# Chip Stocks Sink Into Bear Market Territory as AI Rally Fizzles

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 17 Jul 2026, 18 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/7f534b8c-9e91-429a-b102-ae3c00090c6d/deba1be7-56be-4eb6-81f5-b48a0113729b/audio.mp3?utm_source=Podcast&in_playlist=0ad812bf-fd15-4012-a18c-ae3c00090c76

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Scarlet Fu, Isabelle Lee, and Charlie Pellett -Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses tech. Moonshot's new Kimi K3 model rivals the strongest offerings from OpenAI and Anthropic PBC, sparking concerns about the industry's spending spree. The launch of Kimi K3 led to a decline in AI and semiconductor stocks, with Bloomberg's Asian semiconductor index sliding more than 6% and Nasdaq 100 futures falling 2%. -Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech, discusses Apple. Apple Inc. is again the biggest company in the world after wresting the title from Nvidia Corp. Apple's stock climbed 0.4%, putting its valuation at $4.9 trillion, while Nvidia shares sank 3.7% to bring the chipmaker’s market capitalization down to $4.8 trillion. -Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Netflix earnings. Netflix Inc. shares fell after the company forecast a second consecutive quarter of slowing sales growth, contributing to investor anxiety about the streaming giant’s future. The company projected revenue of $12.9 billion in the current quarter and earnings of 82 cents a share, both a little shy of analysts’ expectations. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the
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[0:21] Speaker 1: or watch us live on YouTube.
[0:24] Speaker 2: It feels like this week we've seen a lot as
[0:25] Speaker 2: it released to Chinese tug as.
[0:27] Speaker 3: Well a lot based on that, and overnight there's a
[0:29] Speaker 3: Chinese AI startup called Moonshot, which I thought the name
[0:32] Speaker 3: was kind of app It sent jitters across markets, and
[0:35] Speaker 3: this is why partly we're seeing or largely rather we're
[0:38] Speaker 3: seeing an SNP and an ASDAC that's down on the day,
[0:40] Speaker 3: and that's why you're seeing the socks on a bear market.
[0:43] Speaker 3: Because of that, and for that, we have no one
[0:46] Speaker 3: else better to talk to than Men Deep seeing he's
[0:48] Speaker 3: with Bloomberg Intelligence. Men Deep, do you think this is
[0:51] Speaker 3: another Deep Seek moment or do you think that this
[0:54] Speaker 3: is something bigger changing maybe in the AI race.
[0:59] Speaker 4: I would say there, I'm off the view that you know,
[1:03] Speaker 4: every time there is a new model release, every model
[1:06] Speaker 4: provider would highlight, you know, what is unique about this release,
[1:10] Speaker 4: and in this case, they talk about, you know, token efficiency,
[1:14] Speaker 4: the fact that they have caught up in terms of
[1:17] Speaker 4: certain types of functionality that the model can provide. And look,
[1:22] Speaker 4: we were in an environment where everyone is talking about
[1:26] Speaker 4: how expensive it is to deploy these technologies, the llms,
[1:31] Speaker 4: and this model seems to be good enough at a
[1:36] Speaker 4: low price, which is what is catching attention. But that
[1:39] Speaker 4: doesn't mean, you know, they've caught up to the frontier
[1:42] Speaker 4: models that Anthropic and Open Eye have released, and so
[1:46] Speaker 4: it's really a function of pricing. And to my mind,
[1:51] Speaker 4: you can create news, but the actual adoption will have
[1:54] Speaker 4: to wait and see.
[1:55] Speaker 2: And it speaks to the nervousness that consumers and investors
[1:59] Speaker 2: have over who is prevailing in this AI race, and
[2:03] Speaker 2: very much feels like an AI race. Mandy, Why have
[2:06] Speaker 2: we gotten to the point where, even though the cutting
[2:09] Speaker 2: edge development and technology is happening in the US, it
[2:12] Speaker 2: feels increasingly like Asian markets are dictating where things go
[2:15] Speaker 2: in terms of price action.
