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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea on

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Speaker 1: a Friday. We're supposed to slide into the holiday weekend.

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Speaker 1: No we didn't. Michael Barr couldn't focus because of Bills

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Speaker 1: Lions this weekend big football game. I'm rooting for the

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Speaker 1: Bills and mister Barr of course with the Lions. But

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Speaker 1: far more than that was a hugely anticipated conversation with

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Speaker 1: Dan Ives and Gene Munster about what we're all living,

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Speaker 1: which is this Mag seven juggernaut. We opened it with

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Speaker 1: all sorts of people to talk about MAG seven. Away

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Speaker 1: from Ives and Munster, here is Michael Purvis of tallbacking

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Speaker 1: on institutional ownership of the Mag seven. They're not.

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Speaker 2: No, I don't think they're under owned in any any

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Speaker 2: significant way. Of that said, you know, if you look

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Speaker 2: at a lot of different valuation metrics relative to their

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Speaker 2: growth rates, you know they're a little bit more easier

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Speaker 2: to own right now than I think the Russell two thousand,

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Speaker 2: for example, which has been you know, everyone's favorite rotation trade,

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Speaker 2: but it's simply not. It doesn't have the fundamental underpinnings there.

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Speaker 2: And I think the other thing that you have to

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Speaker 2: think about as you're talking about twenty twenty five, is

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Speaker 2: that there simply is sort of a higher political risk

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Speaker 2: premium if you will, that's going to bleed into some

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Speaker 2: of the economic forces that underscore those earnings and some

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Speaker 2: of the more smaller domestic companies. So I think that

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Speaker 2: that begs for the question about whether there is sort

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Speaker 2: of a political risk premium, if you will, on some

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Speaker 2: of those more domestic shares. The other path of that

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Speaker 2: question is is what's going to sort of, you know,

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Speaker 2: blaze the path forwards next year. I'm going to be

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Speaker 2: boring Tom and say it's going to be those magnificent

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Speaker 2: six or seven synocks there.

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Speaker 1: Michael Purvis getting a set for the conversation with Dan

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Speaker 1: Ives of Webbush Gene Monster of deep Water. Dan Ives

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Speaker 1: on the path for Apple to four trillion.

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Speaker 3: It's like with Apple originally, and Jean's talking about it

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Speaker 3: as well. You just looked at Apple as a hardware

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Speaker 3: player smartphone. But what's been the key to the evaluation

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Speaker 3: why it's gonna be the first one the four trillion

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Speaker 3: dollar mark club. It's because of services. It's because so

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Speaker 3: when you think about Tesla, I would compare autonomous the

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Speaker 3: software FSD to Apple Services relative to that cup of

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Speaker 3: Tino story. That's why it's so important seven million vehicles

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Speaker 3: out that you have ten million vehicles over next year

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Speaker 3: or two. And even when you look at Waimo, which

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Speaker 3: is a Google play, tho's a two hundred thousand hours.

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Speaker 1: Paul Sweeney and I look at the ceiling, going wait,

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Speaker 1: the dees screen has Tesla with a one hundred and

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Speaker 1: seventy two price to earnings ratio. We get a DAN.

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Speaker 1: I mean we understand it as well. And of course

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Speaker 1: the emotion that we see on Bloomberg surveillance sometimes I'm

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Speaker 1: overwhelmed to tears gene monster on daan.

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Speaker 4: Iives it's gonna say one thing about Dan for a

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Speaker 4: second before I answer that no one illustrates as a

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Speaker 4: better language of kind of illustrating what goes on than DAN.

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Speaker 4: So I just appreciate that at the party because that's

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Speaker 4: exactly what's going on in terms of Google. Basically, the

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Speaker 4: pressure point on this is I don't think it's around regulation.

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Speaker 4: I don't think anything's gonna happen there. I think it's

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Speaker 4: really what happens with search, and coming back to what

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Speaker 4: happened in the September quarter, I think was the most

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Speaker 4: important number, that search number that Google has had in

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Speaker 4: the last decade. Specifically is that they saw on acceleration

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Speaker 4: in the US after one full quarter of these AI overviews.

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Speaker 4: And so what that meant is by them injecting a

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Speaker 4: at the top of the search results, that they were

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Speaker 4: still getting more search revenue. And that's kind of the

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Speaker 4: keeps what has been keeping investors up at night. The

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Speaker 4: other beautiful part about the Google story is, you know

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Speaker 4: they have these other bets. I think what happened related to,

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Speaker 4: you know, their quantum computing that at two hundred and

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Speaker 4: fifty billion in market cap this week, that was probably

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Speaker 4: a little bit of a stretch. But what they have

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Speaker 4: around Weymo we can talk about in the next segment

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Speaker 4: what's going on there. And re loved to to Tesla.

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Speaker 4: But I just think Google's in a great position for

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Speaker 4: this AI party.

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Speaker 1: Gene Monster and Dana ives there on Technology, thank you

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Speaker 1: for the huge response, particularly on YouTube nationwide and indeed

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Speaker 1: worldwide today, big big international audience. Good morning to all

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Speaker 1: of you on your commute. We're on Apple CarPlay, Android Auto,

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Speaker 1: ninety nine one FM in Washington, ninety two nine FM

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Speaker 1: in Boston. It's great to talk about the mill Hill

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Speaker 1: Club today that was a few years back, and Bloomberg

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Speaker 1: eleven three to zero AM in New York City as

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Speaker 1: well on YouTube podcasts. This is a single best idea