Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and Vlow in San Francisco.
Speaker 2: This is Bloomberg Tech coming up.
Speaker 3: President Trump looks to rebuild his tariff trade policy after
Speaker 3: the Supreme Court struck it down, reviving market jitters plus.
Speaker 4: Bitcoin non immune to those tariff anxieties, sliding below sixty
Speaker 4: five thousand dollars at one point for the second time
Speaker 4: this month.
Speaker 3: And today's the day for Paramount Skydines to submit its
Speaker 3: best and final offer for Warner Brothers Discovery.
Speaker 2: We'll discuss what to expect.
Speaker 4: Let's turn our attention though, to well the anxieties that
Speaker 4: beat up the nows that one hundred, to the extend
Speaker 4: that it's at session Low's as we speak, and we're
Speaker 4: currently off by one point three percent. You're seeing anxiety,
Speaker 4: whether it's AI once again playing into those software names,
Speaker 4: whether it's the tariff jit and what that means in
Speaker 4: terms of long term uncertainty for these businesses. We are
Speaker 4: pulling back on our risk on attitude, certainly in the
Speaker 4: world of crypto as well, down two point nine percent.
Speaker 4: Even his goal gets a little bit of a reprieve ed.
Speaker 4: Were you watching underneatha hin?
Speaker 2: Yeah, let's get to our top. Sorry.
Speaker 3: President Trump is looking to rebuild his trade tariff trade
Speaker 3: policy after the Supreme Court struck down his use of
Speaker 3: the International Emergency Economic Powers Act or AIPA to impose
Speaker 3: sweeping global tariffs. In response, his administration signed an executive
Speaker 3: order to impose a ten percent tariff on imports using
Speaker 3: an alternative legal authority, and over the weekend, the President
Speaker 3: announced on truth Social that he intends to raise that
Speaker 3: rate to fifteen percent or quote, a much higher tariff
Speaker 3: and worse. Let's get the latest with Bloomberg Senior Tech
Speaker 3: editor Mike Shephard. What's the state of play as of
Speaker 3: right now?
Speaker 5: Well, it is moving pretty quickly. Now. The administration's really
Speaker 5: trying to ensure that all of the trade agreements that
Speaker 5: reach with trading partners around the world over the past
Speaker 5: year don't come undone. They spent the weekend really insisting
Speaker 5: that the EU and other trade blocks and nations must
Speaker 5: abide by those agreements, and they tried to offer some
Speaker 5: assurance that the setback that was dealt to the administration
Speaker 5: on Friday was temporary and that this fifteen percent tariff
Speaker 5: we heard the President talk about on Saturday, by truth,
Speaker 5: social was really just going to be a bridge to
Speaker 5: more lasting tariffs that would be imposed eventually through other authorities.
Speaker 5: Now those authorities are going to take months to investigate
Speaker 5: and to actually execute and carry out, and that is
Speaker 5: going to add a whole lot of uncertainty for those
Speaker 5: trading partners, including the European Union, which is indicating that
Speaker 5: it's holding off on a final approval and ratification by
Speaker 5: the Parliament of the deal it struck with Trump last year,
Speaker 5: and India, which had just reached a hard fought agreement
Speaker 5: with the administration a few months ago. They are now
Speaker 5: off a meeting that was scheduled for later this week
Speaker 5: to iron out final details there. And then, of course,
Speaker 5: ed there is China. The President is going to meet
Speaker 5: the Chiesi in Ping in China a little more than
Speaker 5: a month from right now, and the question is whether
Speaker 5: Trump has lost some leverage heading into that meeting with she.
Speaker 4: And we saw President Trump with pretty fighting talk for
Speaker 4: perhaps some countries that thought they'd already cut deals or
Speaker 4: at least made some progress on inbound investment. Just take
Speaker 4: a listen to what was said regarding well Taiwan.
Speaker 6: In particular, Taiwan came in based all our chip business.
Speaker 6: They made chips thirty years longer, they made chip chip chip.
Speaker 6: And now all those companies in Taiwan are building factories
Speaker 6: in Arizona, Texas and various other places because they don't
Speaker 6: want to pay tariffs. They're all pouring into the United States.
Speaker 4: You spoke of China that, Mike, What of Taiwan. How
Speaker 4: does this impact tech in particular?
Speaker 5: Well, Caro, it's not just Taiwan. It's Japan, and it's
Speaker 5: South Korea, and it is in the European Union. As
Speaker 5: part of those trade agreements, the President had negotiated investments
Speaker 5: in the US from those trading partners. Now the question is,
Speaker 5: without the leverage of tariffs to enforce and to guarantee
Speaker 5: that those investments get made, do they follow through? And
Speaker 5: we even saw it just a few weeks ago, the
Speaker 5: confrontation that was brewing with officials in Seoul over the
Speaker 5: slow pace of ratification of the trade deal by South
Speaker 5: Korea's legislature and concerns by the US that hey, maybe
Speaker 5: there won't be enough follow through on the investment's promised
Speaker 5: here in the US. We even heard Commerce Secretary Howard
Speaker 5: Lutnik just last month at the opening of that Micron
Speaker 5: plant alluding to possibly hire tariffs on goods from those
Speaker 5: countries if they're companies. And he was alluding to the
Speaker 5: memory chip makers carrow if they didn't step up their
Speaker 5: investments here in the US, and he was referring obliquely
Speaker 5: to Samsung and sk Heinix. But you can paint that
Speaker 5: more broad lead to other possible tech investments in the US.
Speaker 5: If they don't materialize, then what does the administration here
Speaker 5: do as a consequence?
Speaker 4: And leader of s k Heinez just today pledging to
Speaker 4: boost memory chip output. Mike Shephard with all the latest
Speaker 4: on tariff's Thank you so much. Look, let's get you
Speaker 4: the wider impact at President Trump's tariff agenda. Jason Oxman
Speaker 4: joins US Information Technology Industry Council CEO. Look, what are
Speaker 4: the companies asking from you at the moment and what
Speaker 4: are you advising in terms of the uncertainty?
Speaker 7: Well, what they're asking for is certainty. And we saw
Speaker 7: over the weekend that the President very quickly moved to
Speaker 7: a separate jurisdiction for tariff legitimacy. But I think the
Speaker 7: broader question is what's the long term going to look like. Companies,
Speaker 7: as we've been discussing, need certainty in order to make
Speaker 7: investment decisions. Our trading partners are looking for certainty. The
Speaker 7: news about the suspension of the trade talks between the
Speaker 7: US and India is of concern. The EU suspending moving
Speaker 7: forward on the trade agreement between the EU and the
Speaker 7: US also of concern. We're looking for is part of
Speaker 7: a broader question of the strategy of the United States,
Speaker 7: and the Trump administration has been very focused on encouraging
Speaker 7: investment in manufacturing here, encouraging construction of data centers, encouraging
Speaker 7: export of AI technology from the United States to the
Speaker 7: rest of the world.
