WEBVTT - Apple Rebounds in China, Bitcoin and Ether Retreat 0:00:01.600 --> 0:00:05.280 From Marhard where Innovation of Money and Power Collie in 0:00:05.400 --> 0:00:06.880 Silicon Vallet NBN. 0:00:07.200 --> 0:00:11.239 This is Bloomberg Technology with Caroline Hyde and Ed lud Love. 0:00:25.120 --> 0:00:27.800 I'm Caroline Heide, Bloomerg's world headquarters in New York. 0:00:28.000 --> 0:00:31.680 And I med Lolo in San Francisco. This is Bloomberg Technology. 0:00:31.200 --> 0:00:34.680 Coming up Apple, it rebounds in China as iPhone shipment's 0:00:34.840 --> 0:00:37.680 spike in April. We bring you the details and the 0:00:37.720 --> 0:00:40.159 discounts driving the moves US. 0:00:40.240 --> 0:00:43.160 We'll have full crypto coverage. Ahead is Bitcoin and Ether 0:00:43.600 --> 0:00:44.720 Retreat and. 0:00:44.720 --> 0:00:49.120 We discuss all things AI as musks XAI raises six 0:00:49.280 --> 0:00:52.680 billion dollars, an open AI adds an oversight board. All 0:00:52.720 --> 0:00:55.120 that and so much more coming up ahead. But first 0:00:55.160 --> 0:00:57.560 let's go to these public markets. And there's a lot 0:00:57.560 --> 0:01:01.240 of macro dat to be digesting. This week shortened training 0:01:01.240 --> 0:01:03.080 week thanks to the holidays. It was in the US 0:01:03.080 --> 0:01:05.120 and the UK. But we're up five ten percent on 0:01:05.160 --> 0:01:07.959 the Nasdaq. As we do see sentiment recovering, you see 0:01:08.000 --> 0:01:11.480 home sales recovering too. With this strong economic data, what 0:01:11.600 --> 0:01:13.720 then does the FED do? It seems though for now, 0:01:13.880 --> 0:01:17.120 we're still pushing long technology, even in the face some 0:01:17.200 --> 0:01:19.160 hawkish sentiment coming around the Federal reserve. 0:01:19.280 --> 0:01:21.040 Two year yield just down a little bit. 0:01:21.040 --> 0:01:23.040 That we've got some key auctions coming two year, five 0:01:23.120 --> 0:01:26.560 year this week. How will that see demand respond to 0:01:26.640 --> 0:01:29.040 that supply. For now we're saying, actually, just yield to 0:01:29.040 --> 0:01:31.399 tick a little bit lower. We're still at elevated levels. 0:01:31.600 --> 0:01:33.600 New York crewed up two point two percent. This is 0:01:33.640 --> 0:01:36.440 more of geopolitical risk once again, concerns happening in the 0:01:36.480 --> 0:01:39.080 Middle East. Keep an eye on commodities, not also is 0:01:39.080 --> 0:01:41.080 happening in the world of risk assets. Let's look at 0:01:41.080 --> 0:01:43.640 bitcoin for a moment. Look, we're down under pressure more 0:01:43.680 --> 0:01:46.000 than two percent coming off of our low's ed It's 0:01:46.120 --> 0:01:48.680 notable that there's sixty seven thousand dollars trying to factor 0:01:48.680 --> 0:01:52.200 in what happens that nine billion dollars of bitcoin, the 0:01:52.280 --> 0:01:55.600 value of bitcoin held by Mount Gox creditors. Will we 0:01:55.640 --> 0:01:58.200 start to see some of the movement within those wallets 0:01:58.240 --> 0:02:00.760 where we see creditors regain the bitcoin, Well, we see 0:02:00.880 --> 0:02:02.400 finally them able to sell. 0:02:02.440 --> 0:02:03.240 That's a key question. 0:02:03.400 --> 0:02:05.440 Or what have you got on the micro There's going 0:02:05.480 --> 0:02:08.240 to be a really big focus on semiconductors throughout the 0:02:08.280 --> 0:02:10.079 show and on Ai. We're going to go to our 0:02:10.400 --> 0:02:12.640 team around the country to talk a little bit about that. 0:02:12.680 --> 0:02:15.200 But in Vidio is the biggest points boost on both. 0:02:15.240 --> 0:02:17.480 Then as that one hundred s and P five hundred, 0:02:17.760 --> 0:02:19.919 the story that we're going to focus on is Elon 0:02:20.040 --> 0:02:25.040 Musk's Xai closing that mega funding round. But the next 0:02:25.040 --> 0:02:27.320 step of the conversation is well, they'll probably use the 0:02:27.400 --> 0:02:30.240 Nvidia H one hundred as a cluster to train their 0:02:30.320 --> 0:02:33.840 large language models. There are other names doing well by association. 