WEBVTT - Potential Nissan-Honda Merger, Databricks' $62B Valuation 0:00:02.600 --> 0:00:11.559 Bloomberg Audio Studios, podcasts, radio news. 0:00:09.480 --> 0:00:13.160 From the Heart where Innovation, money and power. Collie in 0:00:13.240 --> 0:00:14.720 Silicon Valley, Nbon. 0:00:15.080 --> 0:00:19.600 This is Bloomberg Technology with Caroline Hyde and Ed Ludlow. 0:00:33.600 --> 0:00:34.199 Live from New York. 0:00:34.200 --> 0:00:36.960 There's the Bloomberg Technology coming up. Nissan in talks to 0:00:37.040 --> 0:00:40.879 merge with Honda. Why tech giant Fox con catalyze the 0:00:40.920 --> 0:00:45.120 autodial discussions plus data bricks. Valuation rises to sixty two 0:00:45.159 --> 0:00:47.400 billion dollars. We'll sit down with the CEO to discuss 0:00:47.440 --> 0:00:51.440 the company's AI strategy and its expansion, and all eyes 0:00:51.479 --> 0:00:55.840 on micron earnings after the closing bell, Can AI demand deliver? First, 0:00:55.920 --> 0:00:57.440 let's get to this key story of the day, the 0:00:57.520 --> 0:01:01.240 merger discussions Nissan and talks with Honda, and it would 0:01:01.240 --> 0:01:03.880 be a deal that could create the world's third largest 0:01:03.920 --> 0:01:06.240 automaker with a better chance to compete with the like 0:01:06.360 --> 0:01:09.320 Toyota and even Tesla in the EV space for example. Now, 0:01:09.360 --> 0:01:12.759 according to reports, the discussion between the two they accelerated 0:01:13.000 --> 0:01:16.120 off the Fox Cohn, the Taiwan based producer of iPhones, 0:01:16.280 --> 0:01:18.280 actually approached Nissan about taking a stake. 0:01:18.720 --> 0:01:20.399 Bloomberg's Crotodel joins us. 0:01:20.440 --> 0:01:23.640 Some more so interestingly, once again, is Japanese companies trying 0:01:23.640 --> 0:01:25.440 to fend off international investors. 0:01:26.880 --> 0:01:29.800 Yeah, I think you know this, This is a case 0:01:29.840 --> 0:01:32.680 of a company in Nissan that has been challenged for 0:01:32.760 --> 0:01:36.600 years now, and really since the moment that Carlos Gohn 0:01:36.760 --> 0:01:43.119 was unceremoniously taken out and arrested actually, you know, by 0:01:43.160 --> 0:01:46.600 folks in Japan. There was really concern within the government 0:01:46.640 --> 0:01:50.080 there about you know, the long term viability of this company, 0:01:50.080 --> 0:01:52.560 and I think a desire to kind of drive them 0:01:52.600 --> 0:01:57.040 into the arms of Honda. I think Honda was reluctant, 0:01:57.200 --> 0:02:01.000 and perhaps Fox Cohn with its you know, interest in 0:02:01.360 --> 0:02:05.600 entering the auto industry, it's interests in particular in electric vehicles, 0:02:06.440 --> 0:02:08.920 you know, knocking on Nissan's doors, I think, you know, 0:02:09.320 --> 0:02:12.520 it is sort of indicative of the sort of of 0:02:12.880 --> 0:02:17.320 prospect that would only you know, further alarm the Japanese government. 0:02:17.560 --> 0:02:19.960 I remember back in the day talking to carloscon about 0:02:19.960 --> 0:02:23.120 the Nissan Leaf. He was really upbeat about the scale 0:02:23.160 --> 0:02:26.000 of the market they had in electric vehicles. But now 0:02:26.000 --> 0:02:29.200 it pales into comparison to a Tesla, for example, How 0:02:29.200 --> 0:02:31.600 would the combined units be beneficial? 0:02:33.000 --> 0:02:36.760 I think importantly it would help Nissan in a real 0:02:36.840 --> 0:02:39.320 sort of blank space, which is hybrids. And you know, 0:02:39.360 --> 0:02:42.079 a few years ago we would have you know, sort 0:02:42.080 --> 0:02:45.920 of been talking about, you know, would hybrids have a 0:02:45.960 --> 0:02:50.960 future our Tesla's the way of the industry going forward. 0:02:51.800 --> 0:02:54.840 I think we've seen this real renaissance, particularly in the 0:02:54.919 --> 0:02:57.440 US market, but also in other parts of the world 0:02:57.520 --> 0:03:00.440 where you know, it's clear that consumers are still not 0:03:00.520 --> 0:03:03.160 ready yet to pull the trigger on a Nissan Leaf 0:03:03.520 --> 0:03:07.000 or a Tesla. And you know, it's been the case 0:03:07.080 --> 0:03:09.440 that Nissan has had a lot of issues, but one 0:03:09.480 --> 0:03:12.520 of them has been the complete lack of hybrids in 0:03:12.520 --> 0:03:15.960 the US market. Honda really has some strength and that 0:03:16.040 --> 0:03:20.160 regard and would help Nissan to better compete if these 0:03:20.200 --> 0:03:22.160 two were to combine. 0:03:22.320 --> 0:03:23.120 Well, I'm not sure. 0:03:23.000 --> 0:03:25.320 Hybrids will help in California in the future. Just talk 0:03:25.360 --> 0:03:27.760 us through what's coming from the Biden administration in terms 0:03:27.800 --> 0:03:33.519 of California regulations compelling people to have ev zero emission cars. 0:03:33.280 --> 0:03:33.840 In the future. 0:03:35.040 --> 0:03:39.600 Yeah, California you know, announced intentions quite a while ago 0:03:40.040 --> 0:03:43.920 to phase out combustion cars from twenty thirty five in 0:03:44.040 --> 0:03:46.720 order to actually you know, sort of en trine that 0:03:46.800 --> 0:03:50.560 and really protect that the state needs to go to 0:03:50.600 --> 0:03:53.120 the federal government and get a waiver. And there's a 0:03:53.360 --> 0:03:56.840 precedent for this going back decades where California, because of 0:03:56.920 --> 0:03:59.920 the issues unique issues that's had with air quality, going 0:04:00.000 --> 0:04:03.360 going back, you know, many years ago, there's precedent for 0:04:03.400 --> 0:04:04.920 it for the state to be able to set its 0:04:04.960 --> 0:04:08.680 own standards separate from the federal government. And there are 0:04:08.680 --> 0:04:13.080 many states that follow and adopt California's standards. So this 0:04:13.120 --> 0:04:17.000 is a case of the Biden administration kind of making 0:04:17.040 --> 0:04:20.159 more difficult on its way out the door. Any effort 0:04:20.160 --> 0:04:23.120 that the Trump administration, I think is inevitably going to 0:04:23.200 --> 0:04:25.880 try and and you know, take a stab at the 0:04:26.200 --> 0:04:29.919 various waivers that California has had to try and set 0:04:30.160 --> 0:04:31.919 tougher policies for the auto industry. 0:04:32.120 --> 0:04:34.120 Yeah, we'll see how it devised the next administration. 0:04:34.200 --> 0:04:37.919 Crotrudelle just a brilliant roundup of all things autos and evs. 0:04:38.360 --> 0:04:41.000 Let's get back though, to the semiconductor space right now, 0:04:41.040 --> 0:04:43.799 because that's really where we're looking at what's happening underneath 0:04:43.800 --> 0:04:46.719 the benchmarks. Mike cron of course reporting after the bell 0:04:46.760 --> 0:04:48.760 as well today, and that's really looking for growth in 0:04:48.800 --> 0:04:51.320 the company's high manwidth memory. As I mentioned the products there, 0:04:51.360 --> 0:04:54.520 it's all about AI, infrastructure, surprise price. Denny Fish as 0:04:54.520 --> 0:04:56.200 a man who knows exactly about all these things, put 0:04:56.200 --> 0:04:59.000 folio manager on the Global Tech and Innovation team. And 0:04:59.120 --> 0:05:01.560 Rick Janis Henderson Bess, you own all the big names 0:05:01.560 --> 0:05:04.039 when it comes to semiconductors, and cutos to you because 0:05:04.080 --> 0:05:07.040 you've had exposure to the biggest rallies of the year. Denny, 0:05:07.480 --> 0:05:10.279 what do you make of high bandwidth memory the focus 0:05:10.279 --> 0:05:12.240 on US chip makers to get into that space. 0:05:13.520 --> 0:05:19.320 Yeah, I mean, we've witnessed probably the largest deployment of 0:05:19.520 --> 0:05:23.960 advanced semiconductor content ever in our history. And the reason 0:05:24.160 --> 0:05:27.640 that's happened is because we've advanced AI over the last 0:05:27.680 --> 0:05:32.960 couple of years and those advancements continue. I mean, we've 0:05:33.000 --> 0:05:36.320 really laid the tracks the last couple of years with 0:05:36.760 --> 0:05:40.720 pre training of all these models from open AI, from Google, 0:05:40.800 --> 0:05:45.480 with Gemini, Anthropic and others. And what's really interesting now 0:05:46.040 --> 0:05:51.880 is we're actually making the transition from from what we've 0:05:51.880 --> 0:05:54.640 seen with these models to reasoning. And that's a really 0:05:54.680 --> 0:05:57.080 big deal because now we're going to start seeing the 0:05:57.120 --> 0:06:00.960 handoff in a pretty material way for from pre training 0:06:01.000 --> 0:06:04.360 and training to actually inference and time based inference, and 0:06:04.440 --> 0:06:10.200 so that should continue to be quite good for accelerated computing. 