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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is alive

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Speaker 1: from coast to coast with Caroline Hide in New York

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Speaker 1: and Ed Lovelow in San Francisco.

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Speaker 2: This is Bloomberg Tech.

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Speaker 3: Coming up a framework to keep TikTok running in the

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Speaker 3: US reached and Donald Trump Warren out the details with

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Speaker 3: Shijingping later this week.

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Speaker 4: Plus, Elo Musk buys millions of Tesla shares following the

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Speaker 4: board's unprecedented pay proposals, and.

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Speaker 3: US Energy Secretary Chris Wright joins us later this hour

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Speaker 3: to discuss his big European swing, powering the AI revolution

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Speaker 3: and much more.

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Speaker 4: Meanwhile, big swings still being taken in the market. Ed

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Speaker 4: nine straight days of gains on the nasback one hundred

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Speaker 4: longest winning streets is November twenty twenty three. We are

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Speaker 4: at a new record higher up six ten percent. You're

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Speaker 4: looking at the individual stocks underneath this.

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Speaker 3: Yeah, it's a very busy start to the week in

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Speaker 3: the world of technology. Elon Musk has bought a billion

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Speaker 3: dollars of Tesla stock.

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Speaker 2: We will discuss it in the show.

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Speaker 3: It was on the same day that we spoke to

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Speaker 3: the board chair of Tesla Alphabet parent of Google has

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Speaker 3: joined the three trillion dollar market cap club and shares

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Speaker 3: are at all time high.

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Speaker 2: We'll get to that lage one two.

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Speaker 3: Then news a framework has been reached between the United

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Speaker 3: States and China for a deal that would allow TikTok

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Speaker 3: to continue in the United States. The market reaction was

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Speaker 3: in shares of Oracle. Let's understand why bringing Bloomberg Senior

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Speaker 3: Tech editor Mike Shephard in DC.

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Speaker 2: So, we don't know a lot.

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Speaker 3: We know a frameworks in place, we know the President

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Speaker 3: of the United States. We'll meet with g on Friday.

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Speaker 3: They'll discuss it. What else do we need to know, Mike?

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Speaker 5: The things that we need to know are pretty much

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Speaker 5: that a lot of the details remain unknown at this point.

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Speaker 5: We have not heard from the Chinese side yet to

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Speaker 5: confirm that they also view that a framework deal is

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Speaker 5: in hand that would allow TikTok's US operations at the

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Speaker 5: least to stay running. We don't know what the terms

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Speaker 5: are of the transaction, what Beijing would be willing to

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Speaker 5: hand over, and that includes ed the algorithm. This is

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Speaker 5: the recommendation software that is really viewed as a crown

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Speaker 5: jewel of TikTok's operations. Globally, and the question has always been,

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Speaker 5: would Beijing allow Byte Dance, the parent of TikTok, to

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Speaker 5: part with at least some of that recommendation software to

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Speaker 5: US based buyers. Unclear whether that's going to happen, and

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Speaker 5: unclear whether the terms of this transaction will satisfy the

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Speaker 5: national security terms. That the Chinahawks who pioneered the legislation

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Speaker 5: in twenty twenty four, are requiring the divestiture by by

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Speaker 5: edance of TikTok or a ban, whether they will be

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Speaker 5: satisfied by whatever they see a lot. We'll ride on

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Speaker 5: this phone call Friday between Xijiping and Donald.

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Speaker 4: Trump ed and boy, Mike, is there a lot to

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Speaker 4: discuss between Jijingping and President Trump and not just TikTok,

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Speaker 4: but in video or another key chip within this whole negotiation.

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Speaker 4: And we understand that China is ruling that in Video

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Speaker 4: in some way is being deemed well a monopoly or

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Speaker 4: at least violating anti monopoly laws. Can you take us

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Speaker 4: up to.

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Speaker 5: Speed, Well, you know, Cara, the announcement today from China

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Speaker 5: from their state competition agency that found in Nvidia violating

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Speaker 5: anti monopoly laws in the country. It's no coincidence. The

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Speaker 5: relationship between the US and China is very tightly orchestrated

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Speaker 5: and stage managed, and this ruling that was announced earlier

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Speaker 5: this morning really is a message to the US going

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Speaker 5: after the most valuable company in the world, provider of

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Speaker 5: the chips that are powering the AI revolution that are

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Speaker 5: seen as essential not only for meta platforms and all

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Speaker 5: the other US hyperscalers, but a lot of other Chinese

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Speaker 5: companies that have favored the H twenty chip, for instance,

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Speaker 5: in building their own model that the Trump administration has

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Speaker 5: recently given back permission to Invidia to resume sales of

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Speaker 5: that chip. But now we are seeing this headwind for

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Speaker 5: Nvidia in China, and it will be a test of

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Speaker 5: the transatlantic relationship not only for Donald Trump and Chi Jianping,

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Speaker 5: but also for Nvidia CEO Jensen Wang, who has cultivated

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Speaker 5: ties in Beijing as well, trying to ensure that his

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Speaker 5: company still has a sizeable enough footprint there to compete

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Speaker 5: with the likes of Huawei.

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Speaker 6: So we'll be.

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Speaker 5: Again watching this phone call on Friday between Trump and

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Speaker 5: she to see what is also said about Nvidia. Remember,

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Speaker 5: Donald Trump and Jensen Wong have forged this relationship a

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Speaker 5: close relationship, and he is betting on a Nvidia's success

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Speaker 5: as part of the administration's broader AI program.

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Speaker 4: Carol Mike Shepherd wrapping it all up from Washington. We

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Speaker 4: so appreciate it. Let's dig into what the investor sentiment

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Speaker 4: is like. Tiffany Wade, senior portfolio manager at Columbia thread Needle,

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Speaker 4: joins us in. Tiffany, if I just don't care ultimately,

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Speaker 4: and video is down about one and a half persore,

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Speaker 4: but it rallied more than six percent last week, and

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Speaker 4: you could say it's just a bit of profit taking.

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Speaker 4: More broadly, markets that are record high and focused on

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Speaker 4: the FED, should they be more worried about this tit

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Speaker 4: for tat China US.

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Speaker 2: Yeah.

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Speaker 7: I think that's a great point. In videos down a

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Speaker 7: little bit today. There was also headlines related to China

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Speaker 7: looking at some analog semi companies for dumping earlier in

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Speaker 7: the weekend. Those docks are barely down as well. So

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Speaker 7: I think what that's telling you is that investors think

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Speaker 7: that this is more of posturing by China in relation

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Speaker 7: to trade talks, and that there's not going to be

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Speaker 7: a significant impact on these companies' earnings over the long

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Speaker 7: term that it's really just posturing Tiffany.

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Speaker 3: Another piece of news this morning the President posting on

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Speaker 3: social media that American companies should not be subject to

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Speaker 3: quarterly reporting, they should report earnings every six months, and

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Speaker 3: the President also acknowledged that would be pending authorization by

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Speaker 3: the SEC. But if somebody in the markets, would you

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Speaker 3: just react to that piece of news from the President please?

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Speaker 8: Yeah?

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Speaker 7: I think this is an interesting one, and there's arguments

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Speaker 7: on both sides of this. The you know, European regulator

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Speaker 7: only requires companies to report every six months, so there

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Speaker 7: is a model for this or a framework for this.

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Speaker 7: From a company perspective, it likely reduces some of the

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Speaker 7: reporting requirements for them, some of the reporting burdens for companies.

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Speaker 7: But I think from an investor perspective, what it does

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Speaker 7: is reduces volatility for or it reduces visibility for investors

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Speaker 7: since we have less information points from companies. Potentially also

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Speaker 7: increases the sort of information disparity between investors institutional investors

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Speaker 7: in retail investors, and then potentially also increases volatility because

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Speaker 7: you have less touch points with the companies, you know,

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Speaker 7: perhaps a greater disparity between estimates and actual numbers from

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Speaker 7: the company that could increase volatility around reports.

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Speaker 3: I love it in the context of data points. At

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Speaker 3: the top of the program, we had the headline that

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Speaker 3: alphabet has joined the three trillion dollar market cap club, right,

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Speaker 3: and if you think about the story at earnings, it

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Speaker 3: still was the Hyperscalers sharing with us their capital expenditures

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Speaker 3: plans a data set. You know, how would this idea

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Speaker 3: impact those kind of soft data points that now the

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Speaker 3: market really relies on.

