1
00:00:05,640 --> 00:00:08,399
Speaker 1: Welcome to the Fear and Greed Business Interview. I'm Sean Almer.

2
00:00:08,480 --> 00:00:11,880
Speaker 1: Donald Trump's inauguration saw a who's who of tech billionaires

3
00:00:11,920 --> 00:00:15,319
Speaker 1: and business leaders surrounding the president as he was sworn in.

4
00:00:15,600 --> 00:00:18,319
Speaker 1: Fessler's the Elon Musk was there, of course, along with

5
00:00:18,400 --> 00:00:22,200
Speaker 1: Meta founder Mark Zuckerberg and Amazon's Jeff Bezos. Google found

6
00:00:22,200 --> 00:00:25,280
Speaker 1: a Sergei Brinn was also in attendance, with Sundhar Pitch,

7
00:00:25,520 --> 00:00:29,480
Speaker 1: the current CEO of Google's parent company Alphabet, also there,

8
00:00:29,800 --> 00:00:33,879
Speaker 1: adding Apple CEO Tim Cook, Bernard Anau, the French founder

9
00:00:33,920 --> 00:00:37,000
Speaker 1: and CEO of LVMH, the world's biggest luxury goods company.

10
00:00:37,479 --> 00:00:41,640
Speaker 1: You've got a handful of very influential and very wealthy people.

11
00:00:42,520 --> 00:00:46,000
Speaker 1: What will their proximity to the new president actually mean

12
00:00:46,120 --> 00:00:48,800
Speaker 1: for their companies? Remember this is general information only. You

13
00:00:48,800 --> 00:00:53,000
Speaker 1: should seek professional advice before making investment decisions. Josh Gilbert

14
00:00:53,080 --> 00:00:56,760
Speaker 1: is a market analyst at Social Investment network e Toro. Josh,

15
00:00:56,760 --> 00:00:57,920
Speaker 1: welcome back to Fear and Greed.

16
00:00:58,400 --> 00:00:59,360
Speaker 2: Thanks having me back, Sean.

17
00:00:59,400 --> 00:01:03,120
Speaker 1: Great to be here. Quite quite the lineup, wasn't it

18
00:01:03,120 --> 00:01:06,720
Speaker 1: this week? With Donald Trump and friends. Not a huge

19
00:01:06,720 --> 00:01:11,600
Speaker 1: amount of community representatives, but plenty of business leaders CEOs.

20
00:01:11,920 --> 00:01:16,160
Speaker 1: Let's start with Elon Musk. What doesn't mean for Elon

21
00:01:16,240 --> 00:01:19,559
Speaker 1: Musk keeping in mind of course that he Donald Trump

22
00:01:19,560 --> 00:01:22,039
Speaker 1: actually rescinded some of the orders of Joe Biden to

23
00:01:22,120 --> 00:01:24,200
Speaker 1: make sure people were buying ev So it's done all

24
00:01:24,240 --> 00:01:25,440
Speaker 1: good news for Elon Musk.

25
00:01:26,480 --> 00:01:29,319
Speaker 2: No, not always going Elon's way, But as you say, Seanie,

26
00:01:29,319 --> 00:01:32,000
Speaker 2: it was really interesting to see so so many billionaires

27
00:01:32,040 --> 00:01:34,240
Speaker 2: in the room. And I think it's a great example

28
00:01:34,240 --> 00:01:37,080
Speaker 2: of just that sort of power shift really in US politics,

29
00:01:37,160 --> 00:01:39,399
Speaker 2: right we sort of this sort of club that the

30
00:01:39,400 --> 00:01:41,880
Speaker 2: president has sort of got he didn't sort of really

31
00:01:41,920 --> 00:01:44,319
Speaker 2: have last time out. They've sort of embraced Trump and

32
00:01:44,400 --> 00:01:46,319
Speaker 2: you know, standing in the same room and that sort

33
00:01:46,360 --> 00:01:48,240
Speaker 2: of really wasn't the case last time out. And I

34
00:01:48,240 --> 00:01:50,400
Speaker 2: think that is because of the CEOs. They have a

35
00:01:50,400 --> 00:01:52,080
Speaker 2: lot to gain, right you know, he is going to

36
00:01:52,080 --> 00:01:55,080
Speaker 2: be the country leader, so everything from anti trust policy