0:06:10.640 --> 0:06:13.120 It's just the mix might get a little different over time. 0:06:13.560 --> 0:06:17.920 But as it relates to just you know, GPUs customasics 0:06:17.960 --> 0:06:22.480 from the hyperscalers, high bandwidth memory optics, you know, it 0:06:22.480 --> 0:06:24.200 should continue to be quite strong. 0:06:24.440 --> 0:06:26.800 Jonath Henderson has some exposure to Micron, but I'm not 0:06:26.800 --> 0:06:29.600 seeing it, for example, in your Global Technology Fund for example. 0:06:30.160 --> 0:06:31.480 I'm interested, therefore. 0:06:31.120 --> 0:06:32.840 More about what you think about the shift that we've 0:06:32.839 --> 0:06:35.640 seen going on from all in on picks and shovels, 0:06:35.720 --> 0:06:38.280 all in on the infrastructure build out when it comes 0:06:38.320 --> 0:06:41.000 to semiconductors, but now people moving across the software, now 0:06:41.040 --> 0:06:43.360 people thinking that it's the application lay that people are 0:06:43.360 --> 0:06:44.160 more interested in. 0:06:45.160 --> 0:06:47.880 Yeah, that's absolutely right. And you know, I actually think 0:06:48.360 --> 0:06:50.359 twenty twenty five is going to be a really interesting 0:06:50.480 --> 0:06:54.720 year because you can't put the investment into data centers 0:06:54.720 --> 0:06:56.440 that we put in over the last couple of years 0:06:56.839 --> 0:06:59.680 unless you start to monetize it. And we're actually starting 0:06:59.680 --> 0:07:02.560 to see breadcrumbs, particularly over the last couple of quarters 0:07:02.800 --> 0:07:04.840 from a lot of companies, and you know, you hit 0:07:04.880 --> 0:07:07.719 it on the head, you know, the application software ecosystem, 0:07:07.839 --> 0:07:11.080 whether that's publicly traded vendors that are starting to actually 0:07:11.120 --> 0:07:16.280 talk about specific contributions to their revenue models, or a 0:07:16.480 --> 0:07:19.560 ton of you know, startups obviously that are you know, 0:07:19.760 --> 0:07:24.280 racing to you know, disrupt the existing vendors and take 0:07:24.280 --> 0:07:28.000 advantage of this multi trillion dollar opportunity. And what's really 0:07:28.000 --> 0:07:31.000 interesting is, you know, the software industry, you know, over 0:07:31.000 --> 0:07:35.040 the last twenty years, you know, growed you know, I 0:07:35.080 --> 0:07:38.560 don't know, six seven hundred billion dollars in aggregate as 0:07:38.600 --> 0:07:41.800 it expanded the software TAM. But as you really start 0:07:41.840 --> 0:07:45.800 thinking about what AI can do, this jump to reasoning 0:07:46.280 --> 0:07:48.800 and where we're going from here, and it brings not 0:07:48.880 --> 0:07:51.840 only the software TAM into play, but this you know, 0:07:52.040 --> 0:07:55.680 larger you know services TAM that can be attacked by AI. 0:07:56.240 --> 0:07:59.160 And that's that should be really good for the software ecosystem. 0:08:00.200 --> 0:08:02.680 How are we going to start to see the wheek 0:08:02.720 --> 0:08:03.320 from the chaff? 0:08:03.320 --> 0:08:03.480 Here? 0:08:03.520 --> 0:08:07.560 Though, Denny, throughout twenty twenty four, in many ways, all 0:08:07.600 --> 0:08:10.000 boats have risen until the second half and then we 0:08:10.040 --> 0:08:11.880 started to pit winners against losers. 0:08:12.320 --> 0:08:14.120 Are we going to see that continue? Look, we take 0:08:14.160 --> 0:08:14.679 a case. 0:08:14.480 --> 0:08:16.800 Study of Adobe just not managing to deliver when it 0:08:16.840 --> 0:08:18.640 comes to how much generative AI is going. 0:08:18.520 --> 0:08:20.600 To get to their bottom line compared. 0:08:20.200 --> 0:08:22.600 To paneteer that has just exploded ever higher because the 0:08:22.640 --> 0:08:23.520 AI opportunity. 0:08:24.840 --> 0:08:27.720 Yeah, well that's where we're at. And I mean, we've 0:08:27.760 --> 0:08:31.600 actually seen a narrowing in the semiconductor ecosystem in terms 0:08:31.600 --> 0:08:33.760 of the winners as we look at picks and shovels, 0:08:34.120 --> 0:08:36.559 and that's to be expected. Every time there's a big 0:08:36.600 --> 0:08:38.840 theme like this, you get a rising tide lifts all boats, 0:08:39.040 --> 0:08:40.400 and then you get a narrowing of. 0:08:40.360 --> 0:08:41.480 It, you know. 0:08:41.679 --> 0:08:44.000 And I think that's what we're going to see across 0:08:44.360 --> 0:08:47.160 the rest of the tech ecosystem, including software and twenty five. 0:08:48.160 --> 0:08:50.680 As you said, we'll separate the wheat from the chaff. 0:08:51.480 --> 0:08:54.720 The companies that are actually having meaningful contribution from AI, 0:08:55.080 --> 0:08:57.480 they're going to get higher multiples, their growth is going 0:08:57.520 --> 0:09:00.160 to accelerate, and it's going to be goodness. And then 0:09:00.200 --> 0:09:03.479 there are going to be companies that are clearly struggling 0:09:04.280 --> 0:09:06.360 to get to the right side of time, as you 0:09:06.400 --> 0:09:09.000 mentioned and Adobe's and you know, it's an interesting case 0:09:09.000 --> 0:09:11.640 study because it's been a heavily debated stock in the 0:09:11.640 --> 0:09:15.960 investment community for the last couple of years, as investors 0:09:15.960 --> 0:09:18.160 have gone from Adobe being on the right side of 0:09:18.160 --> 0:09:20.800 time as it relates to AI, to potentially being on 0:09:20.840 --> 0:09:21.720 the wrong side of time. 0:09:22.600 --> 0:09:24.679 Talking of wrong side of time, many trying to pass 0:09:24.720 --> 0:09:27.280 what the right or wrong side of the next administration 0:09:27.360 --> 0:09:29.880 is going to be. This is going to affect, for example, 0:09:29.880 --> 0:09:31.800 some Internet names. I know that you focus in on 0:09:31.880 --> 0:09:33.719 Denny And at the moment, we've got the breaking news 0:09:33.720 --> 0:09:35.920 that the US Supreme Court is going to hear arguments 0:09:36.160 --> 0:09:38.240 over a TikTok divestment. We're going to dig into that 0:09:38.280 --> 0:09:41.880 in a moment, but we do see regulatory implications for 0:09:41.920 --> 0:09:43.040 a lot of companies coming. 0:09:43.120 --> 0:09:44.040 How do you navigate that? 0:09:45.160 --> 0:09:48.760 Yeah, well, not too differently than how we've navigated it 0:09:48.840 --> 0:09:51.079 for the last handful of years. And what I mean 0:09:51.120 --> 0:09:54.920 by that, we've had a very hostile backdrop for the 0:09:54.960 --> 0:09:57.200 last four years. So is it going to get worse? 0:09:57.240 --> 0:09:59.240 It's probably hard to get worse. Is it going to 0:09:59.240 --> 0:10:03.000 get better? Might get a little bit better in certain areas, 0:10:03.040 --> 0:10:05.439 but I expect it to continue to be a difficult 0:10:05.520 --> 0:10:09.240 environment for large cap tech. You know, that diminishes the 0:10:09.240 --> 0:10:11.480 opportunity for them to do M and A and then 0:10:11.679 --> 0:10:15.920 it also you know, we will continue to see aggressive 0:10:16.000 --> 0:10:19.480 postures from the DOJ like we've seen with the Google case. 0:10:20.320 --> 0:10:24.160 Dannie Fish, portfolio manager at Janis Henderson Investors really taking 0:10:24.200 --> 0:10:26.720 us across pulp Brett to the tech ecosystem. We thank you, 0:10:26.760 --> 0:10:28.719 and look, let's just dig into that. Breaking news now 0:10:28.760 --> 0:10:31.640 on TikTok. The Supreme Court has announced that it will 0:10:31.679 --> 0:10:35.439 hear TikTok's challenge to its US ban on January the tenth, 0:10:35.600 --> 0:10:38.320 just days of course before it's potential ban or divest 0:10:38.440 --> 0:10:42.400 argument coming January the nineteenth. We're seeing the implications for Snap. 0:10:42.480 --> 0:10:45.880 For example, snapshares currently falling, Meta shares. 0:10:45.720 --> 0:10:46.720 Have impairing their gain. 0:10:46.880 --> 0:10:50.640 On the news now coming up cracking down on China 0:10:50.800 --> 0:10:52.840 made hips the latest action being taken by the Biden 0:10:52.920 --> 0:10:57.360 administration to combat national security and competition concerns. That's next, 0:10:58.080 --> 0:11:12.800 bring their technology. Get back to the breaking TikTok news. 0:11:13.160 --> 0:11:15.720 Acrossing this plumemberg terminal is the news that the Supreme 0:11:15.760 --> 0:11:20.160 Court will indeed hear TikTok's arguments on January tenth, before 0:11:20.200 --> 0:11:22.680 a potential ban which is likely to come into place 0:11:22.920 --> 0:11:26.559 on January the nineteenth Bluemog's Kaylee lines Josephs for more. 0:11:26.640 --> 0:11:29.880 Of course, this is all regarding it's either to divest 0:11:30.160 --> 0:11:32.640 or be banned on January the nineteenth, but they managed 0:11:32.640 --> 0:11:34.400 to get the Supreme Court to hear the argument. 