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Speaker 7: Yeah, that's interesting for the Hyperscalers and for the company

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Speaker 7: as they're developing AI models because they use data. Right,

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Speaker 7: the more data, the more powerful the models become. So

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Speaker 7: especially with regards to models that are maybe intended for

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Speaker 7: a financial analysts or that are intended to help analysts

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Speaker 7: with research, less data means less robust models.

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Speaker 4: What's interesting is there's always this anxiety that the amount

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Speaker 4: of data, the amount of compliance means that it puts

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Speaker 4: off companies going public. For last week, we had the

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Speaker 4: busiest week for IPOs of a sizable nature in about

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Speaker 4: four years, according to some. So what do you make

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Speaker 4: of just this weighing up of demand insatiable investor demand

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Speaker 4: on one side, with compliance and overbearingness.

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Speaker 7: On the other Yeah, I think we've had a tremendous

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Speaker 7: year for IPOs. This is certainly in contrast to the

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Speaker 7: last three years.

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Speaker 2: So the IPO.

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Speaker 7: Volume so far through the middle of September this year

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Speaker 7: is larger than it was for the full year of

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Speaker 7: twenty two, twenty three, and twenty four. So definitely some

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Speaker 7: pent up demand from companies that have wanted to go public.

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Speaker 7: I think it reflects certainly capital markets being open, you know,

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Speaker 7: stocks are at all time highs. Also a little bit

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Speaker 7: of improved investor sentiment around the confidence in the economy

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Speaker 7: as well as.

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Speaker 4: An asset manager should you be buying in. Initially the

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Speaker 4: barb was very high. Companies had to be profitable, they

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Speaker 4: had to be showing growth on the bottom line as

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Speaker 4: well as top line, But of late that seems to

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Speaker 4: be pushed out the window too.

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Speaker 7: Yeah, you're definitely seeing some of that. The growth stocks

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Speaker 7: coming back to market with no earnings or you know,

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Speaker 7: earnings in a couple of quarters or free cash flow

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Speaker 7: in a couple of quarters now is back certainly a

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Speaker 7: good indicator for companies and that growth yer part of

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Speaker 7: the economy that investors are willing to invest in. Some

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Speaker 7: more speculative companies, but we've also seen IPOs in the

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Speaker 7: last couple of weeks in the consumer space. There's another

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Speaker 7: one coming this week in the energy space that seems

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Speaker 7: to be very well subscribed. So it's not just in tech,

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Speaker 7: it's really across the board.

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Speaker 3: Tiffany, I want to end the conversation going back to

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Speaker 3: where we started today, which is the relationship between the

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Speaker 3: US and China. We have a framework for a TikTok deal.

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Speaker 3: The President will speak by phone with Ujingping on Friday

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Speaker 3: and in video is.

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Speaker 2: Caught at the heart of this negotiation.

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Speaker 3: How much you expect politics and political volatility to play

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Speaker 3: into markets, particularly for technology, in the balance of this year.

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Speaker 7: I think technology is going to continue to be sort

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Speaker 7: of a hot spot for tariff negotiations, especially with China.

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Speaker 7: It's kind of the biggest bargaining chip that both countries

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Speaker 7: have with each other. So I don't imagine that the

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Speaker 7: volatility around that will will quiet down, and it might

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Speaker 7: even continue into future years, depending on how the Supreme

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Speaker 7: Court rules on the AVA tariff.

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Speaker 3: Yep tiffany Way, if Columbia freadneed or handling every single

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Speaker 3: new item of the day that we threw you, thank

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Speaker 3: you very much. Now coming up, Elon Musk buys about

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Speaker 3: a billion dollars worth of Tesla shares. We're going to

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Speaker 3: explain why and also how next.

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Speaker 2: This is Bloomberg Tech.

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Speaker 4: Elon Musk responded to an unprecedented pay proposal from the

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Speaker 4: Tesla board bym buying about one billion dollars worth of shares.

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Speaker 4: As you see, we're up six percent on the back

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Speaker 4: of that demand. Let's bring in Billium, Meg's Global Auto's

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Speaker 4: editor creatredel for more, who is also part of the

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Speaker 4: Elon Inc. Team. Just showing boldness, showing a support for

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Speaker 4: the company that investors seem to like.

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Speaker 9: Here.

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Speaker 4: How did he orchestrate it on Friday?

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Speaker 10: Yeah, I mean he did it in the midst of

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Speaker 10: you and ed talking with Robin Denholm at Tesla, the

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Speaker 10: chair of the company. There's clearly a sort of coordinated

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Speaker 10: effort on the part of Musk and board to really

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Speaker 10: generate excitement about the future of this company at a

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Speaker 10: time when there's a lot of reasons to be really concerned.

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Speaker 10: Right in terms of the here and now business, we

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Speaker 10: continue to see signs of of you know, really difficult

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Speaker 10: demand issues. You know, we heard from Denholm that you know,

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Speaker 10: the board downplays the extent to which Musk is doing

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Speaker 10: damage to this brand with his politics and his involvement

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Speaker 10: in that realm. But he then proceeded over the weekend

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Speaker 10: to you know, do more politicing that you know, I

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Speaker 10: think raises a lot of eyebrows, particularly here in the

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Speaker 10: UK right. And so just how much there's really sort

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Speaker 10: of meat to this optimism I think is going to

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Speaker 10: be the question in the months to come.

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Speaker 3: So Caroline and I were explicit with Robin Denholm in

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Speaker 3: asking how did you the board define politics or political activity?

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Speaker 3: Let's get some of what she She responded.

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Speaker 11: With as from a personal perspective in terms of his

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Speaker 11: political motivations, etc. Is up to him, I mean, clearly

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Speaker 11: from our perspective as a board, we're measuring him on

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Speaker 11: results and measuring him on what he does as a

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Speaker 11: CEO of TESLA.

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Speaker 3: So part of the reason we pose that question is

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Speaker 3: because literally in the days since the proxy hit in

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Speaker 3: the comp package was proposed, Musk has been very active

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Speaker 3: on X talking in particular Craig about UK politics. That

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Speaker 3: accelerated over the weekend. What's the latest.

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Speaker 10: Yeah, this very far right convicted criminal Tommy Robinson puts

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Speaker 10: on this march that I think, you know, did surprise

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Speaker 10: a lot of people with how many people showed up.

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Speaker 10: Of course, we should note there was a substantial counter

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Speaker 10: protests that showed up for this as well. But a

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Speaker 10: lot of you know, anti Muslim rhetoric, a lot of

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Speaker 10: sort of you know, talk about this idea of civil war,

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Speaker 10: which we've heard Musk use.

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Speaker 2: That sort of rhetoric before.

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Speaker 10: We've you know, on the backs of this heard you know,

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Speaker 10: Cure Starmer's spokesmen and others in Westminster really you know,

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Speaker 10: express alarm about this sort of charge language that we're

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Speaker 10: hearing out of Musk. And you know, I think we're

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Speaker 10: also in the US, of course, hearing over the weekend

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Speaker 10: from the governor of Utah where Charlie kirk Kirk was

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Speaker 10: assassinated last week talk about the sort of evils of

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Speaker 10: social media and so on one hand, I think you know,

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Speaker 10: from those comments that that Robin denhol Holme gave, it's

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Speaker 10: clear that the board is willing to give pretty wide

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Speaker 10: latitude in terms of what Musk is up to on

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Speaker 10: a political basis. But if they're measuring four results, there

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Speaker 10: are indications that this is not helping Tesla's brand.

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Speaker 3: Bloomberg's global cars are crazy delh thank you just very

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Speaker 3: quickly to buy those billion dollar shares. Musk used a

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Speaker 3: revocable trust. Quite a few of you reached out to

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Speaker 3: me to ask about that. It means that the trust

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Speaker 3: can be changed in Mus's lifetime. It's a pretty normal

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Speaker 3: tax focused tool that billionaires in the United States used

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Speaker 3: largely for inheritance planning. Another story, last week, Oracle founder

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Speaker 3: Larry Ellison momentarily surpassed Elon Musk to become the world's

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Speaker 3: richest person. The shares of the tech giant surge starts,

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Speaker 3: posting a major increase in bookings, putting Ellison top of

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Speaker 3: the list, at least for a day.

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Speaker 12: Here's the breakdown. For a few hours last week, the

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Speaker 12: richest person in the world wasn't Elon Musk. It was

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Speaker 12: Larry Ellison, whose personal fortune suddenly skyrocketed.

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Speaker 13: Larry Ellison's net worth soared by eighty nine billion dollars.

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Speaker 13: That was the biggest one day game ever recorded on

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Speaker 13: the Bloomberg Billionaires Index.

