Spotify User Growth, Paramount’s Enhanced Offer

Summary

Bloomberg Tech Podcast Summary

Episode: Spotify User Growth, Paramount’s Enhanced Offer
Date: February 10, 2026
Hosts: Caroline Hyde (New York) & Ed Ludlow (San Francisco)

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Overview

This episode covers a pivotal week in tech, analyzing major stories including Spotify's record user growth, Paramount’s enhanced bid for Warner Brothers Discovery, Alphabet’s bold moves in bond markets, the current state and future of the software sector in the context of AI, and highlights from Runway’s CEO on their new funding round. The hosts bring in experts from Bloomberg Intelligence, Piper Sandler, and Bloomberg’s journalism team, plus special industry guests, to dig into the details.

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Key Discussion Points & Insights

Markets & Macro Trends

• Market Rotation & Tech Sector Moves ([02:10])

  • Software stocks are rebounding: up about 9% for a third day.
  • Hardware faces sell-off, while software—after previous bearishness—attracts investor interest.
  • Retail sales lower than expected, sparking questions around Fed rate cuts and crypto movements.
    • Bitcoin up 1.6%, Ethereum down nearly 5%.

• Alphabet’s Monumental Debt Issuance ([03:19–07:23])

  • Raised $32 billion in under 24 hours through U.S. dollar, sterling, and Swiss franc bonds, including a rare 100-year note (oversubscribed 10x).
  • Robert Schiffman (Bloomberg Intelligence):
    • “[This debt] is just a trophy. It’s going to be put on the shelf of pension funds and insurance companies. And let me tell you something, if anyone’s really worried if that bond does not pay off in 100 years, come and look me up at Bloomberg. I’m going to be upstairs in my office eating free snacks.” ([04:25])
    • Tech giants are in “the best position ever—balance sheets have never been stronger.”
  • Analysts see this as bullish confidence in long-term tech investing rather than the sign of a market top.

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The Software Sector Amid AI Disruption

• Are Fears of AI Wiping Out Software Overblown? ([07:23–14:00])
  • Lauren Webster (Piper Sandler):
    • Current volatility is “forming, storming, norming” phase; AI is disrupting some corners, but enterprise software is here to stay.
    • “You can’t rip it out tomorrow. This is a much longer transition period.”
  • Pockets at risk: workflow tools, some legal software as AI automates repetitive tasks.
  • Bright spots: cybersecurity, “picks and shovels” for AI infrastructure, and sectors keeping up with the AI pivot.
  • Investment flows are shifting toward “physical AI plays”—energy, networking, and security for data centers.
  • Market realigns as companies invest ahead of realizing AI revenues, with CapEx supporting growth in both software and infrastructure.
  • 2026 Outlook: Expect ongoing “gives and takes” before AI and traditional software reach equilibrium.

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Spotify’s Record-Setting Quarter

• Earnings & Growth Surge ([14:50–16:59])
  • Spotify shares up 15%, biggest move on record after reporting:
    • 38 million new subscribers in Q4, total users now 751 million.
    • $835 million in operating income.
  • Ashley Kahman (Bloomberg):
    • User spike fueled by the viral “Wrapped” campaign. “People tend to activate their service to participate in Wrapped…it was their biggest wrapped ever.”
    • Advertising revenue lagged despite user growth; ad-supported revenue declined year-over-year.
    • “If you’re going to keep adding ad-supported users, you also want to see the revenue in that department go up as well.”

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Paramount’s Enhanced Warner Brothers Bid

• Deal Structure and Regulatory Considerations ([16:59–20:38])
  • Paramount, aiming to outbid Netflix, offers to pay Warner Brothers’ $2.8B termination fee and cover refinancing costs if the Warner-Netflix deal is scrapped.
  • Lucas Shaw (Bloomberg):
    • “They are addressing two of the concerns that Warner Brothers has had about their deal.”
  • Regulatory hurdles exist—both DOJ in the US and regulators in Europe are investigating.
  • Shareholder vote (expected by late March/early April) is the next critical deadline.

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AI Policy, Startups, and Industry News

• Andreessen Horowitz’s Influence on White House AI Policy ([25:09–26:20])

  • The VC firm is described as the “first outside call” for AI policy from the Trump administration, wielding outsize influence but denies having veto power.
  • Notable figures (Sri Ram Krishnan, David Sacks) bridge the gap between Silicon Valley and government.

• Startup Highlights

  • Runway’s $5.3B Valuation & AI's Next Frontier ([29:55–37:18])

    • CEO Cristobal Valenzuela: New $350M raise to develop “world models”—AI that simulates the world for both media and robotics.
      • “Language models are describing reality; world models are simulating the world.”
      • Customers: marketing, Hollywood, media, plus industrial (robotics, automotive).
      • On labor market impacts: “The industry is adapting pretty well...Every studio has an AI department now.”
    • Remaining private “for a bit” to focus on research before potentially considering an IPO.
    • On AI-generated content: urges consumers to start assuming most content is AI-generated, suggesting the real content (from cameras/humans) may need watermarking in future.

  • Other News

    • Stripe tender offer boosts valuation to $140B.
    • Cadence Design Systems launches a chip development AI tool.
    • Alibaba debuts RIN Brain, an advanced robotics AI model.

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Social Media and Safety Trials

• Meta Runs Teen Safety Ads Ahead of Landmark Trial ([40:45–47:31])
  • Meta and other tech giants face a trial over whether their platforms intentionally addict teens.
  • Kurt Wagner (Bloomberg):
    • “These advertisements…promote their teen accounts…timing is interesting…they’re trying to set this narrative about themselves with the backdrop of this trial.”
  • Professor Eric Goldman (Santa Clara Law):
    • Plaintiffs’ legal challenge: Must prove the platforms’ designs actually caused harms, which is “tricky.”
    • “When we talk about solutions, we can’t do that without talking about the problems we’re trying to fix.”

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Lyft Earnings Preview ([47:55–50:34])

• Lyft expected to show strong Q4 growth, with boosts from recent acquisitions and product expansions.
  • New markets in Europe (via Free now) and premium services signal positive movement.
  • Product updates for seniors, airport partnerships (e.g., with United Airlines), and simplifications of the app’s interface to broaden reach.
  • Still trailing Uber in global scale, but analysts remain optimistic about trajectory.

