1 00:00:02,720 --> 00:00:10,600 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,600 --> 00:00:14,600 Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am 3 00:00:14,640 --> 00:00:18,560 Speaker 1: Eastern on Applecarplay and Android Auto with the Bloomberg Business App. 4 00:00:18,640 --> 00:00:21,920 Speaker 1: Listen on demand wherever you get your podcasts, or watch 5 00:00:21,960 --> 00:00:23,120 Speaker 1: us live on YouTube. 6 00:00:24,000 --> 00:00:25,599 Speaker 2: All Right, I have to be honest with you. I'm 7 00:00:25,720 --> 00:00:27,720 Speaker 2: having a hard time keeping up with this whole China 8 00:00:28,320 --> 00:00:33,160 Speaker 2: in video AMDB, the fifteen percent tariffs? Can the chips? 9 00:00:33,280 --> 00:00:35,159 Speaker 2: Are they welcome in China? Are they not? Can they 10 00:00:35,159 --> 00:00:37,720 Speaker 2: sell them in China? Let's go to Ed Lolo. He's 11 00:00:37,760 --> 00:00:39,960 Speaker 2: on top of this stuff. Ed loves the Bloomberg Technology 12 00:00:40,000 --> 00:00:43,800 Speaker 2: co host. He's over in London right now. Hey, Ed, 13 00:00:43,800 --> 00:00:45,040 Speaker 2: what's the latest here in China? 14 00:00:45,240 --> 00:00:45,360 Speaker 1: Is? 15 00:00:45,760 --> 00:00:48,440 Speaker 2: I guess they're urging firms not to use in video's 16 00:00:48,560 --> 00:00:51,080 Speaker 2: H twenty chip. I thought things were kind of thawing 17 00:00:51,080 --> 00:00:51,560 Speaker 2: out there. 18 00:00:51,920 --> 00:00:54,400 Speaker 3: Yeah, this is fast moving. This is, you know, the 19 00:00:54,440 --> 00:00:57,240 Speaker 3: only appropriate time of the phrase market whip saw that 20 00:00:57,280 --> 00:01:00,240 Speaker 3: I've been able to use to date in this contact. 21 00:01:00,400 --> 00:01:05,760 Speaker 3: The Information has reported that China's Internet regulator has ordered 22 00:01:06,200 --> 00:01:11,399 Speaker 3: firm ordered specific technology companies Ali Barber, Tencent among them, 23 00:01:11,520 --> 00:01:15,640 Speaker 3: to stop placing orders of in Nvidia's H twenty. The 24 00:01:15,800 --> 00:01:18,760 Speaker 3: H twenty is the China specific chip that had had 25 00:01:18,840 --> 00:01:22,680 Speaker 3: performance engineered out of it that was subject to export control. 26 00:01:22,959 --> 00:01:27,040 Speaker 3: What we knew, by the way as of Monday morning 27 00:01:27,560 --> 00:01:30,840 Speaker 3: was that Nvidia had not in any recent months shipped 28 00:01:30,880 --> 00:01:34,520 Speaker 3: any H twenties to China anyway. But the problem with 29 00:01:34,560 --> 00:01:36,720 Speaker 3: this latest report, which has been in the last hour 30 00:01:36,840 --> 00:01:40,600 Speaker 3: or so, is that it's a much more extreme move 31 00:01:40,720 --> 00:01:43,760 Speaker 3: by China than what Bloomberg had reported overnight, which was 32 00:01:43,800 --> 00:01:49,320 Speaker 3: basically an advisory. Chinese authorities had strongly recommended to various 33 00:01:49,680 --> 00:01:53,600 Speaker 3: Chinese technology companies not to use the H twenty in particular, 34 00:01:53,800 --> 00:01:57,320 Speaker 3: as well as one chip from AMD. The market's reacting, 35 00:01:57,400 --> 00:01:58,520 Speaker 3: that's all that matters. 36 00:01:58,280 --> 00:02:01,920 Speaker 4: Right, So you're seeing shores of Nvidia down a touch, 37 00:02:01,960 --> 00:02:04,760 Speaker 4: about eight tens of a percent here. Can you just 38 00:02:04,800 --> 00:02:07,480 Speaker 4: speak a bit more about what are the implications here 39 00:02:07,560 --> 00:02:09,080 Speaker 4: for in Nvidia in particular. 40 00:02:10,160 --> 00:02:13,040 Speaker 3: Yeah, so the state of play is really important to understand. 41 00:02:13,320 --> 00:02:16,959 Speaker 3: In Vidia's H twenty chip is not the best chip 42 00:02:17,040 --> 00:02:20,960 Speaker 3: that a Chinese technology company can buy. Huawei, which is 43 00:02:21,280 --> 00:02:26,000 Speaker 3: essentially China's domestic champion, has actually several generations of chip 44 00:02:26,320 --> 00:02:29,480 Speaker 3: that have better performance and power not just more than 45 00:02:29,480 --> 00:02:32,480 Speaker 3: the Age twenty, but of in Nvidia's H two hundred chip, 46 00:02:32,639 --> 00:02:35,760 Speaker 3: which until very recently was the sort of cutting ed 47 00:02:36,160 --> 00:02:39,839 Speaker 3: generation accelerator that many American companies used. They've since moved 48 00:02:39,880 --> 00:02:42,399 Speaker 3: on to a later generation called Blackwell that's not available 49 00:02:42,400 --> 00:02:47,160 Speaker 3: in China. The President, as you know, confirmed yesterday about 50 00:02:47,160 --> 00:02:49,960 Speaker 3: twenty four hours ago, that he had cut a deal 51 00:02:50,000 --> 00:02:53,680 Speaker 3: and ad hoc arrangement, a quid pro quo with both 52 00:02:53,800 --> 00:02:57,520 Speaker 3: Nvidia and AMD where he would allow them to export 53 00:02:57,639 --> 00:03:01,880 Speaker 3: these China specific chips with lower power performance in exchange 54 00:03:01,919 --> 00:03:05,240 Speaker 3: for fifteen percent of the revenues gained from that market 55 00:03:05,400 --> 00:03:09,560 Speaker 3: for Chinese AI accelerators. The problem is, like, what are 56 00:03:09,560 --> 00:03:12,639 Speaker 3: we interpreting this as. Is China responding in this way 57 00:03:12,720 --> 00:03:16,480 Speaker 3: because it's a tactic in the broader negotiations between the 58 00:03:16,560 --> 00:03:19,200 Speaker 3: United States and China of