):
Hundred dead, and fintech firm Chime prices its IPO above
its targeted range to raise eight hundred and sixty four
million dollars.
Speaker 2 (00:36):
First from tech in on these markets.
Speaker 1 (00:38):
And look, there is cautious training as we digest yet
another point showing that inflationary pressure is not as high
as expected.
Speaker 2 (00:45):
PPI numbers come in.
Speaker 1 (00:47):
Can the Fed raise not once but well cut, not
once but twice this year.
Speaker 2 (00:51):
For twenty twenty five.
Speaker 1 (00:52):
That's what the market price is in the bond market
pushes forward and so to TO stocks were up three.
Speaker 2 (00:56):
Percent on the NASDAK.
Speaker 1 (00:58):
Some big players in the chipspace the high side like
in video, but you're digging into a key chip company ed.
Speaker 4 (01:04):
YEP, that's right, Caroline, I'm looking at Micron, America's biggest
memory chip maker, boosting a commitment to invest in new
capacity and R and D in the USA. The company
is investing an additional thirty billion dollars beyond previous plans
for a new memory chip plant at its home Boise, Idaho,
to modernize its Virginia facilities, and build a megafab in
(01:24):
New York. It's now committing two hundred billion dollars total
two US manufacturing and research projects, the previous pledge one
hundred and twenty five billion. Here's the Bloomberg Intelligence react.
Micron's large scale US investments will likely span over several decades.
Given the company's focus on cash generation and potential investor
concerns over excess capital spending, this strategically aligns with the
(01:47):
Trump administration. Jake Silverman, the Bloomberg Intelligence analyst on that research,
joins US now Jake net new investment thirty billion dollars.
What is your reaction to this morning's news.
Speaker 5 (01:58):
Yeah, I mean, we think there's a pretty much just
a continuation of the strategy to bring domestic spending drive
capacity within the United States. So this is just a
you know, continuation of that R and D capital's capex
as well.
Speaker 1 (02:13):
Let's talk about the R and D side a bit,
because they're promising ninety thousand jobs, whether that's indirect or direct.
Speaker 2 (02:20):
But where does the R and D need to go?
Speaker 1 (02:22):
Because we know they're focusing in particular on high bandwidth memory,
but that seems to be more on the manufacturing side.
Speaker 3 (02:28):
Yeah.
Speaker 5 (02:28):
Well, look, I mean there's continual R and D both
in terms of traditional memory for both DRAM and NAN,
but there's continual R and D both for high bandwidth
memory as well. I mean, we've seen the stack sizes
increase from eight to twelve. HBM four is expected to
come out next year. The standards have already been announced,
and beyond that we'll expect to continue to see HBM
(02:51):
four E, potentially HBM five and so on.
Speaker 4 (02:55):
Let's go back to basics real quick, Jake. High bandwidth
memory is just stacked d RAM. For every high performance
GPU or AI accelerator card, there's a corresponding eight or
sixteen high bandwidth chips in that server tray. Why is
Micron an important player in this space?
Speaker 3 (03:10):
Yeah?
Speaker 5 (03:11):
Well so right now, HBM is actually there is supply constraints.
S ke Heinez is the leader. They are still struggling
to meet the demand for in videos GPUs as well
as hyperscaler A six and so Micron has also stepped
up to the plate and is offering their solutions as well,
and they're starting to gain share. Samsung has had their
(03:34):
own issues and so without really Samsung to plug some
of those gaps, Micron is an important supplier of HBM.
Speaker 1 (03:42):
All of our stories today really signal that there is
still a lack of supply when it comes to the
genitive AI trade, rather than there being any questioning of demand, Jake,
But I wonder where the money is ultimately coming from.
Speaker 2 (03:54):
Yes, they've put.
Speaker 1 (03:55):
This glorious two hundred billion dollar figure out, only thirty
billion seems to be new, but they've got to pay.
Speaker 5 (03:59):
For for it, right Well yeah, Look, I mean that's
why we think this is going to take several decades
to occur. I mean, they have a solid balance sheet
right now. They're focusing on continuing to generate free cash flow,
but they're not able to outlay that much cash right now,
and so obviously this is going to be a focus
over the very long term. But also if you look
(04:20):
the continual growth rates and memory, they still need to
invest in capacity. So in order to increase that capacity,
they're going to have to spend money, and if they
want to do that in the United States, they'll commit
some of that capital.
Speaker 3 (04:31):
Here.
Speaker 1 (04:32):
Jake Gray Analysis, Glue Meg Intelligence, Jake Silverman. There, let's
bring you the investor analysis now, Nazi Latango Investment CEO
and CIO. All of this Oracles numbers, which we'll get
into later in the show. The fact that we're seeing
a commitment in terms of money and investment coming from Micron,
it all signals supplies needed.
