Speaker 1: Bloomberg Audio Studios, podcasts, radio news from the heart of
Speaker 1: where innovation, money and power collide in Silicon Valley and beyond.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: Live from New York and Caroline Hyde and.
Speaker 3: I'm Jackie Devalas in Washington. This is Bloomberg Technology.
Speaker 4: Coming up Service Now makes a nearly three billion dollar
Speaker 4: AI bet in a move to buy startup Moveworks plus
Speaker 4: Crypto synks further with bitcoin's sub eighty thousand dollars is
Speaker 4: Tariff war tensions drown out Trump's pro crypto announcements, while
Speaker 4: President Trump says he's negotiating with four different possible buys
Speaker 4: for TikTok's US business and a deal could come soon.
Speaker 4: But first we highlight the market sell off. We are
Speaker 4: unwinding that AI trade once again when growth enthusiasm becomes fear.
Speaker 4: We're down by three point three percent, and then as
Speaker 4: that one hundred having its worst dase it's December the eighteenth.
Speaker 4: We are the lowest in September twenty twenty four, the
Speaker 4: mag seven sinks in particular, we're looking.
Speaker 5: At five point four percent drop.
Speaker 4: Apple now sub three and a half trillion dollars you're
Speaker 4: looking at in video well below three trillion. We're about
Speaker 4: two point six trillion dollars in terms of market capitalization.
Speaker 4: We'll find another five point six percent as we think about.
Speaker 5: What tariffs and what.
Speaker 4: Overall geopolitical tensions mean for this AI trade that we
Speaker 4: were so long at the beginning of this year.
Speaker 5: Move on and even look at TSMC.
Speaker 4: They come out with good numbers analysts like the pace
Speaker 4: of growth in excess of forty percent from the month
Speaker 4: of February in terms of sales. All eyes on whether
Speaker 4: they can live up to their own internal guidance for.
Speaker 5: Their fiscal first quarter.
Speaker 4: But the AI demand still clearly there when it comes
Speaker 4: to the making of chips, but it is.
Speaker 5: Drag lower by sentiment. Let's get to that sentiment.
Speaker 4: Grude Meg's ron Vastelica is here and boy are we
Speaker 4: continuing these drivations in the market.
Speaker 6: Yeah. Absolutely.
Speaker 7: It does seem like there's just no end insight for
Speaker 7: all of this selling. You've had major names that were
Speaker 7: kind of seen as maybe a safety trade in the market.
Speaker 6: They're all breaking down.
Speaker 7: Major indexes have fallen under major support levels, key stocks
Speaker 7: have fallen under support levels. There's been hundreds of billions
Speaker 7: of dollars of value just completely wiped off. It's been
Speaker 7: a very broad based weakness here.
Speaker 8: Rian, How broad based is that?
Speaker 3: Because last week we saw chips really taking a hit.
Speaker 3: Is what we're seeing today just really a dragdown of
Speaker 3: a couple of the big names that have a high
Speaker 3: concentration in that Nasdaq one hundred index. Or is there
Speaker 3: broader fears here that we're just not seeing yet?
Speaker 7: Well, I do think just the breath of the selling
Speaker 7: does speak to just the broadness of the fears out there.
Speaker 7: If we are going into some kind of economic contraction
Speaker 7: or just broader weakness when you do have potential terrorists
Speaker 7: and escalation and geopolitical tensions, that's going to weigh on
Speaker 7: the market. It's pretty broadly. But because tech has done
Speaker 7: so well for so long, this is a natural place
Speaker 7: for people to be taking their profits first.
Speaker 4: Any hints of buying the dip just seems to be
Speaker 4: completely waight. I mean, the key question for the market
Speaker 4: is thus far Trump says he's not listening to the markets,
Speaker 4: But is there a point at which he starts to.
Speaker 9: Wow?
Speaker 7: I don't know about that, but at a certain point,
Speaker 7: you know, you do have a lot of people remain
Speaker 7: very positive about the long term potential of the big
Speaker 7: tech stocks, even the AI stocks. It is very possible
Speaker 7: at some point where people will come in and think,
Speaker 7: you know what, these names have really gotten beaten down.
Speaker 7: A lot of them are at multiples that they haven't
Speaker 7: been trading at in you know, a couple of years
Speaker 7: or even longer at all. Speaks to like an environment
Speaker 7: where maybe people start to get a little bit more positive,
Speaker 7: start to nibble in at the bottom. But there's so
Speaker 7: much uncertainty just in the broader economy right now. It's
Speaker 7: hard to know when that's going to happen. But certainly
Speaker 7: if we did see a rebound from here, I don't
Speaker 7: think that would be too surprising because it's not like
Speaker 7: the fundamentals have really changed all that dramatically.
Speaker 3: That's Bloomberg's Ryan glas Stelaca. Thanks so much for joining
Speaker 3: us late.
Speaker 5: Today.
Speaker 3: President Donald Trump is set to meet with CEOs of
Speaker 3: major tech companies, including IBM, Intel, Qualcom, and HP.
Speaker 8: The meeting comes as the.
Speaker 3: White House considers policy changes, including tariffs and stricter export
Speaker 3: rules that could impact the tech industry's global supply chains
Speaker 3: and operations. Bloomberg's Mike Shepherd joins us now.
Speaker 8: To discuss more. Mike, what are the stakes of this
Speaker 8: meeting today?
Speaker 10: Well, we are seeing the stakes of this meeting play
Speaker 10: out in the market right now. We're seeing the kind
Speaker 10: of uncertainty that is gripping investors as really a reflection
Speaker 10: of what these companies are also going through, because the terriffs,
Speaker 10: whether they're imposed or not, are throwing an element of
Speaker 10: what happens next for them and their supply chains, and
Speaker 10: also what happens to costs that they may have to bear,
Speaker 10: and also markets that they may be trying to sell too,
Speaker 10: not only consumers when you think about endpoint buyers, but
Speaker 10: also folks other companies that may be looking to make
Speaker 10: some acquisitions along the way for their own supply chain.
Speaker 10: So there will be a lot to say at this
Speaker 10: It's unclear whether there will be some big reveal or
Speaker 10: announcement from the president. It is not signaling that way
Speaker 10: when we think about the TSMC announcement from a week
Speaker 10: ago or the big Softgate soft Bank announcement on Stargate
Speaker 10: with open Ai Oracle. This doesn't have quite that vibe
Speaker 10: right now. But we'll have to see what the President says,
Speaker 10: for now the meeting is closed to press, but maybe
Speaker 10: they will open it up.