37
00:01:55,080 --> 00:01:57,520
Speaker 2: to to sort of deregulations, they've all got a lot

38
00:01:57,560 --> 00:01:59,920
Speaker 2: to gain or to lose, you know. At the same time,

39
00:02:00,480 --> 00:02:02,560
Speaker 2: for Tesla Shares, as you mentioned, they have been on

40
00:02:03,160 --> 00:02:06,560
Speaker 2: the back for a little bit this week following that move,

41
00:02:06,600 --> 00:02:09,040
Speaker 2: as you say, coming from Trump, but I think we

42
00:02:09,080 --> 00:02:11,720
Speaker 2: always expected to see that. We always expected to see

43
00:02:11,720 --> 00:02:14,720
Speaker 2: that from Trump, and clearly it's not something that's worrying

44
00:02:14,720 --> 00:02:18,200
Speaker 2: Elon Musk, hence his close relationship with him. And I

45
00:02:18,200 --> 00:02:20,160
Speaker 2: think it's also really worth noting as well that in

46
00:02:20,200 --> 00:02:24,280
Speaker 2: his last presidential term, Tesla was actually the biggest winner

47
00:02:24,280 --> 00:02:27,000
Speaker 2: of the Magnificent Seven. Shares were up sixteen hundred percent,

48
00:02:27,320 --> 00:02:30,519
Speaker 2: and under Biden, someone who has seen as much more

49
00:02:30,639 --> 00:02:35,840
Speaker 2: pro renewable energy drove these EV initiatives, shares were up

50
00:02:35,880 --> 00:02:38,640
Speaker 2: just sort of fifty percent. Look, of course, Tesla was

51
00:02:38,639 --> 00:02:41,160
Speaker 2: on a very very different growth trajectory at both of

52
00:02:41,200 --> 00:02:44,160
Speaker 2: these times, but it does show that in most cases,

53
00:02:44,200 --> 00:02:46,440
Speaker 2: trying to sort of front run policy as an investor

54
00:02:46,480 --> 00:02:48,920
Speaker 2: can be pretty challenging and it doesn't always pay off.

55
00:02:49,200 --> 00:02:53,239
Speaker 2: In markets primarily trade on fundamentals, not politics. And I

56
00:02:53,280 --> 00:02:56,560
Speaker 2: think in terms of what it means for Tesla, we

57
00:02:56,639 --> 00:02:58,639
Speaker 2: talk about them as an EV maker, I think it's

58
00:02:58,680 --> 00:03:00,600
Speaker 2: more than that now. I think this is more of

59
00:03:00,600 --> 00:03:03,280
Speaker 2: an autonomous story. It's an AI story there for Tesla,

60
00:03:03,600 --> 00:03:05,239
Speaker 2: and I think that's going to be really really big

61
00:03:05,320 --> 00:03:07,560
Speaker 2: under Trump. You know that, of course, there is going

62
00:03:07,600 --> 00:03:10,320
Speaker 2: to be this sort of anti EV focus around emissions.

63
00:03:10,320 --> 00:03:13,120
Speaker 2: That's going to be, you know, when Trump is in

64
00:03:13,160 --> 00:03:15,960
Speaker 2: the White House. But I think for investors there may

65
00:03:16,000 --> 00:03:19,560
Speaker 2: be a shift now to focus on AI innovation, that

66
00:03:19,720 --> 00:03:22,960
Speaker 2: autonomous technology that Tesla has over the coming years, and

67
00:03:23,000 --> 00:03:25,520
Speaker 2: I think that will be a very very favorable tailwind

68
00:03:25,840 --> 00:03:28,440
Speaker 2: for Tesla moving forward. Of course, we may see some

69
00:03:28,480 --> 00:03:32,160
Speaker 2: weakness in the EV market, but how much more weakness

70
00:03:32,240 --> 00:03:33,880
Speaker 2: are are we really going to see? That's sort of

71
00:03:33,960 --> 00:03:35,440
Speaker 2: yet to be seen. But I think we may then

72
00:03:35,520 --> 00:03:37,760
Speaker 2: see that balanced out by what we might see from

73
00:03:37,800 --> 00:03:40,600
Speaker 2: AI and the sort of the autonomous part of the business.