Speaker 2 (04:50):
They can't build it fast enough.
Speaker 6 (04:52):
You're right, Caroline, I mean, and I think we've heard
that consistently from the hyperscalers. You know, there was that
Meca dinner where Elon Musk and Larry Ellison had dinner
with Jensen Wong and just kept saying more chips, Please,
more chips. The supply constraint is the problem at the moment.
And so you know, Oracle's the largest holding in our
(05:12):
ETF TGLR.
Speaker 7 (05:14):
It's been a great holding.
Speaker 6 (05:16):
It's always a better company when Larry Ellison is involved.
But what you heard from him was that they have
had the biggest orders and demand is as good as
they've seen it. So I think you want. I think
you still want to belong this trade. Maybe not forever,
but certainly for the near term.
Speaker 3 (05:32):
Nancy.
Speaker 4 (05:33):
This is the promote side of the White House's promote
and protect policy when it comes to the American technology stack.
Speaker 3 (05:39):
It was really interesting earlier today in London.
Speaker 4 (05:41):
Rene has the arm CEO weighed in on this protect portion.
Speaker 3 (05:46):
Just listen to what he had to say.
Speaker 8 (05:48):
If you narrow access to technology and you force other
ecosystems to grow up, it's not good.
Speaker 3 (05:57):
It makes the pie.
Speaker 8 (05:58):
Smaller, if you will, and frankly, it's not very good
for consumers.
Speaker 4 (06:04):
There is an interesting linkage here because on the Oracle
call you also had Larry Ellison talking about the potential
business of Chinese customers like Timo, for example, promote and protect.
As an investor, do you like the balance of that
policy right now?
Speaker 6 (06:19):
Yeah, I share the concern that the administration is trying
to apply a kind of industrial policy or protectionism to
the distribution of this technology.
Speaker 7 (06:31):
I think in some.
Speaker 6 (06:32):
Regards ed it's prudent, But generally speaking, the US has
been has innovated around every problem for decades and decades,
so I would rather see competition allow the ecosystem to
grow and then find ways to limit the Chinese impact.
And so I'm more in agreement with yes, with that
(06:54):
policy of promote and protect. I think that's what you said,
but certainly the protect.
Speaker 4 (06:59):
Part Oracle's obligations. It's backlog. It's kind of astonishing. Actually
the story's really changed for that company. Just give me
a bit more on the thesis. I was really interested
in how you're positioning with Oracle, but also like, did
something change last night? Did they jump to a different level?
Speaker 6 (07:18):
They did, for sure, I think you know they've disappointed
the last two quarters. I've owned the stock for forty years,
if you can imagine, I think my average cost is
two dollars. I know, but again, it's always been a
better company when Larry Ellison is engaged. I don't know
if you heard the recent he's you know, writing code now.
Speaker 7 (07:36):
He is in his eighties.
Speaker 6 (07:37):
But if money can buy longevity, I think this is
the guy that can do it.
Speaker 7 (07:41):
And so I think what you're seeing.
Speaker 6 (07:42):
Is that the focus that they've had on cloud and
the way that they are involved in the cloud, which
allows them to have more flexibility than some of the
other providers. Then you've got the Cerner transaction, which I
think is really interesting and not talked about very much
the whole health care aspect.
Speaker 7 (08:01):
Of the business. So because that is a problem, I mean.
Speaker 6 (08:05):
We should be applying AI not just to pharmaceutical development,
but care and so I think there's a lot of
moving parts that are now coming together, coming to fruition,
and you're seeing it in the backlog, You're seeing it
in their enthusiasm, and that to me is you know,
reason to continue to hold the stock. Plus the dividend
growth is like ten to twelve percent annually, so you're
(08:27):
getting paid to enjoy the ride.
Speaker 1 (08:30):
Larry, They're really speaking to the fact that they're still
supply constrained. I want to go back to supply constraints
and to do with China at the moment, we are.
Speaker 2 (08:38):
So focused on rare earths at.
Speaker 1 (08:41):
The moment, the minerals, the metals, and the fact that
they come from China.
Speaker 2 (08:44):
I just want to pivot to Tesla.
Speaker 1 (08:46):
And really this affects that humanoid robot side of the equation,
also affects EVS broadly. How much are you focusing on
Tesla and the fact that we're starting to make inroads
in the China US relationship a bit.
Speaker 7 (08:59):
Yeah, I think that provided a release valve on the stock.
Speaker 6 (09:02):
You know, the last time I was on with you,
we had the high school girlfriend's spat, I don't know
what you call it, romance spat right between the president
and between Elon, and the stock has come back from that.
Speaker 7 (09:14):
One of the times when I was at one of.
