# Boeing Lays out Challenges Ahead

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 17 Sep 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/7ef328df-ceb3-4dcb-b9fd-b4c8010a690f/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 Paul Sweeney and Scarlet Fu -Sid Philip, Bloomberg Chief Correspondent for Global Aviation discusses how After being credited with stabilizing Boeing over the past few years, Chief Executive Officer Kelly Ortberg laid out a set of challenges that surprised investors who had grown comfortable with the more steady performance at the US planemaker. - Danish Nagda, Founder and CEO at Rezilient, talks AI as Titans of the artificial intelligence industry gathered in Scotland to hear Britain’s monarch challenge them to control their inventions. King Charles III convened technology leaders and other influential figures for a summit focused on the mounting risks of AI, a topic that has captivated the globe this week. While the executives there didn’t publicly commit to any changes, some addressed the safety concerns directly. - Nathan Naidu, Bloomberg Intelligence Technology Research Analyst, explains how GTA VI could reshape gaming engagement beyond its launch, pulling players from GTA V, Call of Duty, Fortnite and Forza Horizon while also expanding gaming interest beyond core console gamers over time. Its broad entertainment reach, highlighted by the Netflix reveal, suggests the game can attract lapsed or less-active players back to gaming even as it temporarily absorbs hours from rival titles. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios.
[0:04] Speaker 2: Podcasts.
[0:05] Speaker 3: Radio. News.
[0:09] Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live
[0:13] Speaker 1: weekdays at 10 a.m. Eastern on Apple CarPlay and Android
[0:16] Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever
[0:19] Speaker 1: you get your podcasts or watch us live on YouTube.
[0:23] Speaker 2: FBA's ticker is down about 1% today, down about 8%
[0:27] Speaker 2: year to date. And just recently, Chief Executive Officer Kelly
[0:30] Speaker 2: Ortberg laid out a set of challenges that surprised investors
[0:33] Speaker 2: who had grown comfortable with a more steady performance at
[0:36] Speaker 2: the U.S.
[0:37] Speaker 4: Planemaker.
[0:37] Speaker 2: Let's bring in Sid Phillip. He's the chief correspondent for
[0:39] Speaker 2: global aviation over at Bloomberg News Journeys here in our studio. Sid,
[0:44] Speaker 2: I was one of those observers who were saying, I
[0:46] Speaker 2: think they got this thing turned around. They're cranking out
[0:48] Speaker 2: the 737 MAX. The worst is behind them. The stock's
[0:51] Speaker 2: behaving better. A little bit of a kink, you know,
[0:53] Speaker 2: bump in the road here, it seems like.
[0:54] Speaker 5: It does.
[0:55] Speaker 6: And it sort of shows that the turnaround is far
[0:57] Speaker 6: from complete. And it's basically a much more challenging turnaround
[1:01] Speaker 6: than the market expects because there are big challenges at
[1:05] Speaker 6: Boeing and including ramping up production. I mean, Airbus has
[1:09] Speaker 6: struggled with ramping up production of its rival A320 jets.
[1:13] Speaker 6: I mean, they've been talking, having to push the deadline
[1:16] Speaker 6: on when they would get to rate 75 multiple times.
[1:20] Speaker 6: And so for Boeing, ramping up to 47 a month
[1:23] Speaker 6: has been something of a challenge. And so for investors
[1:27] Speaker 6: who were expecting them to sort of go from 47
[1:30] Speaker 6: to 52 to 63, that's been something that's been a
[1:33] Speaker 6: bit of a jolt for them.
[1:36] Speaker 7: So how did we get here? I mean, isn't this
[1:38] Speaker 7: something where the CEO kind of manages expectations during earnings calls?
[1:42] Speaker 7: I mean, there was an air show not so long
[1:45] Speaker 7: ago where, again, he and Boeing executives can kind of
[1:49] Speaker 7: give investors a sense of what is coming, that people
[1:53] Speaker 7: are surprised now with this more subdued outlook?
[1:56] Speaker 6: They are surprised by this now. And that's because the
[1:59] Speaker 6: company had previously sort of talked about how they were
[2:02] Speaker 6: going to get to 47 and then they were going
[2:03] Speaker 6: to get to 52. And they sort of didn't really
[2:06] Speaker 6: talk about the challenges there. And so Kelly Ottberg talked
[2:10] Speaker 6: about how wings were a pacing item and how they
[2:12] Speaker 6: were struggling to produce enough wings for the aircraft.
