WEBVTT - This Week in Tech Earnings and the US Election

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<v Speaker 1>From Marhard.

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<v Speaker 2>We're Innovation Money and power co Line in Silicon Valley, NBN.

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<v Speaker 3>This is Bloomberg Technology with Caroline Hyde and Ed.

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<v Speaker 4>Loved Love.

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<v Speaker 5>Live from New York and San Francisco. This is Bloomberg

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<v Speaker 5>Technology coming up. Apple fail hauls on weakness around China,

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<v Speaker 5>while Amazon it soars as cost cutting efforts payoff.

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<v Speaker 6>We'll dig deep on.

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<v Speaker 7>Tech earnings and Intel's third quarter robots spark optimism about

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<v Speaker 7>its turnaround efforts, our conversation with Intel CEO Pat Gelsinger, and.

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<v Speaker 6>The election it draws near.

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<v Speaker 5>We sit down with former Republican candidate Vivek Ramaswami. But

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<v Speaker 5>first we check in on these markets, which today and

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<v Speaker 5>on a higher note, but we are down for the week.

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<v Speaker 5>And then as that one hundred, we're off by one

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<v Speaker 5>point two percent, a significant sell off yesterday, the biggest

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<v Speaker 5>that we've seen since September the sixth, all on concerns

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<v Speaker 5>about big tech and its ability to show up in

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<v Speaker 5>terms of airnings. Today, Amazon managers to power us high.

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<v Speaker 5>I want to dig in on the micro which I

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<v Speaker 5>know is what you've got ed.

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<v Speaker 7>Yeah, hopefully I'm going to be looking at the two

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<v Speaker 7>big names, which are first Amazon and then Apple. The

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<v Speaker 7>Amazon story is pretty clear. There's growth in the cloud

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<v Speaker 7>unit AWS, it's tied to AI. They gave us an

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<v Speaker 7>outlook for the final three months of the year. Whether

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<v Speaker 7>you take revenue or operating income, it gives us a

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<v Speaker 7>strong signal and we're going to get into that in

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<v Speaker 7>just a moment. Apple grew in every geography around the

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<v Speaker 7>world apart from Greater China. iPhone revenue b but the

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<v Speaker 7>signal is they're going to grow in the low single

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<v Speaker 7>digits in the final three months of this year. What

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<v Speaker 7>does that mean? Did iPhone grow in China? There's probably

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<v Speaker 7>more questions still with Apple on than answers at this point.

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<v Speaker 5>Let's get some answers then, Because gene months is with

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<v Speaker 5>us managing partner Deepwater Asset Management, really threw the tea

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<v Speaker 5>leaves for us because there has been ongoing concern when

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<v Speaker 5>it comes to Apple and China.

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<v Speaker 6>Is that the key takeaway.

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<v Speaker 2>For you, Well, the key takeaway from me is someone

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<v Speaker 2>who's optimistic that these Apple Intelligence features are going to

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<v Speaker 2>accelerate revenue growth and I have much more ambitious expectations

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<v Speaker 2>for the next year and two years. One of the

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<v Speaker 2>big takeaways for me is the guidance kind of through

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<v Speaker 2>cold water on this twenty percent kind of outside hope

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<v Speaker 2>that we'd start to see some better acceleration in the

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<v Speaker 2>December quarter. As you mentioned, a low single digit guide.

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<v Speaker 2>The street was at seven percent, so probably analysts are

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<v Speaker 2>going to shake out somewhere between five to six percent

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<v Speaker 2>similar growth rates if we just saw on the September quarter.

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<v Speaker 2>And so from my perspective, the big takeaway here is

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<v Speaker 2>that the street was right that this is going to

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<v Speaker 2>take some time a few quarters before we start to

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<v Speaker 2>see this acceleration and growth. And I think the guidance

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<v Speaker 2>just confirmed that. And then just to dive into the

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<v Speaker 2>China question, I previewed this and said they've got to

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<v Speaker 2>they have to have China growth.

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<v Speaker 4>In the quarter.

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<v Speaker 2>I think it was actually like up like zero point

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<v Speaker 2>five percent. I mean it was fractional. Cops were really easy.

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<v Speaker 2>They should have been up five six percent where the

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<v Speaker 2>street was at. So I think there's something else going

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<v Speaker 2>on in China.

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<v Speaker 8>Geane.

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<v Speaker 7>It's a fair question of where that future growth will

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<v Speaker 7>come from, right, And that's great because we can talk

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<v Speaker 7>about technology. You've been using Apple Intelligence in its early form,

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<v Speaker 7>and when you think about China, there was some evidence,

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<v Speaker 7>albeit third party data evidence, that the consumer in China

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<v Speaker 7>might be buying iPhone sixteen in the hope that in

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<v Speaker 7>the future the platform would be available there, because of

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<v Speaker 7>course it's not now the regulator won't allow it.

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<v Speaker 8>How are you kind of modeling.

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<v Speaker 2>That well, the timing of when some so first, I've

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<v Speaker 2>been using the features, and I would describe the features

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<v Speaker 2>as nice to have but not need to have yet.

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<v Speaker 2>I mean, they do a great job of like consolidating

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<v Speaker 2>my messages and notifications. I think that the as far

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<v Speaker 2>as kind of the you know, how this plays out

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<v Speaker 2>is the geograph piece is really important. It's just going

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<v Speaker 2>to be additional English countries for the rest of this year,

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<v Speaker 2>and so that's going to be like UK, Canada, Australia.

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<v Speaker 2>But then we still have this unanswered question about when

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<v Speaker 2>does Europe start going and then China, of course it's

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<v Speaker 2>probably they're going to have to do some sort of

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<v Speaker 2>partnership with Baidu to get there. And so for this

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<v Speaker 2>cycle to really be a super cycle, there's like almost

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<v Speaker 2>like these geopolitical things that need to fall into place,

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<v Speaker 2>and ultimately I believe that they will fall into place.

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<v Speaker 2>I think Apple's got clout to make those things happen.

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<v Speaker 2>And then additionally, even though I described the features as

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<v Speaker 2>nice to have, not need to have, I just want

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<v Speaker 2>to quickly frame in why I believe these will be

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<v Speaker 2>need to have. Is that starting kind of first quarter

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<v Speaker 2>of next year, once they start integrating more of the

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<v Speaker 2>GPT functionality but also open up more of this with developers,

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<v Speaker 2>we get a genta AI.

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<v Speaker 6>There is optimism there.

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<v Speaker 5>Therefore, eventually that Apple intelligence will bear fruits. What is

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<v Speaker 5>bearing fruits right here, right now is the services side.

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<v Speaker 5>But that's under duress from a regulatory perspective. If we're

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<v Speaker 5>thinking about the app Store, for example, how do you

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<v Speaker 5>think about regulation gene.

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<v Speaker 2>It's the black swan potential negative event.

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<v Speaker 4>Here is it?

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<v Speaker 2>Services growth at twelve percent, the shoes at thirteen called

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<v Speaker 2>a wash. But I think that this came up on

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<v Speaker 2>the Apple call last night. It came up on the

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<v Speaker 2>Google call two nights ago. I think Services continues to

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<v Speaker 2>do well because their base keeps growing, hitting record highs.

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<v Speaker 2>But I think that you know, there's still this piece

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<v Speaker 2>out there, and I would put a low probability ten

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<v Speaker 2>to fifteen percent that something happens between the relationship between

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<v Speaker 2>Google and app on that that the search placement deal

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<v Speaker 2>with Safari, and that's probably ten to fifteen percent of

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<v Speaker 2>their income. So I think that there's a that's something else.

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<v Speaker 2>I'm focused on.

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<v Speaker 7>What's in a Pinchai said on the Google call aways,

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<v Speaker 7>all the regulatory oversight will have unintended consequences, right that

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<v Speaker 7>Apple didn't go as far a few months or a

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<v Speaker 7>deepwater acid management s greates catch up and have you

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<v Speaker 7>on the show. Thank you so much. Okay, let's talk

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<v Speaker 7>about the other big one. Amazon in its earnings. Remi Shalott,

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<v Speaker 7>portfolio manager at vontabell is across all of these names,

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<v Speaker 7>and I think with Amazon AWS growth and the outlook,

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<v Speaker 7>what was your read on that?

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<v Speaker 8>Well, I think ed you.

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<v Speaker 9>Know, the revenue trends across the board were in line

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<v Speaker 9>with very healthy levels of Q one, so AWS growing

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<v Speaker 9>at nineteen percent, in line with expectations.

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<v Speaker 10>I think they're getting incremental growth from.