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Speaker 12: The cause of this giant leap the company Ellison co founded, Oracle,

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Speaker 12: just had a bit of a moment.

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Speaker 14: Oracle shares half search pre market after the company posted

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Speaker 14: a major increase in bookings and gave an aggressive outlook

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Speaker 14: for its cloud infrastructure business.

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Speaker 12: Oracle made its name selling database back in the late seventies,

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Speaker 12: but in recent years it's become a tech behemoth thanks

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Speaker 12: to the key role it plays in cloud computing, and

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Speaker 12: it's that demand for cloud services that has driven the

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Speaker 12: company's recent stock surge.

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Speaker 13: Oracle's cloud computing business is really in demand by AI companies.

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Speaker 13: That's essentially allowed it to reframe its narrative around AI

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Speaker 13: and to ride the stock boom that's been connected with

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Speaker 13: other AI companies.

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Speaker 12: On September tenth, it was revealed that Oracle made a

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Speaker 12: deal with open Ai, the creators of chat GBT, worth

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Speaker 12: three hundred billion dollars.

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Speaker 13: And I think a lot of investors and analysts are

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Speaker 13: assuming that if it can do deals like that, there

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Speaker 13: will be more coming down the line. So if you've

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Speaker 13: been paying attention to Oracle, this has actually been a

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Speaker 13: while in the making. The last several quarters, this has

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Speaker 13: been the story of their earnings.

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Speaker 12: After years of sluggish growth. Oracle's revenue is expected to

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Speaker 12: take off thanks to the race for AI computing power

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Speaker 12: that sent sales in its cloud infrastructure unit Soaring. The

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Speaker 12: new deal with open Ai builds on a critical AI

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Speaker 12: agreement announced in July.

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Speaker 2: This is an non precedent cloud deal.

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Speaker 8: I mean, this is likely the largest single cloud deal

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Speaker 8: I ever signed.

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Speaker 13: Ellison and Oracle are part of a half a trillion

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Speaker 13: dollar announcement called Stargate that Trump made several months ago.

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Speaker 13: It's a partnership between Oracle, Open Ai, and soft Bank

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Speaker 13: and the goals to build data centers for AI across

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Speaker 13: the US, and Oracle will be a key computing power

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Speaker 13: provider for that initiative.

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Speaker 12: Well, the likes of Musk, Jeff Bezos, and Mark Zuckerberg

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Speaker 12: have all vied for Donald Trump's attention, Ellison seems to

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Speaker 12: have succeeded in nurturing a lasting working relationship with the

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Speaker 12: US President.

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Speaker 8: I have a high respect for Larry.

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Speaker 2: Iis in to somebody I know.

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Speaker 5: He's been really a terrific guy for a long time.

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Speaker 12: While Oracle's share price has tripled in the three years

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Speaker 12: since the arrival of chat GPT, the AI revolution wasn't

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Speaker 12: enough to keep Ellison as the world's richest person.

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Speaker 13: So this was a brief flirtation with the top spot

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Speaker 13: for Larry Ellison. He was surpassed by the end of

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Speaker 13: the day Wednesday by Elon Musk, again, who has been

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Speaker 13: in first place in the Bloomberg Billionaires Index for much

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Speaker 13: of the year. There are questions of how long this

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Speaker 13: boom in AI stocks can last. A lot of investors

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Speaker 13: have expressed concerns that at least some of these companies

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Speaker 13: are overpriced at this point, and there are fears that

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Speaker 13: if the economy starts to slow down that we could

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Speaker 13: see a pullback in these stocks. And of course, if

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Speaker 13: that happens, the billionaires whose wealth is tied to these companies,

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Speaker 13: including Larry Elson, will see a concurrent fall in their fortunes.

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Speaker 13: Musk stands to potentially leap far, far ahead of all

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Speaker 13: of his billionaire peers in the coming years. It was

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Speaker 13: announced recently that Tesla's board has approved a one trillion

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Speaker 13: dollar pay package from US. He has to meet several

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Speaker 13: very ambitious milestones in order to get all of that money,

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Speaker 13: but if he does succeed in doing that, it could

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Speaker 13: make him the world's first trillionaire. And there's no one

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Speaker 13: else who would come anywhere close to that level as.

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Speaker 2: Of right now.

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Speaker 4: Boy, if we talked about that pay package at length

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Speaker 4: time now for Talking Tech and first up Sony Pictures.

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Speaker 4: Demon Slayer was the most popular film at the box

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Speaker 4: office this weekend, and it is that a new high

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Speaker 4: for the Japanese anime genre. It earned Sony million dollars

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Speaker 4: in the US and Canada, having already grossed about two

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Speaker 4: d eighteen million dollars worldwide going into the weekend. Plus,

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Speaker 4: Snap has a new operating system for augmented reality glasses

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Speaker 4: singly in the company is getting closer to launching a

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Speaker 4: consumer version of the device next year.

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Speaker 8: Now.

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Speaker 4: Snap OS two point zero includes an overhaul browser and

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Speaker 4: updated ar app. Snap is competing with the likes of Meta,

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Speaker 4: Apple and Google in Space and Charmi Well, it's aiming

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Speaker 4: to take on Apple with its later smartphones coming out

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Speaker 4: later this month. Currently, Charmi only has a silver a

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Speaker 4: sliver of the premium smartphone market globally, but it is

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Speaker 4: well positioned to make games in China, where the release

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Speaker 4: of Apple's i'vephone air it's been delayed.

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Speaker 3: Okay, I'm going to bring you a story that broke

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Speaker 3: late Friday. Apple's Robbie Walker, one of the I film

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Speaker 3: Maker's most senior artificial intelligence to executives is leaving the company.

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Speaker 2: That's according to sources.

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Speaker 3: Walker's exit adds to an exodus of executives and engineers

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Speaker 3: from Apple's AI division, going to bring in Bloomberg's Global

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Speaker 3: Consumer Tech Managing editor Mark German, the story broke Mark.

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Speaker 3: What was this executive's function and role that makes it

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Speaker 3: so notable that it's the latest and another departure from Apple.

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Speaker 15: Walker was in charge of Siri. It's as simple as that. Yeah,

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Speaker 15: he was leading Siri for the last several years, but

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Speaker 15: he was demoted out of that role in the spring

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Speaker 15: when Apple realized that it would need to delay its

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Speaker 15: new Apple Intelligence upgrade for Siri for upwards of a year.

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Speaker 15: And after that Walker was removed from his position. His boss,

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Speaker 15: John jen Andrea was removed from overseeing both Siri and

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Speaker 15: Apple AI robotics teams, and more recently, Walker has been

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Speaker 15: overseeing a team known as Answers Knowledge and Information. It's

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Speaker 15: called a KI internally. This is a new team spun

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Speaker 15: up Underwalker, and this group is responsible for helping build

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Speaker 15: a new AI based web search tool that's coming next year,

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Speaker 15: designed to compete with both Perplexity people. Going on to

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Speaker 15: Perplexity to do searches. Right, You've seen Google traffic go

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Speaker 15: down on Apple devices and favor some of these AI apps.

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Speaker 15: So Apple wants some skin in that AI web search game.

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Speaker 15: So he's been leading that or parts of that, and

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Speaker 15: so his departure is quite notable. And more broadly, he's

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Speaker 15: on the senior staff of John Jane Andrea. He's one

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Speaker 15: of a few people who are leading the company's overall

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Speaker 15: AI initiative.

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Speaker 4: And of course, time and time again, you many others

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Speaker 4: have been talking about how Apple is seeing me behind

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Speaker 4: on the general of AI fight, but they're trying to

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Speaker 4: remind us all of their prowess when it comes to

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Speaker 4: innovation from what things look like feel like. Talk to

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Speaker 4: us about the product innovation they've been talking on.

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Speaker 15: Yeah, you know, Apple on this last keynote, it didn't

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Speaker 15: allow any distractions. It didn't raise prices, it didn't talk

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Speaker 15: about tariffs, it didn't talk about shipment delays, it didn't

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Speaker 15: talk about AI. It focused just on the core competencies.

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Speaker 15: That's hardware, that's design, that's engineering. None of the distractions

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Speaker 15: were there. All the focus is on these new devices

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Speaker 15: coming out on Friday. Except as you mentioned, the iPhone

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Speaker 15: air delay in mainland China, which is a whole other story,

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Speaker 15: but for all intentsive purposes, Apple's focusing on what it

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Speaker 15: needs to focus on, and it's probably setting up itself

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Speaker 15: up for a very solid holiday period.