[2:15] Speaker 2: Wings, that's important.
[2:16] Speaker 6: That is, and you can't really build a plane without
[2:18] Speaker 6: those wings. And so for Boeing, this is a challenge
[2:22] Speaker 6: in terms of just getting planes.
[2:24] Speaker 4: Out the door.
[2:25] Speaker 6: And that also has an effect on their financials because
[2:29] Speaker 6: the 737 is a massive cash cow for the company.
[2:32] Speaker 6: And the company had talked about how they expect to
[2:35] Speaker 6: generate between one and three billion in free cash flow
[2:38] Speaker 6: this year.
[2:39] Speaker 4: And now the.
[2:39] Speaker 6: CFO yesterday talked about how it is likely to be
[2:42] Speaker 6: around the midpoint and largely because of fewer deliveries.
[2:46] Speaker 2: So what's the deal with just the logistics within the
[2:50] Speaker 2: global aviation business? Because Boeing calls it out as an issue,
[2:55] Speaker 2: as does Airbus as well. They really haven't fixed that
[3:00] Speaker 2: since really the pandemic.
[3:02] Speaker 5: Yeah.
[3:03] Speaker 6: Since COVID, the aviation supply chain has been challenged. And
[3:06] Speaker 6: so we were talking to Airbus a couple of months ago,
[3:09] Speaker 6: and they were talking about how there's hundreds of thousands
[3:12] Speaker 6: of parts on an aircraft. And if you have one
[3:14] Speaker 6: part missing, you can't deliver those aircraft. And so for
[3:17] Speaker 6: those companies, it's been a massive challenge just managing the
[3:20] Speaker 6: logistics because During the pandemic, the industry sort of went
[3:24] Speaker 6: to almost standstill and production sort of paused. And that
[3:28] Speaker 6: really led to suppliers being sort of struggling to ramp
[3:31] Speaker 6: up again when demand came back. And so for the
[3:35] Speaker 6: plane makers, they have a sort of whack-a-mole where you
[3:39] Speaker 6: have one issue being sorted out and another issue dropping up.
[3:42] Speaker 6: And that's really been the challenge post-pandemic. And it continues
[3:45] Speaker 6: to be a challenge for suppliers even today.
[3:48] Speaker 7: The other thing that's kind of dogging the stock and
[3:52] Speaker 7: giving people reason to worry is that the president of
[3:55] Speaker 7: the U.S. and China, presidents, I should say, will be
[3:58] Speaker 7: meeting in Washington in about a week and a half
[4:03] Speaker 7: for this summit. And I guess the expectations that Boeing
[4:06] Speaker 7: is going to come out with some kind of announcement,
[4:08] Speaker 7: it's starting to dissipate.
[4:10] Speaker 6: That is because the CEO did talk about how that
[4:13] Speaker 6: he sort of managed expectations there, saying, The announcement that
[4:17] Speaker 6: when President Trump went to China in May, he talked
[4:20] Speaker 6: about how Boeing had secured a deal for 200 big aircraft. Now,
[4:25] Speaker 6: that's really going to take some time to materialize in
[4:28] Speaker 6: terms of actually placing an order. And Kelly Ortberg said
[4:32] Speaker 6: that while the market had been reopened for aircraft in China,
[4:37] Speaker 6: it's still not going to materialize into this one massive
[4:40] Speaker 6: mega order. It's going to be negotiated with the airlines
[4:43] Speaker 6: and they're going to sort of place piecemeal orders. And
[4:46] Speaker 6: so I think that was, again, something of a setback
[4:49] Speaker 6: because the market was expecting this big 200-plane order and
[4:52] Speaker 6: possibly more because previously it had been telegraphed that the
[4:57] Speaker 6: Chinese airlines would buy as many as 500 planes. And
[5:00] Speaker 6: so that's really been something of a setback in terms
[5:03] Speaker 6: of investor sentiment.
[5:04] Speaker 4: 30 seconds left.
[5:05] Speaker 2: What is the timetable for the 777?
