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.
Speaker 2: And Ed Ludlow live from New York and San Francisco.
Speaker 3: This is Bloomberg Technology coming up. Alphabet earnings impress Wall
Speaker 3: Street as Google's ad business stays resilient.
Speaker 4: It's a different story at Intel, with investors preparing for
Speaker 4: short term pain from layoffs and a company culture reset.
Speaker 3: And as Trump targets EUAI regulation. We discussed with billionaire
Speaker 3: founder and investor Read Hoffman. But first, let's just check
Speaker 3: in on these markets. And we are significantly higher on
Speaker 3: the week, Then that's that one hundred pushing up five
Speaker 3: and a quarter percent. We've added one on a quarter
Speaker 3: trillion dollars in terms of market cap over the last.
Speaker 2: Five training days.
Speaker 3: But it's only the biggest move on a weekly basis,
Speaker 3: says two weeks ago. We are used to this sort
Speaker 3: of volatility. Today, the consumer sentiment looking ugly. We just
Speaker 3: pair some of those increases that we've been seeing over
Speaker 3: the last three days. Let's move on and have a
Speaker 3: little look at what's happening on other risk assets a choice.
Speaker 3: Look Crepto having an absolute stellar run. If you're looking
Speaker 3: at bitcoin, old coins to the side, but Bitcoin up
Speaker 3: twelve percent of those five days, so clearly outperforming ed.
Speaker 4: What are you looking at on the micro Well, let's
Speaker 4: start with T Mobile dan more than ten percent, on
Speaker 4: track for its biggest drop since March of twenty twenty,
Speaker 4: basically missed on paid wireless subscribers. Really interesting week in
Speaker 4: that space. We don't have a lot of time today
Speaker 4: to go over it, but the size of the move
Speaker 4: I wanted to bring it to the audience and maybe
Speaker 4: we'll find a.
Speaker 5: Moment to chat about.
Speaker 4: There are bigger names that we're focused on throughout the hour.
Speaker 5: One of those is Apple.
Speaker 4: A lot of Bloomberg reporting about what Apple was going
Speaker 4: to do in supply chain in response to potential tariffs,
Speaker 4: and also what they're going to do with talent at
Speaker 4: the top of that company.
Speaker 5: We'll get to it later. Alphabet you just.
Speaker 4: Pointed out right up two percent core search business, good
Speaker 4: revenue in cloud. Interesting, We're going to cover that in detail.
Speaker 4: And then there's Intel still under pressure, still working out
Speaker 4: what to do, cutting middle management, signs that they had
Speaker 4: a good one queue because people were anticipating tariffs.
Speaker 5: We'll get to it, we.
Speaker 3: Will get to it, ed and more broadly, I know
Speaker 3: that you spoke with a CFO of Intel and how
Speaker 3: much that we're still seeing a seismic shift of that business,
Speaker 3: how much you're still seeing an overall concern about where
Speaker 3: Intel goes in terms of just trying to delayer, trying
Speaker 3: to get rid of some of that middle management. The
Speaker 3: fat that in Video is managing to bring in almost
Speaker 3: well more than three times the revenue of Intel on
Speaker 3: about a third less of the overall employee basis significant.
Speaker 2: But we returned to Alphabet.
Speaker 3: Which is actually coming off of those pre market highs.
Speaker 3: We're up more than two percent, but we had seen
Speaker 3: a move of more than six percent, and after hours
Speaker 3: after the numbers stick in Davy albums with us, you
Speaker 3: cover this company, and actually it just seemed to be relief.
Speaker 6: Yeah. I think that a lot of people were sort
Speaker 6: of bracing themselves for the at least initial impact of
Speaker 6: Trump tariffs which are looming over these companies. But Alphabet's
Speaker 6: earnings were actually quite impressive, especially on advertising, YouTube and searched.
Speaker 6: We up ten percent year over year, and it really
Speaker 6: is a resilient and diverse business portfolio that they have,
Speaker 6: and the earnings reflected that.
Speaker 5: Blue Most Daily Alba and all things alphabet. Thank you
Speaker 5: very much. Let's turn to the other big mover. Intel.
Speaker 4: The company posted a week second quarter forecast with plans
Speaker 4: to slash jobs, sending shares sliding. I spoke with Intel
Speaker 4: CFO David Sinsna, and he told me they'll reduce the
Speaker 4: layers and cut the bureaucracy out. It's an effort to
Speaker 4: scale back on op X and Capex for more. Let's
Speaker 4: bring in bloombos Ian King, who is also on that
Speaker 4: call with David'sinsna. There are many stories with Intel, most
Speaker 4: of them still negative.
Speaker 5: What's the need to know about this chip? Name?
Speaker 6: Yeah?
Speaker 7: I mean short term, they confirmed everybody's fears, which is
Speaker 7: a nice first quarter. Things were better than we had feared, perhaps,
Speaker 7: but that's really a false dawn for the industry. That
Speaker 7: a lot of this is what's called pull in, but
Speaker 7: basically people trying to get as much as they can
Speaker 7: ahead of any tariff impact so that won't continue. And
Speaker 7: guess what, there might be a recession on the way
Speaker 7: you use the R word.
Speaker 8: Longer term.
Speaker 7: People wanted a more than just a diagnosis. They wanted
Speaker 7: an answer, this is what we are going to fix,
Speaker 7: this is how we're going to fix it. Didn't really
Speaker 7: get that apart from as you just indicated, this is
Speaker 7: what's wrong with Intel's culture and internally, this is what
Speaker 7: we need.
Speaker 3: To fix what on earth happens with the fabrication side
Speaker 3: of it. In King, it was a great interview that
Speaker 3: you did with Ed. Thanks so much. More on Google
Speaker 3: and Intel and broader tech sector Now, Ioko Yoshioka's with
Speaker 3: US Wealth Enhancement Group porfolio consulting director. Ioko, I start
Speaker 3: with Intel because it was the fabrication future that many
Speaker 3: are still left quandering, and much of that is because
Speaker 3: we don't really know what US policy is in terms
Speaker 3: of money going to Intel. Just how difficult is it
Speaker 3: to invest in hardware in the US right now?
Speaker 9: Sure, just given the overall uncertainty that you know is
Speaker 9: in the market and as well as just with policy,
Speaker 9: it's very difficult to make long term business decisions in general,
Speaker 9: whether it's Intel or anybody else. And so I think
Speaker 9: that's what's being reflected in the markets.
Speaker 2: And then for Intel.