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Memorable Quotes

• Robert Schiffman (Bloomberg Intelligence) on Alphabet’s century bond:
  “If anyone’s really worried if that bond does not pay off in 100 years, come and look me up at Bloomberg. I’m going to be upstairs in my office eating free snacks.” ([04:23])

• Lauren Webster (Piper Sandler) on software’s fate:
  “You can’t rip it out tomorrow. This is a much longer transition period.” ([08:20])

• Ashley Kahman (Bloomberg) on Spotify’s Wrapped impact:
  “People tend to activate their service to participate in Wrapped…this was their biggest wrapped ever.” ([16:00])

• Cristobal Valenzuela (Runway CEO) on AI content shift:
  “I would suggest everyone probably starts to assume that most of the content that you see is going to be generated. What we should be watermarking…is the real content.” ([36:25])

• Eric Goldman (Santa Clara Law) on tech addiction lawsuits:
  “There are many causes of harms in people’s lives and so isolating that causation is going to be tricky for the plaintiffs.” ([44:31])

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Important Timestamps

• [02:10] Market rotation, software sector resurgence, crypto update
• [03:19–07:23] Alphabet bond market moves; macro analysis with Robert Schiffman
• [07:23–14:00] AI fears and the software sector: Lauren Webster & David Solomon insights
• [14:50–16:59] Spotify’s record Q4: user numbers, earnings, “Wrapped” campaign
• [16:59–20:38] Paramount’s enhanced offer for Warner Bros., regulatory angles
• [25:09–26:20] Andreessen Horowitz’s role in shaping US AI policy
• [29:55–37:18] Runway CEO on new funding, world models, industry/labor impact
• [40:45–47:31] Meta’s teen safety trial, commentary from Kurt Wagner and Eric Goldman
• [47:55–50:34] Lyft Q4 earnings preview, strategic moves, and market competition

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Tone

The conversation is brisk, informed, and lively, staying true to the Bloomberg Tech style—analytical, data-driven, and peppered with expert insights, occasional humor, and sharp questions.

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This summary captures the episode’s detailed commentary and expert perspectives, offering a clear guide for anyone wanting to understand the latest dynamics in tech, media, and finance.

Transcript

[Michael McDermott]

At CES. Michael McDermott, EVP of Samsung, spoke with Bloomberg Media Studios about what the company calls its next AI chapter, your companion to AI living. It's a shift from AI as a feature to AI as a trusted partner in everyday life.

[Lauren Webster]

Small businesses are the pulse of every community. They bring people together, create opportunities and drive growth. Chase for Business helps business owners like you with personalized guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn [e-mail] business chase for business Make More of what's Yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co. You need to make a huge presentation in an hour Luckily, Adobe Acrobat Studio uses AI to take all your documents and generate a presentation with a single click, building slides faster than ever before. So if you need a last minute pitch deck, do that with Acrobat. Need to level up your presentation design?

[Caroline Hyde]

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[Lauren Webster]

You have 30 plus documents that need to be simplified into a proposal.

[Caroline Hyde]

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[Lauren Webster]

Learn [e-mail] do that with Acrobat. Bloomberg Audio Studios Podcasts Radio News. Bloomberg Tech is live from coast to.

[Caroline Hyde]

Coast with Caroline Hyde in New York and Ed Ludlow in San Francisco.

[Ed Ludlow]

This is Bloomberg Tech. Coming up, Spotify added a record number of users last quarter thanks to its end of year wrapped campaign.

[Caroline Hyde]

Shares Surge plus Paramount enhances its bid for Warner Brothers Discovery offering billions to cover termination, debt, refinancing and ticking fees.

[Ed Ludlow]

Details this hour and Runway CEO Cristobal Valenzuela joins us to talk about the new funding round that values the company at $5.3 billion.

[Caroline Hyde]

From private markets to the public markets, look on the benchmarks. Nothing that exciting. We're holding on to gains just eking out 23 points in the green and the NASDAQ 100. But you go underneath the herd Ed, and that rotation continues. But this time it's the hardware that gets sold off. The software is being bought for a third straight day. Software really up about 9% as we buy back to that beaten up sector. But we're looking also to what the macro picture is painting. We've got retail sales that come in less than have been expected. What does that mean for a Fed cut? What does it mean for equities? What does mean for crypto? Because let's face it, that is where the movement's happening today. Bitcoin up by 1.6%. Look at eth down almost another 5%. As we still question what sort of an asset this really is. What are you looking at?

[Ed Ludlow]

I'm looking at Spotify and shares are absolutely surging. A record number of subscribers added last quarter taking the total to 751 million billion. Later in the show we'll get to it with Bloomberg's Ashley Common. But it was all about the end of year wrapped and I know as a team we all exchanged our wraps, the stock was on track for its best day ever, up almost 20%. Now on track for its biggest jump in about seven years. But that is a big response to strength when it comes to music streaming.

[Caroline Hyde]

It certainly is tell you strength. The bond market. We're looking at shares of Alphabet but really I want you to focus on its debt because its bond offerings keep coming and after the US dollar debt sale raised $20 billion yesterday, it was upsized. The company is now selling over 11 billion more in sterling in Swiss Franc denominated bonds. And that super rare 100 year note we told you about yesterday, well it was oversubscribed and then some almost 10 times according to sources. Let's talk about it with Robert Schiffman from Bloomberg Intelligence. In less than 24 hours they've raised $32 billion basically on the debt markets. Let's just focus in on what that 100 year debt signals about the confidence people have in this company.

[Michael McDermott]

Well I think what the bond market is telling us is that bubble talks are so 2025 that the concerns that at least from the creditor's perspective is not anything near what it is from an equity standpoint. The reality though is what, what is the benefit of 100 year bond? To me it's just a trophy. It's going to be put on the shelf of pension funds and insurance companies. They're hold it to maturity. And let me tell you something, if anyone's really worried if that bond does not pay off in 100 years, come and look me up at Bloomberg. I'm going to be upstairs in my office eating free snacks.