0:11:35.520 --> 0:11:38.120 Yeah, of course, TikTok, since this law was first passed 0:11:38.120 --> 0:11:40.360 in a bipartisan manner by Congress and then signed into 0:11:40.480 --> 0:11:43.160 law by President Biden earlier this year, has contended that 0:11:43.200 --> 0:11:45.839 it violates the right to free speech embedded in the 0:11:45.880 --> 0:11:48.400 Bill of Rights in the US Constitution. So that is 0:11:48.440 --> 0:11:51.000 the grounds with which TikTok is pursuing this appeal at 0:11:51.040 --> 0:11:54.320 the Supreme Court, after having lost an appeal in the DC. 0:11:54.240 --> 0:11:56.040 Circuit Federal Court of Appeals. 0:11:55.640 --> 0:11:59.000 Which voted three to zero against the company's arguments, saying 0:11:59.000 --> 0:12:01.920 that Congress as well with and its rates within concerns 0:12:01.920 --> 0:12:05.120 over national security to put into place this band. So 0:12:05.200 --> 0:12:07.520 we'll see how this goes on January tenth, as you say, 0:12:07.559 --> 0:12:09.920 Carolina's just nine days before this band is set to 0:12:09.960 --> 0:12:12.720 go into effect. But keep in mind this Supreme Court 0:12:13.000 --> 0:12:15.960 does have a conservative majority, three justices of which were 0:12:16.000 --> 0:12:19.280 appointed by then President and now President elect Donald Trump, 0:12:19.320 --> 0:12:21.520 who earlier this week at a press conference in mar 0:12:21.520 --> 0:12:24.000 A Lago, when asked about the TikTok Ban said that 0:12:24.040 --> 0:12:26.720 he has a warm place in his hurt for TikTok, 0:12:26.760 --> 0:12:28.360 talking about how he does think it's one of the 0:12:28.400 --> 0:12:30.400 reasons why he was able to pick up more of 0:12:30.440 --> 0:12:32.200 the youth vote, and at marra A Lago on that 0:12:32.320 --> 0:12:35.000 very same day this week he met with TikTok CEO 0:12:35.360 --> 0:12:37.120 Show Choo. So it'll be interesting to see if we 0:12:37.160 --> 0:12:40.240 hear from the President elect on the Supreme Court's decision 0:12:40.280 --> 0:12:42.880 to hear TikTok's arguments on January. 0:12:42.440 --> 0:12:46.440 Tenth's having market implications. We see Snap, for example, losing 0:12:46.520 --> 0:12:48.640 some market value on the back of this as people 0:12:48.720 --> 0:12:50.560 try to price in whether or not TikTok will be 0:12:50.600 --> 0:12:53.920 remaining as a competitor. Meta also pairing some of its 0:12:53.960 --> 0:12:54.720 earlier gains. 0:12:55.120 --> 0:12:55.400 Katie. 0:12:55.440 --> 0:12:58.640 All of this comes in the context of US versus China. 0:12:58.840 --> 0:13:01.280 We've had the breaking news today that Biden is going 0:13:01.360 --> 0:13:05.160 to be announcing well a Chinese semiconductor probe here in 0:13:05.200 --> 0:13:06.000 the coming days. 0:13:06.120 --> 0:13:07.240 Another area of tip. 0:13:07.120 --> 0:13:11.000 For tat absolutely and this one is interesting, Caroline, because 0:13:11.000 --> 0:13:14.240 this probe will specifically be looking at foundational chips. The 0:13:14.280 --> 0:13:16.599 older generation ones that of course are the backbone to 0:13:16.640 --> 0:13:20.240 everything from cars to smartphones. Knowing this administration already for 0:13:20.240 --> 0:13:22.680 the last several years has been putting into place export 0:13:22.679 --> 0:13:26.320 controls around advanced semiconductor technology, so the things that go 0:13:26.360 --> 0:13:30.200 into say artificial intelligence, trying to restrain China's ability to 0:13:30.320 --> 0:13:32.960 control that technology. But the concern that this White House 0:13:33.000 --> 0:13:35.280 still has in its waning days is that China, because 0:13:35.320 --> 0:13:37.920 it's still producing these older chips, is going to be 0:13:37.960 --> 0:13:40.200 able to flood the market with them and therefore makes 0:13:40.200 --> 0:13:44.520 say American companies less competitive. Already, this administration had announced 0:13:44.520 --> 0:13:46.800 that they would like to raise the tariff on older 0:13:46.880 --> 0:13:49.920 chips from twenty five percent to fifty percent by twenty 0:13:49.960 --> 0:13:52.080 twenty five, but according to people familiar with the matter, 0:13:52.120 --> 0:13:54.280 the feeling of the administration is that is not enough 0:13:54.559 --> 0:13:58.160 to actually adequately protect competition. Hence the launching of this 0:13:58.280 --> 0:14:01.439 investigation the rub Caroline and is while this investigation will 0:14:01.440 --> 0:14:04.320 be launching, the inauguration where Joe Biden will leave the 0:14:04.320 --> 0:14:06.720 office and Donald Trump will take it is just over 0:14:06.760 --> 0:14:09.720 thirty days away, So ultimately the conclusion of the probe 0:14:09.720 --> 0:14:12.480 the findings will be left up to the discretion of 0:14:12.559 --> 0:14:14.400 Donald Trump as to how to handle them, whether that 0:14:14.400 --> 0:14:17.480 will be tariffs or other restrictions around trade. We do 0:14:17.600 --> 0:14:19.960 know though that the President elect is not shy when 0:14:19.960 --> 0:14:21.760 it comes to tariff's in China, Caroline, he. 0:14:21.760 --> 0:14:25.720 Loves the word m Kaylee. Just set the context then. 0:14:25.600 --> 0:14:29.000 Because also we know that he did invite President She 0:14:29.200 --> 0:14:30.920 we understand, to the inauguration. 0:14:31.240 --> 0:14:32.520 So could yes, a. 0:14:32.440 --> 0:14:35.280 Lot of this end not being implemented because deals are done. 0:14:36.360 --> 0:14:37.600 Well, that's entirely possible. 0:14:37.600 --> 0:14:39.920 And it's a live conversation here in Washington as to 0:14:39.960 --> 0:14:42.360 whether or not the tariffs that Donald Trump has threatened, 0:14:42.760 --> 0:14:45.520 not just technology but all goods coming from China are 0:14:45.640 --> 0:14:49.280 just a negotiating tactic, a way to start the conversation 0:14:49.360 --> 0:14:52.360 to extract more from China that he would see, basically, 0:14:52.360 --> 0:14:54.600 a way to use leverage that remains to be seen. 0:14:54.640 --> 0:14:56.240 But it will be up to his discretion if he 0:14:56.280 --> 0:14:58.480 does want to act if these findings do conclude that 0:14:58.520 --> 0:15:01.440 there are unfair trade practices China is involved in when 0:15:01.440 --> 0:15:03.880 it comes to this very critical technology that the US 0:15:03.920 --> 0:15:07.200 has already heavily invested in developing here in the States. 0:15:07.240 --> 0:15:09.000 I would not as well, Caroline, that while a lot 0:15:09.000 --> 0:15:11.320 of this is the discretion of the president. Congress is 0:15:11.360 --> 0:15:15.600 consistently acting hawkishly toward China as well. It is Congress 0:15:15.600 --> 0:15:18.120 where the TikTok band originated, where we've seen a lot 0:15:18.120 --> 0:15:21.160 of restrictions pass through law, and in the continuing funding 0:15:21.200 --> 0:15:23.760 resolution that was just released last night, it also includes 0:15:23.840 --> 0:15:28.000 language related to outbound investment into China restrictions. So this 0:15:28.080 --> 0:15:29.800 is something we're seeing really across the board. 0:15:30.240 --> 0:15:33.760 Kayley lines, thank you very much. Indeed, all things US China. 0:15:33.840 --> 0:15:36.160 Now it's time for talking tech. And first up, the 0:15:36.240 --> 0:15:37.320 risk of blackouts. 0:15:37.480 --> 0:15:38.000 They're going to. 0:15:37.960 --> 0:15:41.040 Increase for most of North America over the coming decade, 0:15:41.160 --> 0:15:44.160 according to a report by a grid reliability regulator. Then, 0:15:44.200 --> 0:15:48.200 the report underschool's utility challenges as demand is forecast arise 0:15:48.240 --> 0:15:51.040 the most in decades, of course, driven by AI and 0:15:51.120 --> 0:15:52.520 the electrification of the economy. 0:15:53.200 --> 0:15:54.720 Plus, a new court order. 0:15:54.560 --> 0:15:58.440 Issued Monday says TikTok must turnover its source code and 0:15:58.520 --> 0:16:01.400 financial data. This after plays from the Chinese tech company 0:16:01.480 --> 0:16:05.160 Beijing Machine Network accuse the social media platform of copyright 0:16:05.160 --> 0:16:09.840 infringement and misappropriation of trade secrets. A Meta's Instagram is 0:16:09.840 --> 0:16:12.680 expected to account for half of the company's and revenue 0:16:12.720 --> 0:16:15.320 in the United States. That's according to estimates from research 0:16:15.360 --> 0:16:18.320 firm E Marketer, Instagram is now expected to top thirty 0:16:18.360 --> 0:16:21.160 two billion dollars in US advertising revenue in twenty twenty five. 0:16:21.080 --> 0:16:23.720 Up more than twenty four percent from the current year. 0:16:24.560 --> 0:16:27.960 Coming up, sam MoOx aq and announces a major new 0:16:27.960 --> 0:16:28.520 funding round. 