Speaker 9: Specifically, you know, they really do need to make a
Speaker 9: lot of changes, and they are going to be longer
Speaker 9: term in nature, really in order to re establish themselves.
Speaker 9: That it's table stakes at this point for Intel.
Speaker 4: Okay, can we just talk about the pull forward that
Speaker 4: Ian mentioned. One Q is better than the street thought,
Speaker 4: the two Q outlook worse. The logic customers bought chips
Speaker 4: in the first three months of the year because they
Speaker 4: knew tariffs were coming.
Speaker 8: Do you think.
Speaker 4: About that as a sort of solely Intel problem or
Speaker 4: do you give them a pass in that this is
Speaker 4: an everyone problem at the moment in this chip space.
Speaker 9: Now, I do think it is an everyone problem, and
Speaker 9: it's not just for chips, right. I think a lot
Speaker 9: of you know, business executives made the decision to pull
Speaker 9: forward some of the needs, anticipating that there might be
Speaker 9: some turmoil, you know, going forward related to trade policy.
Speaker 9: We did start to see a lot of the sort
Speaker 9: of news come through, whether it was with Canada and
Speaker 9: Mexico in February, and so I think there was a
Speaker 9: little bit of angst and there was likely a lot
Speaker 9: of pull forward across not just the chip sector, but
Speaker 9: across a lot of different goods.
Speaker 4: Google's core search related ad business is doing well. What
Speaker 4: does that tell you about the world we live in
Speaker 4: right now.
Speaker 8: Sure, so, I think.
Speaker 9: You know, with Google, it's been a little tough, right.
Speaker 9: Google is inexpensive. It trades at sixteen and a half
Speaker 9: seventeen times, and Search has been strong. Search and YouTube,
Speaker 9: you know, up ten percent a year over year and
Speaker 9: so strong numbers there. And Google Cloud was up over
Speaker 9: twenty eight percent and they showed great profitability in that
Speaker 9: segment as well. So things are moving along really well
Speaker 9: for Google. It's just that the narrative and those existential
Speaker 9: issues aren't going away. You have those regulatory issues and
Speaker 9: you also have you also have the AI issues still.
Speaker 3: Get to that, dig into that iocode because we all
Speaker 3: know about the ab trust issues and we're going to
Speaker 3: talk about that at.
Speaker 2: Length with Doug dot Go in a moment. But I'm
Speaker 2: interested in the.
Speaker 3: AI issues because people are using aioverviews, people are seeing
Speaker 3: a capex spend of seventy five billion dollars being committed
Speaker 3: to and sort of are okay with that infrastructure rollout.
Speaker 2: What more do they need to do to prove that
Speaker 2: they're the winning one here?
Speaker 9: Sure so, I think because so many you know, there's
Speaker 9: so many competitors in the AI space that you know,
Speaker 9: we don't. We just don't know, and we still don't
Speaker 9: know how it's going to monetize properly for.
Speaker 2: Google, right.
Speaker 9: We know that even and when they do monetize some
Speaker 9: of it, they're still cannibalizing some of their own search revenue.
Speaker 9: And so I think that's the part that's still just
Speaker 9: not going away, and until that mix sort of levels off,
Speaker 9: we won't have a true answer there. And I think
Speaker 9: that's what's keeping a lid on the overall multiple for Google,
Speaker 9: at least in the near.
Speaker 4: Term when the numbers hit other megacaps Rose, Meta and
Speaker 4: VideA for example. But when I bring back that chart,
Speaker 4: we had a moment ago twenty eight per cent growth
Speaker 4: is great, but it's a deceleration year on year quarter
Speaker 4: on Quarder, there's micro focus on the ad business, But
Speaker 4: how did this set us up for the rest of
Speaker 4: earning season, in particular our sort of commitment to living
Speaker 4: or dying by capital expenditures numbers?
Speaker 5: Please ioco, Yeah.
Speaker 9: You know, I think it's more of an overall industry
Speaker 9: capex spend that we're looking at, right, So it's not
Speaker 9: just alphabets spend on capex, but it's also Amazon and
Speaker 9: Meta and Microsoft's overall spend because a lot of that
Speaker 9: is then going to go to in video with the
Speaker 9: chips and the overall AI build out, all the data
Speaker 9: center providers as well will be beneficiaries. And so I
Speaker 9: think that's where you know, we're all focused on. It's
Speaker 9: still relatively early, and despite the fact that it was
Speaker 9: a deceleration from a Google Google Cloud perspective, you know,
Speaker 9: I think that you know, you're still seeing cloud growth,
Speaker 9: cloud computing grow in this fifteen to twenty percent range,
Speaker 9: you know, for the next five plus years, and so
Speaker 9: I think you want to lean into that for the
Speaker 9: long term and not just look at the overall you know,
Speaker 9: one quarter deceleration, you know, relatives to last quarter.
Speaker 4: A Yoko Yoshoka Wealth Enhartcement Group. Great to see, thank
Speaker 4: you very much.
Speaker 3: The Trump administration, well, it's pressuring Europe to ditch an
Speaker 3: AI rulebook that would play stricter standards on transparency, on
Speaker 3: mis mitigation, on copyright rules for advanced artificial intelligence. Let's
Speaker 3: get more on this of Bluebergs Mike Shephard, this is
Speaker 3: basically a voluntary AI Code of Practice to accompany the
Speaker 3: AI Act.
Speaker 2: What is the US dislike here.
Speaker 10: Well, the US dislikes the idea that it could be
Speaker 10: compelling companies to have to comport.
Speaker 8: With rules that they see as.
Speaker 10: Restrictive and potentially restricting innovation and stifling innovation. And this
Speaker 10: is a refrain that we've been hearing from the Trump
Speaker 10: administer really since they took office, and they're targeting this
Speaker 10: even though it's a voluntary code of conduct, it's designed
Speaker 10: to serve as a set of guidelines for obeying the
Speaker 10: Block's AI Act, and under that law, companies that violate
Speaker 10: it run the risk of some pretty hefty fines, and
Speaker 10: that would be up to seven percent of a company's
Speaker 10: annual sales, and if you look at Google's results from yesterday,
Speaker 10: that could be upwards of five billion dollars. But there's
Speaker 10: more at stake here than just the money here, Caro,
Speaker 10: it's also just this idea of regulation, and it's a
Speaker 10: question that we've heard the administration articulate time and again,
Speaker 10: especially with relation to the EU.