Speaker 3: That's a great point that you bring up with Stargate,
Speaker 3: because then it was kind of a slashier meeting that was,
Speaker 3: you know, we were getting some nuggets beforehand.
Speaker 8: What does it mean that these.
Speaker 3: Are American companies, you know, as we heard from TSMC
Speaker 3: last week, are they looking more for guidance or is
Speaker 3: Trump looking something from them?
Speaker 8: Well?
Speaker 10: Trump is always looking for something from his counterparties. He
Speaker 10: wants some sign that they plan to invest, they plan
Speaker 10: to expand they plan to do more with their domestic presence.
Speaker 10: And yet the way the market is heading right now
Speaker 10: and all of this uncertainty, it is not an environment
Speaker 10: in which companies and businesses are more inclined to make
Speaker 10: those kinds of big spending, big investment decisions.
Speaker 4: What's hitting the most mic is it tariffs? Is it
Speaker 4: a potential repeal of the Chip sacks? What is going
Speaker 4: to be that top question to President Trump these CEOs.
Speaker 10: That's a great question, Caro, because the tariffs really have
Speaker 10: taken precedence over almost anything else. And his discomfort with
Speaker 10: the Chips Act, which he expressed during his address to
Speaker 10: Congress last week. Wawmakers quickly shot that down. They don't
Speaker 10: seem to be too inclined to cut off that picket
Speaker 10: of money. There wasn't a bipartisan support to get through.
Speaker 10: But the tariffs are really the thing out there that
Speaker 10: is sowing this kind of uncertainty about what the impact
Speaker 10: on supply chains would be. Remember, the President has imposed
Speaker 10: tariffs on Canada and Mexico and later put them in
Speaker 10: abeyance for an Now, our two largest trading partners here
Speaker 10: in the US, and then there's the world's second largest economy, China,
Speaker 10: that is the third largest US trading partner. Those tariffs
Speaker 10: of up to twenty percent of most products coming in
Speaker 10: from China really have an impact and start to have
Speaker 10: a bite.
Speaker 4: Mike Shepard, we thank you for that breakdown. Now, amid
Speaker 4: these tariffs and market jitters, deals are actually still getting done.
Speaker 4: Service Now has agreed to buy artificial intelligence firm move
Speaker 4: Works for two point eight billion dollars as part of
Speaker 4: its push into AI tools that can complete tasks without
Speaker 4: human supervision.
Speaker 5: From mex Bodiford joins.
Speaker 4: US now AGENTKI here again but not organically grown over
Speaker 4: at Service Now.
Speaker 11: Yeah, exactly every single software company is chasing this price
Speaker 11: of AGENTICAI. You know, I had to get a new laptop,
Speaker 11: you know, through work. And the idea is for a
Speaker 11: company service now is that when I type it in,
Speaker 11: it automatically routes almost everything. It makes a decision that
Speaker 11: says is this user permission for this? Is there a
Speaker 11: business case? What will it cost?
Speaker 6: Cool?
Speaker 11: The idea is ultimately that customers don't need as many
Speaker 11: people to you know, do in house tasks. Service Now's
Speaker 11: real core market is that it services and so move works.
Speaker 11: You know, it is a pretty clear play to be
Speaker 11: able to double down on that market and inject some
Speaker 11: AI into it.
Speaker 8: Berdy Move Forwards.
Speaker 3: Has been around for quite a while, even though we've
Speaker 3: been hearing about these customer service AI agents more as
Speaker 3: of late. It was less valued in twenty twenty one,
Speaker 3: and as we've seen in the broader start of market,
Speaker 3: it's really hard to raise money.
Speaker 8: Especially if you're later stage.
Speaker 3: Did Service Now get a good deal here?
Speaker 11: It's a pretty good outcome. And as you said, it's
Speaker 11: been a tough market for VC backed companies right We've
Speaker 11: seen a lot of companies selling at below previous valuations.
Speaker 11: So I mean two point one to three. That's a
Speaker 11: pretty large deal. I think it's pretty successful for everybody.
Speaker 11: And with Service Now, it's funny because you know they're
Speaker 11: CEO Bill McDermott, at a reputation for huge deals at SAP.
Speaker 11: He came in at Service Now and said, you know,
Speaker 11: these days are behind me. We're going for organic growth.
Speaker 11: But it seems like today the ugates may be opening, right.
Speaker 11: I mean, I think there's scent lights in the message
Speaker 11: that Service Now might be kind of ready to be
Speaker 11: a big acquirer.
Speaker 4: It doesn't seem as though the market is that jubilant.
Speaker 4: I mean, the market is down across the board. The
Speaker 4: Service Now is down by more than six percent, which
Speaker 4: is more than the slump. And then as that one hundred,
Speaker 4: our investors just a little bit nervy about these sorts
Speaker 4: of big outgoings and a time where Service Now has
Speaker 4: a lot of government exposure, for example, in terms of contracts.
Speaker 11: The big question for SaaS companies is how quick are
Speaker 11: you turning the AI moment into revenue for Service Now.
Speaker 11: In the most recent earnings they kind of showed that
Speaker 11: we are still prioritizing adoption rather than revenue. Spending three
Speaker 11: billion dollars to you know, essentially buy sooner revenue recognition.
Speaker 8: That could be a sign of weakness.
Speaker 5: Certainly, Ready Ford.
Speaker 4: Who was front running the official announcement with a scoop
Speaker 4: over the weekend brilliant, thank you now coming up. Bitcoin
Speaker 4: slump continues despite President Trump's pro crypto agenda. More on
Speaker 4: the bitcoin space in a moment, but shares of Tesla
Speaker 4: is where we focus in on after bitcoin is off
Speaker 4: to be it's percent check out what this magnificent seven
Speaker 4: name is currently down by eight.
Speaker 5: Point six percent.
Speaker 4: It's leading in terms of the sell off we're seeing
Speaker 4: from a points perspective. Apple and Vidia also contributing. We're
Speaker 4: worrying about China.
Speaker 5: We're worrying about.
Speaker 4: Sales slump over there, but more broadly worried about valuations
Speaker 4: for a company that's ubs is saying perhaps the AI
Speaker 4: trade is a little bit too long a term for
Speaker 4: this particular one in the here and now they downgrade
Speaker 4: their view on sales for the first quarter. This is
Speaker 4: boombog technology. Bitcoin slide continues. It's now below eighty thousand
Speaker 4: dollars for the first time since November. Now the asset
Speaker 4: class is consumed by macro concerns rather than the slew
Speaker 4: of pro crypto rhetoric that we got from President Trump's
Speaker 4: crypto summit on Friday.
Speaker 5: From all let's break it all down with Shnani base icon.
