1 00:00:01,440 --> 00:00:06,720 Speaker 1: From Mahard where Innovation, Money and Power colle in Silicon Valley, NBN. 2 00:00:07,040 --> 00:00:11,559 Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow. 3 00:00:25,480 --> 00:00:27,680 Speaker 3: Live from New York and San Francisco. This is Bloomberg 4 00:00:27,680 --> 00:00:29,920 Speaker 3: Technology coming up in video games to become the most 5 00:00:30,000 --> 00:00:32,479 Speaker 3: valuable tech company. Amid plans to add it to the 6 00:00:32,560 --> 00:00:35,640 Speaker 3: Dow Jones index, Intel will be removed from the one 7 00:00:35,720 --> 00:00:37,640 Speaker 3: hundred and twenty year old XD benchmark. 8 00:00:38,360 --> 00:00:41,360 Speaker 4: A day out from the US election, cyber officials fight 9 00:00:41,479 --> 00:00:44,720 Speaker 4: to curb vote distrust and the risks of AI. 10 00:00:44,800 --> 00:00:48,200 Speaker 3: Chap Watson minors. We speak to the lawyer suing character AI, 11 00:00:48,600 --> 00:00:51,400 Speaker 3: claiming it's responsible for the death of a fourteen year old. 12 00:00:52,200 --> 00:00:56,520 Speaker 3: But first we check in on markets on Edge ahead 13 00:00:56,520 --> 00:00:59,280 Speaker 3: of the all important US election. Ed I shannelight on 14 00:00:59,320 --> 00:01:02,560 Speaker 3: crypto coin because the Nasdaq is not doing very much, 15 00:01:02,600 --> 00:01:04,760 Speaker 3: bitcoined off by sevent tens percent, many feeling this is 16 00:01:04,800 --> 00:01:07,039 Speaker 3: a proxy, of course, for the Trump trade. We're at 17 00:01:07,080 --> 00:01:09,120 Speaker 3: sixty eight thousand, six hundred and seventeen. 18 00:01:09,560 --> 00:01:10,360 Speaker 5: What are you watching? 19 00:01:11,240 --> 00:01:13,560 Speaker 4: Yeah, there's a few news items out there. One you 20 00:01:13,600 --> 00:01:16,200 Speaker 4: already mentioned right in video being added to the Dow 21 00:01:16,360 --> 00:01:19,720 Speaker 4: Jones at Intel's expense, and that is driving the name 22 00:01:19,840 --> 00:01:22,280 Speaker 4: higher one point seven percent in the session, and as 23 00:01:22,319 --> 00:01:24,760 Speaker 4: you point out, at this moment in time, it is 24 00:01:24,880 --> 00:01:28,039 Speaker 4: leapfrogged above Apple in terms of market cap or value. 25 00:01:28,040 --> 00:01:29,720 Speaker 4: I think we'll talk a bit more about that in 26 00:01:29,760 --> 00:01:32,240 Speaker 4: the show with a very nice chart also looking at 27 00:01:32,240 --> 00:01:34,759 Speaker 4: Tesla down four tenths of a percent. It had been 28 00:01:34,840 --> 00:01:39,160 Speaker 4: down more significantly than that data from China shipments slipping 29 00:01:39,160 --> 00:01:42,040 Speaker 4: in the month of October. But I wonder how much 30 00:01:42,120 --> 00:01:44,199 Speaker 4: this name Coro will be at the center of the election. 31 00:01:44,280 --> 00:01:47,200 Speaker 4: And again throughout the hour, we should probably talk about that. 32 00:01:47,680 --> 00:01:49,240 Speaker 5: We're going to talk about the election. 33 00:01:49,480 --> 00:01:52,960 Speaker 3: It is centerfold here presidential candidate's Donald Trump Kamala Harris 34 00:01:53,240 --> 00:01:56,160 Speaker 3: making their final appeals to voters before election day tomorrow, 35 00:01:56,280 --> 00:01:58,960 Speaker 3: both campaigns targeting critical swing states. 36 00:01:59,000 --> 00:01:59,800 Speaker 5: As a flurry of. 37 00:01:59,720 --> 00:02:03,200 Speaker 3: Poll project very tight race from all bluegs KDE line. 38 00:02:03,200 --> 00:02:05,040 Speaker 3: Some piece to say is right here in New York 39 00:02:05,080 --> 00:02:07,440 Speaker 3: for US and the latest poll that you've gone an 40 00:02:07,480 --> 00:02:08,679 Speaker 3: ie on, well. 41 00:02:08,480 --> 00:02:09,359 Speaker 5: There's a number of them. 42 00:02:09,400 --> 00:02:11,639 Speaker 6: One of the polls that is really the marque pole 43 00:02:11,639 --> 00:02:13,519 Speaker 6: for the swing states, the New York Times Siena poll 44 00:02:13,600 --> 00:02:15,520 Speaker 6: came out over the weekend and shows no surprise that 45 00:02:15,560 --> 00:02:17,960 Speaker 6: this thing is a dead heat. While there's marginal leads 46 00:02:18,000 --> 00:02:21,280 Speaker 6: for Harris in a trio of states Nevada, North Carolina, Wisconsin, 47 00:02:21,280 --> 00:02:24,600 Speaker 6: Trump leading in Arizona, them effectively tied in the remaining three, 48 00:02:24,639 --> 00:02:26,360 Speaker 6: all of that is within the margin of error, So 49 00:02:26,360 --> 00:02:28,680 Speaker 6: this race is just too close to Callwood Perhaps is 50 00:02:28,760 --> 00:02:31,160 Speaker 6: most telling though about that poll is that among the 51 00:02:31,200 --> 00:02:33,560 Speaker 6: eight percent of voters in these battleground states that said 52 00:02:33,600 --> 00:02:36,600 Speaker 6: they only recently decided who they were voting for, those 53 00:02:36,680 --> 00:02:39,800 Speaker 6: broke to Harris by eleven points, fifty five to forty 54 00:02:39,800 --> 00:02:42,519 Speaker 6: four percent. So as we consider the very small basket 55 00:02:42,600 --> 00:02:45,040 Speaker 6: of undecided voters ahead of election day tomorrow, it does 56 00:02:45,080 --> 00:02:47,600 Speaker 6: suggest that some of those late breakers are more in 57 00:02:47,760 --> 00:02:49,440 Speaker 6: her favor. The other thing I would just note, as 58 00:02:49,480 --> 00:02:52,600 Speaker 6: we consider how late this is breaking, more than seventy 59 00:02:52,600 --> 00:02:55,440 Speaker 6: eight million people have already voted in this election. That 60 00:02:55,520 --> 00:02:57,560 Speaker 6: is more than half of all of the electorate who 61 00:02:57,639 --> 00:02:59,680 Speaker 6: voted in twenty twenty. And when you look at some 62 00:02:59,680 --> 00:03:03,119 Speaker 6: of these battleground states, North Carolina and Georgia have each 63 00:03:03,160 --> 00:03:06,040 Speaker 6: had more than four million people vote already, that's eighty 64 00:03:06,080 --> 00:03:08,840 Speaker 6: percent of what the total electorate was in twenty twenty, 65 00:03:08,880 --> 00:03:12,280 Speaker 6: so it does suggest that turnout is quite high. 66 00:03:12,320 --> 00:03:15,280 Speaker 4: That's important data throughout the course of this election. True 67 00:03:15,320 --> 00:03:18,320 Speaker 4: to the show's name, we focused on technology policy. Yeah, 68 00:03:18,360 --> 00:03:20,680 Speaker 4: but we should probably note that both candidates are out 69 00:03:20,680 --> 00:03:23,560 Speaker 4: on the road and over the weekend you continue to 70 00:03:23,600 --> 00:03:27,079 Speaker 4: make their message to the voting base. What did the 71 00:03:27,120 --> 00:03:30,000 Speaker 4: weekend look like and where are Harris and Trump as 72 00:03:30,040 --> 00:03:30,480 Speaker 4: we speak? 73 00:03:30,919 --> 00:03:33,160 Speaker 6: Well, Trump is in North Carolina to start his day. 74 00:03:33,200 --> 00:03:35,760 Speaker 6: Harris will be spending basically all of her day crisscrossing 75 00:03:35,760 --> 00:03:38,000 Speaker 6: the swing state of Pennsylvania, where Trump will also be 76 00:03:38,000 --> 00:03:40,040 Speaker 6: spending time before the day is out, before ending his 77 00:03:40,160 --> 00:03:43,240 Speaker 6: day in Michigan. No surprise to see them centering their 78 00:03:43,280 --> 00:03:46,680 Speaker 6: concentration in the battlegrounds. I would point out that over 79 00:03:46,720 --> 00:03:49,040 Speaker 6: the weekend we did see a number of attention grabbing 80 00:03:49,080 --> 00:03:52,600 Speaker 6: headlines generating from Donald Trump and his campaign suggestions that 81 00:03:52,640 --> 00:03:55,040 Speaker 6: he doesn't think he should have ever left the White 82 00:03:55,040 --> 00:03:58,160 Speaker 6: House what was seen as a threat to the presses. 83 00:03:58,200 --> 00:04:00,600 Speaker 6: He suggested a shooter could shoot through what he called 84 00:04:01,080 --> 00:04:04,600 Speaker 6: the fake news, while Kamala Harris yesterday, when speaking in Michigan, 85 00:04:04,600 --> 00:04:06,320 Speaker 6: didn't mention Trump by name at all, which is a 86 00:04:06,320 --> 00:04:08,360 Speaker 6: bit of a change to her final closing argument. We 87 00:04:08,400 --> 00:04:10,960 Speaker 6: have seen as she takes that as he does to 88 00:04:10,960 --> 00:04:12,960 Speaker 6: the battleground states. I would point out we also got 89 00:04:13,000 --> 00:04:15,360 Speaker 6: an additional poll that is not in a state that 90 00:04:15,560 --> 00:04:18,000 Speaker 6: was thought to be a battleground this cycle because Donald 91 00:04:18,040 --> 00:04:20,600 Speaker 6: Trump easily won it in twenty twenty and twenty sixteen, 92 00:04:21,040 --> 00:04:23,280 Speaker 6: that is Iowa. But the new des Moin Register poll 93 00:04:23,320 --> 00:04:25,920 Speaker 6: that came out over the weekend actually showed Harris up 94 00:04:25,960 --> 00:04:28,839 Speaker 6: three points in Iowa, forty seven to forty four percent 95 00:04:29,200 --> 00:04:31,240 Speaker 6: for Trump. And what was most telling, because this is 96 00:04:31,279 --> 00:04:33,800 Speaker 6: seen as an outlier, is what the demographics in that 97 00:04:33,800 --> 00:04:36,760 Speaker 6: poll actually looked like. Harris leading with women by a 98 00:04:36,800 --> 00:04:40,440 Speaker 6: margin of twenty points, and more specifically, senior women support 99 00:04:40,440 --> 00:04:42,920 Speaker 6: her by a margin of two to one, sixty three 100 00:04:42,960 --> 00:04:46,080 Speaker 6: percent to just twenty eight percent who support Donald Trump. 101 00:04:46,160 --> 00:04:49,919 Speaker 6: So that voters sixty five and older favoring Harris is 102 00:04:49,960 --> 00:04:51,760 Speaker 6: really important to note as that is one of the 103 00:04:51,880 --> 00:04:55,479 Speaker 6: highest propensity groups of voters more likely to actually show 104 00:04:55,560 --> 00:04:57,240 Speaker 6: up and vote on election day, and as we know, 105 00:04:57,279 --> 00:04:59,279 Speaker 6: this election is going to be all about turnout, So 106 00:04:59,320 --> 00:05:00,040 Speaker 6: statistics like. 107 00:05:00,040 --> 00:05:04,080 Speaker 4: That or keep Kaylee Elon Musk is playing a role 108 00:05:04,080 --> 00:05:06,720 Speaker 4: in this election. In the last two hours in Pennsylvania, 109 00:05:06,760 --> 00:05:09,919 Speaker 4: there's been a hearing about his one million dollar sweep 110 00:05:09,920 --> 00:05:13,960 Speaker 4: stakes for registered voters. What's the latest there and any 111 00:05:14,040 --> 00:05:15,080 Speaker 4: impact that it's having. 