Speaker 4: Here, Caro, I think a lot like about the administration's
Speaker 4: approach to the Block. This is just one example, right
Speaker 4: of this administration's attitude towards the European Union, particularly in
Speaker 4: the context of tech.
Speaker 10: Absolutely, and they are taking aim at a series of measures.
Speaker 8: One on the whole question.
Speaker 10: They have questioned the Digital Markets Act, seeing it as
Speaker 10: a restriction on free trade. They are also complaining about
Speaker 10: content moderation, that the block is much more in favor
Speaker 10: of than here in the United States, and they see
Speaker 10: that as a restriction on free speech. And then when
Speaker 10: it comes to artificial intelligence. Back in February, you'll recall
Speaker 10: that during the Big art AI summit the French President
Speaker 10: Emanuel Macrone hosted in Paris, jd Vance made an address
Speaker 10: there where he drew a line in the sand and
Speaker 10: he cautioned the entire block in other countries as well
Speaker 10: against overregulating AI and targeting American companies in the process.
Speaker 3: Google has spoken out about it, so too has Matta
Speaker 3: bloombergs Mike Shephard.
Speaker 2: We thank you.
Speaker 3: Look turning back to Washington now, where a court continues
Speaker 3: to hear arguments on remedies for Google's search monopoly. One
Speaker 3: beneficiary of a breakup, well potentially, it's such rivals such
Speaker 3: as dot dot Go. We're joined now by Camail Buzbas,
Speaker 3: Doc dot Go is senior vice president of.
Speaker 2: Public Affairs, how has this remedial discussion been going from
Speaker 2: your perspective? Have you been heard?
Speaker 8: Yeah?
Speaker 11: So, our CEO just wrapped up almost six hours of
Speaker 11: testimony yesterday in the trial.
Speaker 8: And it's our.
Speaker 11: Belief that over the last fifteen years since both the
Speaker 11: case was filed and the time that the case addresses,
Speaker 11: Google's illegally monopolize the search market, and so throughout that time,
Speaker 11: we've never had a fair playing field to compete, and
Speaker 11: the remedies in this case can change that.
Speaker 3: Well, the remedies, alphabet would argue, go too far spinning
Speaker 3: off chrome, for example, We'll get to a price point
Speaker 3: for chrome in a moment.
Speaker 2: I know EDS need to talk about that.
Speaker 3: But there's other ones in terms of whether it's selling
Speaker 3: off chrome, whether it's sharing data realistically, what would you
Speaker 3: like to be done that makes it more of a
Speaker 3: leven a level playing field.
Speaker 5: Yeah, Well, here's the thing.
Speaker 11: Each of the remedies that have been proposed by the
Speaker 11: government are necessary but not sufficient on their own. We're
Speaker 11: talking about undoing more than fifteen years of illegal monopoly
Speaker 11: monit of so you think it doesn't go far enough.
Speaker 11: I think that everything in there deserves to be there
Speaker 11: and has a very targeted purpose and specifically addresses what
Speaker 11: the judge put in his ruling. There's both a distribution
Speaker 11: advantage and a scale advantage. So you need access to
Speaker 11: users right right now, most users don't actually pick Google.
Speaker 11: That decision is made for them by the fact that
Speaker 11: they're the near default, the near exclusive default everywhere people
Speaker 11: access search engines. When you have that advantage, it means
Speaker 11: you have a scale advantage. And you heard multiple CEOs
Speaker 11: from different companies over this week talk about that scale
Speaker 11: advantage and how that makes getting quality search results difficult.
Speaker 11: Even open ai was saying that it's an eighty twenty thing.
Speaker 11: They can do eighty percent, but then when it comes
Speaker 11: to the twenty percent of what's called long tail queries,
Speaker 11: these are specific queries that aren't done a lot. Even
Speaker 11: they're struggling with it. And this is and Google still
Speaker 11: has the best index.
Speaker 5: Cameo, I do want to talk to you about queries.
Speaker 4: I think we've talked about this in the past, But
Speaker 4: what came out of the process is that Chrome is
Speaker 4: a hot commodity. Right your boss assigned a fifty billion
Speaker 4: dollar value, but we hear from Yahoo and open ai
Speaker 4: that they're interested in it. What I'd appreciate you spelling
Speaker 4: out for the audience is what would your business actually
Speaker 4: get in purchasing or there being a change in the
Speaker 4: ownership of Chrome, particularly in light of that Chromium the
Speaker 4: underlying source base or source code is open source anyway.
Speaker 11: So if you are a big tech company and you
Speaker 11: are trying to make money, which is of course the goal,
Speaker 11: and you have advertising, the fact that the most popular
Speaker 11: browser in the entire world would be up for sale
Speaker 11: is in enormous value.
Speaker 5: I mean, if you think about the kids that's going.
Speaker 11: On just downstairs from the a search case, the metacase
Speaker 11: meant about WhatsApp for nineteen million dollars, sorry, at nineteen
Speaker 11: billion dollars, the worth of Chrome is at least double that.
Speaker 11: You can imagine any big tech company that has an
Speaker 11: ad service would put ads on a Chrome that they own,
Speaker 11: and that could create endless monetization opportunities for them.
Speaker 4: I believe that you would like to have access to
Speaker 4: Google's click and query data.
Speaker 5: What is the benefit of that to you? Please?
Speaker 11: Yeah, So the benefit there is, you know, Google has
Speaker 11: a massive scale advantage now when compared to other search engines,
Speaker 11: and that scale advantage means they see much more clicks
Speaker 11: and queries than other search engines, which means that they
Speaker 11: can improve the quality of their search engines faster and
Speaker 11: just overall have a better quality than others. Can you
Speaker 11: know our CEO talked about yesterday, right, Let's say you
Speaker 11: look something up on duck duto. You're trying to go
Speaker 11: to a pharmacy or a restaurant, and you might see
Speaker 11: that the hours aren't correct, but they are on Google.
Speaker 11: And oftentimes that's because of that kind of clicking query data.
Speaker 11: More people are clicking on the correct hours and thus
Speaker 11: giving Google the information that this is what you should
Speaker 11: be displaying to users. And you know, you don't want
Speaker 11: someone switching to duc dout go and having them try
Speaker 11: a few things out and end up rage quitting at
Speaker 11: the end of it. And so by sharing this data,
Speaker 11: you can level the quality playing field while also making
Speaker 11: improvements to it. Because as I think people have seen,
Speaker 11: you know, Google has said, you know, whether it's I
Speaker 11: overviews or telling people to eat rocks and put glue
Speaker 11: on pizza, you know, there's a lot of opportunity for
Speaker 11: better integrations and better services. And so this is not
Speaker 11: at all a copy and paste. This is asking for
Speaker 11: a level of playing field on which to compete.