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<v Speaker 9>AI related services that they're offering, probably we estimate around

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<v Speaker 9>six hundred basis points.

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<v Speaker 10>And you know, there was commentary that there was very

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<v Speaker 10>strong demand.

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<v Speaker 9>For their customs silicon, which I think was an interesting

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<v Speaker 9>takeaway from the core.

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<v Speaker 5>Set that in the context, because you are such a

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<v Speaker 5>great guest to have because your portfolios don't just own Amazon,

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<v Speaker 5>but also the competitors in the hyperscale space. What does

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<v Speaker 5>Amazon's market share look like right now? What does it

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<v Speaker 5>mean in terms of having its own supply sustainability? Is

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<v Speaker 5>it less dependent on an in video for example.

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<v Speaker 9>Yeah, it's a really interesting topical question right now, just

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<v Speaker 9>it has implications for in video. So Amazon's annualizing revenue

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<v Speaker 9>for AWS around one hundred and ten billion right.

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<v Speaker 10>Now, and we'd say Azure for Microsoft.

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<v Speaker 9>The number two players are about sixty five sixty seven billion,

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<v Speaker 9>so still a good way ahead, but Azure is growing

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<v Speaker 9>faster at about thirty three percent versus AWS at nineteen.

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<v Speaker 10>The way I think about it, though, is.

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<v Speaker 9>That they're broke, They're both structurally growing at a very

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<v Speaker 9>attractive rate, and it's really two players moving ahead.

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<v Speaker 10>And Google a distant third.

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<v Speaker 9>So I think the market share is fine. They're doing

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<v Speaker 9>all the right things. And in regards to the question

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<v Speaker 9>about custom silicon, what they did say on the call

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<v Speaker 9>was that the demand for their custom silicon Inferentia and

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<v Speaker 9>Trainium was very strong and that they would be asking

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<v Speaker 9>their suppliers to increase a manufacturing capacity. So that's that's

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<v Speaker 9>important because customers do want to have lower cost options.

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<v Speaker 9>Not everyone wants larger language models that use in video

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<v Speaker 9>chips and AWS is in a very good position to

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<v Speaker 9>to cater to that demand and potentially lower cost for consumers,

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<v Speaker 9>for their for their customers.

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<v Speaker 7>It's not new that in the context of Amazon, we

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<v Speaker 7>focus on the cloud business, but there's much more. I mean,

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<v Speaker 7>what did you make of the e commerce business, particularly

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<v Speaker 7>in areas where Andy Jasse has made cuts and scaled

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<v Speaker 7>back spending a little bit.

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<v Speaker 9>Well, e commerce was extremely impressive on the margin side.

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<v Speaker 9>If you recall back into Q they put out a

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<v Speaker 9>guidance that was below expectations on margins, and the reason

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<v Speaker 9>for that is, you know, consumers are demanding more daily

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<v Speaker 9>essentials and you're seeing lower basket sizes, which means, you know,

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<v Speaker 9>higher cost to serve.

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<v Speaker 10>So that entails that that means lower margins for the

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<v Speaker 10>Corey e commerce business.

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<v Speaker 9>But what they've been able to do to upset that

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<v Speaker 9>pressure is consolidate more packages into the one delivery and

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<v Speaker 9>also leverage the strategy with the regional distribution centers, which has.

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<v Speaker 10>Been something in play for the last couple of.

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<v Speaker 9>Years, which means that they're closer to their consumer, which

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<v Speaker 9>lowers their cost to serve, but also that they can

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<v Speaker 9>increase the number of one day next day delivery items.

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<v Speaker 9>So it's both good on a customer satisfaction level as

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<v Speaker 9>well as improving operating efficiency. So margins beat on the

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<v Speaker 9>core e commerce side, and I think we now have

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<v Speaker 9>good visibility for margins to continue to expand at a good,

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<v Speaker 9>healthy level for the next year or so despite investing

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<v Speaker 9>in that business.

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<v Speaker 5>I mean, let's take it back to the real investment outlay,

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<v Speaker 5>a capex of seventy five billion dollars being articulated for

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<v Speaker 5>twenty twenty four, and where that then pushes forward to

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<v Speaker 5>a mean is how much they have to continue to

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<v Speaker 5>double down on investment for infrastructure for AI.

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<v Speaker 9>Well, the seventy five billions of big step up from

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<v Speaker 9>the fifty odd billion that they report in capex last year,

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<v Speaker 9>so there's already a large step up relating to AWS,

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<v Speaker 9>Amazon data center and server related investment.

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<v Speaker 10>So will they need to step up incrementally from here?

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<v Speaker 9>I think it's going to be a lot more moderate

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<v Speaker 9>going into twenty twenty five versus twenty twenty four, but

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<v Speaker 9>clearly there is a lot of demand for AI related

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<v Speaker 9>services and General Cloud. You've got to remember that General

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<v Speaker 9>Cloud is recovering as well, and the commentary keeps indicating

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<v Speaker 9>that there's more demand than the supply that they can offer.

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<v Speaker 10>So I think they can continue to invest in capex

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<v Speaker 10>in this area.

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<v Speaker 9>But the important thing for investors is that AWS was

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<v Speaker 9>still able to produce a thirty eight percent operating margin

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<v Speaker 9>despite the investment we've seen to date. Now that margin

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<v Speaker 9>will probably come down, but I think what we can

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<v Speaker 9>take away is that the margins are probably going to

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<v Speaker 9>be higher than what people are expecting before this result up.

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<v Speaker 5>It's great to have some time with you, fund of

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<v Speaker 5>bel portfolio manager.

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<v Speaker 6>Thank you, Ed. We've also got other earnings to care

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<v Speaker 6>to check out.

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<v Speaker 7>Yeah, and Intel's the other big story. So Intel shares

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<v Speaker 7>are up almost seven percent. That's their biggest jump or

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<v Speaker 7>on track to be their biggest jump since the last

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<v Speaker 7>day of August. The story painful cuts in the court

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<v Speaker 7>are gone, impairment charges a big miss on the bottom line,

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<v Speaker 7>but an outlook that gives markets hope that Intel is

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<v Speaker 7>finally turning a corner. And later in the show, we're

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<v Speaker 7>going to go over some of our interview with the

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<v Speaker 7>CEO Pat Gelsinger, So stay tuned with us. Immediately, we're

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<v Speaker 7>going to talk about cryptoregulation and what could come on

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<v Speaker 7>the horizon regardless of the winner in next week's US

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<v Speaker 7>presidential election, and that discussions with Kristin Smith, the CEO

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<v Speaker 7>of the Blockchain Association.

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<v Speaker 8>That's next. This is Bloomberg Technology.

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<v Speaker 7>New election date from the FEC finds Vice President Kamala

0:12:02.800 --> 0:12:06.560
<v Speaker 7>Harris's re embrace of the tech industry is paying off.

0:12:06.840 --> 0:12:10.439
<v Speaker 7>She's received major donations from Mark Cuban, Dusk and Moskowitz

0:12:10.720 --> 0:12:13.520
<v Speaker 7>and Reed Hoffman, who told us this yesterday.

0:12:13.520 --> 0:12:17.320
<v Speaker 11>Listen, what the tech industry needs is kind of a

0:12:17.360 --> 0:12:21.120
<v Speaker 11>stable environment in order to, you know, kind of follow

0:12:21.160 --> 0:12:24.320
<v Speaker 11>the rules and prosper in good global relations. In addition

0:12:24.360 --> 0:12:27.200
<v Speaker 11>to stability and an ability to kind of know that

0:12:27.240 --> 0:12:29.880
<v Speaker 11>you're following a rule of law versus what I think

0:12:29.920 --> 0:12:31.160
<v Speaker 11>of as grifter capitalism.

0:12:31.960 --> 0:12:33.600
<v Speaker 8>All of that.

0:12:33.280 --> 0:12:36.480
<v Speaker 11>Leads to, like, you know, the reason why I and

0:12:36.520 --> 0:12:39.559
<v Speaker 11>others like me support Vice.

0:12:39.400 --> 0:12:42.480
<v Speaker 8>President Harris Blimberg's business.

0:12:42.480 --> 0:12:45.040
<v Speaker 7>Carson has been writing about this this week, but for months,

0:12:45.080 --> 0:12:48.839
<v Speaker 7>frankly tracking the relationship between Silicon Valley and the candidates,

0:12:48.880 --> 0:12:53.480
<v Speaker 7>and I think your reality is in Vice President Harris's case, California,

0:12:53.520 --> 0:12:57.480
<v Speaker 7>Silicon Valley, the Bay Area is about funding, getting cash

0:12:57.600 --> 0:12:59.679
<v Speaker 7>and support. But there are big names behind her in

0:12:59.720 --> 0:13:00.760
<v Speaker 7>the world technology.

