Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and Edla Loow in San Francisco.
Speaker 2: This is Bloomberg Tech coming up.
Speaker 3: GameStop eyes eBay for fifty six billion dollars in cash
Speaker 3: and stock and an audacious bid for a company four
Speaker 3: times at size. eBay says the review that offer plus
Speaker 3: AI chipmaker Cerebraus has been looking to raise as much
Speaker 3: as three and a half billion dollars for a potential
Speaker 3: IPO later this month, part of a growing cohort looking
Speaker 3: to challenge in video and open AI raises more than
Speaker 3: four billion dollars for a new joint venture that aims
Speaker 3: to help businesses adopt it's AI software. A first free
Speaker 3: check in on that extraordinary MNA news. The first dropped
Speaker 3: on Friday and continues to move shares now. GameStop looking
Speaker 3: to buy a company.
Speaker 2: Four times its size.
Speaker 3: GameStop currently off by seven percent, eBay up by more
Speaker 3: than six percent. But we have to get the inside
Speaker 3: track with Rineberg. Reporter Cecilia Denastasio with an extraordinary story
Speaker 3: and one that the market tries to understand whether it's
Speaker 3: for real or not? Can you just talk us about
Speaker 3: the technicalities. Ryan Cohen here is offering for eBay.
Speaker 4: Sure, So Ryan Cohen is offering a deal to purchase eBay,
Speaker 4: which is, like you said, many times the size of
Speaker 4: game Stop along with twenty billion dollars. He says he
Speaker 4: has received a highly confident letter from TD Bank to acquire.
Speaker 4: Analysts are unsure this deal will ever go through, but
Speaker 4: Ryan Cohen says that if he manages to purchase eBay,
Speaker 4: it would make a lot more money.
Speaker 3: Make a lot more money. Okay, let's take this for real.
Speaker 3: That he's good for the money he's able to afford.
Speaker 3: What synergies are analysts kind of trying to pass through.
Speaker 2: At the moment.
Speaker 4: GameStop has really struggled over the last several years because
Speaker 4: gamers are increasingly purchasing their wares in online stores like Valves, Steam,
Speaker 4: and so GameStop has shrunk its footprint in their retail marketplace.
Speaker 4: But Ryan Cohen has tried a lot of different strategies
Speaker 4: to make it work. He's tried esports, he's tried e commerce,
Speaker 4: which is from his background as the co founder of Chewi.
Speaker 4: And while he's managed to you know, help the business
Speaker 4: sustain a little bit more than people had hoped. Nothing's
Speaker 4: really stuck. eBay gives him the opportunity, he says, to
Speaker 4: compete with Amazon potentially, which of course is very very
Speaker 4: ambitious in e commerce.
Speaker 3: Well, Jamie I and Oni over eBay has been impressing
Speaker 3: investors with his turnaround. He's been leaning into AI, He's
Speaker 3: been leaning into partnerships with Meto, He's been thinking about
Speaker 3: M and A himself with deepop. Just how do we
Speaker 3: understand eBay is digesting this and thinking about it from
Speaker 3: its own business and shitholder perspective.
Speaker 2: eBay is evaluating the bid.
Speaker 4: I think, you know, analysts again are not sure whether
Speaker 4: the math is mathing when it comes to Gamestop's ability
Speaker 4: to purchase the significantly larger company, and we'll see what happens.
Speaker 4: Ryan Cohen has not given specific details on what he
Speaker 4: imagines the synergies to be or what he imagines the
Speaker 4: combined company to look like.
Speaker 3: I think truists said this is stunning, and they're skeptical.
Speaker 3: I mean, just in terms of how M and A
Speaker 3: gets done. Letters from TD Banks saying they're good for it.
Speaker 3: Ultimately are going to be dependent on the debt markets here,
Speaker 3: but GameStop has always shocked the markets with its mean
Speaker 3: stock potential, with roaring Kitties love and even with sky
Speaker 3: on capital well now pivoted more into a substat newsletter.
Speaker 3: But the guy who was known for trades on the
Speaker 3: mortgage market back in two thousand and eight, Michael Barry,
Speaker 3: is coming out saying this could be a really good story.
Speaker 2: It could be a really good story.
Speaker 4: Also, what people have pointed out that GameStop loves attention.
Speaker 4: They make a lot of flashy moves. Chief executive Officer
Speaker 4: Ryan Cohen posts very controversial things on social media about
Speaker 4: the American business market. He has a lot of like
Speaker 4: moving breaking strategies that he's excited to express, and you
Speaker 4: know that's worked for GameStop. Game Stop managed to raise
Speaker 4: some significant money from the meme stock frenzy and that's
Speaker 4: allowed it to sustain a little bit longer. So who knows,
Speaker 4: this could be a really exciting, fresh, strange way to
Speaker 4: keep game Stop going, or it could be like some
Speaker 4: of the analysts are saying, a little bit improbable.
Speaker 3: Well, you're going to be across it. It was a
Speaker 3: busy weekend for Cecilia Denasalgier. We're pleased that she joins
Speaker 3: us to break it all down today. Meanwhile, well, let's
Speaker 3: just take a look at the broader markets, because tech
Speaker 3: stocks are again outperforming, but we're building on records that
Speaker 3: we set back on Friday. We're up about a quarter percent,
Speaker 3: but still in ASDA one hundred, as I say, at
Speaker 3: a record. And it's not just what's happening over in America. Look,
Speaker 3: the AI trade is back on track and we're seeing
Speaker 3: that play out in Asia trading as well.
Speaker 2: Ske Heinez extraordinary.
Speaker 3: Moves for the high bandwidth memory maker up eleven percent.
Speaker 3: Samsung as well, up three point four percent, even as
Speaker 3: the company maybe having to navigate some sort of strike
Speaker 3: potential going on with the business. But records being set
Speaker 3: in Asia. Following through from what we saw in America
Speaker 3: comes last we can see more audacious m and A
Speaker 3: What are we going to see in terms of IPOs.
Speaker 3: Perfect person to talk it through is that Nancy Tanglish,
Speaker 3: the CEO CIO of Laffatanglo Investments. Look, your TGLR ETF
Speaker 3: is already outperforming even the S and P five found
Speaker 3: in which we note is basically at or near record highs,
Speaker 3: you're outperforming by six percent, Nanci Is tech going to
Speaker 3: remain the dominant force here?
Speaker 5: I think so, Caroline, thanks so much for having me.
Speaker 5: I do think so.
Speaker 6: If you just think about what is driving margins on
Speaker 6: the SMP companies, it is either the technology companies themselves
Speaker 6: or the use of technology by old economy companies. One
Speaker 6: of the noteworthy earnings comments came from L three Harris
Speaker 6: where they said revenue per employee has increased this is
Speaker 6: CEO by almost twenty five percent over the last couple
Speaker 6: of years. So if you can produce more with less,
Speaker 6: then that is what we call productivity, and that will
Speaker 6: continue to.