Speaker 4: Maybe there's this underwhelmed feeling from the crypto summit, but
Speaker 4: it is macro front and center in terms of the
Speaker 4: sell off on crypto.
Speaker 12: Right first and foremost, the risky appetite is pretty tough
Speaker 12: out there, and you have a fairly high correlation still
Speaker 12: for bitcoin two stocks. So if you're selling off risk assets,
Speaker 12: you're certainly not buying bitcoin today. I think what's remarkable
Speaker 12: is not even just today's decline, and you are now
Speaker 12: flirting with that eighty thousand dollars level. We have dropped
Speaker 12: below it, but it's trying to kind of keep that mark.
Speaker 12: You have bitcoin down more than twenty five percent since
Speaker 12: the highs that we saw, So if you bought bitcoin
Speaker 12: at one hundred and ten dollars, one hundred and ten
Speaker 12: thousand dollars nearly you're feeling that pain. Today on a
Speaker 12: seven day basis, bitcoin is down more than eleven percent,
Speaker 12: So too is a theoreum. But one thing that's important
Speaker 12: about all this is also that strategic Bitcoin Reserve that
Speaker 12: the White House had been talking about. It's not the
Speaker 12: idea here that they'll be buying more crypto assets. They
Speaker 12: would be taking assets from what is already forfeited.
Speaker 5: Right from what they have seized.
Speaker 12: So if you're not buying from the US government, then
Speaker 12: it remains that bitcoin needs that extra marginal buyers story
Speaker 12: here at a time where as we've been talking about risk,
Speaker 12: appetite is quite low.
Speaker 3: Shanali cryptos almost synonymous with volatility. Depending on where you sit,
Speaker 3: how much of these swings are actually unprecedented, How does
Speaker 3: it compare to what we've seen in the past.
Speaker 12: Well, think about it this way, Jackie, on one hand,
Speaker 12: is on it is very something. It's something that big
Speaker 12: investors who have been in bitcoin a long time have
Speaker 12: bared before. You have the billionaires in the crypto industry
Speaker 12: pretty used to losing a billion or a few in
Speaker 12: a single year. But if you're a retail buyer who
Speaker 12: have maybe got in at the end of last year
Speaker 12: when the prices were still high through the form of
Speaker 12: an ATF, it is tougher to bear now if you're
Speaker 12: thinking about the look ahead as well. There are a
Speaker 12: lot of meme coins and a lot of alt coins
Speaker 12: that people have bought into in addition to Bitcoin, even
Speaker 12: more of a drop than Bitcoin today is for example,
Speaker 12: Doge and many of you might notice that over the
Speaker 12: weekend there was a lot of criticism around DOGE and
Speaker 12: the plans for it, both by judges as well as
Speaker 12: members of the administration, according to different reports that were
Speaker 12: out there. So it's not just Bitcoin, it is the
Speaker 12: all kinds.
Speaker 8: Outside of it.
Speaker 12: They saw this big rally when President Trump initially had
Speaker 12: hinted that Salona Cardano XRP could be considered for this reserve,
Speaker 12: but they were not in that executive order necessarily for
Speaker 12: purchase for this strategic Bitcoin reserve so now or crypto
Speaker 12: asset reserve. So you do see pain there as well
Speaker 12: because the government's plans are somewhat unclear even after that
Speaker 12: big White House summit on Friday, Jackie.
Speaker 3: That's Bloomberg Shanali base I thanks so much for joining us.
Speaker 3: We caught up with White House, AI and cryptos are
Speaker 3: David Sachs ahead of the Crypto summit on Friday. Here's
Speaker 3: what he had to say about the creation of the
Speaker 3: bitcoin reserve.
Speaker 9: The reason why we need a bitcoin reserve is that
Speaker 9: the federal government already owns some In the past, the
Speaker 9: strategy has been simply to sell it, you know, in
Speaker 9: an ad hoc way, almost willy nilly, and that cost
Speaker 9: American taxpayer something like seventeen billion dollars in lost value.
Speaker 9: So we want to have a long term strategy to
Speaker 9: maximize the value these holdings.
Speaker 3: For more on the crypto landscape, Stacy Rowland, zero one
Speaker 3: Strategies founder joins a snow Stacy, why did this crypto
Speaker 3: summit fall slap because hopes were pretty high?
Speaker 13: Well, I think it's important to realize that unlike markets
Speaker 13: that react instantaneously, policy making is requires patients.
Speaker 8: It's a slow process.
Speaker 13: So, yes, the ball started rolling on Friday with the
Speaker 13: president's call for the creation of a strategic reserve and
Speaker 13: digital assets stockpile. There's a lot of details, as we've
Speaker 13: been discussing, a lot of details still need to be
Speaker 13: filled in, and there's still a role for Congress to play.
Speaker 4: Stacy, with the work that you've done with the government
Speaker 4: relations that you built with Advisory, what you've been doing
Speaker 4: two companies trying to assettain what the government might do.
Speaker 4: Is that consistency enough? Because I think the fact that
Speaker 4: you're saying.
Speaker 5: It's day one.
Speaker 4: It takes a while to really digest what a strategic
Speaker 4: b QUES reserve means. But the lead up to the
Speaker 4: strategic strategic reserve was long, and many had anticipated that
Speaker 4: would be buying that maybe wouldn't.
Speaker 5: Just be bitcoin.
Speaker 4: We were allowed to get over enthusiastic about what the
Speaker 4: announcement would be.
Speaker 5: Uh, well, it's a.
Speaker 13: Great question, and I think essentially more conversations will have
Speaker 13: to happen, right Congress will have to be involved. Uh,
Speaker 13: these are these are long discussions. I do think looking
Speaker 13: at the details, one thing that I think is really
Speaker 13: interesting is, you know, the part that the public was
Speaker 13: able to see. There were interesting comments made, especially by
Speaker 13: the Treasury Secretary where he suggested that, uh, the Treasury
Speaker 13: was going to be playing a role in assessing the
Speaker 13: tax code and looking at risk waiting. And I thought
Speaker 13: that was a really interesting hint. I'm very interested to
Speaker 13: see what Treasury does working with the OCC and the
Speaker 13: I R s uh in you know, he what the
Speaker 13: Secretary had promised was, uh, you know, looking at applicable
Speaker 13: regulations and amending or rescinding as necessary. I'm interested in
Speaker 13: seeing whether he is limiting those comments just to the
Speaker 13: strategic reserve or whether he was suggesting something broader and
Speaker 13: there's more to come.