Speaker 6 (09:16):
The factories, you know, they talked about the need not
to be vertically integrated, and I think that has changed somewhat.
Speaker 7 (09:23):
So I do think that, you know, we do need
to get this resolved. We do need to open up regulations.
Speaker 6 (09:28):
You know, there was a cobalt plant that was that
was ten years in the regulatory nightmare of trying to
come to fruition and then they finally just walked.
Speaker 7 (09:37):
Away from it. Not Tesla, but the company that was
trying to do it.
Speaker 6 (09:41):
So we've got to be better at also harvesting our wearers.
Speaker 7 (09:46):
And so I do think it is good news at
the margin.
Speaker 6 (09:50):
But everything about Tesla right now is Robotaxi, So I
think that's what investers are paying attention to.
Speaker 4 (09:56):
Ninety two weeks ago, I reported that Tesla was targeting
internally June twelfth to launch robotaxi. In Austin, then Elon
must post it an exit would be June twenty second,
but they have in the interim ramped up driverless testing
in Austin. It was just a date, but it moved
the needle for many people. Why is that date so
(10:17):
significant as somebody that backs the robotaxi thesis.
Speaker 6 (10:21):
Yeah, because you wonder if there's something behind the scenes
that's going on. You know, there was a recent video
of the twenty twenty three accident that it just gives
people time to think about it and you know, consider
other options. But as you point out, and you've been
right on this d all the way through, if you
point out, as you point out that the cars have
(10:43):
been driving, you know, I live in Phoenix, Happy Year.
The waymows are everywhere. It's commonplace to us, it's not scary.
So I think I think if any company can do it,
it's this company. And if you look at Tesla on
a cost per mile, their costs are like thirty to
forty percent below away most So once they get out
there and we start to see the compounding, I think
(11:05):
that's going.
Speaker 7 (11:05):
To be the driver of revenue growth.
Speaker 6 (11:08):
And I may not be in Kathy Woods nine hundred
and fifty eight billion dollar a year CAMP.
Speaker 7 (11:13):
But I do think, you know.
Speaker 6 (11:15):
The ninety eight billion dollars in revenues that you're seeing,
mostly driven by EV sales, is going to shift and
we're going to see significant growth in right handling from
ROBOTAXI I just want a quick.
Speaker 2 (11:27):
Question on IP.
Speaker 1 (11:28):
It's an interesting story coming from Downah Hall today that
Tesla is actually suing a former engineer regarding Optimists in particular,
how much does Optimus factor into the future.
Speaker 2 (11:38):
How much do we want to ensure.
Speaker 1 (11:41):
That that IP remains safely within Tesla's hands.
Speaker 6 (11:45):
Yeah, Caroline, I think it's one of the ex robotax
that I think is one of the most significant elements
of Tesla. They are planning to have thousands of Optimist
robots on their.
Speaker 7 (11:55):
Own factory floors.
Speaker 6 (11:57):
If you believe that the BLS members that we have
four hundred and fifty thousand manufacturing jobs that have gone unfilled, robots.
Speaker 7 (12:05):
Are the solution.
Speaker 6 (12:06):
So we need to protect that IP and they need
to be focused on producing robots. You know, Elonis famously
said the robots will make the robots that would be fantastic,
and that's really what we need to see, because if
we're moving manufacturing back to the US, we need to
have the ability to fill those jobs if we're not
going to film with people.
Speaker 4 (12:28):
Nancy Tangler Laffatangler Investments, CEO and CIO, thank you very much.
Coming up, Boeing Streamliner Aircraft was involved in the worst
commercial airline crash since twenty fourteen.
Speaker 3 (12:40):
We have the details names. This is Bloomberg Tech.
Speaker 7 (12:55):
Time.
Speaker 1 (12:56):
It is set to make its trading debut after raising
over eight hundred and sixty four million dollars in its
IPO shares indicated to jump when they open.
Speaker 2 (13:03):
CEO Chris Britt joins us now for more.
Speaker 1 (13:06):
How do you feel, Chris, We could see a sixty
six percent pop in the shares.
Speaker 9 (13:09):
Wow, I feel great.
Speaker 10 (13:11):
Today is such a momentous day for all of us
here at CHIME. We're so grateful to our members who
rely on us for their everyday banking, and I'm just
incredibly grateful for this team around me that has built
a business that we really see as ushering in a
new era for banking and one that's aligned with the
best interests of everyday members.
Speaker 4 (13:31):
Chris, we made a lot on the show over the
years of the kind of the down round, the valuation
of where you went public, the timing of it.
Speaker 3 (13:37):
Could you just reflect on that a little bit.