Speaker 5: Drive stock prices higher.
Speaker 6: As we've seen in increasing earnings estimate revisions up.
Speaker 3: Are you buying that's AI fueled productivity gains? There's such
Speaker 3: mixed messages BIS out of you read the bound of
Speaker 3: International Settlements. I said, they've seen about four percent productivity
Speaker 3: gains more generally, and that seems to be being sustained.
Speaker 3: But if L three House is seing twenty five percent,
Speaker 3: what more are these CEOs doing well?
Speaker 5: So I think you have to listen to the companies.
Speaker 6: My team sits on all the earnings calls and we
Speaker 6: develop themes out of those earnings calls and then we
Speaker 6: discuss them. And we're hearing it from a broad base
Speaker 6: across economic sector group of companies, not every company, but
Speaker 6: most companies. I mean, you even heard it from ge
Speaker 6: Vernova that said, yeah, we're benefiting from AI in the buildout,
Speaker 6: but we all want.
Speaker 5: You also to know that we're utilizing AI to produce
Speaker 5: our productivity.
Speaker 6: Our margins are output for employee as well and managing
Speaker 6: the supply chain. So I mean, just use ax ask
Speaker 6: B on Bloomberg and it can save you a colossal
Speaker 6: amount of time as an analyst if in fact you
Speaker 6: utilize it. So, I mean, we've been bitpounding the tech
Speaker 6: trade for about four years now on the theme of
Speaker 6: old economy companies pivoting to the new technologies and then
Speaker 6: in fact the companies that are the suppliers.
Speaker 5: I think it continues, not forever, but for now.
Speaker 2: What's been interesting is the sort of the haves and
Speaker 2: the have nots.
Speaker 3: Now, I'm in no way going to say Metas not
Speaker 3: have not yet we can't write them off, but there
Speaker 3: what they don't have is cloud compute that they sell
Speaker 3: to others. They're busy investing in their own AI infrastructure. Meanwhile,
Speaker 3: Alphabet was applauded for the fact that it's investing, raising
Speaker 3: capital expenditure, but also able to benefit with the.
Speaker 2: Growth of Google Cloud.
Speaker 3: How are you seeing earnings play out, because both we've
Speaker 3: seen from Meta they are having to cut people, having
Speaker 3: to talk about laying off a sizeable amount of the
Speaker 3: workforce to be able to redeploy capital back into the
Speaker 3: AI infrastructure. Is that something I'm going to head time
Speaker 3: and time again, and who do we congratulate for it
Speaker 3: or not?
Speaker 6: Well, so, I've talked about it quite a bit on
Speaker 6: your show that we got out of Meta. I just
Speaker 6: didn't like the business model. I didn't see the opportunity.
Speaker 6: We went into Spotify, which at the time was a
Speaker 6: good transaction. We were wrong about Meta to some extent,
Speaker 6: but we were right about Spotify, and we now think
Speaker 6: that we are somewhat vindicated on the Meta model because
Speaker 6: they aren't able to monetize AI in a way that
Speaker 6: Google and Amazon and even Microsoft are able to do.
Speaker 6: They are able to improve their advertising business. But Mark
Speaker 6: Zuckerberg has made these colossal pivots and been wrong in
Speaker 6: the past. So we own all of the mag seven
Speaker 6: x meta. It will have its day again just like
Speaker 6: Intel did. The question is how long.
Speaker 5: Will one have to wait and what is the opportunity cost.
Speaker 3: And the global opportunity cost or global opportunity We were
Speaker 3: just talking about how Asia trade has just seen colossal
Speaker 3: game still for the AI infrastructure betsna see. Is that
Speaker 3: still going to be the winning formula the chip makers?
Speaker 3: The designer is right now, I think.
Speaker 6: In the near term, Caroline, but I think what we're
Speaker 6: going to start pivoting to and we launched a thematic
Speaker 6: portfolio with a focus on space in robotics, quantum and
Speaker 6: then nuclear and then of course the metals and minerals
Speaker 6: that are needed to drive those technologies. So I think
Speaker 6: for the near term, I mean, we're hearing that the
Speaker 6: backlogs are enormous again in the infrastructure names, in the
Speaker 6: chip names, and I think at some point we will
Speaker 6: begin to see software as a major beneficiary. Not every
Speaker 6: software company. We exited Adobe and CRM quite some time ago,
Speaker 6: and we've been wrong about service now so far. But
Speaker 6: I think you'll start to see the winners there and
Speaker 6: then you'll see the market pivot at least back to software.
Speaker 6: So I think there's still a lot of opportunities in
Speaker 6: this new industrial revolution we're living through Naze Tangla.
Speaker 3: It's always great to have you on CEO and CIO
Speaker 3: of l Hangler Investments on all things AI and tech trade. Meanwhile,
Speaker 3: coming up more AI, open Ai Anthropic are each forming
Speaker 3: joint ventures aimed at boosting AI adoption. Will have the details. Next,
Speaker 3: this is Blue meg Tech, Open Ai and Anthropic are
Speaker 3: each forming partnerships aimed at boosting the use of AI
Speaker 3: tools by businesses. Are sourcing saying that open ai has
Speaker 3: raised more than four billion dollars for a new joint
Speaker 3: venture that includes backing from TPG, Brickfield Asset Management and
Speaker 3: Being Capital. Meanwhile, rival Anthropic is partnering with Blackstone Helman
Speaker 3: Friedman Goldman Sachs. According to a statement, let's get the
Speaker 3: latest boom Meg Seth Figureman, this is all about getting
Speaker 3: private equity companies, portfolio companies to use the technology.
Speaker 7: Right Yeah, and there list of portfolio companies that work
Speaker 7: with them. And I think it's a really comment in AI.
Speaker 7: For most of the air boom, a lot of the
Speaker 7: focus has been on the competitive landscape of who can
Speaker 7: build better and more sophisticated models. Now we're seeing a
Speaker 7: really important vector is who can do better at gegging
Speaker 7: businesses to understand and adopt that technology in their day
Speaker 7: to day work.
Speaker 2: There's just different tactics in which it's being deployed.
Speaker 3: So open ai is raising money themselves alongside outside investment
Speaker 3: for a company that's going to be worth all told
Speaker 3: ten billion, not including that funding, and then how does
Speaker 3: it roll out because they've also had this interesting deal
Speaker 3: where they helped invest in Thrive Holdings, which is Thrive
Speaker 3: Capital's ability to sort of deploy AI into other parts
Speaker 3: of the ecosystem.