0:13:01.280 --> 0:13:03.840
<v Speaker 12>Yes, she's had to re engage the tech industry in

0:13:03.840 --> 0:13:06.200
<v Speaker 12>a way that I think was unexpected for her campaign

0:13:06.320 --> 0:13:08.719
<v Speaker 12>to bring in these donations. She's been able to get

0:13:08.800 --> 0:13:12.520
<v Speaker 12>money from Ried Hoffman, Dustin Moskovitz, these names you just named,

0:13:12.840 --> 0:13:16.199
<v Speaker 12>but she's had to work for it from these tech leaders.

0:13:16.480 --> 0:13:19.480
<v Speaker 12>California is a big ATM for both candidates, and so

0:13:19.520 --> 0:13:23.080
<v Speaker 12>she's had multiple fundraisers here and she's really pulled upon

0:13:23.080 --> 0:13:25.240
<v Speaker 12>the tech industry to prop up her campaign.

0:13:25.760 --> 0:13:27.240
<v Speaker 6>It's not even just fundraises.

0:13:27.440 --> 0:13:32.120
<v Speaker 5>Your story articulates that she's holding nearly weekly roundtables with

0:13:32.280 --> 0:13:35.359
<v Speaker 5>business leaders and tech investors in builders.

0:13:35.760 --> 0:13:37.959
<v Speaker 6>That's a cadence that is extraordinary.

0:13:39.679 --> 0:13:41.760
<v Speaker 12>Yeah, she has been hitting the pave in her and

0:13:41.840 --> 0:13:44.720
<v Speaker 12>her campaign team. I mean, Brian Nelson and Tony West

0:13:44.760 --> 0:13:47.920
<v Speaker 12>are kind of the two big envoys from her campaign,

0:13:48.160 --> 0:13:51.480
<v Speaker 12>two tech leaders, and they're having roundtables, for example at

0:13:51.559 --> 0:13:54.240
<v Speaker 12>y Combinator, where they're saying startups will have a seat

0:13:54.240 --> 0:13:57.040
<v Speaker 12>at the table. And these roundtables are really meant to

0:13:57.520 --> 0:14:00.079
<v Speaker 12>let the tech industry know that her campaign will be less.

0:14:00.559 --> 0:14:03.240
<v Speaker 12>There has been a big Biden trust gap so far,

0:14:03.400 --> 0:14:05.280
<v Speaker 12>and a lot of the people in the tech industry

0:14:05.600 --> 0:14:08.480
<v Speaker 12>feel like, you know, they were neglected by the Biden administration.

0:14:09.240 --> 0:14:11.840
<v Speaker 12>So these roundtables are away for her to show that,

0:14:12.040 --> 0:14:14.320
<v Speaker 12>you know, they're having trust within the tech industry.

0:14:14.559 --> 0:14:16.920
<v Speaker 7>It's very quickly later in the program, we have Vivit

0:14:17.000 --> 0:14:20.560
<v Speaker 7>Ramaswami on the show to talk about Trump and tech

0:14:20.600 --> 0:14:23.560
<v Speaker 7>has also supported Trump, so a bench capitalists.

0:14:23.360 --> 0:14:25.840
<v Speaker 12>Yes, there's been a major Trump tide, and I think

0:14:25.840 --> 0:14:29.120
<v Speaker 12>that's in relation to the actions of the Biden administration

0:14:29.200 --> 0:14:31.520
<v Speaker 12>where a lot of people feel like it's been particularly

0:14:31.560 --> 0:14:35.320
<v Speaker 12>destructive to the tech industry so far. And so there

0:14:35.320 --> 0:14:37.160
<v Speaker 12>are a lot of big names, Mark and Ries and

0:14:37.280 --> 0:14:40.560
<v Speaker 12>Ben Horowitz, David Sachs who have supported Trump that we

0:14:40.640 --> 0:14:43.640
<v Speaker 12>have seen this Trump tide. Now, these roundtables, though, I think,

0:14:43.720 --> 0:14:46.240
<v Speaker 12>have done a good job and kind of stemming that

0:14:46.560 --> 0:14:47.800
<v Speaker 12>Trump tide.

0:14:47.960 --> 0:14:51.200
<v Speaker 7>Being both viscasts and important reporting just a few days out.

0:14:51.200 --> 0:14:53.760
<v Speaker 8>Carry let's get back to the markets and let's.

0:14:53.800 --> 0:14:56.240
<v Speaker 5>Filter that into the conversation we're just having, because in

0:14:56.240 --> 0:14:58.600
<v Speaker 5>many ways people have felt part of the Trump trade

0:14:58.600 --> 0:15:02.960
<v Speaker 5>has been his crypto adoption and indeed support, wanting to

0:15:03.000 --> 0:15:06.640
<v Speaker 5>make the US the key area of growth for cryptocurrencies,

0:15:06.680 --> 0:15:09.320
<v Speaker 5>and in many ways Bitcoin has been moved about. When

0:15:09.360 --> 0:15:11.560
<v Speaker 5>we look at basically how the market is predicting a

0:15:11.600 --> 0:15:13.760
<v Speaker 5>Trump win or not, we're currently up about four point

0:15:13.800 --> 0:15:16.360
<v Speaker 5>eight percent when you're looking at bitcoin, that's over the

0:15:16.360 --> 0:15:17.400
<v Speaker 5>course of five trading days.

0:15:17.440 --> 0:15:18.280
<v Speaker 3>At one point, we're.

0:15:18.120 --> 0:15:20.200
<v Speaker 5>About two hundred dollars off the record high that we

0:15:20.200 --> 0:15:22.720
<v Speaker 5>set back in March. Many wondering whether the roll eclipse

0:15:22.840 --> 0:15:24.960
<v Speaker 5>that's seventy three thousand dollars level again where at seventy

0:15:25.240 --> 0:15:27.480
<v Speaker 5>nine hundred and thirty seven. Move on and see that

0:15:27.520 --> 0:15:30.680
<v Speaker 5>it's not just Bitcoin that's been moved around by political volatility,

0:15:30.920 --> 0:15:32.960
<v Speaker 5>so too has those look at this over the course

0:15:32.960 --> 0:15:35.720
<v Speaker 5>of a month, dose coin is up fifty four percent.

0:15:35.880 --> 0:15:39.120
<v Speaker 5>Now there is an acromen that has been adopted by

0:15:39.280 --> 0:15:43.040
<v Speaker 5>perhaps if we did see the Department of Government efficiency

0:15:43.360 --> 0:15:48.160
<v Speaker 5>borne out by one Elon Musk, what does doge spend spell? Well,

0:15:48.200 --> 0:15:50.440
<v Speaker 5>of course it stes so many feeling that that's getting

0:15:50.440 --> 0:15:53.800
<v Speaker 5>a tailwind from the effect of Elon Musk's back for Trump.

0:15:54.000 --> 0:15:55.840
<v Speaker 5>But ed we're going to delve into the world of

0:15:55.840 --> 0:15:56.960
<v Speaker 5>crypto a little bit more now.

0:15:57.640 --> 0:15:58.800
<v Speaker 8>Yes, very creative.

0:15:59.280 --> 0:16:02.920
<v Speaker 7>This election cycle, major money is being funneled to candidates

0:16:03.160 --> 0:16:05.960
<v Speaker 7>who support crypto and the results could have a major

0:16:06.000 --> 0:16:09.000
<v Speaker 7>impact on regulation and oversight of the industry.

0:16:09.360 --> 0:16:10.000
<v Speaker 8>Here to discuss.

0:16:10.080 --> 0:16:13.240
<v Speaker 7>Kristen Smith, CEO of the Blockchain Association, I have to

0:16:13.240 --> 0:16:15.320
<v Speaker 7>be honest with you, Kristen. I think we've made multiple

0:16:15.360 --> 0:16:19.200
<v Speaker 7>attempts to ask surrogates of both candidates for a clear

0:16:19.640 --> 0:16:23.320
<v Speaker 7>definition or explanation of their policy towards crypto.

0:16:24.280 --> 0:16:25.200
<v Speaker 8>Are you able to do that?

0:16:25.800 --> 0:16:28.160
<v Speaker 3>Yeah? Well, listen, I think you know.