Speaker 10 (13:40):
Yeah, I mean, look, we don't focus on short term
fluctuation of the stock. Even if it goes up today,
I'm sure there's going to be other days that won't
be as great. So we remain focused on the long term,
and that is being a company that's member obsessed and
focused on solving the most important needs of everyday consumers
that we serve. So I think today's going to be
(14:01):
a pretty exciting day.
Speaker 1 (14:02):
You've got eight million plus of those consumers. Chris, How
do you increase your own revenue in the scale of
the business.
Speaker 2 (14:08):
Is it more products serving them? Is it more people
coming in?
Speaker 9 (14:12):
Yeah? We see multiple ways to grow.
Speaker 10 (14:14):
First of all, in Q one, we grew our active
member base by over twenty three percent, so that's increasing
year over year, and at.
Speaker 9 (14:22):
The same time, we continue to look.
Speaker 10 (14:24):
For opportunities to offer new products that drive product attach
and lead to more primary account engagement. At Chime, two
thirds of our members use us as their primary bank account,
so they rely on us for their everyday transactions, and
we love to know as a technology company, we monetize
the relationships really through a payments driven business model, which
(14:47):
is very different than the way traditional banks go to market.
Speaker 4 (14:50):
Chris, we love to read the risk factors section of
the RESPECTUS.
Speaker 3 (14:54):
I do it all the time.
Speaker 4 (14:56):
How real those risk factors for you, specifically on interchange
fees and how you're thinking about it?
Speaker 9 (15:02):
Oh, we you know, I guess you know.
Speaker 10 (15:06):
I'm sure there's lots of risks that the attorneys put
into the prospectus. We get questions about interchange all the time.
We really like this model of relying primarily on payments
driven revenue. That's about seventy two percent of our revenue
comes from payments, and what we like about it is
it's aligned with the best interests of our members.
Speaker 9 (15:27):
We have to earn our position.
Speaker 10 (15:29):
As the top of wallet card every day, and we
do it to the tune of about our average customer
does about fifty four transactions of months, so they're incredibly engaged.
And when you couple that with a digital first, low
cost structure that allows us to develop very healthy, profitable
relationships with this interchange driven business model.
Speaker 9 (15:48):
The reality is that our model.
Speaker 10 (15:50):
Has allowed us to offer fee free banking to millions
of consumers who otherwise we'd be paying hundreds of dollars
a year to have a bank account.
Speaker 1 (15:58):
You're able to be cheaper because of AI interesting quickly
though regular to risk that those interchange fees go smaller,
particularly if you become bigger.
Speaker 10 (16:06):
Well, you know, we have a balanced set of a revenue.
In the payments area. We have a debit card payments volume.
We also have a secured credit card that's actually growing
at a faster clip than debit.
Speaker 9 (16:18):
So we think we're very well balanced.
Speaker 10 (16:21):
And given the love and engagement we have, there's no
shortage of opportunities for us to offer new products and
services over time.
Speaker 4 (16:28):
All right, Chris britt chime CEO. We're waiting for the
start of trade, but indicating a big jump at the open.
Thank you very much for joining us in Bloomberg Tech.
Speaker 2 (16:43):
Welcome back to Bloomberg Tech. I'm Caroline Hide in New
York and I'm.
Speaker 4 (16:47):
Ed Ludlow in San Francisco. This is what we're watching
in the markets. Earlier in the show, we brought you
details of the Air India crash at Boeing seven eighty
seven that has crashed in India. It was bound for
London and two hundred pter are either assumed dead missing.
It was a fatal crash, the worst in many years.
As we explained earlier in the program, there's a lot
(17:08):
that we do not know about that incident. It is
clearly having an impact on Boeing stock, but when we
get more details, will bring them to you. In the
technology sector, Oracle and Oracle's earnings are really what's a
driver in this market right now. The projection is top
line growth of seventy seven zero percent within this fiscal year,
(17:29):
but the backlog of business obligations performance obligations is about
one hundred and thirty eight billion. You have names like
Xai as a customer. They're involved in the Stargate project.
With OpenAI stocks up fourteen percent, it's touched a fresh
record high, and it's really what's driving at least the
very technology focused indexes in the here and now. Let's
get more on those results and bring in Bloomberg's Brody
(17:50):
Ford and Brody. You've had a really interesting time of
late covering this company, but the numbers were really big,
particularly after two quarters. Prior to this, investors were left
really disappointed.
Speaker 11 (18:03):
For many years if you said Oracle was going to
become one of the biggest cloud companies. People would have
not so nice words for you. But what's changed with
AI is that, you know, their capacity constraints, right, all
of the traditional giants, the Amazons and Microsoft and nobody
can get these data centers up fast enough. And it
really created this opportunity for Oracle and so they found that,
(18:25):
particularly for the AI workloads, they've been able to sign
an incredible amount of business. Of course, most of that
is still looking out. I mean, you know, you listen
to that executives on the call and they say, open
AI stargate. We're still forming it, we're still getting our
hands around it. But it's pretty clear that demand is
coming in.