112 00:05:15,839 --> 00:05:18,400 Speaker 6: Well as we consider the sweep takes itself, which of course, 113 00:05:18,480 --> 00:05:21,239 Speaker 6: is is in legal jeopardy or has at least brought 114 00:05:21,240 --> 00:05:24,640 Speaker 6: this lawsuit because the Philadelphia District Attorney is contending that 115 00:05:24,680 --> 00:05:27,640 Speaker 6: it violates election law because you can't actually pay anyone 116 00:05:27,640 --> 00:05:29,640 Speaker 6: to vote or register to vote. So this idea that 117 00:05:29,680 --> 00:05:32,520 Speaker 6: it's limited to registered voters is what has caused this 118 00:05:32,600 --> 00:05:34,440 Speaker 6: legal issue. I would point out the hearing today is 119 00:05:34,520 --> 00:05:37,039 Speaker 6: back in state court. Despite America pack which is the 120 00:05:37,040 --> 00:05:39,679 Speaker 6: group that is running this back by Elon Musk's effort 121 00:05:39,720 --> 00:05:41,479 Speaker 6: to move it to federal court that was denied by 122 00:05:41,520 --> 00:05:43,280 Speaker 6: a judge. So it is now back in the hands 123 00:05:43,520 --> 00:05:45,359 Speaker 6: of the state. It's unclear if this will all be 124 00:05:45,440 --> 00:05:48,480 Speaker 6: resolved in time considering election day as tomorrow that is 125 00:05:48,520 --> 00:05:51,880 Speaker 6: the day the sweepstakes was set to end. But obviously 126 00:05:51,960 --> 00:05:54,479 Speaker 6: it puts a spotlight on the money and influence Elon 127 00:05:54,560 --> 00:05:57,800 Speaker 6: Musk has had for Donald Trump in this campaign. He's donated, 128 00:05:57,839 --> 00:06:00,360 Speaker 6: of course, tens of millions of dollars to the group, 129 00:06:00,400 --> 00:06:03,320 Speaker 6: which is also organizing part of Donald Trump's ground game. 130 00:06:03,400 --> 00:06:05,320 Speaker 5: Keep in mind Trump's campaign. 131 00:06:04,920 --> 00:06:06,640 Speaker 6: Has outsourced a lot of that get out the vote 132 00:06:06,640 --> 00:06:09,800 Speaker 6: effort in this cycle. Elon Musk's group has paid a 133 00:06:09,800 --> 00:06:12,080 Speaker 6: massive role in that, and it'll be interesting to see 134 00:06:12,120 --> 00:06:15,120 Speaker 6: how when the final results are in, we decide whether 135 00:06:15,160 --> 00:06:17,320 Speaker 6: or not that was a strategy that worked for him. 136 00:06:17,320 --> 00:06:20,359 Speaker 4: At Trump ling those Kadie lines at the start of 137 00:06:20,400 --> 00:06:22,920 Speaker 4: a critically important week, Thank you very much. Let's get 138 00:06:22,920 --> 00:06:27,480 Speaker 4: the market's perspective and bringing Nancy Tengler of Lafetengla Investments 139 00:06:27,480 --> 00:06:29,400 Speaker 4: and Nancy, I do want to start with Tesla as 140 00:06:29,440 --> 00:06:33,560 Speaker 4: a case study if Donald Trump were to claim a 141 00:06:33,640 --> 00:06:36,400 Speaker 4: second term in the White House. The idea is that 142 00:06:36,400 --> 00:06:39,160 Speaker 4: Elon Musk takes on some sort of role in the 143 00:06:39,160 --> 00:06:43,719 Speaker 4: Department of Government Efficiency. You're a Tesla investor, right, how 144 00:06:43,880 --> 00:06:48,120 Speaker 4: do you prepare for either scenario with the name like 145 00:06:48,160 --> 00:06:49,360 Speaker 4: Tesla in the center of it. 146 00:06:50,640 --> 00:06:54,000 Speaker 1: Well, you know, the rhetoric is hard to parse through 147 00:06:54,040 --> 00:06:57,560 Speaker 1: because we hear, you know, tariffs, we hear cost cutting 148 00:06:57,640 --> 00:07:01,880 Speaker 1: up two trillion just that side of the aisle, and 149 00:07:01,960 --> 00:07:04,200 Speaker 1: yet we have no idea what's really going to happen. 150 00:07:04,360 --> 00:07:07,200 Speaker 1: So I think what Elon has been able to do 151 00:07:07,240 --> 00:07:11,760 Speaker 1: pretty effectively is run multiple companies and do it pretty well. 152 00:07:11,920 --> 00:07:15,000 Speaker 1: So as a Tesla investor, I'm not alarmed at this point. 153 00:07:15,080 --> 00:07:17,520 Speaker 1: I think you sit back. You know, we've talked in 154 00:07:17,560 --> 00:07:20,480 Speaker 1: the past about the Mega pac business. That was the 155 00:07:20,560 --> 00:07:24,119 Speaker 1: fastest growing business and it is the most profitable. That's 156 00:07:24,160 --> 00:07:26,560 Speaker 1: the utility grade battery storage. 157 00:07:26,640 --> 00:07:28,680 Speaker 7: So while EVS may come under some. 158 00:07:28,800 --> 00:07:30,520 Speaker 1: Pressure, I think you're going to see other parts of 159 00:07:30,560 --> 00:07:34,440 Speaker 1: his business benefit. And also, I think everyone ultimately acts 160 00:07:34,480 --> 00:07:37,800 Speaker 1: in their own best interest, and that includes Donald Trump 161 00:07:37,880 --> 00:07:41,360 Speaker 1: and Elon Musk, So if this election goes in that direction, 162 00:07:41,800 --> 00:07:43,040 Speaker 1: I think they'll figure it out. 163 00:07:43,840 --> 00:07:46,680 Speaker 3: Nancy, what everyone is going to wonder about is the 164 00:07:46,720 --> 00:07:49,640 Speaker 3: relationship with US and China going forward post this election. 165 00:07:50,280 --> 00:07:52,880 Speaker 3: And we get that sort of case study with Tesla 166 00:07:52,920 --> 00:07:56,840 Speaker 3: today with a Shanghai output in their manufacturing in China 167 00:07:56,880 --> 00:07:59,040 Speaker 3: and just not living up to the expectations and many 168 00:07:59,040 --> 00:08:01,960 Speaker 3: warring that they're going to hit that full year record 169 00:08:02,000 --> 00:08:05,240 Speaker 3: amount of deliveries for twenty twenty four. What did you 170 00:08:05,280 --> 00:08:08,160 Speaker 3: make of the data coming out of Tessa's manufacturing in China. 171 00:08:09,320 --> 00:08:10,680 Speaker 1: Yeah, I mean, I think that was a bit of 172 00:08:10,680 --> 00:08:13,080 Speaker 1: a disappointment. The stock doesn't seem to be under a 173 00:08:13,120 --> 00:08:16,720 Speaker 1: lot of pressure, but I think we've also seen over 174 00:08:16,800 --> 00:08:22,240 Speaker 1: time these fits and starts historically with not hitting numbers, 175 00:08:22,360 --> 00:08:26,080 Speaker 1: not hitting deliveries, even in the US. So I haven't 176 00:08:26,080 --> 00:08:28,360 Speaker 1: had a chance to really dig into it, Caroline. We will, 177 00:08:29,040 --> 00:08:31,920 Speaker 1: But the stock is trading as though everything is going 178 00:08:31,960 --> 00:08:33,679 Speaker 1: to go perfectly. I mean, I think it's trading at 179 00:08:33,679 --> 00:08:36,160 Speaker 1: a peg of price earnings to growth ratio of about 180 00:08:36,160 --> 00:08:40,280 Speaker 1: forty times, and so we do need earnings, and we 181 00:08:40,320 --> 00:08:43,599 Speaker 1: do need earnings growth, and we did get margins expanding. 182 00:08:43,679 --> 00:08:46,120 Speaker 1: I didn't think the report was that great, but I 183 00:08:46,120 --> 00:08:48,040 Speaker 1: think it was a relief rally in the stock, and 184 00:08:48,080 --> 00:08:50,480 Speaker 1: so we'll see what happens, Nancy. 185 00:08:50,559 --> 00:08:52,760 Speaker 4: I promise there is much more we need to discuss. 186 00:08:52,840 --> 00:08:55,760 Speaker 4: But our colleagues at Bloomberg Intelligence put out some basic 187 00:08:55,840 --> 00:09:00,160 Speaker 4: research this morning that if Trump is to win, it's 188 00:09:00,320 --> 00:09:04,199 Speaker 4: likely will impact the scope of the IRAV tax credits. 189 00:09:04,480 --> 00:09:05,360 Speaker 5: Do you model for that? 190 00:09:07,200 --> 00:09:10,440 Speaker 7: We will if it happens, I think. I think one 191 00:09:10,480 --> 00:09:11,240 Speaker 7: of the things you have. 192 00:09:11,160 --> 00:09:14,040 Speaker 1: To remember, though, is it's very difficult to a lot 193 00:09:14,040 --> 00:09:16,960 Speaker 1: of these analyzes are done in a static environment and 194 00:09:17,000 --> 00:09:20,280 Speaker 1: it's very difficult once the new administration, whoever they are, 195 00:09:20,360 --> 00:09:23,840 Speaker 1: comes in to go back and make adjustments to bills 196 00:09:23,840 --> 00:09:26,240 Speaker 1: that have already been passed. And we saw that when 197 00:09:26,240 --> 00:09:31,160 Speaker 1: the Republicans swept in twenty sixteen, they promised to fix 198 00:09:31,280 --> 00:09:34,160 Speaker 1: or do away with Obamacare and they did nothing. So 199 00:09:34,640 --> 00:09:38,360 Speaker 1: I don't necessarily think that that's a big threat. 200 00:09:38,080 --> 00:09:40,160 Speaker 7: To the stock price, but we are aware of it, 201 00:09:40,200 --> 00:09:41,320 Speaker 7: and we are looking at. 202 00:09:41,160 --> 00:09:44,680 Speaker 3: It talking about things that are in flux and not static. 203 00:09:44,920 --> 00:09:48,520 Speaker 3: Market capitalizations of US today, it looks like if Nvidia 204 00:09:48,600 --> 00:09:52,680 Speaker 3: holds at these levels, it will be more than Apple 205 00:09:52,720 --> 00:09:56,000 Speaker 3: in terms of worth three point three four three six 206 00:09:56,080 --> 00:09:59,560 Speaker 3: trillion dollars. As Apple slips on the day, what do 207 00:09:59,600 --> 00:10:00,720 Speaker 3: you make of and video being. 208 00:10:00,640 --> 00:10:01,440 Speaker 5: Added to the Dow? 209 00:10:01,640 --> 00:10:04,880 Speaker 3: What do you make of it when crucially also who 210 00:10:04,920 --> 00:10:07,320 Speaker 3: comes out of it, and of what was happening Intel? 211 00:10:08,800 --> 00:10:12,080 Speaker 1: Well, sadly, Caroline, I remember when Intel was added to 212 00:10:12,120 --> 00:10:15,880 Speaker 1: the Dow in nineteen ninety nine, and talk about bad timing, which, 213 00:10:15,880 --> 00:10:19,600 Speaker 1: by the way, this committee that makes the selections often 214 00:10:19,679 --> 00:10:22,680 Speaker 1: does not necessarily time these things very well. 215 00:10:23,320 --> 00:10:26,040 Speaker 7: Intel is down cumulatively. 