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Speaker 4: Another really well read set of reporting for Markoman. We

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Speaker 4: thank you all Things power.

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Speaker 2: On Welcome back to Bloomberg Tech.

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Speaker 3: Two technology stories is told through the markets. The first alphabet,

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Speaker 3: parent of Google, has joined the three trillion dollar market

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Speaker 3: cap club, joining Apple, Microsoft, and Nvidia. The market is

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Speaker 3: talking about the idea that that antitrust ruling when in

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Speaker 3: its favor, not having to divest Chrome is a big catalyst.

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Speaker 3: But remember in earnings Google cloud platform really taking market share,

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Speaker 3: so there's momentum in that name. But it's a milestone

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Speaker 3: in technology history. The other big one, and actually this

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Speaker 3: is the most read story pretty much on the Bloomberg

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Speaker 3: terminal and on the website, is about BYD. So BYD

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Speaker 3: has seen it shares for all about thirty percent over

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Speaker 3: the last four months from all time highs that were

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Speaker 3: hit earlier in the year.

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Speaker 12: And Caroline, what a reverse wind story.

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Speaker 3: We started the year talking about how BYD was overtaking

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Speaker 3: Tesla in all these markets like Europe, and Asia, not

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Speaker 3: just with EV.

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Speaker 2: But hybrid as well.

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Speaker 3: That chart says things can reverse a little Tesla outperformance

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Speaker 3: in recent weeks byd really slumping. Check it out on

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Speaker 3: Bloomberg dot com.

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Speaker 4: You should and also look like to talk more about

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Speaker 4: China and particularly the trade talks with China, because US

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Speaker 4: Treasury Secretary Scott Bessen said a framework to keep the

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Speaker 4: TikTok app running in the United States has been reached

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Speaker 4: that President Trump and she can speak to complete this deal,

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Speaker 4: though the blueprint that's pretty unclear. Let's bring in Bloomberg

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Speaker 4: social media reporter Alexandra Levigne. What's really interesting, Alex is

442
00:23:07,400 --> 00:23:10,280
Speaker 4: we've been very close before. Remind us of how close

443
00:23:10,359 --> 00:23:13,520
Speaker 4: we came, but like six months ago, well.

444
00:23:13,400 --> 00:23:16,240
Speaker 16: We came extremely close back in the spring. I think

445
00:23:16,280 --> 00:23:19,639
Speaker 16: it was a couple weeks before the deadline had been reached.

446
00:23:20,200 --> 00:23:22,800
Speaker 16: Vice president of Vans said we are very close on

447
00:23:22,800 --> 00:23:25,359
Speaker 16: a high level deal, and then days before President Trump

448
00:23:25,400 --> 00:23:27,480
Speaker 16: basically said we are at the finish line. And then

449
00:23:27,480 --> 00:23:30,760
Speaker 16: within days the entire thing had all but imploded because

450
00:23:31,880 --> 00:23:34,560
Speaker 16: talks over tariffs between US and China had basically escalated.

451
00:23:34,640 --> 00:23:37,200
Speaker 16: So even though it could potentially be an exciting week

452
00:23:37,240 --> 00:23:39,240
Speaker 16: for TikTok and also for the roughly half the country

453
00:23:39,240 --> 00:23:41,399
Speaker 16: that uses the app. There is still a lot that

454
00:23:41,440 --> 00:23:42,000
Speaker 16: we don't know.

455
00:23:43,640 --> 00:23:44,840
Speaker 3: In the time that we've gone to air, there have

456
00:23:44,880 --> 00:23:47,880
Speaker 3: been these headlines from China's side confirming that this frame

457
00:23:47,920 --> 00:23:50,080
Speaker 3: works in place. So we have it from China and

458
00:23:50,119 --> 00:23:53,760
Speaker 3: Treasury Secretary Besson and basically the negotiators for China is

459
00:23:53,800 --> 00:23:55,879
Speaker 3: saying that this is a good framework for both sides,

460
00:23:56,520 --> 00:23:59,920
Speaker 3: but that China won't sacrifice its principles for this TikTok deal.

461
00:24:00,200 --> 00:24:02,119
Speaker 3: I noted earlier in the show that one of the

462
00:24:02,200 --> 00:24:05,840
Speaker 3: reactions to the news was Oracle shares rising remind us like,

463
00:24:06,240 --> 00:24:08,320
Speaker 3: if a deal goes through, who is going to own

464
00:24:08,359 --> 00:24:11,320
Speaker 3: and operate and run TikTok in the United States.

465
00:24:12,080 --> 00:24:15,640
Speaker 16: So, again, the terms of the deal are still unclear. Oracle, though,

466
00:24:15,720 --> 00:24:18,720
Speaker 16: has for many months been floated as one possible leading

467
00:24:18,720 --> 00:24:22,320
Speaker 16: contender here among other US investors. Oracle would make a

468
00:24:22,320 --> 00:24:25,560
Speaker 16: lot of sense potentially because Oracle and TikTok have this

469
00:24:25,600 --> 00:24:28,439
Speaker 16: pre existing relationship. They had been working together in the

470
00:24:28,480 --> 00:24:31,400
Speaker 16: past on something called Project Texas, which was essentially a

471
00:24:31,440 --> 00:24:36,240
Speaker 16: program aimed at helping TikTok secure and separate all of

472
00:24:36,359 --> 00:24:40,800
Speaker 16: TikTok's US user data in the United States and keep

473
00:24:40,840 --> 00:24:44,240
Speaker 16: it basically separate from by Dance's global operations in China.

474
00:24:45,280 --> 00:24:47,720
Speaker 3: Bloomberg's Alexandra Levine, I have a feeling you'll be back

475
00:24:47,760 --> 00:24:49,480
Speaker 3: to talk about a TikTok deal in the days and

476
00:24:49,480 --> 00:24:50,000
Speaker 3: weeks to come.

477
00:24:50,080 --> 00:24:50,880
Speaker 2: Thank you very much.

478
00:24:51,640 --> 00:24:54,960
Speaker 3: Stormtroopers from Style Wars, vlogging with a selfie, Steak Dogs

479
00:24:55,200 --> 00:24:59,000
Speaker 3: hosting a podcast. Such AI generator videos are taking over

480
00:24:59,040 --> 00:25:02,679
Speaker 3: social media subs, shooting for news and other kinds of

481
00:25:02,760 --> 00:25:05,359
Speaker 3: creative content all over our feeds as we enter the

482
00:25:05,400 --> 00:25:06,960
Speaker 3: early stages.

483
00:25:06,720 --> 00:25:08,280
Speaker 2: Of machine generated media.

484
00:25:08,359 --> 00:25:11,280
Speaker 3: The debate has been centering around the impact on Hollywood,

485
00:25:11,359 --> 00:25:15,160
Speaker 3: but what about its impact on social media? Bloomberg BusinessWeek

486
00:25:15,200 --> 00:25:19,720
Speaker 3: editor Bradstone takes a deep dive in an essay. It's

487
00:25:19,720 --> 00:25:22,440
Speaker 3: hard to summarize, but basically, everywhere on social media there's

488
00:25:22,480 --> 00:25:25,480
Speaker 3: AI generated video. There are more tools than ever available

489
00:25:25,480 --> 00:25:28,040
Speaker 3: to do this, and we explain the industries that are

490
00:25:28,080 --> 00:25:31,600
Speaker 3: being hit. But you've penned it in some detail through

491
00:25:31,600 --> 00:25:32,400
Speaker 3: some case studies.

492
00:25:32,560 --> 00:25:36,639
Speaker 17: That's right, and you miss babies being interviewed. That's a

493
00:25:36,680 --> 00:25:39,560
Speaker 17: new one these days. But look, this is our an

494
00:25:39,560 --> 00:25:43,240
Speaker 17: opening essay for our screen Time issue, and I wanted

495
00:25:43,280 --> 00:25:46,520
Speaker 17: to examine you know, what I'm seeing and what a

496
00:25:46,520 --> 00:25:48,760
Speaker 17: lot of my friends are seeing in their social media feeds,

497
00:25:49,000 --> 00:25:51,400
Speaker 17: and it is really incredible.

498
00:25:51,400 --> 00:25:52,600
Speaker 2: A rubacon has been crossed.