trade overall, that is what 59 00:03:19,200 --> 00:03:22,480 Speaker 3: the analyst community thinks. Or is China protecting its own 60 00:03:22,520 --> 00:03:26,519 Speaker 3: domestic industry for AI accelerators making sure that Chinese tech 61 00:03:26,520 --> 00:03:29,680 Speaker 3: companies buy a Chinese AI chip. Both are possible. The 62 00:03:29,760 --> 00:03:32,880 Speaker 3: main conclusion of cross both is that now Wall Street 63 00:03:32,919 --> 00:03:35,640 Speaker 3: has to reassess how likely it is that in Video 64 00:03:35,680 --> 00:03:38,440 Speaker 3: and AMD do business in that market, at least in 65 00:03:38,480 --> 00:03:39,520 Speaker 3: the near term. 66 00:03:40,280 --> 00:03:42,600 Speaker 2: Ed I guess if I were an analy certain investor, 67 00:03:42,600 --> 00:03:45,000 Speaker 2: I'd be saying, I think I have to factor into 68 00:03:45,000 --> 00:03:47,360 Speaker 2: my model that the intro would be know that I 69 00:03:47,400 --> 00:03:50,280 Speaker 2: can't imagine. Yeah, some of the advanced chips being allowed 70 00:03:50,320 --> 00:03:52,960 Speaker 2: into China just doesn't feel like the political winds are 71 00:03:52,960 --> 00:03:54,000 Speaker 2: blowing that way at this point. 72 00:03:55,000 --> 00:03:58,560 Speaker 3: You know, there are certain sections of Wall Street the 73 00:03:58,600 --> 00:04:02,400 Speaker 3: most bullish analysts in Video's next quarter coming up is 74 00:04:02,400 --> 00:04:05,320 Speaker 3: the fiscal second quarter. Some people saw them doing seven 75 00:04:05,320 --> 00:04:08,760 Speaker 3: billion dollars of sales in China on the basis that, Okay, 76 00:04:08,840 --> 00:04:11,240 Speaker 3: President said, it's cool even if you have to pay 77 00:04:11,280 --> 00:04:13,720 Speaker 3: a fifteen percent so called export tax, and there are 78 00:04:13,800 --> 00:04:17,800 Speaker 3: questions about how constitutional that that rule would be, which 79 00:04:17,800 --> 00:04:20,159 Speaker 3: we can get into shore. It's still better to have 80 00:04:20,240 --> 00:04:22,840 Speaker 3: eighty five percent access to a market than zero. So 81 00:04:22,880 --> 00:04:25,200 Speaker 3: everyone was like, they can do this quickly, like just 82 00:04:25,240 --> 00:04:27,880 Speaker 3: turn the tap back on. I would wager I think 83 00:04:27,920 --> 00:04:30,040 Speaker 3: I said this yesterday anyway, But twenty four hours on, 84 00:04:30,120 --> 00:04:33,839 Speaker 3: given the newsflow, they're probably reassessing their model down and 85 00:04:33,880 --> 00:04:35,719 Speaker 3: down and down closer towards zero. 86 00:04:36,920 --> 00:04:39,400 Speaker 4: And we of course know that China is a major 87 00:04:39,400 --> 00:04:41,160 Speaker 4: player here when we think about in video. But and 88 00:04:41,279 --> 00:04:43,920 Speaker 4: Vida also holds a significant market share in the AI 89 00:04:44,000 --> 00:04:47,200 Speaker 4: chip sector about ninety five percent. So tell us Abit 90 00:04:47,400 --> 00:04:50,080 Speaker 4: how big of a deal this most recent news is 91 00:04:50,120 --> 00:04:52,679 Speaker 4: and how does it kind of change how you look 92 00:04:52,760 --> 00:04:54,960 Speaker 4: ahead of these earnings that we're going to be getting 93 00:04:55,000 --> 00:04:55,440 Speaker 4: coming soon. 94 00:04:55,960 --> 00:04:58,040 Speaker 3: Well, the thing is, and the reason why, you know, 95 00:04:58,520 --> 00:05:01,039 Speaker 3: Paor and I back and forth over over the sellside 96 00:05:01,040 --> 00:05:03,200 Speaker 3: over the last couple of days. As important is there's 97 00:05:03,240 --> 00:05:06,320 Speaker 3: been zero business for nvideo in China, at least since 98 00:05:06,360 --> 00:05:08,960 Speaker 3: the turn of the year. You know, they wrote down 99 00:05:09,040 --> 00:05:12,000 Speaker 3: five billion dollars worth of chips that were specifically made 100 00:05:12,000 --> 00:05:14,600 Speaker 3: for that market, and they haven't sent any of them there. 101 00:05:14,920 --> 00:05:17,200 Speaker 3: Let's say they're just sitting in a warehouse somewhere. They 102 00:05:17,200 --> 00:05:21,640 Speaker 3: probably are. However, when you think about the context of 103 00:05:21,680 --> 00:05:25,320 Speaker 3: AI development, the number of researchers and companies working on models, 104 00:05:25,360 --> 00:05:28,119 Speaker 3: about half of the world's activity is happening in China. 105 00:05:28,440 --> 00:05:31,680 Speaker 3: It was an important end market. Will we return. 106 00:05:31,839 --> 00:05:34,960 Speaker 2: Stay with us More from Bloomberg Intelligence coming up after this. 107 00:05:37,160 --> 00:05:40,840 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us Live 108 00:05:40,920 --> 00:05:44,280 Speaker 1: weekdays at ten am Eastern on Applecarclay and Android Otto 109 00:05:44,440 --> 00:05:47,479 Speaker 1: with the Bloomberg Business app. Listen on demand wherever you 110 00:05:47,520 --> 00:05:50,680 Speaker 1: get your podcasts, or watch us live on YouTube. 