0:02:34.040 --> 0:02:36.919 AMD is coming to market more and more with its 0:02:37.160 --> 0:02:41.400 three hundred x dell by association, with Nvidia looking strong 0:02:41.480 --> 0:02:43.600 also one of the biggest gainers in that context, and 0:02:43.960 --> 0:02:46.440 Intel feeling the love a little bit as well. And 0:02:46.480 --> 0:02:48.639 then there's Apple. So we're zero done on this data 0:02:49.040 --> 0:02:53.480 from the China Academy of Information and Communications Technology, Bloomberg 0:02:53.480 --> 0:02:56.600 crunches the numbers and it looks like last month. In 0:02:56.639 --> 0:03:00.560 other words, April iphoneshipment in China jump fifty two percent 0:03:00.680 --> 0:03:04.040 year on year. Things are improving. That The backstory is 0:03:04.040 --> 0:03:07.040 that for most of twenty twenty four, Apple and some 0:03:07.080 --> 0:03:09.280 of the resellers have done a lot of discounting in 0:03:09.360 --> 0:03:11.640 China to get that smartphone market going. 0:03:12.560 --> 0:03:14.840 Yeah, certainly, And we've got a factor in there for 0:03:14.919 --> 0:03:18.400 what this really points to in terms of Chinese consumer demand, 0:03:18.840 --> 0:03:21.760 and Agrana is here with us some reallymergan intelligence and 0:03:21.800 --> 0:03:24.359 we try to piece together the picture of a very 0:03:24.400 --> 0:03:28.919 important consumer base to Apple and ultimately discouts are working. 0:03:30.200 --> 0:03:30.440 Yeah. 0:03:30.520 --> 0:03:32.280 You know, one of the things is we have had 0:03:32.520 --> 0:03:35.280 nothing but bad news coming out of China for a 0:03:35.320 --> 0:03:38.480 fair amount, I would say, now, but when you look 0:03:38.480 --> 0:03:41.800 at it, it seems that the China situation for Apple 0:03:42.280 --> 0:03:45.520 is more cyclical in nature and not structurally people just 0:03:45.560 --> 0:03:48.400 giving away the phone. So I think it's a good 0:03:48.440 --> 0:03:51.280 news for China, mean for Apple. But at the same time, 0:03:51.800 --> 0:03:53.880 we are also not hop you know, harping a lot 0:03:53.960 --> 0:03:57.280 of these numbers into our calculations of sales data because 0:03:57.600 --> 0:03:59.280 one of the things we saw in the in the 0:03:59.360 --> 0:04:02.560 last quarter, even though Jan Feb sales were really bad, 0:04:03.360 --> 0:04:05.440 but Apple came out and said that, you know, their 0:04:05.600 --> 0:04:09.840 mainland China revenue grew. So I'm not extrapolating this information 0:04:10.000 --> 0:04:13.080 down to revenue. But you know, from a sentiment point 0:04:13.080 --> 0:04:14.880 of view, I think this is good news for Apple, 0:04:15.920 --> 0:04:16.320 all right. 0:04:16.360 --> 0:04:19.440 One of the drivers of sentiment among the Chinese consumer 0:04:19.520 --> 0:04:24.160 has been discounts and incentives. We're entering June, which is 0:04:24.240 --> 0:04:29.520 kind of another modern day period of sales events in China. 0:04:30.040 --> 0:04:32.000 How sustainable is it to rely on that? 0:04:33.400 --> 0:04:35.679 So I think it's, you know, something new that Apple 0:04:35.720 --> 0:04:38.159 has to grapple with. Before this was a brand that 0:04:38.240 --> 0:04:40.640 did not, you know, go out and give sales in China. 0:04:40.720 --> 0:04:42.640 But we have seen that, I think two times in 0:04:42.680 --> 0:04:45.479 a row now that that's one way to drive the 0:04:45.560 --> 0:04:47.839 channel to make sure they don't have a butt built 0:04:47.880 --> 0:04:48.520 up inventory. 0:04:48.760 --> 0:04:48.960 Now. 0:04:49.000 --> 0:04:50.880 I think it's going to be a partner in June 0:04:50.920 --> 0:04:54.200 because if they do decide or they do announce decent 0:04:54.320 --> 0:04:57.800 enough features of AI in their phone that could potentially 0:04:57.920 --> 0:05:01.080 lead to a better referce cycle this winter, then they 0:05:01.120 --> 0:05:03.440 need to get those older phones out, you know, as 0:05:03.440 --> 0:05:06.040 soon as possible. Otherwise, you know, you're stuck with all 0:05:06.040 --> 0:05:09.080 those phones, and I mean there's no sales. 