Speaker 2: Tariff strategy has a lot to do with that.
Speaker 7: Tariffs are good tactics and a lot of negotiation, but
Speaker 7: they're not a boarder strategy to encourage the kind of
Speaker 7: investment that we're looking for. So what the tech industry
Speaker 7: is looking for going forward is a lot more certainty.
Speaker 4: I just think of how in video is part of
Speaker 4: your Information Technology Industry Council, and how they have earnings,
Speaker 4: and how they need foreign investment to come in and
Speaker 4: help build the data centers where the GPUs are going
Speaker 4: in the United States. Jason, do you think ultimately we
Speaker 4: will come to some sort of agreement. How long can
Speaker 4: CEOs navigate in this era of uncertainty.
Speaker 7: Well, we do have to come to some level of certainty.
Speaker 7: And as you noted, foreign investment in the United States
Speaker 7: is a significant part of the manufacturing story. We've seen
Speaker 7: investment not only in semiconductor infrastructructure announced here in the
Speaker 7: US from companies around the world Taiwan, Korean, elsewhere, but
Speaker 7: we've also seen investments in large data center projects, hundreds
Speaker 7: of billions of dollars of investment coming from outside of
Speaker 7: the United States. That's very important. But equally important to
Speaker 7: that is that tariffs can be a deterrent to the
Speaker 7: necessary inputs into that infrastructure. Whether we're talking about the
Speaker 7: construction of data centers and the inputs that are necessary
Speaker 7: for the construction there, or what goes into the data
Speaker 7: centers as semiconductors and other components, or we're talking about
Speaker 7: the energy infrastructure, including upgrades that are necessary to the
Speaker 7: transmission grade and the equipment that comes from around the world.
Speaker 7: For that, that's important to make sure that tariffs don't
Speaker 7: interfere with those kind of investments. And then the flip side,
Speaker 7: of course, is anything that's made in the United States.
Speaker 7: Ninety five percent of the world's consumers don't live in
Speaker 7: the United States. It needs to be exported to the
Speaker 7: rest of the world. I just came back from India
Speaker 7: yesterday from the AI Impact Summit, and there's a lot
Speaker 7: of conversation there about how AI from the United States
Speaker 7: can be exported to the rest of the world. Tariff
Speaker 7: infrastructure can interfere with that as well. We want to
Speaker 7: make sure that works.
Speaker 3: Jason, what big piece of news this morning is the
Speaker 3: European Union basically freezing the ratification process on a deal
Speaker 3: it already reached with the United States. Just in the
Speaker 3: context of imports, the EU is twenty percent of US imports.
Speaker 3: The collective wisdom of your council, how long do you
Speaker 3: expect this uncertainty and this kind of halt to things
Speaker 3: that already were in play.
Speaker 7: Yeah, I think that's a great point ed and we
Speaker 7: saw it in India as well. They had a delegation
Speaker 7: schedule to come this week to the United States and
Speaker 7: India and the US had a great on stage moment
Speaker 7: in Delhi this week talking about moving AI forward.
Speaker 2: How long will this last? I don't know.
Speaker 7: The President announced the use of Section one twenty two
Speaker 7: that has one hundred and fifty day cap on it. Obviously,
Speaker 7: the administration is looking at what the tariff strategy is
Speaker 7: going to be going forward. I think as far as
Speaker 7: the tech industry is concerned resolving these issues both on
Speaker 7: the physical trade issues that we've been talking about, but
Speaker 7: also digital trade. The trade market between the US and
Speaker 7: the EU in digital trade is close to a trillion dollars.
Speaker 7: It's an enormously important market there too. We need that
Speaker 7: uncertainty resolved as quickly as possible so we can move
Speaker 7: forward with these trade deals, which in many cases have
Speaker 7: already been negotiated. We're just waiting for them to be signed.
Speaker 3: Jason, if you and your fellow Council members could be
Speaker 3: in a room with the President today, what's the first
Speaker 3: thing you'd ask him for or to do.
Speaker 7: Yeah, I think it's recognition that tariffs are bad for
Speaker 7: investment in the kind of things that the administration has prioritized.
Speaker 7: Look since April, since Liberation Day last year, the landscape
Speaker 7: has changed significantly for what the administration is hoping to advance.
Speaker 7: The Administration has a very clear, very sound, very direct
Speaker 7: strategy here, and that is to encourage AI adoption around
Speaker 7: the world of American AI technology, and that requires investment
Speaker 7: in manufacturing in the US, It requires investment in data
Speaker 7: centers in the US, It requires a robust semiconductor industry
Speaker 7: here in the US. And tariffs interfere with the ability
Speaker 7: of manufacturers and and digital trade to take place between
Speaker 7: here and the rest of the world. So the one
Speaker 7: ask of the administration is as they re evaluate the
Speaker 7: trade and teriff strategy, and I think this Supreme Court
Speaker 7: decision gives them an opportunity to do that. You need
Speaker 7: to look at what the broader goals are, what the
Speaker 7: broader strategy is to encourage investment in AI and the US,
Speaker 7: the adoption of AI technology around the world, and how
Speaker 7: tariffs would interfere with the ability of that to be
Speaker 7: a successful strategy.
Speaker 3: That rationale is one reason why tech stocks rose Friday,
Speaker 3: a reprieve for the supply chain in particular. Jason Oxman
Speaker 3: of the Information Technology Industry Council, thank you very much.
Speaker 3: Now coming up, all eyes are on Nvidia, which reports
Speaker 3: earnings this week. We have the big preview of what
Speaker 3: to expect with that stock now completely flat and trading
Speaker 3: water a little bit ahead of the big moment Wednesday.
Speaker 3: This is Bloomberg Tech. It's a big week. It's a
Speaker 3: big and video week, posting earnings after market Wednesday. It's
Speaker 3: a stock that's up about two percent year to date,
Speaker 3: completely flat this Monday morning, and there is a lot of,
Speaker 3: let's say not anxiety, but we're bracing for Wednesday because
Speaker 3: the story with the stock is very different to what
Speaker 3: it has been in the last two or three calendar years.