0:16:28.240 --> 0:16:31.320
<v Speaker 13>Biz said something interesting in the last interview that people

0:16:31.320 --> 0:16:35.320
<v Speaker 13>have been very frustrated with the Biden administrations of focus

0:16:35.400 --> 0:16:38.120
<v Speaker 13>on tech and crypto is very much a part of that.

0:16:38.560 --> 0:16:41.360
<v Speaker 13>It's one of the reasons why we partnered with Harris

0:16:41.520 --> 0:16:44.560
<v Speaker 13>X to launch Regulation by Enforcement dot com. We need

0:16:44.600 --> 0:16:47.160
<v Speaker 13>to stop the regulation by enforcement and get a new

0:16:47.200 --> 0:16:50.240
<v Speaker 13>law into place. With Donald Trump, he has had a

0:16:50.280 --> 0:16:53.080
<v Speaker 13>remarkable change of heart on crypto from where he was

0:16:53.120 --> 0:16:55.920
<v Speaker 13>when he was president last time. He's had an incredibly

0:16:56.320 --> 0:17:00.680
<v Speaker 13>clear list of priorities. He's very interested in including people

0:17:00.720 --> 0:17:04.600
<v Speaker 13>with understanding of crypto in his administration. We know that

0:17:04.640 --> 0:17:06.760
<v Speaker 13>he's going to fire Gary Gunsler on day one, So

0:17:06.760 --> 0:17:07.680
<v Speaker 13>we have to jump in.

0:17:07.640 --> 0:17:09.160
<v Speaker 8>There because what you just said is interesting.

0:17:09.280 --> 0:17:12.080
<v Speaker 7>You are working with the Harris campaign, but you're your

0:17:12.080 --> 0:17:15.560
<v Speaker 7>complimentary of what president form President Trump is, how he's

0:17:15.600 --> 0:17:18.280
<v Speaker 7>approaching this. We had Gary Againster on the show last

0:17:18.280 --> 0:17:22.119
<v Speaker 7>week and Caroline asked him very simply about his retention

0:17:22.200 --> 0:17:26.159
<v Speaker 7>of his job. What's your position on leadership at the SEC?

0:17:26.280 --> 0:17:28.800
<v Speaker 13>In that respect, Gary Gensler's got to go, There's no

0:17:28.960 --> 0:17:31.240
<v Speaker 13>question about that. And I think the good news is

0:17:31.280 --> 0:17:33.880
<v Speaker 13>with a change in administration, whether it be Trump who

0:17:33.880 --> 0:17:37.199
<v Speaker 13>wins or Harris who wins, there is an opportunity to

0:17:37.280 --> 0:17:40.080
<v Speaker 13>make that change. I think we know it's pretty clear

0:17:40.119 --> 0:17:43.480
<v Speaker 13>where Trump stands Harris. I think we're hopeful. I mean, listen,

0:17:43.520 --> 0:17:48.600
<v Speaker 13>she's had the shortest presidential campaign in history, but she

0:17:48.720 --> 0:17:50.960
<v Speaker 13>is talking with the tech community, is business just saying

0:17:51.240 --> 0:17:55.000
<v Speaker 13>she is open minded. She said some positive things about crypto,

0:17:55.119 --> 0:17:58.240
<v Speaker 13>so she's not as precise in her policies, but she

0:17:59.200 --> 0:18:01.639
<v Speaker 13>I think, you know, we're optimistic that if she wins

0:18:01.720 --> 0:18:03.560
<v Speaker 13>that there will be an opportunity for change at the

0:18:03.600 --> 0:18:04.280
<v Speaker 13>top as well.

0:18:04.520 --> 0:18:08.400
<v Speaker 5>Can you articulate the precision of the policies coming from

0:18:08.400 --> 0:18:10.600
<v Speaker 5>the Trump campaign, because for me, it just sounds like

0:18:10.880 --> 0:18:14.240
<v Speaker 5>we want to make it more adopted here in the US.

0:18:14.280 --> 0:18:15.920
<v Speaker 5>We want to be like the number one place in

0:18:15.960 --> 0:18:18.399
<v Speaker 5>the planet to have crypto. But I didn't get much

0:18:18.560 --> 0:18:21.720
<v Speaker 5>nuance on exactly how that do they do that from

0:18:21.720 --> 0:18:24.879
<v Speaker 5>a guardrail perspective, from a congress bringing in rules perspective.

0:18:25.720 --> 0:18:28.680
<v Speaker 13>Yeah, well, President Trump gave a great speech at Nashville

0:18:28.720 --> 0:18:29.879
<v Speaker 13>where he laid.

0:18:29.600 --> 0:18:31.000
<v Speaker 3>Out a couple of items.

0:18:31.080 --> 0:18:33.480
<v Speaker 13>But it goes back to though, the biggest thing in

0:18:33.520 --> 0:18:36.359
<v Speaker 13>the crypto industry right now it needs right now is

0:18:36.400 --> 0:18:38.520
<v Speaker 13>to stop the regulation by enforcement.

0:18:38.880 --> 0:18:40.639
<v Speaker 3>We have a Congress.

0:18:40.160 --> 0:18:43.000
<v Speaker 13>Coming in that we think is very prime to pass

0:18:43.040 --> 0:18:45.160
<v Speaker 13>an appropriate regulatory framework.

0:18:45.359 --> 0:18:46.440
<v Speaker 3>They did a lot of work.

0:18:46.280 --> 0:18:49.080
<v Speaker 13>This Congress, but we're going to need next Congress to

0:18:49.119 --> 0:18:52.080
<v Speaker 13>get that work done. And as part of our campaign

0:18:52.119 --> 0:18:56.040
<v Speaker 13>for regulation by enforcement, we if Harris X found that

0:18:56.160 --> 0:18:59.960
<v Speaker 13>two thirds of voters agree that Congress should act first

0:19:00.240 --> 0:19:01.960
<v Speaker 13>before the sec.

0:19:01.600 --> 0:19:02.560
<v Speaker 3>Should take action.

0:19:02.800 --> 0:19:05.880
<v Speaker 13>And so I think it shows that for candidates who

0:19:06.119 --> 0:19:08.199
<v Speaker 13>are running for Congress, for the House and the Senate,

0:19:09.280 --> 0:19:12.080
<v Speaker 13>whether they be Republican or Democrat, that it is helpful

0:19:12.119 --> 0:19:16.119
<v Speaker 13>to their campaigns to take a pro crypto posture, and

0:19:16.160 --> 0:19:18.639
<v Speaker 13>that's one of the reasons why we think that with

0:19:18.760 --> 0:19:21.320
<v Speaker 13>a change of administration that we're very hopeful that we

0:19:21.320 --> 0:19:24.959
<v Speaker 13>could get new leadership at the regulatory agencies and some

0:19:25.040 --> 0:19:27.639
<v Speaker 13>of the executive branch agencies that will help work with

0:19:27.720 --> 0:19:29.240
<v Speaker 13>Congress to make that a reality.

0:19:29.840 --> 0:19:32.879
<v Speaker 5>A number of the brands that we currently see in

0:19:33.000 --> 0:19:36.520
<v Speaker 5>front of US or companies have been making layoffs of late,

0:19:36.880 --> 0:19:38.960
<v Speaker 5>and many have been trying to make clear that yes,

0:19:39.119 --> 0:19:41.439
<v Speaker 5>bitcoin's been on a bit of a teb, but the

0:19:41.480 --> 0:19:45.840
<v Speaker 5>ecosystem in general perhaps hasn't been thriving. More broadly, how

0:19:45.880 --> 0:19:47.600
<v Speaker 5>do you see that continue to evolve?

0:19:48.520 --> 0:19:51.159
<v Speaker 13>Yeah, well, the industry has been struggling here in the

0:19:51.280 --> 0:19:53.440
<v Speaker 13>United States. You know, I think there are companies and

0:19:53.520 --> 0:19:55.760
<v Speaker 13>leaders that are fighting to try to keep it here

0:19:55.880 --> 0:19:57.920
<v Speaker 13>and getting the right framework that allows us to keep

0:19:57.960 --> 0:19:58.359
<v Speaker 13>it here.

0:19:58.560 --> 0:20:00.600
<v Speaker 3>But it's very, very risky.

0:20:00.160 --> 0:20:02.639
<v Speaker 13>To create a new blockchain, to launch a token, to

0:20:02.680 --> 0:20:04.919
<v Speaker 13>do that kind of activity in the US. And so

0:20:04.960 --> 0:20:08.439
<v Speaker 13>what happens is these companies take their laptops, go overseas

0:20:08.560 --> 0:20:11.879
<v Speaker 13>and work out of there instead of working here in

0:20:11.920 --> 0:20:13.840
<v Speaker 13>the US. And so this is one of the things

0:20:13.840 --> 0:20:16.960
<v Speaker 13>that can't be measured. This is you know, there's some

0:20:17.119 --> 0:20:20.200
<v Speaker 13>factors like we have over one hundred enforcement actions, there's

0:20:20.240 --> 0:20:22.560
<v Speaker 13>been over four hundred million dollars.