499
00:25:52,640 --> 00:25:54,919
Speaker 17: I think back to this summer when you have this

500
00:25:55,119 --> 00:25:59,680
Speaker 17: video of bunnies bouncing on a trampoline everywhere on TikTok,

501
00:25:59,680 --> 00:26:03,679
Speaker 17: everyone are on Instagram. People thought it was real, and

502
00:26:03,720 --> 00:26:06,120
Speaker 17: then there was an examination in the comments how one

503
00:26:06,200 --> 00:26:10,320
Speaker 17: bunny seemed to disappear, and in fact it was a

504
00:26:10,359 --> 00:26:13,480
Speaker 17: creation of a twenty two year old named Andy Kozovski.

505
00:26:13,920 --> 00:26:16,240
Speaker 17: He did it one night when he was bored. The

506
00:26:16,320 --> 00:26:20,480
Speaker 17: key here is Google's tool VO three. What's different about

507
00:26:20,560 --> 00:26:23,199
Speaker 17: VO three is it's not only raised the bar in

508
00:26:23,240 --> 00:26:25,840
Speaker 17: terms of video generation, but it has also raised the

509
00:26:25,840 --> 00:26:28,399
Speaker 17: bar in terms of audio generation. You can enter in

510
00:26:28,440 --> 00:26:31,359
Speaker 17: a few prompts, you can enter in a script, and

511
00:26:31,520 --> 00:26:34,399
Speaker 17: essentially you know the dogs who are talking, the babies

512
00:26:34,400 --> 00:26:37,640
Speaker 17: who are talking. Not only are they saying the written dialogue,

513
00:26:37,640 --> 00:26:40,679
Speaker 17: but their lips are moving. So it's really kind of

514
00:26:40,680 --> 00:26:43,200
Speaker 17: a perfect deep fake.

515
00:26:43,840 --> 00:26:46,880
Speaker 4: The twenty two year old basically made that funny disappear

516
00:26:46,920 --> 00:26:51,080
Speaker 4: on purpose to create the discussion around all of it, Brad.

517
00:26:51,080 --> 00:26:53,840
Speaker 4: But what's so interesting is he's really strong on saying

518
00:26:53,880 --> 00:26:56,800
Speaker 4: this is democratization as we see it. How much is

519
00:26:56,800 --> 00:27:00,920
Speaker 4: it upending actual creators work. How much we see Hollywood

520
00:27:00,960 --> 00:27:03,200
Speaker 4: adopt and embrace this or not this case?

521
00:27:03,240 --> 00:27:06,840
Speaker 17: Maybe, I mean it's really starting on social media. We

522
00:27:06,880 --> 00:27:09,000
Speaker 17: saw what the Hollywood strikes a few years ago, a

523
00:27:09,040 --> 00:27:13,320
Speaker 17: great resistance among the industry around the embrace of AI.

524
00:27:14,080 --> 00:27:17,560
Speaker 17: Now we are seeing that begin to change. I mean recently,

525
00:27:18,240 --> 00:27:21,560
Speaker 17: Amazon or a studio affiliated with Amazon, announced it would

526
00:27:21,560 --> 00:27:26,639
Speaker 17: be finishing orson Wells's film The Magnificent Amberson's using AI

527
00:27:26,800 --> 00:27:29,600
Speaker 17: to recreate some lost scenes. So it's beginning to see

528
00:27:29,600 --> 00:27:31,520
Speaker 17: about But you know, we're looking at the dog.

529
00:27:31,359 --> 00:27:32,480
Speaker 2: Podcast right now.

530
00:27:32,720 --> 00:27:35,760
Speaker 17: That's a Montreal company called dog Pack App. They're trying

531
00:27:35,760 --> 00:27:38,920
Speaker 17: to market themselves and they've got dogs talking.

532
00:27:39,240 --> 00:27:40,280
Speaker 12: It's kind of cringe.

533
00:27:40,600 --> 00:27:44,240
Speaker 17: The humor is very dad joke, but you know people

534
00:27:44,320 --> 00:27:46,280
Speaker 17: are responding to it. You kind of see it everywhere

535
00:27:46,320 --> 00:27:47,480
Speaker 17: on social media right now.

536
00:27:47,880 --> 00:27:51,359
Speaker 4: Who doesn't have a dad joke? Bradstone, brilliant opening piece.

537
00:27:51,400 --> 00:27:55,240
Speaker 4: We're all so excited about screen time, thanks very much. Indeed, meanwhile,

538
00:27:55,240 --> 00:27:57,960
Speaker 4: coming up we can be talking about startup line of sciences.

539
00:27:58,400 --> 00:28:01,639
Speaker 4: It's aiming to turbo charge scientific discovery with guess what

540
00:28:02,359 --> 00:28:04,400
Speaker 4: using AI. Of course we'll talk to the CEO about

541
00:28:04,400 --> 00:28:07,480
Speaker 4: the latest funding round. It's big. There's a series as

542
00:28:07,480 --> 00:28:08,520
Speaker 4: a Bloomberg tech.

543
00:28:23,480 --> 00:28:26,880
Speaker 3: Startup, Lilah Sciences has just closed a two hundred and

544
00:28:26,880 --> 00:28:31,080
Speaker 3: thirty five million dollar Series A funding round. The company

545
00:28:31,080 --> 00:28:34,920
Speaker 3: aims to create what it called scientific super intelligence by

546
00:28:34,960 --> 00:28:38,920
Speaker 3: developing AI that runs thousands of scientific experiments at once.

547
00:28:39,360 --> 00:28:42,160
Speaker 3: Let's bring in Jeff on Molhal's the co founder and

548
00:28:42,240 --> 00:28:46,840
Speaker 3: CEO of Lilah Sciences. That is an eye catching Series

549
00:28:46,840 --> 00:28:50,560
Speaker 3: A and I think the best place to start, Jeff

550
00:28:50,680 --> 00:28:53,360
Speaker 3: is just with the basics of explaining what it is

551
00:28:53,400 --> 00:28:56,960
Speaker 3: Leila wants to do. Because you know, maybe the money

552
00:28:56,960 --> 00:29:00,320
Speaker 3: gives credibility, it gives you the news headline, but there's

553
00:29:00,320 --> 00:29:02,280
Speaker 3: a very specific focus that you have.

554
00:29:04,040 --> 00:29:06,520
Speaker 6: Yes, first of all, thank you for having me. Lyla's

555
00:29:06,800 --> 00:29:09,960
Speaker 6: mission is the reason for this fundraise. Our mission is

556
00:29:10,000 --> 00:29:15,080
Speaker 6: scientific superintelligence to solve humankind's greatest challenges. That is, of

557
00:29:15,080 --> 00:29:17,680
Speaker 6: course a lofty mission, but what it means is that

558
00:29:18,280 --> 00:29:20,800
Speaker 6: we're trying to build a kind of beautiful mind that

559
00:29:20,880 --> 00:29:24,640
Speaker 6: can be a polymath across fields of science, materials, chemistry,

560
00:29:24,680 --> 00:29:29,200
Speaker 6: and life and become super intelligent within them by running

561
00:29:29,200 --> 00:29:30,560
Speaker 6: the scientific method itself.

562
00:29:31,800 --> 00:29:36,080
Speaker 3: Jeff, we became accustomed in twenty twenty four to these

563
00:29:36,240 --> 00:29:41,480
Speaker 3: very large series a's all over the world, actually, particularly

564
00:29:41,520 --> 00:29:43,240
Speaker 3: those focusing on specific models.

565
00:29:43,480 --> 00:29:44,040
Speaker 2: Why do you.

566
00:29:44,080 --> 00:29:46,520
Speaker 3: Need that level of capital from the beginning, What is

567
00:29:46,560 --> 00:29:49,680
Speaker 3: it that requires that capital to be deployed?

568
00:29:50,880 --> 00:29:53,640
Speaker 6: Yeah, First of all, I realize it by saying scientific method,

569
00:29:54,080 --> 00:29:59,240
Speaker 6: I've either given euphoria or PTSD to audience members that

570
00:29:59,280 --> 00:30:02,880
Speaker 6: may have enjoyed or not there most recent science class.

571
00:30:03,160 --> 00:30:07,640
Speaker 6: So what's special about Leilah is the realization that AI

572
00:30:07,800 --> 00:30:11,160
Speaker 6: is now positioned to be able to run every single

573
00:30:11,240 --> 00:30:14,400
Speaker 6: step of the scientific method. Scientific method is the most

574
00:30:14,480 --> 00:30:17,800
Speaker 6: valuable wheel that has ever existed, and the reason for

575
00:30:17,920 --> 00:30:22,160
Speaker 6: scale capital is running the scientific method at scale is

576
00:30:22,200 --> 00:30:25,800
Speaker 6: going to lead to scaling laws for scientific intelligence that

577
00:30:25,880 --> 00:30:28,880
Speaker 6: will go beyond what's possible with scaling laws of the

578
00:30:28,880 --> 00:30:31,680
Speaker 6: Internet and previous human knowledge alone.