Speaker 7: Yeah, I mean at some level this is being pitched
Speaker 7: as a separate venture, but Opening I will be the
Speaker 7: majority owner and in control of it according to the
Speaker 7: sourcing that we have here, which suggests that they will
Speaker 7: have a key role in dictating how this proceeds. And
Speaker 7: I think again the idea is rather than open ai
Speaker 7: on its own balance sheet, within its own ranks figuring
Speaker 7: out how to get their technology into the hands of
Speaker 7: more business leaders, they will now work with this consortium
Speaker 7: of partners and investors across thousands of potential portfolio companies to.
Speaker 2: Do that work.
Speaker 3: I mean, while the timing just sensational that Anthelopic is
Speaker 3: announcing the same thing on the same day.
Speaker 7: Again, it speaks to the moment that we're in right now.
Speaker 7: These two companies are following somewhat similar playbooks to bolster
Speaker 7: revenue and business traction heading into the potential IPOs.
Speaker 3: So figureman across an astounding amount of stories.
Speaker 2: As ever, we thank you very much. Indeed, sticking with
Speaker 2: Open Ai.
Speaker 3: Look, the startup's president, Greg Brockman is set to take
Speaker 3: the stand today in a company's legal battle against Elon Musk.
Speaker 2: Brotman is expected to face probe questions about.
Speaker 3: A personal journal he kept, which Musk's legal team says
Speaker 3: is evidence he and open Ai CEO Sam Altman intended
Speaker 3: to abandon the company's nonprofit mission now.
Speaker 2: For all this AI.
Speaker 3: Guess what you need compute and chipmaker and data center operators.
Speaker 3: Cerebrius is looking to capitalize on that very demand. The
Speaker 3: nvideo rival, as it likes to see itself, is seeking
Speaker 3: to raise as much as three and a half billion
Speaker 3: dollars from a pub offering later this month. Price range
Speaker 3: and its security is filing really confirms Bluemog's earlier reporting.
Speaker 3: Let's get to one of the reporters who's always across
Speaker 3: IPO's Bailey Lipshaltz. No, this is a company that wants
Speaker 3: to offer more inferencing capacity.
Speaker 2: Is it really a competitor end.
Speaker 5: Video in their mind?
Speaker 8: Yes, And even when I talk to investors, there's a
Speaker 8: world that they will kind of be another option, if
Speaker 8: you will. It goes back to kind of the debate
Speaker 8: around Starlink and saying, Okay, well, yes they dominate that
Speaker 8: potential market, but there have to be other players. So
Speaker 8: while there is at least for now a monopoly of
Speaker 8: source for in video, when you look at the partnerships
Speaker 8: that Serabras has inked, obviously G forty two was a
Speaker 8: big risk, but now leaning into opening Eye and kind
Speaker 8: of diversifying the customer flow, it does seem like that's
Speaker 8: a bit of a ball case. And keep in mind,
Speaker 8: even with this potential IPO, we're talking about a company
Speaker 8: potentially valued at thirty three billion dollars, not four trillion dollars.
Speaker 2: Good context.
Speaker 3: Look, this could all come to bear as soon as
Speaker 3: May thirteenth, right, we're thinking that's when the pricing's happening,
Speaker 3: the trading begins.
Speaker 2: Is this going to be a retail focused name.
Speaker 3: Who's going to be understanding the Cerebraus story because G
Speaker 3: forty two, as you know, as you were just illuminating
Speaker 3: to us, Look, this is a geopolitical story as well.
Speaker 8: It is geopolitical story, but you have to keep in
Speaker 8: mind that this is a company that fits into the
Speaker 8: themes that are dominating capital markets right now, AI and
Speaker 8: AI infrastructure. So we've seen investors lean into the X
Speaker 8: energies of the world that want to promise a nuclear future.
Speaker 8: We're talking about this name with a number of hedge
Speaker 8: funds and long only investors, and they're saying, you kind
Speaker 8: of have to own this company if you play the
Speaker 8: IPO calendar, So it will broaden across reach across kind
Speaker 8: of the broader investor group, if you will. And one
Speaker 8: thing to keep in mind with this launch, we're expecting
Speaker 8: potentially eight billion dollars of IPOs proceeds being raised in
Speaker 8: the next two weeks. This will be a big part
Speaker 8: of that, and how this performs will help set the
Speaker 8: stage for SpaceX likely next month and.
Speaker 3: Then maybe open AI on propic. Look, this is a
Speaker 3: great time considering where the market's trading out right.
Speaker 8: I mean, that's been the interesting thing right is you
Speaker 8: look at the socks. We were up more than thirty
Speaker 8: five percent in the last month. So when you look
Speaker 8: at expectations for this company in particular, a month ago,
Speaker 8: you would have said, okay, twenty five thirty, sure you
Speaker 8: can sell me on that. Now it's like thirty five
Speaker 8: to forty billion dollars, just because your comps are up
Speaker 8: so sharply. Just starts to make sense when you're looking
Speaker 8: at how you have to value a company when it's
Speaker 8: going public, is what do your comparables look like? Take
Speaker 8: a little bit of a discount, and that math is
Speaker 8: kind of working in the company's favor again, just given
Speaker 8: them move higher that we've seen for some of those peers.
Speaker 3: It's a different company, but it's almost tangential to the
Speaker 3: likes of a core Weave, which is all about trying
Speaker 3: to solve the compute issues.
Speaker 2: For core Weave, the.
Speaker 3: Headache has always been I've got more customers than you realize.
Speaker 3: Is this where maybe Cerebrius is going to have to
Speaker 3: convince the market too well.
Speaker 8: I think that was the big pitch and the big
Speaker 8: reason that diversifying away from G forty two at least
Speaker 8: is some indigestion for investors. Yes, when they try to
Speaker 8: go public the first time over a year ago, it
Speaker 8: was concentration risk, it was Siffius uncertainty, it was obviously
Speaker 8: kind of every number of potential bear cases. Whereas now
Speaker 8: the tide really has shifted, so you do have the
Speaker 8: kind of your focus of one customer similar to a
Speaker 8: core we were there was such a bare case of okay, well,
Speaker 8: how relying are you on one company? Now we're seeing
Speaker 8: that spread out just a little bit. The interesting thing
Speaker 8: will be how do they structure this lockup and what
Speaker 8: does the performance really look like six months from now
Speaker 8: as opposed to day one trading, which we've seen kind
Speaker 8: of can be all over the map.
Speaker 3: Well said, it's going to be a busy old week,
Speaker 3: old month for you. I think Badi Dipshils, we so
Speaker 3: appreciate it. On all things IPO is now coming up.