74
00:03:41,240 --> 00:03:44,119
Speaker 1: Okay, Now, the person who was front center was Mark Zuckerberg,

75
00:03:44,840 --> 00:03:48,720
Speaker 1: Facebook founder CEO of MITA nowadays, which of course owns

76
00:03:49,080 --> 00:03:52,880
Speaker 1: Facebook among others. What do you think, if any, will

77
00:03:52,920 --> 00:03:55,800
Speaker 1: be the benefit of Donald Trump to some of those

78
00:03:55,840 --> 00:03:59,520
Speaker 1: sort of social media, very communication based platforms.

79
00:04:00,160 --> 00:04:04,160
Speaker 2: Yeah, well, it's actually interesting meta or Zuckerberg and Trump

80
00:04:04,160 --> 00:04:07,840
Speaker 2: actually haven't always had the best relationship. Trump's previously called

81
00:04:07,840 --> 00:04:10,160
Speaker 2: Facebook a bit of an enemy of the people, and

82
00:04:10,200 --> 00:04:13,080
Speaker 2: I think Zuckerberg's really tried his hardest over sort of

83
00:04:13,120 --> 00:04:15,160
Speaker 2: recent months and the last year to sort of really

84
00:04:15,200 --> 00:04:18,599
Speaker 2: try and bring that relationship a little bit closer. They've

85
00:04:18,600 --> 00:04:20,960
Speaker 2: had a pretty decent year, you know, in general, you know,

86
00:04:21,000 --> 00:04:23,720
Speaker 2: advertising revenues have been pretty strong. I think where the

87
00:04:23,760 --> 00:04:27,040
Speaker 2: relationship can really grow with Zuckerberg and Trump is sort

88
00:04:27,040 --> 00:04:30,080
Speaker 2: of that help on censorship that we're seeing globally. I

89
00:04:30,080 --> 00:04:33,400
Speaker 2: think particularly that's happening here in Australia. We saw sort

90
00:04:33,440 --> 00:04:34,839
Speaker 2: of the move at the back end of the year

91
00:04:34,880 --> 00:04:37,560
Speaker 2: to sort of bring in that ban for under sixteens.

92
00:04:37,560 --> 00:04:40,760
Speaker 2: I think it was using social media, So I think

93
00:04:40,960 --> 00:04:41,880
Speaker 2: that is a big part.

94
00:04:42,120 --> 00:04:42,440
Speaker 1: Again.

95
00:04:42,600 --> 00:04:44,400
Speaker 2: You know, he is the most influential person in the

96
00:04:44,440 --> 00:04:47,560
Speaker 2: world right now, Donald Trump, So having him being able

97
00:04:47,600 --> 00:04:50,120
Speaker 2: to sort of dictate policy's can be really important for

98
00:04:50,320 --> 00:04:54,159
Speaker 2: Zuckerberg and I think also sort of avoiding regulatory battles

99
00:04:54,240 --> 00:04:57,400
Speaker 2: is going to be a top priority for Facebook and Zuckerberg,

100
00:04:57,839 --> 00:04:59,719
Speaker 2: but as well as all of these other CEOs at

101
00:04:59,720 --> 00:05:00,200
Speaker 2: the same time.

102
00:05:00,960 --> 00:05:03,520
Speaker 1: Do you get a sense that Donald Trump will make

103
00:05:03,560 --> 00:05:06,159
Speaker 1: a difference in that area. I mean, he will have

104
00:05:06,160 --> 00:05:10,040
Speaker 1: a new boss of the SEC's Curious and Exchange Commission

105
00:05:10,760 --> 00:05:13,839
Speaker 1: that presumably has an effect, But it's kind of hard

106
00:05:14,560 --> 00:05:16,960
Speaker 1: to see how Donald Trump the person can make that

107
00:05:17,040 --> 00:05:18,600
Speaker 1: much of a difference. But maybe you can.