0:05:08.760 --> 0:05:09.400 There at that point. 0:05:09.400 --> 0:05:12.039 So I think it's important for them to continue this 0:05:12.320 --> 0:05:13.359 momentum at this point. 0:05:13.680 --> 0:05:17.520 And will WWDC be the momentum driver going into June? 0:05:18.440 --> 0:05:18.880 I think so. 0:05:18.960 --> 0:05:20.520 I mean, I think we have heard a lot of 0:05:20.520 --> 0:05:23.120 good news, but at the same time, the stock's already 0:05:23.120 --> 0:05:25.840 done so well even ahead of those news. Now, I 0:05:25.839 --> 0:05:28.680 think by the fault, Apple itself may not have those 0:05:28.720 --> 0:05:32.039 amazing features, but if it's able to announce as Mark 0:05:32.080 --> 0:05:35.039 has alluded to a partnership with Open AI, I think 0:05:35.040 --> 0:05:37.720 that will tell people that, you know, Apple, even if 0:05:37.720 --> 0:05:40.640 they don't have their own technology, they're okay to license 0:05:40.720 --> 0:05:44.240 that from the best vendors out there. And with over 0:05:44.279 --> 0:05:47.400 a billion phones out there with people's hand, I think 0:05:47.440 --> 0:05:50.320 they can give a boost to any AI vendor who's 0:05:50.360 --> 0:05:52.320 going to give their technology to them. 0:05:52.880 --> 0:05:56.080 Blueberg Intelligence Senior analyst Santa rag Rana and all things Apple, 0:05:56.160 --> 0:05:58.880 thank you so much. Meanwhile, and sticking with China, the 0:05:58.920 --> 0:06:03.039 country is set up largest ever semiconductor investment fund to 0:06:03.120 --> 0:06:07.440 propel development the domestic chip industry. The fund, worth forty 0:06:07.480 --> 0:06:10.360 seven point five billion dollars, is the latest effort from 0:06:10.400 --> 0:06:13.719 Beijing to achieve self sufficiency as the US seeks to 0:06:13.760 --> 0:06:17.800 restrict its growth. Meanwhile, since Time Group co founder Ju 0:06:17.920 --> 0:06:21.760 Bing says, China's domestic AI chip makers and making fast 0:06:21.839 --> 0:06:25.600 progress in closing the gap on international leaders listen to this. 0:06:27.040 --> 0:06:31.480 There are shortage of resources here in Asia in general. 0:06:31.560 --> 0:06:35.440 For instance, to the shortage of compute. I think in 0:06:35.520 --> 0:06:38.240 general it's like the ten times our gap of the 0:06:38.320 --> 0:06:42.239 compute resources that we have here compared to the US leaders. 0:06:43.440 --> 0:06:46.640 But I think the Asian market is never lack of 0:06:46.680 --> 0:06:50.240 talents and never lack of data. So in terms of 0:06:50.360 --> 0:06:53.919 talents and data, I think eventually we will also be 0:06:53.960 --> 0:06:56.560 able to, you know, even though that we have lack 0:06:56.600 --> 0:06:59.600 of compute, we're able to, you know, make sure that 0:06:59.640 --> 0:07:03.080 we squeeze the last beat of the compute. 0:07:04.040 --> 0:07:07.680 Fascinating global take on the necessities of compute. 0:07:07.720 --> 0:07:09.479 Let's just talk chips a little bit more. 0:07:09.520 --> 0:07:13.320 But from the Texas Instruments perspective, we have an activist 0:07:13.320 --> 0:07:16.120 investor on our hands. Two and a half billion dollars 0:07:16.160 --> 0:07:19.800 worth of Texas Instruments is how much Elliot Investment Management 0:07:20.040 --> 0:07:22.240 has just taken in the company. What do they want? 0:07:22.880 --> 0:07:26.440 And improvement and free cash flow arout three ten percent. 