Speaker 3: We've got planning more to come on the world of
Speaker 3: AI and AI inference. I'm going to be hearing from
Speaker 3: a company US leading that charge in the private space.
Speaker 3: CEO of Deep Infra is going to be joining us Nicolair.
Speaker 3: For ourself, this is a bloomberg tech.
Speaker 2: In the race to build the.
Speaker 3: Next great AI models. The industry is tackling various bottlenecks,
Speaker 3: one of course being access to compute. Deep Infra is
Speaker 3: trying to alleviate access to AI inference with a purpose
Speaker 3: built cloud platform.
Speaker 2: It's just a cure.
Speaker 3: One hundred and some million dollars in a series B
Speaker 3: funding back by the likes of Video Samsung joining us
Speaker 3: now from San Francisco is deep in for CEO Nicola
Speaker 3: or asof Nicola, It is great to have you on
Speaker 3: the show. Why would in video want to put money
Speaker 3: into you? How are you helping the GPU story?
Speaker 9: Yeah, thanks thanks for having me. Well, we're helping companies
Speaker 9: get access to these great open source models, and we're
Speaker 9: building this purpose built inference cloud. So it's it's really
Speaker 9: you need to you need to build a specialized infrastructure
Speaker 9: to do inference efficiently, and it really helps everyone access
Speaker 9: these great open source AI models really well. And I
Speaker 9: mean that's why Vida was excited to participate in around.
Speaker 3: We were just hearing that Cerebraus, which also wants to
Speaker 3: speed up AI inference offerings, is going to be tapping
Speaker 3: the public markets. It sees itself as an in video
Speaker 3: a competitor. How Nicola are you more of an adjacent
Speaker 3: to the Nvidia story. How are you looking to help
Speaker 3: deploy GPS? Why is your compute different?
Speaker 9: You know, we we've tried a number of different inference accelerators,
Speaker 9: but we believe like Nvidia's hardware is still the most efficient,
Speaker 9: the best to do inference at and we're just doubling
Speaker 9: down on that kind of hardware platform, and we like
Speaker 9: working closely with the teams that the video and just
Speaker 9: making inference more efficient. Lowering the price per token is
Speaker 9: what we really like to focus on, and so that's
Speaker 9: kind of our path. We you know, there would be
Speaker 9: a lot of demand for inference down the line, like
Speaker 9: we think that eighty percent of the compute is going
Speaker 9: to go towards inference, But at the moment, you know,
Speaker 9: we've invested heavily into the Nvidia hardware stack.
Speaker 3: What's interesting is you're already processing what five trillion tokens
Speaker 3: per week? How do you get the efficiencies? How do
Speaker 3: you drive down the cost of token?
Speaker 9: It's a lot of hard work, and we look at
Speaker 9: it through the whole stack of like where we build
Speaker 9: this kind of inference clusters, which data centers we go in,
Speaker 9: how we structure them, and then a lot on the
Speaker 9: software on top of it. We believe like one of
Speaker 9: the key things is to have very good caching of tokens.
Speaker 9: As these agents kind of interact with theim models. They
Speaker 9: basically make many requests in a loop with roughly the
Speaker 9: same context. So like I think kV cash is a
Speaker 9: really key to efficiency of inference. And you know, we've
Speaker 9: been doing this for about four years. We saw the
Speaker 9: demand for inference coming and we really focused on how
Speaker 9: do we build an purpose build inference cloud.
Speaker 3: And I think therefore you are scaling out you have
Speaker 3: was it you're operating out of eight data centers. I
Speaker 3: think it is already with this new money one hundred
Speaker 3: million more than where do you deploy that?
Speaker 9: We will use the capital from this fundraise to scale
Speaker 9: our platform.
Speaker 2: We will.
Speaker 9: You know, deploy more of the latest Nvidia chips and
Speaker 9: then scale our inference platform across the US, but also
Speaker 9: we're looking to expand in Europe and Asia later this year.
Speaker 3: Samsung also part of the strategic investors. It's not just
Speaker 3: GPUs from in video one needs. You need an awful
Speaker 3: lot of the high bandwidth memory. We know about memory
Speaker 3: costs soaring because of the AI demand. Is that why
Speaker 3: some sung comes forward. How are you thinking about the
Speaker 3: supply chain headaches or not that you might face.
Speaker 9: Yeah, you know, in the last couple since the beginning
Speaker 9: of the year, it's been like struggle to find some
Speaker 9: of the chips that we need for our inference clusters.
Speaker 9: Memory and discs have been an issue, and so it's
Speaker 9: important for us to have you know, in our corner
Speaker 9: good investors that they are helping us, including super Micro
Speaker 9: and Samsung, con and Nvidia, to make sure we have
Speaker 9: the right supply and we don't struggle as much. But
Speaker 9: the chip shortages are pretty real and I feel like,
Speaker 9: you know, inference needs like a million times more compute
Speaker 9: than like traditional computing, and so we would see more
Speaker 9: and more demand for chips including CPUs, GPU's memory.
Speaker 2: Nicola, it's been great speaking to you.
Speaker 3: Thank you very much in the Deep Infra Ceo Nicola
Speaker 3: for as of on the latest funding round coming out,
Speaker 3: we've got more on funds being deployed in ALI adjacent areas,
Speaker 3: particularly crypto. We're going to be speaking to Katie Horn
Speaker 3: and a bit to talk about her new one billion
Speaker 3: dollar fund and the state of the crypto market. But
Speaker 3: let's also focus in on these markets more broadly. Right now,
Speaker 3: Crypto had been outperforming, Tech had been out performing. Actually
Speaker 3: we're starting to see a pullback. There is tension once again,
Speaker 3: particularly with the UAE. The UAE is saying it's air
Speaker 3: defense systems are currently responding to a missile threat. They're
Speaker 3: posting on x about a third missile threat that they've
Speaker 3: currently been facing. In particular, this is in response to
Speaker 3: Iran geopolitics wants to gain in front and center as
Speaker 3: all prices is extend their gains. Brent crude is to
Speaker 3: see one hundred and fourteen dollars. That means risk sentiment
Speaker 3: just turns sour and now's that one hundred now down
Speaker 3: three tens percent.
Speaker 2: We will higher.
Speaker 3: At the start of this particular show, the semiconductor index
Speaker 3: also off by eight tens percent off of its record high.
Speaker 3: We're going to keep you up to speed what's happening
Speaker 3: in the markets and in geopolitics. More broadly, this is
Speaker 3: Bloomberg Tech. Welcome back to Bloomberg Tech. We look at
Speaker 3: broader markets for a moment now because well we're back
Speaker 3: in risk off sentiment amid rising geopolitical concerns regarding the
Speaker 3: conflicts with Iran. We're currently off by two tenths of
Speaker 3: percent on the nast like one hundred, flicking into negative territory.