216 00:10:25,320 --> 00:10:28,000 Speaker 1: Since nineteen ninety end of nineteen ninety nine, three and 217 00:10:28,040 --> 00:10:31,160 Speaker 1: a half percent. So this is a company that has 218 00:10:31,200 --> 00:10:36,280 Speaker 1: has not pivoted to new technologies, has squandered innovation, and 219 00:10:36,360 --> 00:10:38,600 Speaker 1: so we've been out of the stock for quite some time. 220 00:10:39,640 --> 00:10:41,839 Speaker 7: Think of Xerox who developed. 221 00:10:41,520 --> 00:10:44,319 Speaker 1: The mouse but didn't commercialize it. Who commercialized it, Apple 222 00:10:44,360 --> 00:10:47,000 Speaker 1: and Microsoft. So I think Nvidia has stepped in the 223 00:10:47,040 --> 00:10:51,040 Speaker 1: wings or has stepped onto the stage, and Intel is 224 00:10:51,040 --> 00:10:53,000 Speaker 1: fading to the wings. That doesn't mean the company will 225 00:10:53,000 --> 00:10:55,040 Speaker 1: go out of business, but I mean we've seen recently 226 00:10:55,080 --> 00:10:58,599 Speaker 1: it's in fact a takeover target. So I think you 227 00:10:58,760 --> 00:11:01,240 Speaker 1: want to be long in video here. The earnings growth 228 00:11:01,320 --> 00:11:04,840 Speaker 1: is remarkable, and again on a price earnings to growth basis, 229 00:11:05,000 --> 00:11:07,079 Speaker 1: which is really how you have to look at this stock. 230 00:11:07,320 --> 00:11:10,600 Speaker 1: It's trading at one point one times versus as I mentioned, 231 00:11:10,679 --> 00:11:13,280 Speaker 1: Tesla over forty and Microsoft. 232 00:11:12,840 --> 00:11:15,400 Speaker 7: At two point two times. So I think it was 233 00:11:15,440 --> 00:11:17,360 Speaker 7: a good ad. I don't know about the timing. 234 00:11:17,400 --> 00:11:19,160 Speaker 1: We'll see, but I do think we're early in the 235 00:11:19,240 --> 00:11:22,480 Speaker 1: runway and of generative AI and computing. 236 00:11:22,640 --> 00:11:23,719 Speaker 7: I'll just say one last thing. 237 00:11:23,960 --> 00:11:26,160 Speaker 1: I loved the story Larry Elson told about him and 238 00:11:26,200 --> 00:11:28,960 Speaker 1: Elon Musk going to dinner with Jensen and just saying, 239 00:11:29,200 --> 00:11:31,520 Speaker 1: please take our money, please take more of it. 240 00:11:31,640 --> 00:11:34,479 Speaker 7: We please give us more GPUs. 241 00:11:34,520 --> 00:11:37,760 Speaker 1: So I think the backlog in Blackwell's pretty significant and 242 00:11:38,080 --> 00:11:40,880 Speaker 1: ambidious poise to do very well in the coming years. 243 00:11:41,280 --> 00:11:43,560 Speaker 3: We always love you bringing the story and indeed the 244 00:11:43,600 --> 00:11:46,599 Speaker 3: way to invest around it. And that's Leffetango Investments. 245 00:11:46,960 --> 00:11:47,240 Speaker 8: Thank you. 246 00:11:48,000 --> 00:11:51,520 Speaker 3: Coming up warnings on voting confidence. Why the Director of 247 00:11:51,559 --> 00:11:55,880 Speaker 3: the Cybersecurity and Infrastructure Security Agency says we may have 248 00:11:55,920 --> 00:12:00,079 Speaker 3: to wait before final election results. This is what my technology. 249 00:12:09,679 --> 00:12:13,080 Speaker 4: As the US election looms, the director of the Cybersecurity 250 00:12:13,120 --> 00:12:18,640 Speaker 4: and Infrastructure Security Agency warns of potential threats to voting confidence, 251 00:12:19,120 --> 00:12:22,319 Speaker 4: urging the public to ready themselves for a potential waiting 252 00:12:22,400 --> 00:12:25,160 Speaker 4: game before results could be finalized. Let's go out to 253 00:12:25,200 --> 00:12:28,240 Speaker 4: Bloomberg's Jamie Tarra Bay and we'll get to the role 254 00:12:28,320 --> 00:12:31,000 Speaker 4: Jenniesli and all of this. But let's help our audience 255 00:12:31,080 --> 00:12:35,120 Speaker 4: understand what is the problem here or the instruction that 256 00:12:35,240 --> 00:12:37,640 Speaker 4: officials are asking the electorate to brace. 257 00:12:37,360 --> 00:12:40,040 Speaker 5: For right now? 258 00:12:40,160 --> 00:12:42,320 Speaker 9: I think the question and that what they really are 259 00:12:42,360 --> 00:12:46,000 Speaker 9: trying to tell everyone is trust the process, the election 260 00:12:46,120 --> 00:12:49,480 Speaker 9: system and all of the networks are secure and resilient, 261 00:12:49,679 --> 00:12:53,120 Speaker 9: and the idea of you're a vote being hacked or 262 00:12:53,160 --> 00:12:55,960 Speaker 9: being rigged or taken away from you is a fallacy, 263 00:12:56,320 --> 00:12:58,480 Speaker 9: and they have spent the better part of the last 264 00:12:58,559 --> 00:13:02,520 Speaker 9: year preparing to refute those claims and push back against 265 00:13:02,640 --> 00:13:06,079 Speaker 9: any question of the integrity of the election system. 266 00:13:06,679 --> 00:13:10,920 Speaker 3: What's interesting is about who leads SISSA and how it's 267 00:13:10,960 --> 00:13:13,679 Speaker 3: become sort of a personalized agency as well. 268 00:13:13,720 --> 00:13:16,160 Speaker 5: In many ways, that's right. 269 00:13:16,240 --> 00:13:19,360 Speaker 9: Jenny Silly has come on board as the head of SISSA, 270 00:13:19,440 --> 00:13:24,040 Speaker 9: the Cybersecurity Infrastructural Security Agency, in twenty twenty one, and 271 00:13:24,120 --> 00:13:27,840 Speaker 9: she has really sort of centralized the focus of the 272 00:13:27,840 --> 00:13:30,880 Speaker 9: agency on her herself. She's a West Point graduate. She's 273 00:13:30,920 --> 00:13:33,560 Speaker 9: done tours in Iraq and Afghanistan. One thing that I 274 00:13:33,600 --> 00:13:35,720 Speaker 9: didn't really know about about her is that she can 275 00:13:35,760 --> 00:13:38,240 Speaker 9: actually solve a Rubik's cube behind her back, which I 276 00:13:38,240 --> 00:13:41,520 Speaker 9: thought was very interesting. But she has literally tried to 277 00:13:41,559 --> 00:13:44,320 Speaker 9: make this I know, right, she's trying to make this 278 00:13:44,440 --> 00:13:49,800 Speaker 9: a very personal effort because, as she's said, people trust people, 279 00:13:50,280 --> 00:13:53,600 Speaker 9: and she's been very forward facing. She's been out, she 280 00:13:53,679 --> 00:13:57,960 Speaker 9: goes to conferences, she's been speaking before Congress. Her whole 281 00:13:58,679 --> 00:14:02,440 Speaker 9: sort of posture is transparency and candor, and she's doing 282 00:14:02,480 --> 00:14:06,040 Speaker 9: everything she can to really build relationships not just with 283 00:14:06,120 --> 00:14:08,960 Speaker 9: the private sector, but also with public sector and with 284 00:14:09,040 --> 00:14:10,160 Speaker 9: the public at large. 285 00:14:11,000 --> 00:14:13,320 Speaker 4: Jamie, let's talk a little bit more about the threats themselves. 286 00:14:13,400 --> 00:14:14,880 Speaker 4: You've come on the show, the team have come on 287 00:14:14,880 --> 00:14:18,240 Speaker 4: the show and talked about literally voting technology in the 288 00:14:18,280 --> 00:14:23,800 Speaker 4: cybersecurity contexts, threats online. Where is their most risk in 289 00:14:23,840 --> 00:14:25,040 Speaker 4: this week of the election. 290 00:14:26,880 --> 00:14:29,880 Speaker 9: I think one of the real big challenges that not 291 00:14:30,160 --> 00:14:33,000 Speaker 9: just folks like Jennie Stily have been facing, but state 292 00:14:33,040 --> 00:14:36,480 Speaker 9: election officials, local election officials have been dealing with, is 293 00:14:36,560 --> 00:14:39,800 Speaker 9: really where people are getting their information from, how they 294 00:14:39,800 --> 00:14:43,720 Speaker 9: are verifying their relation that information, and the question of 295 00:14:43,760 --> 00:14:46,720 Speaker 9: whether people will see something through social media and actually 296 00:14:46,760 --> 00:14:48,960 Speaker 9: believe it, and really it's got to be a. 297 00:14:49,000 --> 00:14:50,200 Speaker 5: Question of trust. 298 00:14:50,280 --> 00:14:53,520 Speaker 9: But verify and look at where look at what your 299 00:14:53,560 --> 00:14:56,160 Speaker 9: state election officials are saying, look at what they're doing, 300 00:14:56,760 --> 00:14:59,440 Speaker 9: and it's going to come from everywhere, and it's already 301 00:14:59,440 --> 00:15:02,680 Speaker 9: we're already seeing it. It's online, it's on x it's 302 00:15:02,720 --> 00:15:05,680 Speaker 9: on TikTok, it's on YouTube, it's on all of your 303 00:15:05,680 --> 00:15:08,360 Speaker 9: social media platforms, which, by the way, has taken a 304 00:15:08,400 --> 00:15:11,480 Speaker 9: bit of a backward step in terms of mediating and 305 00:15:11,520 --> 00:15:17,160 Speaker 9: being more involved in sort of political transparency. So just 306 00:15:17,200 --> 00:15:21,680 Speaker 9: being able to trust those institutions themselves is harder these days. 307 00:15:21,760 --> 00:15:24,160 Speaker 9: But it really becomes a question that if you see 308 00:15:24,160 --> 00:15:28,520 Speaker 9: something online that doesn't look right, ask look, try to 309 00:15:28,560 --> 00:15:31,280 Speaker 9: find out go to your state election official website and 310 00:15:31,320 --> 00:15:34,160 Speaker 9: see what they're saying, particularly when it comes to the 311 00:15:34,280 --> 00:15:38,800 Speaker 9: voting process, and also the idea that the election is 312 00:15:38,880 --> 00:15:41,200 Speaker 9: not going to be decided on the day, we may 313 00:15:41,200 --> 00:15:43,000 Speaker 9: not have a result on the day. 314 00:15:43,440 --> 00:15:45,560 Speaker 5: Hang tight and just. 315 00:15:45,560 --> 00:15:48,560 Speaker 9: Don't let that overwhelm you have faith in the institutions 316 00:15:49,840 --> 00:15:50,200 Speaker 9: to that. 317 00:15:50,240 --> 00:15:54,440 Speaker 3: Point, many don't have faith in institutions, and that is 318 00:15:54,440 --> 00:15:57,960 Speaker 3: interestingly why Easterly has made it so much about herself 319 00:15:58,000 --> 00:16:00,960 Speaker 3: correct sort of the face to an agency that she 320 00:16:01,080 --> 00:16:03,760 Speaker 3: doesn't have much bang, well, doesn't have much bark, but 321 00:16:03,800 --> 00:16:05,000 Speaker 3: it's certainly trying to have more bang. 322 00:16:06,520 --> 00:16:10,280 Speaker 9: Definitely, she's definitely done more in terms of being much 323 00:16:10,320 --> 00:16:13,520 Speaker 9: more outward speaking, trying to push you know, you're right, 324 00:16:13,560 --> 00:16:17,360 Speaker 9: it's voluntary guidelines for a large part of industry. We've 325 00:16:17,360 --> 00:16:20,160 Speaker 9: seen so many hacks and so many compromises of critical 326 00:16:20,200 --> 00:16:24,000 Speaker 9: infrastructure and it really is a question of what private 327 00:16:24,080 --> 00:16:27,760 Speaker 9: sector can do, what organizations can do, and she's been 328 00:16:27,800 --> 00:16:31,600 Speaker 9: really at the forefront of trying to get everyone on board, 329 00:16:31,680 --> 00:16:34,960 Speaker 9: and she's had some success there. But it really is 330 00:16:35,000 --> 00:16:37,840 Speaker 9: a question of how much how much everyone will meet 331 00:16:37,880 --> 00:16:40,320 Speaker 9: in the middle. But also, you know, I mean, she's 332 00:16:40,400 --> 00:16:42,640 Speaker 9: just it's she's got a long way ahead of her. 333 00:16:42,960 --> 00:16:47,320 Speaker 9: Everyone is not going to sort of you know, it's 334 00:16:47,360 --> 00:16:49,880 Speaker 9: really going to be a question of sitting time and 335 00:16:49,920 --> 00:16:52,720 Speaker 9: looking to see and trusting the results and waiting to 336 00:16:52,800 --> 00:16:55,400 Speaker 9: see what these elections are not going to be decided 337 00:16:55,440 --> 00:16:57,520 Speaker 9: in one day. It's going to take a long time 338 00:16:57,560 --> 00:16:59,840 Speaker 9: for every single vote to be counted, but that's really 339 00:16:59,880 --> 00:17:02,520 Speaker 9: the integrity of the process, for every single vote to 340 00:17:02,600 --> 00:17:03,240 Speaker 9: be counted. 