Speaker 3: You feel that Google should be forced to give you
Speaker 3: that data.
Speaker 11: I think that is how you can level the playing
Speaker 11: field for other search engines.
Speaker 2: And it's more just about leveling the playing field.
Speaker 3: Remind us of the benefit to the consumer here, because
Speaker 3: I mean, it's all very well that your business wants
Speaker 3: to do better, but me as a consumer, is really
Speaker 3: rather happy with my experience thus far.
Speaker 11: You know, I think that there's a little bit of
Speaker 11: a Stockholm syndrome happening with Google and that everyone's like, well,
Speaker 11: this is great, I'm enjoying this, but you're also somewhat
Speaker 11: captive to this because you've never been exposed to alternatives.
Speaker 11: I mean, you know, anyone watching here, try and switch
Speaker 11: your search engine right now and see if you can
Speaker 11: finish it. By the time we're done. It is too
Speaker 11: difficult to do it. And that's not an accident, right.
Speaker 11: Google is extremely good at designing products to get users
Speaker 11: or do exactly what they want to do, and in
Speaker 11: this case, what they don't want to do right as well.
Speaker 4: In Google's counter would of course be that Chromium's open
Speaker 4: source and the four penalties or targeted remedies of the
Speaker 4: Dog combined Go Way Beyond and are Way Too Punitive.
Speaker 4: Kamil Barzbars, SVP of Public Affairs with GO, thank you
Speaker 4: for joining us on the story. Now coming up, Apple
Speaker 4: looks to accelerate a manufacturing shift from China to India.
Speaker 5: Will have more. This has been bo technology.
Speaker 3: It is time now for talking tech and first up,
Speaker 3: Meta Well. It's laying off over one hundred people in
Speaker 3: its reality Labs division.
Speaker 2: It's acording to a person familiar with the matter now.
Speaker 3: The cuts will impact staff focused on creating the r
Speaker 3: experiences for Metaquest headsets, along with operations focused employees, as
Speaker 3: as the company looks to streamline work being done across
Speaker 3: two different teams. Plus Apple Well, it's stripping its secret
Speaker 3: robotics unit from the AI organization under John Gianandrea.
Speaker 2: Now it's moving to AG division.
Speaker 3: According to sources, the move is part of a broader
Speaker 3: Apple effort to catch up rivals in the AI space
Speaker 3: and its second major project to be removed from aichief
Speaker 3: in the past month. And Sticking with Apple, the company
Speaker 3: says it plans to build more iPhones to the United States.
Speaker 2: In India, Apple aims.
Speaker 3: To roughly double its annual iPhone output in India to
Speaker 3: all than eighty million units, moving production away from China.
Speaker 3: Mid of course, the US trade war ed coming up.
Speaker 4: Divergences in tech, Intel issues and outlook warning as Google
Speaker 4: posts strong ad sales results, yet both companies face headwinds
Speaker 4: from renewed tariffs and global uncertainty. That's going to be
Speaker 4: our topic of conversation next. Let's get back to a
Speaker 4: recap of where the markets stand. It's been a decent
Speaker 4: five days at the index level, and as that one
Speaker 4: hundred looking strong but kind of losing a bit of
Speaker 4: momentum on the Friday. Now Bitcoin caro ninety five, six
Speaker 4: hundred US dollars per token. If I say this is
Speaker 4: behaving like gold and a haven asset, someone will clip
Speaker 4: it and put it on social media. So I better
Speaker 4: not say that. But that's what the writing on the
Speaker 4: Bloomberg terminal states. And as you just covered, I think
Speaker 4: Apple is really interesting. Google is out the way, and
Speaker 4: when we think about next week, it is Apple that
Speaker 4: I think we really really focus on. It answers or
Speaker 4: hopes we will answer many of the questions around trade
Speaker 4: uncertainty in tariffs. It is down half a percentage point,
Speaker 4: but You've just outlined some of the Bloomberg reporting on
Speaker 4: why that's the case. Stick with us. Much more to
Speaker 4: come than this is Bloomberg Technology.
Speaker 3: Welcome back to Bloomberg Technology. I'm Caroline hid in New.
Speaker 4: York and I met Ludlow in San Francisco. Let's get
Speaker 4: a check again on what the markets look like. Look
Speaker 4: and now's that one hundred. I always go to it
Speaker 4: very tech heavy index. On the basis of five days,
Speaker 4: we're up almost five and a half percent, rebounding from
Speaker 4: the drop of two and a half percent we had
Speaker 4: last week. But Friday we've kind of lost some momentum.
Speaker 4: There is some economic angs about all the headlines from
Speaker 4: President Trump and trade, which we'll get to shortly on
Speaker 4: the show, but also the mixed bag of corporate earning,
Speaker 4: speaking of which, shall we take a look at a
Speaker 4: couple of them. The story I think with Intel is
Speaker 4: pretty clear. On the product side, they still haven't worked
Speaker 4: it out. On the scale side, they haven't worked it
Speaker 4: out cutting OPX, cutting CAPEX, and they will do significant layoffs.
Speaker 4: But we don't have a full sense of the strategy
Speaker 4: from the new CEO. Alphabet up two percent core search business,
Speaker 4: but the eagle. Iide of you, Caro, the eager eide
Speaker 4: well has spotted that profit got a boost from somewhere,
Speaker 4: maybe surprise.
Speaker 3: An unrealized gain for an investment in a private company
Speaker 3: ed to the tune eight billion dollars.
Speaker 2: And you know what that private company is.
Speaker 4: Right, Yeah, it's SpaceX. So Google has been an investor
Speaker 4: in SpaceX Elon Musk's Space company since twenty fifteen. And
Speaker 4: it's an unrealized gain, but sort of eight billion on
Speaker 4: paper boost. That's pretty good going, isn't it. The question is, like,
Speaker 4: you know what happens long term in the few future.
Speaker 4: But I would also note that one of Google's executives
Speaker 4: has a board seat at SpaceX, which is important to note.
Speaker 3: Well, when you taken a billion dollar chunk years ago
Speaker 3: alongside Fidelity, I can imagine you kind of want to
Speaker 3: board seat at the same time.
Speaker 4: Men, Yeah, exactly. And also the thing is that satellite communication.