108
00:05:19,240 --> 00:05:20,840
Speaker 2: Yeah, I think, like you said, we've already seen pretty

109
00:05:20,839 --> 00:05:23,719
Speaker 2: sweeping changes. You know, already come in with some pretty

110
00:05:23,720 --> 00:05:26,680
Speaker 2: big executive orders. We've sort of seen the SEC chair

111
00:05:26,760 --> 00:05:28,680
Speaker 2: Gary Gensler removed at the sort of the same time,

112
00:05:29,240 --> 00:05:32,119
Speaker 2: sort of seeing a new SEC chair at the moment,

113
00:05:32,200 --> 00:05:34,840
Speaker 2: or a temporary chair sort of coming in. I think,

114
00:05:34,839 --> 00:05:36,480
Speaker 2: as Mark you Waida his name was, he he was

115
00:05:36,520 --> 00:05:40,080
Speaker 2: someone that's actually a little bit more favorable to sort

116
00:05:40,120 --> 00:05:42,120
Speaker 2: of crypto assets, digital as sets at the same time,

117
00:05:42,360 --> 00:05:44,560
Speaker 2: and he's also someone that sort of worked to try

118
00:05:44,560 --> 00:05:47,320
Speaker 2: and ease regulatory burdens on companies at the same time

119
00:05:47,360 --> 00:05:49,920
Speaker 2: as well. So it's not just about Donald Trump the man,

120
00:05:49,960 --> 00:05:53,839
Speaker 2: it's about his influence on you know, the DOJ, the SEC,

121
00:05:54,400 --> 00:05:56,360
Speaker 2: these you know, parts of the government that I think

122
00:05:56,400 --> 00:05:58,520
Speaker 2: are going to be really important for the CEOs.

123
00:05:58,920 --> 00:06:09,200
Speaker 1: Josh, we'll be becking a. I'm speaking to Josh Gilbert

124
00:06:09,279 --> 00:06:13,560
Speaker 1: from a Toro so Google and parent Kunny Alphabet were

125
00:06:13,560 --> 00:06:18,839
Speaker 1: represented by founder Sergey Brin Karen CEOs Pitche. How do

126
00:06:18,839 --> 00:06:20,760
Speaker 1: you think Alphabet will fear under Trump?

127
00:06:21,640 --> 00:06:24,000
Speaker 2: Look, I bet it's actually a pretty interesting one for me.

128
00:06:24,279 --> 00:06:27,760
Speaker 2: Is actually one of the cheapest magnificent seven stocks by valuation.

129
00:06:28,080 --> 00:06:30,400
Speaker 2: I had a pretty decent year last year as well,

130
00:06:31,000 --> 00:06:33,080
Speaker 2: but they're spending a lot a lot of money on

131
00:06:33,320 --> 00:06:35,640
Speaker 2: AI and that sort of been easy into their cash flow,

132
00:06:35,640 --> 00:06:36,760
Speaker 2: and I think that sort of held them back a

133
00:06:36,800 --> 00:06:38,680
Speaker 2: little bit in one of the reasons that we're sort

134
00:06:38,680 --> 00:06:41,680
Speaker 2: of seeing the stock trade at its current valuation. And

135
00:06:42,160 --> 00:06:45,599
Speaker 2: really under Trump, I think it could be twofold because

136
00:06:46,000 --> 00:06:48,640
Speaker 2: you know, he's again had a differing relationship in the

137
00:06:48,680 --> 00:06:51,320
Speaker 2: past with Google. Actually in the lead up in his campaign,

138
00:06:51,440 --> 00:06:53,960
Speaker 2: he was talking about them having sort of too much power,

139
00:06:54,120 --> 00:06:56,800
Speaker 2: that he didn't like that about them, but also at

140
00:06:56,839 --> 00:06:58,600
Speaker 2: the same time, since then, he's sort of come out

141
00:06:58,640 --> 00:07:00,960
Speaker 2: and been a little bit more supportive. I think where

142
00:07:00,960 --> 00:07:04,119
Speaker 2: Google can benefit from Trump is that, you know, coming

143
00:07:04,120 --> 00:07:07,360
Speaker 2: from that sort of deregulation similar to that of Meta.

144
00:07:07,520 --> 00:07:10,240
Speaker 2: Because the current call at the moment, this current case

145
00:07:10,240 --> 00:07:13,280
Speaker 2: that we have going on for Alphabet is to sort

146
00:07:13,320 --> 00:07:15,440
Speaker 2: of break them up, right, they have too much power.