Speaker 4: When you served within the Accessory Department and you was
Speaker 4: in staff of the Office of Tax Policy, so you're
Speaker 4: someone who should know about these tax perspectives. And thanks Jack,
Speaker 4: you for holding on for this moment. But Stacey, I
Speaker 4: am interested in what it means in terms of the
Speaker 4: future of on ramps. Here we talked about stable coins
Speaker 4: getting some sort of regulatory clarity. That's something that investors want,
Speaker 4: not just tax clarity too.
Speaker 13: Yeah, that's exactly right. There are calls for clarity across
Speaker 13: the board. Those are largely in Congress's perview. And this
Speaker 13: week in Congress, if we can take a quick shift
Speaker 13: to look at what's going on on the other side
Speaker 13: of Pennsylvania Avenue, there will be this week we're going
Speaker 13: to have action on stable coins and on information reporting
Speaker 13: in taxes. So we're going to see.
Speaker 5: It's a very busy week in these.
Speaker 13: Areas, both coming out of the White House reactions to
Speaker 13: that and actual you know, policymaking on the Hill.
Speaker 3: You mentioned that Congress is going to have to be involved.
Speaker 3: What kind of bipartisanship do we see around crypto.
Speaker 13: Yeah, increasing right, And I think it's important for people
Speaker 13: to realize, especially in the work that I do, that
Speaker 13: every Congress is different, right. And so last year we
Speaker 13: did see a shift over the years for this issue
Speaker 13: to be sort of increasingly partisan.
Speaker 8: But a lot of.
Speaker 13: That was largely to do with the political realities. You
Speaker 13: had the Biden administration that was signaling you know, skepticism, right,
Speaker 13: some would say hostility to some areas of digital assets,
Speaker 13: and the heading into a contentious election year, Democrats were
Speaker 13: going to you know, defer to their party leader. Now
Speaker 13: political wins have shifted, right, we have a Republican controlled Congress.
Speaker 13: Clearly policymaking will be happening in this space and that
Speaker 13: middle that that you know opper coortunity for bipartisanship is
Speaker 13: much broader than it ever has been.
Speaker 3: That's Stacey Rand of zero one Strategies. Thank you so
Speaker 3: much for joining us.
Speaker 4: Time now for talking tech first s up shares of
Speaker 4: Redfin surging today. Rocket Companies has announced a deal to
Speaker 4: buy the real estate listening site for one point seventy
Speaker 4: five billion dollars, paying twelve and a half dollars a
Speaker 4: share in an all stock transaction. Rocket CEO b Oun
Speaker 4: Krishna join Bloomberg Open Interest have this to say about
Speaker 4: the deal.
Speaker 14: We're very excited about this deal. Two of the biggest
Speaker 14: growth opportunities for Rocket that we've talked about are really
Speaker 14: growing in purchase and AI, and by bringing together the
Speaker 14: leading home search website with the leading mortgage finance company,
Speaker 14: we expect to accomplish both.
Speaker 4: US deliver Room it's set to exit from its Hong
Speaker 4: Kong business due to wheat sales and mounting competition. Now,
Speaker 4: the London based delivery company will sell some of its
Speaker 4: assets to rival food Panta, with other assets at the
Speaker 4: delivery app will remain active in Hong Kong until April.
Speaker 4: The seventh and self driving startup Wave says it's near
Speaker 4: a commercial debut with major automakers to launch his driver
Speaker 4: assistance system in the.
Speaker 5: US and in Germany.
Speaker 15: Now.
Speaker 4: The startup is back by SoftBank and Video, Microsoft and Uba,
Speaker 4: also saying that it's AI software can adapt to US
Speaker 4: driving behavior's faster at Wave did not have them mentioned
Speaker 4: a timeline for release or the name of the car
Speaker 4: makers involved.
Speaker 8: Jackie for more on a Wave.
Speaker 3: Dana Wolman joins US now Dana autonomous vehicles are really
Speaker 3: having a moment here. How does Waves stack up to
Speaker 3: what's already on the market and what we've seen so far.
Speaker 16: So for listeners who are unaware, Wave is not a
Speaker 16: consumer facing product, So it specializes in autonomous driving software,
Speaker 16: and as you might imagine, it is AI powered and
Speaker 16: that software goes into various automakers vehicles, and it may
Speaker 16: may not even be branded as Wave in front of consumers.
Speaker 16: So it's not that the consumers can purchase, but it
Speaker 16: may be something they experienced, depending on what car model
Speaker 16: they p purchase in the coming years.
Speaker 4: So the competitive threat is to Tesla FSD, is to
Speaker 4: all the other automated offerings that were about to be consuming, you.
Speaker 16: Know, possibly the likes of Weimo. What I find so
Speaker 16: fascinating about this space is there's a lot of frenemies.
Speaker 16: There are clear competitors, but sometimes depending on the web
Speaker 16: of who's invested in who, a partner could also be
Speaker 16: a sometimes competitor. I think the relationship, for instance, between
Speaker 16: Uber and Weimo is really fascinating in that regard.
Speaker 3: Dana, what does this mean for the market here in
Speaker 3: the United States? Does this mean that it's sort of
Speaker 3: kind of getting crowded when it comes to who's already
Speaker 3: out there putting this software in there. One thing that
Speaker 3: you mentioned that really struck me is that it can
Speaker 3: adapt to us driving behaviors. I mean, are we just
Speaker 3: bad drivers here?
Speaker 16: So that struck me as particularly interesting too. Alongside us
Speaker 16: providing some news today about the company's timeline or this
Speaker 16: vague timeline, the company put out some data today just
Speaker 16: suggesting that it has a newer and more efficient approach
Speaker 16: to adapting its algorithms and its AI models to basically
Speaker 16: US signage and US road rules. And this has been
Speaker 16: a really fascinating topic. It's actually something that Nvidia CEO
Speaker 16: Jensen Wang brought brought up at the company's CES keynote,
Speaker 16: and Jensen in that keynote.
Speaker 8: Talked about how difficult it.
Speaker 16: Is for companies to map local roads safely and efficiently
Speaker 16: at the same time without it just turning into this
Speaker 16: cost effective balloon essentially, And so given that context, it
Speaker 16: was really interesting that Wave came out and said, hey,
Speaker 16: we've got these models and they were trained in Europe,
Speaker 16: but we can really adapt them pretty quickly and easily
Speaker 16: to the uniqueness of US roads.
Speaker 4: No clemen on us THISUS European driving rooms.
Speaker 5: Welcome back to from their technology. I'm Caroline Hide.
Speaker 8: In New York and I'm Jackie Devalas in Washington.
Speaker 4: And we check in these markets that are in cell
Speaker 4: off territory.
Speaker 5: Once again.