0:20:22.040 --> 0:20:23.520
<v Speaker 3>In legal fees spent.

0:20:23.800 --> 0:20:26.439
<v Speaker 13>But what can't be known is the number of jobs

0:20:26.440 --> 0:20:27.960
<v Speaker 13>and the opportunity for the US.

0:20:28.200 --> 0:20:30.600
<v Speaker 7>Kristen very quickly, we have a few days until this happens.

0:20:30.960 --> 0:20:33.920
<v Speaker 7>You calculated or gain planned for the scenario you think

0:20:33.920 --> 0:20:34.480
<v Speaker 7>most likely.

0:20:35.400 --> 0:20:37.920
<v Speaker 13>You know, it's interesting, I'm watching all of the same

0:20:37.960 --> 0:20:41.120
<v Speaker 13>signals that everybody else's. I think the early voting. I'd

0:20:41.160 --> 0:20:43.679
<v Speaker 13>love to look at the prediction markets. I look at

0:20:43.680 --> 0:20:45.560
<v Speaker 13>poly market, I think about every half hour to see

0:20:45.600 --> 0:20:48.199
<v Speaker 13>where the numbers are at. It does certainly seem to

0:20:48.240 --> 0:20:51.280
<v Speaker 13>think that that Trump is in the lead, But I've

0:20:51.280 --> 0:20:53.000
<v Speaker 13>been around long enough to know it's very hard. You

0:20:53.040 --> 0:20:54.960
<v Speaker 13>really have to get through the day. But I do think,

0:20:55.040 --> 0:20:57.680
<v Speaker 13>regardless of what happens, we've turned a corner. I think

0:20:57.680 --> 0:21:00.040
<v Speaker 13>we're going to have an incredibly productive Congress, and I

0:21:00.080 --> 0:21:01.600
<v Speaker 13>think we're going to have a new administration that's going

0:21:01.640 --> 0:21:03.879
<v Speaker 13>to be more open of working with a crypto industry.

0:21:03.720 --> 0:21:07.280
<v Speaker 5>An optimistic Kristin Smith, we thank you, CEO of Blockchain Association.

0:21:15.880 --> 0:21:19.000
<v Speaker 5>Time now for talking tech. First up, Waimo, Alphabet's autonomous

0:21:19.040 --> 0:21:21.960
<v Speaker 5>driving unit. It's valued at more than forty five billion dollars,

0:21:22.000 --> 0:21:24.880
<v Speaker 5>including its latest round of financing, according to sources. Now,

0:21:24.920 --> 0:21:27.360
<v Speaker 5>the business said late last week that it had raised

0:21:27.400 --> 0:21:29.600
<v Speaker 5>five point six billion dollars in new capital at an

0:21:29.760 --> 0:21:34.240
<v Speaker 5>undisclosed value. Meanwhile, Microsoft has hired one of the engineering

0:21:34.320 --> 0:21:37.560
<v Speaker 5>chiefs who kept Facebook's infrastructure humming. This is as the

0:21:37.560 --> 0:21:40.000
<v Speaker 5>tech giant is actually struggling to bring data centers online

0:21:40.040 --> 0:21:41.640
<v Speaker 5>fast enough to meet the demand.

0:21:41.320 --> 0:21:42.280
<v Speaker 6>For its AI products.

0:21:42.320 --> 0:21:44.920
<v Speaker 5>Now, Ja Parik will join the senior leadership team at

0:21:44.920 --> 0:21:48.480
<v Speaker 5>Microsoft and report to CEO Sati and Adella. And AirPods

0:21:48.480 --> 0:21:51.399
<v Speaker 5>maker Gortech has picked banks to work on the planned

0:21:51.480 --> 0:21:55.520
<v Speaker 5>Hong Kong IPO of its semiconductor unit, Gortech Microelectronics so all,

0:21:55.520 --> 0:21:57.760
<v Speaker 5>according to sources, who say the listing could happen as

0:21:57.800 --> 0:22:00.399
<v Speaker 5>soon as next year, raise at least three hundred million

0:22:00.520 --> 0:22:01.560
<v Speaker 5>dollars then.

0:22:02.240 --> 0:22:03.600
<v Speaker 8>All right, coming up on the program.

0:22:03.640 --> 0:22:08.480
<v Speaker 7>Our conversation with Intel CEO Pat Gelsinger following the company's earnings.

0:22:08.119 --> 0:22:10.000
<v Speaker 8>The star is pushing a bit higher.

0:22:10.280 --> 0:22:12.760
<v Speaker 7>There's a bit of optimism and returning to that old

0:22:12.840 --> 0:22:21.879
<v Speaker 7>name of Silicon Valley and Semiconductors.

0:22:22.720 --> 0:22:25.080
<v Speaker 5>Welcome back to Blue Meg Technology. I'm Caroline Hide in

0:22:25.080 --> 0:22:26.160
<v Speaker 5>New York and.

0:22:26.080 --> 0:22:29.320
<v Speaker 7>I met Lovelo in San Francisco. What a week reflected

0:22:29.320 --> 0:22:31.280
<v Speaker 7>in the markets. Look at the NAS that one hundred

0:22:31.560 --> 0:22:34.439
<v Speaker 7>over a five day basis, it's like a one percent

0:22:34.520 --> 0:22:37.359
<v Speaker 7>decline basically over the course of the week, which technically

0:22:37.760 --> 0:22:39.959
<v Speaker 7>is the biggest drop since the first week of September.

0:22:40.119 --> 0:22:41.760
<v Speaker 8>So earnings is a big part of.

0:22:41.680 --> 0:22:44.800
<v Speaker 7>That movement right to both the upside and downside, but

0:22:44.880 --> 0:22:47.320
<v Speaker 7>fold into economic data and the fact that we're all

0:22:47.359 --> 0:22:49.800
<v Speaker 7>bracing for an election here in America next week.

0:22:49.920 --> 0:22:50.720
<v Speaker 8>There's a lot going on.

0:22:50.760 --> 0:22:52.680
<v Speaker 7>The three names that we're looking at and continue to

0:22:52.720 --> 0:22:56.159
<v Speaker 7>look at are the big ones. Earnings Last night was

0:22:56.320 --> 0:22:58.920
<v Speaker 7>wild in terms of three names that report at the

0:22:58.960 --> 0:23:02.439
<v Speaker 7>same time. So starting with Amazon really pushing higher, biggest

0:23:02.480 --> 0:23:06.560
<v Speaker 7>jump since February of this year, strength growth in aws

0:23:06.600 --> 0:23:08.680
<v Speaker 7>in particular, but overall going to final three months of

0:23:08.720 --> 0:23:11.240
<v Speaker 7>the year, Apple down grew everywhere around the world apart

0:23:11.280 --> 0:23:14.040
<v Speaker 7>from China, low single digits growth to end the year.

0:23:14.200 --> 0:23:18.040
<v Speaker 7>And then Intel is really pushing higher. Really really difficult

0:23:18.280 --> 0:23:20.840
<v Speaker 7>quarter gone, some hope in the outlook for the quarters

0:23:20.920 --> 0:23:22.960
<v Speaker 7>to come, but they are still behind in that key

0:23:23.000 --> 0:23:26.400
<v Speaker 7>market of AI accelerators, and it's interesting that investors look

0:23:26.400 --> 0:23:27.359
<v Speaker 7>past that carrow.

0:23:27.520 --> 0:23:30.399
<v Speaker 5>And it's really interesting how investors are navigating any of

0:23:30.400 --> 0:23:31.040
<v Speaker 5>this at the moment.

0:23:31.119 --> 0:23:32.880
<v Speaker 6>And we want to bring in Isabelli, who's.

0:23:32.640 --> 0:23:34.280
<v Speaker 5>Got a great recap on the week, but also a

0:23:34.280 --> 0:23:36.240
<v Speaker 5>push ahead to how perhaps people are taking risk off

0:23:36.280 --> 0:23:40.480
<v Speaker 5>the table. Ultimately, five of them, magnificent seven came this

0:23:40.560 --> 0:23:43.200
<v Speaker 5>week and it did dictate trade in many ways.