Speaker 3: We're trading at twenty four times forward earnings historically on
Speaker 3: a five year basis thirty eight times. The momentum's gone.
Speaker 3: We are kind of on pause with that salesforce down
Speaker 3: five percent. Later in the program, we're going to talk
Speaker 3: about what's happening in software right now. Again, that story
Speaker 3: carries through to earnings. They are putting AI into what
Speaker 3: they're already good at. That insulates them a bit, but
Speaker 3: they're caught up with what's having at a bigger picture
Speaker 3: look at the market.
Speaker 4: Right now current Yeah, same with Snowflake, same with Workday.
Speaker 4: We've got a lot of software earnings to digest. But
Speaker 4: and as President Trump does move to rebuild his Tarifa agenda.
Speaker 4: Investors are navigating renewed trade uncertainty during that very busy
Speaker 4: week in earnings, as you say, with then video and
Speaker 4: Salesforce and focus comen Ryinik's been writing all about this
Speaker 4: and how what are the investors you're talking to thinking
Speaker 4: about that lack luster trading oomph that we've seen in
Speaker 4: video of light The ed's so clearly spelled out.
Speaker 8: Yeah, I think it's something that's really interesting to have
Speaker 8: this sort of big macro overlay over in video that's
Speaker 8: really weighing on the entire market. I mean, we're just
Speaker 8: saying the shares are pretty much flat now. They were
Speaker 8: up as much as two percent earlier today, so just
Speaker 8: getting dragged down by all of this uncertainty with the
Speaker 8: earnings coming up, I think the thing that everybody's watching
Speaker 8: for is can they do enough to quell any of
Speaker 8: these fears and calm the market. I mean, they have
Speaker 8: lost a lot of momentum in their shares. They've been
Speaker 8: trading sideways for a long time now, but there's still
Speaker 8: the biggest stock in the S and P with the
Speaker 8: nearly eight percent waiting. So however they move around.
Speaker 9: Earnings is going to be really important, and they've lost
Speaker 9: some of the buzz. You know, they usually would be
Speaker 9: and raised and shares would gain.
Speaker 8: We haven't seen that in the last few quarters, so
Speaker 8: that reaction, the investor sentiment around this report is paramount.
Speaker 3: The stock has fallen in each of the last two
Speaker 3: postscerning sessions for Nvidia. By the way, salesforce what it's
Speaker 3: worth is down thirty four percent year to date, and
Speaker 3: I checked it and I was like, really, but it
Speaker 3: is case and point of what's happening right now in
Speaker 3: software and the impact of AI on software.
Speaker 2: What are we bracing for?
Speaker 8: I mean, this sell off has been so profound. I
Speaker 8: mean you just said salesforce down thirty four percent. I
Speaker 8: think it's about fifty percent from the most recent peak.
Speaker 8: So that's a lot of money coming out of those
Speaker 8: kinds of stocks, and you know, there's just so much
Speaker 8: anxiety around that piece of the puzzle, and it seems
Speaker 8: like investors are just not willing yet to buy the
Speaker 8: dip and say, Okay, this is the point where they've
Speaker 8: gotten cheap enough where we think there might be some
Speaker 8: compelling stuff here going forward. And I think the thing
Speaker 8: that's interesting when you're thinking about in VideA is would
Speaker 8: they be able to quell any of those fears?
Speaker 9: Right, they're kind of on the opposite side of the trade.
Speaker 8: They're not software, there are hardware, So it seems like
Speaker 8: there's not a lot of positive catalysts necessarily coming up
Speaker 8: that would sort of relieve some of the anxiety in
Speaker 8: the software trades. So you know, we're seeing a lot
Speaker 8: of selling there and just kind of waiting to see
Speaker 8: maybe what might be the next thing that gets hit
Speaker 8: from the sort of fears of software AI disruption.
Speaker 3: The most carmon Rhinicky, Thank you very much. Let's get
Speaker 3: more on tech markets with Shanty Kellerman seven am Co
Speaker 3: Chief investment Officer. You know, it wasn't that long ago
Speaker 3: where we're sat at our desks the day of video
Speaker 3: earnings and all of the literatures calling it a macro
Speaker 3: level event such as the impact of a single name
Speaker 3: on the market. Maybe we're a bit flippant then, but
Speaker 3: calm and set us up nicely right of the state
Speaker 3: of play. Is this a macro level event this Wednesday?
Speaker 10: I don't see it as that. I think it's still
Speaker 10: incredibly important given it's still largest stock in the SMP,
Speaker 10: and it does give us insight into what are the
Speaker 10: ordering patterns because you see all of that big tech
Speaker 10: investment that's gone through with the stending plans of Amazon,
Speaker 10: Meta Facebook, those are probably translated into some of the
Speaker 10: Nvidia orders and it has big impact for the chips
Speaker 10: providers as well.
Speaker 11: So it certainly matters.
Speaker 10: Quite a bit, but I think it'll take a really
Speaker 10: big beat to see the stock actually move because expectations
Speaker 10: are so high, and that's kind of similar for the
Speaker 10: whole technology sector. We have. Valuations are very high, so
Speaker 10: it's got to be earnings that's really going to drive
Speaker 10: growth in the share price because it's hard to see
Speaker 10: those valuations going much higher.
Speaker 2: In the context of software.
Speaker 3: You were in the camp and we had this discussion
Speaker 3: last week with others that the sell off we've seen
Speaker 3: AI related sell off, particularly in software, has been indiscriminate.
Speaker 2: That word comes up a lot. What's your argument on that?
Speaker 2: So I think for a.
Speaker 10: Long time we've been saying we don't know necessarily know
Speaker 10: who the AI winners and losers are, and it's kind
Speaker 10: of like investors actually decided to put their money behind that.
Speaker 10: With the recent sell off that we had and I
Speaker 10: think people have realized that they don't necessarily know who
Speaker 10: those winners are going to be and just sort of
Speaker 10: indiscriminately sold a lot of the market. I think there
Speaker 10: will be software company that can do incredibly well out
Speaker 10: of this, because AI can dramatically reduce their past to
Speaker 10: deliver programming. It can make things more efficient, you know,
Speaker 10: reduce their expenses, deliver better experience. But executing all that
Speaker 10: is really difficult, and not every software company is going
Speaker 10: to be able to do it.
Speaker 4: Will you learn much from just earnings and fundamentals this
Speaker 4: time shouting? Could that be where investors decide to try
Speaker 4: and catch upwarding nice so to speak.