[2:18] Speaker 4: Yes, I think you bring up a very good point
[2:20] Speaker 4: that you know, what's going on in Korea right now
[2:23] Speaker 4: seems to be affecting you know, the indices here and
[2:27] Speaker 4: how stocks are trading, and that's part of the nervousness
[2:30] Speaker 4: that you alluded to that you know, when things go
[2:33] Speaker 4: parabolic as they did with some of the stocks, you know,
[2:38] Speaker 4: for no reason whatsoever. Yes, the fundamentals have been great,
[2:42] Speaker 4: but that doesn't mean, you know, things have to go
[2:44] Speaker 4: up in that fashion, and that's what creates nervousness around valuations.
[2:49] Speaker 4: I mean, we are seeing even news like Apple asking,
[2:53] Speaker 4: you know, China for qualification of or sorry, the US
[2:57] Speaker 4: government for qualification of a Chinese mena rename is creating
[3:02] Speaker 4: a lot of downside for the US memory names and
[3:06] Speaker 4: you know your Micron and even ske Heinex. So that's
[3:09] Speaker 4: the kind of environment we are in where any sort
[3:12] Speaker 4: of news creates that sort of action where you know,
[3:16] Speaker 4: if socks were trading at a high valuation, they it's
[3:20] Speaker 4: going to have an impact. And I think the fundamentals
[3:24] Speaker 4: haven't really changed in a big way, which I think
[3:26] Speaker 4: will be validated when these companies report their earnings and
[3:29] Speaker 4: guide for CAPEX, which I expect numbers to go up.
[3:32] Speaker 4: But we are in an environment where news will have
[3:36] Speaker 4: an impact on day to day volativity.
[3:38] Speaker 3: Mandy, do you think that this is a sign that
[3:41] Speaker 3: investors should see this as a threat to USAI leadership
[3:44] Speaker 3: or is it just simply more competition, which is what
[3:47] Speaker 3: we should expect anyway.
[3:49] Speaker 4: I think the overall message here is you can't have
[3:53] Speaker 4: two companies dominate the LLM race. It's never going to
[3:57] Speaker 4: be good from, you know, an ecosystem perspective. They will
[4:02] Speaker 4: have very high margins, which is definitely not something that
[4:07] Speaker 4: all the other companies want in the ecosystem. So there
[4:10] Speaker 4: is a desire to have more llms and cheaper pricing
[4:15] Speaker 4: for these llms. And that's why if the option is
[4:19] Speaker 4: available through open source Chinese models, people are looking into
[4:23] Speaker 4: it now and it's across the board, and it's not
[4:26] Speaker 4: different from any other technology trend. You want to see
[4:30] Speaker 4: the costs come down as adoption goes up. That wasn't
[4:33] Speaker 4: happening here, and I think that's why you are seeing
[4:36] Speaker 4: so much interest in open source lms right now.
[4:39] Speaker 2: Okay, so China with deep Sneak and now Moonshot, these
[4:42] Speaker 2: developments when we hear about it kind of feels like
[4:44] Speaker 2: it comes fromund nowhere, mainly because we haven't been following
[4:47] Speaker 2: the incremental news on it. Are there other places or
[4:50] Speaker 2: other companies that could surprise us in the same way
[4:53] Speaker 2: where suddenly they come out with a fully formed AI
[4:57] Speaker 2: model LM that we didn't know about.
[5:00] Speaker 4: Yeah, I mean look at Meta announcing the Muse models
[5:05] Speaker 4: and you know, trying to become a cloud provider and
[5:08] Speaker 4: selling their APIs externally. We've heard about Grock, you know
[5:13] Speaker 4: SpaceX Grock, and now with the merger with Cursor, they
[5:18] Speaker 4: have released a new model. So all these could be
[5:21] Speaker 4: viable options in terms of using llms at a lower
[5:25] Speaker 4: token pricing than what the frontier models are currently giving.
[5:29] Speaker 4: And so that's where the competition is going to increase.
[5:33] Speaker 4: But I go back to that functionality point. All these
[5:36] Speaker 4: lms are still trailing in terms of the functionality that
[5:40] Speaker 4: pable or you know, the open AI models have, so
[5:43] Speaker 4: that gap needs to close and then people will route
[5:47] Speaker 4: the query to the LM that's most appropriate for that
[5:50] Speaker 4: task and you don't need the frontier lms for every query.
[5:53] Speaker 4: And I think that's the direction we're headed.
[5:56] Speaker 1: Stay with us.