111 00:05:51,480 --> 00:05:54,240 Speaker 2: Looking at the cannabis company, Kilray Brands, it's a name 112 00:05:54,279 --> 00:05:56,480 Speaker 2: we've been talking about a little bit this morning. Stacks 113 00:05:56,560 --> 00:06:00,160 Speaker 2: up about nine ten percent here. That's a good news. 114 00:06:00,200 --> 00:06:01,880 Speaker 2: The band news it is down about twenty five percent 115 00:06:02,000 --> 00:06:04,039 Speaker 2: year to date, and I think it's up on part. 116 00:06:04,320 --> 00:06:07,440 Speaker 2: Looking at some of the Bloomberg reporting here, President Trump 117 00:06:07,480 --> 00:06:11,000 Speaker 2: made some comments that maybe he'd be open to reclassifying cannabis, 118 00:06:11,000 --> 00:06:15,279 Speaker 2: maybe as a less restrictive drug their substance. So I 119 00:06:15,320 --> 00:06:17,359 Speaker 2: went to bring in Ken Shay, he covers all this 120 00:06:17,480 --> 00:06:21,240 Speaker 2: stuff for Bloomberg Intelligence. Senior consumer products analysts for Bloomberg Intelligence. 121 00:06:21,520 --> 00:06:23,440 Speaker 2: Ken talk to us about the comments that President Trump 122 00:06:23,520 --> 00:06:26,720 Speaker 2: made as it relates to the cannabis industry and how 123 00:06:26,760 --> 00:06:28,039 Speaker 2: impacko could that be? 124 00:06:29,000 --> 00:06:32,240 Speaker 5: Yeah, Hi, Paul, sure. So what I understand is President 125 00:06:32,240 --> 00:06:35,680 Speaker 5: Trump over the weekend made some comments with regard to 126 00:06:36,160 --> 00:06:38,880 Speaker 5: a marijuana rescheduling in the US, a topic that's been 127 00:06:39,040 --> 00:06:42,920 Speaker 5: very top of mine among this industry for a while, 128 00:06:44,000 --> 00:06:47,320 Speaker 5: and apparently he said that the administration was going to 129 00:06:47,320 --> 00:06:51,280 Speaker 5: be looking into it now, that's really a long way 130 00:06:51,279 --> 00:06:55,200 Speaker 5: between that and actual rescheduling. But nevertheless, this beaten down 131 00:06:55,240 --> 00:06:58,719 Speaker 5: industry and the close observers too, it took that as 132 00:06:58,760 --> 00:07:01,919 Speaker 5: a dose of old or you know, overdo good news. 133 00:07:01,920 --> 00:07:04,159 Speaker 5: I mean, these stocks have have you alluded to before, 134 00:07:04,279 --> 00:07:06,359 Speaker 5: are down, you know, over fifty percent or so of 135 00:07:06,400 --> 00:07:09,000 Speaker 5: many of the big ones. So this hint of good 136 00:07:09,040 --> 00:07:12,880 Speaker 5: news has led to a rally yesterday and today. But 137 00:07:13,000 --> 00:07:17,160 Speaker 5: you know, I would advise observers to you know, temper 138 00:07:17,200 --> 00:07:20,960 Speaker 5: their enthusiasm because, as I mentioned, it's a long process 139 00:07:21,120 --> 00:07:26,240 Speaker 5: between looking into it and actual rescheduling it, and it's 140 00:07:26,280 --> 00:07:29,600 Speaker 5: even further to legalize it, which would really bestow the 141 00:07:29,800 --> 00:07:32,080 Speaker 5: greatest benefits of all. 142 00:07:32,200 --> 00:07:34,320 Speaker 4: So you mentioned how we've seen a lot of these 143 00:07:34,360 --> 00:07:36,600 Speaker 4: stocks really taking a beating this year. Can you just 144 00:07:36,680 --> 00:07:40,280 Speaker 4: kind of contextualize here for our listeners what has created 145 00:07:41,040 --> 00:07:42,200 Speaker 4: this this lag? 146 00:07:43,560 --> 00:07:48,480 Speaker 5: Yeah? Sure, so the market really had turned negative for 147 00:07:48,480 --> 00:07:51,480 Speaker 5: the last couple of years actually with a lack of 148 00:07:51,720 --> 00:07:55,560 Speaker 5: progress made on federal reform of this industry. You know, 149 00:07:55,600 --> 00:07:58,920 Speaker 5: many states have taken it upon themselves to legalize either 150 00:07:59,200 --> 00:08:02,640 Speaker 5: at the medical or adult use level. I mean some 151 00:08:02,720 --> 00:08:05,560 Speaker 5: forty states now talking to a vast majority of states 152 00:08:05,560 --> 00:08:09,440 Speaker 5: have now legal cannabis in some form, so they a 153 00:08:09,520 --> 00:08:12,000 Speaker 5: lot of the industry players and the market thought it's 154 00:08:12,040 --> 00:08:14,360 Speaker 5: just a matter of time that the federal government would 155 00:08:14,760 --> 00:08:20,040 Speaker 5: retire these really old you know, the treaties that require 156 00:08:20,440 --> 00:08:23,760 Speaker 5: cannabis to be a Schedule one drug and then really 157 00:08:23,800 --> 00:08:26,760 Speaker 5: puts the handcuffs on this industry to do a lot 158 00:08:26,800 --> 00:08:29,640 Speaker 5: of good things in terms of business. You know, consumer 159 00:08:29,680 --> 00:08:32,599 Speaker 5: product companies in general have the benefits of the economies 160 00:08:32,640 --> 00:08:36,319 Speaker 5: of scale because they have interstate commerce, they can advertise, 161 00:08:36,840 --> 00:08:41,079 Speaker 5: they're not hurt by onerous taxes which these companies are 162 00:08:41,120 --> 00:08:44,120 Speaker 5: subject to. So a lot of a lot of barriers 163 00:08:44,200 --> 00:08:48,200 Speaker 5: facing this industry still given the current status, and so 164 00:08:49,280 --> 00:08:52,440 Speaker 5: it's really over the prior to these comments over the weekend, 165 00:08:52,520 --> 00:08:54,360 Speaker 5: I think there's really been a sense of throwing the 166 00:08:54,400 --> 00:08:58,480 Speaker 5: towel in among investors with this group, and so that 167 00:08:58,640 --> 00:09:01,760 Speaker 5: that's why you're seeing this at the magnification of response 168 00:09:01,800 --> 00:09:03,120 Speaker 5: to this news today. 