0:07:27.040 --> 0:07:44.920 This technology, it's the air hardware names, the kind of 0:07:44.960 --> 0:07:47.960 semiconductor names in AI space and some others and chips 0:07:47.960 --> 0:07:50.840 that are leading the charge this Tuesday morning and videos 0:07:50.920 --> 0:07:54.360 up five percent, continuing to push fresh record highs. The 0:07:54.440 --> 0:07:56.880 story we'll get to you later in the program is 0:07:57.040 --> 0:08:02.200 Exail Musk's AI company raising significant money, the assumption being 0:08:02.400 --> 0:08:05.600 they will train current future gen models on the H 0:08:05.640 --> 0:08:08.960 one hundred series, and by association you see names AMD 0:08:09.160 --> 0:08:11.360 and Dell. That's so closely aligned within video at the 0:08:11.400 --> 0:08:14.360 moment higher texas instruments. Kray was just talking about more 0:08:14.440 --> 0:08:17.200 muted now three tens percent higher, but it had been 0:08:17.280 --> 0:08:20.600 much higher. As Elliott takes a significant stake and is 0:08:20.640 --> 0:08:24.040 concerned about free cash flows, there is an excellent conversation 0:08:24.120 --> 0:08:27.840 to be had with Mazuo's America's desk based analyst Jordan Klein. 0:08:28.080 --> 0:08:30.840 You have your ear to the ground, so to speak, 0:08:30.880 --> 0:08:34.560 more than anyone that I know. Let's start with in video, right, 0:08:34.679 --> 0:08:38.600 you know, the AI story is well told, it's well traded. Now, 0:08:39.000 --> 0:08:41.480 how much do you think the activity in VideA this 0:08:41.679 --> 0:08:44.520 session is that oh Xai is going to buy a 0:08:44.520 --> 0:08:46.560 whole load of H one hundreds or is it kind 0:08:46.600 --> 0:08:49.120 of treading water to the stock split that's coming in June. 0:08:50.840 --> 0:08:52.080 Yeah, thanks for having me ed. 0:08:52.640 --> 0:08:57.800 I think it's probably seventy eighty percent the mask XAI 0:08:58.000 --> 0:09:01.440 story versus the Starlex split. I mean, I definitely think 0:09:01.440 --> 0:09:03.480 that that stock split is going to continue to pull 0:09:03.520 --> 0:09:07.560 in retail investors. I don't think institutional money managers care 0:09:07.600 --> 0:09:11.160 so much. They're pretty much all long and overweight this stock. 0:09:11.240 --> 0:09:13.640 But I think retail investors seeing a ten for one 0:09:14.120 --> 0:09:16.679 stock split, and it's coming up soon, so that'll get 0:09:16.679 --> 0:09:19.520 people more active in the near term. But anytime you 0:09:19.559 --> 0:09:22.600 see a headline six billion in financing, you've got to 0:09:22.640 --> 0:09:26.000 assume the line's share that is not hiring people. It's 0:09:26.040 --> 0:09:28.880 actually buying compute infrastructure, which is going to be pretty 0:09:28.880 --> 0:09:30.560 good for in Vidia. 0:09:31.280 --> 0:09:36.320 Are they, therefore, these long and overweight institutional investors right 0:09:36.600 --> 0:09:38.680 to be so focused on in video? At what point 0:09:38.720 --> 0:09:40.880 do we see further divisification going on? 0:09:40.920 --> 0:09:44.079 Hand Jordan, Well, that's a great question, and I think 0:09:44.120 --> 0:09:48.640 you're really starting to see it accelerate beyond just in Vidia. 0:09:48.679 --> 0:09:50.760 I mean, if you pulled up a chart of Qualcom, 0:09:51.360 --> 0:09:54.000 you wouldn't You probably wouldn't know that Qualcomm's up the 0:09:54.080 --> 0:09:56.880 same amount as in Vidia over the last In May, 0:09:57.000 --> 0:10:01.040 they're both up about twenty eight percent, pretty unbelievable, But 0:10:01.080 --> 0:10:03.280 no one really talks about Qualcom because it's not a 0:10:03.320 --> 0:10:06.680 direct AI story. The other thing is memory stocks have 0:10:06.760 --> 0:10:10.120 been just you know, on a blistering pace higher this year, 0:10:10.200 --> 0:10:15.280 particularly Micron SEMIICAP Equipment, Taiwan Semi who makes all these chips, 0:10:15.640 --> 0:10:17.680 and the other group that I think is really catching 0:10:17.720 --> 0:10:22.679 attention as these cyclical analog semis like Texas Instruments, analog devices, 0:10:23.040 --> 0:10:27.079 microchip that have started to call a bottom in industrial 0:10:27.120 --> 0:10:30.640 demand with you know, expectations that demand will start to 0:10:30.640 --> 0:10:31.840 improve later on this year. 0:10:33.160 --> 0:10:35.880 I want to linger on Qualcom just a moment longer. 