0:16:28.600 --> 0:16:30.440 CEO Jack Hidari is with us. 0:16:30.840 --> 0:16:33.120 The next we're going to be discussing the company's plans 0:16:33.160 --> 0:16:36.240 to use the course AI and innovate everything from medical 0:16:36.240 --> 0:16:40.400 devices to cybersecurity, AQ AI and quantum. 0:16:40.480 --> 0:16:51.160 This is remote technology. 0:16:52.280 --> 0:16:56.080 AI solutions company sandmox Aq has closed its latest round 0:16:56.120 --> 0:16:58.920 of funding, raising three hundred million dollars funding. The company, 0:16:58.920 --> 0:17:01.600 now a five point six big company, says the investment 0:17:01.640 --> 0:17:03.720 will be used to further its development in areas like 0:17:03.800 --> 0:17:08.000 drug discovery, cybersecurity, navigation, and medical devices, or using its 0:17:08.000 --> 0:17:12.120 own AI techniques. Sunbox aqco Jack Henry is here with us. 0:17:12.480 --> 0:17:15.680 Let's talk large quantitative models. 0:17:15.880 --> 0:17:18.560 How is what you're building different from the large language 0:17:18.560 --> 0:17:20.040 models we've all had to wrap our head around. 0:17:20.119 --> 0:17:20.399 Karling. 0:17:20.440 --> 0:17:21.840 Good to see you. First of all, great to be 0:17:21.880 --> 0:17:24.520 here live on set in the world of Zoom. It's 0:17:24.560 --> 0:17:28.199 great to be in person for once. This is a 0:17:28.240 --> 0:17:31.240 fundamental new area of AI. So I think we're familiar 0:17:31.240 --> 0:17:34.280 with chat GPT, we're familiar with large language models, wonderful 0:17:34.280 --> 0:17:37.200 set of applications, millions of people using it around the 0:17:37.200 --> 0:17:41.080 world as it should be. Now comes large quantitative models, 0:17:41.400 --> 0:17:43.679 and when we look at the majority of the business 0:17:43.720 --> 0:17:48.720 sectors the economy, we look at biopharma, chemicals, energy, financial services. 0:17:49.119 --> 0:17:53.159 These are all quantitatively driven, non language driven, and so 0:17:53.200 --> 0:17:56.800 the majority of our economy is actually depending on quantitative relationships. 0:17:56.960 --> 0:17:59.680 An example would be in biopharma. Let's say we want 0:17:59.680 --> 0:18:02.119 to create a new drug for a certain cancer or 0:18:02.160 --> 0:18:05.359 Alzheimer's or Parkinson's. We probably don't want to take the 0:18:05.440 --> 0:18:08.160 drug of the language model trained on Reddit and cat 0:18:08.200 --> 0:18:12.160 pictures probably not recommend it. But we can use large 0:18:12.200 --> 0:18:15.560 language models to summarize scientific literature for example. 0:18:15.600 --> 0:18:16.200 That's wonderful. 0:18:16.440 --> 0:18:19.040 But when it comes to actually the quantitative relationship of 0:18:19.440 --> 0:18:21.960 creating the drug, seeing if it fits at that receptor, 0:18:22.160 --> 0:18:25.280 and developing that all throughout the clinical trial, that's a 0:18:25.359 --> 0:18:29.199 job for large quantitative models. The data is fundamentally different, 0:18:29.359 --> 0:18:30.399 the models are different. 0:18:30.640 --> 0:18:31.639 The whole field is. 0:18:31.640 --> 0:18:34.719 A new area, and how practical is it in its 0:18:34.720 --> 0:18:37.399 application right here, right now, when you're raising three hundred 0:18:37.400 --> 0:18:37.880 million dollars. 0:18:37.920 --> 0:18:39.240 What is that for? Is that fat talent? 0:18:39.359 --> 0:18:43.640 Is that to actually drive the necessary. 0:18:42.480 --> 0:18:44.159 Improvements in the models? What is it that you're going 0:18:44.200 --> 0:18:44.879 to be fine tuning? 0:18:45.000 --> 0:18:47.479 Well, the goodness is, over the last two three years 0:18:47.920 --> 0:18:51.159 since our spinout, we've now proven with customer after customer 0:18:51.240 --> 0:18:54.919 that it actually is having impact. For example, UCSF University 0:18:54.960 --> 0:18:57.399 of California, San Francisco, one of the best places for 0:18:57.440 --> 0:19:01.239 biomedical work. Stamprusner is a Nobel laureate there using our 0:19:01.320 --> 0:19:05.760 software to advance his drugs for NEURODJN diseases right now. 0:19:06.000 --> 0:19:08.919 So this is having impact today. It's running today on 0:19:09.000 --> 0:19:12.480 the GPUs on Nvidia and TPUs from Alphabet. 0:19:12.720 --> 0:19:13.960 It's running right now. 0:19:14.240 --> 0:19:17.320 And these are quantitative models again, not trained on the 0:19:17.320 --> 0:19:20.439 corpus of words of the Internet, but trained on the 0:19:20.480 --> 0:19:24.720 relationships of chemicals and atoms and those kind of dynamic relationships. 0:19:24.840 --> 0:19:26.639 So it's having impact right now, Carolina. 0:19:26.640 --> 0:19:28.920 Because what's interesting, of course he's talked about a spinoff. 0:19:28.920 --> 0:19:31.479 It was a spinoff from Google. Your chair is Eric Schmidt. 0:19:31.480 --> 0:19:33.760 We understand the sort of way in which the company 0:19:33.760 --> 0:19:36.159 first was born and then we look at what's happening 0:19:36.160 --> 0:19:39.280 with Google Quantum, the Willow Chip. Everyone's deeply excited about 0:19:39.400 --> 0:19:42.679 real applications to quantum in the next five ten years. 0:19:42.840 --> 0:19:45.119 Is that realistic? Well, it's a great question. 0:19:45.480 --> 0:19:48.320 Why do we call our company sambox AQ? What's the 0:19:48.359 --> 0:19:51.960 AQ A for AIQ for quantum and so years ago 0:19:52.080 --> 0:19:55.400 we already saw that advanced compute really has two engines. 0:19:55.720 --> 0:19:58.720 It has the AI engine of large language Models, Large 0:19:58.800 --> 0:20:03.040 quantitative Models lqms, but it now also has the queue 0:20:03.040 --> 0:20:07.000 the quantum and the breakthrough that Google announced just last week, 0:20:07.119 --> 0:20:10.159 our colleague hartmand Nevin, who announced that at the Santa 0:20:10.160 --> 0:20:13.439 Barbara campus of Google, is a wonderful example of the 0:20:13.480 --> 0:20:16.760 milestones being achieved in the quantum hardware space. We don't 0:20:16.800 --> 0:20:21.119 build quantum hardware, We use quantum hardware as it progresses 0:20:21.160 --> 0:20:25.000 to business impact. Today quantum computers are very early, but 0:20:25.040 --> 0:20:27.639 what Google showed last week with the Willow chap is 0:20:27.640 --> 0:20:30.080 that as you scale the number of cubics, you can 0:20:30.119 --> 0:20:33.600 actually decrease the number of errors. That was a critical 0:20:33.640 --> 0:20:37.560 milestone Caroline, in terms of how we can advance quantum computing. 0:20:37.800 --> 0:20:38.760 So the future that. 0:20:38.680 --> 0:20:43.080 We see is one that has GPUs and QPUs quantum 0:20:43.080 --> 0:20:46.480 processing units together working together in a mesh in the 0:20:46.520 --> 0:20:49.400 hybrid cloud that I think is the future, and we're 0:20:49.400 --> 0:20:51.720 going to see I think, very significant progress over the 0:20:51.760 --> 0:20:54.560 next five six years in the quantum hardware itself. 0:20:55.240 --> 0:21:01.680 All of that means your applications become well, how quickly 0:21:01.760 --> 0:21:02.920 are you going to be making money. 0:21:02.760 --> 0:21:04.520 From this for your investors that we've just been seeing. 0:21:04.880 --> 0:21:07.240 Well, the good news is we're already generating revenue today. 0:21:07.400 --> 0:21:09.600 We're creating a lot of value for our customers today. 