[5:56] Speaker 2: More from Boomberg Intelligence coming up after this.
[6:03] Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live
[6:06] Speaker 1: weekdays at ten am Eastern on Apple Cocklay and Android
[6:10] Speaker 1: Auto with the Bloomberg Business app. Listen on demand. Wherever
[6:13] Speaker 1: you get your podcasts or watch us live on YouTube.
[6:17] Speaker 3: I'm Isabelle sitting in for Scarlettfoo and Paul Sweeney. Both
[6:20] Speaker 3: are away at the moment. Paul is at the beach,
[6:22] Speaker 3: I think, and Scarlettfoo is with her TV duties. But
[6:24] Speaker 3: beside me is a legendary Charlie Pellett. So I am
[6:27] Speaker 3: in fantastic company.
[6:29] Speaker 5: I'm very glad to be here. We shut just a
[6:31] Speaker 5: few minutes together, but we are going to make the
[6:33] Speaker 5: most of it. And let us talk about one of
[6:35] Speaker 5: the most popular stocks to cover, and that is Apple, Apple.
[6:38] Speaker 3: Apple, And we have no other than markom and Bloomberg
[6:41] Speaker 3: News Managing editor for Global Consumer Tech on Apple and
[6:45] Speaker 3: all things Apple. Here is what I call in my
[6:46] Speaker 3: old scoop machine, because anything anytime I see on Apple headline,
[6:50] Speaker 3: I know it has to be Mark. So Mark, first
[6:52] Speaker 3: of all, we have to talk about Apple briefly or
[6:55] Speaker 3: at one point they're passing in video as a most
[6:57] Speaker 3: valuable company in the world. Maybe talk to us about
[7:00] Speaker 3: significance of that. What is Apple doing right because the
[7:02] Speaker 3: rest of the big tech is kind of languishing.
[7:05] Speaker 6: Apple stock's been on a tear lately. I think investors
[7:09] Speaker 6: might finally be reading my articles where I talk about
[7:13] Speaker 6: that we're about to enter a tremendous new period for
[7:16] Speaker 6: the company, with so many new products home devices, foldable iPhones,
[7:22] Speaker 6: AI wearables, integrating AI deep into the hardware. Apple's a
[7:28] Speaker 6: hardware company. They make basically all their money from hardware sales.
[7:32] Speaker 6: If you're an Apple investor, it's a good time because
[7:34] Speaker 6: they're about to make a boatload of more money, and
[7:36] Speaker 6: so you'll probably have some success there on the on
[7:39] Speaker 6: the days they announced.
[7:40] Speaker 5: Their all right, I go to the Bloomberg. I look
[7:42] Speaker 5: at Apple shares up twenty two point five percent year
[7:45] Speaker 5: to date. I look at in video by Comparison up
[7:48] Speaker 5: nine point nine percent. When a story like this saying
[7:51] Speaker 5: Apple is now number one in terms of market cap
[7:54] Speaker 5: clears the Bloomberg. What is the reaction, respectively, in either
[7:58] Speaker 5: Coopertino or Santa Clara. Are the folks that Nvidia looking going,
[8:03] Speaker 5: oh my god, what a terrible day this is? Folks
[8:05] Speaker 5: in Coopertino are they going woohoo? Or is it really
[8:08] Speaker 5: a case of nobody cares other than the folks who
[8:11] Speaker 5: own those stocks.
[8:13] Speaker 6: I think it's the ladder. But if you're in Vidia,
[8:16] Speaker 6: right this might be a little bit of a wake
[8:17] Speaker 6: up call. I mean, they were the hard charging company
[8:21] Speaker 6: making all the money with the insane revenue growth over
[8:24] Speaker 6: the past couple of years, and now investors are beginning
[8:27] Speaker 6: to become a little bit more skeptical over AI and
[8:29] Speaker 6: how AI is being driven. I think there's a little
[8:32] Speaker 6: bit more optimism for what Apple's doing because of their
[8:36] Speaker 6: decision to go more on device for AI processing, and
[8:39] Speaker 6: so their capex is slim compared to the competition, and
[8:43] Speaker 6: I think that the lower spending that Apple is doing,
[8:45] Speaker 6: I think it makes investors actually pretty excited. But again,
[8:50] Speaker 6: the quality of the AI that you're getting from the
[8:53] Speaker 6: cloud versus on device are still a big, you know,
[8:56] Speaker 6: deviation there. But the gap will close at some point,
[8:58] Speaker 6: I think.