[Ed Ludlow]

Robert, the macro point is that they're doing interesting things with capital. The bigger picture to fund capex, right to to grow AI infrastructure at scale. I always read your memo every morning and you revise constantly the kind of trajectory. What are the latest numbers that you see going over the next decade?

[Michael McDermott]

Yeah, you know it sort of becomes monopoly money, the type of spending that, that we're seeing. I mean we're now projecting over $4 trillion of cumulative hyperscaler spend through 2030. You can afford a lot of that from operating cash flow. However, how do you supplement it? You supplement it with really cheap bonds. And the way that you can do that is you start off with balance sheets that are in phenomenal shape. You know, if you look at Alphabet's double A credit rating S and P came out yesterday and said in order to breach their downgrade trigger they would have to issue more than $180 billion of incremental net debt. So what I would argue is, hey, if they want it to be a triple B name, would they have to issue $1 trillion of bonds? There is so much capacity. Why not take the money down, borrow long dated paper at five and a half, 5.7%, put it to work today and grow your future cash flows for another decade, if not 100 years.

[Caroline Hyde]

There is some pushback in the market that yes, it's a trophy on a pension funds desk, maybe it's a trophy on Alphabet CFO and Treasurer's desk if they sell 100 year bonds. But it also signals the top of the market. Look, we go back to when the last time a tech company did this it was Motorola back in the 90s. And people are trying to make the assertion that maybe Motorola was at the peak of its game then and where is it now? What do you say to those question marks? About 100?

[Michael McDermott]

Yeah, listen, I think you know what's going to be the top. We can never call the top. Let me tell you something though. I think there's more bonds to come. We still have Microsoft, we still have metal, we still probably have Amazon.

[Caroline Hyde]

But would they do 100 year?

[Michael McDermott]

You know what, they might. And they also might do a lot of other incremental currencies like we talked about yesterday. I'm actually surprised they stayed out of the Euromarket. I think there is a bid deeper demand. There is. Every portfolio manager that we are talking to is talking about having excess cash on hand and everyone is looking at the same compressed yields. There is a bid for yield. It is not going away anytime soon. So if we hit the top of the market, I don't think it's today, maybe it's next week, maybe it's going to be in three weeks, but I don't think it's yet. Listen, I've never been as bullish on tech as I am today. I don't think these companies have ever been better positioned. I don't think their balance sheets have ever been better positioned. And I actually think the confidence levels that we see across the bond market far supersede what I think even Bloomberg News is talking about.

[Ed Ludlow]

Robert Schiffman from Bloomberg Intelligence. Bonds are fun. Thank you very much. The software sector may have a chance to rebound. We're so closely tracking what's happening in software right now. According to JP Morgan strategists, fears of AI disruption may be overblown and the current bearish sentiment is a quote overshoot at this time. That view is echoed by Lauren Webster, managing director of investment banking for Technology Piper Sandler. She writes, while there is merit that I will be a death sentence to certain sectors of software, the notion of software's broad obsolescence is overstated. Delighted to say that she joins us now. I mean this is a day by day thing looking at some of the trading in action in the moment. I see a lot of green in the software space. But I say every day, one market session, a market does not make. Just go a bit deeper on your thesis and why you're a bit more calm here.

[Lauren Webster]

Absolutely. So I think where we are is in sort of this phase of forming, storming, norming in the market and the give and take between AI innovation and software stocks. And so you're seeing a lot of volatility disruption each time there is a new product released from an AI innovator. Yet this broader realization that enterprise software is, is here for good, you can't rip it out tomorrow. And this is a longer term trend. As we figure out how to embed AI into enterprise solutions, what is actually going to be disrupted?

[Ed Ludlow]

We are canvassing a wide and diverse range of views and what's happening in software. Earlier today we spoke to the Goldman Sachs CEO David Solomon. Here's what he thinks.

[Michael McDermott]

We have software exposure, but I'd say it's insignificant in the scale of our, you know, our overall platform. But it's certainly something that we're monitoring. I think the narrative over the last week has been a little bit too broad.

[Ed Ludlow]

There'll be winners and losers and you.

[Michael McDermott]

Know, plenty of companies pivot, do just fine.

[Ed Ludlow]

Sell off. Too broad. It sounds like you and Mr. Solomon agree that maybe what we've seen in the last seven to 10 days, a little overdone.

[Lauren Webster]

Certainly. With that said though, I would, if I was running a business in the software sector today, I would be taking a hard look, spending time with customers, understanding how they're using AI in place of the products that I offer, where I should be embedding it and certainly planning for the next decade or transition towards more AI infrastructure tooling. But yes, as I said, nothing is getting ripped out tomorrow and this is a much longer transition period. And the good news in that is that it gives software companies time to catch up, figure out how they can play play this opportunity.

[Caroline Hyde]

Lauren, what data do you look to as to what might be being ripped out? What is a point of offering rather than a platform that's integrated more deeply within a business?

[Lauren Webster]

Yes, certainly looking at those that have been disrupted most by recent product launch is from whether it be anthropic or others, workflow tooling is a place at risk. Certainly there are elements within the legal sector that some of the newer announcements are starting to displace. There are however bright spots like cybersecurity is one where I spend a lot of time and certainly you need cybersecurity capabilities to even implement some of that AI enterprise infrastructure. So, so there will be pockets of opportunity in the software sector and then certainly in the picks and shovels around AI infrastructure go there a little bit.

[Caroline Hyde]

More because that was clearly the read across from some of this capital expenditure spend that we saw last week announced. I mean extraordinary numbers coming from the hyperscalers. And then of course people thought, well, time to be long energy, time to be long the chips that go inside these data centers, is that still the right play for you, Lauren?

[Lauren Webster]

Absolutely. So, so the money is not pulling out of the market and sitting on the sidelines. It truly is going into a lot of the infrastructure opportunity, what is often called the physical AI play, where it is energy, networking. I mean we're even seeing physical security around data centers getting, getting another look. And so there is a significant opportunity in that infrastructure and elsewhere that is, you know, IRL or in the physical world.