Speaker 10: I think it's hard to see people changing their minds
Speaker 10: so quickly, only in the last few weeks, but the
Speaker 10: technology sector does move incredibly fast, as we've seen. You know,
Speaker 10: you can have those moments like Deepsek where things everything
Speaker 10: seems to change overnight, but usually the selloffs are quick
Speaker 10: and then it takes time to rebuild the momentum.
Speaker 4: Chandy, what is your view? What are you in rooms
Speaker 4: discussing that, yes, we are at this point where AI
Speaker 4: is going to eat software instead of software eating the world,
Speaker 4: or do you think companies will ultimately survive this shift
Speaker 4: and be able to rebuild from within.
Speaker 10: I think a lot of companies will be able to
Speaker 10: survive it. I think the big thing we're looking at
Speaker 10: is how much AI is starting to impact industries outside
Speaker 10: of technology, and that's where valuations are lower. You're starting
Speaker 10: to see it come into shopping. You're starting to see
Speaker 10: it come into the wealth industry to make it easier
Speaker 10: to comply with regulations, banking and finance certainly, and I
Speaker 10: think that's where if some of those sectors can start
Speaker 10: to demonstrate that they're using the technology well and adopting it,
Speaker 10: then they'll really be rewarded.
Speaker 2: Tariffs.
Speaker 3: It's very hard to join all of the pieces of
Speaker 3: bad news, so to speak, together, but the tech sectors
Speaker 3: view on tariff policy uncertainty right now.
Speaker 10: I think obviously lowers rates slightly on places like you know, Asia, China,
Speaker 10: which helps some of those manufacturing bases, so maybe it
Speaker 10: marginally reduces some of their costs. I think the long
Speaker 10: term trend of technology companies trying to diversify their production
Speaker 10: and having manufacturing you know in the US, in Mexico
Speaker 10: and still an age as well going to India. I
Speaker 10: don't think that's going to change because people don't think
Speaker 10: the uncertainty is going to go away, and we still
Speaker 10: will probably have an unpredictable policy environment. So you want
Speaker 10: to be able to have all of your options open.
Speaker 10: Probably it helps unbalance some of the you know, the software,
Speaker 10: the things that are producing actual physical goods. But we'll
Speaker 10: see how long this rate staves in place. You know,
Speaker 10: we could all change in one hundred and fifty days
Speaker 10: as we know.
Speaker 4: Chanty Kellerman of seven AM, it's great to have you
Speaker 4: on the show. Thank you very much. Indeed, Meanwhile, coming up,
Speaker 4: Blue Ol Capital permanently shuts the gates on one of
Speaker 4: its funds, making the private credit mark even more jittery
Speaker 4: after existing AI concerns stick with us. This is Blomberg
Speaker 4: Tech Morgan's standing investment management is looking away from AI
Speaker 4: and adding to emerging market bets that are insulated from
Speaker 4: the AI boom. Now, the firm's deputy chief investment officer
Speaker 4: says it is positioning itself for a potential pullback in
Speaker 4: the crowded tech trade following rising concerns over stretch valuations
Speaker 4: and heavy capital spending by US tech giants.
Speaker 3: Ed Blue Our Capital has permanently shut the gates on
Speaker 3: one of its funds, preventing investors from withdrawing their cash,
Speaker 3: and is selling assets to return investor capital. It's the
Speaker 3: latest sign of frenzy in a one point eight trillion
Speaker 3: dollar private credit market troubled with worry about overspending on AI.
Speaker 2: But in most private credit reporters Cilus.
Speaker 3: Brown joins us, if you look at kind of what's
Speaker 3: happened in the public markets, how some of these names
Speaker 3: and credit have traded, there is something behind that that's
Speaker 3: related to technology.
Speaker 12: Taken from there, yeah, I think it's I think it's
Speaker 12: fundamentally important in what going in private credit, I mean
Speaker 12: private credit and private equity to a certain extent as well.
Speaker 12: They kind of prided themselves on selecting certain industries that
Speaker 12: they considered to be anti cyclical, noncyclical, and that kind
Speaker 12: of that kind of shrinks the pool. And one of
Speaker 12: the kind of darlings of choice was software as a service.
Speaker 12: And so you'll find with Blue al but Blue ally
Speaker 12: is by no means an anomaly, a big concentration of
Speaker 12: exposure to software and software as a service. And I
Speaker 12: think with this kind of transformative, paradigmatic or whatever kind
Speaker 12: of big word you want to use, effect or likely
Speaker 12: effect that AI has on that industry makes it very
Speaker 12: hard for investors to judge even I mean perhaps not
Speaker 12: short term, but certain the mid term and long term
Speaker 12: prospects for a lot of these businesses.
Speaker 4: And judgment transparency. That's exactly what the private credit market
Speaker 4: does have much of silas. And it's interesting that Bank
Speaker 4: of America today is putting out a note saying there
Speaker 4: is a significant level of misinformation weighing on Blue Out
Speaker 4: stock and the private credit industry in general. So how
Speaker 4: can they appease that and really talk to a more
Speaker 4: transparent era when you're seeing them close funds and indeed
Speaker 4: not allow people to access money.
Speaker 12: You know, I think there's there's there's sort of there's
Speaker 12: sort of several tectonic plates that are shifting under private credit.
Speaker 12: I mean with blue al in particular and BDCs more generally.
Speaker 12: I mean, they are kind of retail or ented funds,
Speaker 12: and so there's a question about investor investor withdrawals and
Speaker 12: kind of what happens if you've if you have a
Speaker 12: kind of avalanche of withdrawals. At the same time, BDCs
Speaker 12: have gating systems, which have you know, which blue Out
Speaker 12: has blue Out, by the way, has redeemed every investor
Speaker 12: withdrawal so far apart from this new one where it's shifting.
Speaker 12: It's kind of slightly complicated, but it's shifting a legacy system. Uh,
Speaker 12: you know, finding a way of shifting a legacy system
Speaker 12: investors outside of that system. So you know that there
Speaker 12: are kind of I don't know what Bank of America's
Speaker 12: notes was specifically saying, but I mean, I think there's
Speaker 12: been a lot of noise around blue OL recently regarding
Speaker 12: investor with investor withdrawals and kind of what will happen
Speaker 12: with jitteriness amongst amongst the retail client base, but that
Speaker 12: undergirded by I think a kind of preponderance of software
Speaker 12: exposure in the in the in the kind of in
Speaker 12: the dawn of AI I think is concerning investors.