Speaker 4: It's slightly analogous, although I think we should track that
Speaker 4: story over time.
Speaker 5: Yeah, right, let's stick with Google.
Speaker 4: Parent company Alphabet did post a first quarter sales beat
Speaker 4: as its search ad business sees strength despite tariff uncertainty.
Speaker 4: Morning Star Tech analysts amed Cahn, writing, while we believe
Speaker 4: investor concerns around a tariff induced digital ad spending slow
Speaker 4: down and antitrust related impact to Alphabet's business are valid,
Speaker 4: we think the sell off in the firm shares has
Speaker 4: been overly punitive, creating an attractive buying opportunity. Armed joins
Speaker 4: us now, and I think the selling you refer to
Speaker 4: is kind of a year to date selling, right as
Speaker 4: opposed to to what we're seeing happen in the session.
Speaker 4: Your main point from the print we got last night
Speaker 4: about the search business.
Speaker 12: First of all, thank you so much for having me ed.
Speaker 12: We really like to report. I mean, you know, the
Speaker 12: search business clearly is showing resilience. There's been a lot
Speaker 12: of you know, sort of investor concerns about search disruption
Speaker 12: happening at the hands of like, you know, these generative
Speaker 12: AI chatbots such as CHATGPT your perplexity, but if you
Speaker 12: actually look at the number of queries and the number
Speaker 12: of monetizable or commercial queries that actually increased, So that
Speaker 12: kind of stands in contradiction to this overall narrative that
Speaker 12: that investors have kind of like jumped on about the
Speaker 12: death of Google Search, which we do not agree with one.
Speaker 3: And a half billion monthly users I think is what
Speaker 3: we heard from the CEO coming for search and actually
Speaker 3: like a billion podcast listeners on YouTube. Just this strength
Speaker 3: and the bases of this business is significant, But that
Speaker 3: is why it's trying to be broken up. Just are
Speaker 3: you factoring in, in any near term sense an impact
Speaker 3: on a sale of Chrome or an ability to have
Speaker 3: to share the data?
Speaker 12: Well, first of all, when we're thinking about anti trust,
Speaker 12: it's important to separate the near term and the sort
Speaker 12: of medium to long term. In the near term, you
Speaker 12: have some headline risks, but there's actually like very little
Speaker 12: actual business risks because Google is going to appeal where
Speaker 12: Alphabet is going to appeal the decision that Justice Metha
Speaker 12: sort of puts out in the summer of this year,
Speaker 12: and that appeals process may take some time.
Speaker 8: Now.
Speaker 12: As long term investors, though, that still is a valid concern.
Speaker 5: The way we think.
Speaker 12: About it is that there's a sort of range of
Speaker 12: antitrust outcomes, and we think some of the more uh uh,
Speaker 12: you know, value destructive remedies, such as the divester of
Speaker 12: Chrome or potential divester of Android, we do not think
Speaker 12: is likely. We think more sort of behavioral remedies such
Speaker 12: as like the the end of exclusive revenue sharing agreements
Speaker 12: or even certain certain other sort of like you know,
Speaker 12: uh changes that that that alphabet would have to make
Speaker 12: with their deals with these OEMs end browsers would probably
Speaker 12: you know, be the forefront of the eventual remedy.
Speaker 5: Then that's where we're marbling in.
Speaker 3: I'm i con it's great to have your analysis, morning star.
Speaker 3: We thank you. Now, look if there's another name we're
Speaker 3: watching today, and it's Intel. Shares down significantly after the
Speaker 3: company issued a pretty bleak second quarter forecasts.
Speaker 2: In an interview with you Ed. In fact, the Intel.
Speaker 3: CFO said the first quarter saw upside from tariff, saying
Speaker 3: it probably pulled some demand and softened up the second
Speaker 3: quarter for more. We welcome David O'Connor, a BMP parabat
Speaker 3: Exan joining us. Now you've got around to perform and
Speaker 3: a nineteen dollar price target, and there we are, nineteen
Speaker 3: dollars ninety. We've erased all of this year's games on
Speaker 3: the stock and rightly so from your perspective, you just
Speaker 3: didn't get enough from the new CEO of how they're
Speaker 3: going to rectify the business.
Speaker 8: Yeah.
Speaker 13: Thanks, for having me Karlyne.
Speaker 8: Yeah.
Speaker 13: Absolutely, you know we're underperform the stock. The stock today
Speaker 13: the moves reflecting the tariff concerned. Also, investors didn't like
Speaker 13: the message on their is structuring. I think the well,
Speaker 13: we thought it was a kind of a positive message
Speaker 13: from Lipoo and what needs to be done to restructure business.
Speaker 13: The overall the overriding takeaway I think from investors it's
Speaker 13: going to.
Speaker 5: Take a long time. David.
Speaker 4: On the one hand, people will say, Okay, we give
Speaker 4: Lipboo the benefit of the doubt, he's only been in
Speaker 4: post a few weeks. On the other hand, some say
Speaker 4: cutting is not a strategy for growth or to fix
Speaker 4: the product's issue. How much time are you willing to
Speaker 4: give lipbou Tan and David's intner the benefit of the
Speaker 4: doubt on both those things?
Speaker 13: Yeah, good question ed. I think there's a lot of
Speaker 13: goodwill in the industry for Lipoo, and you know, he
Speaker 13: keeps reiterating this will take time. The issues that they're
Speaker 13: facing are not a quick fix. They're not really on
Speaker 13: the kind of strategy side of things. It's more about
Speaker 13: execution and that is where kind of they've fallen down
Speaker 13: in the past. Intel and you know, Lipoo has acknowledged that,
Speaker 13: and he's taking quite decisive action now. You know, he's
Speaker 13: talked about changing the culture at Intel, which we haven't
Speaker 13: heard before, stripping back all that added layers of bureaucracy,
Speaker 13: going back to a focus on products and engineering driven.
Speaker 13: Now all this needs to be done, but again it's
Speaker 13: to take multiple years in our view to get there.
Speaker 13: In the short term, ed I would say, the first
Speaker 13: thing they really need to do is to stabilize the
Speaker 13: market share. Stabilize the mark share and PCs servers. This
Speaker 13: has been the core problem for Intel where they've lost
Speaker 13: share to AMD and to ARM as well.