Speaker 4: Look, we are questioning growth in the US, we are
Speaker 4: questioning tariff impact in the US, and we're questioning valuations
Speaker 4: of the AI trade were off by the NASA that
Speaker 4: one hundred almost three percent, bouncing off of our lows,
Speaker 4: but nevertheless underwater. We're looking at Bitcoin of by three
Speaker 4: point four percent at one point sub eighty thousand dollars.
Speaker 5: We're still higher than the day of the US.
Speaker 4: Election November last year, but only just Meanwhile, we're training
Speaker 4: at the lowest level than as that one hundred since
Speaker 4: December the eighteenth of last year.
Speaker 5: Move on and have a little.
Speaker 4: Actually the Lowes office in September the worst day on
Speaker 4: the market since December of last year. I'm looking at
Speaker 4: basically the entire mag seven drive bring us lower in
Speaker 4: terms of our points perspective.
Speaker 5: There are zero cell ratings on a number of these names.
Speaker 4: Nvidio zero cell ratings in terms of analyst expectations, Microsoft
Speaker 4: zero cell ratings, but still we go lower, as we
Speaker 4: cannot fathom when we start to see a bottom and
Speaker 4: people start to buy the dip, Teslau as the most
Speaker 4: off by eight and a half percent. We were about
Speaker 4: Chinese growth and we are about a future of AI
Speaker 4: where Ubs cuts their forecast for this year's sales to
Speaker 4: the company. But Microsoft and all these names just in
Speaker 4: the red. But there's much more news when it comes
Speaker 4: to Microsoft.
Speaker 3: Checking that's right, Microsoft has created its own in house
Speaker 3: AI models that it thinks it can go toe to
Speaker 3: toe with industry rivals like open Ai. According to sources,
Speaker 3: Microsoft has been developing a family of models called Mai
Speaker 3: to perform a variety of tasks. For more on this,
Speaker 3: Bloomberg's Matt Day joined just now, Matt, Microsoft has poured
Speaker 3: billions of dollars into open Ai. Why is it developing
Speaker 3: its own models now?
Speaker 17: Well, I think Microsoft wants a hedge at some point,
Speaker 17: right their agreement with open Ai the main one that's
Speaker 17: gotten all this in from all this all this attention
Speaker 17: last couple of years that only runs through twenty thirty.
Speaker 17: That that could be extended hypothetically, But at some point
Speaker 17: Microsoft's going to need to shoulder the burden for its
Speaker 17: own AI services. The company clearly believes that AI is
Speaker 17: the future. And so even though they've been partnering with
Speaker 17: opening Ia real closely, as they say, every time they
Speaker 17: open up their mouths on the subject, you know, they're
Speaker 17: still working on their own models as well.
Speaker 4: We were just talking about frenemies in the AVA side
Speaker 4: of things.
Speaker 5: Is this a question of frenemies? Are they competitors or
Speaker 5: are they ponting?
Speaker 11: Is Matt Well?
Speaker 17: Is it's both? You know, Like I said, they Microsoft
Speaker 17: seeings opening Ice praise as anytime they can, you know,
Speaker 17: but they're also realistic about it, right, They've worked on
Speaker 17: their five models for for a long time. Either are
Speaker 17: smaller set of language models that can run on a laptop,
Speaker 17: or at least they're designed to be smaller than the big,
Speaker 17: big kahunas at chat GPT. But I think both parties
Speaker 17: are are kind of sober and realistic that you know,
Speaker 17: they're going to work together, but they're also going to
Speaker 17: build their own their own.
Speaker 3: Master tramps, Matt, opening Ice technology like chat GPT underpins
Speaker 3: a lot of the existing technology that Microsoft has already
Speaker 3: sold to its enterprise customers.
Speaker 8: Does this move risk spooking that base?
Speaker 17: You know it might, but I think if we're way,
Speaker 17: way way early on that, in part because Microsoft has
Speaker 17: only just started testing, you know, whether they could use
Speaker 17: their own models, like whether they could use non open
Speaker 17: AI models to power pieces of its copilot, which is
Speaker 17: Microsoft's main sort of AI go to market for its
Speaker 17: office user base. So we're probably really really early for that,
Speaker 17: you know. Right now, Microsoft woul tell folks say, we
Speaker 17: still use open AI. That's the industry standard, the state
Speaker 17: of the art.
Speaker 4: Fascinating Deep dive and Microsoft, we thank you, Matt Day. Meanwhile,
Speaker 4: let's talk about more on the Generator of AI. Space,
Speaker 4: a startup from two former researchers at Google's DeepMind, have
Speaker 4: raised one hundred and thirty million dollars for a new company,
Speaker 4: its goal to create AI powered super intelligence. Co founder
Speaker 4: and see of Reflection AI, Misha Laskin joins us. Now, Mischa,
Speaker 4: this is around coding and the fact that coding can
Speaker 4: be done better than a human and not just as
Speaker 4: some sort of copilot, but actually going off and building
Speaker 4: the code itself.
Speaker 18: That's right, Thank you for having me. So to take
Speaker 18: a step back, we're team of researchers and engineers from
Speaker 18: formerly Frontier labs like deep Mind, where we contributed to
Speaker 18: some of the biggest breakthroughs in AI over the last decade.
Speaker 18: And the mission of the company more broadly is to
Speaker 18: build superintelligence. And what we believe the starting point is
Speaker 18: is exactly what you said, it's building incredibly reliable autonomous
Speaker 18: coding systems. So that's what we're focused on today.
Speaker 5: Deep might not want to do that. Why did you
Speaker 5: have to go off and set off your own company.
Speaker 18: Well, we think it's really important to not just do
Speaker 18: research in the wild, but to be really closely coupled
Speaker 18: to product and customers. A model that we have the
Speaker 18: company that the only EVAW that really matters is the
Speaker 18: real world EVAO and so we felt that by being
Speaker 18: really close to the customers, we'd be able to see
Speaker 18: through the mission better.
Speaker 3: I mean, when I think about coding assistance, I think
Speaker 3: about Microsoft Gethub copilot. It's extremely popular amongst the coding
Speaker 3: community out there, and I'm curious what kind of reaction
Speaker 3: you've seen from your customer base with the notion that
Speaker 3: you want your tool to be able to do it
Speaker 3: on its own versus kind of have this human intervention
Speaker 3: alongside of it.
Speaker 5: That's a really good question.