341 00:17:03,960 --> 00:17:06,160 Speaker 5: Jamie Taabey, we thank you so much. 342 00:17:14,240 --> 00:17:17,280 Speaker 3: In the world of social media, both x and Meta 343 00:17:17,359 --> 00:17:20,399 Speaker 3: have indicated they went too far on content moderation back 344 00:17:20,440 --> 00:17:24,000 Speaker 3: in twenty twenty. Now academics say all the elements are 345 00:17:24,040 --> 00:17:27,040 Speaker 3: in place for abuse of those platforms despite efforts to 346 00:17:27,040 --> 00:17:30,840 Speaker 3: suppress misinformation around this election. Let's discuss with Bloomberg's social 347 00:17:30,840 --> 00:17:35,200 Speaker 3: media reporter Alexandro Levine, who has some really interesting perspectives 348 00:17:35,240 --> 00:17:39,040 Speaker 3: on how the landscape has changed from twenty twenty four 349 00:17:39,240 --> 00:17:40,719 Speaker 3: versus twenty twenty, how has it. 350 00:17:41,520 --> 00:17:44,000 Speaker 2: I say the biggest changes have really occurred across three 351 00:17:44,000 --> 00:17:49,320 Speaker 2: main platforms, being Meta, Twitter, now, X, and TikTok. So 352 00:17:49,440 --> 00:17:52,119 Speaker 2: just to start for X, back in twenty twenty, it 353 00:17:52,200 --> 00:17:55,640 Speaker 2: was still really the center of the political universe. 354 00:17:55,760 --> 00:17:57,600 Speaker 5: It was the online. 355 00:17:57,040 --> 00:18:00,480 Speaker 2: Political capital, the digital water cooler, if you will, where 356 00:18:00,560 --> 00:18:03,840 Speaker 2: journalists always were spending their time, where political figures public 357 00:18:03,880 --> 00:18:06,640 Speaker 2: figures were spending their time, and really a primary destination 358 00:18:06,680 --> 00:18:09,240 Speaker 2: for funding news. When Elon Musk took over a couple 359 00:18:09,240 --> 00:18:11,480 Speaker 2: of years ago, I think a lot of that really changed. 360 00:18:11,880 --> 00:18:13,960 Speaker 2: And in addition to him deciding that he did not 361 00:18:14,040 --> 00:18:16,200 Speaker 2: want to build off a lot of the election integrity 362 00:18:16,240 --> 00:18:19,040 Speaker 2: work and safeguards that hadn't been built by Twitter for 363 00:18:19,200 --> 00:18:21,600 Speaker 2: twenty twenty and also for twenty sixteen and even earlier 364 00:18:21,640 --> 00:18:24,000 Speaker 2: than that, Elon Musk has also really been using the 365 00:18:24,040 --> 00:18:28,359 Speaker 2: platform to rally support for Republican candidate Donald Trump, and 366 00:18:28,400 --> 00:18:30,440 Speaker 2: so that has completely changed the nature of the platform 367 00:18:30,480 --> 00:18:33,800 Speaker 2: for many people. The second being Meta, Meta really saw 368 00:18:33,840 --> 00:18:37,560 Speaker 2: its role. Mark Zuckerberg saw Meta's role in previous elections 369 00:18:37,600 --> 00:18:41,920 Speaker 2: as really being proactive and really being proactive in allowing discourse, 370 00:18:41,960 --> 00:18:45,160 Speaker 2: but also protecting it and being very forward thinking about 371 00:18:45,240 --> 00:18:49,920 Speaker 2: labeling and trying to really fight proactively missin disinformation around 372 00:18:49,920 --> 00:18:52,600 Speaker 2: the election. Now Meta is actually doing really a hard 373 00:18:52,600 --> 00:18:56,080 Speaker 2: one to eighty. They are moving away from promoting political 374 00:18:56,080 --> 00:18:59,080 Speaker 2: content altogether. They are really now favoring posts that don't 375 00:18:59,119 --> 00:19:01,159 Speaker 2: have anything to do with pout. So when I was 376 00:19:01,200 --> 00:19:03,600 Speaker 2: on my Instagram feed this morning, I actually saw nothing 377 00:19:03,600 --> 00:19:06,200 Speaker 2: related to the election. And then the third big piece 378 00:19:06,200 --> 00:19:09,080 Speaker 2: of this that is totally different from where we were 379 00:19:09,080 --> 00:19:12,200 Speaker 2: at in twenty twenty is was TikTok. TikTok was around 380 00:19:12,240 --> 00:19:14,480 Speaker 2: during the last election, but it was nowhere near as 381 00:19:14,520 --> 00:19:17,760 Speaker 2: big and as powerful as it is today. Now we're 382 00:19:18,000 --> 00:19:21,119 Speaker 2: you know, roughly twice the size. TikTok is roughly twice 383 00:19:21,119 --> 00:19:23,320 Speaker 2: the size in the US today. 384 00:19:23,080 --> 00:19:25,280 Speaker 5: That it was, you know, in twenty twenty. 385 00:19:25,280 --> 00:19:27,399 Speaker 2: There's more than one hundred and seventy million users, and 386 00:19:27,440 --> 00:19:29,200 Speaker 2: I think that a lot of the political discourse has 387 00:19:29,240 --> 00:19:30,120 Speaker 2: really moved over there. 388 00:19:30,920 --> 00:19:33,480 Speaker 4: You know, it's strangely to say, it feels like yesterday, 389 00:19:33,520 --> 00:19:36,080 Speaker 4: the twenty twenty election cycle, and how often on this 390 00:19:36,160 --> 00:19:41,480 Speaker 4: program we were covering misinformation that names themselves. But it's 391 00:19:41,480 --> 00:19:43,879 Speaker 4: a different time. Is there anything that's sort of specific 392 00:19:44,040 --> 00:19:47,880 Speaker 4: or unique to this election cycle, Alexandra, that you've been 393 00:19:47,920 --> 00:19:49,600 Speaker 4: focused on in that Business Week piece. 394 00:19:50,280 --> 00:19:52,400 Speaker 2: Yeah, well, I think miss in disinformation to your point, 395 00:19:52,440 --> 00:19:54,760 Speaker 2: it's been talked about now for a lot longer, Like 396 00:19:54,800 --> 00:19:56,720 Speaker 2: people are much more savvy about it than they were, 397 00:19:56,960 --> 00:20:00,119 Speaker 2: both people consuming misindisinformation and also the social media comp 398 00:20:00,160 --> 00:20:02,160 Speaker 2: and He's trying to handle it, and also the journalists 399 00:20:02,200 --> 00:20:03,840 Speaker 2: and researchers trying to understand it. 400 00:20:04,160 --> 00:20:06,000 Speaker 5: I think what's different is just the role. 401 00:20:05,920 --> 00:20:09,160 Speaker 2: That the platforms are choosing to take this time, and 402 00:20:09,200 --> 00:20:12,119 Speaker 2: also our ability as the public to be able to 403 00:20:12,600 --> 00:20:14,760 Speaker 2: understand what we are seeing, where it is coming from, 404 00:20:14,840 --> 00:20:17,879 Speaker 2: and who's behind it. Both Twitter and Meta as I 405 00:20:17,960 --> 00:20:19,959 Speaker 2: just said, they are taking a much more hands off 406 00:20:19,960 --> 00:20:23,639 Speaker 2: approach this time to the election. Both Mark Zuckerberg and 407 00:20:23,680 --> 00:20:27,320 Speaker 2: Elon Musk have slashed members of the teams that were 408 00:20:27,359 --> 00:20:30,120 Speaker 2: responsible for protecting the election, the Election Integrity and Trust 409 00:20:30,160 --> 00:20:33,440 Speaker 2: in Safety teams. And then on top of that, our 410 00:20:33,520 --> 00:20:36,800 Speaker 2: ability to actually understand what is trending on the platforms 411 00:20:36,800 --> 00:20:40,359 Speaker 2: has gotten worse so in the last year, last couple 412 00:20:40,359 --> 00:20:44,200 Speaker 2: of years, Elon Musk, for example, has turned has made it. 413 00:20:44,160 --> 00:20:46,240 Speaker 5: A lot harder for folks who. 414 00:20:46,080 --> 00:20:49,240 Speaker 2: Previously had to access, like researchers to all of the 415 00:20:49,240 --> 00:20:52,520 Speaker 2: analytics that shows what is trending on Twitter. He's made 416 00:20:52,520 --> 00:20:54,679 Speaker 2: it much much more expensive for most research to be 417 00:20:54,680 --> 00:20:56,080 Speaker 2: able to researchers to be able. 418 00:20:55,960 --> 00:20:56,560 Speaker 5: To access that. 419 00:20:56,960 --> 00:21:00,320 Speaker 2: Earlier this year, Meta shut down crowd Tangle, which has 420 00:21:00,400 --> 00:21:03,360 Speaker 2: basically made it harder for misinformation research just to track 421 00:21:03,359 --> 00:21:04,600 Speaker 2: what's going on the platform. 422 00:21:04,640 --> 00:21:06,560 Speaker 5: And last but not least, TikTok. 423 00:21:06,800 --> 00:21:12,040 Speaker 2: Just earlier this year as well removed video, sorry video 424 00:21:12,040 --> 00:21:14,159 Speaker 2: of view acounts on viral hashtags on the platform, so 425 00:21:14,160 --> 00:21:16,399 Speaker 2: you can no longer look at a hashtag and know 426 00:21:16,480 --> 00:21:18,600 Speaker 2: how many people around the world are looking at it 427 00:21:18,640 --> 00:21:21,760 Speaker 2: at one time. And I think, on top of that, 428 00:21:21,840 --> 00:21:24,480 Speaker 2: because so much of the conversation that floy twenty was 429 00:21:25,000 --> 00:21:28,000 Speaker 2: fixated on just a couple of main platforms, being Facebook, Twitter, 430 00:21:28,040 --> 00:21:31,040 Speaker 2: and YouTube, now you've got everything happening on TikTok, on 431 00:21:31,119 --> 00:21:33,760 Speaker 2: truth Social Trump's platform, and on many small or less 432 00:21:33,800 --> 00:21:36,240 Speaker 2: moderated forms as well, just creating a lot more of 433 00:21:36,280 --> 00:21:40,040 Speaker 2: a chaotic atmosphere where all of this missing disinformation that 434 00:21:40,080 --> 00:21:42,440 Speaker 2: people have grown more accustomed to is just becoming harder 435 00:21:42,480 --> 00:21:44,159 Speaker 2: to understand, it harder to track. 