Speaker 4: David O'Connor, p and p Powi bag Zan, thank you
Speaker 4: very much. Now coming up, Reed Hoffman from Graylock Partners
Speaker 4: joins us to talk about his latest AI startup aiming
Speaker 4: to cure cancer. The broader AI and political landscape much
Speaker 4: to discuss that is next. This is Bloomberg Technology, a
Speaker 4: top technology story today. The Trump Administration's putting pressure on
Speaker 4: Europe to ditch stretcher standards AI developers. The EU says
Speaker 4: this voluntary framework is intended to help tech companies comply
Speaker 4: with the blocks New AI Act. The US says it's
Speaker 4: another example of overreach that unfairly targets American companies. Joining
Speaker 4: us to discuss that story his own work in the
Speaker 4: field of AI investing and global trade wars.
Speaker 5: Read Hoffman.
Speaker 4: Read is a partner of bench firm Greylock, co founder
Speaker 4: of LinkedIn, Inflection AI and now Mannus AI, and joins
Speaker 4: us here in San Francisco. Welcome to the program, Read,
Speaker 4: and thank you for coming back. You know you have
Speaker 4: experience of working across jurisdictions. This administration's approach to Europe's
Speaker 4: AI industry and that specific piece of news on the
Speaker 4: AI Act, how do you interpret it?
Speaker 14: Well, broadly, I do think the European Union tries to
Speaker 14: need to regulatory against future development of technology versus asting
Speaker 14: to actual things.
Speaker 5: You agree on the overreaching, I agree on the.
Speaker 14: General overreach part, and I think that the it's actually
Speaker 14: bad for Europe.
Speaker 8: It's not just a question of like different philosophies.
Speaker 14: I think I already know of US tech companies that
Speaker 14: are deploying outdated or older models because you go through
Speaker 14: the certification process and they go, fine, we'll just leave
Speaker 14: that and as we do the next year at development,
Speaker 14: you get development.
Speaker 8: So fast that like much less good for consumers, much
Speaker 8: less good for industry.
Speaker 14: There Now this specific one is it's actually more the
Speaker 14: questions about the regulations in the Act, the actual playbook,
Speaker 14: as I understand it, is to say, here's yourself safe
Speaker 14: harbor boundaries, which is actually in fact a good thing
Speaker 14: to do generally in regulation, which you're like, if you
Speaker 14: drive within these lines, there's not unspecified liabilities and stability
Speaker 14: is actually in fact a.
Speaker 8: Good thing for the development of business.
Speaker 14: I mean, that's part of the problem with all the
Speaker 14: craziness around the tariffs.
Speaker 8: Stability is important.
Speaker 4: Well, you make the point that the European Union moved
Speaker 4: to codify what they wanted the rules to be. You know,
Speaker 4: I think about the first four months of the administration,
Speaker 4: we've had David sex on the program as the AIS are,
Speaker 4: but they haven't really codified what they believe the rules
Speaker 4: for AI should be in the same way that they
Speaker 4: did with crypto.
Speaker 5: Which would you agree with that?
Speaker 14: Yes, because look, part of what business needs is stability
Speaker 14: to invest in developing it. Even if you disagree with
Speaker 14: the particular regulation, you at least know how to navigate it.
Speaker 14: If you say it's unspecified, it's going to change, it's
Speaker 14: gonna come, it's going to go. That just makes everything retrench.
Speaker 14: So it's good to have that kind of thing. Now
Speaker 14: that being said, you know, with Superagency, and you know
Speaker 14: the book I just published recently on all it's actually,
Speaker 14: in fact, we're going to have so many better features
Speaker 14: for both great things like medical assistance but also safety
Speaker 14: features in the future that we shouldn't be trying to
Speaker 14: impede that through regulatory slowness.
Speaker 8: So that part of it I agree with.
Speaker 14: But you also want the stability and clarity and the
Speaker 14: rule book, as I understand it is an effort in
Speaker 14: that direction.
Speaker 3: Without that stability here in the US, you're investing. Nonetheless,
Speaker 3: you're creating mannus Ai, which is about really important work
Speaker 3: discovering drug discovery, particularly against aggressive cancer.
Speaker 2: Why do you have that commitment to do this in
Speaker 2: this environment?
Speaker 14: Read Well, generally speaking, I'm always an optimist, and so
Speaker 14: I'm always building the future, you know, kind of no
Speaker 14: matter what, because that's how we create good futures is
Speaker 14: by saying this could be great. Now with manis trying
Speaker 14: to cure cancer. This is a multi year effort, like
Speaker 14: most of my investments are like ten year efforts.
Speaker 8: Or you obviously hope.
Speaker 14: To get you know, kind of return like kind of results,
Speaker 14: you know, one year, two years, three years, but you're
Speaker 14: you're you're.
Speaker 8: Playing it out in the future.
Speaker 14: So the fact that there is kind of regulatory uncertainty
Speaker 14: around AI in the US right now, doesn't you know
Speaker 14: kind of you know, doesn't slow down my startup efforts.
Speaker 4: Can I just jump in and counter with something manus
Speaker 4: AI long term ten year project with Inflection AI? And
Speaker 4: I note your position on Microsoft's board that you turned
Speaker 4: that around quite quickly, and then you know that we
Speaker 4: call it an acqua higher in that context, is there
Speaker 4: opportunity for you to do that with MANSAI with a
Speaker 4: Biggert B stool?
Speaker 5: Is that an unfair question?
Speaker 8: Well, it's not.
Speaker 14: Look part of when you're a smart entrepreneur and you're
Speaker 14: a smart investor, you're always thinking how do I transform
Speaker 14: an industry? But also what are pivots or changes you
Speaker 14: might make along the way as kind of plans B
Speaker 14: And the decision with Inflection, which I think was a
Speaker 14: solid decision, is the consumer agent where you have to
Speaker 14: spend billions of dollars building a model before you actually
Speaker 14: understand the revenue model. Actually in fact is harder for
Speaker 14: startups to do yes if you're doing it. So it's like, okay,
Speaker 14: let's change to a B to B model. It's still
Speaker 14: going They got a whole bunch of different B to
Speaker 14: B clients and let's do that. But the consumer thing
Speaker 14: will actually have to be done by other players. And
Speaker 14: so obviously if we made a similar decision with Manus,
Speaker 14: which we're nowhere close to, then of course we have
Speaker 14: various plans B in terms of how we operate, but
Speaker 14: the goal is always to change in industry.