[Ed Ludlow]

What I'm trying to understand is, is why the story has changed for lots of investors. You know, if you think back to when we started closing, closely tracking capital expenditures, people wanted to see the software revenues on the other side. They wanted to see revenue top line growth that directly resulted from, from investment. Right. Think about the course of gone a name like Salesforce course they posted really good numbers. But the anxiety is still there despite the evidence it's backward looking that people are willing to pay for that, that era of software. Why is that?

[Lauren Webster]

Look, there's a broad realization that you're going to have to invest ahead of, ahead of the real realization of the opportunity, the real realization of the profits. And so that's why you're seeing a lot of these hyperscalers pour tremendous capital hundreds of billions into their capex infrastructure associated with AI. And there will be support for others across the software ecosystem as long as there is also that customer enterprise customer journey narrative going with it as well.

[Ed Ludlow]

Yeah, that enterprise evidence is right is what we're looking for. I can ask you one of my favorite questions given we're still early in the year. What happens in the rest of 2026 with the software sector?

[Lauren Webster]

Yeah, I'm going to go back to where I started, which is really this forming, normal storming. You have a lot of AI forming right now and I will tell you, we are not, we are not at the end of that formation. There are going to be gives and takes and then that storming with traditional software, the winner there is going to be those that are really spending time understanding, understanding the evolution of their technology with their customers and how those customers are applying AI to their solutions. And then you'll have this normalization and it could be a few years out where there is a balance between, you know, AI infrastructure leaders and those software innovators, enterprise SaaS who have really seized the opportunity to embed AI for their customer benefit.

[Caroline Hyde]

Known Webster, can't wait to have you back on the show. Thank you very much indeed, Piper Sandler. We appreciate it. Coming up, Spotify reporting record user growth in its fourth quarter. What to discuss next. We're in these earnings but what are you looking at?

[Ed Ludlow]

Just a very quick look at TSMC US listed shares. They're up almost 2%, 1.7% but trading at a record high. The shares in Taiwan overnight traded at record highs. The revenue jumped 37% in January. Same story. Air spending marches on. TSMC dominates the market for chip manufacturing. This is Bloomberg Tech.

[Caroline Hyde]

Let's check in on Spotify. Shares having a strong day, up 15% at one point having their biggest move on record after the company reported, well, record user growth in its fiscal fourth quarter and $835 million in operating income. Let's turn to Bloomberg's Ashley Kahman who broke down the numbers. And look, the mighty have fallen a lot coming into this number, Ashley. So the bounce back is perhaps not surprising when they're able to give some sort of ease to the investor base.

[Lauren Webster]

Yeah, and I think that was a lot of what this call was today is just addressing concerns that I specifically AI music startups might, I mean these are supposed to launch this year. So people are concerned. Are they, are people going to start using AI to generate songs and then listen to those songs on other platforms or are they going to keep coming to Spotify and today the co CEO as we're saying, we think they'll keep coming to Spotify.

[Ed Ludlow]

So the stock at one point was on track for its biggest jump ever. It's now up 15 and a half percent I think on track for its biggest jump in seven, almost eight years. You write about in the report the impact of rapt for those although I don't imagine there's many that don't know what that is. Ashley, just explain it. But like why was that such a big factor?

[Lauren Webster]

So Wrapped is their annual interactive viral marketing campaign where people share their music and podcasts that they listen to the most this year and every year it is just a moment on the Internet people tend to activate their service to participate in Wrapped so they always expect to see a boost. But I believe on the call today they said this was their biggest raft ever. So we can really see the results of that marketing campaign.

[Caroline Hyde]

But are people advertising more with Spotify? Are they able to drive revenues not just by having more of us tune in and on earth our Spotify account every end of year.

[Lauren Webster]

So this is the one part of the earnings today that was a little bit gloomy. The ad supported revenue actually dropped year over year. And this has been a part of the business that people are really wondering when are we going to see you start making more money from advertising? Which is also an important question because when we're talking about them adding users, these are ad supported users, subscribers grew as well. But if you're going to keep adding ad supported users, you also want to see the revenue in that department go up as well.

[Ed Ludlow]

Bloomberg's actually common on Spotify. Thank you very much. Paramount is trying to sweeten its Warner Brothers bid. The media giant saying it will cover a $2.8 billion termination fee that Warner Brothers would pay Netflix if it terminates an already agreed upon deal. Bloomberg's Lucas Shaw who leads the Screen time team is with us. This was interesting right? The headlines here and it's, it's a sweetener an improvement on their deal. But actually the specifics are very interesting. They're not just they're not boosting the offer price. Go into detail explain how we unpick the this.

[Michael McDermott]

Yes. So they are addressing and they being Paramount two of the concerns that Warner Brothers has had about their deal. One is this question of the breakup. The rights of Warner Brothers has been had been debating between two main offers between Netflix and Paramount. They picked Netflix but if they walk away from Netflix to you know, re engage with Paramount they have to pay Netflix, a bunch of money Paramount had is now offering to cover that. And Warner Brothers had been very worried about it because they said that one of the reasons the deals weren't equivalent was Paramount wasn't covering Warner Brothers downside on that, which would have come out of the money that they get. The other thing here is Warner Brothers have been really concerned about their ability to refinance their debt going forward. Paramount has now or David Ellison both. First in swallowing Paramount and now trying to swallow. Warner Brothers has a history of trying to impose really onerous covenants on what the company he's acquiring can do, which would have limited Warner Brothers in that respect. And now Paramount is saying, basically, we'll cover you on whatever costs are related to that debt financing. To your point, they still haven't actually raised the $30 a share offer. This does increase the total net value of the bid. And so we're waiting to see what, what the Warner Brothers board has to say about it.

[Caroline Hyde]

What credence do investors give at the moment, Lucas, to that? This would pass through regulators more easily, this whole ticking fee, the idea that if it goes past the quarter expected, they get a chunk of change in return if it's delayed. I mean, that really just speaks to the bravado here.