0:21:09.880 --> 0:21:12.040 And so be it in biropharma, be it in the 0:21:12.119 --> 0:21:15.399 chemicals and material space, be it in battery chemistry. We 0:21:15.480 --> 0:21:18.560 know the importance of batteries, not just for electric vehicles. Actually, 0:21:18.560 --> 0:21:22.240 the bigger market for batteries are stationary batteries to store 0:21:22.400 --> 0:21:25.679 energy from renewable sources. That's actually the bigger market. But 0:21:25.720 --> 0:21:29.560 we must leap frog beyond lithium ion technology. This again 0:21:29.640 --> 0:21:32.640 is a job for an l QM, a large quantitative 0:21:32.640 --> 0:21:35.520 model versus an l LM, and so I think that 0:21:35.560 --> 0:21:38.880 the number of applications are really numerous, and we raise 0:21:38.920 --> 0:21:41.359 this money in order to advance our investment in the 0:21:41.400 --> 0:21:44.600 product development. We do want to hire more PhDs, more 0:21:44.600 --> 0:21:46.960 software engineers. We have quite a few ready, but it's 0:21:47.000 --> 0:21:49.920 time to hire more. So those listening who have those 0:21:49.960 --> 0:21:51.479 kind of skills please contact us. 0:21:51.960 --> 0:22:03.399 Hey, well, Jack Hnary is Samox AQCEO. Welcome back to 0:22:03.400 --> 0:22:05.719 BLOEMG Technology. I'm Karen Hide in New York. Let's dig 0:22:05.760 --> 0:22:07.640 into what's happening in the crypto side of things, because 0:22:07.640 --> 0:22:10.000 another risk asset of choice that's trading in a sensetive 0:22:10.000 --> 0:22:12.160 manner ahead of the federal reserve is bitcoin. We're now 0:22:12.160 --> 0:22:14.600 one hundred three thousand. Remember yesterday we managed to peak 0:22:14.640 --> 0:22:17.879 above one hundred and eight thousand dollars per token, so 0:22:18.119 --> 0:22:19.719 we're just seeing a little bit of money coming off 0:22:19.800 --> 0:22:22.120 ahead of also the holidays as well. Mike's strategy down 0:22:22.320 --> 0:22:24.879 as of course, it's basically a bitcoin proxy here, but 0:22:25.000 --> 0:22:27.239 interestingly we were hearing from Michael Sailor a little bit 0:22:27.240 --> 0:22:31.040 earlier Washington considering a potential cryptoregulation. How it's going to 0:22:31.320 --> 0:22:34.760 basically iterate and micro Strategy is continuing to be buying bitcoin, 0:22:34.840 --> 0:22:37.760 bringing its total investments to roughly forty five billion dollars. 0:22:38.200 --> 0:22:41.480 The chairman, Michael Saylor, spoke to Bloomberg earlier on why 0:22:41.480 --> 0:22:43.880 the company is investing in the digital asset and continuing 0:22:43.960 --> 0:22:44.280 to do so. 0:22:44.320 --> 0:22:47.400 When whether he'd consider a role in shaping new crypto. 0:22:47.119 --> 0:22:50.040 Policy, take listen, I've met with a lot of people 0:22:50.880 --> 0:22:55.280 in the incoming administration, but I couldn't comment further than that. 0:22:55.720 --> 0:22:58.240 Okay, I can't comment further than that. I was going 0:22:58.280 --> 0:23:00.800 to ask you about plans, but said I'll ask you 0:23:00.920 --> 0:23:03.159 about whether or not you would be willing to serve 0:23:03.200 --> 0:23:07.120 in the Trump administration in any capacity. Bloomberg has reported 0:23:07.160 --> 0:23:11.000 that there potentially could be a crypto advisory council. Is 0:23:11.040 --> 0:23:13.000 that something that you might be interested in? 0:23:14.400 --> 0:23:19.199 You know, I'm always willing to provide, you know, thoughts 0:23:18.880 --> 0:23:24.520 on constructive digital assets policy, either in confidence or publicly, 0:23:25.200 --> 0:23:27.320 And if I'm asked to serve on some sort of 0:23:27.359 --> 0:23:32.320 digital assets advisory counseling, probably would do so. 0:23:32.480 --> 0:23:35.400 Yes, Michael, I also want to talk to you about 0:23:35.760 --> 0:23:39.280 micro strategy, your own plans. It's amazing you have announced 0:23:39.320 --> 0:23:42.000 plans to raise forty two billion dollars over three years. 0:23:42.000 --> 0:23:44.720 You announced that back in October. But the rate you're 0:23:44.760 --> 0:23:48.520 going at, and this is through confortable debt offerings, stock sales, 0:23:48.560 --> 0:23:50.480 the rate you're going at you could fulfill that target 0:23:50.520 --> 0:23:54.560 by January. Are you planning to lift that cap and 0:23:54.640 --> 0:23:57.280 line up more facilities in the pursuit of more bitcoin. 0:23:59.000 --> 0:24:02.119 Yeah. When we bounced it, it wasn't clear how enthusiastic the 0:24:02.119 --> 0:24:05.440 capital markets would be, but we got a very enthusiastic reception. 0:24:05.560 --> 0:24:08.920 And then after November fifth with the Red Wave, we 0:24:08.960 --> 0:24:12.800 saw a big sea change in the political environment, and 0:24:12.840 --> 0:24:15.760 so we went faster than we had thought we were 0:24:15.800 --> 0:24:19.320 going to go. On October thirtieth, our goal is to 0:24:20.320 --> 0:24:24.920 is to continue to raise capital, primarily through fixed income markets. 0:24:24.920 --> 0:24:31.960 So we'll pursue preferred stock or convertible bond or other 0:24:32.280 --> 0:24:36.600 equity linked financings as long as it's creative for our shareholders. 0:24:37.400 --> 0:24:40.200 When we get through the twenty one twenty one plan, 0:24:40.320 --> 0:24:45.120 which is forty two billion in capital, we'll revisit revisit 0:24:45.160 --> 0:24:47.600 our capital plan, and we'll put in place a new plan, 0:24:47.880 --> 0:24:49.719 subject to market conditions at the time. 0:24:50.760 --> 0:24:54.080 Micro Strategy Chairman Michael Sailor and political roles in the 0:24:54.080 --> 0:24:56.840 future of his bitcoin buying. Let's talk a little bit 0:24:56.840 --> 0:24:59.960 more now with the Defiance etfco and CEO Sylvia Jablunsk. 0:25:00.080 --> 0:25:03.200 You've got Defiance Daily target two x long micro strategy. 0:25:03.320 --> 0:25:05.600 ETF always demand. 0:25:05.160 --> 0:25:07.400 For those sorts of leverage products on MicroStrategy. 0:25:07.400 --> 0:25:10.040 At the moment, demand is on fire. That's the best 0:25:10.080 --> 0:25:11.879 way I can put it. You know, we've seen billions 0:25:11.920 --> 0:25:14.360 of dollars of assets flowing into this ETF. It's by 0:25:14.400 --> 0:25:16.320 far the fastest growing ETF. 0:25:15.960 --> 0:25:16.760 That we've ever seen. 0:25:17.160 --> 0:25:19.480 And I think the reason is that, you know, Bitcoin 0:25:19.520 --> 0:25:21.439 has just taken off, and whether that's because of the 0:25:21.440 --> 0:25:26.560 commercialization of bitcoin, ETF's holding bitcoin, you know, favorable policy 0:25:26.600 --> 0:25:29.360 with the new government coming into office. I just think 0:25:29.400 --> 0:25:32.840 that there's this huge tailwind and who is the best 0:25:32.840 --> 0:25:33.760 proxy for bitcoin. 0:25:33.800 --> 0:25:36.200 It's micro strategy. So stock listed on an. 0:25:36.080 --> 0:25:39.199 Exchange as a single name, it trades as a leverage 0:25:39.560 --> 0:25:41.879 you know, version of bitcoin, and we've now leveraged it 0:25:41.920 --> 0:25:45.320 two times and so this you know, short term volatility. 0:25:45.359 --> 0:25:48.160 Traders love the ETF and it's just been wildly popular. 0:25:48.200 --> 0:25:50.920 And from an institutional perspective as well as a retail. 0:25:50.640 --> 0:25:54.160 Perspective, absolutely both institutions in retail. I think what's great 0:25:54.160 --> 0:25:57.200 about the institutional angle is that some institutions are still 0:25:57.240 --> 0:25:59.560 sort of weary about holding bitcoin itself, whether it's through 0:25:59.560 --> 0:26:02.080 the digital wallet or using an ETF for it. But 0:26:02.760 --> 0:26:04.840 you know, micro strategy is just a sock, right that 0:26:05.119 --> 0:26:07.199 trades on an exchange, and so they are able to 0:26:07.200 --> 0:26:09.399 put that in their portfolios. And I think that shows 0:26:09.480 --> 0:26:10.600 up a lot of demand. 0:26:10.760 --> 0:26:14.959 A very volatile holding in portfolios taught to us about. Therefore, 0:26:15.320 --> 0:26:18.560 when you're looking at the hype cycles around, whether it's 0:26:18.560 --> 0:26:21.720 crypto or AI parent contrast, how much you's still seeing 0:26:21.760 --> 0:26:24.000 people wanting to pour into the infrastructure slide of the 0:26:24.040 --> 0:26:25.040 AI bet and other. 0:26:24.920 --> 0:26:26.199 Ets you have exposure to that. 0:26:26.800 --> 0:26:29.040 Yeah, I think that the demand is that it's all 0:26:29.080 --> 0:26:31.399 time high, right ever since the Chat Shiepyte moment and 0:26:31.400 --> 0:26:34.199 now the Google Willow moment and you know crypto and 0:26:34.280 --> 0:26:36.280 kind of all the buzz around that. You know, there's 0:26:36.520 --> 0:26:39.040 trillions of dollars of cash sitting on the sidelines. There's 0:26:39.040 --> 0:26:42.200 the biggest wealth transfer of our generation happening as we speak. 0:26:42.480 --> 0:26:45.480 And you know gen Z, you know gen Z, Millennial 0:26:45.560 --> 0:26:46.880 gen X kind of you know. 0:26:46.840 --> 0:26:47.800 The younger traders are. 0:26:47.840 --> 0:26:50.040 This is where they're allocating their funds too. And you know, 0:26:50.119 --> 0:26:53.400 retail has definitely spoken, institutions have definitely spoken, and they're 0:26:53.440 --> 0:26:57.080 looking for that Fourth Industrial Revolution allocation, and you know, 0:26:57.080 --> 0:26:59.959 the biggest trades right now are basically quantum and micro strategy. 