Speaker 2: We had been higher.
Speaker 3: You're seeing the semiconductor index coming off of its record high.
Speaker 3: Brent crude up to one hundred and thirteen one hundred
Speaker 3: and fourteen.
Speaker 2: Dollars, let's call it.
Speaker 3: This is UAE is issuing missile warnings, rising tensions and
Speaker 3: risking the US Iran. True, it's just coming our hours
Speaker 3: after an oil tank grown by the UA State Old
Speaker 3: Company was also struck by Iranian drones. So keep an
Speaker 3: eye on what's happening with the bond market as that
Speaker 3: anxiety builds and we see maybe inflation pressures coming from oil.
Speaker 3: We see the thirty year eclipse five percent. Look, we
Speaker 3: haven't seen this sort of level on the thirty year
Speaker 3: bonds in terms of yields since July. You're seeing ten
Speaker 3: year ramp high six basis points. Two year also up
Speaker 3: seven basis points, let's call it. So we keep an
Speaker 3: eye on the broader market. We also keep an eye
Speaker 3: on risk sentiment just across this entire asset classes. And
Speaker 3: we don't want to focus in on our big number
Speaker 3: today to say two thousand dollars. Guess what managed to
Speaker 3: touch it again Bitcoin for the first time since January.
Speaker 2: It has seen some love as the tech trade has
Speaker 2: powered on.
Speaker 3: Higher in the previous week and we hit a record
Speaker 3: high on Friday, and of course the sasset trades over
Speaker 3: the weekend. I want to talk more about the crypto sector.
Speaker 3: A blue mid cross hasset reporter is about Lee, fresh
Speaker 3: back from an event in Vegas. What are the vibes
Speaker 3: right now in crypto?
Speaker 10: Honestly, very optimistic and enthusiastic, Like when I was there.
Speaker 10: It was in Vegas, the Bitcoin conference from Monday to Wednesday.
Speaker 10: Everyone was just so happy to be there. There were
Speaker 10: orange suits, orange cowboy hats. See if TC Mike's Sea
Speaker 10: lig is there. Paul Atkins of SEC was there that
Speaker 10: we were wearing orange necktat Why why the.
Speaker 3: Orange vibes is just the color the color of not
Speaker 3: a Bloomberg terminal.
Speaker 10: Unfortunately not It could be the orange is like the
Speaker 10: unofficial color of bitcoin. And every booth had a big
Speaker 10: B plastered on it, which is the symbol of bitcoin.
Speaker 10: You could just feel the vibes in the air. Mic
Speaker 10: Sailor again predicting ten million for bitcoin. Eric Trump dropped
Speaker 10: by on a Wednesday saying one million for bitcoin, So
Speaker 10: even if the daily price were fluctuations, weren't any more
Speaker 10: focus there. The big one million goal is still in
Speaker 10: the horizon, or ten million if you ask sailor.
Speaker 3: But was any of this Bitcoin and men's look, what
Speaker 3: we keep seeing is that there are other areas of excitement,
Speaker 3: more infrastructure being built, more fought around where the world
Speaker 3: of cryptocurrencies go, rather than.
Speaker 10: The OG in the space definitely, so they were thinking
Speaker 10: about bitcoin in the future of it. Of course, there
Speaker 10: were a lot of talks about AI and how that
Speaker 10: will affect bitcoin, especially when it comes to mining. And
Speaker 10: I've talked to a couple of people who really still
Speaker 10: insisted that bitcoin is different from other crypto assets because
Speaker 10: bitcoin is bitcoin. It's the original, it's the largest, it's
Speaker 10: the oldest, and others are pump and dump, you know,
Speaker 10: others have smart contract that may vanish in a few minutes,
Speaker 10: but then for them, Bitcoin is the OG. And I'm
Speaker 10: sure now they were looking at eighty thousand two because
Speaker 10: for a while the bitcoin price has been hovering between
Speaker 10: that and not really hitting eighty thousand, So I'm sure
Speaker 10: if the bitcoin conference was this week.
Speaker 2: They would be happy. So they're enthusiasts around the store
Speaker 2: of value mentality. All that war can be done with
Speaker 2: crypto free. More generally, it's still the store of value mentality.
Speaker 10: Although I did talk to some people roaming around the
Speaker 10: first time attendee said that what's next after this one?
Speaker 10: Because what else could bring this price higher? I mean,
Speaker 10: it's already so institutionalized. I also talked to Adam Back,
Speaker 10: who is not Satoci. According to him, he did say
Speaker 10: again he's not Satoshi, and I asked him, how do
Speaker 10: you feel, because the institutionalization of bitcoin kind of goes
Speaker 10: against the ethos of bitcoin, But he was like, no, actually,
Speaker 10: it's more access for everyone.
Speaker 2: And he said when people say that.
Speaker 10: Black Crocker Strategy are the biggest holders of bitcoin, he said,
Speaker 10: they're really just the custodians in his eyes, but it's
Speaker 10: still the people who owns it. So really lots of
Speaker 10: interesting characters. It was an electric kind of conference. It
Speaker 10: was really good vibes all around. If you're a skeptic,
Speaker 10: I think you'd doubt it. At least if you're.
Speaker 2: There, you're not wearing orange. I know is a BALLEI.
Speaker 3: It's great to have her on the show on All
Speaker 3: Things Crypto. Look, I'm very pleased to say we can
Speaker 3: bring in someone who knows a thing or two about
Speaker 3: the world of crypto.
Speaker 2: Katie Hornss.
Speaker 3: He's made her name investing in digital assets and crypto startups.
Speaker 3: Her firm Horn Ventures has just closed a one billion
Speaker 3: dollar fund.
Speaker 2: You've no mutable exits.
Speaker 3: I think a BBNK you're required by mastercart another startup
Speaker 3: that you backed early on Bridge has been brought by
Speaker 3: Stripe Katie, Is this what it's about? Is it about
Speaker 3: finding the startups that are likely to just drive this
Speaker 3: ecosystem forward.
Speaker 11: Good morning, Caroline, Thanks for having me.
Speaker 12: Yeah, the world's a very different place than it was
Speaker 12: four years ago when we raised our first pair of funds,
Speaker 12: and we're really excited now to have a billion dollars
Speaker 12: in fresh capital across a pair of funds to back
Speaker 12: founders in what we say are building the new economy.
Speaker 12: And the new economy is we think there's an intersection
Speaker 12: really between AI and between digital assets. We're calling it
Speaker 12: an agentic future. That's one structural shift we've seen. Another
Speaker 12: structural shift we've seen is the creation of new assets,
Speaker 12: things like stable coin.