[5:06] Speaker 6: The 777X certification will slip into next year, is what
[5:13] Speaker 6: Kelly Ortberg said yesterday. And that plane has been seven
[5:16] Speaker 6: years late. And they're still saying that it'll be delivered
[5:20] Speaker 6: next year, but the airline customers have been skeptical about
[5:24] Speaker 6: when those planes will actually get there.
[5:26] Speaker 7: Stay with us.
[5:26] Speaker 1: More from Bloomberg Intelligence coming up after this. You're listening
[5:33] Speaker 1: to the Bloomberg Intelligence Podcast. Catch us live weekdays at
[5:37] Speaker 1: 10 a.m. Eastern on Apple CarPlay and Android Auto with
[5:40] Speaker 1: the Bloomberg Business App. Listen on demand wherever you get
[5:43] Speaker 1: your podcasts or watch us live on YouTube.
[5:47] Speaker 2: President Trump and others have pushed back saying, no, you
[5:49] Speaker 2: can't let this slow down. Otherwise, China will win here.
[5:52] Speaker 2: So our next guest has some thoughts here. John Donish,
[5:56] Speaker 2: he is a founder and CEO of Resilient Health joining
[5:58] Speaker 2: us from Zoom. So, Donish, thanks so much for joining
[6:01] Speaker 2: us here. What's your take on kind of the rollout
[6:04] Speaker 2: of AI? Does it need some guardrails? Do we need
[6:07] Speaker 2: to slow down at all?
[6:10] Speaker 4: Look, I have a very contrarian view on this. So
[6:14] Speaker 4: I know.
[6:14] Speaker 3: That a lot of people in the industry, especially the
[6:17] Speaker 3: ones at the big labs, are trying to tell you
[6:19] Speaker 3: that we need to start pacing. What they mean by
[6:21] Speaker 3: that is not slow down the training, but slow down
[6:25] Speaker 3: the release.
[6:26] Speaker 4: Because if we keep the releases.
[6:27] Speaker 3: The way they are, suddenly things are going to get
[6:30] Speaker 3: really scary for everybody. Look, I'm originally from healthcare, right?
[6:34] Speaker 3: So I know what regulatory capture looks like. And this
[6:37] Speaker 3: looks and smells like regulatory capture. The big AI labs
[6:41] Speaker 3: are worried about a very specific thing. And it's not
[6:45] Speaker 3: recursive self-improvement, which is what they're talking about. They're worried
[6:48] Speaker 3: about the rise.
[6:50] Speaker 4: Of open source.
[6:51] Speaker 3: If you look at what's happening, people can go to
[6:54] Speaker 3: open routers data, which is this one platform that many
[6:59] Speaker 3: people can use, and you can use many different models.
[7:03] Speaker 3: Tokens for the big labs are dropping faster than anyone expected.
[7:08] Speaker 3: And open source is rising faster than anyone expected. That
[7:11] Speaker 3: explains why NVIDIA acquired Hugging Face for a record deal.
[7:16] Speaker 3: And I think that this is what they're really worried about.
[7:19] Speaker 3: They are trying to slow down the pace of open
[7:21] Speaker 3: source and adoption of open source, not really thinking about safety.
[7:26] Speaker 3: And I have to say one more thing, which is
[7:28] Speaker 3: if you were listening to Dario, who obviously I respect,
[7:31] Speaker 3: but if you were listening to Dario, we would have
[7:32] Speaker 3: guardrails at GPT-2.
[7:35] Speaker 7: So if that's the case, are we just at a
[7:38] Speaker 7: moment where people are deliberately misunderstanding what these AI lab
[7:43] Speaker 7: founders are saying and kind of jumping on the moment,
[7:47] Speaker 7: capitalizing on the moment.
[7:48] Speaker 4: To say, let's.
[7:51] Speaker 7: Take a much closer look at this and slow things
[7:53] Speaker 7: down dramatically, if not halt progress completely?
[7:56] Speaker 3: You see, there is a lot of, so I'm an
[7:59] Speaker 3: AI researcher, as you all know from background. And so
[8:02] Speaker 3: there is a lot of vested corporate interest in making
[8:05] Speaker 3: sure that these labs continue to thrive. And what they're
[8:08] Speaker 3: learning right now is that when you keep adding more
[8:11] Speaker 3: and more training data from the entire internet, yes, it's
[8:14] Speaker 3: getting better. The scaling laws are continuing to prove out,
[8:17] Speaker 3: but they're not proving out.