0:27:00.240 --> 0:27:02.439 Let's go into quantum because we just had Jack Hetery 0:27:02.480 --> 0:27:05.280 on from sam max AQ and talking about how we're 0:27:05.320 --> 0:27:08.639 starting to see quantum theory. 0:27:08.320 --> 0:27:09.360 Be put into practice. 0:27:09.440 --> 0:27:12.240 You just mentioned Willow and their breakthroughs over at Google. 0:27:12.520 --> 0:27:14.120 Which other stock should people be looking at? 0:27:14.160 --> 0:27:16.520 Are they only dominating on the big companies that have 0:27:16.560 --> 0:27:18.560 got exposure to quantum. 0:27:18.160 --> 0:27:19.880 Like an IBM or Google. Are they're going smaller? 0:27:20.280 --> 0:27:22.040 Yeah, And so we kind of looked at this space 0:27:22.080 --> 0:27:24.200 and what I liked about what Jack explained. His company 0:27:24.240 --> 0:27:26.000 has the A and the Q, the AI and the quantum. 0:27:26.119 --> 0:27:26.280 Right. 0:27:26.359 --> 0:27:28.800 So, so chat gpt AI is you know, kind of 0:27:28.840 --> 0:27:31.720 version one. Quantum is taking everything to the next level. 0:27:31.760 --> 0:27:34.240 So you need quantum in order for AI to be efficient. 0:27:34.280 --> 0:27:35.920 You need to process that data quickly. 0:27:36.480 --> 0:27:40.880 It will help you know, essentially healthcare, cryptography, aerospace, and defense, 0:27:41.600 --> 0:27:44.120 you know, blockchain technology, anything you can think of will 0:27:44.119 --> 0:27:47.320 be bettered with quantum supercomputing power. And so the most 0:27:47.320 --> 0:27:51.040 popular stocks right now are are a combination of large 0:27:51.080 --> 0:27:53.359 cabs and small caps. Right, so you have like the ibms, 0:27:53.359 --> 0:27:55.959 the Googles, the n videos. Some of these companies are 0:27:55.960 --> 0:27:59.720 actually very relevant hp IBM. And then the smaller names 0:27:59.720 --> 0:28:02.000 that are taking off hundreds of you know, one hundreds 0:28:02.040 --> 0:28:05.240 percentage points of performance are companies like d Wave ion 0:28:05.320 --> 0:28:08.280 Cue for Gratty Computing. We actually married them in our 0:28:08.280 --> 0:28:10.280 ETF Quantum. So you have the large caps and the 0:28:10.320 --> 0:28:12.560 small caps, so the ballast and the quality earnings with 0:28:12.840 --> 0:28:15.080 the high flyers and the movers that are just winning. 0:28:15.280 --> 0:28:17.119 Just look at these high flies for a moment, Like, 0:28:17.240 --> 0:28:20.520 we're not basically one thousand percent on DWave Quantum over 0:28:20.560 --> 0:28:21.639 the last year to date. 0:28:21.520 --> 0:28:22.479 Two hundred percent. 0:28:22.720 --> 0:28:26.359 How how cautious have been people getting into these wildly 0:28:27.160 --> 0:28:28.639 volatile names, even if they are. 0:28:28.520 --> 0:28:29.200 Open to the right. 0:28:29.560 --> 0:28:31.879 Yeah, I think I think that people have been doing 0:28:31.920 --> 0:28:33.760 a combination of both. Right, So they're getting into these 0:28:33.760 --> 0:28:36.280 smaller names, but they're also looking at things like the 0:28:36.280 --> 0:28:37.240 ETFs at all that. 0:28:37.880 --> 0:28:40.480 Yeah, and you know, you want to kind of like balance. 0:28:40.160 --> 0:28:42.280 It with the Googles, right, I think Google is a 0:28:42.280 --> 0:28:44.960 company that does many, many things that can perform quite well, 0:28:44.960 --> 0:28:46.760 and so it kind of like balances your risk on 0:28:47.080 --> 0:28:48.960 the small caps. But also again it comes back to 0:28:49.000 --> 0:28:52.240 the you know, administration, administration will be very favorable of 0:28:52.360 --> 0:28:56.360 quantum you know, rate cuts, you know kind of we're 0:28:56.440 --> 0:28:58.560 freedom for M and A activity and theory, and so 0:28:58.720 --> 0:29:01.680 that also helped the backdrop pubs along with just the 0:29:01.760 --> 0:29:03.959 super high fining technology that's moving forward. 0:29:04.360 --> 0:29:06.120 All lies on the FED in about an hour or 0:29:06.160 --> 0:29:06.720 so's time. 0:29:06.880 --> 0:29:09.120 Thank you, Thank you for taking it back to macro 0:29:09.160 --> 0:29:13.960 policy too. Defiance ETF CEO Silvi Jablonski. Happy holidays. Now, 0:29:14.040 --> 0:29:16.040 let's just talk about Eno Musk and SpaceX for a moment, 0:29:16.080 --> 0:29:19.920 because they've repeatedly failed to comply with federal reporting protocols 0:29:20.080 --> 0:29:23.320 aimed at protecting state secrets, triggering several federal reviews. 0:29:23.320 --> 0:29:25.480 This is all being cited by the New York Times. 0:29:25.520 --> 0:29:26.800 They're looking at sources there now. 0:29:26.880 --> 0:29:30.040 The Air Force also recently denied mask a high level 0:29:30.080 --> 0:29:34.760 security access, citing potential security risks. Meanwhile, here's what SpaceX 0:29:34.800 --> 0:29:37.760 president when Shotwell said about the company's relationship with the 0:29:37.800 --> 0:29:40.160 Air Force and an event with a Center of Strategic 0:29:40.200 --> 0:29:41.880 and International Studies just yesterday. 0:29:42.600 --> 0:29:46.640 We have, we had a rough relationship early on with 0:29:46.840 --> 0:29:54.080 the Air Force, but we have over the last probably 0:29:54.080 --> 0:29:59.000 eleven ten or eleven years, I think, developed a really 0:30:00.280 --> 0:30:03.040 a really great relationship. Frankly, I think there's do you know, 0:30:03.040 --> 0:30:05.480 it takes a long time to build trust, and I 0:30:05.520 --> 0:30:07.520 think we're we're I think we're finally there. 0:30:08.440 --> 0:30:12.200 Elsewhere in space, NASA announcing another delay in the mission 0:30:12.200 --> 0:30:14.760 to bring back two US astronauts who are stranded for 0:30:14.840 --> 0:30:17.640 months on the International Space Station and now saying they 0:30:17.680 --> 0:30:20.960 will remain there at least until late March Tuesday. 0:30:21.600 --> 0:30:25.160 That's it. Time currently for home coming up. 0:30:25.240 --> 0:30:27.960 Data Bricks sixty two billion dollar valuation. We speak with 0:30:28.040 --> 0:30:30.320 Ali Godzi's Data Bricks CEO. 0:30:30.400 --> 0:30:41.120 That's next. This is Blue meg Technology. 0:30:45.440 --> 0:30:49.280 Data Bricks raising ten billion dollars in new funding bring 0:30:49.320 --> 0:30:52.040 the software makers valuation to sixty two billion dollars. 0:30:52.080 --> 0:30:54.520 The company says it intends to invest this capital towards 0:30:54.600 --> 0:30:56.320 new AI products. 0:30:55.760 --> 0:30:59.720 To acquisitions, significant expansion in its international go to market 0:30:59.720 --> 0:31:03.479 operation for more Data Bricks CEO Aligotzi joins us. 0:31:03.480 --> 0:31:04.720 Now, boy, it's been busy. 0:31:05.080 --> 0:31:07.200 Let's just talk a little bit about the AI applications 0:31:07.200 --> 0:31:09.560 and just where you see the wide open space at 0:31:09.560 --> 0:31:10.600 the moment for Data Bricks. 0:31:11.800 --> 0:31:14.200 Yeah, thank you for having me on. There's so many 0:31:14.200 --> 0:31:17.600 applications across many different protocols, you know, lots and lots 0:31:17.600 --> 0:31:19.480 of customers that are using us for AI and then 0:31:19.480 --> 0:31:22.360 a processing I should say, starting with Rivan. For instance, 0:31:22.440 --> 0:31:25.360 the carmaker uses us to optimize the batteries of their 0:31:25.360 --> 0:31:29.680 electric vehicles. You know, Walgreens uses us to figure out 0:31:29.760 --> 0:31:31.840 how much should they stock up the inventory and their 0:31:31.840 --> 0:31:34.720 supply chain. It's super important price for them to be 0:31:34.760 --> 0:31:37.400 able to optimize their prices and lower their CEOs. And 0:31:37.440 --> 0:31:40.760 then square or block. They used to have these app 0:31:40.760 --> 0:31:42.760 where you swipe your credit cards, but to set that 0:31:42.840 --> 0:31:44.600 up in a store used to be pretty complicated a 0:31:44.600 --> 0:31:46.680 few years ago. Now it's super simple because you can 0:31:46.760 --> 0:31:48.880 use generative AI and just tell it, hey, I have 0:31:49.080 --> 0:31:51.000 these five products, this is the price, and it sets 0:31:51.000 --> 0:31:52.880 itself up just using generive AI. 0:31:53.480 --> 0:31:56.520 So before you were unifying to moockratizing data. Now it's 0:31:56.520 --> 0:31:57.720 about the applications of AI. 0:31:57.800 --> 0:31:59.000 But for that also you. 0:31:59.000 --> 0:32:02.160 Need talent ALI and I'm interested as to where the 0:32:02.240 --> 0:32:04.640 next layer of talent is coming from. Where you need 0:32:04.640 --> 0:32:06.400 to hone in on how you get them on board. 