0:10:36.160 --> 0:10:37.920 I get what you're saying. We actually do talk about 0:10:37.960 --> 0:10:40.360 Qualcom quite a lot on this program, Jordan, to be fair, 0:10:40.600 --> 0:10:44.080 but the story is about AI shifting from the modern 0:10:44.120 --> 0:10:46.440 day version of the computer, which is the server rack 0:10:46.920 --> 0:10:51.240 back onto device smartphone and PC. The concern that I 0:10:51.280 --> 0:10:53.559 hear all the time is Qualcom might be the main 0:10:53.600 --> 0:10:57.160 beneficiary in the first instance. What happens if the consumer 0:10:57.200 --> 0:10:59.400 doesn't buy any of these devices. 0:11:00.720 --> 0:11:01.960 Well, that's a great question. 0:11:02.000 --> 0:11:04.800 I mean, I think that is the risk that unless 0:11:04.840 --> 0:11:08.240 you give consumers a reason to go out and replace 0:11:08.320 --> 0:11:12.800 or upgrade their smartphone or their PC or notebook, they're 0:11:12.840 --> 0:11:15.000 probably just going to sit there and use what they 0:11:15.080 --> 0:11:15.560 already have. 0:11:15.760 --> 0:11:17.400 These phones are so good today. 0:11:18.200 --> 0:11:20.240 I think that's why you need to see Apple and 0:11:20.360 --> 0:11:24.600 other you know, like Google, who controls Android, you know, 0:11:24.679 --> 0:11:29.199 create real new functionality and features related to AI that 0:11:30.360 --> 0:11:34.880 offer efficiency, productivity, real new things that you can do 0:11:34.920 --> 0:11:37.640 with your phone that you can't do with an existing 0:11:37.720 --> 0:11:40.320 phone to drive you to upgrade. If they don't do that, 0:11:40.760 --> 0:11:42.160 then I think it's just going to be all a 0:11:42.240 --> 0:11:45.439 marketing ploy and consumers going to are going to basically say, 0:11:45.760 --> 0:11:48.800 there's no reason for me to spend another eleven twelve 0:11:48.840 --> 0:11:51.280 hundred dollars to get a phone that's going to basically 0:11:51.360 --> 0:11:53.800 operate the same way. So the so the onus is 0:11:53.840 --> 0:11:57.240 on the ecosystem, the software. But I think it's going 0:11:57.280 --> 0:11:59.679 to evolve and develop faster than people think. So I 0:11:59.679 --> 0:12:01.679 think it a year from now a lot of people 0:12:01.720 --> 0:12:04.320 are going to be motivated to actually upgrade. The other 0:12:04.360 --> 0:12:06.559 thing is is if you hold your phone for longer, 0:12:07.480 --> 0:12:10.800 you're probably more willing to future proof a new purchase 0:12:10.840 --> 0:12:13.000 and say I'd rather just have the product that can 0:12:13.360 --> 0:12:16.120 handle AI, even if it's a year or two out, 0:12:16.240 --> 0:12:18.520 than buying something right now that can't. 0:12:19.520 --> 0:12:23.640 And I think all owners therefore is on WWDC that 0:12:23.720 --> 0:12:27.960 comes in June, is on understanding how we use aipcs. 0:12:28.000 --> 0:12:31.080 Microsoft trying to articulate that recently, Jordan, going back though 0:12:31.120 --> 0:12:34.679 to your focus on Analog, and you've been saying, look, 0:12:34.720 --> 0:12:37.560 this is being brought up more and more by investors. 0:12:37.720 --> 0:12:40.240 The news case today that an activist investor is getting 0:12:40.240 --> 0:12:43.439 into Texas instruments. Well, they want cashflow, they want rewards 0:12:43.480 --> 0:12:46.719 to shareholders. But what are you hearing that shareholders want 0:12:46.720 --> 0:12:47.720 from Analog right now? 0:12:49.440 --> 0:12:52.680 Well, Analog is probably one of the most forward looking 0:12:52.720 --> 0:12:57.400 groups of semis. They have a lot of exposure to auto, industrial, 0:12:57.760 --> 0:13:02.439 you know, communications, consumer, so they're very macro sensitive and 0:13:03.320 --> 0:13:06.640 you know, people tend to buy analog when they think 0:13:06.840 --> 0:13:09.760 estimates have bottomed, and in six months. 