579
00:30:31,840 --> 00:30:35,280
Speaker 4: Jeff, It's interesting where you stand. We've just seen the

580
00:30:35,320 --> 00:30:38,000
Speaker 4: interesting investors coming on board and the pension money, the

581
00:30:38,000 --> 00:30:40,920
Speaker 4: big pockets wanting to put money to work, But ultimately

582
00:30:41,200 --> 00:30:43,040
Speaker 4: call me a cynic. We've had an awful lot of

583
00:30:43,120 --> 00:30:46,320
Speaker 4: scientific AI companies coming in offering a new world of

584
00:30:46,680 --> 00:30:49,520
Speaker 4: medical advancement. Why are you different? It seems to be

585
00:30:49,560 --> 00:30:50,040
Speaker 4: something about the.

586
00:30:50,040 --> 00:30:56,120
Speaker 6: Lab so that the mainstay of scientific AI companies are

587
00:30:56,440 --> 00:30:59,200
Speaker 6: sitting in a small niche of science focused on a

588
00:30:59,240 --> 00:31:03,240
Speaker 6: specific application. The insight that led to Lilah is the

589
00:31:03,240 --> 00:31:07,040
Speaker 6: same kind of inside that led to the modern scaling

590
00:31:07,120 --> 00:31:11,360
Speaker 6: laws and ascent of large language models and reasoning capabilities,

591
00:31:11,400 --> 00:31:14,480
Speaker 6: which is that we no longer need to compartmentalized science

592
00:31:14,520 --> 00:31:19,480
Speaker 6: into a whole bunch of tiny subdomains, but instead one

593
00:31:19,520 --> 00:31:23,320
Speaker 6: can build a single kind of mind that can operate

594
00:31:23,360 --> 00:31:27,840
Speaker 6: across an immense diversity of scientific fields and pull new

595
00:31:27,920 --> 00:31:33,240
Speaker 6: knowledge into that single mastery of the way that the

596
00:31:33,240 --> 00:31:35,880
Speaker 6: world around us works. And we believe that this is

597
00:31:35,920 --> 00:31:40,400
Speaker 6: going to open up incredible frontiers across those subdomains and

598
00:31:40,520 --> 00:31:45,800
Speaker 6: between those subdomains in medicine, energy, new climate technologies, and

599
00:31:45,840 --> 00:31:46,360
Speaker 6: a lot more.

600
00:31:47,600 --> 00:31:51,760
Speaker 3: Jeff, we started this conversation by saying that Lilah focuses

601
00:31:51,800 --> 00:31:55,040
Speaker 3: and running thousands of experiments at once using a.

602
00:31:55,040 --> 00:31:56,280
Speaker 2: Single AI model.

603
00:31:56,680 --> 00:32:00,800
Speaker 3: Is this you taking advantage of quantum compute? To do that,

604
00:32:01,320 --> 00:32:03,600
Speaker 3: or accelerated computing or both.

605
00:32:05,240 --> 00:32:09,240
Speaker 6: Primarily the ladder for now. But if you wild a

606
00:32:09,280 --> 00:32:12,360
Speaker 6: beautiful mind for science, it needs a new kind of body.

607
00:32:12,960 --> 00:32:15,920
Speaker 6: And those who are training only on data sets of

608
00:32:15,960 --> 00:32:19,320
Speaker 6: the past are going to hit a ceiling of scientific intelligence.

609
00:32:19,800 --> 00:32:23,080
Speaker 6: And that wheel of the scientific method, of course, has

610
00:32:23,120 --> 00:32:26,720
Speaker 6: been in human minds and hands for all of our existence.

611
00:32:27,240 --> 00:32:29,960
Speaker 6: And we believe the paradigm of what you're seeing behind

612
00:32:29,960 --> 00:32:35,360
Speaker 6: me allows science to ascend into a higher intelligence, higher scale,

613
00:32:35,520 --> 00:32:38,800
Speaker 6: and higher speed. And the implications of that are that

614
00:32:38,840 --> 00:32:40,720
Speaker 6: we're going to be able to pull inventions out of

615
00:32:40,760 --> 00:32:43,200
Speaker 6: the future like has never been possible before.

616
00:32:43,480 --> 00:32:46,080
Speaker 4: Wow, when you start announcing some of the pay customers,

617
00:32:46,080 --> 00:32:47,520
Speaker 4: you've got to come and tell us about it. Jeff

618
00:32:47,560 --> 00:32:49,840
Speaker 4: On Meltson, we appreciate it. Co founder and CEO of

619
00:32:49,960 --> 00:32:53,520
Speaker 4: LAE of Sciences. Now, let's talk about Macado Leebra las

620
00:32:53,560 --> 00:32:56,400
Speaker 4: In America's e commerce and fintech giant, just got a

621
00:32:56,440 --> 00:32:59,720
Speaker 4: new CEO. Ariel Schafstein, will be taking on the rains

622
00:33:00,080 --> 00:33:02,680
Speaker 4: January after Marcus Galprin, who co founded the company led

623
00:33:02,720 --> 00:33:05,880
Speaker 4: it to become the region's most valuable firm. Well, he's

624
00:33:05,880 --> 00:33:07,840
Speaker 4: handing of the reins and let's just hear about what

625
00:33:07,880 --> 00:33:10,160
Speaker 4: the incoming CEO had to say. When asked for his

626
00:33:10,320 --> 00:33:12,280
Speaker 4: vision for the company for the next ten years, he

627
00:33:12,320 --> 00:33:15,920
Speaker 4: spoke in his first exclusive interview with international media as

628
00:33:15,960 --> 00:33:16,720
Speaker 4: incoming CEO.

629
00:33:18,600 --> 00:33:21,480
Speaker 9: I think we've done tremendous things over the first twenty

630
00:33:21,520 --> 00:33:23,960
Speaker 9: six years, but the opportunity for us in the next

631
00:33:24,000 --> 00:33:28,120
Speaker 9: twenty six are equally big or even bigger and what

632
00:33:28,160 --> 00:33:33,760
Speaker 9: we've done in the first era of Marca Olive. I

633
00:33:33,800 --> 00:33:37,120
Speaker 9: think the opportunity to continue increasing the size of our

634
00:33:37,160 --> 00:33:41,880
Speaker 9: ecommerce business through ecommace. Penetration in retail is still very

635
00:33:41,920 --> 00:33:45,720
Speaker 9: big in Latin America. Digital advertising is nascent in Latin

636
00:33:45,720 --> 00:33:48,959
Speaker 9: America and we are convinced that we can drive growth

637
00:33:50,000 --> 00:33:54,800
Speaker 9: in that atmosphere. And last but not least, fintech. Right so,

638
00:33:54,960 --> 00:33:59,040
Speaker 9: financial inclusion in Latin America is still pending, and we

639
00:33:59,080 --> 00:34:02,080
Speaker 9: can beat the probable lists of the process of bringing

640
00:34:02,120 --> 00:34:05,880
Speaker 9: more people into financial services across the region, as we

641
00:34:05,960 --> 00:34:10,560
Speaker 9: have been doing over the last few years.

642
00:34:13,600 --> 00:34:16,279
Speaker 4: The US and the UK will sign an agreement to

643
00:34:16,280 --> 00:34:19,160
Speaker 4: make it quicker for companies to build nuclear power stations,

644
00:34:19,280 --> 00:34:22,120
Speaker 4: but the countries will use safety assessments of reactor designs

645
00:34:22,200 --> 00:34:25,200
Speaker 4: from each other to fast track their checks. The announcement

646
00:34:25,280 --> 00:34:27,680
Speaker 4: comes as President Trump prepares to travel to Britain tomorrow,

647
00:34:27,719 --> 00:34:30,600
Speaker 4: with more economic deals expected to be announced. Already in

648
00:34:30,640 --> 00:34:34,840
Speaker 4: Europe doing deals as US Energy Secretory Chris Wright, exactly

649
00:34:34,840 --> 00:34:37,560
Speaker 4: the person we want to talk to about the opportunity

650
00:34:37,680 --> 00:34:40,880
Speaker 4: of nuclear, particularly in our world of AI. How quickly

651
00:34:40,920 --> 00:34:43,000
Speaker 4: do you think it'll be brought online in the US

652
00:34:43,160 --> 00:34:46,480
Speaker 4: or indeed the UK, because your timeline is fast. It seems.