0:32:07.600 --> 0:32:10.200 Yeah, I mean there is a crazy war for AI 0:32:10.280 --> 0:32:12.440 talent right now. I've never seen anything like it before. 0:32:12.520 --> 0:32:14.880 I mean, it's a you know talent war was already 0:32:14.920 --> 0:32:17.520 crazy last ten years for software engineers. Now in AI 0:32:17.800 --> 0:32:20.920 it's just completely insane. So we are going to use 0:32:20.960 --> 0:32:23.720 a lot of the proceeds towards that to be competitive. 0:32:23.920 --> 0:32:26.560 There's a lot of talent you know, was hired by 0:32:26.720 --> 0:32:30.120 Open AI and Bianthrofic. What's happened is we've hit this 0:32:30.160 --> 0:32:31.400 thing called the scaling wall. 0:32:31.480 --> 0:32:33.560 Now you know, oh you think there is a wall, 0:32:33.640 --> 0:32:35.800 do because some altman's determine there isn't one. 0:32:36.600 --> 0:32:38.640 There is a wall. I think it's it's pretty clear 0:32:38.760 --> 0:32:41.600 that most even those big companies, many of them are 0:32:41.640 --> 0:32:46.240 now investing in other techniques, not the classic scaling laws. 0:32:47.120 --> 0:32:49.480 So that actually also has opened up the opportunity where 0:32:49.480 --> 0:32:51.720 people are now going There are more companies now that 0:32:51.800 --> 0:32:55.920 can participate in this next chapter after the you know, 0:32:56.000 --> 0:32:59.640 scaling wall or the scaling laws. So that's also very 0:32:59.680 --> 0:33:02.200 exciting times. But you got to pay up for that talent. 0:33:03.080 --> 0:33:04.840 You've got to pay up. Do you pay up for 0:33:05.080 --> 0:33:05.760 us talent? 0:33:05.880 --> 0:33:08.600 I'm going to make it personal, Ali, because yourself are 0:33:08.600 --> 0:33:11.560 an immigrant originally Iran, moved over to Sweden, come over 0:33:11.600 --> 0:33:13.800 to the United States, and I'm interested in how much 0:33:13.840 --> 0:33:16.560 you look abroad particularly in the context of the next administration. 0:33:17.960 --> 0:33:21.239 Yeah, well look, not because of the administration, but when 0:33:21.280 --> 0:33:24.360 there is this crazy talent war going on, you of 0:33:24.400 --> 0:33:26.400 course start looking at you know, where can we go 0:33:26.800 --> 0:33:30.320 where it's not so intense, right, where the competition is 0:33:30.360 --> 0:33:32.160 not so intense, So we look everywhere. You know, I 0:33:32.200 --> 0:33:34.800 think Eastern Europe is super interesting, very smart people that 0:33:34.880 --> 0:33:38.320 live there, and you know, it's just different. You know, 0:33:38.520 --> 0:33:41.440 you don't have that intensity of a competition around the 0:33:41.480 --> 0:33:44.280 talent Europe and of course Asia. I'm in the location, 0:33:44.360 --> 0:33:45.080 so we're looking at. 0:33:44.960 --> 0:33:45.520 All of those. 0:33:45.920 --> 0:33:47.920 But still you don't want to you know, you don't 0:33:47.920 --> 0:33:50.720 want to ignore Silicon Valley or United States. It's still 0:33:50.760 --> 0:33:54.000 where you have the highest talent density. It's absolutely necessary, 0:33:54.000 --> 0:33:55.360 So we're going to compete here as well. 0:33:55.760 --> 0:33:56.880 Is it about acqui hiring? 0:33:57.080 --> 0:33:59.520 I mean you've been inquisitive and some of that in 0:34:00.040 --> 0:34:02.560 els based music mL for example, some of that in 0:34:02.600 --> 0:34:06.280 the data side tabula for example. You're going to make 0:34:06.520 --> 0:34:09.600 acquisitions because of the people or because of the products 0:34:09.640 --> 0:34:10.120 being built. 0:34:11.280 --> 0:34:12.839 Well both, you know, there's three things you could get. 0:34:12.840 --> 0:34:14.480 You could also get revenue, right, but there's a lot 0:34:14.520 --> 0:34:18.640 of startups that started super talented people amazing ip, but 0:34:18.680 --> 0:34:21.880 they quite didn't get to the revenue. So it's, you know, 0:34:22.120 --> 0:34:24.799 two birds with one stone. You get that talent and 0:34:24.840 --> 0:34:27.279 you get their intellectual property, and in this race, you 0:34:27.360 --> 0:34:29.400 need that right, you need both of those things. So 0:34:29.520 --> 0:34:31.759 absolutely we're going to actually double down on that even 0:34:31.760 --> 0:34:32.960 more now that we have this funding. 0:34:33.560 --> 0:34:36.040 It's a race, but there's also a race versus your 0:34:36.040 --> 0:34:38.520 competition at the moment to be getting those clients who 0:34:38.600 --> 0:34:40.719 are your key competitors Because I know on LinkedIn you've 0:34:40.719 --> 0:34:42.640 been throwing some shade at Snowflake for example. 0:34:42.640 --> 0:34:43.880 We all think about Microsoft. 0:34:44.080 --> 0:34:47.680 Are they the two competitors for you? 0:34:47.680 --> 0:34:49.440 You know it fact I would say that was in 0:34:49.520 --> 0:34:51.040 previous years. You know, I would say a couple of 0:34:51.080 --> 0:34:53.760 years ago we were really intensely focused on competing with them. 0:34:53.880 --> 0:34:57.440 Now in this AI era, that's kind of shifted and 0:34:57.480 --> 0:34:58.200 Microsoft is. 0:34:58.080 --> 0:34:58.879 Super important partner. 0:34:58.920 --> 0:35:02.360 In fact, Microsoft on and Google our investors in data bricks. 0:35:02.520 --> 0:35:05.480 There is some competition. They have products that sometimes compete 0:35:05.520 --> 0:35:08.759 as well, but all uh, you know those companies the 0:35:08.800 --> 0:35:12.120 majority of the revenue in the cloud is storage, compute, networking, 0:35:12.560 --> 0:35:14.720 and you know that might be seventy percent of their revenue. 0:35:14.719 --> 0:35:17.520 I'm speculating, and we're a killer app for that. We 0:35:17.600 --> 0:35:20.799 drive so much storage, compute, and networking. In fact, we 0:35:20.880 --> 0:35:24.879 drive close to thirty million machines in the cloud every 0:35:24.960 --> 0:35:28.400 day that we launch. So we're super close partners and 0:35:28.440 --> 0:35:30.719 they love us as customers and vice versa. But there's 0:35:30.800 --> 0:35:33.719 that little coopetition happening as well, and probably that's going 0:35:33.800 --> 0:35:36.240 to expand over time. As you know, AI is becoming 0:35:36.239 --> 0:35:37.040 more and more important. 0:35:37.360 --> 0:35:39.440 There's one big game of frenemies out there. And when 0:35:39.480 --> 0:35:43.560 it comes to technology, Ali, I'm interested in particular when 0:35:43.600 --> 0:35:46.000 you're thinking about how you're raising money. Ten billion is 0:35:46.040 --> 0:35:48.239 a lot for live capital front and center there. 0:35:48.280 --> 0:35:51.040 You've also got who's who of other investors. 0:35:50.520 --> 0:35:53.200 With a sixteen Z for example. What's interesting, you're also 0:35:53.239 --> 0:35:56.040 going to the debt markets. We understand how is that going? 0:35:56.120 --> 0:35:57.920 Because that seems to be trying to offset the tax 0:35:58.000 --> 0:35:59.799 implications to keep your employees. 0:36:01.680 --> 0:36:04.359 Yeah, I mean that's a great point. I think let's 0:36:04.360 --> 0:36:07.080 take them one by one. Let's take the equities. You know, 0:36:07.120 --> 0:36:09.040 the equity raise for us, it's super important to get 0:36:09.080 --> 0:36:12.400 partners that are long term oriented. We want investors that 0:36:12.440 --> 0:36:13.600 are going to say, you know, we're going to be 0:36:13.680 --> 0:36:15.320 with you probably ten years, twenty years. 0:36:15.440 --> 0:36:16.400 This is a great price. 0:36:16.480 --> 0:36:18.440 We'll buy again more and later in the ideo will 0:36:18.480 --> 0:36:20.640 buy even more, and we'll stick you know, to your plan, 0:36:20.960 --> 0:36:23.000 and we'll let you implement that long term vision and 0:36:23.040 --> 0:36:26.040 not become too short term oriented, you know, the ninety 0:36:26.040 --> 0:36:28.920 to quarterly sort of mindset. So that was the thing 0:36:28.920 --> 0:36:30.920 we optimized for, and we were pretty picky. We had 0:36:31.040 --> 0:36:34.160 nineteen billion of interests in this round and basically cut 0:36:34.200 --> 0:36:36.239 people back to half of that, and we said no 0:36:36.320 --> 0:36:40.239 to most investors. And then on the death financing, that 0:36:40.360 --> 0:36:42.240 makes a lot of sense as well. If the company 0:36:42.280 --> 0:36:45.560 is growing in valuation so much, then actually you're better 0:36:45.640 --> 0:36:48.640 off just getting a big loan. Even if interest rates 0:36:48.640 --> 0:36:50.360 are high and you're paying let's say just make that 0:36:50.440 --> 0:36:54.000 number round number ten percent interest on that, you're better 0:36:54.040 --> 0:36:55.839 off taking that as a loan and paying that back 0:36:55.840 --> 0:36:57.719 in a few years because you can pay that back 0:36:57.719 --> 0:37:01.600 in equity then, and presumably the company has doubled in valuation. 