Speaker 3: That has been an area that clearly you saw coming
Speaker 3: you lean into and a stable coin ability.
Speaker 2: I think we just had a few tech issues with Katie.
Speaker 2: We'll get back to you in a minute. There we are.
Speaker 3: I think the stable coin area has been something that
Speaker 3: clearly you've seen work with M and A and portfolio
Speaker 3: companies being bought by really institutional adopters who are now
Speaker 3: trying to embrace I think of the likes of masscard,
Speaker 3: for example. But what's happening in terms of the AI
Speaker 3: adjacency for those who've been hidden away from How crypto
Speaker 3: is now thinking of itself as a future of AI agents.
Speaker 2: How does that work?
Speaker 12: Well, if you think about a world where financial products
Speaker 12: and services are really being built for an end user
Speaker 12: that's not necessarily a human but might also soon be
Speaker 12: an agent or a computer, that's a really different world.
Speaker 12: I mean, if you think about agents, what are one
Speaker 12: thing we humans do?
Speaker 11: We stop.
Speaker 12: We have a finite period of time that we work
Speaker 12: during the day, So we might be okay with a
Speaker 12: bank that's closed on a weekend or that has a
Speaker 12: wire cutoff or deadline or bankers hours. But of course
Speaker 12: AI agents are powered twenty four to seven. They are globally.
Speaker 12: They work globally from day one, and they're always on
Speaker 12: and so I think that there's a lot of opportunity
Speaker 12: there in what we're calling the finance sector. But you
Speaker 12: also mentioned Caroline stable coins, and I think that's another
Speaker 12: area where we've seen the digital asset space grow, and.
Speaker 11: We're seeing it grow ever more.
Speaker 12: Of course, now we're at a point where stable coins
Speaker 12: and you mentioned BV and K, which just exited to
Speaker 12: MasterCard for one point eight billion dollars.
Speaker 11: By the way, that was Mastercard's third.
Speaker 12: Largest ever acquisition, and I think it's reflective of that
Speaker 12: you now have double digit trillion dollars in stable coins,
Speaker 12: and this is an innovation that didn't even exist a
Speaker 12: decade ago. And if you can tokenize a dollar, it
Speaker 12: turns out you can tokenize other things. So we see
Speaker 12: institutional players like black Rock and fintech giants like Robinhood
Speaker 12: and coinbase start to tokenize stocks, and it turns out
Speaker 12: you can tokenize all kinds of other products and services.
Speaker 3: For that to really be adopted is of course a
Speaker 3: future where the regulatory environment has been far more warm,
Speaker 3: shall we say, towards crypto and these innovations and that's
Speaker 3: where you sit at this intersection, Katie. That's I mean
Speaker 3: bron Elmstrong himself, someone that you've helped oversee the company
Speaker 3: of of coinbase before a sixteen Z. What was so
Speaker 3: interesting about you is also you sat on the DOJ
Speaker 3: side of things. You understand government, You can talk to
Speaker 3: both sides of the community.
Speaker 2: What is the regulatory environment like right now?
Speaker 12: Yeah, Look, I've been following the flow of assets my
Speaker 12: entire career. I started as I started my career actually
Speaker 12: at the Supreme Court as a law clerk to Justice Kennedy,
Speaker 12: and then spent over a decade at the Justice Department.
Speaker 12: And what I can tell you is this is one
Speaker 12: of the most transformational periods in technology and finance that
Speaker 12: I've really ever witnessed. You mentioned regulatory Caroline, and I
Speaker 12: think that's a part of it, but also the infrastructure
Speaker 12: is a part of it. And let's also be honest,
Speaker 12: the institutional story is a part of it. As far
Speaker 12: as regulatory environment, I think people often also overlook what
Speaker 12: the courts have been involved in the regulatory and shaping
Speaker 12: the regulatory environment. And this has been happening kind of
Speaker 12: in the background over the last several years. Now we
Speaker 12: have something coming up, which is the Crypto Markets Structure Bill,
Speaker 12: and so everyone's eyes are on that.
Speaker 11: And of course we had the Genius Act pass last year.
Speaker 3: There are still lawmakers anny convincing Okatie. I think of
Speaker 3: Elizabeth Warren, who's worried about perhaps one of your new
Speaker 3: and really well many would say, the exciting startup that
Speaker 3: has been co founded by Palmer Lucky. Now you're in
Speaker 3: a company that is Airbor, which is all about I
Speaker 3: think I'm pronouncing it correctly right.
Speaker 11: Arabar is.
Speaker 2: Airbor is this new sort of bank.
Speaker 3: It's just had occ sign off that it's able to
Speaker 3: go out there, and after it gone an application and
Speaker 3: granted a preliminary application at least for approval to become
Speaker 3: a bank. But Elizabeth Warren is like, that's happened all
Speaker 3: too fast, and it seems to be that they're close
Speaker 3: to the administration. How do you get comfortable that these
Speaker 3: companies are being vetted in the way that you want
Speaker 3: to see them being vetted?
Speaker 12: Sure, well, we always look at the founding team. Whenever
Speaker 12: we're looking for an opportunity to make an investment, we
Speaker 12: look at the founding team. And you've alluded to part
Speaker 12: of the founding team here. So we think this founding
Speaker 12: team of Airbor is incredibly strong. And actually the Palmer
Speaker 12: Lucky's co founder is a founder that we had backed
Speaker 12: in our first fund, so we have a long history
Speaker 12: going back with him and have seen him over the years,
Speaker 12: and we are actually the second largest investor, I believe
Speaker 12: at this point in Arabor, And I think the exciting
Speaker 12: thing about Arabor so it's also the product market fit
Speaker 12: and they just crossed a billion dollars in deposits, and
Speaker 12: it's also the size of the opportunity and that's where
Speaker 12: I think Airbor and companies like it really shine.
Speaker 11: I mean, it's really built for the future.
Speaker 12: And if you think about it, it opened on a Sunday, Caroline,
Speaker 12: and I think, who's ever heard of a bank opening
Speaker 12: on a Sunday? Now, I think that for the digitally
Speaker 12: native generations, and certainly for the AI native generations, whire
Speaker 12: cutoffs are going to be a thing of the past.
Speaker 12: It will be kind of like when you see a
Speaker 12: payphone booth on the corner and you're like, what is
Speaker 12: that for in a world where everyone's now on their
Speaker 12: cell phones.
Speaker 3: Very briefly, Katie, you've already had success with exits on
Speaker 3: the M and a side of things you personally have
Speaker 3: vetted in some investment. Some of the most exciting companies
Speaker 3: were anticipating IPOs from SpaceX. I know they were in Andreil,
Speaker 3: another parmoniaking business. You're an open AI. Is the market
Speaker 3: feeling solid right now?