[Michael McDermott]

Yeah, well, Paramount has been adamant all along that it stands a better chance of getting its deal approved, which on its face, makes some sense. Netflix is a much larger company, a more powerful company. It's the number one player in streaming. Netflix, of course, has countered that. You know, they are very confident in getting their deal approved. Approved and raised issues with, with Paramount's offer because Paramount Warner Brothers discovery combined would account for technically a larger share of television viewing than Netflix would under the deal. But both sides are trying to plead their case. Paramount obviously is sort of coming from behind here. And what they are trying to do is inject enough doubt in the minds of shareholders that they will not vote for the Netflix deal next month.

[Ed Ludlow]

Lucas, both sides trying to plead their case. There's been a lot of recent reporting from, from us on what's also happening kind of in the background. There's obviously been an interest from Washington, D.C. what else do we need to know about how this is going from a regulatory perspective or at least interest from, from government as well?

[Michael McDermott]

I don't know. Right. We've, we've had Paramount shareholders or we've had kind of Paramount and David Ellison lobbying people in D.C. and Europe. We've had Netflix going ahead of the Senate last week. President Trump had said he'll be involved then, he said he's not involved. What we do know, just as a as a basic set of facts, is that the DOJ is looking into both cases and has yet to say whether or not it's going to challenge either of them.

[Caroline Hyde]

In terms of timing, is there anything pressuring? Is there any date, any number, any, any time frame that we look to for the next.

[Michael McDermott]

Year? The next big one is the is the shareholder vote really? We're expecting Warner Brothers to arrange a vote of its shareholders sometime probably in mid to late March, kind of at the latest early April. That's something of a deadline for Paramount because they need to convince a bunch of shareholders before then to change their mind. Otherwise, then they're really up to the whims of regulators. Because if it gets to shareholders, and shareholders do approve that Netflix deal, there's not much Paramount can do besides hope that the government in the US or Europe blocks the deal.

[Caroline Hyde]

Reminds me for sure we appreciate you on the story. Meanwhile, coming up, we're going to talk about how the storied VC firm Andreessen Horowitz is helping drive the Trump administration's AI approach us. Next, this is Back Tech.

[Michael McDermott]

How do you shift AI from being a flashy feature to a trusted partner in consumers everyday lives on the ground at CES Bloomberg Media Studios? Asked Michael McDermott, EVP of Samsung. Our 2026 vision is built around an AI companion. It understands you and responds intuitively. This intelligence works quietly in the background across TVs, home appliances and mobile devices. By putting AI at the center of everything we do, we're simply improving everyday life for everyone everywhere. Support for the show comes from public on public. You can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index. With AI, it all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year, you can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are completely customizable and based on your thesis, not someone else's. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors LLC SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete Disclosures available at public.comDisclosures being a.

[Lauren Webster]

Small business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business finances all in one place with their digital tools looking for tips and advice. Their online resources are always available to give you the solutions you need to help your business thrive. See how your business can get stronger and go farther with Chase for Business. Learn [e-mail] business chase for business Make More of what's Yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co.

[Caroline Hyde]

It's time now for talking tech. And first up, Stripe is arranging a tender offer that would value the company at $140 billion. Now, according to sources, that marks a roughly $30 billion increase from the most recent valuation last year. The move is being seen as a sign that the mighty Fintech may continue to delay its initial public offering. Plus, Cadence Design Systems is introducing a new tool designed to speed up semiconductor development. Now the company's new chip stack. A super agent? Well, it will act as its assistant to engineers, helping with design, debugging, blueprint generation. Now the move comes as the tech industry really grapples with a surging chip demand and ongoing labor shortages. And Alibaba. But it's pushing further into robotics. The company has debuted a new AI model called RIN Brain, designed to give robots a more advanced understanding of their surroundings. With the release, Alibaba takes on AI leaders such as Google and Nvidia. And what have you got?

[Ed Ludlow]

Okay, so Andreessen Horowitz has become one of the most influential voices shaping the Trump administration's AI policies. Sources say the venture firm is often the first outside call the top White House officials and senior Republican congressional aides make when weighing moves that could affect tech companies, AI plans. And like a lot of this reporting, Caro, it's coming from current and former White House House officials. There are things that are currently clearly in plain sight right so Sri Ram Krishnan, who is a senior policy adviser to the president, is a former Andreessen Horowitz partner. But he was in London and there's reporting in there about, you know, David Sachs, who is from the world of venture capital in Silicon Valley, is close to the president and wants to hear out, you know, industry. And Andreessen has scale, has scale.

[Caroline Hyde]

It has money to put into Super PACs. We see what they did with the crypto fair shake in the way that they've been retargeted in the AI spectrum. But what's also interesting is one of the lines in the story says they de facto have a veto really over certain policies. Now they push back on that. In particular, the named lobbyist for a 16Z says, look, the only person who's got a veto is President Trump himself.

[Ed Ludlow]

Yeah, yeah, the president makes policy. But you know, as we've reported, he often gets handed the docs, reads the them himself and says, good call. Coming up on the program, Runway CEO Cristobal Valenzuela will be with us to talk about the startup's latest funding round at a $5.3 billion valuation. It is half time and that conversation is coming up next. This is Bloomberg Tech.

[Caroline Hyde]

Welcome back to Bloomberg Tech. Let's check in on the markets that actually giving away some of that gains that we had earlier in the session. We're now unchanged on the NASDAQ 100. We're trying to digest the retail data that we got, which is weaker than expected. But what does that mean in terms of the Fed and its ability to cut rates more broadly, but also where are we buying back into is software still loved at the moment, having been so beaten up last week. And the hardware sell off is just a little bit crimping some of that risk on feeling of the day, I'm looking at a risk off feeling in crypto. Bitcoin up by 1.4% was still at 69,000. So well off the lows of last week, but it's still the moon music not strong, particularly in E4 by 4.6%. So still looking for a direction and really where the asset class buying comes and steps back in. Move on to what's happening underneath the hood of the benchmarks because look, we are seeing significant gains for Spotify, I might add, it was being crushed leading up to these numbers. So we're still down on the in terms of a one year basis, we're up 50%, almost a record movement on their shares after their addition to monthly average. Users really eclipsed expectations, Snap gets an upgrade. It's really seeing that you could be buying into the strength of subscriptions for this company. Datadog, check that out. Up 16% against software was beaten up. But Datadog giving a earnings report that steadied some of those nerves at Joining.