0:13:09.480 --> 0:13:11.280 Those numbers are going to start to go up. 0:13:11.720 --> 0:13:13.880 Pretty much what you heard in April and May from 0:13:13.920 --> 0:13:17.800 all these analog companies is that industrial, which is one 0:13:17.840 --> 0:13:21.480 of the biggest end markets for analog, has bottomed. You know, 0:13:21.600 --> 0:13:24.680 June July will be the bottom quarter, and that order 0:13:24.760 --> 0:13:27.640 rates and a book to bill will start to improve thereafter. 0:13:27.720 --> 0:13:30.760 Now we don't really know how fast, but they're saying 0:13:30.800 --> 0:13:34.040 the pmis are starting to show improvement globally and that 0:13:34.080 --> 0:13:37.800 should lead to you know, probably upward revisions by maybe 0:13:37.880 --> 0:13:40.480 late this year, but definitely in the next year. So 0:13:40.520 --> 0:13:43.200 that's why people buy these. They don't have AI, but 0:13:43.280 --> 0:13:46.320 that's actually good. They kind of diversify investors beyond just 0:13:46.400 --> 0:13:49.560 AI into more macrocyclical and markets. 0:13:50.840 --> 0:13:53.760 Your cell sites desk made some upgrades in the analog 0:13:53.800 --> 0:13:56.920 space last week. Having had a long holiday, wee can 0:13:56.960 --> 0:13:59.000 think about it. What was investor reaction to that? 0:14:00.600 --> 0:14:02.760 Well, I'll be honest, I didn't get any pushback. 0:14:02.840 --> 0:14:05.440 You know, sometimes on these upgrades people are like, you, 0:14:05.480 --> 0:14:09.720 guys are way too late. You know, this is going 0:14:09.800 --> 0:14:12.480 to be a poor call because the valuations don't support 0:14:12.520 --> 0:14:13.320 the fundamentals. 0:14:13.920 --> 0:14:14.880 I didn't get any of that. 0:14:15.080 --> 0:14:17.240 I get a lot of people asking, you know, is 0:14:17.280 --> 0:14:19.440 now the right time to buy these? They are up 0:14:19.520 --> 0:14:23.600 a fair amount this year, not as much as Nvidia 0:14:23.680 --> 0:14:27.000 and the AI trade, but they're up fifteen to twenty percent, 0:14:28.200 --> 0:14:32.240 and the valuations are quite high on next year's numbers, 0:14:32.280 --> 0:14:35.520 so they already discount or let's say, you know, assume 0:14:35.720 --> 0:14:38.360 a pretty good recovery from let's say the end of 0:14:38.360 --> 0:14:41.160 this year into next year. So that's where the pushback 0:14:41.280 --> 0:14:43.880 is is that isn't this all in the stocks already? 0:14:44.880 --> 0:14:46.960 Isn't it too late to be buying? You know? TI 0:14:47.160 --> 0:14:49.200 and ADI and microship. 0:14:48.680 --> 0:14:51.440 At these levels, and we don't really have a lot 0:14:51.440 --> 0:14:54.760 of visibility into the shape of the analog recovery. Is 0:14:54.760 --> 0:14:56.960 it going to be a V shaped recovery or is 0:14:56.960 --> 0:14:58.760 it going to be like a U or L shape 0:14:58.760 --> 0:15:01.080 recovery that takes a long time time. So still a 0:15:01.120 --> 0:15:04.160 lot of questions, But my sense is that if you 0:15:04.240 --> 0:15:06.880 keep seeing these stacks act well, even if the new 0:15:07.000 --> 0:15:09.480 flower is mixed, they're going to keep going up. 0:15:10.480 --> 0:15:21.360 Jordan klinem Zuo always plugged in. Okay, it's time for 0:15:21.400 --> 0:15:24.040 talking tech and in the news. Asia's e commerce leader 0:15:24.200 --> 0:15:28.680 C is under increased scrutiny by Indonesia's antitrust authorities for 0:15:28.840 --> 0:15:32.560 unfairly favoring its own delivery service and hearing C and 0:15:32.600 --> 0:15:35.200 its e commerce arms. Shoppy is alleged to have set 0:15:35.280 --> 0:15:39.600 up an algorithm that prioritized its own services over competitors. 