169 00:09:03,760 --> 00:09:08,640 Speaker 2: So can if the majority of states have legalized cannabis, 170 00:09:08,960 --> 00:09:11,920 Speaker 2: what's the what's the problem with the federal government coming 171 00:09:11,920 --> 00:09:12,840 Speaker 2: around and doing the same. 172 00:09:14,000 --> 00:09:17,240 Speaker 5: Well, the biggest thing, Paul, is because This is a 173 00:09:17,280 --> 00:09:19,719 Speaker 5: treaty that was signed back in the seventies and the 174 00:09:19,800 --> 00:09:24,240 Speaker 5: Nixon administration that again it's part of the anti drug 175 00:09:24,280 --> 00:09:26,960 Speaker 5: wars back then, they set this in a stone basically, 176 00:09:27,000 --> 00:09:30,319 Speaker 5: and only an Act of Congress can change that treaty 177 00:09:30,679 --> 00:09:34,560 Speaker 5: to no longer include marijuana cannabis, uh, you know, as 178 00:09:34,600 --> 00:09:38,720 Speaker 5: a Schedule one drug. So so I guess you know, 179 00:09:38,760 --> 00:09:41,000 Speaker 5: Congress doesn't seem to be willing to act. I mean, 180 00:09:41,040 --> 00:09:43,880 Speaker 5: that's the biggest thing that the biggest blockade to legalization, 181 00:09:44,559 --> 00:09:48,920 Speaker 5: kind of the shortcut reclassification under the Controlled Substances Act. 182 00:09:49,600 --> 00:09:52,080 Speaker 5: A lot of the industry is saying, look, you're you're 183 00:09:52,120 --> 00:09:54,360 Speaker 5: putting us at Schedule one, which is the same level 184 00:09:54,400 --> 00:09:57,760 Speaker 5: as you know, ecstasy and only these horrible harmful things. 185 00:09:57,840 --> 00:10:00,280 Speaker 5: And the definition for a Schedule one is there's no 186 00:10:00,760 --> 00:10:04,120 Speaker 5: proven medical value. Well, that kind of contradicts the own 187 00:10:04,280 --> 00:10:10,199 Speaker 5: FDA's decision a few years ago when it approved a 188 00:10:10,200 --> 00:10:13,480 Speaker 5: a cannabis drug called epidialects, which is used to treat 189 00:10:13,480 --> 00:10:18,760 Speaker 5: seizures in rare cases for epilepsy. So clearly the medical 190 00:10:18,840 --> 00:10:20,719 Speaker 5: use and it doesn't belong to the Schedule one if 191 00:10:20,720 --> 00:10:22,800 Speaker 5: it was your scheduled if it was rescheduled to three, 192 00:10:23,000 --> 00:10:25,520 Speaker 5: it would still remain illegal unless that treaties are changed. 193 00:10:26,000 --> 00:10:29,920 Speaker 5: It could at least alleviate something called two ade and 194 00:10:29,960 --> 00:10:32,839 Speaker 5: a tax code which basically says, look, if you're in 195 00:10:32,840 --> 00:10:35,520 Speaker 5: the drug business, maybe a bad thing, but we still 196 00:10:35,520 --> 00:10:38,880 Speaker 5: want your taxes. And so they don't allow these companies, 197 00:10:39,600 --> 00:10:44,520 Speaker 5: these cannabis companies to deduct ordinary business expenses like rent, salary, marketing, 198 00:10:45,040 --> 00:10:47,720 Speaker 5: and so as you can imagine, the taxation hit to 199 00:10:47,760 --> 00:10:51,880 Speaker 5: these companies is just dramatic, and that's really their biggest problem. 200 00:10:52,880 --> 00:10:55,240 Speaker 4: So there was a time back in the early nineteen 201 00:10:55,280 --> 00:10:58,480 Speaker 4: twenties when cigarettes were illegal and then of course we 202 00:10:58,559 --> 00:11:00,400 Speaker 4: know now when we look at the industry, the tobacco 203 00:11:00,440 --> 00:11:03,920 Speaker 4: industry globally, it's a multi billion dollar industry. So if 204 00:11:03,960 --> 00:11:06,079 Speaker 4: we think about cannabis stocks and a lot of these 205 00:11:06,120 --> 00:11:08,920 Speaker 4: companies here, what's the bowl case. 206 00:11:10,840 --> 00:11:13,560 Speaker 5: Well, the ball case is that at some point either 207 00:11:13,600 --> 00:11:18,120 Speaker 5: gets rescheduled or legalized, and that's a long, long term 208 00:11:18,160 --> 00:11:20,560 Speaker 5: Can I remember the market as a discounting mechanism is 209 00:11:20,559 --> 00:11:23,000 Speaker 5: looking you know, well into the future. Now, if you're 210 00:11:23,200 --> 00:11:26,080 Speaker 5: a real bull, you look well into the future. You know, 211 00:11:26,120 --> 00:11:28,920 Speaker 5: these companies at the gross margin line are very profitably. 212 00:11:28,920 --> 00:11:32,480 Speaker 5: It's about forty to fifty sixty percent gross margins. That's 213 00:11:32,520 --> 00:11:36,000 Speaker 5: a pretty good business. But it's when you get below 214 00:11:36,080 --> 00:11:39,080 Speaker 5: that they really get hurt, particularly the taxation line. So 215 00:11:39,080 --> 00:11:40,920 Speaker 5: if you're a ball on this industry, you say, you 216 00:11:40,960 --> 00:11:42,560 Speaker 5: know what, these are pretty good companies. You need a 217 00:11:42,600 --> 00:11:47,160 Speaker 5: license to compete, so there's natural barriers to entry. We 218 00:11:47,240 --> 00:11:50,080 Speaker 5: know there's a demand for this product. It's been around 219 00:11:50,120 --> 00:11:53,000 Speaker 5: for a long time, so you know, I think we 220 00:11:53,200 --> 00:11:55,720 Speaker 5: just get the regulation right, this could be a pretty 221 00:11:55,760 --> 00:11:56,319 Speaker 5: good business. 222 00:11:57,600 --> 00:12:01,120 Speaker 2: Ken you also cover the big tobacco companies. How are they, 223 00:12:01,320 --> 00:12:03,959 Speaker 2: how have they been impacted or may they be impacted 224 00:12:04,280 --> 00:12:07,800 Speaker 2: with the various tariff discussions that are out there. 225 00:12:09,440 --> 00:12:12,720 Speaker 5: Well, the US tobacco industry is really a domestic business. 226 00:12:12,800 --> 00:12:16,560 Speaker 5: You know the big guys, you know Aultria, Uh, they 227 00:12:16,840 --> 00:12:21,200 Speaker 5: source virtue all the tobacco domestically for domestic use, so 228 00:12:21,280 --> 00:12:25,040 Speaker 5: they were only exposure to the tariffs is really very small. 