[Ed Ludlow]

Us now is Bloomberg equities reporter Ryan Vasilika who I don't know how he does it, but he's across the entire high a lot. Let's start with that with the earnings part because that's probably more common to some of the bigger movers right across the markets this morning. Spotify, Datadog, what are the trends we're seeing and what's the action in the moment? Telling you. Hey, good morning. Thanks for having me. So a lot of these companies have gotten beaten down as you mentioned, but they did a lot to reassure investors about some of the bigger concerns that are facing them. So in Spotify's case, they give a very strong outlook for their user growth. They gave a very strong outlook for their margins, both of which helped to address key concern that people have been having. Spotify I think is up by its biggest day I think in several years by now. So certainly a relief rally there. Datadog, another company that has been really beaten down as part of the ongoing route in software stocks. Strong revenue forecast there and the full year revenue forecast I think was a little bit under expectations. But at the same time analysts said this looks like it could be conservative, really helping to ease concerns about what is the impact that some of these software companies are going to see from AI related services.

[Caroline Hyde]

That's it, isn't it? That's the read across. It's how much is AI going to be eating any of these companies lunches? And absolutely must be the desire of the executives right now to push back and to show real operating margin growth and in particular real revenue. I mean Datadog was up 29% cent for their last quarter. Just gone.

[Ed Ludlow]

Yeah, absolutely. Now I will say that the not all of the results have been strong. So yesterday we got results from the company called Monday.com that stock fell 20%. I think that one wasn't strong enough.

[Cristobal Valenzuela]

To help ease some of these concerns.

[Ed Ludlow]

That have persisted around it. But Datadog is the one that I feel like you hear a lot of people talking about when you look at the overall software weakness. This is one name that gets singled out repeatedly as one that was sort of thrown out with the bathwater. So maybe overdone selling, selling there.

[Michael McDermott]

Certainly the results here are giving the.

[Ed Ludlow]

Bull something to cheer about. Bloomberg's Ryan Vlastelica. Thank you very much. Let's go to the private markets. In the world of startups I start up Runway hit a $5.3 billion valuation of the company, clinched a new round of funding, raising $350 million. Here to discuss Runway CEO Cristobal Valenzuela. You know, I was reading all of the different reports about this, this round, and we'll get to the money part, but I think what's jumping out at me, Christopher, it's great to have you back on the program, by the way, is the. The need to make models that are more useful, that can do more. Do you think that's a. That's a fair place to start?

[Cristobal Valenzuela]

It is. And thank you for hosting me again and having me here. It is. I think it's a reality of where the technology is heading or where the models are. We've seen this a little bit with language models, but now I think role models are basically eating research and eating AI. It's kind of clear that the next frontier of what we expect to see progress in all modalities will come from video and for models that can understand and simulate the world. And so a lot of what we're doing with this new funding is to basically double down on that vision and that mission, which I think we've been first to market in many other parts of, including, of course, video generation, but now feels like more present than ever than world market models will start really unlocking the next stage of AI progress.

[Ed Ludlow]

You may be a little beaten down by, by this story and line of questioning, but the capital is for compute, or it's for talent, or it's for both. And give us a sense of what that environment is right now.

[Cristobal Valenzuela]

Yeah, it's a. It's for both. I mean, the growth of the company stems from how we allocate these resources effectively. And look, we've been a very focus and very efficient company, spending what we raised in putting it into compute, into training some of the world's best video models out there and hiring where for the impact that we've had as a company and for the kind of customers and enterprises that we serve. Very small, very small team. And so right now we are scaling that. We are hiring across the board more researchers, more great talent, and of course, double down on compute, which is fundamental if you really want to get to the next stage of what we think.

[Caroline Hyde]

Will come, the kind of customers you serve.

[Ed Ludlow]

Christ about.

[Caroline Hyde]

Who is that then? As we still typecast you as an AI video generation company, but you're not, you're a robotics company, you're an avatar company, you're a world company. So who do you serve?

[Cristobal Valenzuela]

Yeah, of course, that's a good question. So look, I think it's important to understand how it has progressed. And language models are basically describing reality world models are simulating the world world. And when you stimulate the world, you can start tackling many different kind of industries. So the question of like, will they models will help advertising, marketing, Hollywood, media. I think the question is answer and the answer is yes. It's kind of a pretty like obvious yes to these days. And so we're the best company and the best kind of like solution for marketers. Media, Hollywood, entertainment. We've been doing this for quite some time. And so I think we're one there and want to continue to grow. There's a lot of expansion that we have to do in the industry there now the models can simulate the world. So we started to simulate not only media and entertainment, but we started to simulate how the world works. And that is effectively very valuable for robotics, for physically, for av. And so another way of thinking about it is we have some of the best tools to create media and videos for humans to watch. We now started to create videos and media for robots to watch and for that, for those robots to learn from that data. Which is fascinating.

[Caroline Hyde]

It is fascinating. It also has different impacts on different people. And when you say it helps an industry that's kind of in the eye of the beholder.

[Lauren Webster]

Chris.

[Caroline Hyde]

Well, talk to us about how you think about as a leader of your business, the implications this has for the labor market for what it means more broadly for, for humans watching content that wasn't made by people and the reality of them.

[Cristobal Valenzuela]

Yeah, look, that's on. That's a question that we've tried to grapple for a long time time in terms of how do we make sure that companies and industries react accordingly to what's coming and what's happening. And I think my take after seeing the industry for quite some time is I think the industry is adapting pretty well, to be honest. If you look at advertising agencies, if you look at Hollywood, it's pretty obvious these days that every studio has an AI department and I can function and IG for and the organization has started to rethink themselves in an AI for native world and that has allowed themselves to really find new jobs, new types of things that they weren't able to do before. So in a way that's taking some of the tasks and things we've seen in the past kind of and that will go away. And that's natural. I think that we've slowly realized that that's the case. At the same time we've seen more jobs being put out there with new descriptions on things that even a year ago would have been unthinkable of. And I think that reaction is now becoming obvious not only for me media for Hollywood, but for gaming companies and for many other industries. Even for software engineers. I think it's kind of pretty obvious these days where you start to see that you can automate and simplify a lot of the entry like level tasks and jobs. And so that's where I think we will continue to see growth industry wise in media and entertainment.