Speaker 1 (18:43):
Boy, didn't Larry Ellison articulate that. He said, they've caught
one particular order that basically says, I.
Speaker 2 (18:48):
Want all of it, all of the capacity you.
Speaker 1 (18:49):
Bring, whether it's in europehether it's in an Asia, I
want to take it. But therefore, what are the supply chain,
the headaches, the bottlenecks that they now confront exactly.
Speaker 11 (18:58):
I mean, we all are familiar with the Nvidia chip shortages.
We also hear reports of you know, the folks assembling
the servers can assemble them fast enough. And so I
think the one concern is that you spend all this
money putting up these data centers and setting everything up.
But does the market for cloud in for us stabilize
two years out and now you're sitting on all this,
(19:20):
you know, data center capacity that maybe isn't as out
of a commodity as it is today.
Speaker 1 (19:25):
Bertie Ford, as always, we thank you and all things Oracle.
Now let's turn back to Chime Financial. It's the company
that's set to make his ip IPO debut, pricing well
above the marketed range already and we're waiting for trading.
Remember they raised eight hundred and sixty four million dollars.
Just heard from the CEO, Chris Britt. We're now joined
by one of these key backers, Sean Carolyn Menlo venture
(19:46):
partner joins us. Now, how did you see the effectiveness
of Chime when you first were given a potential pitch
on the dot? You were early in what drew you
to it.
Speaker 9 (19:58):
There's a lot to love, you know.
Speaker 12 (20:00):
We always look for companies that have incredible missions and
in the case of Chime, right like uniting everyday people
to unlock financial progress. You know, instead of penalizing people
with your bank, you know, do do them a favor, right,
So I heard one of the people say, you know,
they only get time, only gets paid when you swipe
and not when you stumble. And so you know, a
(20:21):
mission like that that just helps everybody is fantastic to back.
But you also need an incredible team. I mean you've
talked to Chris earlier today, just what a great leader,
team builder, visionary as co founder Ryan King, you know,
exceptional technologists, and they've just built you know, great executive
management team across the board. And then of course you
need a good business model. Yeah, and I you know,
(20:42):
saw some questions earlier on on the interchange and otherwise,
but you know you kind of see like, okay, we'll
just keep stacking these people. Every year new people show up,
they connect their direct deposit account, so they're very sticky customers.
Chime has, you know, got tons of features that are
just friendly for them, so they stay and they love.
It's the most beloved bank in the US right now.
Speaker 9 (21:01):
So it was just a lot to love.
Speaker 2 (21:03):
There's a lot to love, perhaps two loved.
Speaker 1 (21:05):
Back in twenty twenty one, a lot of companies were
two loved, they got given two high evaluations and then
it's been difficult selling and pricing and ipo into that.
Speaker 2 (21:14):
How does it feel when you're going to.
Speaker 1 (21:15):
See the stock potentially wallop up almost two thirds, but
it is still a down round.
Speaker 12 (21:22):
I blame the financial markets, not the companies in that
particular case.
Speaker 1 (21:25):
Right, And do you blame the vcs the people who
are in pricing.
Speaker 2 (21:28):
To that find?
Speaker 12 (21:28):
You just have to you know, play the game as
it's played, right, Like our job is to invest limited
partner capital. We try to pace it over time, you know,
so we don't buy everything at the peak, but you
just never know when peaks and troughs are going to happen.
What you can do is make sure you're investing in
just really great companies and you know, you keep an
eye on the price. Like we I've been on the
(21:50):
board for seven years now, Menlo has been invested.
Speaker 9 (21:54):
Chin's went around for thirteen years.
Speaker 12 (21:55):
Like they're just you know, they're the second inning of
the baseball game right now getting started. So there's still
plenty to do.
Speaker 3 (22:01):
Sean, it's great to have you on the show. I
ask what happens next?
Speaker 10 (22:04):
Right?
Speaker 3 (22:04):
You know, you just outlined the history.
Speaker 4 (22:06):
Do you hold you know, the public shares or is
this just a really celebratory liquidity event for the firm
and for its LPs.
Speaker 12 (22:16):
Yeah, we're just we're so grateful to you know, have
been welcome to be part of this mission and to
see this team act and you know, try to help
in a little ways that we can, but they're doing
all the hard work. But I think it's a really
happy occasion of course for ourselves. And you know, we're
investing pension funds and other funds like that, and you know,
(22:37):
everybody gets to celebrate when a great company does something
fantastic in the world, and especially a company like Chime
that has so many happy customers. So you know, the
rest is all noise and we'll make decisions as they go.