229 00:12:25,120 --> 00:12:28,760 Speaker 5: Some of the materials they use, like they're smokeless tobacco cans, 230 00:12:29,200 --> 00:12:32,199 Speaker 5: ten metals, things like that. Then they you know, get 231 00:12:32,200 --> 00:12:35,800 Speaker 5: from suppliers offshore and that could be indirect problems. I mean, 232 00:12:35,840 --> 00:12:40,880 Speaker 5: you know, other suppliers could raise prices in a small 233 00:12:40,920 --> 00:12:43,720 Speaker 5: way for products for other inputs, but by and large, 234 00:12:43,760 --> 00:12:47,080 Speaker 5: they they've been skirt they've been they can skirt this problem, 235 00:12:47,200 --> 00:12:49,960 Speaker 5: and it's not really an issue for the US tobacco industry. 236 00:12:50,559 --> 00:12:53,040 Speaker 4: Quickly hopping off of that question, I'm going to ask 237 00:12:53,080 --> 00:12:56,400 Speaker 4: the same of cannabis. Is that more a domestic industry here? 238 00:12:56,720 --> 00:12:58,160 Speaker 4: Any tariff concerns. 239 00:12:59,080 --> 00:13:01,920 Speaker 5: No tariffs concerned. Matter of fact, it's illegal to import 240 00:13:01,960 --> 00:13:06,360 Speaker 5: cannabis into the US, so it would only be to 241 00:13:06,400 --> 00:13:09,840 Speaker 5: the extent where the vaporizers and the electronic goods and 242 00:13:09,880 --> 00:13:12,600 Speaker 5: the you know, the ancillary products that are used with 243 00:13:12,720 --> 00:13:17,959 Speaker 5: cannabis are subject to those import terrorists. But the planet itself, 244 00:13:18,280 --> 00:13:19,680 Speaker 5: there's no tiriff issue. 245 00:13:20,080 --> 00:13:23,240 Speaker 2: Say with us. More from Bloomberg Intelligence coming up after this. 246 00:13:25,360 --> 00:13:29,079 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 247 00:13:29,160 --> 00:13:32,520 Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto 248 00:13:32,640 --> 00:13:35,720 Speaker 1: with the Bloomberg Business App. Listen on demand wherever you 249 00:13:35,760 --> 00:13:38,720 Speaker 1: get your podcasts, or watch us live on YouTube. 250 00:13:39,640 --> 00:13:41,600 Speaker 2: Looking at this market, we still got some greena on 251 00:13:41,640 --> 00:13:43,040 Speaker 2: at this reen here today I want to check in 252 00:13:43,040 --> 00:13:45,600 Speaker 2: with on rog run on a Bloomberg intelligence technology analysts 253 00:13:45,840 --> 00:13:49,079 Speaker 2: honorack I Steem remember something in the zeitgeist, as Tom 254 00:13:49,160 --> 00:13:52,720 Speaker 2: Keen would say, Elon Musk not real happy with Apple 255 00:13:52,960 --> 00:13:55,120 Speaker 2: and maybe even vice versa. I'm not sure what's going 256 00:13:55,160 --> 00:13:55,520 Speaker 2: on there. 257 00:13:56,800 --> 00:13:58,680 Speaker 6: Yeah, if you go back a few years ago, you know, 258 00:13:58,720 --> 00:14:01,679 Speaker 6: Elon made a big deal of about the fee that 259 00:14:02,240 --> 00:14:04,559 Speaker 6: they have to pay on for you know, X subscriber 260 00:14:04,600 --> 00:14:06,559 Speaker 6: to the thirty percent or so. I mean there was 261 00:14:06,600 --> 00:14:09,440 Speaker 6: a visible argument. But you know, in a few days 262 00:14:09,480 --> 00:14:11,960 Speaker 6: he was seen, you know, walking around with him cocaine 263 00:14:12,400 --> 00:14:14,720 Speaker 6: in the campus, and you know, the whole thing. I mean, 264 00:14:14,760 --> 00:14:17,680 Speaker 6: today's complain was a bit odd because apps on the 265 00:14:17,720 --> 00:14:20,520 Speaker 6: App Store don't go up just because Apple wants to 266 00:14:20,560 --> 00:14:22,720 Speaker 6: do it that way. I mean, they go up because 267 00:14:23,040 --> 00:14:25,640 Speaker 6: users are downloading one app over the other. In fact, 268 00:14:26,240 --> 00:14:29,000 Speaker 6: the other day, I remember the perplexity CEO was saying 269 00:14:29,040 --> 00:14:32,480 Speaker 6: that in India App Store, you know, his app is 270 00:14:32,520 --> 00:14:35,040 Speaker 6: above Chat, GPT and so forth. So I mean he's 271 00:14:35,080 --> 00:14:37,960 Speaker 6: basically complaining that, you know, Xai is not getting the 272 00:14:37,960 --> 00:14:40,840 Speaker 6: same love as Chad GPT is, which to me is 273 00:14:40,920 --> 00:14:43,960 Speaker 6: understandable given you know where the presence of that is 274 00:14:44,000 --> 00:14:46,240 Speaker 6: in terms of the ecosystem and the users. So I 275 00:14:46,280 --> 00:14:49,160 Speaker 6: think that's really, you know, some argument going there, but 276 00:14:49,400 --> 00:14:52,320 Speaker 6: I think it's it's just news. Frankly, it's it's there's 277 00:14:52,360 --> 00:14:53,000 Speaker 6: not much to it. 278 00:14:53,480 --> 00:14:55,320 Speaker 4: I mean, so you mentioned not much to it. So 279 00:14:55,400 --> 00:14:57,640 Speaker 4: where do you go from here? I mean, how what 280 00:14:57,720 --> 00:15:00,280 Speaker 4: steps forward would he need to make to see any 281 00:15:00,320 --> 00:15:00,920 Speaker 4: changes here? 282 00:15:02,320 --> 00:15:04,280 Speaker 6: He has to go prove the world that his grock 283 00:15:04,400 --> 00:15:08,240 Speaker 6: model is better than Chad GPT and their models. They 284 00:15:08,440 --> 00:15:10,920 Speaker 6: just launched a brand new model and they have to 285 00:15:10,920 --> 00:15:13,640 Speaker 6: go figure out whether it's better than that, And he 286 00:15:13,680 --> 00:15:17,240 Speaker 6: has to go and sell that to either enterprises