[Ed Ludlow]

Christopher we find that there's a lot of interest in Runway right as a company, how, how the models are being deployed and use commercialization. This was a big round. The valuation is interesting. A lot of the questions we get for you about your future and whether you plan to go public. So I'd ask you to kind of be candid about that. The benefits and negatives of being a public company and why you might consider doing that.

[Cristobal Valenzuela]

It's not something we would not consider at some point. I think right now, given the breadth and research innovation that we conduct at the company, I think we're in a much better position thinking about being private for a bit more time. I think there's trade offs as being a public company in terms of how you report, how you think about your growth, the kind of things that you need to focus on right now. For me this is an area of unique frontier research and being a private company allows you to do that frontier research in a much more, with much more freedom. And so it's something we wouldn't necessarily not consider. But right now, given the growth that we see, we're probably remain a private company for quite some time to retain their independence because.

[Caroline Hyde]

Well, briefly I sort of asked you about whether the employee base in companies are ready. Am I as a human ready to digest the wall of AI made content and discern what's real and what's not?

[Cristobal Valenzuela]

Yeah, you know, that's, that's an interesting question. I actually will actually we've got to flip the assumption there. I would start to assume, and I would suggest everyone probably starts to assume that most of the content that you see is going to be generated. And in that case what we should be kind of watermarking and protecting isn't necessarily the generated content, is the real content, is the content that we've seen and we've recorded from a camera then inverse a little bit the problem because yes, more content will start becoming the norm. More AI content will start start becoming the norm of the content we track with specifically when you can also do it in real time, which is going to be a fascinating new avenue of like gaming and nonlinear experiences. I think the world is adjusting to that. There's definitely a culture on the social like adjustment period. But from what I've seen I think it's happening faster than ever before and just, just prepare because it's going to get even even more crazy.

[Caroline Hyde]

Christopher Valenzuela, Runway CEO it's great to have you back. We appreciate it.

[Cristobal Valenzuela]

Of course. Thank you guys.

[Caroline Hyde]

Coming up ahead of a landmark addiction trial, Matter ran thousands of commercials to promote its safety work with teens. Details on that next. This is Bloomberg Tech.

[Michael McDermott]

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[Lauren Webster]

Small business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business, finances or all in one place with their digital tools. Looking for tips and advice, their online resources are always available to give you the solutions you need to help your business thrive? See how your business can get stronger and go farther with Chase for Business. Learn [e-mail] business chase for business make more of what's yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply. JPMorgan Chase Bank Naomi Member FDIC Copyright 2026 JPMorgan Chase Co. Finding the right.

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[Ed Ludlow]

Instagram owner Metta paid for thousands of TV commercials that promoted its safety with teens, all ahead of a landmark case examining whether the company intentionally designed products to hook children. Bloomberg's Kurt Wagner, who leads our coverage of Matter, is here with us. This is about timing and proximity to, to, to, to events. But what do we need to know in our reporting?

[Michael McDermott]

Yeah, so the trial is sort of the backdrop of this whole thing that started yesterday in Los Angeles, as you point out. The allegations here are that Metta and YouTube and others have created these products to addict young people. You know, the infinite scrolling, the algorithms, things like that. And so these advertisements that Met has been running for a while, but really in earnest since November, promote their teen accounts and all of the stuff they're doing to try and help and combat this issue with teenagers. And so again, timing is interesting here. They're trying to sort of set this narrative about themselves with the backdrop of this trial going on at the same time.

[Caroline Hyde]

Now in the story, it talks of Tech oversight Project Executive director Sasha Howarth really talking about this as being an influence play. But in many ways, to take the other side is meant to be an influence play for parents, for kids to understand that these tools are there for them to use.

[Michael McDermott]

Right, Exactly. And you know, you think about if you're Metta and you're sitting here going, okay, there's going to be this landmark.

[Ed Ludlow]

Trial and in fact there's going to.

[Michael McDermott]

Be trials for Metta around child safety and teen safety throughout the year. And so if you think about there's this steady drumbeat of headlines and news and coverage about that issue, you certainly want to have your viewpoint out there as well. And so I think that's why we see them promoting these teen accounts which.

[Ed Ludlow]

They rolled out about two years ago.

[Michael McDermott]

And, and really trying to, to your point, Caroline, show parents that hey, all these things you're reading in the press like we, we are addressing them with.

[Ed Ludlow]

These, these safety settings that we've put.

[Michael McDermott]

In place as well.

[Caroline Hyde]

Wagner, we thank you. We're going to talk more about that story in a moment. But first that you got some breaking news.

[Ed Ludlow]

Yeah. My understanding is that Tesla has promoted Joe Ward, who is the vice president leading the EMEA region operations, to basically run sales service and delivery globally. All those teams around the world are now reporting it to him. We don't know that much about Joe Ward. I think he started at Tesla as an intern quite a long time ago, has kind of closed, climbed up the ranks and been based on in Europe. You remember yesterday Bloomberg had reported that Raj Jaganathan had left Tesla and he had been running the sales org and you know, we try and track this because of how it runs with everything kind of filtering into Elon Musk. Ultimately we'll keep track of it.

[Caroline Hyde]

Yeah, Ame sales, they've been tough of late. Now let's just return to our original conversation because as mentioned, it's not just matter that's currently under scrutiny over safety, particularly for teens. Other tech giants think Google with its YouTube are facing lawsuits as well over the addictive nature of social media. Let's get more on all of this. Eric Goldman, he's a law professor at Santa Clara University School of Law and co director of the school's center for High Tech Law. Eric, as I mentioned, it's matter, it's Google. It's also Snap and Tick Tock facing legal focus throughout the year, correct?