Speaker 18: So, actually, we've found that the tool, both internally at
Speaker 18: Reflection and the way our customers use it is incredibly
Speaker 18: empowering because it allows engineers to focus on the stuff
Speaker 18: that is really high priority and they want to work on,
Speaker 18: and we kind of take the more tedious work off
Speaker 18: their plates. So we kind of think of an engineer
Speaker 18: of evolving over the next few years and becoming basically
Speaker 18: an architect that has an army of these one hundred
Speaker 18: AI engineers working for them and helping them see their
Speaker 18: visions through.
Speaker 3: When I hear super intelligence, I remember a lot of
Speaker 3: the initial more existential kind of concerns that we're coming
Speaker 3: up at the really beginning of chat GBT taking the
Speaker 3: world by storm, And just last year we saw a
Speaker 3: wave of AI safety focus researchers and leaving open AI.
Speaker 3: I'm curious how you're going about the safety conversation.
Speaker 8: A year afterward.
Speaker 18: That's also a really good question. Safety is definitely one
Speaker 18: of the things we.
Speaker 8: Care about a lot.
Speaker 18: This is a lot of the work in safety is
Speaker 18: traced back to what's called reinforcement learning from feedback, which
Speaker 18: is what our team led at Gemini, and the way
Speaker 18: we think about safety is from a very practical perspective.
Speaker 18: We believe that superintelligence cannot be built in a vacuum,
Speaker 18: and so it's really important that you iterate closely with
Speaker 18: customers and users and make sure that these systems are
Speaker 18: aligned from day one with their needs and are put
Speaker 18: on the right guardrails.
Speaker 4: Many are worried ultimately about whether this disrupts the labor force.
Speaker 4: You're saying, look, you're just going to free up the
Speaker 4: engineers to do even more, But ultimately, what talent do
Speaker 4: you need right here, right now and in the longer
Speaker 4: term will you need as much talent?
Speaker 18: Well, the challenging thing, both today and in the future
Speaker 18: is how to ask the right questions, how to design
Speaker 18: the systems so that your AI engineers do the work
Speaker 18: for you. So today a lot of the talent is
Speaker 18: around research and distributed systems engineering and very kind of
Speaker 18: complex engineering tasks. Now AI engineers might help upload some
Speaker 18: of that in the foreseeable future, but I think asking
Speaker 18: the right question will still be a really valuable skill.
Speaker 4: It's quite busy out there in the world of general
Speaker 4: to AI coding assistance and startups that are getting mind
Speaker 4: modeling valuations. The latest was any Sphere coming out with
Speaker 4: a ten billion dollar valuation. We understand they're going to
Speaker 4: be getting money replete. We think about poolside, how are
Speaker 4: you thinking about standing out from the crowd and continuing
Speaker 4: to be able to raise significant amounts of private money.
Speaker 18: What we're building is significantly different from the existing suite
Speaker 18: of coding AI products today. The way we think about
Speaker 18: the existing Coding Eye products is akin to a cruise
Speaker 18: control for engineers. This is really useful, but the engineer
Speaker 18: still does most of the driving. We're building systems that
Speaker 18: are fundamentally autonomous from day one that you give You're
Speaker 18: give them the task and they take you from point
Speaker 18: A to point B and they need to do so reliably.
Speaker 18: And to do that, you need to drive fundamental breakthroughs
Speaker 18: in intelligence, and that's what our team is focused on.
Speaker 3: That's na Sh'll ask and CEO of Reflection AI, thank
Speaker 3: you so much.
Speaker 8: For joining us coming up v on.
Speaker 3: Tobol I've inspired Capital joined us to talk about the
Speaker 3: future of social commerce.
Speaker 4: Caroline And while we check back in on these public
Speaker 4: markets and they're having a torrid day.
Speaker 5: We're off of our lows.
Speaker 4: We're down by two point six percent, not as much
Speaker 4: as the more than three percent sell off we saw
Speaker 4: earlier in the NASA one hundred, but still the worst
Speaker 4: day since December of last year, mag seven off by
Speaker 4: four percent.
Speaker 5: Stay with us.
Speaker 2: This is Bluebog technology.
Speaker 4: Venture investing is on track to be at its highest
Speaker 4: level since twenty twenty one.
Speaker 5: That's calling to data from Pitchbook.
Speaker 4: But much of that funding is going to start up
Speaker 4: powerhouses open.
Speaker 5: AI and reill.
Speaker 4: Let's talk about what it means for the cycle of
Speaker 4: investing with Alexavon Toobo, founder of Inspired Capital, nearly nine
Speaker 4: hundred million dollars in assets under management, three funds, generalist
Speaker 4: early stage, but how much of you had to just
Speaker 4: focus in on the generative AI trade.
Speaker 19: There is obviously so much happening with AI RI at large,
Speaker 19: and I think it hits so many verticals. So for us,
Speaker 19: we're very thesis driven, and you know the future of
Speaker 19: social commerce, which I know we're talking about today. We've
Speaker 19: had a three year thesis that we've just been thoughtfully
Speaker 19: executing and so that's how we like to do our work.
Speaker 4: Okay, So when you're thinking about a thesis such as
Speaker 4: social commas, that is how AI can interweave with my
Speaker 4: social experience and some many my scholping experience becomes that much,
Speaker 4: we'll talk with it.
Speaker 8: That's exactly right.
Speaker 19: So in our point of view, you'll have the huge
Speaker 19: open AI, the lms, the perplexities of the world, but
Speaker 19: there will be an AI application layer above that. So,
Speaker 19: for example, we back to a company called duck Bill,
Speaker 19: and what duck Bill does is get snowed you exactly
Speaker 19: knows how many children you have, what products you're interested in,
Speaker 19: and then serves them up for you. So it takes
Speaker 19: discovery from going to Google and hunting for that birthday product.
Speaker 19: My daughter turns ten this month. For example, duck Bill
Speaker 19: this morning alerted me here are products you should.
Speaker 8: Think about buying and should we buy them?
Speaker 19: And the answer is yes, thank you, but very very
Speaker 19: very customized AI based on who you are, and these
Speaker 19: llms really get to know you and then recommend products.
Speaker 3: Alex, So what have you seen from like consumer behavior studies?
Speaker 8: Do people actually like that?
Speaker 3: Because when I think about seeing a lot of these
Speaker 3: targeted ads, the first thing that goes to my mind
Speaker 3: is how do they know this? Am I giving them
Speaker 3: permission to be able to scrape whatever data to give
Speaker 3: me this wonderful recommendation for shoes or whatever it might be.
Speaker 8: What are we seeing from the consumer side of things.
Speaker 19: So, for example, and again just sticking with Duckbill, Duckbill
Speaker 19: is a platform that you give information to, you tell it.
Speaker 19: So it's all stuff that you have downloaded in terms
Speaker 19: of your budgets and what you like to spend, where
Speaker 19: you like to buy flowers, from, what your kid's interests are.