0:15:39.640 --> 0:15:42.280 A follow up hearing has been scheduled for June eleventh, 0:15:42.280 --> 0:15:46.360 in which Shoppy's legal team will respond. Plus Home Dimotors 0:15:46.400 --> 0:15:50.320 has tapped more banks, including Morgan Stanley, as advisors for 0:15:50.360 --> 0:15:53.560 a potential IPO of its India units. This could be 0:15:53.600 --> 0:15:56.720 one of the biggest listings in India. Ever, the banks 0:15:56.800 --> 0:16:00.280 joined City, HSBC and JP Morgan, which could all raise 0:16:00.320 --> 0:16:04.680 about two point five billion dollars, as previously reported by Bloomberg, 0:16:04.800 --> 0:16:08.080 and healthcare payment software maker waste Star is looking to 0:16:08.160 --> 0:16:10.680 raise as much as one point zero four billion in 0:16:10.720 --> 0:16:12.960 an IPO that would make it one of the biggest 0:16:13.120 --> 0:16:16.120 this year. According to a filing, wastereters offering forty five 0:16:16.160 --> 0:16:19.280 million shares for twenty dollars to twenty three dollars apiece. 0:16:19.520 --> 0:16:22.240 The company filed for a NASZAK listing in October, but 0:16:22.280 --> 0:16:25.720 it has been monitoring market conditions as it weighs timing 0:16:25.720 --> 0:16:28.080 of a launch. Wastar plans to trade on the NASDAK 0:16:28.120 --> 0:16:32.280 Global Select Market under the ticker way Cara. 0:16:32.880 --> 0:16:35.600 Now let's turn our attention to other types of assets 0:16:35.640 --> 0:16:38.320 that people are training and these one's being digital, the 0:16:38.360 --> 0:16:41.080 world of crypto, and we've got so much to digest. 0:16:41.200 --> 0:16:44.120 We're still awaiting potentially a further decision from the SEC 0:16:44.560 --> 0:16:46.040 on Ether ETFs. 0:16:46.080 --> 0:16:48.600 Those are for issuers. Meanwhile, Bitcoin on. 0:16:48.600 --> 0:16:51.360 The downside, as you can currently see, that's after administrator's 0:16:51.400 --> 0:16:53.360 really been trying to step up efforts to return nine 0:16:53.400 --> 0:16:56.240 billion dollars worth of bitcoin from the failed mount Gox 0:16:56.280 --> 0:16:59.360 that was once the world's biggest bitcoin exchange. We've got 0:16:59.360 --> 0:17:01.120 to break it all down. I can turn of it 0:17:01.280 --> 0:17:03.600 just with us co CEO, co founder of August. You've 0:17:03.640 --> 0:17:06.000 got a platform basing design for the management and settlement 0:17:06.000 --> 0:17:09.320 of digital assets. And I'm just going to quickly dwell 0:17:09.400 --> 0:17:12.119 on some of the price pressures on bitcoin. Ultimately, this 0:17:12.160 --> 0:17:14.760 is a story of supply of people waiting finally for 0:17:14.800 --> 0:17:17.400 creditors to be repaid in some way and then maybe 0:17:17.440 --> 0:17:20.480 they sell out. But Mountgox always seems to overhang the market. 0:17:20.520 --> 0:17:21.840 Would it be a long term overhang? 0:17:23.240 --> 0:17:24.240 Yeah, it's a great question. 0:17:24.359 --> 0:17:25.440 You know, as you. 0:17:25.400 --> 0:17:28.480 Mentioned, we have roughly one hundred and forty two thousand bitcoin, 0:17:28.840 --> 0:17:31.679 one hundred and forty three thousand bitcoin cash, and roughly 0:17:31.720 --> 0:17:34.440 sixty nine billion yen that's due to creditors. 0:17:35.000 --> 0:17:36.120 That being said, we've. 0:17:35.920 --> 0:17:39.800 Seen historically in the past where there is custodial movement 0:17:39.960 --> 0:17:45.000 for different wall preparations due for distribution, although both the 0:17:45.040 --> 0:17:47.600 company and the former CEO have said that that's going 0:17:47.680 --> 0:17:50.639 to likely be much closer to October thirty, first of 0:17:50.640 --> 0:17:53.600 twenty four this year, and so you know, I think 0:17:53.600 --> 0:17:56.760 a lot of this is very much narrative sell pressure 0:17:56.800 --> 0:17:59.840 as opposed to actual distributions that we're expected to happen. 0:18:00.359 --> 0:18:03.680 Les goes to the narrative of a four because is 0:18:03.720 --> 0:18:06.080 it me or did everyone get upended by this? There 0:18:06.119 --> 0:18:09.240 is so much debate as to why suddenly the SEC 0:18:09.600 --> 0:18:13.240 seems to have, against its own self and own desires, 0:18:13.600 --> 0:18:18.040 be allowing that to be an eth ETF coming sometime soon. 0:18:18.119 --> 0:18:20.320 We know that issuers have still got to get some 0:18:20.359 --> 0:18:22.439 sort of go ahead, But I wats your view on 0:18:22.560 --> 0:18:23.560 why this has happened. 