436 00:21:44,600 --> 00:21:47,119 Speaker 4: Blim begs Alexandra Levine, who's worked with the team on 437 00:21:47,160 --> 00:21:49,399 Speaker 4: this in an upcoming business sweep piece, thank you very 438 00:21:49,520 --> 00:22:01,040 Speaker 4: much for doing coming out important Reportingcome back to Bluemotechnology. 439 00:22:01,040 --> 00:22:02,399 Speaker 5: I'm Karen Hyde and New York. 440 00:22:02,880 --> 00:22:05,600 Speaker 4: Named Ludlow in San Francisco. It is November fourth or 441 00:22:05,600 --> 00:22:08,600 Speaker 4: November fifth. We have a US election, and when you 442 00:22:08,600 --> 00:22:10,960 Speaker 4: look at markets, particularly in the context of tech and 443 00:22:11,040 --> 00:22:15,240 Speaker 4: then index level, we're treading water, not really having any direction. 444 00:22:16,080 --> 00:22:18,640 Speaker 4: It's a dead heat. We've talked about that throughout the program. 445 00:22:18,800 --> 00:22:20,600 Speaker 4: But what I find so fascinating carriage if you look 446 00:22:20,600 --> 00:22:24,280 Speaker 4: at single names or specific examples. That's also reflected. Right, 447 00:22:24,320 --> 00:22:28,879 Speaker 4: we just talked about social media policy on misinformation sharing 448 00:22:28,920 --> 00:22:32,800 Speaker 4: election related content. Well, Meta is completely flat in the 449 00:22:32,840 --> 00:22:36,000 Speaker 4: session this Monday. Snap is down one point seven percent, 450 00:22:36,040 --> 00:22:38,760 Speaker 4: but remember it rallied hard last week on earnings, and 451 00:22:38,800 --> 00:22:42,480 Speaker 4: then there's the Trump trade DJT, the parent company, a 452 00:22:42,520 --> 00:22:45,879 Speaker 4: true social modestly higher three tenths of one percent, but 453 00:22:46,000 --> 00:22:48,040 Speaker 4: not the sort of big move in either direction that 454 00:22:48,080 --> 00:22:51,320 Speaker 4: we've seen as a barometer maybe of sentiment in the 455 00:22:51,400 --> 00:22:54,480 Speaker 4: markets that any outcome. It's a dead heat. Keep saying it, 456 00:22:54,480 --> 00:22:56,359 Speaker 4: but I think there's a lot to discuss for both 457 00:22:56,400 --> 00:22:57,920 Speaker 4: campaigns throughout the rest of the show. 458 00:22:58,200 --> 00:23:00,119 Speaker 3: There is, we'll get to it, but first up in 459 00:23:00,160 --> 00:23:02,159 Speaker 3: his time now for Talking Tech, and we're going to 460 00:23:02,200 --> 00:23:05,200 Speaker 3: discuss the EU regulators saying that they'll review an Apple 461 00:23:05,400 --> 00:23:08,840 Speaker 3: report showing that its iPad operating system now complies to 462 00:23:08,880 --> 00:23:11,840 Speaker 3: the Digital Markets Act. According to the Act, Apple must 463 00:23:11,880 --> 00:23:14,760 Speaker 3: allow users to set a default web browser of their choice, 464 00:23:14,880 --> 00:23:18,760 Speaker 3: allow alternate app stores on its operating system, and allow 465 00:23:18,840 --> 00:23:21,960 Speaker 3: accessories to access iPad os features. 466 00:23:22,760 --> 00:23:23,119 Speaker 5: Plus. 467 00:23:23,160 --> 00:23:25,919 Speaker 3: In a surprise move, Schneider Electric has outsaid its CEO 468 00:23:26,040 --> 00:23:29,520 Speaker 3: Peter Herwork after only a year and a half in 469 00:23:29,560 --> 00:23:32,479 Speaker 3: the role. Now Herk will be replaced with group veteran 470 00:23:32,480 --> 00:23:36,120 Speaker 3: Olivier Bloom, effective immediately. In the company's statement, Schneider, which 471 00:23:36,119 --> 00:23:39,600 Speaker 3: has focused a lot on AI energy management, cites disagreements 472 00:23:39,640 --> 00:23:42,119 Speaker 3: with the board over the strategic direction for the ouster 473 00:23:43,160 --> 00:23:45,680 Speaker 3: and in ol Musk was dealt a setback in court. 474 00:23:45,720 --> 00:23:48,480 Speaker 3: A judge ruled late Friday that former Twitter CEO parag 475 00:23:48,520 --> 00:23:50,400 Speaker 3: Agrowl and other high ranking. 476 00:23:50,080 --> 00:23:51,920 Speaker 5: Officers could proceed. 477 00:23:51,520 --> 00:23:54,240 Speaker 3: With claims that must terminate them as he closed the 478 00:23:54,280 --> 00:23:57,359 Speaker 3: buyout deal, cheating them out of severance pay before they 479 00:23:57,400 --> 00:23:59,560 Speaker 3: could submit regasignations. 480 00:24:00,000 --> 00:24:01,480 Speaker 5: A little bit more on in a Musk. 481 00:24:01,240 --> 00:24:04,080 Speaker 4: Now, and yeah, let's stay with Elon Musk's recent pro 482 00:24:04,160 --> 00:24:08,439 Speaker 4: Trump packed sweepstakes have been undiscrutinated amid a heated election 483 00:24:08,600 --> 00:24:12,359 Speaker 4: season and are now being contested in court. Bloomberg's Tony Aaron's, 484 00:24:12,359 --> 00:24:15,240 Speaker 4: a legal editor, joins us. Now, we're talking about legal 485 00:24:15,280 --> 00:24:19,080 Speaker 4: proceedings happening in Pennsylvania playing out in the last two 486 00:24:19,119 --> 00:24:21,040 Speaker 4: hours or so. What's the latest, Tony, Oh. 487 00:24:21,000 --> 00:24:21,800 Speaker 5: The hearings there. 488 00:24:22,160 --> 00:24:24,720 Speaker 8: The judge indicated he's not going to rule, probably before noon, 489 00:24:24,760 --> 00:24:26,159 Speaker 8: so it's going to be a little while until we 490 00:24:26,240 --> 00:24:29,720 Speaker 8: know what's going to happen. The question is how significant 491 00:24:29,760 --> 00:24:32,840 Speaker 8: the ruling's going to be. Today's the last day that 492 00:24:32,880 --> 00:24:35,639 Speaker 8: he was going to have the sweepstakes, And even if 493 00:24:35,680 --> 00:24:38,200 Speaker 8: the judge stops it, that's one payment and it'll probably 494 00:24:38,240 --> 00:24:39,920 Speaker 8: go ahead and the other sweep stakes. So the only 495 00:24:39,960 --> 00:24:42,520 Speaker 8: thing that will probably happen is one person from Pennsylvania 496 00:24:42,520 --> 00:24:43,800 Speaker 8: won't be able to get a million dollars. 497 00:24:44,359 --> 00:24:48,080 Speaker 5: What is the legal elements to this? What is so 498 00:24:48,240 --> 00:24:48,840 Speaker 5: taught around it? 499 00:24:48,840 --> 00:24:51,520 Speaker 8: Well, but when people were talking about the federal issues, 500 00:24:51,560 --> 00:24:55,480 Speaker 8: it was whether Elon Musk was buying voters and that's 501 00:24:55,480 --> 00:24:57,520 Speaker 8: not what's going on in Pennsylvania, and Pennsylvania are doing 502 00:24:57,600 --> 00:25:01,040 Speaker 8: two state laws. Which that's why it was thrown out 503 00:25:01,040 --> 00:25:03,560 Speaker 8: of federal court because it's just about these two state issues. 504 00:25:03,840 --> 00:25:06,600 Speaker 8: It's one is it a consumer protection issue? Is he 505 00:25:06,680 --> 00:25:10,679 Speaker 8: taking advantage of consumers? And two is it an illegal lottery? 506 00:25:10,760 --> 00:25:12,480 Speaker 8: There are certain there are a lot of rules about 507 00:25:12,480 --> 00:25:14,600 Speaker 8: how you have a lottery and how you ensure it's 508 00:25:14,640 --> 00:25:18,480 Speaker 8: really random. And that's what the Philadelphia District Attorney is saying, 509 00:25:18,880 --> 00:25:19,840 Speaker 8: isn't happening here. 510 00:25:23,840 --> 00:25:27,200 Speaker 3: Ed, I think we've taught a lot about that particular 511 00:25:27,200 --> 00:25:29,080 Speaker 3: face that we've got plenty more on the election next though. 512 00:25:29,840 --> 00:25:32,800 Speaker 4: Yeah, the election's fast approaching, and we have been speaking 513 00:25:32,840 --> 00:25:37,080 Speaker 4: to voices in technology in venture capital on both sides 514 00:25:37,119 --> 00:25:39,080 Speaker 4: of the race. I want to bring back to the 515 00:25:39,119 --> 00:25:43,080 Speaker 4: show Shannon Nash, co founder of the Tech for Kamala Group, 516 00:25:43,119 --> 00:25:46,840 Speaker 4: supporting the bid of Vice President Kamala Harris for president, 517 00:25:47,000 --> 00:25:50,160 Speaker 4: and your support of Vice President Harris is well known. 518 00:25:50,440 --> 00:25:53,159 Speaker 4: I wondered if we could move the conversation forward and 519 00:25:53,240 --> 00:25:54,960 Speaker 4: all of the time that you've spent on the road 520 00:25:55,000 --> 00:25:58,359 Speaker 4: with the campaign and with your peers in industry. Have 521 00:25:58,480 --> 00:26:02,120 Speaker 4: you a firm or understanding of the Vice president's policy 522 00:26:02,160 --> 00:26:04,640 Speaker 4: platform as it relates to the technology industry. 523 00:26:04,720 --> 00:26:06,680 Speaker 5: Yeah, and you know, thanks for having me back. 524 00:26:06,720 --> 00:26:09,400 Speaker 10: I think we've gotten a lot from Kamala Harris over 525 00:26:09,440 --> 00:26:11,560 Speaker 10: the last it's only been two months, by the way. 526 00:26:11,880 --> 00:26:13,800 Speaker 10: A lot of it has been a focus on just 527 00:26:13,960 --> 00:26:17,880 Speaker 10: the approach on how she in that in her administration 528 00:26:18,200 --> 00:26:22,679 Speaker 10: will be open and collaborative to technology, to innovation, to 529 00:26:22,760 --> 00:26:26,120 Speaker 10: hearing different voices. You know, Look, there's lots of people 530 00:26:26,160 --> 00:26:28,280 Speaker 10: who have done a lot of coverage on the big 531 00:26:28,320 --> 00:26:31,119 Speaker 10: billionaires with the microphones, but not enough coverage on the 532 00:26:31,160 --> 00:26:34,840 Speaker 10: seven million people who make up the fabric of tech 533 00:26:35,160 --> 00:26:38,600 Speaker 10: and what their voices say and what they want to 534 00:26:39,119 --> 00:26:41,680 Speaker 10: see in a new administration. And that's what she's been 535 00:26:41,760 --> 00:26:42,800 Speaker 10: very open to listening to. 536 00:26:43,200 --> 00:26:46,159 Speaker 4: I think people want specifics. So, for example, our colleagues 537 00:26:46,160 --> 00:26:48,960 Speaker 4: at Bloomberg Intelligence, which is our in house research arm, 538 00:26:49,440 --> 00:26:52,600 Speaker 4: say that if former President Trump reclaims the White House, 539 00:26:53,040 --> 00:26:59,640 Speaker 4: the ira EV incentives will be impacted. Conversely, with Vice 540 00:26:59,640 --> 00:27:03,320 Speaker 4: President Harris, they basically see continuity that nothing will change. 