653
00:34:47,680 --> 00:34:50,360
Speaker 14: It's aggressive, Caroline, And that's President Trump. You know, he

654
00:34:50,480 --> 00:34:54,279
Speaker 14: came in fall in on nigular energy. And we will

655
00:34:54,320 --> 00:34:58,840
Speaker 14: have reactors, these next generation small module reactors critical next year.

656
00:34:59,320 --> 00:35:00,800
Speaker 8: In fact, I'm pretty confident will.

657
00:35:00,680 --> 00:35:03,879
Speaker 14: Have one of them before July fourth of next year,

658
00:35:04,200 --> 00:35:05,160
Speaker 14: and several more.

659
00:35:05,120 --> 00:35:05,719
Speaker 8: During the year.

660
00:35:06,040 --> 00:35:08,879
Speaker 14: Now, it's not the back ended electricity production, but it's

661
00:35:08,880 --> 00:35:12,120
Speaker 14: the whole nuclear system running demonstrating how it will work.

662
00:35:12,440 --> 00:35:16,600
Speaker 14: I think this expedite final permitting and sales and commercialization

663
00:35:16,640 --> 00:35:17,240
Speaker 14: of the reactors.

664
00:35:17,280 --> 00:35:20,520
Speaker 4: It's going to move fast, not just fission but fusion

665
00:35:20,560 --> 00:35:23,320
Speaker 4: as well. Just how optimistic are you there? Eight to

666
00:35:23,440 --> 00:35:26,560
Speaker 4: fifteen years I saw? Is that realistic? And how self

667
00:35:26,560 --> 00:35:29,759
Speaker 4: dependent would that make? The US for what five gigawatts

668
00:35:31,160 --> 00:35:33,400
Speaker 4: designs that we're currently seeing just coming from Oracle and

669
00:35:33,440 --> 00:35:36,840
Speaker 4: Open AI alone super exciting.

670
00:35:37,080 --> 00:35:40,040
Speaker 14: I worked on fusion energy in college forty years ago,

671
00:35:40,120 --> 00:35:42,960
Speaker 14: and we've seen steady progress for the last forty years,

672
00:35:43,160 --> 00:35:46,360
Speaker 14: mostly at the national labs at the Apartment Department of Energy.

673
00:35:46,840 --> 00:35:51,239
Speaker 14: But with AI and commercial fusion companies coming into space now,

674
00:35:51,640 --> 00:35:55,080
Speaker 14: the pace of innovation is faster than ever before. Yeah,

675
00:35:55,120 --> 00:35:58,160
Speaker 14: I believe we will know the commercial pathways to fusion

676
00:35:58,640 --> 00:36:01,520
Speaker 14: during the Trump administration, And as I said, I think

677
00:36:01,560 --> 00:36:06,160
Speaker 14: we'll see commercial electricity from fusion energy on could be

678
00:36:06,200 --> 00:36:08,680
Speaker 14: as fast as eight years, and I'd be very surprised

679
00:36:08,719 --> 00:36:10,640
Speaker 14: if it's more than fifteen coming.

680
00:36:10,920 --> 00:36:12,080
Speaker 8: It's coming and into exciting.

681
00:36:13,120 --> 00:36:16,000
Speaker 3: Secretary, right as you travel across Europe and heads to

682
00:36:16,040 --> 00:36:19,439
Speaker 3: the UK, what kind of instruction has the president given

683
00:36:19,560 --> 00:36:22,960
Speaker 3: you to put these energy deals in the context of

684
00:36:23,040 --> 00:36:25,280
Speaker 3: national security and defense.

685
00:36:27,600 --> 00:36:30,560
Speaker 14: I think the President has talked from his campaign that

686
00:36:30,680 --> 00:36:34,200
Speaker 14: his goal was prosperity at home and peace abroad, and

687
00:36:34,280 --> 00:36:38,520
Speaker 14: he understands instinctively that both of those are intimately.

688
00:36:38,080 --> 00:36:38,880
Speaker 8: Tied to energy.

689
00:36:39,160 --> 00:36:42,799
Speaker 14: You need low cost, abundant, affordable energy at home to

690
00:36:42,920 --> 00:36:46,239
Speaker 14: lower costs for Americans and make businesses thrive. That's the

691
00:36:46,320 --> 00:36:51,439
Speaker 14: same agenda overseas. Here I am in Europe. They're very,

692
00:36:51,480 --> 00:36:54,240
Speaker 14: of course, shocked at what happened with the Russia invasion

693
00:36:54,239 --> 00:36:56,800
Speaker 14: of Ukraine and their energy dependence on Russia.

694
00:36:57,280 --> 00:36:59,000
Speaker 8: Everybody gets that as a mistake.

695
00:36:59,120 --> 00:37:01,640
Speaker 14: They want to switch that dependence from Russia on the

696
00:37:01,719 --> 00:37:02,600
Speaker 14: United States.

697
00:37:03,400 --> 00:37:05,439
Speaker 8: We are bringing them assurances.

698
00:37:04,880 --> 00:37:08,040
Speaker 14: We can continue to wrap up natural gas exports into

699
00:37:08,080 --> 00:37:11,560
Speaker 14: Europe as a safe, secure partner. And of course there's

700
00:37:11,640 --> 00:37:15,279
Speaker 14: huge enthusiasm for American nuclear technology over here. You want

701
00:37:15,280 --> 00:37:18,439
Speaker 14: to get your energy and your key strategic inputs from

702
00:37:18,440 --> 00:37:20,120
Speaker 14: your allies and not your adversaries.

703
00:37:21,760 --> 00:37:26,040
Speaker 3: When President Trump took office, he pledged to cut electricity

704
00:37:26,120 --> 00:37:30,080
Speaker 3: price in half within twelve months.

705
00:37:29,719 --> 00:37:31,239
Speaker 2: For everyday American secretary.

706
00:37:31,280 --> 00:37:34,040
Speaker 3: Right in the time since the president's been in office,

707
00:37:34,120 --> 00:37:37,840
Speaker 3: electricity prices have risen ten percent. Is he still able

708
00:37:37,880 --> 00:37:40,560
Speaker 3: to make good on that election pledge? And how does

709
00:37:40,560 --> 00:37:41,000
Speaker 3: he get that?

710
00:37:42,680 --> 00:37:46,480
Speaker 14: Look, the President is a very ambitious, aim high guy.

711
00:37:46,680 --> 00:37:49,680
Speaker 14: He is absolutely committed to lowering energy prices in the

712
00:37:49,760 --> 00:37:53,560
Speaker 14: United States. We've seen that in gasoline and diesel and

713
00:37:53,600 --> 00:37:54,560
Speaker 14: oil products.

714
00:37:55,280 --> 00:37:57,480
Speaker 8: We're seeing screaming increase in.

715
00:37:57,560 --> 00:38:01,200
Speaker 14: US natural gas production and prices as well not rising

716
00:38:01,239 --> 00:38:05,760
Speaker 14: at all. Electricity grids harder. It's just long time frames.

717
00:38:05,920 --> 00:38:09,160
Speaker 14: Long time frames change that whole system cost. But if

718
00:38:09,200 --> 00:38:12,040
Speaker 14: you look at it on a microscale, the President is

719
00:38:12,120 --> 00:38:16,240
Speaker 14: ready to permit, and we are permitting immediately electric generating

720
00:38:16,320 --> 00:38:20,000
Speaker 14: capacity that will be less than half the cost of

721
00:38:20,040 --> 00:38:21,280
Speaker 14: the stuff that was built under.

722
00:38:21,120 --> 00:38:22,080
Speaker 8: The Biden administration.

723
00:38:22,480 --> 00:38:24,959
Speaker 14: So are we adding new capacity on the grid that's

724
00:38:25,080 --> 00:38:27,440
Speaker 14: less than half the cost of the Biden administration?

725
00:38:27,840 --> 00:38:30,000
Speaker 8: Absolutely, the presence Adam it about that.

726
00:38:30,440 --> 00:38:32,839
Speaker 14: For that to filter in, for the whole grid cost

727
00:38:32,920 --> 00:38:35,280
Speaker 14: to come down imediately, that will take some time.

728
00:38:35,520 --> 00:38:37,960
Speaker 8: For rest assured. We're driving as hard as fast as

729
00:38:37,960 --> 00:38:38,319
Speaker 8: we can.