Speaker 3: Thank you and prosper and prosper with AI. And that's
Speaker 3: where your book Superagency really comes in and you talk
Speaker 3: about this cognitive industrial revolution that we're going through that
Speaker 3: is going to have short term pain. I go brought
Speaker 3: a picture here and just think about the short term
Speaker 3: trade anxiety. How much is that playing into the fact
Speaker 3: that the bogeyman we like to make of China in
Speaker 3: the US, well, it's China getting ahead in terms of
Speaker 3: it's cognitive industrial revolution because of the instability we're creating
Speaker 3: here in the US.
Speaker 14: I do think that one of the things that the
Speaker 14: that the tariff, you know, kind of Chernobyl kind of
Speaker 14: catastrophe is actually in fact aiding China across its entire industry.
Speaker 14: Like for example, you know, Europe says, well, if China
Speaker 14: is a more stable trading partner, you know, for not
Speaker 14: just manufacturing, but technology and all the rest, and we
Speaker 14: can rely upon them better, that creates better global markets
Speaker 14: for China and worse for the US. And so I
Speaker 14: think that part of being smart about you know, kind
Speaker 14: of what we're trying to do is we want trading
Speaker 14: partners and trading allies for our own you know, kind
Speaker 14: of industries and our own prosperity and jobs for American citizens.
Speaker 14: And so I think that is creating It's very funny
Speaker 14: because the rhetoric, of course is very competition with China, but.
Speaker 8: The actions in terms of.
Speaker 14: You know, kind of attacking our allies and friends and
Speaker 14: partners is anti our efforts.
Speaker 3: What's interesting as well is whether some of the real
Speaker 3: winners that come out of China come over here to
Speaker 3: the US. Now, the latest news is actually an American investor,
Speaker 3: Benchmark Capital, are putting money into not related to yours,
Speaker 3: man us Ai, which is owned by another company which
Speaker 3: is an actually consumer agent. They're just putting in money
Speaker 3: because they want to expand that Chinese offering here in
Speaker 3: the US and abroad.
Speaker 2: How do you feel about.
Speaker 3: Some of the wins that China is getting on the
Speaker 3: consumer agent side and whether US should be investing in it.
Speaker 14: Well, I'm actually I actually think coopetition is the right
Speaker 14: way to approach things like China. As you say, co authoathetition. Yes,
Speaker 14: so you're both competing, but you're also cooperating. I think
Speaker 14: that creates better prosperity and better kind of peace and
Speaker 14: all the rest through the world. And so I'm actually
Speaker 14: positive on kind of US investors investing in in kind
Speaker 14: of general markets and all the rest. But obviously part
Speaker 14: of what we want is we want like level playing fields.
Speaker 14: We want you know, kind of equal access. Like I
Speaker 14: actually think that the general discourse with China to say,
Speaker 14: look at you, you restrict all of our technology industry
Speaker 14: from playing in your field. So we're going to put
Speaker 14: restrictions on you here. But I think the investment and
Speaker 14: the ties are actually still good. Now that being said,
Speaker 14: I think man use is actually not per se.
Speaker 8: Leading in the agent space. I actually see.
Speaker 14: A bunch of other you know, players, not just open
Speaker 14: aianthropic Microsoft, Google. But I think there's a bunch of
Speaker 14: folks who are doing very strong things, and there's nothing
Speaker 14: that we've seen from them yet that suggests that they
Speaker 14: are as yet, you know, caught up to some of
Speaker 14: the things that are being built within American companies.
Speaker 4: You left open AI as a director in twenty twenty three.
Speaker 4: I think I'm right in saying, but we've had you
Speaker 4: on the program before to talk about it. It is
Speaker 4: the leader in the field, shall we say, of frontier
Speaker 4: models and now business and consumer facing applications of that model.
Speaker 4: I have to ask you what you think the future
Speaker 4: of open ai is in terms of instructure.
Speaker 5: You're close with Sam.
Speaker 4: And you speak with Sam, and you must keep a
Speaker 4: very firm eye on that company.
Speaker 14: Well, yes, but in part because they're still doing their mission,
Speaker 14: which is how do we make AI for the benefit
Speaker 14: of humanity.
Speaker 8: The reason why they're shifting the structure is to realize
Speaker 8: that mission.
Speaker 14: It's going from to a public benefit corp, which allows
Speaker 14: the board of directors to make decisions for its missions
Speaker 14: separate from the profit line, and that's actually, in fact
Speaker 14: the way it gets the capital. Continue to do that now,
Speaker 14: I think open AI continues to If people haven't played
Speaker 14: with their recent kind of chain of thought models with
Speaker 14: deep research. I mean, I try to do a deep
Speaker 14: research every day because I think that that gives you
Speaker 14: the lens to the amplification we're going to get with
Speaker 14: these products as workers in the future.
Speaker 4: I've been using for every day. I also communicate more
Speaker 4: with voice mode. It's a psychological thing that is a consumer.
Speaker 4: You kind of have to get over this environment. More broadly,
Speaker 4: a lot of capital is being deployed. Again, I note
Speaker 4: that you're a board member of Microsoft, but the infrastructure
Speaker 4: question is still very big. How far ahead do you
Speaker 4: see the commitment to capital expenditures on the infrastructure side,
Speaker 4: And is there anything about the willingness to deploy capital
Speaker 4: that worries you?
Speaker 14: Read fundamentally, No, it doesn't mean that we might go, well, look,
Speaker 14: the most optimum use of capital might have been a
Speaker 14: slower ramp. But when you do the kind of the
Speaker 14: two by two matrix and you say we don't do
Speaker 14: the investment and then we fall really behind and building
Speaker 14: the new franchises, or we do do the investment and
Speaker 14: it's a little early and aggressive. The two by two
Speaker 14: matrix is by far goes out to strategically to go
Speaker 14: aggressive on it. Because the fact that AI is going
Speaker 14: to redefine industries, that's not in doubt.
Speaker 8: The only real question is what year is it?
Speaker 14: This year, next year, the year after, and so going
Speaker 14: aggressive is the right strategic model for both startup companies
Speaker 14: but also of course are large tech giants.
Speaker 3: Can you remain bold in this environment? Read when, as
Speaker 3: you say, the land is changing. We're trying to get
Speaker 3: any sort of guidance from companies in this earning season.
Speaker 3: How disruptive is this moment? How much you seeing a
Speaker 3: freezing of business as we know it?
Speaker 14: So so far, what I've seen in every major AI
Speaker 14: company has been a commitment to go as bold as
Speaker 14: they possibly can. And I think that's actually a good
Speaker 14: thing because it's partially again what I was saying is
Speaker 14: like if you go well, it's going to work in
Speaker 14: the next three years, it's not going to work in
Speaker 14: the next three years for generating business returns, et cetera.