But you know, eventually we need to get those shares
out to our limited partners, but not going to speculate
on when they might be.
Speaker 4 (22:58):
Sean you are surprised, raised or supportive of the timing
of this listing.
Speaker 3 (23:04):
I was very supportive.
Speaker 12 (23:06):
I think you know, in some ways, people like, oh,
the IPO market's open or the IPO market's closed. If
you're an exceptional company and you know, you look at
Chimes numbers.
Speaker 9 (23:16):
They did five hundred.
Speaker 12 (23:17):
Million dollars plus in Q one, you know, became profitable
eight point six million members. Right, Like this is just
it's just a strong, a strong company and it's being
run well and there's plenty more work to do, and
so yeah, you just go along for the raad.
Speaker 1 (23:34):
What's interesting now is the market is pretty toppy once again.
That's perhaps what's driving the timing of the IPO. We've
got Nasmak not quite at record highs, but certainly the
SMP five hundred is very close to it.
Speaker 2 (23:46):
How are things getting priced now?
Speaker 1 (23:48):
Are you seeing discipline amongst your community when you're looking
for the next Chime, the next success.
Speaker 12 (23:53):
Yeah, that's a great question. It really depends on the sector.
So if you know, Chime isn't necessarily AI company, So
that's a normal company that's doing great stuff. But those
are being priced i'd say rationally. The AI companies right
now are there's kind of a fever feeding frenzy.
Speaker 9 (24:11):
We've been very.
Speaker 12 (24:12):
Active in that sector, you know, companies like Anthropic and
many others, and so those tend to be like you know,
unlike in public markets where everybody's buying and selling in
private markets, you really just need one lead investor to
price it.
Speaker 9 (24:28):
So it was a little.
Speaker 12 (24:29):
Bit of Okay, you know, I want to win, you
want to win, and people bid it up.
Speaker 4 (24:36):
Sean, there are tons of founders that watch this program,
tons of bench capitalists that support them as well. If
there was one kind of like case study or thing
that you felt Chime did really well that you would
appeal to your portfolio companies to emulate, what would it be?
Speaker 9 (24:52):
Boy, It's never just one thing.
Speaker 12 (24:54):
But I know we're we're on air, so I need
to keep a shorter than all the reasons why I
can tell you they were successful. But above all, I
think of customer obsession is the Amazon term. But you know,
Chime really embodies that. They've always spent time with their
customers figuring out, you know, what are their actual needs,
(25:15):
not perceived needs, and always have been launching future after
feature which.
Speaker 9 (25:20):
Serves those interests.
Speaker 12 (25:21):
Right, So they serve everyday Americans that make under one
hundred k, Like, you know, you need liquidity, you got
to have access to here your paycheck earlier, or it's
helpful to have access to your paycheck early. It's nice
to get paid two days early. It's nice to not
get fees when you get overdrafts. So just by just
continuing to listen to that very closely, not you know,
getting worried about other things aside from making happy customers
(25:43):
is what builds trade companies.
Speaker 4 (25:45):
Sean, Carolyn and Meno Ventures, thank you very much, thanks
for having.
Speaker 3 (25:49):
As Warner Brothers.
Speaker 4 (25:50):
Discovery announces plans to split the company in two. Netflix
co CEO Greg Peters says streaming and on demand services
are dominating the media landscape and wbd's decision signals a
next stage of that market. He sat down with Bloomberg
editor in chief John Mickelfwaite at the Founder's Forum Global conference.
Speaker 13 (26:10):
Everything is moving the streaming, everything's moved on demand. It's
very clear that consumers want that. Then they have to
rationalize their business for that reality. And we're definitely seeing,
you know, the results of that, And I think these
are sort of inevitable, long predicted, long forecast. It changes,
So there's going to be a period of you know,
shakeout and transition associated with that. I'd say, you know,
(26:31):
I feel you know, we were lucky, I would say,
and the fact that we came into this new ecosystem
starting with the new model, so we don't actually have
some of the complexities or difficulties of having to navigate
through the transition because we've got a legacy business model.
So that just makes it a little bit easier for
us to.
Speaker 3 (26:50):
Expect to see mergers between these legacy players.
Speaker 13 (26:54):
I think that that's there's an inevitable logic to that.
And then you get to you know, every merger is
a unique opportunity, and sometimes it presents interesting complexities. There's
regulatory complexities that often are the case, and then there's
you know, the two companies have got to decide it
makes sense, you know, for them to go do it,
(27:15):
and there's lots of you know, I should note that
the track record around doing these large media mergers is
maybe not amazing. There's some good examples out there, but
there's some not necessarily a great ones, and so you know,
I think, you know, folks want to think long and
hard about whether or not they're in a position to
do it well.