[8:18] Speaker 4: The way that they thought they would.
[8:20] Speaker 3: And more verticalized, hyper-specific models are doing better.
[8:24] Speaker 4: You know, small language models.
[8:25] Speaker 3: But also hyper specific, you know, specific harnesses, which is
[8:30] Speaker 3: sort of learned on local data, learned on sector specific
[8:34] Speaker 3: data are starting to outperform them. And so I think
[8:37] Speaker 3: what's really happening is you've got all of these different
[8:39] Speaker 3: forces that are making these giant AI labs worried.
[8:43] Speaker 4: And I believe that's what's driving this. And I'm not alone.
[8:45] Speaker 3: There's a lot of people saying this out loud just
[8:48] Speaker 3: to kind of set the stage. You hear letters RSI
[8:51] Speaker 3: a lot. And RSI means recursive self-improvement. We've had that
[8:55] Speaker 3: for 20 plus years, but it doesn't work that well.
[8:57] Speaker 3: There's still a lot of technical challenges. And unless the
[9:01] Speaker 3: big AI labs are going to suddenly start showing the data,
[9:03] Speaker 3: I mean, we just saw a deep RSI from Google
[9:06] Speaker 3: and they, in their own paper this last week, said
[9:10] Speaker 3: that there's still significant challenges to generalizability. So these challenges
[9:14] Speaker 3: Ideas sound great, and they allow you to believe that
[9:16] Speaker 3: AGI and.
[9:17] Speaker 4: ASI is going to take over.
[9:19] Speaker 3: But the truth is that these labs are starting to
[9:21] Speaker 3: see real pressure from the open source models.
[9:25] Speaker 2: Give us a sense, Danish. The relative competitive landscape, the U.S.
[9:30] Speaker 2: versus China, if that's even the right way to think
[9:32] Speaker 2: about it.
[9:33] Speaker 4: It is the right way to do it. Yeah.
[9:34] Speaker 3: I mean, China has gone all in on open source.
[9:36] Speaker 3: The quality of their open source models is tremendous. I
[9:40] Speaker 3: think we have to be very careful about slowing things
[9:42] Speaker 3: down because, again... Look, there are many things that I
[9:47] Speaker 3: think the administration is doing right and many things that
[9:49] Speaker 3: they're doing wrong. They are right about this. And I
[9:51] Speaker 3: think Jensen Huang at NVIDIA is right about this. This
[9:54] Speaker 3: is not the moment for pacing. This is the moment
[9:56] Speaker 3: for acceleration. We really need to be careful about allowing
[10:01] Speaker 3: the corporate interests of a few large labs driving the
[10:04] Speaker 3: decision-making for the entire country.
[10:08] Speaker 7: What do you hope will happen when Xi Jinping and
[10:10] Speaker 7: President Trump meet in Washington, in New York, in the U.S.
[10:15] Speaker 7: later on this month? Because AI is supposed to come
[10:17] Speaker 7: up on the agenda here.
[10:19] Speaker 4: I think we know China's stance on this.
[10:21] Speaker 3: I mean, they came out and they said that fear
[10:23] Speaker 3: mongering and foreign influence is.
[10:25] Speaker 4: Not going to change their strategy.
[10:27] Speaker 3: What I would hope is that we can come up
[10:28] Speaker 3: with international standards on use in defense, use in biology,
[10:35] Speaker 3: use in gain of function. I mean, these are the
[10:37] Speaker 3: things as a physician I care deeply about, as an
[10:39] Speaker 3: AI researcher I care deeply about. I don't think, I mean, again,
[10:43] Speaker 3: contrarian viewpoint, I don't think these models are actually ready
[10:46] Speaker 3: to handle consequential things like that because the harnesses, again,
[10:51] Speaker 3: think of those as guardrails that you're putting on.
[10:52] Speaker 4: Your own models.
[10:54] Speaker 3: Are not mature enough to be able to handle such sensitive,
[10:57] Speaker 3: consequential information.