[8:59] Speaker 3: And then you said that Apple is set to make
[9:01] Speaker 3: a boatload of money. Where will that come from? We
[9:03] Speaker 3: do know that they're raising their prices across devices. Is
[9:06] Speaker 3: that coming from there?
[9:07] Speaker 6: Well, the revenue will go up because of the price increases.
[9:11] Speaker 6: I don't think the price increases are enough to slow
[9:13] Speaker 6: unit sales to any significant degree. Profit not going to
[9:18] Speaker 6: change much because the offset the price increases are designed
[9:24] Speaker 6: to simply offset the memory they're not making additional profit
[9:27] Speaker 6: on that. We're talking about new iPads. There'll be a
[9:29] Speaker 6: new ole at iPad, so a better screen like the
[9:32] Speaker 6: iPhone and iPad pro.
[9:33] Speaker 5: This fall.
[9:34] Speaker 6: The foldable iPhone is going to be about twenty five
[9:36] Speaker 6: hundred bucks. I'm super pumped.
[9:38] Speaker 3: I want to see that in real life.
[9:40] Speaker 6: I can't wait. Yeah, it's going to be the biggest
[9:42] Speaker 6: change to the iPhone in the product's history. So it's
[9:44] Speaker 6: a really really big deal full time.
[9:47] Speaker 5: I'm not necessarily a skeptic with things like this, but
[9:50] Speaker 5: why do I need a folding phone? Thank you? As well?
[9:53] Speaker 5: Regardless of whether it's Apple, regardless of whether it's sound
[9:56] Speaker 5: well gen Z influced, well.
[9:57] Speaker 6: I would say you need a foldable phone like you
[9:58] Speaker 6: need a hole in your head, because it doesn't really
[10:00] Speaker 6: make you know, it's not really uh that necessary. It's
[10:05] Speaker 6: sort of a technology showcase, right, It's over the top.
[10:09] Speaker 5: It's very cool. I mean when I've seen these foldable phones,
[10:12] Speaker 5: I'm always looking for the line and I don't see it.
[10:15] Speaker 5: I don't see the line between the two screens.
[10:17] Speaker 6: We've gotten better and Apple is going to be pretty
[10:20] Speaker 6: much industry leading in how you know invisible that line
[10:24] Speaker 6: is going to be. One of the problems you've had
[10:27] Speaker 6: with foldable phones over the past several years is durability.
[10:31] Speaker 6: Apples is not going to be as durable as you
[10:33] Speaker 6: know the slab phone, right, I mean the Promax, the
[10:39] Speaker 6: seventeen Promacs. This thing is built like a tank. You
[10:42] Speaker 6: can throw it across wherever, you can throw it in
[10:45] Speaker 6: the pool. This thing is not going to break.
[10:47] Speaker 5: It's a tank.
[10:48] Speaker 6: At the same time, what you really need to understand
[10:53] Speaker 6: is that Apples hold the phone is going to be
[10:54] Speaker 6: more durable than the competitive devices.
[10:56] Speaker 3: Yeah, okay, so we have around one minute left, and
[10:58] Speaker 3: as Apple invests more in AI and new devices, do
[11:01] Speaker 3: you think it can maintain its premium position because we
[11:03] Speaker 3: also know that smartphone growth is slowing a little.
[11:08] Speaker 6: I think that Apple, if you look at it as
[11:10] Speaker 6: a complete package, you look at the hardware, software services,
[11:15] Speaker 6: they still think they have the most competitive phone on
[11:16] Speaker 6: the market on a global scale. I think it's the
[11:19] Speaker 6: best combination of user accessibility, interface services, things like my Message.
[11:24] Speaker 6: So I think it remains an elite product and I
[11:27] Speaker 6: don't think the phone is going away as quickly as
[11:29] Speaker 6: some people do.
[11:29] Speaker 5: Mark very briefly, Isabelle asked about revenue. Whenever Apple earnings
[11:33] Speaker 5: hit the Bloomberg one of the first things I look
[11:35] Speaker 5: at is China revenue. Speak to us about what is
[11:38] Speaker 5: happening in terms of Apple and China. I know there
[11:41] Speaker 5: was some news announced about the iPhone in China. What's
[11:43] Speaker 5: going on there?