0:37:01.680 --> 0:37:03.960 Let's call it into three years. 0:37:03.600 --> 0:37:06.160 Okay, one hundred and twenty billion, looking at it for 0:37:06.200 --> 0:37:08.120 the next couple of years, and you've given us the 0:37:08.160 --> 0:37:10.960 timescale potentially for an IPO as well, Ali Gotzi. Always 0:37:10.960 --> 0:37:13.440 great to have you on data. Rick CEO, congrats on 0:37:13.480 --> 0:37:17.560 the fundraise. Meanwhile, let's talk about concerns over AI's global 0:37:17.600 --> 0:37:21.920 boom receiving Bipowerisan support in Congress in a framework report 0:37:21.960 --> 0:37:26.839 released on Tuesday recommending guardrails and regulations on AI really 0:37:26.840 --> 0:37:29.400 being detailed in an effort to protect Americans and maintain 0:37:29.480 --> 0:37:32.800 national security. We spent with Senator Amy Klobershaw of Minnesota, 0:37:32.800 --> 0:37:34.560 who had this to say on regulating AI. 0:37:35.920 --> 0:37:38.880 My view has been that we should have rules of 0:37:38.920 --> 0:37:42.080 the road in place, by the way, for all platforms. 0:37:42.120 --> 0:37:43.880 I have been way out there, as I think, you know, 0:37:44.400 --> 0:37:47.960 in terms of getting not just pornography off the Internet, 0:37:48.480 --> 0:37:53.640 but other very very difficult things that are on there. 0:37:53.760 --> 0:37:57.640 Right now, let's go back to those regulatory proposals, Bloomberg 0:37:57.640 --> 0:38:01.239 Government reporter Omer City joins us. Now, it was a 0:38:01.280 --> 0:38:03.920 comprehensive list of recommendations. 0:38:04.160 --> 0:38:05.400 What were the key takeaways for you? 0:38:07.120 --> 0:38:07.279 Right? 0:38:07.360 --> 0:38:10.920 Congress released this major policy paper this week addressing AI 0:38:11.360 --> 0:38:17.919 on various areas. They touched on education, healthcare, financial services, agriculture, 0:38:18.040 --> 0:38:21.920 national security. Because they're trying to examine what AI's impacts 0:38:21.960 --> 0:38:25.080 are on each of these areas and how Congress should respond. 0:38:25.440 --> 0:38:28.640 The key takeaway is that Congress is seeking to strike 0:38:28.719 --> 0:38:31.680 this balance. They want to promote AI because they believe 0:38:31.719 --> 0:38:35.480 it has tremendous opportunity, you know, to unleash human productivity 0:38:35.560 --> 0:38:38.399 to solve complex issues. But at the same time, they're 0:38:38.440 --> 0:38:40.759 well aware of AI's risks, and so they want to 0:38:40.800 --> 0:38:43.800 protect the American people and uphold their civil liberties. 0:38:44.920 --> 0:38:49.000 Very briefly, urgent is what we expect to come next 0:38:49.040 --> 0:38:50.200 from Congress. 0:38:51.360 --> 0:38:53.880 Right, So that's the key question. How do they translate 0:38:53.920 --> 0:38:56.000 these recommendations into action. 0:38:56.360 --> 0:38:58.080 We saw Senator Amy Kolochar there. 0:38:58.160 --> 0:39:00.919 She's proposing, you know, to combat this issue of non 0:39:00.960 --> 0:39:04.239 consensual explicit deep fakes or deep fake pornography, which has 0:39:04.280 --> 0:39:06.960 been around for a while, but AI has only accelerated 0:39:06.960 --> 0:39:09.759 the spread, which has alarmed many many lawmakers. And so 0:39:09.760 --> 0:39:12.840 that's an area where Congress is eager tacked quickly. Another 0:39:12.880 --> 0:39:15.640 area that Congress is eager tacked is to increase you know, 0:39:15.719 --> 0:39:19.799 scientific research and development in AI, expand energy infrastructure to 0:39:19.840 --> 0:39:23.920 me AI demands, train the workforce, educate folks on AI, 0:39:24.600 --> 0:39:27.880 and even you know, clarify existing intellectual property law. And 0:39:27.920 --> 0:39:30.400 so there are many, many key recommendations that are proposing 0:39:30.480 --> 0:39:33.440 this report. But it's just a matter of how Congress 0:39:33.480 --> 0:39:37.560 is then transitions into translating that into legislation that gets 0:39:37.600 --> 0:39:38.399 signed into law. 0:39:38.680 --> 0:39:40.759 We'll see how it happens on the next administration. I'm 0:39:40.760 --> 0:39:49.880 a city. Thanks for breaking it down. Let's get back 0:39:49.920 --> 0:39:52.879 to Micron now schedule to report this fiscal first code 0:39:52.920 --> 0:39:54.279 results after the market close today. 0:39:54.440 --> 0:39:56.000 Remegs Inking joins. 0:39:55.760 --> 0:39:58.520 Us some more all about high bandwidth memory. 0:39:59.080 --> 0:40:02.520 That's right. Obviously, the biggest story in chips has been 0:40:02.920 --> 0:40:05.719 in video. Guess what in videos? And chips need a 0:40:05.719 --> 0:40:09.640 lot of memory to train those AI models. And really 0:40:09.640 --> 0:40:11.719 it's a case of how much can Skhi nix how 0:40:11.800 --> 0:40:15.400 much can Microns supply in video with and this has 0:40:15.440 --> 0:40:17.879 been a big story for them, a lot of high 0:40:17.920 --> 0:40:21.120 margin business coming their way. But on the flip side, 0:40:21.200 --> 0:40:23.600 the markets that there depend on, there's a lot of 0:40:23.600 --> 0:40:25.080 debate about how well they're doing. 0:40:25.600 --> 0:40:27.880 Yeah, I mean, we're expecting about an eighty percent increase 0:40:27.920 --> 0:40:29.839 in revenues for example, we're up on the day. 0:40:29.880 --> 0:40:32.880 But it's been a turbulent time for Micron stock. 0:40:33.080 --> 0:40:35.600 Still it feels as though most analysts say buy it 0:40:35.840 --> 0:40:36.440 at the moment. 0:40:37.000 --> 0:40:38.880 Is it gonna be about the forecasting? What are the 0:40:38.880 --> 0:40:39.719 pitfalls here in? 0:40:40.480 --> 0:40:44.040 Yeah, No, that's exactly it. I mean people are kind 0:40:44.040 --> 0:40:48.120 of tentatively positive, and the concern there is that, look, 0:40:48.600 --> 0:40:51.359 still a lot of money that this company gets comes 0:40:51.400 --> 0:40:54.000 from the smartphone market, comes from the PC market, and 0:40:54.040 --> 0:40:57.120 guess what, they're not that great. They're still inventory around. 0:40:57.200 --> 0:40:59.719 So let's not get too carried away with this AI 0:40:59.800 --> 0:41:03.440 thing until it really shows that it can take over completely. 0:41:03.840 --> 0:41:06.960 But meanwhile, everyone's desperate to get totally in on stocks 0:41:07.000 --> 0:41:09.880 like Broadcom, even if they're just giving us total addressable markets. 0:41:09.920 --> 0:41:11.799 Do you think we will get a signal of what 0:41:11.840 --> 0:41:13.279 the market will be like for mi cron. 0:41:14.400 --> 0:41:16.840 I mean, they have been talking about this for a 0:41:16.880 --> 0:41:19.279 long time, and I'm sure we'll continue to bang that 0:41:19.360 --> 0:41:22.319 drum and talk about how this is a different opportunity 0:41:22.360 --> 0:41:24.719 for them once they're designed in, they're designed in, it's 0:41:24.760 --> 0:41:27.200 not the old commodity market. They'll give us all of that, 0:41:27.280 --> 0:41:30.839 I'm sure, and they're probably right about that particular area. 0:41:31.000 --> 0:41:33.160 The key is whether it's big enough to offset what's 0:41:33.200 --> 0:41:34.000 going on elsewhere. 0:41:34.160 --> 0:41:36.920 Yeah, just briefly, China an issue. 0:41:38.160 --> 0:41:41.160 China is always an issue. There's a concern there that 0:41:41.880 --> 0:41:44.160 the access to that market becomes an issue. And also 0:41:44.920 --> 0:41:50.080 local competitors given the competition between the two countries and 0:41:50.560 --> 0:41:53.680 the bands and this, you know, and all of the 0:41:53.719 --> 0:41:56.640 trade ward, that's clearly something that's on people's minds. 0:41:57.120 --> 0:41:59.479 And King if I'd be a busy man later, thanks 0:41:59.520 --> 0:42:01.760 so much stopping in ahead of that set of earnings 0:42:01.800 --> 0:42:02.520 later in the day. 0:42:03.239 --> 0:42:05.800 Meanwhile, that does it for this edition of Bloomberg Technology. 0:42:05.840 --> 0:42:07.680 You do not want to forget to focus in on 0:42:07.680 --> 0:42:10.120 the FED in a minute, but also check out our podcast. 0:42:10.320 --> 0:42:12.280 You'll find it on the terminal as well as online 0:42:12.320 --> 0:42:15.960 on Apple, Spotify, and iHeart this is Bloomberg Technology.