541 00:27:03,400 --> 00:27:06,280 Speaker 4: But that's not in and of itself policy. It's just 542 00:27:06,359 --> 00:27:07,560 Speaker 4: maintaining the status quo. 543 00:27:07,760 --> 00:27:10,520 Speaker 10: It's that policy, and quite frankly, I think you have 544 00:27:10,560 --> 00:27:12,280 Speaker 10: to look at things like let's go to climate tech, 545 00:27:12,280 --> 00:27:15,880 Speaker 10: for example, and look at what her opponent has said 546 00:27:15,960 --> 00:27:18,680 Speaker 10: about climate tech, and of course Project twenty twenty five 547 00:27:18,720 --> 00:27:20,920 Speaker 10: has said about climate tech. One of my co founders 548 00:27:21,000 --> 00:27:24,119 Speaker 10: is Julia Collins, who is the CEO of a climate 549 00:27:24,119 --> 00:27:27,359 Speaker 10: tech company called Planet Forward, and we're very concerned about 550 00:27:27,359 --> 00:27:29,800 Speaker 10: not climate tech just for it's good for the economy, 551 00:27:29,960 --> 00:27:32,359 Speaker 10: but what it really spurs in terms of innovation and 552 00:27:32,400 --> 00:27:35,760 Speaker 10: growth for our economy. Her opponent has said that they're 553 00:27:36,119 --> 00:27:40,159 Speaker 10: willing to dismantle the EPA, FEMA, ETCA. Kamala Harris has 554 00:27:40,160 --> 00:27:43,080 Speaker 10: come out and said, no, we're actually going to support 555 00:27:43,080 --> 00:27:46,119 Speaker 10: climate tech. We're going to look at growing this industry. 556 00:27:46,320 --> 00:27:48,520 Speaker 10: And so she has come out and actually been very 557 00:27:48,640 --> 00:27:52,080 Speaker 10: vocal about certain areas in tech. For sure, I could 558 00:27:52,080 --> 00:27:54,119 Speaker 10: also talk about AI. She's come out and talked about 559 00:27:54,119 --> 00:27:58,199 Speaker 10: being very collaborative in terms of looking at how we 560 00:27:58,280 --> 00:28:02,560 Speaker 10: approach AI regulation in a way to stifle competition, but 561 00:28:02,680 --> 00:28:04,760 Speaker 10: a way to be ethical, in a way to be 562 00:28:04,840 --> 00:28:07,960 Speaker 10: supportive of a very new technology that we're all just 563 00:28:08,000 --> 00:28:09,359 Speaker 10: really trying to wrap our arms around. 564 00:28:09,440 --> 00:28:10,200 Speaker 5: But let's just talk. 565 00:28:10,040 --> 00:28:12,640 Speaker 3: About regulation for a moment and place. He went there, Shannon, 566 00:28:12,720 --> 00:28:16,200 Speaker 3: because we had Vivik Ramaswami, of course, who is a 567 00:28:16,240 --> 00:28:18,480 Speaker 3: supporter of Trump and the campaign there on the show 568 00:28:18,520 --> 00:28:21,200 Speaker 3: on Friday, and his main focus is the fact that 569 00:28:21,280 --> 00:28:22,760 Speaker 3: we need to reduce regulation. 570 00:28:22,880 --> 00:28:23,960 Speaker 5: Just take a listen to what he said. 571 00:28:24,800 --> 00:28:27,160 Speaker 11: Problem with Washington, DC is every time they pass one 572 00:28:27,160 --> 00:28:30,160 Speaker 11: of these laws, the Inflation Reduction Act or the Chips Act, 573 00:28:30,359 --> 00:28:32,919 Speaker 11: there's so much other baggage they sneak into there that 574 00:28:32,960 --> 00:28:35,240 Speaker 11: it dilutes the original vision or purpose of the Act 575 00:28:35,240 --> 00:28:37,840 Speaker 11: in the first place. You want to foster semiconductor production 576 00:28:37,880 --> 00:28:39,760 Speaker 11: in the United States, as I do, Here's how we 577 00:28:39,800 --> 00:28:43,920 Speaker 11: do it, mass deregulation that lifts those regulatory constraints in 578 00:28:43,960 --> 00:28:45,160 Speaker 11: the United States. 579 00:28:45,760 --> 00:28:48,880 Speaker 3: Is there a risk that people believe that Vice President 580 00:28:48,920 --> 00:28:52,520 Speaker 3: Harris is synonymous to more regulation and therefore lack of innovation. 581 00:28:53,520 --> 00:28:57,080 Speaker 10: I think the risk is that having this wild wild 582 00:28:57,160 --> 00:28:59,600 Speaker 10: West where we have no regulation is very dangerous for 583 00:28:59,640 --> 00:29:03,280 Speaker 10: in the v is very dangerous for progress for our country. 584 00:29:03,400 --> 00:29:05,400 Speaker 10: And I also think that it actually will stifle our 585 00:29:05,400 --> 00:29:08,360 Speaker 10: competitive advantage. So I think it's actually the opposite I 586 00:29:08,360 --> 00:29:13,160 Speaker 10: think that when industries have guardrails that are balanced in 587 00:29:13,360 --> 00:29:16,040 Speaker 10: the way that don't stifle competition, but in a way 588 00:29:16,040 --> 00:29:18,960 Speaker 10: that give us like a playing field, I think we 589 00:29:19,120 --> 00:29:22,280 Speaker 10: do better as an industry, if you will. So I 590 00:29:22,320 --> 00:29:25,120 Speaker 10: disagree with that in quite frankly, I think that Kamala 591 00:29:25,120 --> 00:29:29,400 Speaker 10: Harris is really working on policies that will allow us 592 00:29:29,400 --> 00:29:31,760 Speaker 10: to come up with those guardrails in a way that 593 00:29:31,800 --> 00:29:34,560 Speaker 10: we can continue to be competitive and stay innovative. 594 00:29:34,960 --> 00:29:37,440 Speaker 3: What about the people that need to be surrounded if 595 00:29:38,480 --> 00:29:42,240 Speaker 3: she does become the next president leads an administration many 596 00:29:42,360 --> 00:29:44,960 Speaker 3: many would say synonymous with her as vice president were 597 00:29:45,000 --> 00:29:47,520 Speaker 3: those that lead the SEC those that lead the FTC. 598 00:29:47,920 --> 00:29:49,600 Speaker 3: And therefore that's an issue for m and A for 599 00:29:49,640 --> 00:29:52,960 Speaker 3: your sector. It's also an issue for regulation, particularly around 600 00:29:52,960 --> 00:29:55,959 Speaker 3: the crypto area. How do you want to see change, 601 00:29:56,000 --> 00:30:00,000 Speaker 3: if any, of leadership of those sorts of areas. 602 00:30:00,360 --> 00:30:02,440 Speaker 10: I do think that some of those areas do need 603 00:30:02,480 --> 00:30:04,840 Speaker 10: a change of leadership, and I think that's healthy that 604 00:30:05,320 --> 00:30:07,520 Speaker 10: I think that that will. You know, we are in 605 00:30:07,080 --> 00:30:10,440 Speaker 10: a different age, if you will, for the next four years, 606 00:30:10,440 --> 00:30:12,600 Speaker 10: in terms of even how you look at, you know, 607 00:30:12,640 --> 00:30:15,080 Speaker 10: things like generative AI. So we do need to have 608 00:30:15,120 --> 00:30:17,320 Speaker 10: some new leaders, but I think that she is open 609 00:30:17,480 --> 00:30:21,360 Speaker 10: to bringing together different voices to do that, So I 610 00:30:21,400 --> 00:30:24,479 Speaker 10: think you'll see some changes. Look, you know, she's been 611 00:30:24,600 --> 00:30:27,080 Speaker 10: very vocal about she's going to be her own president 612 00:30:27,120 --> 00:30:29,840 Speaker 10: that just because certain things happen during the Biden administration 613 00:30:29,880 --> 00:30:32,120 Speaker 10: doesn't mean it's just going to be status quo and 614 00:30:32,200 --> 00:30:34,640 Speaker 10: just the same old thing. She's a new person, a 615 00:30:34,720 --> 00:30:40,040 Speaker 10: new president, with different experiences. She's very qualified in terms 616 00:30:40,080 --> 00:30:42,480 Speaker 10: of what I think about candidates qualified to be president, 617 00:30:42,600 --> 00:30:45,880 Speaker 10: having served you know, our beautiful state of California as 618 00:30:45,880 --> 00:30:47,880 Speaker 10: the Attorney General. So what I think you'll see is 619 00:30:47,880 --> 00:30:51,200 Speaker 10: some changes needed changes, quite frankly, but you'll also see 620 00:30:51,200 --> 00:30:53,560 Speaker 10: more innovation in more people at the table. 621 00:30:54,000 --> 00:30:56,440 Speaker 4: Shannon, there are high profile individuals in the world of 622 00:30:56,480 --> 00:30:59,480 Speaker 4: technology and bench capital on both sides. Right and last 623 00:30:59,480 --> 00:31:01,880 Speaker 4: week Read Hoffman was on the program the LinkedIn co 624 00:31:02,000 --> 00:31:04,080 Speaker 4: found a grey Lock partner. One of the points he 625 00:31:04,160 --> 00:31:08,440 Speaker 4: made was this has been divisive. It's caused tension in relationships, 626 00:31:08,920 --> 00:31:12,840 Speaker 4: you know, literally between LPs and the bench caps as 627 00:31:12,840 --> 00:31:16,080 Speaker 4: they work with or getting in on deals. What's your 628 00:31:16,120 --> 00:31:19,680 Speaker 4: experience been of that, you know, somebody established in the industry, 629 00:31:19,720 --> 00:31:20,400 Speaker 4: I got to tell. 630 00:31:20,240 --> 00:31:22,640 Speaker 10: You my experience has been and I've been out there, 631 00:31:22,680 --> 00:31:25,040 Speaker 10: I've been cam As saying, I've gone to different states. 632 00:31:25,080 --> 00:31:29,560 Speaker 10: My experiences, even starting with being at the Democratic National Convention, 633 00:31:29,880 --> 00:31:33,280 Speaker 10: is that she's bringing in more joy to politics. I'm 634 00:31:33,320 --> 00:31:36,320 Speaker 10: actually seeing, you know, out there when I talk to people, 635 00:31:36,360 --> 00:31:38,920 Speaker 10: even if they don't agree with you, people are willing 636 00:31:38,960 --> 00:31:41,560 Speaker 10: to listen one on one in a way that is 637 00:31:41,600 --> 00:31:44,760 Speaker 10: not divisive. You know, Kamala Harris has recently even said 638 00:31:44,800 --> 00:31:46,600 Speaker 10: that it's okay that you don't agree with her. She 639 00:31:47,000 --> 00:31:49,080 Speaker 10: wants to be the president for all. She knows that 640 00:31:49,120 --> 00:31:50,520 Speaker 10: there's people out there that there aren't going to vote 641 00:31:50,560 --> 00:31:51,800 Speaker 10: for her. She knows that there's people out there that 642 00:31:51,880 --> 00:31:54,040 Speaker 10: are not going to agree with her, and that's okay. 643 00:31:54,360 --> 00:31:56,360 Speaker 10: And I think that's how we've been approaching this, is 644 00:31:56,400 --> 00:31:59,960 Speaker 10: that we still need to come together as one United America. 