Speaker 8: And going heavy in investment.
Speaker 14: The chance of getting caught like basically well behind off
Speaker 14: sides is much worse outcome than Hey, if I made
Speaker 14: a mistake and I invested a little bit too much
Speaker 14: in infrastructure in Capex. You know, twenty twenty five, twenty
Speaker 14: twenty six. We know that adding intelligence to everything, like,
Speaker 14: for example, one of the interesting questions for a program
Speaker 14: like this will be when is it and this is
Speaker 14: a small in number of years that we will have
Speaker 14: an AI agent along with us in doing this program
Speaker 14: saying hey, let's ask this question, or here's a fact
Speaker 14: that's really relevant or so, and the answer to that
Speaker 14: is small and years two four.
Speaker 2: I'm using one now read don't you worry, I'm using
Speaker 2: one now exactly exactly well read boldness.
Speaker 3: You've been bold in continuing your political giving this year
Speaker 3: as well, I think in the Wisconsin race, which was
Speaker 3: more about judges. But I'm interested as to what you're
Speaker 3: still feeling in terms of your political agenda here and
Speaker 3: how much you have felt any impact of the money
Speaker 3: you've given to ultimately the losing side of what kinrent
Speaker 3: of administration is.
Speaker 14: Look, I'm still most fundamentally a kind of an American,
Speaker 14: a kind of how we build prosperity here, and everything
Speaker 14: I do is in that is in that vector. And
Speaker 14: that's part of the reason why. Like, for example, when
Speaker 14: you know President Trump was inaugurated, I was not saying
Speaker 14: very many things because I wanted to be as many
Speaker 14: good things to.
Speaker 8: Come out of that as possible. I think that's what
Speaker 8: we all want.
Speaker 14: And and look, I'm still hopeful for kind of changing
Speaker 14: you know, kind of energy regulation and getting advantages from that.
Speaker 14: I'm still hopeful for, you know, can we apply you know,
Speaker 14: kind of software to make government much more effective in services.
Speaker 14: I'd rather see that than illegal degportations. I'd rather see
Speaker 14: that than trade wars that are damaging to you know,
Speaker 14: like everyday American citizens.
Speaker 8: That That's what I'm still hopeful for.
Speaker 14: And so I'm still investing in that in that arena,
Speaker 14: And that's.
Speaker 5: Very much nine.
Speaker 4: We've what DOGE purports to want to achieve. Right, could
Speaker 4: you just give your views on DOGE and the work
Speaker 4: of efficiency but also deploying technology to modernized government.
Speaker 14: Well, so if what you did is said, hey, well,
Speaker 14: we're first going to do is build data analytics and
Speaker 14: understand everything and do things where we then we refactoring
Speaker 14: that in, that might have led to a very good
Speaker 14: process at the beginning. But kind of going in and
Speaker 14: saying hey, we're first going to just shut off all
Speaker 14: payments and break everything like that's like a disastrous.
Speaker 8: Way to do these kinds of things.
Speaker 14: So I think there are doing a bunch of less
Speaker 14: reported good work on like you know, trying to make
Speaker 14: HR records you know, kind of more you know, digitalized
Speaker 14: and a process all that in a much more time
Speaker 14: and economically efficient way.
Speaker 8: I think that's great. But on the other.
Speaker 14: Hand, I think that they you know, like all the
Speaker 14: cases that are reported, like you know, everything from like
Speaker 14: a catastrophic mis handling of the university system, like not
Speaker 14: understandingly when you shift the overhead costs, you're basically saying
Speaker 14: we're not funding any of the science labs anymore. Science labs,
Speaker 14: like like science is one of the ways that we've
Speaker 14: gotten our American technology advantage. It's like literally like say, hey,
Speaker 14: let's let's put you know, concrete overshoes on both legs
Speaker 14: and run a marathon.
Speaker 8: It's like, no, no, don't do that.
Speaker 14: And so being smarter about like I don't mean gradual,
Speaker 14: but iterative like understand first, then act as opposed to
Speaker 14: just like you know, like like blow it up and
Speaker 14: then figure out like, oh is there anything good here?
Speaker 3: Talking of HR and changes, I mean the tool that
Speaker 3: you built within human resources LinkedIn is changing at such
Speaker 3: a rapid pace right now read and I feel social
Speaker 3: media is more broadly, just briefly, how do you like
Speaker 3: the look of LinkedIn right now as we all swarm
Speaker 3: it with our videos and our narratives and our high fives?
Speaker 14: Well, thank you for swarming it with videos and sor
Speaker 14: I mean, I obviously you know, have a have a
Speaker 14: sense of pride and happiness with LinkedIn or time, and
Speaker 14: we've stayed, I think, very true to our focus, which
Speaker 14: is how do we help people with.
Speaker 8: Their economic lives? How do we help people's jobs?
Speaker 14: How do we help people, you know, make deals, understand
Speaker 14: the business world, all the rest of that stuff. And
Speaker 14: so I think like that mission has stayed true. There's
Speaker 14: always more work. Like when you ask a product tech
Speaker 14: founder and you say, what do you think, it's.
Speaker 8: Like, oh, there's a lot more to do. I still
Speaker 8: want to see a lot more.
Speaker 14: And I think, you know, the LinkedIn team is doing
Speaker 14: a great job, especially.
Speaker 5: The first time.
Speaker 4: I think over the years we've got to ask you
Speaker 4: about LinkedIn, And the point Carrie's point is we recognize
Speaker 4: growth there. Gray Lock partner LinkedIn founder Reid Hoffman, thank
Speaker 4: you for the extended conversation here on Bloomberg Technology.
Speaker 3: Carroc What a conversation, What a way to wrap an
Speaker 3: extraordinary week. That does it from this edition of BlueBag Technology,
Speaker 3: so much to check in on their end.
Speaker 4: Yeah, this is what markets look like at the end
Speaker 4: of the week. It is again on the week then
Speaker 4: as that one hundred a bit more muted by the way,
Speaker 4: Tesla pushing higher. They were hearing a lot more from
Speaker 4: the federal government on regulation and going back to Intel,
Speaker 4: you know the conversation we have with the CFO. It's
Speaker 4: very much a streamlining of this company for now. The
Speaker 4: tech and product refocus. I think that's going to come
Speaker 4: later from New York City and San Francisco. This is
Speaker 4: Bloombo Technology.