Speaker 4: Certainly his most sadus ground all across that story for us,
Speaker 4: thank you very much. Indeed, Now coming up, President Trump
Speaker 4: looks to rebuild his global TARA policy after the Supreme
Speaker 4: Court struck down his use of the IP law. That's
Speaker 4: next the spring bed Tech.
Speaker 3: Welcome Back, Toloomberg text and breaking news crossing the Bloomberg terminal,
Speaker 3: PayPal is receiving takeover interest from different parties. According to
Speaker 3: Bloomberg sources, the payments company has fielded meetings with some
Speaker 3: of its banks amid unsolicited interests. In one case, a
Speaker 3: large rival is looking at buying the whole of PayPal.
Speaker 3: In other cases, according to the Bloomberg reporting, different parties
Speaker 3: are interested in certain PayPal assets. This has stocked this
Speaker 3: down thirty percent year to date. It's down almost fifty
Speaker 3: percent over the last twelve months. And part of the
Speaker 3: reporting is that the pressure on that stock in the
Speaker 3: downward trajectory is what is leading to an environment where
Speaker 3: that takeover interest is in place. PayPal declined to comment
Speaker 3: on Bloomberg's reporting.
Speaker 4: Kra involving one. Now, let's return to our top story
Speaker 4: today and trade uncertainty as as President Trump reshapes his
Speaker 4: global tarot policy signaling a potential fifteen percent rate. Now,
Speaker 4: that debate is front and center in Washington for the
Speaker 4: National Associate of Business Economics, as a gathering of leading
Speaker 4: economists is underway and where the Supreme Court's ruling on
Speaker 4: Trump's tariff authority is probably a key focus. Bloombag International
Speaker 4: Economics and Policy editor Michael McKee joint us now and look,
Speaker 4: the theme of the gathering is actually the great realignment
Speaker 4: navigating AI demographic and geoeconomic shifts. Let's focus on geoeconomic
Speaker 4: shifts first, Mike.
Speaker 13: What's everyone discussing, Well, everybody's trying to figure out where
Speaker 13: this is all going and what it will lead to,
Speaker 13: and there's not a lot of consensus on it yet.
Speaker 13: The Fed Governor Christopher Waller spoke this morning and said
Speaker 13: it's very uncertain to them.
Speaker 11: He's going to give a major speech tomorrow.
Speaker 13: Also, Fed Governor Lisa Cook is talking on AI here tomorrow. Today,
Speaker 13: we've got some workshops with people from AI companies. There's
Speaker 13: one underway right now. Peter McCrory of and Thoropik, he
Speaker 13: is their chief economists, is talking about their economic index
Speaker 13: and their efforts to track the impacts that AI is
Speaker 13: having on the labor market and basically saying the same
Speaker 13: thing that everybody's saying. It's a major impact, but it's
Speaker 13: uncertain where they're going for right now, and it's uncertain
Speaker 13: what kind of effects it will have on productivity and
Speaker 13: on the labor market. Although right now, what Anthropic is
Speaker 13: seeing is there's a lot of impact on things like accounting,
Speaker 13: things that can be automated. The idea that you can
Speaker 13: get things to do the things that humans do on
Speaker 13: a computer is what's changing. But so far they're not
Speaker 13: seeing a major impact on what the relationship is between
Speaker 13: humans and other humans. If you have a forward facing
Speaker 13: job with the public, it's not clear what AI is
Speaker 13: going to be able to do. He did note though,
Speaker 13: that the speed at which AI can process tasks that
Speaker 13: humans do is doubling every seven months, so anything they
Speaker 13: say now is probably going to be somewhat obsolete. Fairly quickly, Mike.
Speaker 3: You join the show on Friday post Supreme Court decision
Speaker 3: IIPAS struck down. Then there's a series of truth social
Speaker 3: posts over the weekend in quasi policy announcements and actions.
Speaker 3: The net result, as far as I can understand it
Speaker 3: is the overall weighted tariff rate is only slightly marginally lower.
Speaker 3: On the ground there is that the understanding of everyone else,
Speaker 3: or is there still great sort of policy uncertainty for tariffs?
Speaker 2: Well, there's both.
Speaker 13: It is the tariff that's going in place fifteen percent
Speaker 13: Trump can do legally, so people are operating under the
Speaker 13: assumption that for now that's going to be the average
Speaker 13: weighted tariff, but it would change once they start bringing
Speaker 13: in tariffs on sectors or countries based on some of
Speaker 13: the other the other sections of the trade law they
Speaker 13: can use, but those have to have investigations and they
Speaker 13: have to be shown harm to various sectors or harm
Speaker 13: from various countries, and so the tariff levels and when
Speaker 13: they would be imposed still not certain. What it does
Speaker 13: is just kind of push out the uncertainty that we
Speaker 13: have seen. And as Governor Waller said today, it doesn't
Speaker 13: change much of the Fed's thinking because the Fed is
Speaker 13: trying to look through the tariffs. It'll be a one
Speaker 13: time shot to inflation, but now it means it'll happen
Speaker 13: later than perhaps they thought.
Speaker 11: So they just have to wait for it.
Speaker 2: And everybody's got to wait and.
Speaker 13: See when the President puts these tariffs on to decide
Speaker 13: what the impact is.
Speaker 2: Going to be.
Speaker 4: Uncertainty abound, whether it's AI or whether it's trade. Mike
Speaker 4: McKee on the ground in Washington, thank you very much. Indeed,
Speaker 4: let's get more on the trade impact investors are watching
Speaker 4: on the broader earnings on the AI picture with Jed
Speaker 4: Alibert of argent Capital management. So let's start with tariffs,
Speaker 4: because that's the key headline everyone faces today. How do
Speaker 4: you think companies navigate this? Does it change your investment
Speaker 4: thesis at all?
Speaker 14: Yeah, I think you guys covered it well overall. Slight
Speaker 14: reduction in the effect of tariff right over the next
Speaker 14: five months as that one thirty or one twenty two
Speaker 14: investigation period goes for the next five months. But after that,
Speaker 14: significant uncertainty the midterm elections will have an impact, and yeah,
Speaker 14: we'll delay investment decisions. I think it'll make people think twice.
Speaker 14: I think it'll probably make make decision processes slow down
Speaker 14: a little bit. And then on the other hand, business
Speaker 14: leaders investors have been getting used to President Trump and
Speaker 14: his tactics and preferences and negotiating style over the last
Speaker 14: you know, he's more than twelve months now here in
Speaker 14: his second term, and so I think perhaps a bit
Speaker 14: of normalcy set in. I guess I'm not giving you
Speaker 14: a very good answer, but I think that there are
Speaker 14: kind of push and pull in both directions.