or 287 00:15:17,320 --> 00:15:20,320 Speaker 6: the consumer application and become you know, have the same 288 00:15:20,400 --> 00:15:22,240 Speaker 6: number of users. I mean, you just can't say that, 289 00:15:22,440 --> 00:15:24,520 Speaker 6: you know, my product is not doing better because somebody 290 00:15:24,560 --> 00:15:27,840 Speaker 6: else is you know, not giving it the same amount 291 00:15:27,880 --> 00:15:30,920 Speaker 6: of love. Even Google's model Gemini is doesn't have that 292 00:15:31,040 --> 00:15:33,640 Speaker 6: level of user based right now. I mean, the first 293 00:15:33,640 --> 00:15:36,920 Speaker 6: movement advantage is open AI and Chad GPT, and the 294 00:15:37,000 --> 00:15:40,560 Speaker 6: user growth has just been phenomenal, you know, on that end, 295 00:15:40,600 --> 00:15:42,520 Speaker 6: and there isn't I you know, I don't think I 296 00:15:42,560 --> 00:15:45,200 Speaker 6: know anybody at this time who's not using Chad GPT 297 00:15:45,320 --> 00:15:47,640 Speaker 6: on their phone or any other device that they. 298 00:15:47,560 --> 00:15:50,040 Speaker 2: Have you can look at me, I don't use it. 299 00:15:51,000 --> 00:15:53,400 Speaker 2: Let's talk about Apple. I see the stock having this 300 00:15:53,520 --> 00:15:56,680 Speaker 2: nice move here, you know, during the month of August. 301 00:15:56,720 --> 00:16:00,400 Speaker 2: Here is this a sense that maybe they'll do something 302 00:16:00,480 --> 00:16:02,560 Speaker 2: to maybe get a little bit more in the game 303 00:16:02,600 --> 00:16:03,520 Speaker 2: as it relates to AI. 304 00:16:04,960 --> 00:16:07,040 Speaker 6: I think we to discuss this a few months ago, 305 00:16:07,120 --> 00:16:10,520 Speaker 6: when you know, the President came out and criticized them 306 00:16:10,720 --> 00:16:12,640 Speaker 6: for building phones in India, and you know, the stock 307 00:16:12,720 --> 00:16:15,080 Speaker 6: really took a hte at that point. But I think 308 00:16:15,120 --> 00:16:18,080 Speaker 6: them could do the right thing. He announced the big plan, 309 00:16:18,240 --> 00:16:21,120 Speaker 6: He went to the White House, he you know, essentially 310 00:16:21,280 --> 00:16:25,560 Speaker 6: gave President Trump an assurance that he is working very 311 00:16:25,560 --> 00:16:28,480 Speaker 6: hard to bring whatever he can in the US. You know, 312 00:16:28,520 --> 00:16:31,000 Speaker 6: this was just glass at one point, but I think 313 00:16:31,000 --> 00:16:34,160 Speaker 6: that really made a huge pivot. The President was extremely 314 00:16:34,200 --> 00:16:36,880 Speaker 6: complimentary of the stuff that he's doing. So I mean, 315 00:16:36,920 --> 00:16:38,840 Speaker 6: since then, you can see stocks pin at a tier. 316 00:16:39,000 --> 00:16:42,640 Speaker 6: So there was danger that you know, it could they 317 00:16:42,680 --> 00:16:45,720 Speaker 6: could be additional surcharge on Apple or anything out there. 318 00:16:45,960 --> 00:16:48,360 Speaker 6: So you don't want to be against the president at 319 00:16:48,360 --> 00:16:50,840 Speaker 6: this point. So I think Apple's done a good job 320 00:16:50,880 --> 00:16:53,680 Speaker 6: of managing that. Now the question is whether iPhone seventeen 321 00:16:53,680 --> 00:16:56,440 Speaker 6: will deliver. We've heard it's got a really cool new 322 00:16:56,440 --> 00:16:59,080 Speaker 6: phone coming out, so I think things are looking good 323 00:16:59,120 --> 00:17:01,720 Speaker 6: for Apple from that, but I'm still waiting for one 324 00:17:01,760 --> 00:17:04,840 Speaker 6: particular element, that is the Google case and whether Apple 325 00:17:04,880 --> 00:17:08,320 Speaker 6: gets to keep the powers partially or somewhat of the 326 00:17:08,320 --> 00:17:09,760 Speaker 6: payment that it gets from Google. 327 00:17:10,080 --> 00:17:13,159 Speaker 2: Stay with us more from Bloomberg Intelligence coming up after this. 328 00:17:15,359 --> 00:17:19,080 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 329 00:17:19,160 --> 00:17:22,199 Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android 330 00:17:22,240 --> 00:17:25,560 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 331 00:17:25,600 --> 00:17:29,160 Speaker 1: you get your podcasts, or watch us live on YouTube. 332 00:17:29,960 --> 00:17:33,720 Speaker 2: Next guest had a fascinating story out Bloomberg Business Week 333 00:17:33,760 --> 00:17:38,520 Speaker 2: cover story Treasury Secretary Scott Bessant. The US Treasury sector 334 00:17:38,560 --> 00:17:42,480 Speaker 2: has the ear of an impulsive president and nervous investors worldwide. 335 00:17:42,520 --> 00:17:45,600 Speaker 2: Hope it stays that way. And Eric Schatsker has an 336 00:17:45,600 --> 00:17:49,680 Speaker 2: exclusive interviewed Eric Schatsker, Bloomberg New Economy Editorial director, Should 337 00:17:49,680 --> 00:17:51,040 Speaker 2: we just live here in on our Bloomberg and Active 338 00:17:51,040 --> 00:17:54,200 Speaker 2: Broker studio. Eric your setan Scott beston for an extended 339 00:17:54,200 --> 00:17:56,080 Speaker 2: period of time. What were some of your takeaways there? 