[Michael McDermott]

Yeah, There's a trial taking place right now in Los Angeles putting all four of them on trial. There's also a federal case that's putting them on trial in June and there are lawsuits against all of them throughout the country.

[Caroline Hyde]

In parallel with that, the argument at its core from some of these so called victims are that these tools and these platforms were designed to hook teens young brains in particular and keep Them coming back for more. Eric, is that the understanding you have? What legal credence, what fight do they have to fight here?

[Michael McDermott]

So the basic argument for the plaintiffs is, as you described, that the sites were designed to intentionally addict users and that the services are therefore liable for the harms that resulted from that addiction. There's a lot of questions about that. For example, we have to ask what does it even mean to be, quote, addicted to a social media service? This. There are medical or psychological definitions of that. We also have to talk about whether or not the services caused the harms that the victims have suffered. There are many causes of harms in people's lives and so isolating that causation is going to be tricky for the plaintiffs as well.

[Ed Ludlow]

Let's get met his response to the, to these lawsuits in questions, right. The company says that they don't reflect reality. The evidence will show a company deep, deeply and responsibly confronting tough questions concerning research, listening to parents, academics and safety experts, etc. That's the company's reaction. Actually. What's happening in response to the wider issue is, you see, state by state, different laws being enacted that are consistent with the complaints of the plaintiffs. That. That's my read of it. Professor Goldman, is that a sort of useful strategy towards a solution here?

[Michael McDermott]

I think you need to be careful about using the term solution because in order for us to talk about that, we have to be very precise about exactly what problem we're trying to fix. There are a lot of problems in our society, a lot of problems plaguing kids, and there are also problems of over responding to the content online that looks a lot like censorship. And so when we talk about solutions, we can't do that without talking about the problems. Having said that, I think that we're going to see a battle of experts in these trials where both sides are going to bring in the best and brightest minds to tell their case to the jury. We're going to hear from average Americans essentially plucked off the streets, who are going to weigh that evidence and try and tell us whether or not they think there's a problem here that needs to be addressed.

[Ed Ludlow]

Professor, in the course of proceedings throughout the trials, those that are kind of trying to come to a decision in them, those presiding over the case, to what, to what degree do they have expertise in the technicalities behind this?

[Michael McDermott]

So ideally, the jury doesn't have any direct expertise. They're bringing in. The idea is that that's not what they're being asked to do. They're going to be presented with evidence from experts that have been chosen by the parties and they're supposed to sift through that evidence, discuss it, evaluate it and try to say which they find more convincing. So in that sense, I think it's even better for us that it's not a panel of experts trying to decide. It's really a bunch of what we hope are well meaning Americans who are there to just tell us. I'm not going to respond to the hype. I'm not going to listen to the critics and the media here, the plaintiffs lawyers and the politicians per se. I'm going to listen to the evidence.

[Ed Ludlow]

Eric Goldman of Santa Clara University School of Law, thank you very much for your time. Now coming up on the show, Lyft earnings are out later today. We're going to preview what, see what to expect. That's next. This is Bloomberg Tech.

[Caroline Hyde]

Lyft earnings. They're out after the bell today. And less than a week after rival Uber kind of disappointed investors with its profit outlook. Let's talk about what we can expect from Lyft with Bloomberg's gig economy reporter Natalie Leung. We are expecting pretty healthy gross bookings, right, for the fiscal quarter just gone.

[Lauren Webster]

Yes. If Uber's earnings was any guide, they posted pretty strong 4Q. And Lyft is also expected to post pretty strong growth there, one of the strongest growths we've seen in nearly two, two years.

[Ed Ludlow]

Natalie, Uber used its earnings to position itself structurally and from a personnel perspective for its Robo taxi era. You know, we've spent a lot of time with Lyft who plan to do the same. Right. What do we expect them to communicate in earnings in that respect?

[Lauren Webster]

Lyft is going to roll out EVs in a couple of cities this year as they announced last year. Those are Dallas and Nashville. So we might hear some of their royal plans today and also hear them talk about how their, you know, fleet operations unit subsidiary Flex Drive might help with that.

[Caroline Hyde]

And Dave Richer and the team of late have really got the memo that they need to go global. They've been making M and A. How is that speaking to the growth opportunity here?

[Lauren Webster]

So the fourth quarter will be the first full quarter where they take into account the European business Free now, which is the taxi app in Europe that they acquired last year. So they might get a boost there. And they've also acquired this chauffeuring business which is like this high end rides type which could also bode well for the bottom line.

[Ed Ludlow]

Did Lyft actually do anything in the quarter, Natalie that you kind of think might give them a little bit of a boost. Is there anything that they've already announced that we think they'll show traction on?

[Lauren Webster]

So last year was a big year for their silver product which is aimed at elderly users. They simplified their app interface for users so there could be a boost in the rider base there. There also boost a lot of their partnerships. In November they announced a partnership with United Air letting people earn miles if they connect their accounts with Lyft. So that might attract more businesses there like on airport rides to how are.

[Caroline Hyde]

They in terms of scale versus Uber? I mean at the moment analysts really like the stop. Fifteen of them say buy only to say sell. But is it a like for like comparison here? Are they always going to be the second fiddle?

[Lauren Webster]

Yeah, like Lyft's business is, you know, 30 or 20 to 30% market share in the U.S. and they they're just starting with their global expansion compared to Uber which is already in more than, you know, 30 countries. And so there's still a lot to catch up there. But we know Lyft is on track with their three year targets.

[Ed Ludlow]

To Bloomberg's Natalie Long, thank you very much. I mean the earnings in the moment carries Spotify on track for their best day in about 7 years. 38 million subscribers added Quarter gone 751 million total is all about the unwrapped. My average age 37 year old listener apparently.

[Caroline Hyde]

I think I pipped you to the post with a 32 year old listener, but I thank my kids for that. That does it for this edition of Bring Back Tech.

[Ed Ludlow]

Check out the pod. You know where to find it. This is Bloomberg.

[Cristobal Valenzuela]

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[Caroline Hyde]

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[Lauren Webster]

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[Ed Ludlow]

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[Caroline Hyde]

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[Lauren Webster]

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