Speaker 13: You know?
Speaker 12: I think right now what we're seeing is we're seeing
Speaker 12: a period of transformation and tremendous opportunity. And I think
Speaker 12: this is something I've been alongside the unfolding of transformational
Speaker 12: technology my entire career.
Speaker 11: And there will be ups and there will be downs.
Speaker 12: And one thing I've noticed is that there are periods
Speaker 12: of irrationality on the way up, and there are periods
Speaker 12: of irrationality on.
Speaker 11: The way down.
Speaker 12: And our job is long term venture investors who are investing,
Speaker 12: by the way, Caroline over a ten year decade. Although
Speaker 12: your colleague Natasha reported that we had already returned capital
Speaker 12: four years.
Speaker 11: In to some of our LPs around the world from
Speaker 11: our first pair of funds.
Speaker 12: We're looking at what the world looks like in ten years,
Speaker 12: not what it looks like right now. And we think
Speaker 12: at bottom, it's a period of tremendous opportunity, generational opportunity.
Speaker 3: Natasha and Mascaronis did that great story well, talking about
Speaker 3: how you were able to lean into dislocations in the
Speaker 3: market and beaten up areas of crypto. More broadly, to
Speaker 3: return those funds. To LP's Kato Hahn, it's great to
Speaker 3: hear about the new rais the CEO and founder of
Speaker 3: harn Venture's congratulations on the latest one billion that has
Speaker 3: been putting to work in two funds. Meanwhile, coming up,
Speaker 3: we're going to be live from Milkin Institute Global Conference
Speaker 3: to speak the Scott Turner, his US Secretary of Housing
Speaker 3: and Urban Development.
Speaker 2: This is blue bed Tech.
Speaker 3: And hear earnings they're out after the market cloth is
Speaker 3: later today. So far today shares in the AI firm
Speaker 3: is up one and a half percent, outperforming the rest
Speaker 3: of the market. But they haven't outperformed the rest of
Speaker 3: the market since they peaked back at the end of October,
Speaker 3: losing a significant amount of market capitalization as they got
Speaker 3: caught up in perhaps the software.
Speaker 2: Anxiety and sell off. Is that right that it is?
Speaker 3: Let's talk about what to expect the Bloombergs Lazette Chapman
Speaker 3: fundamentals first, know, there's far works when it comes to
Speaker 3: Doctor carp is that but what are we expecting in
Speaker 3: terms of growth of the business?
Speaker 14: Right well, Endless are expecting another massive quarter of a
Speaker 14: lot of growth, seventy four percent revenue spike, a doubling
Speaker 14: of profits from the same period last year they've been.
Speaker 14: This is pretty consistent with past quarterly growth that they've
Speaker 14: been that they continually set the bar high and ask
Speaker 14: Palenteers to deliver. There's you know, a history of Palenteer
Speaker 14: meeting or beating those expectations. So well, uh, that's that's
Speaker 14: what a lot of people are looking for. That's what
Speaker 14: some of the betting markets are looking at as well
Speaker 14: this morning.
Speaker 11: Ah.
Speaker 3: I like that you're fielding in some of the vetting
Speaker 3: or at least different ways of predicting which way the
Speaker 3: market's going to go. And is that the market if
Speaker 3: you're looking at analysts, think that the price target is
Speaker 3: much higher than where we currently trade.
Speaker 2: So is there sort of a vibe shift that we
Speaker 2: can get from Doctor Corp.
Speaker 3: As well as clearly the growth that they continue to
Speaker 3: deliver from the bottom line on top.
Speaker 14: Right, He will definitely be speaking with analysts today. Typically
Speaker 14: issues some type of shareholder letter as well, where he
Speaker 14: outlines everything that you just kind of alluded to with
Speaker 14: the Vibe shift, trying to distance Palenteer from the other
Speaker 14: AI software stocks and also to position it.
Speaker 13: As a type of company that is.
Speaker 14: Going to support US policy no matter how controversial or
Speaker 14: or difficult. And there's also a lot of focus right
Speaker 14: now on what they've done to UH support efforts in
Speaker 14: UH you know, Iran, also in Israel and with you know,
Speaker 14: US Department of War as well as many of our allies,
Speaker 14: So there's going to be a big focus on He
Speaker 14: usually speaks to that topic as well, and that's what
Speaker 14: many will be looking for for him to continue with
Speaker 14: that vibe.
Speaker 3: Blue meg Intelligence analyst man I'm seeing is talking about
Speaker 3: the government segment and how it continues to benefit from
Speaker 3: the company's exposure to these increased US defense spending on
Speaker 3: products such as maven amid the war in Iran, But
Speaker 3: the commercial side that really has been an area of growth.
Speaker 3: Are we expecting what's expecting to see that pick up,
Speaker 3: and particularly if it's just US bound or whether we
Speaker 3: see more international adoption.
Speaker 14: That's a great question, and I think that's something that
Speaker 14: a lot of people are going to be looking at
Speaker 14: if they've been able to drive it internationally. US commercial
Speaker 14: growth has been on a blockbuster tear for you know,
Speaker 14: at least the last year plus since they introduced AI AIP,
Speaker 14: and so they're looking at growth rates for you know,
Speaker 14: about you know, in the ninety percent or so for
Speaker 14: commercial growth, and for the government growth they're looking around
Speaker 14: fifty nine percent. Again, government is about half of the revenue,
Speaker 14: it's about half and half, and slowly commercial is starting
Speaker 14: to you know, build up. They haven't been in this
Speaker 14: commercial is they haven't been in commercial as long or
Speaker 14: as strong as government. That's an area that a lot
Speaker 14: will be looking at, specifically here in the US, whether
Speaker 14: they can gain traction abroad as well.
Speaker 3: And then there's the man, the myth that some would
Speaker 3: say the legend himself, Dot Carp, the way he speaks
Speaker 3: to his own loyalists when it comes to shareholders, he's
Speaker 3: often quite rude to the analyst community. And then we'll
Speaker 3: street more broadly, but he's had some thoughtful insight as
Speaker 3: to the future of the workforce and where humanities takes
Speaker 3: us in terms of an area of study, of expecting
Speaker 3: any sort of philosophical perspective coming today, I.
Speaker 13: Think that that would be a pretty good guess that
Speaker 13: would land well.