645 00:32:00,400 --> 00:32:02,880 Speaker 5: And so that is what I'm hearing. 646 00:32:02,560 --> 00:32:04,800 Speaker 10: When I talk to people one on one about this, 647 00:32:05,000 --> 00:32:07,200 Speaker 10: not this deviceive like kind. 648 00:32:06,960 --> 00:32:07,800 Speaker 5: Of hate speak. 649 00:32:07,840 --> 00:32:11,200 Speaker 3: If you will, you come with experience in the financial 650 00:32:11,240 --> 00:32:14,160 Speaker 3: areas and startup CFO of wing of other businesses you're 651 00:32:14,200 --> 00:32:18,280 Speaker 3: on the boards. How have you talked about companies strategizing 652 00:32:18,400 --> 00:32:22,680 Speaker 3: for this. If indeed Kamala doesn't become the next president 653 00:32:23,320 --> 00:32:27,240 Speaker 3: and we know instead a Trump presidency, how do you navigate? 654 00:32:27,320 --> 00:32:30,440 Speaker 10: Yeah, I think that, you know, we will have to 655 00:32:30,680 --> 00:32:34,320 Speaker 10: you know, we we will have to navigate if that 656 00:32:34,360 --> 00:32:36,160 Speaker 10: does happen. But I don't like to put those type 657 00:32:36,160 --> 00:32:38,600 Speaker 10: of things out there in the universe. So we do 658 00:32:38,640 --> 00:32:41,120 Speaker 10: believe that Kamala Harris is going to win, and we 659 00:32:41,160 --> 00:32:43,080 Speaker 10: do believe that we will have a seat at the table. 660 00:32:43,080 --> 00:32:44,600 Speaker 5: And that's what's really important. 661 00:32:44,840 --> 00:32:47,840 Speaker 10: And so honestly, that's what we've been focusing on, is 662 00:32:47,920 --> 00:32:51,400 Speaker 10: how do we bring together these diverse voices, get them 663 00:32:51,440 --> 00:32:54,640 Speaker 10: at the table and really talk about spawning and continuing 664 00:32:54,720 --> 00:32:56,760 Speaker 10: the innovation in our competitive advantage. 665 00:32:57,280 --> 00:33:00,719 Speaker 3: Shanna Nash, we appreciate your time. Texta Comma co founder 666 00:33:01,320 --> 00:33:04,200 Speaker 3: coming up plenty more when it comes to the election 667 00:33:04,440 --> 00:33:11,520 Speaker 3: and the United States and technology, the SI Blomberg technology. 668 00:33:18,360 --> 00:33:20,760 Speaker 4: We just talked with someone on the Democratic Party side 669 00:33:20,800 --> 00:33:23,280 Speaker 4: of this election. Let's bring in someone on the other side. 670 00:33:23,320 --> 00:33:26,920 Speaker 4: All Off VC founder Crystal mckeller, who's supporting the Republican 671 00:33:26,960 --> 00:33:29,840 Speaker 4: ticket of former President Donald Trump along with JD Vance, 672 00:33:30,520 --> 00:33:33,400 Speaker 4: whom mckeller has previously worked with and welcome back to 673 00:33:33,440 --> 00:33:34,120 Speaker 4: the program. 674 00:33:34,200 --> 00:33:35,480 Speaker 5: Thank you so much for having me back. 675 00:33:35,600 --> 00:33:37,360 Speaker 4: I think what we're trying to find out is that 676 00:33:37,400 --> 00:33:42,200 Speaker 4: in the time that's passed, has anything changed or developed. 677 00:33:42,840 --> 00:33:46,840 Speaker 4: You've emphasized deregulation, as of many other Trump surrogates and 678 00:33:46,880 --> 00:33:50,200 Speaker 4: Trump himself, is that the totality of why you think 679 00:33:50,240 --> 00:33:54,280 Speaker 4: President Trump, former President Trump is best for the technology industry. 680 00:33:54,560 --> 00:33:57,400 Speaker 12: So deregulation is an important part of the story. The 681 00:33:57,480 --> 00:34:00,680 Speaker 12: regulations that are promulgated by the administrative state, the unelected 682 00:34:00,720 --> 00:34:06,680 Speaker 12: administrative state is certainly a problem, but more globally, the 683 00:34:06,720 --> 00:34:09,200 Speaker 12: reason that I support President Trump and JD. Vance is 684 00:34:09,239 --> 00:34:11,920 Speaker 12: because they are going to implement not just they're not 685 00:34:12,000 --> 00:34:15,280 Speaker 12: going to just roll back regulations that are stifling American industry, 686 00:34:15,400 --> 00:34:18,959 Speaker 12: but they're actually going to actively implement policies that will 687 00:34:19,239 --> 00:34:23,839 Speaker 12: stimulate growth and encourage innovation. I encourage American ingenuity, which 688 00:34:23,880 --> 00:34:28,120 Speaker 12: is absolutely essential to usher in a boom in American 689 00:34:28,400 --> 00:34:29,640 Speaker 12: industrial manufacturing. 690 00:34:29,840 --> 00:34:30,959 Speaker 7: And this is an issue not. 691 00:34:30,920 --> 00:34:34,719 Speaker 12: Only of American prosperity, but also of national security. Is 692 00:34:34,760 --> 00:34:37,160 Speaker 12: something that people like myself who invest in the national 693 00:34:37,239 --> 00:34:40,120 Speaker 12: security space spend a lot of time thinking about because 694 00:34:40,160 --> 00:34:43,000 Speaker 12: the policies of the current administration which have led to 695 00:34:43,080 --> 00:34:47,600 Speaker 12: the continued offshoring of critical components of American manufacturing, of 696 00:34:47,640 --> 00:34:51,480 Speaker 12: the American defense industry, as well as our disastrous energy policies. 697 00:34:51,520 --> 00:34:54,960 Speaker 12: They've made the United States less prosperous and less safe, 698 00:34:54,960 --> 00:34:56,880 Speaker 12: and that goes beyond just regulation. 699 00:34:57,120 --> 00:35:00,360 Speaker 4: Well, some might say, on the other hand, you have 700 00:35:00,400 --> 00:35:03,920 Speaker 4: the Chips Act, the Inflation Reduction Act that has legislated 701 00:35:04,360 --> 00:35:07,880 Speaker 4: to unsure those two specific industries. Companies like Anderil have 702 00:35:08,000 --> 00:35:09,800 Speaker 4: thrived in the last four years. 703 00:35:10,800 --> 00:35:13,279 Speaker 12: I would argue that Anderil has thrived despite the last 704 00:35:13,320 --> 00:35:15,160 Speaker 12: four years. I mean, what do you need for a 705 00:35:15,160 --> 00:35:19,040 Speaker 12: healthy manufacturing base. You need cheap, abundant energy, you need 706 00:35:19,080 --> 00:35:20,879 Speaker 12: low inflation, you need low interest rates. 707 00:35:20,920 --> 00:35:21,560 Speaker 5: And the current. 708 00:35:21,320 --> 00:35:24,000 Speaker 12: Administration gets a CNS on all of this. So, yes, 709 00:35:24,080 --> 00:35:27,200 Speaker 12: tech founders will find a way despite the policies of 710 00:35:27,239 --> 00:35:31,360 Speaker 12: the current administration, not because of them. You can't legislate growth, 711 00:35:31,520 --> 00:35:32,760 Speaker 12: you can legislate policies. 712 00:35:33,000 --> 00:35:33,960 Speaker 7: And I'll give an example. 713 00:35:34,120 --> 00:35:37,480 Speaker 12: So, for example, one of the critical inputs for manufacturing 714 00:35:37,520 --> 00:35:42,040 Speaker 12: is energy. Nuclear is the cheapest, safest, most energy dense 715 00:35:42,160 --> 00:35:44,840 Speaker 12: form of energy based a form of baseload power that 716 00:35:44,880 --> 00:35:47,080 Speaker 12: we have here in the United States, and yet the 717 00:35:47,160 --> 00:35:50,600 Speaker 12: Harris Biden administration has blocked the development of a million 718 00:35:50,640 --> 00:35:54,640 Speaker 12: acres on the Arizona, Utah border, which is the sole 719 00:35:54,800 --> 00:35:59,200 Speaker 12: source of US based high grade uranium. And so rather 720 00:35:59,239 --> 00:36:02,520 Speaker 12: than sure this absolutely critical domestic source, what. 721 00:36:02,520 --> 00:36:03,080 Speaker 7: Are we doing. 722 00:36:03,239 --> 00:36:07,080 Speaker 12: We are the largest buyer of Russian You're enrich uranium. 723 00:36:07,239 --> 00:36:09,840 Speaker 12: I mean, this is just bananas that not only have 724 00:36:09,920 --> 00:36:15,520 Speaker 12: we made ourselves reliant on a foreign adversary for American 725 00:36:15,600 --> 00:36:19,880 Speaker 12: base load power, but we've also were also literally funding 726 00:36:19,960 --> 00:36:24,719 Speaker 12: the Russian nuclear weapons complex because why because of a 727 00:36:24,760 --> 00:36:29,080 Speaker 12: policy decision, Because the Harris Biden administration, that White House 728 00:36:29,080 --> 00:36:32,919 Speaker 12: decided to bow to the very well funded lobbying of 729 00:36:33,880 --> 00:36:36,319 Speaker 12: a particular interest group in the United States, and they 730 00:36:36,440 --> 00:36:39,719 Speaker 12: chose that interest group above the national security interests of 731 00:36:39,760 --> 00:36:42,360 Speaker 12: the United States and our allies. That is one example 732 00:36:42,560 --> 00:36:44,440 Speaker 12: that's not regulation, that's a policy. 733 00:36:44,960 --> 00:36:48,319 Speaker 3: Now, I don't know the nuances of exactly that particular 734 00:36:48,800 --> 00:36:52,319 Speaker 3: investment in nuclear however, I'm pretty sure that limitations on 735 00:36:52,400 --> 00:36:53,280 Speaker 3: imports from Russia. 736 00:36:53,280 --> 00:36:54,520 Speaker 5: And I'm also certain. 737 00:36:54,239 --> 00:36:57,440 Speaker 3: That we've seen deals from Microsoft, from Google, announcements from 738 00:36:57,440 --> 00:37:01,000 Speaker 3: Amazon saying that they will invest in nuclear energy, and 739 00:37:01,000 --> 00:37:03,880 Speaker 3: that happens under this current administration, not a future potential 740 00:37:03,880 --> 00:37:04,319 Speaker 3: Trump one. 741 00:37:04,360 --> 00:37:04,880 Speaker 5: And so I'm. 742 00:37:04,760 --> 00:37:08,319 Speaker 3: Interested more broadly about what you're trying to articulate when 743 00:37:08,320 --> 00:37:11,160 Speaker 3: it comes to actual policies that you think will be 744 00:37:11,239 --> 00:37:13,640 Speaker 3: brought in that bring the innovation you talk. 745 00:37:13,560 --> 00:37:18,360 Speaker 12: To absolutely, and that is and it's a great development 746 00:37:18,400 --> 00:37:21,800 Speaker 12: that there is an understanding that nuclear is one hundred 747 00:37:21,800 --> 00:37:25,360 Speaker 12: percent the answer not only for United States manufacturing, but 748 00:37:25,400 --> 00:37:27,520 Speaker 12: also frankly, how are we going to keep up with 749 00:37:27,560 --> 00:37:30,640 Speaker 12: the energy requirements of AI, which is a good thing, 750 00:37:30,719 --> 00:37:32,880 Speaker 12: and how are we also going to respond to the 751 00:37:32,920 --> 00:37:34,920 Speaker 12: concerns about climate change? How are we going to mitigate 752 00:37:34,920 --> 00:37:37,360 Speaker 12: climate change? Nuclear is an essential part of that. And 753 00:37:37,400 --> 00:37:39,840 Speaker 12: one thing I should mention is that six members of Congress, 754 00:37:39,880 --> 00:37:42,440 Speaker 12: I mean, to your point, we should not be enriching 755 00:37:42,680 --> 00:37:46,480 Speaker 12: the Russian state, and six Republican members of Congress earlier 756 00:37:46,520 --> 00:37:48,880 Speaker 12: this year passed a bill limit. 