[11:44] Speaker 6: So Apple will finally be able to roll out its
[11:46] Speaker 6: AI in China. This is the first generation version of
[11:49] Speaker 6: its new AI, so the Apple intelligence that got the
[11:52] Speaker 6: head of AI fired. So I don't think this is
[11:54] Speaker 6: a needle mover. I don't think people in China are
[11:56] Speaker 6: going to want it. But the second generation, the new
[11:58] Speaker 6: SERIAI and the new Apple Intelligence is pretty good, so
[12:00] Speaker 6: we'll see how long it takes for that to get approved.
[12:03] Speaker 2: Stay with us more from Bloomberg Intelligence coming up after this.
[12:09] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[12:13] Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
[12:16] Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
[12:20] Speaker 1: you get your podcasts, or watch us live on YouTube.
[12:24] Speaker 3: I myself, I am a binge watcher when it comes
[12:26] Speaker 3: to Netflix. But you made a point earlier, Scarlette. There
[12:29] Speaker 3: are already many people in Netflix account and where do
[12:31] Speaker 3: they take their growth.
[12:32] Speaker 2: Yeah, well, aside from making sure that your brother or
[12:36] Speaker 2: your husband is not using your.
[12:38] Speaker 3: Account, that is true, and that's why you're seeing this
[12:40] Speaker 3: stock down as alexis eluded more than nine percent. It's
[12:44] Speaker 3: the biggest inter dated client since April twenty twenty two.
[12:46] Speaker 3: And joining us now to help us make sense of this,
[12:49] Speaker 3: it's Githa Aganathan, Bloomberg Intelligence Analysts on US Media. Githa,
[12:53] Speaker 3: thank you so much for joining us. Do you think
[12:55] Speaker 3: that this is that this slow and growth is the
[12:58] Speaker 3: short term issue or do you think it's a sign
[13:00] Speaker 3: that Netflix maybe is becoming a more mature market.
[13:04] Speaker 7: Definitely, Isabelle. You know, we are seeing signs of maturity
[13:08] Speaker 7: across the entire landscape and definitely for Netflix as well.
[13:11] Speaker 7: So you know, moderating revenue growth is definitely a big
[13:16] Speaker 7: red flag here, and we've seen the revenue growth actually
[13:19] Speaker 7: come down pretty substantially, which is what I think is
[13:22] Speaker 7: really spooking investors, right because in the first quarter you
[13:24] Speaker 7: had about sixteen percent revenue growth, almost fourteen percent for
[13:27] Speaker 7: the second quarter, and now when you look at their
[13:29] Speaker 7: guidance for the third quarter, it's eleven point seven percent,
[13:32] Speaker 7: which was well below what consensus was expecting. So this,
[13:35] Speaker 7: this really I think feeds into that whole investor anxiety
[13:40] Speaker 7: about you know, what the catalysts are going.
[13:43] Speaker 2: Forward for this name, and this is not something that
[13:46] Speaker 2: can be solved with more spending on content and making
[13:49] Speaker 2: sure you have the latest hot show or the latest franchise.
[13:52] Speaker 7: Is it well, they actually scarlett to that point. They're
[13:57] Speaker 7: actually boosting content spending pretty significant this year, almost ten
[14:01] Speaker 7: percent to twenty billion dollars. That's the highest ever that
[14:04] Speaker 7: they would be spending on content. But you know, if
[14:06] Speaker 7: you look at the Engagement Report which they published yesterday,
[14:10] Speaker 7: yes they do have, you know, this very broad swath
[14:13] Speaker 7: of content, and but at the end of the day,
[14:17] Speaker 7: we're not necessarily seeing that resonate into what, you know,
[14:22] Speaker 7: the metric that all investors are focused on, which is engagement,
[14:25] Speaker 7: because while the total number of hours viewed did grow
[14:29] Speaker 7: slightly two percent from last year, the viewing hours per
[14:33] Speaker 7: subscriber is actually declining. And the big worry I think
[14:37] Speaker 7: for investors is that as we get disruption from short
[14:41] Speaker 7: form video, from YouTube, from you know, Instagram, TikTok and
[14:44] Speaker 7: all of these other social media platforms, can Netflix actually
[14:48] Speaker 7: retain that you know, engagement metric and is it only
[14:51] Speaker 7: going to slip further.
