Chapter 1: What is the main topic discussed in this episode?
So, what will Rachel Reeves' pivotal new budget mean for you?
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This is Bloomberg Tech. Coming up, Cisco shares gain after boosting its 2026 forecast, showing progress in its effort to capture more AI spending. We're going to discuss with the CEO. Plus, shares of Disney, they're falling today as the company invests in its content slate and stream bundling. Our conversation with the Disney CFO, Hugh Johnston.
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Chapter 2: What did Cisco's CEO say about the company's AI strategy?
Bloomberg's global tech editor, Peter Elstrom, joins us for more. There's one of several stories actually about Tencent today, but let's start with the Apple one. What do we need to know?
Yeah, so Tencent and Apple have been in this standoff for a number of different years.
Tencent offers a bunch of different services, including games, but they also offer WeChat, which is really the original super app. It's a messaging app, but you can do many other things within it, too. Now, Tencent has wanted to offer different services and
games through this super app, and they've allowed developers to circumvent the Apple Store to avoid some of the fees that you would typically pay by using the Apple Store. Apple hasn't liked that. They want everybody to go through their Apple Store where they take a 30% cut of most things that are going on.
Chapter 3: How is Cisco performing in the current market?
So we understand from our sources, this is a Bloomberg scoop, that they've reached an agreement now where customers within the Tencent WeChat ecosystem are going to pay a fee of 15% to Apple.
So about half of their usual fee, but they'll begin to reach some sort of truce between Tencent and Apple as they collaborate on games and other kinds of services. So Peter, push us forward. Is this good for Apple because they can start to reap more rewards from these companies that are super apps? Or is this a concern because everyone else is going to be looking at a 15% number?
Yeah, it's a very good question. Certainly, Apple faces this kind of pressure in many different markets. It's not just China.
In China, it's a little bit different, though, because they don't have the kind of market power that they do in places like the United States or Europe, for that matter, where they can just take their 30 percent cut. Regulators are looking at those fees.
They'd like to bring them down. But in China, they haven't been able to make that much progress because there are these alternatives like Tencent's.
uh ecosystem and other kinds of areas too so this is at least an entree for them into a china market that they really haven't been able to tap that effectively in the past Peter Elstrom, all across the world of Tencent, we so appreciate it. Meanwhile, coming up, we're all across Disney, falling today after what some investors are calling an underwhelming forecast. More on that next.
Meanwhile, check out shares of Verizon. We have breaking news coming from the Wall Street Journal, talking about how there could be some 15,000 job cuts to come. Remember, we've had a relatively new CEO in place. Bloomberg reporting earlier that layoffs could be announced as soon as next week, according to People Familiar.
as we have a major step in the transformation led by the new CEO, Dan Schulman. From New York, this is Bloomberg Tech.
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