[10:59] Speaker 4: I mean, we're seeing this in healthcare right now, right?
[11:01] Speaker 3: And so I think that's what I'm hoping for is
[11:04] Speaker 3: actually more guardrails on what AI can touch versus guardrails
[11:09] Speaker 3: on the actual development of the models themselves.
[11:11] Speaker 4: Interesting.
[11:12] Speaker 3: These models need to get way better. We need to
[11:15] Speaker 3: continue to do this. Imagine the incredible work we can
[11:18] Speaker 3: do if we can get there.
[11:20] Speaker 7: Stay with us. More from Bloomberg Intelligence coming.
[11:22] Speaker 2: Up after this.
[11:27] Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live
[11:31] Speaker 1: weekdays at 10 a.m. Eastern on Apple CarPlay and Android
[11:34] Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever
[11:37] Speaker 1: you get your podcasts or watch us live on YouTube.
[11:42] Speaker 2: The video gaming industry, this is an industry that I'm
[11:44] Speaker 2: pretty ignorant of, and it just amazes me when I
[11:47] Speaker 2: look at the numbers for this business. The global video
[11:50] Speaker 2: game industry generates roughly $ 214 billion in annual revenue, making
[11:55] Speaker 2: it larger than the film and music industries. It's just
[12:00] Speaker 2: extraordinary how big this business is. It's a global business,
[12:04] Speaker 2: and it is just extraordinary. Our next guest, he knows
[12:07] Speaker 2: what's going on there. Nathan Nadeau joins us here, technology
[12:10] Speaker 2: research analyst at Bloomberg Intelligence. He's based in London. Hey, Nathan,
[12:13] Speaker 2: let's talk about Take-Two. What's the story here? Frame out
[12:17] Speaker 2: the investment story for Take-Two. What's the market really geared towards?
[12:22] Speaker 5: I think it's just really the one thing. That's Grand
[12:24] Speaker 5: Theft Auto 6. That game is a juggernaut. It has
[12:28] Speaker 5: sold half a billion copies of games in that franchise's
[12:31] Speaker 5: entire lifetime. And the sixth version installment is launching mid-November,
[12:37] Speaker 5: November 19 to be exact. And for the first time,
[12:40] Speaker 5: they made a premiere and put it on Netflix. It's
[12:43] Speaker 5: about 26 minutes long, longer than your five-minute trailer. And
[12:47] Speaker 5: it was the most viewed film globally for that week
[12:51] Speaker 5: on Netflix. And the fact that it caused engagement spikes
[12:57] Speaker 5: on Netflix tells me that there's such hunger because it
[13:01] Speaker 5: has been such a long wait since GTA V, which
[13:04] Speaker 5: was launched 13 years ago. And there's a lot of
[13:07] Speaker 5: expectations that have been baked into Take-Two stock because of
[13:11] Speaker 5: GTA VI release. And there's a lot of expectations. And
[13:14] Speaker 5: to quote the CEO, terrifying. How terrifying. Some sales estimates
[13:20] Speaker 5: are expecting 85 million unit sales within two months of launch.
[13:24] Speaker 5: I mean, our estimates is a bit more modest, but still,
[13:27] Speaker 5: you know, on a high end.
[13:29] Speaker 2: Why is the stock down 18% this year?
[13:33] Speaker 5: I think a lot of these expectations that were baked
[13:35] Speaker 5: in were challenged by a few factors. One of them
[13:39] Speaker 5: being some of these gameplay videos were leaked. Obviously, and,
[13:45] Speaker 5: you know, going back a couple of months ago, and
[13:47] Speaker 5: there was such a long wait and, you know, Leaks
[13:51] Speaker 5: is not new to Rockstar or the publisher of the games,
[13:55] Speaker 5: but so close to the launch date, it's just where
[14:00] Speaker 5: the stock and the expectations around the game is a
[14:03] Speaker 5: bit sensitive to whether or not the game can actually deliver.
[14:10] Speaker 5: Because the last game alone, the fifth installment sold 230
[14:14] Speaker 5: million units. And so there's a lot of expectation for
[14:20] Speaker 5: this version to actually sell as much, if not more.