[14:54] Speaker 3: So, Githa, do you think we're heading towards a more
[14:56] Speaker 3: consolidation in streaming maybe as companies chase scale and profits.
[15:02] Speaker 7: I think we already saw that, right. So Netflix actually
[15:05] Speaker 7: did go after Warner Brothers Discovery streaming and studio business
[15:10] Speaker 7: last year pretty aggressively until they finally lost to Paramount Skuidance.
[15:14] Speaker 7: I think you know at this point, yes, Netflix is
[15:17] Speaker 7: doing little little things, you know, whether it's adding you know,
[15:21] Speaker 7: short form content, whether it's going into live events, whether
[15:24] Speaker 7: it's you know, doing a little bit more in gaming,
[15:27] Speaker 7: but none of these are transformative enough. You know, we
[15:30] Speaker 7: need some kind of a step change catalyst here and
[15:33] Speaker 7: we're really not seeing anything. So maybe M and A,
[15:36] Speaker 7: maybe some kind of a transformative partnership, maybe some kind
[15:39] Speaker 7: of a big acquisition will finally move the needle for Netflix,
[15:43] Speaker 7: but we have to wait and watch.
[15:45] Speaker 2: That's so interesting, and I know this is something you've
[15:47] Speaker 2: written about, Gita, this idea that Netflix now has M
[15:49] Speaker 2: and A ambitions when it had kind of denied that
[15:53] Speaker 2: it was looking to do that. It's always prioritize organic
[15:56] Speaker 2: growth and reinvesting in its own business. What does that
[15:59] Speaker 2: say about the state of the streaming wars overall? That
[16:03] Speaker 2: Netflix needs to buy to consolidate its grip on the market.
[16:09] Speaker 7: Yeah, I mean, we're really seeing competition kind of intensifying,
[16:12] Speaker 7: and we're going to see that only intensified further, Scarlett
[16:15] Speaker 7: once Paramount closes on its acquisition of you know, Warner
[16:18] Speaker 7: Brothers and HBO, and Netflix really needs to kind of
[16:21] Speaker 7: beef up the content because obviously it's the lack of
[16:24] Speaker 7: those breakout hits. Yes, they did have great content, they
[16:27] Speaker 7: did have a great pipeline. Yes we did see good
[16:30] Speaker 7: growth in viewing hours, but that's just not enough as
[16:33] Speaker 7: we have more and more of you know, it's not
[16:37] Speaker 7: just competition and streaming though, that's that's the problem. It's
[16:39] Speaker 7: competition from all kinds of platforms. You know, we talked
[16:42] Speaker 7: about the social media platforms, and that's really what Netflix
[16:46] Speaker 7: has to kind of defend its surf against. And for that,
[16:49] Speaker 7: they have to come up with bigger, better, more engaging
[16:53] Speaker 7: content and they might very well need to buy a
[16:56] Speaker 7: studio for that.
[16:58] Speaker 3: What about the live sports podcast and ads initiatives? How
[17:02] Speaker 3: meaningful are those when it comes to driving growth. Are
[17:04] Speaker 3: you bullish on them?
[17:06] Speaker 4: Do you?
[17:06] Speaker 3: I feel like Scarlett and I were talking about it,
[17:08] Speaker 3: and almost everyone has a podcast these days.
[17:11] Speaker 7: Yeah, So on the margin, I think it definitely helps
[17:14] Speaker 7: because you know, at the end of the day, Netflix is,
[17:16] Speaker 7: you know, something you go home to in the evening
[17:18] Speaker 7: and then you're watching it. But I think with podcasts,
[17:21] Speaker 7: it's something that they're trying to build on through the day, right,
[17:24] Speaker 7: They're trying to build on engagement. You know, anytime you
[17:28] Speaker 7: pick up your phone, you have some content that you
[17:30] Speaker 7: can kind of listen to or look at, and that
[17:33] Speaker 7: is really what they were trying to go after. But
[17:36] Speaker 7: at the you know, again it's on the margin. Yes,
[17:39] Speaker 7: it helps, but doesn't move the needle.
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