147
00:07:15,880 --> 00:07:18,320
Speaker 2: I'm just not sure that that will happen under Trump,

148
00:07:18,760 --> 00:07:20,760
Speaker 2: you know, because again that may then given up a

149
00:07:20,760 --> 00:07:22,800
Speaker 2: hand to sort of Chinese tech for example. At the

150
00:07:22,840 --> 00:07:24,960
Speaker 2: same time, and that's obviously something that Trump doesn't want

151
00:07:25,000 --> 00:07:27,320
Speaker 2: to do. I don't think we'll see the anti trust

152
00:07:27,360 --> 00:07:29,000
Speaker 2: cases go away anytime soon.

153
00:07:29,800 --> 00:07:30,400
Speaker 1: I think we'll.

154
00:07:30,240 --> 00:07:32,480
Speaker 2: Probably see something like a fine rather than a breakup

155
00:07:32,520 --> 00:07:35,240
Speaker 2: happening here, and that is of course good for Alphabet.

156
00:07:35,320 --> 00:07:38,000
Speaker 2: So I think positive that Trump is in for them.

157
00:07:38,280 --> 00:07:40,880
Speaker 2: But again, if they don't play by the rules, he

158
00:07:41,000 --> 00:07:42,440
Speaker 2: is someone that can come down and them pretty hard

159
00:07:42,440 --> 00:07:42,800
Speaker 2: if he wants.

160
00:07:42,840 --> 00:07:45,360
Speaker 1: At the same time, we're going through a laundry list.

161
00:07:45,400 --> 00:07:48,480
Speaker 1: He Tim Cook was there cel of Apple. That's sort

162
00:07:48,480 --> 00:07:51,040
Speaker 1: of a different style of technology company to everything we've

163
00:07:51,040 --> 00:07:53,560
Speaker 1: discussed so far. What do you think Donald Trump means

164
00:07:53,600 --> 00:07:54,240
Speaker 1: for Apple?

165
00:07:54,680 --> 00:07:56,920
Speaker 2: Yeah, well, Tim Cook and Donald Trump have actually had

166
00:07:56,920 --> 00:07:59,960
Speaker 2: a pretty strong relationship over previous years. When Trump was

167
00:08:00,120 --> 00:08:03,200
Speaker 2: office in twenty seventeen to twenty twenty one, Tim Cook

168
00:08:03,240 --> 00:08:05,680
Speaker 2: was a bit of a permanent fixture, if you like,

169
00:08:05,720 --> 00:08:08,120
Speaker 2: at the White House. He was there pretty frequently with

170
00:08:08,160 --> 00:08:11,800
Speaker 2: the president. He hasn't had that same relationship really under

171
00:08:11,880 --> 00:08:14,680
Speaker 2: Joe Biden. I think the biggest thing here that I

172
00:08:14,720 --> 00:08:16,800
Speaker 2: think we look out on the surface for investors is

173
00:08:17,040 --> 00:08:19,520
Speaker 2: that sort of heavy reliance on China. You know, Apple

174
00:08:19,600 --> 00:08:22,240
Speaker 2: is obviously going to remain pretty vulnerable to those tariffs

175
00:08:22,280 --> 00:08:24,480
Speaker 2: that you know, Trump has sort of talked about bringing in.

176
00:08:25,040 --> 00:08:26,880
Speaker 2: Not only does chrying to make up a significant part

177
00:08:26,960 --> 00:08:30,600
Speaker 2: of Apple's revenue, it also makes the vast majority of

178
00:08:30,600 --> 00:08:33,720
Speaker 2: its products in China as well. We're already seeing China's

179
00:08:33,720 --> 00:08:37,480
Speaker 2: revenues decline for Apple already, and tariffs could mean that

180
00:08:37,480 --> 00:08:39,800
Speaker 2: that it falls a little bit further as well. And

181
00:08:39,840 --> 00:08:41,640
Speaker 2: I'll come back to that sort of relationship that I

182
00:08:41,720 --> 00:08:45,120
Speaker 2: mentioned there with Biden. Apple was actually sued by the

183
00:08:45,200 --> 00:08:48,360
Speaker 2: Justice Department, you know, again anti trust case that could

184
00:08:48,520 --> 00:08:51,599
Speaker 2: again drag on for years and again mountain regulatory scrutiny

185
00:08:51,679 --> 00:08:54,960
Speaker 2: there that is pretty big for them. And they also

186
00:08:55,000 --> 00:08:57,360
Speaker 2: had some other disputes as well, over watches and things