0:18:25.160 --> 0:18:27.639 Yeah, I mean to your point around you know, everyone 0:18:27.720 --> 0:18:30.840 being relatively surprised and under exposed. You could even see 0:18:30.880 --> 0:18:34.800 it in polymarket So a prediction marketplace which earlier last 0:18:34.800 --> 0:18:38.920 week showed roughly five percent probability for the ETHTF approval, 0:18:39.320 --> 0:18:42.359 and that was then immediately repriced to roughly seventy percent, 0:18:42.400 --> 0:18:45.199 and then of course the approval announcement. And so I 0:18:45.240 --> 0:18:48.040 think what has been more surprising for everyone to see 0:18:48.080 --> 0:18:51.200 in the space is that we're continuing to see crypto 0:18:51.320 --> 0:18:54.800 becoming a center topic for the twenty twenty four presidential election. 0:18:55.440 --> 0:19:00.560 We obviously had the FIT twenty one. The Financial Initutional 0:19:00.800 --> 0:19:04.840 Technology Bill also get passed in Congress as well, and 0:19:04.880 --> 0:19:07.600 so that's been a full focus this year, and so 0:19:07.760 --> 0:19:09.440 we're going to continue to see that as we near 0:19:09.480 --> 0:19:11.480 the debate in June of this year as well. 0:19:13.200 --> 0:19:16.720 Will you take him by surprise, Hia. 0:19:17.200 --> 0:19:17.919 I certainly was. 0:19:18.000 --> 0:19:21.399 It's a good question, I would say again, not only 0:19:21.600 --> 0:19:24.199 you know, I myself am very bullish ETH and the 0:19:24.320 --> 0:19:26.879 entire ETH ecosystem, but we did see a number of 0:19:26.960 --> 0:19:30.080 our clients under exposed to ETH, and there was a 0:19:30.119 --> 0:19:33.800 large rotation into both ETH BTC EATH Salana rotation. 0:19:34.160 --> 0:19:36.800 There's a lot of anticipation right now around Salana ETF 0:19:36.920 --> 0:19:41.000 being next on the list. And you know, you really 0:19:41.040 --> 0:19:44.320 saw also the ETH ecosystem tokens outperformed. So you Sawlido, 0:19:44.400 --> 0:19:47.520 for example, that was up roughly forty percent, and in 0:19:47.600 --> 0:19:49.040 options a lot of activity. 0:19:49.119 --> 0:19:50.760 That said, implied. 0:19:50.440 --> 0:19:53.920 Volatility is still down and we're seeing muted activity since 0:19:53.960 --> 0:19:57.160 the announcement, and a lot of that is because Caroline, 0:19:57.200 --> 0:20:00.000 as you mentioned at the beginning, there's still questions around 0:20:00.119 --> 0:20:03.280 what the timeline is for the listing of the ETF itself. 0:20:03.320 --> 0:20:07.159 We've heard anything between the next week through end of summer, 0:20:07.440 --> 0:20:09.880 and so there's a lot of expectations right now over 0:20:10.000 --> 0:20:13.160 what that timeline will be, since as well the issuers 0:20:13.200 --> 0:20:15.040 themselves were caught off guard. 0:20:14.960 --> 0:20:17.280 Is too all right, I'm trying to get to the 0:20:17.320 --> 0:20:19.280 root of what the bigger picture is here. You know, 0:20:19.320 --> 0:20:23.360 we talk about Ethereum being the most commercially used blockchain. 0:20:24.080 --> 0:20:26.520 Kavita Goodzo's on the show with me on Friday saying that, well, 0:20:26.520 --> 0:20:32.520 if Bitcoin is digital gold, ether is digital oil, what's 0:20:32.560 --> 0:20:34.840 your kind of bigger picture on why this is important. 0:20:37.400 --> 0:20:40.639 Eth is truly one of the foundational pieces of the 0:20:40.760 --> 0:20:43.480 entire ecosystem today. If you look at where most of 0:20:43.520 --> 0:20:46.920 the activity is centered, it is centered around Ethereum and 0:20:46.960 --> 0:20:49.520 its layer twos, and without question, it's one of the 0:20:49.520 --> 0:20:50.920 most active chains. 0:20:50.640 --> 0:20:51.280 In a space. 0:20:51.640 --> 0:20:55.120 And so even though you've seen alternative chains come about, 0:20:55.240 --> 0:20:58.520