0:23:43.320 --> 0:23:46.199
<v Speaker 14>Yes, it was the biggest, biggest and busiest season and

0:23:46.280 --> 0:23:48.280
<v Speaker 14>five of them reported and as a cohart, they didn't

0:23:48.320 --> 0:23:51.600
<v Speaker 14>really inspire, which is kind of interesting, but we expect

0:23:51.640 --> 0:23:54.560
<v Speaker 14>that not everything that will go up, we'll keep on

0:23:54.640 --> 0:23:57.359
<v Speaker 14>going up. And as a whole, Wall Street estimates the

0:23:57.440 --> 0:23:59.879
<v Speaker 14>reports that beat were only seventy five percent.

0:24:00.119 --> 0:24:02.440
<v Speaker 6>That sounds high, but it's the lowest sense the.

0:24:02.400 --> 0:24:04.879
<v Speaker 14>Start of twenty twenty three, so you can see some

0:24:04.960 --> 0:24:06.639
<v Speaker 14>kind of fizzling there. But on top of that, we

0:24:06.680 --> 0:24:09.720
<v Speaker 14>had a slew of eco data, manufacturing data strand we

0:24:09.800 --> 0:24:12.480
<v Speaker 14>had hiring rose but at the slowest pace ince twenty

0:24:12.480 --> 0:24:14.800
<v Speaker 14>twenty two. And we also have next week which is

0:24:14.840 --> 0:24:18.040
<v Speaker 14>elections and FOMC all that is resorting into this big

0:24:18.080 --> 0:24:20.960
<v Speaker 14>ball of angst. So we have cities Gate Global Risk

0:24:21.000 --> 0:24:23.320
<v Speaker 14>Factors and it throws to its highest in eighteen months.

0:24:23.359 --> 0:24:27.760
<v Speaker 14>So it just really shows investors are jittery and that

0:24:27.800 --> 0:24:31.080
<v Speaker 14>result into voltile trading across asset classes. So that gauge

0:24:31.119 --> 0:24:36.359
<v Speaker 14>includes emergency markets, gold, SMP, NAZAC, everything, and it's very

0:24:36.440 --> 0:24:38.120
<v Speaker 14>votile as well.

0:24:38.240 --> 0:24:40.399
<v Speaker 7>Typically we like to keep it light and breezy on

0:24:40.440 --> 0:24:43.800
<v Speaker 7>a Friday on this program Bloomberg Technology. But the point

0:24:43.800 --> 0:24:48.680
<v Speaker 7>of your column, anxiety is bubbling is partly, as I said,

0:24:48.720 --> 0:24:51.560
<v Speaker 7>bracing for an election next week, and if you're an investor,

0:24:51.600 --> 0:24:53.480
<v Speaker 7>you have to think about the impact of that on

0:24:53.560 --> 0:24:56.639
<v Speaker 7>all sorts of asset classes. And in the context of tech,

0:24:57.280 --> 0:24:59.040
<v Speaker 7>what is that specific anxiety?

0:25:00.000 --> 0:25:03.119
<v Speaker 14>Anxiety with tech is how far will this AI riley go?

0:25:03.240 --> 0:25:05.440
<v Speaker 14>But we have news today also showing that the capex

0:25:05.480 --> 0:25:08.880
<v Speaker 14>of the four largest Internet companies, which includes Amazon, Microsoft,

0:25:08.880 --> 0:25:11.480
<v Speaker 14>Mata and Alphabet, are set to total well over two

0:25:11.560 --> 0:25:14.560
<v Speaker 14>hundred billion this year. So that's a record sum. So

0:25:14.560 --> 0:25:17.639
<v Speaker 14>you see investors still investing in AI, still hinging on

0:25:17.680 --> 0:25:20.800
<v Speaker 14>the promise of AI. But beyond tech, there is the elections,

0:25:20.920 --> 0:25:23.960
<v Speaker 14>but there is also the FOMC and weeks after that,

0:25:24.160 --> 0:25:25.160
<v Speaker 14>we still have a slew.

0:25:25.040 --> 0:25:25.640
<v Speaker 3>Up eco data.

0:25:25.720 --> 0:25:28.400
<v Speaker 14>Yes, it's going to the year end, but where are

0:25:28.400 --> 0:25:30.760
<v Speaker 14>we here. I talked to a source earlier. He said,

0:25:30.760 --> 0:25:33.240
<v Speaker 14>we already landed. It's a soft landing, but some investors

0:25:33.400 --> 0:25:36.480
<v Speaker 14>are still bracing for that hard landing. So the dichotomy

0:25:36.680 --> 0:25:41.120
<v Speaker 14>is couldn't be so stark. It's really a messy, noisy market.

0:25:41.240 --> 0:25:43.120
<v Speaker 14>But I also want to bring your attention to next week.

0:25:43.160 --> 0:25:46.320
<v Speaker 14>We have poundy or super micro lift revian arms, so

0:25:46.840 --> 0:25:49.040
<v Speaker 14>it's really not going to end. So if this week

0:25:49.080 --> 0:25:50.800
<v Speaker 14>is what a week, next year might even be a

0:25:50.840 --> 0:25:54.359
<v Speaker 14>bigger what a week is.

0:25:54.440 --> 0:25:56.600
<v Speaker 8>Early, keeping it light and be easy on a Friday.

0:25:56.640 --> 0:25:57.560
<v Speaker 8>Thank you very much.

0:25:58.119 --> 0:25:59.600
<v Speaker 7>Carry We have so much more to come on this

0:25:59.720 --> 0:26:00.960
<v Speaker 7>edition Bloombog Technology.

0:26:01.200 --> 0:26:04.040
<v Speaker 5>Yeah, and as we do, indeed look towards those elections.

0:26:04.080 --> 0:26:07.160
<v Speaker 5>Next week, Vivek Ramaswami is joining US former Republican presidential

0:26:07.160 --> 0:26:09.639
<v Speaker 5>candidate himself and now of course surrogate for the Trump campaign.

0:26:10.200 --> 0:26:13.680
<v Speaker 5>We're going to talk the policies, technology, cryptos, so much more.

0:26:13.880 --> 0:26:15.600
<v Speaker 6>This is Bloomberg Technology.

0:26:26.240 --> 0:26:29.479
<v Speaker 7>The US election is upon us and the gap between

0:26:29.560 --> 0:26:32.679
<v Speaker 7>Republican nominee Donald Trump and Vice President Kamala Harris on

0:26:32.760 --> 0:26:36.880
<v Speaker 7>prediction markets at least is narrowing that Trump has held

0:26:36.880 --> 0:26:40.040
<v Speaker 7>a lead. We've been speaking to voices in technology and

0:26:40.119 --> 0:26:44.040
<v Speaker 7>in venture capital on both sides of this race. Today

0:26:44.480 --> 0:26:47.479
<v Speaker 7>we're joined by Vivek Ramaswami, a supporter of Donald Trump,

0:26:47.680 --> 0:26:51.600
<v Speaker 7>a former Republican presidential candidate himself, someone that's been active

0:26:52.080 --> 0:26:54.040
<v Speaker 7>not just on social media but on the ground. And

0:26:54.640 --> 0:26:58.280
<v Speaker 7>welcome to the program, mister Ramaswami. A simple question to start,

0:26:58.840 --> 0:27:02.720
<v Speaker 7>why is former President Trump the best candidate for the

0:27:02.800 --> 0:27:07.000
<v Speaker 7>technology industry and the bench capital industry that supports it.

0:27:08.160 --> 0:27:10.040
<v Speaker 15>Here, Look, I'll give you a simple answer to a

0:27:10.040 --> 0:27:12.119
<v Speaker 15>straight question you asked, which is that he is the

0:27:12.119 --> 0:27:16.600
<v Speaker 15>president in favor of mass deregulation and mass reform of

0:27:16.640 --> 0:27:20.000
<v Speaker 15>the administrative state. I think the administrative state and the

0:27:20.040 --> 0:27:24.000
<v Speaker 15>regulatory state is the single greatest impediment to innovation, to

0:27:24.080 --> 0:27:26.880
<v Speaker 15>new business formation, to business growth in this country.

0:27:27.200 --> 0:27:27.960
<v Speaker 4>The actions of.