Speaker 19: And then from there the recommendations keep getting better based
Speaker 19: on their AI infrastructure of things you've allowed.
Speaker 8: So that is all opt.
Speaker 19: In and I would just say incredibly simple and making
Speaker 19: your life better in terms of executing on products.
Speaker 3: When it comes to where humans are left in this
Speaker 3: social commerce thesis, because when I go on tip I
Speaker 3: love seeing product recommendations, whether or not they're sponsored by
Speaker 3: a person, it's the human that's making the recommendation that's
Speaker 3: really the sell for me. How does this fit into
Speaker 3: how you're going about looking for companies in this space?
Speaker 5: That's exactly where Jackie.
Speaker 19: So Jackie on the other end of that spectrum where
Speaker 19: an AI brain is recommending a product to you. In
Speaker 19: the last just few years, AI content has exploded ten
Speaker 19: thousand percent increase of content online videos, written content, et cetera.
Speaker 19: And so we actually have the opposite thesis as well,
Speaker 19: which is the pendulum is going to swing back to
Speaker 19: really trusting brands, products.
Speaker 5: People that you know.
Speaker 19: And so we back to a company, for example, called
Speaker 19: shot My. Shotm just announced a seventy eight million dollar
Speaker 19: Series B and shot My is a platform where you
Speaker 19: can go online and follow the exact people your best friends,
Speaker 19: people in your sphere, or influencers or content creators that
Speaker 19: you trust, the enthusiasts that you love, and then buy
Speaker 19: products directly from their recommendations. And in so many ways, Jackie,
Speaker 19: that shrinks in our down to just the people you
Speaker 19: want to follow, just the things that you're interested in,
Speaker 19: and it's your front door. So again Google no longer
Speaker 19: being your front door. It's going to be your AI
Speaker 19: application layer, and then it's going to be a company
Speaker 19: like shop mine, for example, where you're just buying from
Speaker 19: the people you love and trust, which is how I
Speaker 19: buy offline, and now it's coming online.
Speaker 4: What about if you're actually a creative that can't find
Speaker 4: exactly what you want and you want to make it,
Speaker 4: and you're sort of back in companies that almost get
Speaker 4: rid of.
Speaker 5: The brand entirely, right, We're all going to be our
Speaker 5: own creators in some way.
Speaker 19: That's right, and actually so again on the sort of
Speaker 19: far out there ideas of our thesis is the idea
Speaker 19: that we no longer because of generative AI need Let's
Speaker 19: pretend you and I are buying a white coffee table marble.
Speaker 19: You know, you would take a photo, you would upload
Speaker 19: it online or start hunting on Google seeing pictures. Maybe
Speaker 19: you end up at Etsy, and then you perfect it
Speaker 19: and you buy it, and it's so much work. There's
Speaker 19: a company called Arcade AI where you literally, if you
Speaker 19: can imagine it, you can make it. And what Arcade
Speaker 19: allows you to do is write into gen AI old
Speaker 19: coffee table, three legs, and all of a sudden it
Speaker 19: starts to show it, and then you can tweak the
Speaker 19: picture the way you want it, and then it shows
Speaker 19: you all the places you could buy exactly that table
Speaker 19: by connecting your deaf directly to the makers. So what
Speaker 19: that does is it turns all of us normal everyday
Speaker 19: people into expert creators where you can manufacture your own products,
Speaker 19: which again is a more out there edge of the spectrum,
Speaker 19: but a big, big, big idea in that company's just
Speaker 19: released forty two million.
Speaker 4: I mean in terms of being an expert, you're also
Speaker 4: an expert founder yourself. You built lenves and I can
Speaker 4: imagine at this moment, when you're thinking about a company
Speaker 4: that's building around a global maritch of a building your
Speaker 4: own products, you're getting a lot of cools from these
Speaker 4: founders being like, what do I do in this sonart?
Speaker 4: We've got no consistency in terms of path the direction
Speaker 4: right now from a government level, how.
Speaker 5: Many cools do you feel from your founders right now?
Speaker 19: I mean we often literally see fifty companies a week.
Speaker 19: We are talking to our founders regularly because we're in
Speaker 19: a tectonic shift right as you think about innovation curves,
Speaker 19: we are at the edge of the beginning of a
Speaker 19: brand new innovation curve that is more isaac than anything
Speaker 19: we've seen in the last twenty years. And so I
Speaker 19: think being very thoughtful and precise and again thesis driven
Speaker 19: about where's the world headed, where do we believe the
Speaker 19: world is headed?
Speaker 8: And how do you make those bets?
Speaker 19: And of course that advice we give at inspired to
Speaker 19: all of our founders as well.
Speaker 5: Alex.
Speaker 3: So when I think about shopping, I mean, it's interesting
Speaker 3: that a lot of your companies.
Speaker 8: Are really the software layer. You can't really see it,
Speaker 8: but it's there.
Speaker 3: But at the end of the day, these are products
Speaker 3: that have to arrive at someone's doorstep to kind of
Speaker 3: really finish off that customer experience. We're seeing a lot
Speaker 3: of volatility when it comes to those with exposure to
Speaker 3: manufacturing kind of cariiff concerns. Are any of your companies
Speaker 3: grappling with any of those fears right now? Absolutely?
Speaker 19: I mean, as you think about tariffs and what that
Speaker 19: will look like and products that are being manufactured outside
Speaker 19: of the country, every single one of those founders is
Speaker 19: asking and my co founder and business partner Penny Pritzker,
Speaker 19: we just stated content on tariffs and exactly how people.
Speaker 8: Should proctically think about them.
Speaker 19: And obviously they're very volatile, but I think preparing people
Speaker 19: for the worst of what they should be prepared for
Speaker 19: is how we operate at Inspired and always providing that
Speaker 19: macro lens is critical as people are actually executing in
Speaker 19: the day to day.
Speaker 4: You'll co found A helped build paperless posts into what
Speaker 4: it is Alexa.
Speaker 5: I go back to where we started.
Speaker 4: We started it that VC's having kind of a nice
Speaker 4: dea yep, but certainly in the judges of a I space.
Speaker 4: You've just mentioned a lot of companies getting big series
Speaker 4: B series full of on funding. Is that the environment
Speaker 4: and you'll see right now people all getting money.