Speaker 6 (27:31):
So Netflix would likely not be a player in buying
some of these things.
Speaker 13 (27:36):
You know, I think we have an obligation to explore
all of the opportunities are in front of us.
Speaker 3 (27:41):
So it's hard respons.
Speaker 13 (27:44):
Very, fusibly to good due diligence, but then also to
have a cold, you know, hard disciplined. Look at you know,
do we think we could do this well? And I
would just say, look like our track record is we're builders,
We're not buyers.
Speaker 1 (27:57):
John Michaelswaite alongside the Netflix co CEO Greg Peters.
Speaker 4 (28:07):
Nominal, a startup whose software tests hardware for space, energy
and defense companies, has raised a seventy five million dollars
Series B funding around just a year after emerging from Stealth.
It's programs analyze machines, data, find anomalies, and ensure hardware
is mission ready. Nominal CEO Camera McCord joins us in
the studio. It's so interesting because Sequoia led this round,
(28:28):
but you also have founders, fund Lux, General Catalysts, all
firms that are looking at the national security, national interest
portion of hardware. Right, And we kind of joked off camera,
but when I read about Nominal, I thought immediately about
like Mission Impossible seven, the submarine, the AI breaking free
of the hardware. The point is that you need to
(28:50):
raise these funds to do what for mission critical pieces
of infrastructure.
Speaker 14 (28:54):
Yeah, it's it's good to be here ed. You know,
our vision in our mission enomenal is to redefine the
way that hardware is tested. And so, you know, we're
living in a moment right now where we believe software
is colliding with the physical world in a way that
we've never seen before. So these hardware systems are generating
(29:15):
more data than they ever have previously at an exponential rate.
You mentioned reindustrialization, you know, the top line is sort
of massively increasing as we look to build more and
more hardware, certainly within the United States and globally. At
one big trend we notice is the timeline that hardware
is being developed on is massively shrinking. And all of
(29:38):
that is an amazing you know headwind for excuse me
of tailwind phenomenal. We're raising these funds for three main reasons.
The first is to continue to serve our larger and
larger enterprise customers. We're very lucky to be serving some
of the largest hardware developers in the world right now,
and we're going to continue that. The second is we
(29:59):
believe to win big in this software for hardware world
requires multiple products, and so we are investing in more
products to meet customer demand and then we're going to
be growing our team aggressively.
Speaker 4 (30:11):
I didn't mean the submarine reference flippantly. You know, you
were former submarine officer engineer. What prompted you to try
and crack this problem?
Speaker 14 (30:21):
Yeah, yeah, thank you. I spent the first eight years
of my career as a nuclear submarine officer, spent more
than a year underwater.
Speaker 3 (30:28):
I have operated with.
Speaker 14 (30:29):
Mission critical technology where it counts the most, and I've
seen where it works well and frankly, where it doesn't.
And you know, the reality is, in today's world, it
is very easy to test and deploy modern software. That
same luxury does not exist for hardware, and that is
our mission to give a perspective on the national security angle.
(30:52):
You know, the largest tester and validator of hardware in
the entire world is the Department of Defense. They're one
of the largest customers. Phenomenal for perspective. There's you know,
it's billions of dollars that gets spent on testing and
evaluating these mission critical hardware systems. And the Air Force
Test Center, an area where nominal works employees just within
(31:13):
the Air Force, over thirty thousand people, all of their
jobs both uniform and civilian, is testing hardware.
Speaker 1 (31:19):
Cameron, You've not only been a submarine officer, but you've
also been a congressional liaison.
Speaker 3 (31:24):
So what is the.
Speaker 1 (31:25):
Relationship, How direct is the relationship between you and members
of Congress, but more broadly the actual agencies and indeed
the Department of Defense.
Speaker 14 (31:36):
Yeah, I've been lucky to spend time looking at this
software for hardware problem from many different angles over my career.
I'm lucky to understand how the legislative branch works, how
the Pentagon works, and I think that's really critical to
building a company at the intersection of these massive public
problems of consequence, It's very helpful to understand, you know,
(32:00):
how how Congress, how the Department is thinking about modernizing technology.
You know, two big trends come to mind there, given
the sort of national security backdrop of a conflict in
Ukraine and you know, rising tension with the People's Republic
of China. We're trying to build and validate hardware systems,
(32:21):
weapons systems faster than we ever have before. You know,
a decade is something we want to we want to
accomplish now in months, which requires testing, testing faster. And
then these systems are all autonomous they're all atriatable, they're
all software defined.
Speaker 1 (32:36):
I mean, briefly, the latest headline out of a v
ABC is Israel is mulling military action against Iran. I'm interested,
Cameron on your global presence. Europe's beefing up defense too.