187
00:08:57,400 --> 00:09:00,200
Speaker 2: like this. So I think Tim Cook having that relationhi

188
00:09:00,040 --> 00:09:02,360
Speaker 2: sit back with Donald Trump, I think it may be

189
00:09:02,720 --> 00:09:06,319
Speaker 2: you know, working with that administration to you know, basically

190
00:09:06,360 --> 00:09:08,760
Speaker 2: benefit you know, Apple and Tim Cook's interest a little

191
00:09:08,760 --> 00:09:11,600
Speaker 2: bit more so, I think for Apple they may sort

192
00:09:11,600 --> 00:09:13,920
Speaker 2: of struggle a little bit to sort of start the year.

193
00:09:14,400 --> 00:09:15,880
Speaker 2: Second half of the year might be a little bit

194
00:09:15,880 --> 00:09:17,520
Speaker 2: more bright. And I think someone like Tim Cook is

195
00:09:17,520 --> 00:09:19,280
Speaker 2: going to argue that, you know, if you sort of

196
00:09:19,320 --> 00:09:22,360
Speaker 2: tax the iPhone if you tax Apple products, you know,

197
00:09:22,400 --> 00:09:24,960
Speaker 2: that could only help you non American rivals, right again,

198
00:09:25,000 --> 00:09:27,360
Speaker 2: coming back to that sort of China argument at the

199
00:09:27,360 --> 00:09:29,840
Speaker 2: same time. So I think for me, Apple is seen

200
00:09:29,880 --> 00:09:32,400
Speaker 2: some weakness. They are struggling. We're going to remember services.

201
00:09:32,440 --> 00:09:34,280
Speaker 2: It's a very very key part of the business. Double

202
00:09:34,320 --> 00:09:37,200
Speaker 2: digit growth, very high margins. And they're also set to

203
00:09:37,200 --> 00:09:39,840
Speaker 2: sort of roll out AI in the back end of

204
00:09:39,880 --> 00:09:42,440
Speaker 2: this year into China, which I think will be very

205
00:09:42,520 --> 00:09:45,040
Speaker 2: very important. They've got the strongest and the biggest consumer

206
00:09:45,840 --> 00:09:47,880
Speaker 2: installed base in the world, and I think that sort

207
00:09:47,880 --> 00:09:50,160
Speaker 2: of stands them in pretty good stead. But he's got

208
00:09:50,200 --> 00:09:51,640
Speaker 2: a great relationship with Trump, and I think that will

209
00:09:51,640 --> 00:09:52,440
Speaker 2: fare them pretty well.

210
00:09:52,760 --> 00:09:55,839
Speaker 1: And finally, just very briefly, Jensen Huang wasn't there. That's

211
00:09:55,880 --> 00:09:57,680
Speaker 1: a bottle of n video. Apparently he was in China

212
00:09:57,720 --> 00:10:01,200
Speaker 1: at the time. Another company which will on China, like Apple,

213
00:10:01,240 --> 00:10:04,600
Speaker 1: relies on China, and so kind of mixed messages out

214
00:10:04,600 --> 00:10:06,560
Speaker 1: of Trump about whether it's a good or a bad thing.

215
00:10:06,960 --> 00:10:08,920
Speaker 2: Yeah, absolutely, And I think that's the biggest thing because

216
00:10:08,960 --> 00:10:11,720
Speaker 2: tariffs could affect them. They would rely heavily on overseas

217
00:10:11,800 --> 00:10:15,080
Speaker 2: sales and they obviously outsource sort of their manufacturing overseas

218
00:10:15,120 --> 00:10:17,520
Speaker 2: as well, so very very similar.

219
00:10:17,200 --> 00:10:17,960
Speaker 1: To that of Apple.