Speaker 4: So that you are confronted by ongoing uncertainty in a
Speaker 4: geopolitical environment. But Jed, the eye of the storm has
Speaker 4: been on software names and the uncertainty the AI injects there.
Speaker 4: Are you seeing any sort of ability to buy the
Speaker 4: dip yet?
Speaker 14: I think that this private equity, private equity and also
Speaker 14: strategic investor interest in PayPal is instructive and probably going
Speaker 14: to happen quite a bit over the next twelve months.
Speaker 14: The payment space of which PayPal's a member, has been
Speaker 14: hit really really hard over the last one year and
Speaker 14: even further back if you look and so yeah, I
Speaker 14: think you'll see strategic investors, private equity backed investors start
Speaker 14: to sniff around areas like payments, areas like software, And
Speaker 14: it wouldn't surprise me one bit if you see a
Speaker 14: pickup in M and A in those areas as investors
Speaker 14: seek value and try to kind of pick through the
Speaker 14: rubble in an area that's been fairly well bombed out.
Speaker 11: In the last six months.
Speaker 3: Jed, I appreciate you reacting to that breaking story. Basically,
Speaker 3: sentiment out there is quite negative right now, tariffs, software,
Speaker 3: geopolitical risk from the market participant side of the table,
Speaker 3: particularly focused on the tech sector. Our things as dire
Speaker 3: as the news headlines would have us suggests at the moment.
Speaker 14: It's such a unique environment because We've seen a handful.
Speaker 14: Most software companies report fairly good fourth quarter twenty twenty
Speaker 14: five earnings. Most of them issue, you know, reasonably good
Speaker 14: guidance for twenty twenty six or at least the first
Speaker 14: quarter of twenty twenty six, and yet investors don't care
Speaker 14: about that at all. Their concerns lie further down the
Speaker 14: road a couple of years out as these AI tools
Speaker 14: continue to develop. The last speaker talked about a doubling
Speaker 14: of capacity or capability every seven months. If that continues
Speaker 14: for the next couple of years on end, you will
Speaker 14: certainly see some of the more point solutions software companies
Speaker 14: struggle with AI, you know, capability competition.
Speaker 11: And then there will be other software companies that have
Speaker 11: really deep.
Speaker 14: Tentacles inside organizations, really form the backbone of companies workloads
Speaker 14: and processes and data storage and data analysis, and.
Speaker 9: I think that they will thrive.
Speaker 11: So it's a mixed picture.
Speaker 3: Salesforce snowflake. They be a test of that, wouldn't they.
Speaker 3: Jed Elberkevargent Capital Management, Thank you very much. I want
Speaker 3: to go back to Paypower. The stocks up about six
Speaker 3: percent right now. It been halted for volatility after a
Speaker 3: big spike post that Bloomberg News report that it is
Speaker 3: attracting takeover interest. The Bloomberg report details that one big
Speaker 3: rival is considering buying all of PayPal. In other cases,
Speaker 3: other potential bidders looking at certain assets, and PayPal has
Speaker 3: been meeting with banks about this unsolicited interest. We know
Speaker 3: this is a stock there's pin under pressure, not just
Speaker 3: year to date, but over the last twelve months, down
Speaker 3: about forty six percent in that twelve month period. Now
Speaker 3: we're up seven percent in the session. PayPal declined to comment.
Speaker 3: Will continue to track it carract We will.
Speaker 4: Will also continue to track Bitcoin. It touched sixty five
Speaker 4: thousand dollars, in fact went below it as tariff anxiety
Speaker 4: is borne out on that next visit, Bloomberg Tech as
Speaker 4: checking on these markets, which bounce off session loads on
Speaker 4: the day, but was still down by one point two
Speaker 4: percent on the nasdak as check. We've got about twenty
Speaker 4: eight names in the green, more than seventy seventy three
Speaker 4: are in the red right now, and another ugly day
Speaker 4: for software. We'll get to that in a moment. Bitcoin
Speaker 4: is off by almost three percent at one point in
Speaker 4: the training session, and look on to the more broader
Speaker 4: chart of bitcoin last couple of days. Again, anxiety just
Speaker 4: the macro headwinds hit it to the tune of four
Speaker 4: percent of the last true training days. But it sank
Speaker 4: the low sixty five thousand dollars. What does that mean
Speaker 4: in terms of support? But in by Digital Financial Report,
Speaker 4: Emily Nicole joins us, how catch a break? How many?
Speaker 5: Yeah?
Speaker 15: It just keeps going, doesn't it. I mean weekends are
Speaker 15: traditionally a very low liquidity time for bitcoin, especially it's
Speaker 15: a market that trades twenty four to seven, so it
Speaker 15: never switches off. And that does mean that we tend
Speaker 15: to get these outsized price moves, particularly over weekends, and
Speaker 15: that's what we saw earlier on in the Asia trading
Speaker 15: day on Monday, or guests overnight for all of us
Speaker 15: over on the on the western side, and that's what
Speaker 15: we've been looking at stay as well. It's kind of
Speaker 15: gone back above that sixty five thousand mark, but really
Speaker 15: can't edge much higher.
Speaker 2: Emily, is it clear in the markets?
Speaker 3: We talk about this sixty thousand dollars support level, right
Speaker 3: but is it clear in the market right now?
Speaker 2: Like what the main driver is? Is it tariff?
Speaker 3: Is it some sort of broader geopolitical anxiety that it's
Speaker 3: getting people to push the button either way.
Speaker 15: I mean, bitcoin's not impervious to what's going on with Tariff's, right.
Speaker 15: It's a high risk asset, so when things like Donald
Speaker 15: Trumps Tariff's post happen, that is going to impact Bitcoin negatively,
Speaker 15: just as it did quite a lot of other asset
Speaker 15: classes over the weekend. There is, however, this kind of
Speaker 15: support level that we've been talking about, whether that's sixty thousand,
Speaker 15: sixty five thousand we're in now really started to see
Speaker 15: traders consolidate around that marks really don't want bitcoin to
Speaker 15: go below sixty thousand because that that does mean that
Speaker 15: kind of we're heading even further lower, and could that's
Speaker 15: you know, when all bets can be off. So we're
Speaker 15: really kind of seeing consolidation around that point. But as
Speaker 15: you said, it's been a rocky few months, and there's
Speaker 15: no telling whether it's going to continue to go down
Speaker 15: or up at the moment.