Speaker 19: I don't think it's typical. I mean, I think it's
Speaker 19: the haves and have nots. I think you're seeing for
Speaker 19: companies that have big, compelling ideas, huge breakout shop Maize
Speaker 19: revenue has grown exponentially more than ten x in a
Speaker 19: short period of time. And I think you're seeing in
Speaker 19: companies that are really working, the dollars are there, and
Speaker 19: I think then you're also seeing in companies that are
Speaker 19: not working. It's very dry, and so it is a
Speaker 19: tale of the haves and have nots. And I think
Speaker 19: things that are at the forefront of which we have
Speaker 19: a few in our portfolio of AI. I think the
Speaker 19: capital is not only there, it's many funds are there
Speaker 19: at the same time, very very quickly. And so again
Speaker 19: I think when the traction has really proven out, that's
Speaker 19: when you're seeing the capitol.
Speaker 4: NICs on Tobal, great Teyr and managing partner, founder and
Speaker 4: spat capital.
Speaker 2: There's going to be a deal on Tiktoks.
Speaker 13: There could be We're dealing with four different groups and
Speaker 13: a lot of people want it and it's up to me.
Speaker 5: So there could be President Trump.
Speaker 4: They're speaking about efforts to find a buyer for TikTok's
Speaker 4: US business. For more.
Speaker 5: Let's speak to Bloomberg's Kirk Wagner. The clock is sticking.
Speaker 4: Is April the fifth is the time they've got.
Speaker 5: Are we going to have to extend?
Speaker 6: It's very possible, right.
Speaker 15: I mean that comment from President Trump was sort of
Speaker 15: more optimistic, I think than the things that we've been
Speaker 15: hearing from behind the scenes. It really feels like things
Speaker 15: sort of have stalled out. A lot of potential bidders.
Speaker 15: Have you made outreach but not necessarily gotten a lot
Speaker 15: of feedback in return. And so this idea that you
Speaker 15: know there might be four possible groups that are all
Speaker 15: in the mix here, I think makes it sound more
Speaker 15: optimistic again then I was, you know, feeling that it
Speaker 15: was forty eight hours ago.
Speaker 4: Let's talk about in the mix lot, Because we've spoken
Speaker 4: on the show plenty of times to Frank McCourt junior.
Speaker 4: He's with Alexis o'hanian on the one front. We've also
Speaker 4: speaken spoke to Jesse Tinsley, who might or might not
Speaker 4: be powering up with a mister Beast, but certainly he's
Speaker 4: got some other key founders like the Roeblock CEO alongside.
Speaker 5: Him, and then there's sprinkling of others. Who are these four,
Speaker 5: do you think?
Speaker 6: Yeah?
Speaker 15: Well, obviously President Trump didn't name the four, right, So
Speaker 15: we know of three groups that have come out publicly.
Speaker 15: You mentioned two of them, Jesse Tinsley's group, the Frank
Speaker 15: McCourt and Project Liberty Team Perplexity AI has you know,
Speaker 15: supposedly made some type of bid for TikTok as well.
Speaker 15: So those are the three that have sort of been
Speaker 15: public But again we've also heard President Trump sort of
Speaker 15: throw his own names out there, right, Larry Ellison with Oracle,
Speaker 15: Elon Musk of course with his stable of businesses, and
Speaker 15: so we don't know who he's talking about. We only
Speaker 15: know who's raised their hand. But the numbers don't add up.
Speaker 15: He says four, we know of three, so supposedly there
Speaker 15: are some some mystery names still out there, and.
Speaker 5: The numbers are all in a mystery.
Speaker 4: As well, because is it worth up to fifty billion
Speaker 4: dollars for US TikTok If they don't get the underlying algorithms,
Speaker 4: such as with Project Liberty's bid.
Speaker 6: Yeah.
Speaker 15: I think what makes this so complicated is that one
Speaker 15: the range of prices, you know, I believe Project Liberty
Speaker 15: bid twenty five billion, and another group, the Tinsea Group,
Speaker 15: I think, was saying more twenty. We've heard numbers as
Speaker 15: high as fifty, as you mentioned. And I think it
Speaker 15: all depends on what is included in a deal, right,
Speaker 15: doesn't include that underlying algorithm, doesn't include just the brand
Speaker 15: and the user base.
Speaker 6: And also what role does the US government have here? Right?
Speaker 15: President Trump has talked about the US taking fifty percent
Speaker 15: of this, right, and so that has to factor in two.
Speaker 6: Is that even doable?
Speaker 15: So this is not traditional caroline, as you know, And
Speaker 15: so I think that's what makes you know, even basic
Speaker 15: numbers here or ranges here very hard to predict.
Speaker 4: And what's totally unprecedented is the idea that the president
Speaker 4: himself has the time of the bandwidth to be negotiating
Speaker 4: any of this. But it is a geopolitical context because
Speaker 4: China gets sort of a rite of reply in all
Speaker 4: of this, and at one point seems only one Elon
Speaker 4: potentially as a bidder.
Speaker 6: Yeah, well, I point out two things. One, it feels
Speaker 6: like JD.
Speaker 15: Vance, Vice President Vance has actually taken on some responsibility
Speaker 15: for trying to get this over the line, right because
Speaker 15: the President is presumably very.
Speaker 6: Busy, and so he's passed at least some of this
Speaker 6: aft to him.
Speaker 15: The other thing that hasn't really been mentioned here is like,
Speaker 15: just because President Trump wants a deal done does not
Speaker 15: mean a deal is going to get done, right, Like
Speaker 15: bike Dance has to agree to this, and by association,
Speaker 15: pretty much the Chinese government has to agree to any
Speaker 15: type of deal. Right, So he is really representing just
Speaker 15: one side of this equation. And so I think, you know,
Speaker 15: will you factor those two things and again that there
Speaker 15: are four people bidding and I have control over this.
Speaker 15: Those kind of comments from him, I think are lacking
Speaker 15: some major context around the fact that he's not the
Speaker 15: only one who gets to side here.
Speaker 5: Clark sticking.
Speaker 4: Kurt Wagner, thanks for the update on all things TikTok. Meanwhile,
Speaker 4: we take you back to the public markets. Selling pressure remains.
Speaker 4: We're off by three percent on the Nasdaq one hundred
Speaker 4: magnificent seven, having an ugly day of by four and
Speaker 4: a half percent.
Speaker 5: We question US growth.
Speaker 4: We questioned Taris, look about the earnings that we're coming up.
Speaker 5: Of course, this does it for.
Speaker 4: This edition of Blueberg Technology. You don't want to miss
Speaker 4: out on Oracle's numbers. They report after the close today.
Speaker 4: We're off by four percent on Oracle. We question AI
Speaker 4: and the data center. We also talk about AI Human
Speaker 4: X in Las Vegas.
Speaker 5: Join us there tomorrow.
Speaker 2: This is Bloomber Technology