220
00:10:18,360 --> 00:10:21,560
Speaker 2: And China is also the biggest market for semiconductors, so

221
00:10:21,600 --> 00:10:24,760
Speaker 2: they're a very very similar boat here to Apple. But

222
00:10:24,840 --> 00:10:26,800
Speaker 2: I think the other side of that as well, the

223
00:10:26,840 --> 00:10:29,880
Speaker 2: more positive element for Nvidia is that obviously he sort

224
00:10:29,920 --> 00:10:33,880
Speaker 2: of just rolled out this huge billion dollar AI infrastructure

225
00:10:33,920 --> 00:10:36,000
Speaker 2: plan at the same time, and clearly that is great

226
00:10:36,040 --> 00:10:38,880
Speaker 2: news for Nvidia. They are by far the out and

227
00:10:38,880 --> 00:10:41,400
Speaker 2: out leader when it comes to AI chips and any

228
00:10:41,480 --> 00:10:45,600
Speaker 2: sort of technology related to sort of data centers something

229
00:10:45,640 --> 00:10:47,840
Speaker 2: of this scale. When we're talking about what they've looked

230
00:10:47,880 --> 00:10:50,800
Speaker 2: at just briefly looking into it within the past few days,

231
00:10:51,040 --> 00:10:53,640
Speaker 2: it's going to require an absolute mountain of sort of

232
00:10:53,679 --> 00:10:56,000
Speaker 2: GPUs and related tech, which is only going to go

233
00:10:56,040 --> 00:10:58,560
Speaker 2: straight straight to what is, in my opinion, the best

234
00:10:58,559 --> 00:11:01,959
Speaker 2: in the business, and that's that can of course change.

235
00:11:01,960 --> 00:11:05,360
Speaker 2: They may use another partner, someone else may benefit, maybe

236
00:11:05,400 --> 00:11:09,040
Speaker 2: an AMD, maybe an Intel. I don't see that happening really,

237
00:11:09,520 --> 00:11:11,640
Speaker 2: It's hard to see them going elsewhere. And I think

238
00:11:11,679 --> 00:11:15,840
Speaker 2: broadly we're likely to get more positive policies, as I say,

239
00:11:15,880 --> 00:11:19,199
Speaker 2: easier regulation on AI. We've already seen Trump sort of

240
00:11:19,240 --> 00:11:22,920
Speaker 2: dial back some of the regulatory scrutiny on AI already,

241
00:11:22,920 --> 00:11:24,720
Speaker 2: some of the policies that have been in place on AI,

242
00:11:25,240 --> 00:11:27,520
Speaker 2: which I think, bottom line is just good news for

243
00:11:27,520 --> 00:11:28,040
Speaker 2: it and video.

244
00:11:28,760 --> 00:11:30,400
Speaker 1: Do you reckon at some point we're going to get

245
00:11:30,440 --> 00:11:32,959
Speaker 1: a Trump hangover? I mean, business always says the thing

246
00:11:32,960 --> 00:11:35,480
Speaker 1: that I hate most of all is uncertainty, And there

247
00:11:35,520 --> 00:11:37,600
Speaker 1: is enormous uncertainty out there at the moment, and we're

248
00:11:37,640 --> 00:11:39,920
Speaker 1: all kind of looking in the bright side of what

249
00:11:40,200 --> 00:11:44,520
Speaker 1: could happen, but ultimately, uncertainty can buy businesses on the

250
00:11:44,559 --> 00:11:46,920
Speaker 1: back side. Do you think we will get some sort

251
00:11:46,920 --> 00:11:49,079
Speaker 1: of hit at some point in the future.

252
00:11:49,800 --> 00:11:51,839
Speaker 2: Yeah, Look, I think for the time being, we're sort

253
00:11:51,840 --> 00:11:53,720
Speaker 2: of looking to the positives, right, We're looking to the

254
00:11:53,720 --> 00:11:56,400
Speaker 2: positives of this being great for AI, it being great

255
00:11:56,400 --> 00:11:58,840
Speaker 2: for crypto assets. You know, these are all the assets

256
00:11:58,880 --> 00:12:01,280
Speaker 2: that have done very, very well over the last couple

257
00:12:01,320 --> 00:12:04,000
Speaker 2: of years. You know, we've had double digit gains, twenty

258
00:12:04,000 --> 00:12:06,040
Speaker 2: percent gains back to back from the S and P

259
00:12:06,160 --> 00:12:08,800
Speaker 2: five hundred. We've had bitcoin hitting a new record high,

260
00:12:08,960 --> 00:12:11,079
Speaker 2: you know, in sort of recent months. So there is

261
00:12:11,120 --> 00:12:13,520
Speaker 2: absolutely this hangover that sort of could come. And I

262
00:12:13,520 --> 00:12:16,439
Speaker 2: think the biggest worry that I think maybe investors need