757 00:37:48,800 --> 00:37:51,120 Speaker 4: Carrie's point was that we're enriching the Russian state. I 758 00:37:51,160 --> 00:37:54,919 Speaker 4: think her question was sure Russia is subject to both 759 00:37:54,960 --> 00:37:56,280 Speaker 4: export and import controls. 760 00:37:56,400 --> 00:37:57,640 Speaker 5: It is, it should be. 761 00:37:57,800 --> 00:38:00,560 Speaker 12: And so six members of Congress passed a bill earlier 762 00:38:00,600 --> 00:38:03,799 Speaker 12: this year to limit our import of uranium because we 763 00:38:03,840 --> 00:38:07,400 Speaker 12: shouldn't be buying it from Russia under any. 764 00:38:09,040 --> 00:38:10,240 Speaker 5: Rationale point of view. 765 00:38:10,480 --> 00:38:12,600 Speaker 12: And yet what does this bill do. The Bill of 766 00:38:12,680 --> 00:38:16,719 Speaker 12: the White House sign includes an enormous waiver that mandates 767 00:38:16,719 --> 00:38:20,160 Speaker 12: that continue or essentially Mandy's to continue purchase of uranium 768 00:38:20,200 --> 00:38:23,319 Speaker 12: from Russia through twenty twenty eight. So I agree, we 769 00:38:23,360 --> 00:38:25,799 Speaker 12: should not be buying uranium from Russia. We should not 770 00:38:25,840 --> 00:38:29,080 Speaker 12: be dependent on a critical input for energy in the 771 00:38:29,160 --> 00:38:32,200 Speaker 12: United States from Russia, and yet we are. So that 772 00:38:32,360 --> 00:38:36,120 Speaker 12: is a direct result of the Biden Harris administration's policies. 773 00:38:36,560 --> 00:38:39,080 Speaker 3: I spoke with the Energy Sectory a month or so ago, 774 00:38:39,200 --> 00:38:42,600 Speaker 3: and she was very much focused on bringing nuclear energy 775 00:38:42,600 --> 00:38:45,560 Speaker 3: back to power data centers back here in the United States. 776 00:38:45,680 --> 00:38:47,920 Speaker 3: I just want to go to perhaps some of the 777 00:38:48,040 --> 00:38:52,400 Speaker 3: level of tension and indeed ongoing relationships with people when 778 00:38:52,440 --> 00:38:54,440 Speaker 3: it comes to November six, seventh, eighth, no matter what 779 00:38:54,480 --> 00:38:56,640 Speaker 3: the outcome is. We had read Hoffmann on of course 780 00:38:56,920 --> 00:39:00,360 Speaker 3: key bench capitalist founder, but also someone who supports the 781 00:39:00,440 --> 00:39:03,239 Speaker 3: Harris campaign. Now he articulated he's worried that there might 782 00:39:03,280 --> 00:39:04,880 Speaker 3: be some sort of form of retribution. 783 00:39:04,960 --> 00:39:06,239 Speaker 5: Can you just take a listen. 784 00:39:07,040 --> 00:39:11,760 Speaker 8: Trump and Trump presidency won you know his early presidency 785 00:39:11,800 --> 00:39:12,840 Speaker 8: has shown a certain. 786 00:39:12,600 --> 00:39:13,840 Speaker 5: Amount of grift or capitalism. 787 00:39:13,880 --> 00:39:17,840 Speaker 8: It's like trying to penalize his opponents using the instruments 788 00:39:17,840 --> 00:39:18,160 Speaker 8: of state. 789 00:39:18,600 --> 00:39:19,880 Speaker 5: We have about thirty seconds. 790 00:39:19,920 --> 00:39:22,760 Speaker 3: But do you worry about penalization no matter what happens 791 00:39:22,760 --> 00:39:23,240 Speaker 3: on the other. 792 00:39:23,120 --> 00:39:25,319 Speaker 5: Side, I don't think so. 793 00:39:25,560 --> 00:39:25,719 Speaker 8: No. 794 00:39:26,800 --> 00:39:29,320 Speaker 12: You know, I am a patriot, I am an American 795 00:39:29,360 --> 00:39:32,600 Speaker 12: crew and threw I mean, first of all, I don't 796 00:39:32,600 --> 00:39:34,960 Speaker 12: think that it's notable that he could not point to 797 00:39:35,000 --> 00:39:38,239 Speaker 12: a single example of retribution by Donald Trump. 798 00:39:38,320 --> 00:39:39,319 Speaker 5: The current administration. 799 00:39:39,480 --> 00:39:44,600 Speaker 12: We had seen a tremendous uptick in prosecutions of people 800 00:39:44,600 --> 00:39:48,520 Speaker 12: who are associated with the Trump administration. So perhaps, I mean, 801 00:39:48,560 --> 00:39:50,719 Speaker 12: perhaps that there is some concern if the Democrats come 802 00:39:50,719 --> 00:39:52,920 Speaker 12: back in office. But I'm optimistic enough to think that 803 00:39:53,239 --> 00:39:55,400 Speaker 12: I don't think that the Democrats are going to retaliate 804 00:39:56,040 --> 00:39:59,360 Speaker 12: against people who, you know, who voted their conscious and 805 00:39:59,400 --> 00:40:02,160 Speaker 12: who spoke our conscience, and who spoke out against the 806 00:40:02,200 --> 00:40:04,880 Speaker 12: policies that we believe are crushing American industry. 807 00:40:04,960 --> 00:40:07,080 Speaker 4: I just want to point out that on May thirteenth, 808 00:40:07,480 --> 00:40:09,920 Speaker 4: President Joe Biden signed into a law of ban on 809 00:40:10,000 --> 00:40:11,520 Speaker 4: imports of uranium into. 810 00:40:11,320 --> 00:40:13,320 Speaker 5: This country exactly. But we waiver. 811 00:40:13,760 --> 00:40:15,920 Speaker 4: We are our time, but I promise we will have 812 00:40:16,000 --> 00:40:19,440 Speaker 4: you back again. Russell mckella, l our VC, founder. 813 00:40:21,040 --> 00:40:24,399 Speaker 3: Tech focused hedge fund KOTO, is looking to raise one 814 00:40:24,440 --> 00:40:27,680 Speaker 3: billion dollars to amplify bets on artificial intelligence, first time 815 00:40:27,719 --> 00:40:30,120 Speaker 3: it's looked for cash for its flagship fund in the years. 816 00:40:30,360 --> 00:40:33,120 Speaker 3: No mag Tamma Palmer reports us out, joins us. 817 00:40:33,239 --> 00:40:35,160 Speaker 5: How big a deal is it that they're reopening. It's 818 00:40:35,160 --> 00:40:36,040 Speaker 5: a significant move. 819 00:40:36,120 --> 00:40:38,600 Speaker 13: This is their flagship hedge fund, it's got fourteen billion 820 00:40:38,640 --> 00:40:41,280 Speaker 13: dollars and they're looking to raise a whole billion dollars 821 00:40:41,320 --> 00:40:44,239 Speaker 13: more to invest in AI. And it's been years since 822 00:40:44,239 --> 00:40:46,399 Speaker 13: they've opened up their main hedge funds to new cash, 823 00:40:46,440 --> 00:40:47,560 Speaker 13: so it's a significant move. 824 00:40:48,520 --> 00:40:50,880 Speaker 4: Hemmer. I feel like Felipe Lafont's name comes up a 825 00:40:50,880 --> 00:40:53,120 Speaker 4: lot in the context of AI. Talk to us about 826 00:40:53,200 --> 00:40:55,080 Speaker 4: him as a champion of the sector. 827 00:40:55,280 --> 00:40:59,239 Speaker 13: Yes, he has been a bullish, an avid enthusiast for 828 00:40:59,640 --> 00:41:04,120 Speaker 13: AI and as technology and its potentiality. And you see 829 00:41:04,120 --> 00:41:05,759 Speaker 13: it in their investments and the video is one of 830 00:41:05,760 --> 00:41:08,600 Speaker 13: their biggest holdings and videos one of their biggest holdings. 831 00:41:09,120 --> 00:41:11,600 Speaker 5: You see it in the way he speaks about the space. 832 00:41:12,000 --> 00:41:15,280 Speaker 13: He has talked about how he thinks that humanoid robots 833 00:41:15,280 --> 00:41:18,040 Speaker 13: are going to be part of the future in fifteen years. 834 00:41:18,480 --> 00:41:21,720 Speaker 13: He sees a lot of opportunity when it comes to AI, 835 00:41:21,800 --> 00:41:25,920 Speaker 13: but also peripheral areas like AI infrastructure and technology and 836 00:41:26,080 --> 00:41:29,120 Speaker 13: energy sectors. So what you're seeing now is that really 837 00:41:29,200 --> 00:41:30,759 Speaker 13: come to play in his portfolio. 838 00:41:31,320 --> 00:41:34,600 Speaker 3: Very briefly, the relationship with Raymond James, Well, does that 839 00:41:34,719 --> 00:41:35,479 Speaker 3: signal yes. 840 00:41:35,560 --> 00:41:37,239 Speaker 13: So it's part of a broader trend we're seeing in 841 00:41:37,320 --> 00:41:40,080 Speaker 13: the hedge fund space where they are increasingly turning to 842 00:41:40,280 --> 00:41:43,879 Speaker 13: bank wealth platforms to raise money. This is a group 843 00:41:43,920 --> 00:41:45,920 Speaker 13: of people that hadn't had access to hedge funds and 844 00:41:45,920 --> 00:41:49,000 Speaker 13: private equity and venture capital for many years, and so 845 00:41:49,400 --> 00:41:51,480 Speaker 13: it's also a space where they can these funds can 846 00:41:51,560 --> 00:41:54,440 Speaker 13: raise money as institutional investors have become a little bit 847 00:41:54,440 --> 00:41:55,879 Speaker 13: more cautious on the space and. 848 00:41:55,840 --> 00:41:58,319 Speaker 5: Have been a little bit more reticent. And that was 849 00:41:58,320 --> 00:41:59,279 Speaker 5: individuals helping me. 850 00:42:00,560 --> 00:42:03,400 Speaker 4: Yeah, big thanks to Bloomberg's Hemma Palma with another big breaker. 851 00:42:04,000 --> 00:42:05,880 Speaker 5: Wow, what a show, and that does it. 852 00:42:05,920 --> 00:42:10,000 Speaker 3: With this very special Ed Ludlow Birthday edition of Bloomberg Technology, 853 00:42:10,040 --> 00:42:11,480 Speaker 3: we wish you a very happy. 854 00:42:11,200 --> 00:42:11,759 Speaker 5: Birthday, Ed. 855 00:42:12,520 --> 00:42:15,040 Speaker 4: Yeah, It's quite a week to celebrate a birthday, which 856 00:42:15,080 --> 00:42:18,839 Speaker 4: seems inconsequential. Things considered recap on the podcast, so many 857 00:42:18,880 --> 00:42:21,160 Speaker 4: important discussions and pieces of reporting. You know where to 858 00:42:21,160 --> 00:42:24,040 Speaker 4: find the pod online on Apple, Spotify, and iHeart, and 859 00:42:24,120 --> 00:42:26,600 Speaker 4: of course on the Bloomberg platforms. Thank you to the 860 00:42:26,640 --> 00:42:28,600 Speaker 4: team in New York City and all the team out 861 00:42:28,600 --> 00:42:31,360 Speaker 4: here in San Francisco. This is Bloomberg Technology.