0:27:28.160 --> 0:27:30.920
<v Speaker 15>Three letter agencies who are never elected, by the way,

0:27:31.200 --> 0:27:34.000
<v Speaker 15>from the EPA to the FTC, to the SEC to

0:27:34.040 --> 0:27:36.920
<v Speaker 15>the FDA, you go straight down the list, those three

0:27:37.000 --> 0:27:39.800
<v Speaker 15>letter agencies are making most rules that govern businesses in

0:27:39.800 --> 0:27:42.960
<v Speaker 15>this country today. Those rules were never passed by Congress

0:27:42.960 --> 0:27:46.720
<v Speaker 15>by democratically elected representatives. The current Supreme Court, which Donald

0:27:46.720 --> 0:27:49.119
<v Speaker 15>Trump actually gave us much of the composition of that court,

0:27:49.440 --> 0:27:53.200
<v Speaker 15>has declared many of those regulations unconstitutional. And Donald Trump

0:27:53.280 --> 0:27:55.199
<v Speaker 15>has made clear that he wants to go in and

0:27:55.280 --> 0:27:58.800
<v Speaker 15>not just incrementally tinker around the edges of that bureaucracy,

0:27:59.200 --> 0:28:01.720
<v Speaker 15>but really to share it down to its small core

0:28:01.760 --> 0:28:03.720
<v Speaker 15>that it should have been in the first place. And

0:28:03.720 --> 0:28:05.080
<v Speaker 15>so I think that's the case I would make to

0:28:05.119 --> 0:28:08.399
<v Speaker 15>technology investors, to entrepreneurs that Donald Trump is going to

0:28:08.400 --> 0:28:10.919
<v Speaker 15>be the president who stands for taming in that regulatory

0:28:10.960 --> 0:28:13.359
<v Speaker 15>state which currently acts as a wet blanket on the

0:28:13.400 --> 0:28:15.080
<v Speaker 15>economy and innovation in particular.

0:28:15.320 --> 0:28:17.879
<v Speaker 7>Vivet could I ask, as an extension of that, is

0:28:17.920 --> 0:28:21.680
<v Speaker 7>there a specific area, be it crypto, be electric vehicles,

0:28:21.720 --> 0:28:25.199
<v Speaker 7>be it space that you feel former President Trump is

0:28:25.280 --> 0:28:28.920
<v Speaker 7>most focused in the list of priorities.

0:28:29.200 --> 0:28:31.399
<v Speaker 15>Well, I think that he's more focused on an overall

0:28:31.440 --> 0:28:33.879
<v Speaker 15>American revival. All of those fit on the list. I

0:28:33.880 --> 0:28:35.560
<v Speaker 15>think energy is big on the list.

0:28:35.359 --> 0:28:36.119
<v Speaker 4>For Donald Trump.

0:28:36.240 --> 0:28:39.520
<v Speaker 15>Reviving the production of American energy, all forms of energy

0:28:39.560 --> 0:28:42.120
<v Speaker 15>where America can be the leader. Donald Trump favors it

0:28:42.480 --> 0:28:47.080
<v Speaker 15>drilling fracking areas where America can actually establish energy abundance

0:28:47.080 --> 0:28:49.920
<v Speaker 15>sets what Donald Trump favors, and especially in this era

0:28:50.040 --> 0:28:53.360
<v Speaker 15>of AI and the increasing demands for electricity, for power,

0:28:53.640 --> 0:28:56.440
<v Speaker 15>for energy that's particularly important for the United States to

0:28:56.480 --> 0:28:59.520
<v Speaker 15>remain competitive. You think about baseload power generation for the

0:28:59.520 --> 0:29:03.239
<v Speaker 15>electric coal and natural gas are key inputs. A lot

0:29:03.280 --> 0:29:05.560
<v Speaker 15>of Democratic policy has been hostile to both of those,

0:29:05.800 --> 0:29:09.800
<v Speaker 15>anti frarating policies, anti coal policies. By contrast, Denald Trump's

0:29:09.800 --> 0:29:12.320
<v Speaker 15>pro energy policies are not just good for bringing down

0:29:12.440 --> 0:29:15.680
<v Speaker 15>energy prices, so that's important, but also for powering and

0:29:15.680 --> 0:29:19.400
<v Speaker 15>fueling the future generation of AI based technology, revolutions that

0:29:19.480 --> 0:29:22.080
<v Speaker 15>are going to require cheap and abundant energy inputs.

0:29:22.360 --> 0:29:23.440
<v Speaker 4>So that's one example.

0:29:23.440 --> 0:29:24.920
<v Speaker 15>But I could go into each of the areas you

0:29:25.000 --> 0:29:26.160
<v Speaker 15>named and to be happy to do that.

0:29:26.600 --> 0:29:29.840
<v Speaker 5>We had a venture capitalist, well known founder in the

0:29:29.880 --> 0:29:32.480
<v Speaker 5>area of AI and social we had Read Hoffman on

0:29:32.480 --> 0:29:36.120
<v Speaker 5>the show yesterday. Now, he of course favors the other

0:29:36.160 --> 0:29:38.840
<v Speaker 5>side of the equation, and Harris's run for the administration,

0:29:39.520 --> 0:29:43.600
<v Speaker 5>wanting consistency, wanting steady hand, but also is worried about

0:29:43.720 --> 0:29:44.680
<v Speaker 5>forms of retribution.

0:29:44.760 --> 0:29:46.480
<v Speaker 6>Can you just take a listen to what he said yesterday.

0:29:47.040 --> 0:29:52.320
<v Speaker 11>Sure, Trump and Trump presidency one his early presidency has

0:29:52.360 --> 0:29:55.240
<v Speaker 11>shown a certain amount of grifter capitalism. It's like trying

0:29:55.320 --> 0:29:58.600
<v Speaker 11>to penalize his opponents using the instruments of state.

0:29:59.520 --> 0:30:04.320
<v Speaker 5>Will then be any penalization of those who've voiced against him?

0:30:04.360 --> 0:30:06.200
<v Speaker 6>Iveek No, I.

0:30:06.200 --> 0:30:08.880
<v Speaker 15>Think there's going to be no little retribution under Donald Trump.

0:30:08.920 --> 0:30:11.000
<v Speaker 15>But I do find that common a little bit rich

0:30:11.080 --> 0:30:13.840
<v Speaker 15>coming from a Kamala Airas supporter. Where there's only one

0:30:13.920 --> 0:30:17.960
<v Speaker 15>president and administration in US history that is prosecuted or

0:30:18.000 --> 0:30:20.760
<v Speaker 15>attempt to prosecute their rival in the middle of a

0:30:20.760 --> 0:30:23.520
<v Speaker 15>political election, and it wasn't Donald Trump. It's the party

0:30:23.520 --> 0:30:26.400
<v Speaker 15>that Donald Trump is running against, Joe Biden and Kamala Harris.

0:30:26.760 --> 0:30:28.600
<v Speaker 15>So I think this idea of a steady hand. I

0:30:28.600 --> 0:30:31.480
<v Speaker 15>also want to give some airtime to this. The idea

0:30:31.480 --> 0:30:32.840
<v Speaker 15>of Kamala Harris is going to be some kind of

0:30:32.880 --> 0:30:35.680
<v Speaker 15>steady hand when she has reversed her position in a

0:30:35.720 --> 0:30:38.960
<v Speaker 15>matter of months on central questions, whether she favors bans

0:30:38.960 --> 0:30:41.479
<v Speaker 15>on offshore drilling, whether she favors a ban on fracking,

0:30:41.680 --> 0:30:44.960
<v Speaker 15>whether she favors universal healthcare. All of these are positions

0:30:44.960 --> 0:30:48.360
<v Speaker 15>that she held very shortly before running for US president

0:30:48.640 --> 0:30:51.280
<v Speaker 15>that in a matter of months foundational questions about energy

0:30:51.320 --> 0:30:53.600
<v Speaker 15>policy to health policy that have changed in a matter

0:30:53.600 --> 0:30:55.680
<v Speaker 15>of months. I don't think is a strong case for

0:30:55.720 --> 0:30:59.080
<v Speaker 15>a so called steady hand. And one more point, investors,

0:30:59.080 --> 0:31:02.280
<v Speaker 15>and particularly I know this technology focused show, particularly to

0:31:02.480 --> 0:31:05.120
<v Speaker 15>entrepreneurs who have founded successful tech companies that may still

0:31:05.160 --> 0:31:07.920
<v Speaker 15>be privately held, here's a big one that really matters.

0:31:08.360 --> 0:31:10.959
<v Speaker 15>Kamala Harris stands by her support and this is one

0:31:11.000 --> 0:31:13.800
<v Speaker 15>area where she hasn't changed her stance. She stands by

0:31:13.840 --> 0:31:18.080
<v Speaker 15>her support for a tax on unrealized capital gains. That

0:31:18.160 --> 0:31:22.320
<v Speaker 15>means many entrepreneurs, technologists, biotech entrepreneurs who may have paper

0:31:22.360 --> 0:31:24.880
<v Speaker 15>gains and a private company would actually have to pay

0:31:24.920 --> 0:31:28.040
<v Speaker 15>taxes with cash they don't actually have. That would stifle

0:31:28.120 --> 0:31:29.760
<v Speaker 15>innovation across Silicon.