340 00:17:56,480 --> 00:17:59,560 Speaker 7: Gosh, Well, first of all, the man is unbelievably busy. 341 00:18:00,240 --> 00:18:03,560 Speaker 7: Spent a day at the Treasury Department with ALCOHOLICU Dan Flatley, 342 00:18:04,280 --> 00:18:07,840 Speaker 7: and to observe how much he gets done in the 343 00:18:07,840 --> 00:18:10,439 Speaker 7: course of a day, including spending an extended amount of 344 00:18:10,440 --> 00:18:13,000 Speaker 7: time with US, gives you a window into the life 345 00:18:13,000 --> 00:18:15,880 Speaker 7: of the Treasury Secretary in the Trump administration. And it's 346 00:18:15,880 --> 00:18:19,080 Speaker 7: important to emphasize in the Trump administration because this particular 347 00:18:19,119 --> 00:18:22,920 Speaker 7: Treasury Secretary has been given a whole host of responsibilities 348 00:18:22,920 --> 00:18:26,520 Speaker 7: that go beyond that of the typical Treasury secretary. We 349 00:18:26,600 --> 00:18:29,399 Speaker 7: know that the Treasury Secretary in any administration is involved 350 00:18:29,400 --> 00:18:32,200 Speaker 7: in tax policy, is involved in economic sanctions, is involved 351 00:18:32,200 --> 00:18:35,600 Speaker 7: in financial regulation, and the like. But President Trump has 352 00:18:35,640 --> 00:18:40,240 Speaker 7: tasked Scott Bessen with trade negotiations with striking and not 353 00:18:40,400 --> 00:18:43,960 Speaker 7: just any old trade negotiations. China perhaps the most difficult 354 00:18:43,960 --> 00:18:47,720 Speaker 7: trade negotiation of all, Japan, which was successful, South Korea, 355 00:18:47,760 --> 00:18:52,040 Speaker 7: which was successful, Indonesia. The list goes on. He's also 356 00:18:52,080 --> 00:18:56,280 Speaker 7: the acting IRS Commissioner. He also crafted the deal that 357 00:18:56,480 --> 00:18:59,520 Speaker 7: the very novel and original deal that the United States 358 00:18:59,560 --> 00:19:03,199 Speaker 7: struck with Ukraine for a share of that country's mineral 359 00:19:03,280 --> 00:19:06,960 Speaker 7: resource wealth back in April. These are not and furthermore, 360 00:19:06,960 --> 00:19:09,800 Speaker 7: I have to add he was instrumental in getting the 361 00:19:09,800 --> 00:19:14,760 Speaker 7: One Big Beautiful Bill through opposition in both among Republicans 362 00:19:14,760 --> 00:19:16,840 Speaker 7: in both the House and the Senate in order to 363 00:19:16,880 --> 00:19:20,359 Speaker 7: meet the president's self imposed July fourth deadline. So Scott 364 00:19:20,359 --> 00:19:24,080 Speaker 7: Besson has taken on way more than your traditional Treasury 365 00:19:24,160 --> 00:19:27,720 Speaker 7: secretary does, and much of that is because the President 366 00:19:27,800 --> 00:19:29,679 Speaker 7: himself has asked him to do so. 367 00:19:30,640 --> 00:19:32,520 Speaker 4: And it seems as though a lot of people see 368 00:19:32,680 --> 00:19:35,239 Speaker 4: Besson as really having the president's ear here. And this 369 00:19:35,280 --> 00:19:38,800 Speaker 4: is a really fantastic story. Okay, what was the most 370 00:19:38,840 --> 00:19:40,960 Speaker 4: surprising element through your conversation with him? 371 00:19:41,000 --> 00:19:41,080 Speaker 3: Oh? 372 00:19:41,119 --> 00:19:44,480 Speaker 7: Well, there are so many surprises. I would say that 373 00:19:44,600 --> 00:19:48,240 Speaker 7: the thing I didn't fully appreciate and which he spelled 374 00:19:48,240 --> 00:19:51,120 Speaker 7: out for us, and which others spelled out for us, 375 00:19:51,359 --> 00:19:55,200 Speaker 7: is the degree to which this is something he sought 376 00:19:55,280 --> 00:19:59,119 Speaker 7: after going back many years. Besson told us that he 377 00:19:59,200 --> 00:20:02,720 Speaker 7: thought about joining the Trump campaign as early as twenty sixteen, 378 00:20:03,160 --> 00:20:05,160 Speaker 7: but at that time he just started a new hedge fund, 379 00:20:05,240 --> 00:20:07,560 Speaker 7: Key Square Group, and he didn't feel like he could 380 00:20:07,720 --> 00:20:11,520 Speaker 7: abandon his employees or abandon his clients. But what he 381 00:20:11,640 --> 00:20:14,080 Speaker 7: did do was start to get to know the people 382 00:20:14,200 --> 00:20:18,399 Speaker 7: close to Trump almost immediately thereafter, starting with Steve Bannon 383 00:20:19,480 --> 00:20:24,160 Speaker 7: and subsequently Peter Navarro, Stephen Moore, Kevin Hassett. For example, 384 00:20:24,200 --> 00:20:27,639 Speaker 7: Trump's close economic advisor's Art Lafer. He went down to 385 00:20:27,720 --> 00:20:31,159 Speaker 7: see Art Lafer in the South, made a pilgrimage of 386 00:20:31,200 --> 00:20:37,199 Speaker 7: starts to get Art Lafer's blessing for his ambitions to 387 00:20:37,200 --> 00:20:41,520 Speaker 7: become Treasury secretary, and these he didn't make known to 388 00:20:41,600 --> 00:20:45,679 Speaker 7: Trump until October of twenty twenty three. Excuse me, November 389 00:20:45,720 --> 00:20:47,439 Speaker 7: of twenty twenty three throws, So it was almost a 390 00:20:47,480 --> 00:20:51,040 Speaker 7: six year period in which he was maneuvering to position 391 00:20:51,160 --> 00:20:54,560 Speaker 7: himself for a shot at Treasury secretary. And when he 392 00:20:54,640 --> 00:20:58,280 Speaker 7: saw Trump in that November twenty twenty three meeting at 393 00:20:58,320 --> 00:21:01,280 Speaker 7: mar Alago, Trump asked him if he wanted the job, 394 00:21:01,320 --> 00:21:04,240 Speaker 7: if he was interested in being fed chair, and Besson said, no, 395 00:21:04,280 --> 00:21:05,400 Speaker 7: I have another job in mind. 396 00:21:06,160 --> 00:21:11,760 Speaker 2: Very good. The Street Eric gives Scott Besson a fair 397 00:21:11,800 --> 00:21:15,200 Speaker 2: amount of credit for walking to President back and maybe 398 00:21:15,240 --> 00:21:18,560 Speaker 2: some of the more difficult tariffs that were initially announced. 