Speaker 3: Bloomberg's Emilie Nicole, thank you very much. Also falling today,
Speaker 3: well basically everything but shares of software companies is the
Speaker 3: AI fears that have been rattling stocks across industries continue
Speaker 3: into a new week. Let's get more with Bloomberg Equacies
Speaker 3: reports to rhyme for Sellerer. I guess the question, you know,
Speaker 3: now that we're a couple of hours into the session,
Speaker 3: is what's going on right I saw BFW headline overnight
Speaker 3: about Anthropic and a new tool. Seems familiar, but that
Speaker 3: was impacting trading in Europe. Is that just carrying over
Speaker 3: to the US.
Speaker 16: Well, we saw a lot of Anthropic related selling on
Speaker 16: Friday after they announced a new security tool, which sent
Speaker 16: cyber security stocks down pretty sharply, and we are seeing
Speaker 16: a continuation of that trade today. There is really broad
Speaker 16: based weakness within software. Basically nothing is up today and
Speaker 16: it's just this sort of percolating concern about AI disruption.
Speaker 16: What is this going to mean for growth, for profit margins,
Speaker 16: for pricing power going forward? There is so much concern
Speaker 16: and fear in the market right now, so much uncertainty.
Speaker 16: Now we are going to get some results later on
Speaker 16: this week, so that will hopefully provide a little bit
Speaker 16: of cleary at least about how management teams are feeling about,
Speaker 16: you know, the near term in the next coming quarters.
Speaker 16: We have Salesforce Autodesk work day into a snowflake among
Speaker 16: the company's reporting, So those will be very closely to
Speaker 16: watch out to. But in the meantime, people are just
Speaker 16: sort of, you know, selling everything they can and really
Speaker 16: concerned about the latest headlines. It's less fundamentally driven than
Speaker 16: centiment driven.
Speaker 4: Brent phil sort of adding to that sentiment. He's over
Speaker 4: at Jeffrey's downgrading workday into the earnings that come on Tuesday,
Speaker 4: really talking about execution risk with the CEO and other
Speaker 4: executive changes, Just in what way can we see executives
Speaker 4: navigate what is just a hit from sometimes companies that
Speaker 4: really have no historical proof point that what they're doing
Speaker 4: and what they're building is significant to the industry in
Speaker 4: which they seem to uphend from a share price perspective.
Speaker 16: Yeah, they're an extremely difficult position right now, Taught. I've
Speaker 16: spoken with portfolio managers and investors who basically say there's
Speaker 16: nothing they can really hope to hear from management teams
Speaker 16: that are going to ease these fears, because AI is
Speaker 16: a you know, multi quarter, multi year disruption, you know,
Speaker 16: entity out there, and so even if they say, you know,
Speaker 16: we're feeling pretty good about this year, you know, what
Speaker 16: does that mean? For five years from now, and it's
Speaker 16: just going to be very difficult to sort of untie
Speaker 16: all these knots that out there that have people just
Speaker 16: sort of selling in mass Now. I will say a
Speaker 16: lot of these stocks are at all time lows in
Speaker 16: terms of their valuations. Companies like Salesforce and work Day.
Speaker 16: I mean, they have basically never been cheaper, so there
Speaker 16: is a lot that is being priced.
Speaker 11: Into them right now.
Speaker 16: So if they do indicate that maybe this disruption isn't
Speaker 16: happening as quickly as some people are afraid of, or
Speaker 16: if they can talk about ways they're able to sort
Speaker 16: of ride the AI wave and turn it into a tailwind,
Speaker 16: it is possible you see some kind of relief rally
Speaker 16: in these stocks. But right now it just seems like
Speaker 16: people are so cautious, and you know, they just continue
Speaker 16: to sell. A lot of these names are down fifty
Speaker 16: percent or more from their all time highs.
Speaker 4: Everywhere's right, vaseelko all over the software trade. Thank you. Now,
Speaker 4: while we are seeing heightened market on ease of late concern,
Speaker 4: as Ryan said about the impact of these AI tools
Speaker 4: dates back years and this as the popularity in demand
Speaker 4: for some of them have taken even their own creators
Speaker 4: by surprise. The most showing Gafari is here with us.
Speaker 4: You've been looking at the impact most recently of clawed
Speaker 4: code and how that really took the leaders of Anthropic
Speaker 4: by surprise.
Speaker 2: That's right.
Speaker 17: So it was started as essentially a side project by
Speaker 17: a staffer who I talked to who said that, you know,
Speaker 17: it was being used internally by Anthropics engineers, and it
Speaker 17: took on so quickly that CEO Dario Amedi sort of
Speaker 17: asked him before releasing to the public, do you have
Speaker 17: to force engineers.
Speaker 9: To use this or why is everyone all of a
Speaker 9: sudden adopting this?
Speaker 17: And so that's sort of how this really surprised tool
Speaker 17: ended up now not just affecting AI, but impacting other
Speaker 17: industries as well.
Speaker 3: Strean also late Friday we reported some kind of the
Speaker 3: targets that open AI has. I call them targets, but
Speaker 3: I guess forecasts for what revenue will be come the
Speaker 3: end of this decade.
Speaker 2: What do we need to know? That's right.
Speaker 17: So you see their revenue targets have increased, and you know,
Speaker 17: I think that right now, what we're seeing right is
Speaker 17: these companies start to plan out there are mega fundraising
Speaker 17: deals happening.
Speaker 11: As we've reported on.
Speaker 17: There are reported plans in the long term toward potential IPO,
Speaker 17: so what we're seeing now is sort of opening eye share.
Speaker 17: As we reported with investors, some of those adjusted forecasts.
Speaker 3: Revenue to hit two hundred and eighty billion dollars in
Speaker 3: twenty thirty, so wait around for that, Bloomberg Shering Gufari,
Speaker 3: Thank you very much. Another piece of news, and Propic
Speaker 3: CEO Dario ama Day will meet with US Defense Secretary
Speaker 3: Pete Hegsef tomorrow.
Speaker 2: According to a source.
Speaker 3: This has contract talks between the AI startup and the
Speaker 3: Pentagon remained deadlocked over the company's insistence on guardrails for
Speaker 3: use of its technology. In a statement today, and Propic
Speaker 3: said it was committed to using AI to support national
Speaker 3: security CAROC.
Speaker 4: Now coming up ed, we'll have the latest on efforts
Speaker 4: to my Warner Brothers assets. Listen, bloom Bg Tech.