263
00:12:16,480 --> 00:12:18,079
Speaker 2: to sort of think about, is this potential that we

264
00:12:18,160 --> 00:12:20,679
Speaker 2: might see inflation sort of really rear its head again

265
00:12:20,760 --> 00:12:22,880
Speaker 2: in the US. You know, I think one of the

266
00:12:22,920 --> 00:12:25,040
Speaker 2: bold predictions that sort of we have at ETORI for

267
00:12:25,120 --> 00:12:26,520
Speaker 2: this year is that we might not actually get a

268
00:12:26,559 --> 00:12:30,560
Speaker 2: rate cut from you know, the FED this year, particularly

269
00:12:30,640 --> 00:12:33,640
Speaker 2: if it rate you know, if inflation does start to

270
00:12:33,679 --> 00:12:35,160
Speaker 2: sort of pick up again, and that is something that

271
00:12:35,200 --> 00:12:36,880
Speaker 2: could put markets on the back for a little bit.

272
00:12:37,280 --> 00:12:39,200
Speaker 2: And you know, the reason is even a question mark

273
00:12:39,200 --> 00:12:40,920
Speaker 2: that we might even get another hike at the same time,

274
00:12:41,080 --> 00:12:42,760
Speaker 2: and that would sort of not be good news for

275
00:12:42,840 --> 00:12:46,000
Speaker 2: tech and ultimately consumers at the same time. And consumers

276
00:12:46,000 --> 00:12:49,080
Speaker 2: are the ones that are buying are buying these products.

277
00:12:49,320 --> 00:12:52,280
Speaker 2: And also for those businesses that are spending billions and

278
00:12:52,280 --> 00:12:57,000
Speaker 2: billions of dollars on AI, right, Microsoft, Amazon, Alphabet, their

279
00:12:57,040 --> 00:13:00,000
Speaker 2: capex is only rising and if rate to continue to

280
00:13:00,040 --> 00:13:02,280
Speaker 2: stay pretty high, then you know that becomes pretty difficult

281
00:13:02,280 --> 00:13:04,840
Speaker 2: for them to keep sort of warranting the spending. We

282
00:13:04,880 --> 00:13:07,120
Speaker 2: saw that, you know in twenty twenty one, where markets

283
00:13:07,120 --> 00:13:09,840
Speaker 2: slow down, things didn't go their way, huge cost cutting.

284
00:13:10,000 --> 00:13:13,120
Speaker 2: You know, people lost jobs, you know, share prices sort

285
00:13:13,160 --> 00:13:15,200
Speaker 2: of really did you know, see a lot of weakness.

286
00:13:15,200 --> 00:13:18,000
Speaker 2: So there is absolutely the ability for that, and I

287
00:13:18,000 --> 00:13:20,319
Speaker 2: think that's something that investors sort of need to sort

288
00:13:20,360 --> 00:13:21,480
Speaker 2: of have it in the back of their mind, and

289
00:13:21,480 --> 00:13:23,440
Speaker 2: it's a great reason to sort of, you know, stay

290
00:13:23,480 --> 00:13:25,600
Speaker 2: diversified and as I say, try and focus in on

291
00:13:25,640 --> 00:13:26,439
Speaker 2: those fundamentals.

292
00:13:26,800 --> 00:13:28,520
Speaker 1: Josh, thank you for talking to Fear and Greed.

293
00:13:28,880 --> 00:13:29,360
Speaker 2: Thanks Sean.

294
00:13:29,840 --> 00:13:33,280
Speaker 1: That's Josh Gilbert Mark and analyst at Social Investment Network ETRO.

295
00:13:33,679 --> 00:13:36,000
Speaker 1: This is the Fear and Greed Business Interview. Remember this

296
00:13:36,040 --> 00:13:38,560
Speaker 1: is general information only, and you should always seek professional

297
00:13:38,559 --> 00:13:41,800
Speaker 1: advice before making investment decisions. Join us every morning for

298
00:13:41,840 --> 00:13:44,240
Speaker 1: the full episode our Fear and Greed daily business news

299
00:13:44,280 --> 00:13:46,679
Speaker 1: for people who make their own decisions. I'm chan elmer

300
00:13:46,960 --> 00:13:52,439
Speaker 1: I enjoying your day.