730
00:38:39,560 --> 00:38:41,680
Speaker 4: Sanctuary, right, You've been driving hard and fast when it

731
00:38:41,719 --> 00:38:44,440
Speaker 4: comes to well updating. It feels like the Department of

732
00:38:44,560 --> 00:38:47,040
Speaker 4: Energies view on what to use when it comes to

733
00:38:47,120 --> 00:38:50,920
Speaker 4: energy sources, and in particular, I'm thinking about the thought leadership.

734
00:38:50,960 --> 00:38:54,320
Speaker 4: Back in July, you put forward what was a report

735
00:38:54,400 --> 00:38:56,520
Speaker 4: it was deemed about the threat of climate change and

736
00:38:56,520 --> 00:39:01,080
Speaker 4: said basically it's exaggerated. Now that working group has been disbanded,

737
00:39:01,160 --> 00:39:03,040
Speaker 4: many have been critical of some of the findings. Do

738
00:39:03,080 --> 00:39:06,920
Speaker 4: you still stand by those findings that were ultimately saying

739
00:39:06,920 --> 00:39:10,400
Speaker 4: a lot of the well climate views were wrong about

740
00:39:10,400 --> 00:39:13,520
Speaker 4: the speed of which the globe is getting hot, or

741
00:39:13,560 --> 00:39:14,279
Speaker 4: at least.

742
00:39:15,640 --> 00:39:18,640
Speaker 14: Actually no dispute at all about temperature and sea level data.

743
00:39:18,719 --> 00:39:21,960
Speaker 14: What we did was just popularize the data that the

744
00:39:22,000 --> 00:39:26,160
Speaker 14: climate alarmis and the politicians don't want to popularize. Ninety

745
00:39:26,160 --> 00:39:29,080
Speaker 14: percent of what's in our Climate report is in the Inner.

746
00:39:28,840 --> 00:39:31,000
Speaker 8: Governmental Panel on Climate Change reports.

747
00:39:31,280 --> 00:39:34,600
Speaker 14: I've been studying this issue for twenty years, so quite

748
00:39:34,640 --> 00:39:39,400
Speaker 14: familiar with it. Five fantastic scientists produced that report, and

749
00:39:39,440 --> 00:39:43,280
Speaker 14: of course environmental groups that don't want in ofst and honest,

750
00:39:43,440 --> 00:39:49,160
Speaker 14: fact based dialogue about climate change sued over silly procedural

751
00:39:49,239 --> 00:39:51,960
Speaker 14: thing about the paperwork for one of the five. And

752
00:39:52,000 --> 00:39:55,520
Speaker 14: instead of fighting this in court, the climate scientists, I'm

753
00:39:55,560 --> 00:39:58,719
Speaker 14: sure they'll still respond to the questions. We've opened a

754
00:39:58,760 --> 00:40:01,400
Speaker 14: real dialogue about climate change, and that's exactly what we

755
00:40:01,480 --> 00:40:04,000
Speaker 14: wanted to do, and I couldn't be happy about it.

756
00:40:04,000 --> 00:40:06,160
Speaker 14: It's funny I go on more and more shows talking

757
00:40:06,160 --> 00:40:08,040
Speaker 14: about climate change and no one wants to ask me

758
00:40:08,040 --> 00:40:09,359
Speaker 14: any questions about climate change.

759
00:40:09,400 --> 00:40:13,440
Speaker 4: I'll keep climate change. I'll ask you, because why did

760
00:40:13,440 --> 00:40:16,040
Speaker 4: your department undertake it in such a way it seemed

761
00:40:16,080 --> 00:40:19,279
Speaker 4: to that the study wasn't following usual procedures like the

762
00:40:19,320 --> 00:40:21,400
Speaker 4: omb's guidelines on science reports.

763
00:40:23,320 --> 00:40:26,399
Speaker 14: Now, this is when you publish a technical paper. When

764
00:40:26,440 --> 00:40:29,600
Speaker 14: you publish the paper, that's when the dialogue starts. We

765
00:40:29,680 --> 00:40:32,600
Speaker 14: wanted to publish This was from no scientists at DOEE,

766
00:40:32,640 --> 00:40:33,360
Speaker 14: although we did.

767
00:40:33,239 --> 00:40:34,360
Speaker 8: Do peer review at DOUE.

768
00:40:34,719 --> 00:40:38,759
Speaker 14: These are five independent scientists that we said, please write

769
00:40:38,760 --> 00:40:41,400
Speaker 14: a report. It just sort of summarizes the big picture

770
00:40:41,440 --> 00:40:44,120
Speaker 14: about climate change, so we can publish it, open it

771
00:40:44,200 --> 00:40:47,719
Speaker 14: up for public comment, and we've got tons of comments.

772
00:40:48,120 --> 00:40:50,799
Speaker 14: Lots of them are silly. But what you can see

773
00:40:50,840 --> 00:40:53,879
Speaker 14: from the substance of the comments we received as there's

774
00:40:54,080 --> 00:40:58,760
Speaker 14: very little disagreement with the data we published on temperature data, sea.

775
00:40:58,640 --> 00:41:00,759
Speaker 8: Level data, and models.

776
00:41:01,480 --> 00:41:05,719
Speaker 14: People are complaining around the edges, or mostly complaining around Yeah, but.

777
00:41:06,400 --> 00:41:08,640
Speaker 8: The future might be different. That's true.

778
00:41:08,719 --> 00:41:11,520
Speaker 14: We don't know the future, but I heard twenty years

779
00:41:11,560 --> 00:41:13,280
Speaker 14: ago that future might be different.

780
00:41:13,480 --> 00:41:17,000
Speaker 8: We're just publishing the real data on c level rise, on.

781
00:41:17,120 --> 00:41:21,040
Speaker 14: Temperature increases, on the effects of kerbon dioxide in the atmosphere,

782
00:41:21,040 --> 00:41:25,320
Speaker 14: which makes the planet creer a little bit wetter. It

783
00:41:25,920 --> 00:41:27,879
Speaker 14: kind of changes a real thing, but it's just been

784
00:41:27,920 --> 00:41:32,359
Speaker 14: so wildly exaggerated and misrepresented, and it's made the kind

785
00:41:32,440 --> 00:41:35,480
Speaker 14: of scientists that go on TV only the most dramatic

786
00:41:35,760 --> 00:41:37,520
Speaker 14: larvest ones that make TV us.

787
00:41:37,920 --> 00:41:40,680
Speaker 8: Most of the honest, sober ones are in the background.

788
00:41:41,040 --> 00:41:41,799
Speaker 8: We're bringing into the.

789
00:41:41,800 --> 00:41:47,160
Speaker 3: Forefront US Energy Secretary Chris Wright, currently in Vienna, but

790
00:41:47,239 --> 00:41:50,000
Speaker 3: continuing through Europe. Thank you very much for joining us

791
00:41:50,280 --> 00:41:53,120
Speaker 3: on Bloomberg Tech. Just a quick update and video shares

792
00:41:53,120 --> 00:41:56,200
Speaker 3: have swung from a pretty notable decline to positive territory.

793
00:41:56,520 --> 00:41:59,160
Speaker 3: You remember the story broke this morning that China's market

794
00:41:59,200 --> 00:42:02,839
Speaker 3: regulator had said that in Video violated anti monopoly laws

795
00:42:02,880 --> 00:42:06,040
Speaker 3: on the twenty twenty acquisition of Melanox. That was a

796
00:42:06,080 --> 00:42:08,920
Speaker 3: bargaining chip pardon the pun, right carrot, in the context

797
00:42:08,960 --> 00:42:11,359
Speaker 3: of these US China talks that are happening, and it's

798
00:42:11,360 --> 00:42:13,319
Speaker 3: a big week in that context.

799
00:42:12,960 --> 00:42:13,279
Speaker 2: It is.

800
00:42:13,400 --> 00:42:15,279
Speaker 4: I remember it was a big week from video stock

801
00:42:15,400 --> 00:42:18,200
Speaker 4: last week. I added about six percent, So maybe there's

802
00:42:18,239 --> 00:42:19,839
Speaker 4: just a been a profit taking earlier today. That does

803
00:42:19,880 --> 00:42:21,959
Speaker 4: it from this edition of Bloomberg Tech. But don't forget

804
00:42:21,960 --> 00:42:24,120
Speaker 4: to check out our podcast. Find it on the terminal

805
00:42:24,160 --> 00:42:26,799
Speaker 4: as well as online on Apple, Spotify, and iHeart. From

806
00:42:26,800 --> 00:42:29,279
Speaker 4: New York and San Francisco. This is Bloomberg Tech,