Speaker 2: We have a normal.
Speaker 5: Regulatory path ahead. There's nothing uniquely challenged about that process.
Speaker 5: We're about it in the middle of it with the DoD,
Speaker 5: with the European regulators, with regulators all over the around
Speaker 5: the world, and with Data turney in general. This is
Speaker 5: a process that we're very confident.
Speaker 11: I think we're going to navigate.
Speaker 3: That was Netflix Coco Ted Surrenders speaking to us last
Speaker 3: week about its bid to take over Warner brother Discovery
Speaker 3: Studios and streaming business. But already the regulatory landscape is shifting.
Speaker 3: Bloomberg reporting Saturday, the Justice Department is investigating whether the
Speaker 3: deal would give Netflix too much power over filmmakers and
Speaker 3: other content creators. Let's get the latest with Bloomboos Lucas Shaw,
Speaker 3: who leads the screen Time team and coverage of that industry.
Speaker 3: A lot's changed in five days, but basically from Josh
Speaker 3: Cisco's reporting, it looks like actually the DOJ probe or
Speaker 3: review is wider than mister Surrandos told you and I
Speaker 3: that it was kind of procedural and standard.
Speaker 18: Yeah, there's been a lot of back and forth about
Speaker 18: what exactly is happening with the DJ. A normal DOJ
Speaker 18: probe would look at just what called Section seven. I believe,
Speaker 18: without getting into the antitrust weeds, there is a belief
Speaker 18: and based on the literature that is being sent to
Speaker 18: creators and producers in Hollywood, that this probe expands beyond that.
Speaker 18: I would say that I don't think that that much
Speaker 18: has changed from that interview we did with Ted just
Speaker 18: a few days ago.
Speaker 11: I mean, yes, you had our reporting on the DJ.
Speaker 18: You also had President Trump call on Netflix to fire
Speaker 18: it's board members Susan Rice over some comments she made.
Speaker 18: But what we're really coming down to is what is
Speaker 18: going to be this next Paramount offer, which we're expecting soon.
Speaker 4: And I'm expecting it to be higher, because.
Speaker 18: Yeah, I mean, look, Paramount teas that it would get
Speaker 18: to at least thirty one dollars to share. Their most
Speaker 18: recent one was thirty dollars a share. There was some
Speaker 18: reporting out there from variety of thirty two dollars a share.
Speaker 18: We've heard conflicting reports about how high they would go.
Speaker 18: I know from speaking to people in and around David Ellison,
Speaker 18: who's the CEO and chairman of Paramount, that they feel
Speaker 18: like they need to put forth an offer that will
Speaker 18: make it hard for Netflix to match. Because Netflix shareholders
Speaker 18: are getting a little restless about.
Speaker 3: This, Lucas it's an ongoing process and reading the reporting,
Speaker 3: it's going to go on for a long time, right,
Speaker 3: But remind us of the differences and the bids. Simply
Speaker 3: that for Netflix it's the studios and streaming platform. But
Speaker 3: for paramount S Guidearts, it's the entirety of Warner Brothers Discovery.
Speaker 11: Yeah, I mean you just laid it out, Warner brother
Speaker 11: excuse me.
Speaker 18: Paramount is going for the whole company that includes all
Speaker 18: the cable networks you know, CNN, TBS, Discovery Channel and
Speaker 18: so forth. There's been a debate between Warner Brothers Discovery
Speaker 18: and Paramount as to the value of those global networks
Speaker 18: that group that it would be be spun out as
Speaker 18: because that's one of the big points of difference between
Speaker 18: the Paaramount offer and the Netflix offer. You know, Paramount
Speaker 18: believes that it's bit as superior because those networks aren't
Speaker 18: worth that much. Warner Brothers thinks they're worth more, and
Speaker 18: that has enabled Netflix to prevail thus far, even though
Speaker 18: the immediate cash to Warner Brothers shareholders would be less.
Speaker 4: What are investors saying, Lucas about where they swayed.
Speaker 11: Well, it depends on which investors, right.
Speaker 18: I've certainly spoken to some who are eager for Warner
Speaker 18: Brothers to engage with Paramount, which is what's been happening
Speaker 18: over the last week. I think there's some concern on
Speaker 18: the part of investors about the regulatory risk for the
Speaker 18: Netflix deal. They seem more concerned about the Netflix risk
Speaker 18: and the paramount risk.
Speaker 11: But then there are.
Speaker 18: Plenty of other investors who I think have felt less
Speaker 18: compelled to speak out because they're happy to follow the
Speaker 18: Warner Brothers' lead, and I think most of them would
Speaker 18: be happy for the thirty dollars to share, thirty two
Speaker 18: dollars to share, whatever it may be.
Speaker 3: Lucas very quickly, are just looking back on that interview
Speaker 3: you asked in like, why does Netflix not want the
Speaker 3: legacy cables? His answer straightforward, that's not the business we're in.
Speaker 3: And we talked about the movie theaters. Those two points.
Speaker 18: Yeah, well, look, Netflix has never had any interest in
Speaker 18: the cable business because the cable business is shrinking and
Speaker 18: Netflix and streaming are in many ways replacing it. The
Speaker 18: movie theater one is the one that's been a bugaboo
Speaker 18: for Netflix because people are having a hard time believing
Speaker 18: Ted surround us when he says they're going to put
Speaker 18: movies in theaters. But he has said it again and
Speaker 18: again and again.
Speaker 4: Bugaboo. Ah, that's got me in my head now, bloon. Vice, Luca, Sure,
Speaker 4: thank you, very much. Indeed, look, that does it for
Speaker 4: this edition of Bloomberg Tech. But let's check in in
Speaker 4: on some of these key stocks. They're on the move.
Speaker 4: We anticipate a big week for earnings Wednesdays in video,
Speaker 4: salesforce coming out, as well as software names getting crushed.
Speaker 4: So are payments, so we're delivery companies after that note
Speaker 4: from Subtrini Research, it's a big one.
Speaker 3: Yeah, And it sounds like from our guests, particularly on
Speaker 3: the software side, the bar is still high for management
Speaker 3: to actually change the directory of that sector. And of
Speaker 3: course in video has fallen in each of the last
Speaker 3: two post earning sessions recap on the podcast, we have
Speaker 3: some really interesting people on the show today.
Speaker 2: You know where to find it.
Speaker 3: It's on the terminal as well as online on Apple,
Speaker 3: Spotify and iHeart from San Francisco and a snowy New York.
Speaker 2: This is Bloomberg Tech.