Speaker 14 (32:46):
Absolutely, we we already are serving international customers and a
big part of this, uh this fundraise, and I think
you know Sequoia's excitement is that this is certainly not
just a US domestic opportunity.
Speaker 3 (32:59):
This is a glible problem.
Speaker 14 (33:01):
We're happy and we're excited to be moving more into
the EU as well as you know places like Australia
and Japan where they're they're testing and validing these systems
just as much.
Speaker 2 (33:11):
As the US is camera record CEO and co foundalh Nomenal.
Great to have you on. Thank you.
Speaker 1 (33:17):
Coming up, cuts to NASA's science budget, well, they could
threaten US space sed premises and be an opening for
the private sector.
Speaker 2 (33:23):
That's next. As a Bloomberg Tech.
Speaker 8 (33:33):
Working US love Junior.
Speaker 4 (33:43):
Shares of space and defense tech firm Voyager ended their
debut trading day up eighty two percent yesterday after the
company raised three hundred and eighty three million dollars in
an upsized us IPO.
Speaker 3 (33:53):
The company has been focusing.
Speaker 4 (33:55):
On expanding, including through a deal with SpaceX. Voyager CEO
Dylan Taylor joined bloom yesterday and weighed in on the
competition in space.
Speaker 8 (34:04):
SpaceX is a crucial player in the industry. You know,
we do business with them regularly. We have a launch
contract signed with them. So SpaceX is really important, But
there are other players in the industry that are also
doing great things. The industry is a bit unique in
the sense that we all are looking to collaborate and cooperate.
Space is very difficult and these infrastructure projects are very challenging,
(34:26):
and so it's perhaps a more a bit more collaborative
than other industries. And really everyone's ruining for everyone else,
I mean, and I mean that's sincerely because it's important
that we get replacements up there prior to the International
Space Station being decommissioned.
Speaker 1 (34:41):
While private space companies are commanding investors attention, NASA's dominance
in space science and face is an uncertain future President
Trump's spending agenda, and it calls for reducing the agency's
science budget by roughly half.
Speaker 2 (34:53):
Ramo's Lauren Grush joins.
Speaker 1 (34:55):
US now, look, many would say NASA needs to be
going for the moonshots to use a better pun but they.
Speaker 2 (35:01):
Should be going for extraordinary exploration.
Speaker 1 (35:04):
They perhaps shouldn't be funding well testing of well certain
private companies engines. They shouldn't be actually beefing up in
terms of managers, they be stripping layers.
Speaker 2 (35:14):
But is this going to the mown Schultz too well?
Speaker 15 (35:17):
I think there that's kind of the question of the
moment right now, there's this fundamental tension of.
Speaker 7 (35:23):
What NASA is supposed to be.
Speaker 15 (35:25):
You know, for years, for decades, the agency has really
been at the forefront of you know, technology innovation, developing
the hardware that we launch and then send to to space,
even deep space. And now as this as the private
sector has taken on more of those capabilities, you know,
NASA has started to transition more into something of an incubator.
Speaker 7 (35:48):
For the commercial space industry.
Speaker 15 (35:50):
But one thing that it always kind of stood at
the vanguard of was science. And so with these drastic
cuts being proposed to the science budget, it really begs
the question of what is NASA's role then, Is it
supposed to be opening up the commercial sector to more opportunity,
or does it still need to go for those moonshots,
even if people aren't involved.
Speaker 4 (36:11):
As you mentioned, the case study is the Perseverance rover
on Mars. We put it there and for four years
it's collected data and samples. Under these proposed cuts, we
may not now have a mission to get that sample back.
Speaker 9 (36:26):
Right, So what.
Speaker 15 (36:28):
The President's budget proposes is that eventually we would go
get those samples because we're going to invest in new
human missions to Mars. But you know that takes quite
some time. Anytime you put a human on a vehicle,
the development becomes much more intense, stretches longer, also risks delays.
And before we had just discussed, you know, putting people
(36:51):
on Mars, the idea is that we would actually send
robotic spacecraft to go pick up those samples and bring
them back to Earth.
Speaker 7 (36:58):
Now that was.
Speaker 15 (36:59):
Also running into a very intense and complicated process. Launching
off of Mars is just going to be one of
the most complicated and technological feats of our generation of
humanities in an entire existence. But of course what people
involved is going to make that even more complex.
Speaker 4 (37:20):
Bloombergs Laar, and Grush, thank you very much. Now that
does it to this edition of Bloomberg Tech.
Speaker 2 (37:25):
Don't forget to check out the podcast This Is Bloomberg
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I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Ridiculous History
History is beautiful, brutal and, often, ridiculous. Join Ben Bowlin and Noel Brown as they dive into some of the weirdest stories from across the span of human civilization in Ridiculous History, a podcast by iHeartRadio.