[14:23] Speaker 5: Because even though that game sold, you know, 30 million
[14:27] Speaker 5: in each launch year, and that was 2013, every year
[14:30] Speaker 5: since then, every year in the 13 years since it
[14:33] Speaker 5: was released, it adds 300 to 400 million units, sorry,
[14:36] Speaker 5: 300 to 400 million dollars a year to Take-Two's top line.
[14:38] Speaker 4: So this game has a lot of riding on it.
[14:47] Speaker 2: So I know the mobile gaming accounts for the largest
[14:50] Speaker 2: share of just the global gaming market.
[14:52] Speaker 4: Maybe 50 to 55%.
[14:53] Speaker 2: What are the growth and profit dynamics of mobile gaming
[14:57] Speaker 2: versus console gaming?
[15:00] Speaker 5: The average spend per gamer on console and PC are
[15:03] Speaker 5: always going to be higher because these are where your
[15:05] Speaker 5: hardcore gamers reside. They are the ones who invest to
[15:09] Speaker 5: buy a console or to buy a gaming PC. I
[15:12] Speaker 5: would like to game on my MacBook Air, but I
[15:14] Speaker 5: don't think that's possible anytime soon. But mobile is where
[15:18] Speaker 5: you have volume. It's essentially a volume game. The average
[15:21] Speaker 5: spend is lower per gamer, sure. But then you're talking
[15:24] Speaker 5: like 30x more gamers per or downloads on mobile compared
[15:29] Speaker 5: to PC and console combined just in 2025. But it
[15:34] Speaker 5: doesn't mean that Take-Two can easily tap that market. A
[15:37] Speaker 5: lot of PC and console gamers historically have relied on partnerships,
[15:42] Speaker 5: partnering with an expert maker of mobile games to actually
[15:47] Speaker 5: launch mobile versions of their franchise. And I think Netflix
[15:53] Speaker 5: is a good example because Take-Two actually put the GTA
[15:56] Speaker 5: trilogy on the Netflix app for a brief period of time.
[16:00] Speaker 5: And I believe you can actually download one of those
[16:02] Speaker 5: games on mobile. And, you know, it was one of
[16:05] Speaker 5: the top performing mobile games for Netflix and it came
[16:09] Speaker 5: from a Take-Two franchise. So essentially, this Netflix Take-Two partnership
[16:14] Speaker 5: with the premiere could be a telltale sign of what's
[16:17] Speaker 5: to come for Take-Two.
[16:19] Speaker 4: All right.
[16:19] Speaker 2: Globally, there are over 3.2 to 3.6 billion people who
[16:23] Speaker 2: play video games across mobile, console, and PC platforms.
[16:28] Speaker 4: Nathan, who are these people? What's the demo here? You're
[16:32] Speaker 4: really up to date with the figures. I'll tell you why.
[16:35] Speaker 2: I just said into Google, how big is the video
[16:37] Speaker 2: game industry? And then the Gemini AI overview is awesome.
[16:41] Speaker 2: It's got great numbers. That's what's helping me out today.
[16:44] Speaker 2: Who are these people that play these games?
[16:46] Speaker 5: Right. More than half of these people are actually in
[16:49] Speaker 5: emerging markets. So you have the bulk of mobile gamers
[16:52] Speaker 5: actually reside in China. Your Western markets, whether it's U.S., Germany,
[16:56] Speaker 5: France or Western Europe, most of these people are going
[16:59] Speaker 5: to be on PC and console. And naturally, because these are,
[17:03] Speaker 5: you know, generically speaking, high income countries. So China, you
[17:08] Speaker 5: got Middle East, you got Brazil, Latin America, generally speaking,
[17:12] Speaker 5: Southeast Asia. So a lot of these markets where more
[17:17] Speaker 5: than 90% of players play games on mobile devices. But
[17:26] Speaker 5: it doesn't mean that these are the highest revenue generating country.
[17:29] Speaker 5: There is a reason why a lot of these big
[17:31] Speaker 5: game publishers continue to invest in the U.S.
[17:33] Speaker 4: Markets.
[17:34] Speaker 5: Because, like I said, going back to how PC and
[17:37] Speaker 5: console gamers actually generate more revenue per gamer compared to mobile.
[17:43] Speaker 5: And Take-Two is one of those examples.
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