399 00:21:19,240 --> 00:21:22,720 Speaker 2: Is that a valid point that Scott Beson play a 400 00:21:22,720 --> 00:21:25,120 Speaker 2: big role in walking the president back a little bit, 401 00:21:25,119 --> 00:21:26,439 Speaker 2: and does he take credit for that or is he 402 00:21:26,520 --> 00:21:27,160 Speaker 2: kind of demure. 403 00:21:27,560 --> 00:21:32,920 Speaker 7: Besson insists that his job is not to explain things 404 00:21:32,960 --> 00:21:36,840 Speaker 7: to the president or to advise the president. It is 405 00:21:36,880 --> 00:21:40,440 Speaker 7: to present the president with a series of options. Here's 406 00:21:40,480 --> 00:21:43,119 Speaker 7: path one, here's path two, here's here's path three, and 407 00:21:43,160 --> 00:21:45,720 Speaker 7: I will explain to you where we get if we 408 00:21:45,800 --> 00:21:47,920 Speaker 7: go down one, if we go down two, or if 409 00:21:47,920 --> 00:21:50,800 Speaker 7: we go down three, and he leaves it ultimately for 410 00:21:50,800 --> 00:21:54,240 Speaker 7: Trump to make the decision. That's very I wouldn't say 411 00:21:54,240 --> 00:21:57,280 Speaker 7: that's unique to this president, but Trump has a very 412 00:21:57,280 --> 00:22:00,560 Speaker 7: particular view of his role as a decide in chief 413 00:22:00,880 --> 00:22:03,199 Speaker 7: in this administration that is perhaps different from what we 414 00:22:03,240 --> 00:22:06,680 Speaker 7: saw with Biden, or with Obama, or even going back 415 00:22:06,680 --> 00:22:09,280 Speaker 7: in history to other Republicans like George W. Bush and 416 00:22:09,320 --> 00:22:13,320 Speaker 7: maybe even Ronald Reagan. So Besont does not claim credit 417 00:22:13,720 --> 00:22:17,240 Speaker 7: for being the de escalationist, but it is clear talking 418 00:22:17,240 --> 00:22:20,560 Speaker 7: to people around him and to understanding how the market 419 00:22:20,880 --> 00:22:24,600 Speaker 7: thinks market psychology, if you will, which is you know, 420 00:22:24,680 --> 00:22:26,960 Speaker 7: one of his areas of expertise, having been a macro 421 00:22:27,040 --> 00:22:30,680 Speaker 7: hedge fund manager for almost forty years. That is where 422 00:22:30,720 --> 00:22:33,360 Speaker 7: it really counts. The market trusts him, and the market 423 00:22:33,760 --> 00:22:37,920 Speaker 7: based on its observations draws these conclusions, rightly or wrongly. 424 00:22:38,240 --> 00:22:41,119 Speaker 2: Does he share any concerns he may have about just 425 00:22:41,240 --> 00:22:46,119 Speaker 2: getting somehow involved in some of the crossfire that happens 426 00:22:46,160 --> 00:22:49,320 Speaker 2: around President Trump and getting into President Trump's bad graces 427 00:22:49,400 --> 00:22:51,280 Speaker 2: or just kind of I mean, because it's such a 428 00:22:51,280 --> 00:22:54,480 Speaker 2: perilous those people that fight fly close to President Trump 429 00:22:54,560 --> 00:22:57,680 Speaker 2: historically have done at their own risk. Well, the former 430 00:22:57,760 --> 00:23:01,000 Speaker 2: vice president, so yeah, how does he shape Is he 431 00:23:01,080 --> 00:23:02,560 Speaker 2: even acknowledged that that's a risk. 432 00:23:03,720 --> 00:23:07,919 Speaker 7: What I divine from the conversations we had with the 433 00:23:07,960 --> 00:23:13,159 Speaker 7: Treasury Secretary is that it there is a formula for 434 00:23:13,320 --> 00:23:20,879 Speaker 7: success in the Trump administration, and it means making certain 435 00:23:21,000 --> 00:23:23,280 Speaker 7: compromises if you will with yourself. You can come in 436 00:23:23,320 --> 00:23:25,480 Speaker 7: with your own ideas, but it is not your job 437 00:23:25,520 --> 00:23:29,159 Speaker 7: to advance that agenda. So you have to make some compromises. 438 00:23:29,920 --> 00:23:32,480 Speaker 7: If you don't, and Steve Stephen Mnuch and the former 439 00:23:32,520 --> 00:23:35,639 Speaker 7: treasure secretary, points this out, if you cannot represent the 440 00:23:35,640 --> 00:23:38,280 Speaker 7: president well, in other words, if you can't get behind 441 00:23:38,880 --> 00:23:42,680 Speaker 7: what the president wants, the role has no power. What's 442 00:23:42,680 --> 00:23:44,760 Speaker 7: the point of being in DC. What's the point of 443 00:23:44,760 --> 00:23:48,040 Speaker 7: abandoning a forty year career in finance where you rose 444 00:23:48,080 --> 00:23:51,600 Speaker 7: to be one of the most successful hedge fund managers 445 00:23:51,640 --> 00:23:55,040 Speaker 7: and have you know, for it all to be worthless, 446 00:23:55,320 --> 00:23:56,840 Speaker 7: have to have no power. No, you want to be 447 00:23:56,840 --> 00:23:59,600 Speaker 7: able to wield influence and get things done. And that's 448 00:23:59,680 --> 00:24:02,280 Speaker 7: very much much in the back of Scott Beston's mind. 449 00:24:02,560 --> 00:24:05,159 Speaker 7: What's my legacy as Treasury Secretary going to be. 450 00:24:05,720 --> 00:24:10,399 Speaker 1: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify, 451 00:24:10,600 --> 00:24:14,080 Speaker 1: and anywhere else you get your podcasts. Listen live each 452 00:24:14,080 --> 00:24:17,840 Speaker 1: weekday ten am to noon Eastern on Bloomberg dot com, 453 00:24:17,960 --> 00:24:21,480 Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app. 454 00:24:21,920 --> 00:24:24,840 Speaker 1: You can also watch us live every weekday on YouTube 455 00:24:25,240 --> 00:24:28,320 Speaker 1: and always on the Bloomberg terminal