Speaker 14: He and CTO Sham Sankar have been on this quest,
Speaker 14: as you say, to kind of you know, mobilize the
Speaker 14: you know, not just the software and the bits, but
Speaker 14: or not not just the bites but also the bits,
Speaker 14: and so you know, they are both looking for, you know,
Speaker 14: to kind of establish that and kind of continue that
Speaker 14: narrative that now only Alex Carr wrote about in Technological Republic,
Speaker 14: but you know, Seam wrote about in his new book
Speaker 14: about mobilizing the techno industrial workforce and reshoring a lot
Speaker 14: of the industrial and manufacturing capacities that are you know,
Speaker 14: traditionally been abroad that they're looking to bring back on
Speaker 14: shore here in the United States. They had a commercial
Speaker 14: software wind recently with Cleveland Cliffs to use their AI
Speaker 14: software to assist with the steelmaking capacity.
Speaker 13: So it's it's a pretty good bet.
Speaker 14: Like you said, Carolyn, you've been watching these for these
Speaker 14: earnings for a long time as well, that he will
Speaker 14: continue with that and talk really more about the big
Speaker 14: changes to American society.
Speaker 13: Writ large that Palenteer and its software is looking to enforce.
Speaker 3: Well We're lucky to have you watching them for us tonight.
Speaker 3: Blim Boz, Lazette, Chapman, thank you very much. Indeed, coming up,
Speaker 3: we're largely the Milk and Institute Global Conference. We're gonna
Speaker 3: be speaking with Scott Turner. He's the US Secretary of
Speaker 3: Housing and Urban Development. This is Blue Meg Tech head
Speaker 3: out to the Milkan Institute. Balance of Power. Co host
Speaker 3: Joe Matthew standing by with a.
Speaker 2: Special guest, Joe.
Speaker 15: That Caroline.
Speaker 16: Thank you.
Speaker 15: The Secretary of Housing and Urban Developments is with me
Speaker 15: right now, live in Los Angeles at the Milkan Global Conference.
Speaker 15: Secretary Turner, it's great to see you. Welcome to lumber.
Speaker 8: Thank you.
Speaker 15: Questions about the housing market on this day that the
Speaker 15: thirty year treasury tops five percent, This is a big
Speaker 15: deal for our audience. It's a big deal for a
Speaker 15: homeowner or anyone looking to buy a home. How much
Speaker 15: will interest rates be a challenge to what you're trying
Speaker 15: to do in increasing access to affordable housing?
Speaker 16: Well, thank you so much. You know, I think you
Speaker 16: see you know the President Trump is layers of focus
Speaker 16: on house and affordability. He's focused on keeping our country safe,
Speaker 16: you know from a regime having a nuclear weapon, but
Speaker 16: also layers of focus here domestically to make sure that
Speaker 16: the Americans can achieve their American dream. And so as
Speaker 16: we see the fluctuation and interest rates, we're also you know,
Speaker 16: looking at the regulatory environment to bring down burn some
Speaker 16: regulations to make it easier for builders to build and
Speaker 16: for buyers to buy. So I'm grateful for the President's leadership,
Speaker 16: and at HUD we're following that and encouraging localities to
Speaker 16: do the same.
Speaker 15: You were pointing specifically to your recision of the i
Speaker 15: e C and Energy Efficiency requirement that the Biden administration
Speaker 15: put in place that you say added over thirty thousand
Speaker 15: dollars to building a home.
Speaker 16: Yes, sir, so this is the final determination for twenty
Speaker 16: twenty four during the Biden administration. Really it's the International
Speaker 16: Energy Conservation Code and it added up to thirty thousand
Speaker 16: dollars per project when builders are already building to these
Speaker 16: energy code and so we were scinded that to make
Speaker 16: it easier for builders to build, which will make it
Speaker 16: better for buyers to buy. On top of that, you know,
Speaker 16: one hundred thousand dollars and regulation and regulatory fees is
Speaker 16: added to the final price of a single family home
Speaker 16: that's not sustainable in our country. So we've been very
Speaker 16: focused on bringing down the regulatory environment, making it easier
Speaker 16: for builders to build, better for buyers to buy, and
Speaker 16: raising a supply in our country.
Speaker 15: We're having a big conversation in America right now about affordability.
Speaker 15: We talk about it on the air all day, whether
Speaker 15: it's four dollars a gallon gas, although where we are
Speaker 15: you've probably seen, mister Secretary, it's above six dollars in California,
Speaker 15: which is pretty wild. But the cost of everything from
Speaker 15: food it's a gas is an issue for Americans, making
Speaker 15: your mission that much more urgent but also more difficult.
Speaker 3: Now.
Speaker 16: Well, you know, like I said before, the President and
Speaker 16: his layers were focused on domestic policy from the time
Speaker 16: he was campaigning until the time he came into office.
Speaker 16: He said, we're going to make it more affordable in
Speaker 16: American I know personally being in the cabinet and knowing
Speaker 16: the President working with him that to be able to
Speaker 16: help Americans to afford to buy a home, to buy grocers,
Speaker 16: to buy medications, it's top of mind for the President.
Speaker 16: And so you see the actions that have been taken
Speaker 16: the recision of these regulatory environments that taken down burdens
Speaker 16: and regulations to help American people is a great priority
Speaker 16: for the President and myself. And so while it may
Speaker 16: seem to be difficult, we've made great strides, but there's
Speaker 16: still a lot of work to do or.
Speaker 15: At a time, mister secretary, but how many houses can
Speaker 15: you build if you stay with President Trump for the
Speaker 15: remainder of this term, how many affordable units can you
Speaker 15: add in this country?
Speaker 16: Well, we're going to add many, many, in particular opportunity designs.
Speaker 16: There's already been four hundred thousand, so we want to
Speaker 16: do potated and do even more.
Speaker 15: It's great to see you, Good luck and thanks for
Speaker 15: being with us. Thank you, Secretary Scott Turner with us
Speaker 15: live from Los Angeles, Caroline.
Speaker 3: Back to you, Joe Matthew. So good to hear from
Speaker 3: you on the other coast. Right now, West Coast. All
Speaker 3: Things Milkan will be throughout the day and the week
Speaker 3: here on Bloomberg TV. But now that does it for
Speaker 3: this edition of Bloomberg Tech. Don't forget to check out
Speaker 3: our podcast you can find on the terminal as well
Speaker 3: as online on Apple, Spotify.
Speaker 2: And iHeart.
Speaker 3: We return to the markets which have seen some geopolitical
Speaker 3: anxiety around them. Today we currently see we're off by
Speaker 3: three tens percent on the nasdak nows that one hundred
Speaker 3: are under pressure as we see once again missile threats
Speaker 3: For the UAE, the semi indexes are by six tens percent,
Speaker 3: down from a record high. Brent crude up to one
Speaker 3: hundred and fourteen dollars a barrel. We're seeing yields move higher,
Speaker 3: particularly in the world of the debt markets. Bitcoin though
Speaker 3: seventy nine thousand. That's a Blue Bay Tech