0:31:29.440 --> 0:31:30.800
<v Speaker 4>Valley and across this country.

0:31:31.040 --> 0:31:32.760
<v Speaker 15>And I think it could be the single greatest tricker

0:31:32.840 --> 0:31:35.920
<v Speaker 15>for a stock market crash and a second great depression. So,

0:31:36.000 --> 0:31:39.120
<v Speaker 15>especially for a technology focused audience and a market focused audience,

0:31:39.360 --> 0:31:41.600
<v Speaker 15>that's a big difference between Kamala Harris and Donald Trump.

0:31:41.840 --> 0:31:43.480
<v Speaker 4>You could be a single issue voter on that alone.

0:31:43.520 --> 0:31:46.200
<v Speaker 5>I would argue I think many would feel at the

0:31:46.240 --> 0:31:49.479
<v Speaker 5>moment that the articulation around unrealized capital gains hasn't been

0:31:49.520 --> 0:31:53.600
<v Speaker 5>made so substantively by a Harris campaign. And I'm just

0:31:53.640 --> 0:31:55.520
<v Speaker 5>going to go back to the technology focus, and I'm

0:31:55.520 --> 0:31:58.200
<v Speaker 5>glad that you went there for US VIVEC, because there

0:31:58.240 --> 0:32:00.680
<v Speaker 5>is a technology focus that is Chips. Particularly you are

0:32:00.680 --> 0:32:02.800
<v Speaker 5>currently sat in Ohio. Ohio is going to be a

0:32:02.840 --> 0:32:05.479
<v Speaker 5>beneficiary in many ways of the Chipsacked, billions of dollars

0:32:05.480 --> 0:32:10.480
<v Speaker 5>going to building fabrication manufacturing within that state. And there

0:32:10.520 --> 0:32:14.200
<v Speaker 5>is a potential concern that Donald Trump is against the

0:32:14.280 --> 0:32:17.040
<v Speaker 5>Chips Act. He voiced out vehemently against it on a

0:32:17.040 --> 0:32:21.560
<v Speaker 5>podcast recently. Do you worry about that perhaps being overrun

0:32:21.760 --> 0:32:22.640
<v Speaker 5>changed in direction?

0:32:24.120 --> 0:32:24.560
<v Speaker 4>No, I don't.

0:32:24.640 --> 0:32:26.280
<v Speaker 15>In fact, the reason I was against the Chips Act

0:32:26.360 --> 0:32:27.880
<v Speaker 15>is because there's a lot of other baggage in there

0:32:27.880 --> 0:32:30.600
<v Speaker 15>that shouldn't have been there, hiring impediments such as many

0:32:30.600 --> 0:32:33.640
<v Speaker 15>of those companies semiconductor companies are hiring people outside the

0:32:33.760 --> 0:32:36.480
<v Speaker 15>United States because of the regulatory burdens of doing so

0:32:36.600 --> 0:32:39.080
<v Speaker 15>right here. There's also extra baggage and changing the way

0:32:39.120 --> 0:32:42.520
<v Speaker 15>The National Science Foundation the NSF makes grants on the

0:32:42.520 --> 0:32:45.280
<v Speaker 15>basis of race and gender and other criteria that don't

0:32:45.320 --> 0:32:47.960
<v Speaker 15>relate to merit. So that's the problem with Washington, DC

0:32:48.080 --> 0:32:49.880
<v Speaker 15>is every time they pass one of these laws, the

0:32:49.920 --> 0:32:53.120
<v Speaker 15>Inflation Reduction Act or the Chips Act, there's so much

0:32:53.200 --> 0:32:55.680
<v Speaker 15>other baggage they sneak into there that it dilutes the

0:32:55.680 --> 0:32:58.040
<v Speaker 15>original vision or purpose of the Act in the first place.

0:32:58.400 --> 0:33:00.600
<v Speaker 15>You want to foster semiconductor production in the United States,

0:33:00.640 --> 0:33:03.760
<v Speaker 15>as I do. Here's how we do it, mass deregulation

0:33:03.840 --> 0:33:06.960
<v Speaker 15>that lifts those regulatory constraints in the United States.

0:33:07.240 --> 0:33:08.360
<v Speaker 4>And I will tell you the reason.

0:33:08.120 --> 0:33:10.320
<v Speaker 15>In videos I've become a multi trillion dollar company is

0:33:10.360 --> 0:33:12.720
<v Speaker 15>not because of the Chips Act. It's because of booming

0:33:12.840 --> 0:33:15.680
<v Speaker 15>demand for chips led by the advent of AI and

0:33:15.720 --> 0:33:18.120
<v Speaker 15>the recent revolution and the AI boom that we've seen.

0:33:18.480 --> 0:33:19.800
<v Speaker 4>Viv that lowering of the.

0:33:19.720 --> 0:33:22.880
<v Speaker 15>Cost of capital is far more valuable for semiconductor companies

0:33:23.080 --> 0:33:25.360
<v Speaker 15>than the incremental money in the pocket of the large

0:33:25.480 --> 0:33:26.960
<v Speaker 15>ess that came from the chip sack.

0:33:27.040 --> 0:33:28.000
<v Speaker 4>That's my view on the matter.

0:33:28.400 --> 0:33:28.440
<v Speaker 3>VI.

0:33:28.760 --> 0:33:30.880
<v Speaker 7>May I just jump in on that point on Nvidia

0:33:31.080 --> 0:33:33.720
<v Speaker 7>in video not in isolation, but many of the chip

0:33:33.760 --> 0:33:39.200
<v Speaker 7>companies have had their access to the China market impacted

0:33:39.520 --> 0:33:43.280
<v Speaker 7>by those export controls, and simply put, China is the

0:33:43.280 --> 0:33:47.280
<v Speaker 7>biggest end market for consumer electronics but critically important for

0:33:47.360 --> 0:33:51.120
<v Speaker 7>cloud Are you able to explain to our audience President

0:33:51.560 --> 0:33:56.880
<v Speaker 7>former President Trump's position Visa v. China on key American

0:33:56.920 --> 0:33:58.600
<v Speaker 7>companies being able.

0:33:58.400 --> 0:34:00.000
<v Speaker 8>To do business in that market.

0:34:01.120 --> 0:34:02.880
<v Speaker 15>Well, I'll give you a base principle that I hope

0:34:02.880 --> 0:34:06.080
<v Speaker 15>people can agree with, regardless of partisanship. We should not

0:34:06.360 --> 0:34:09.280
<v Speaker 15>depend on our adversary for our own national security.

0:34:09.480 --> 0:34:11.359
<v Speaker 4>You want to talk about chips, forty.

0:34:11.040 --> 0:34:14.680
<v Speaker 15>Percent of the semiconductors feeding our Department of Defense, including

0:34:14.719 --> 0:34:17.040
<v Speaker 15>the Army, Navy, Air Force, actually.

0:34:16.840 --> 0:34:17.799
<v Speaker 4>Come from China.

0:34:17.920 --> 0:34:20.239
<v Speaker 15>That doesn't make any sense for our own military and

0:34:20.280 --> 0:34:23.720
<v Speaker 15>industrial base, our own military stockpiles.

0:34:23.080 --> 0:34:25.399
<v Speaker 4>To depend on our adversary to provide them.

0:34:25.440 --> 0:34:27.759
<v Speaker 15>God forbid, We're in a conflict scenario, and that's something

0:34:27.800 --> 0:34:30.480
<v Speaker 15>that nobody wants for sure, But God forbid, we are

0:34:30.480 --> 0:34:32.560
<v Speaker 15>in a conflict scenario with an adversary. They're not going

0:34:32.640 --> 0:34:35.040
<v Speaker 15>to keep supplying those inputs. And so I think it

0:34:35.120 --> 0:34:36.960
<v Speaker 15>is sensible policy, and I don't care if you're a

0:34:36.960 --> 0:34:39.520
<v Speaker 15>Republican or a Democrat for the United States to say

0:34:39.560 --> 0:34:42.880
<v Speaker 15>in sectors critical to our national security, at least for

0:34:42.920 --> 0:34:46.040
<v Speaker 15>our military industrial base. We should not be dependent on

0:34:46.080 --> 0:34:48.760
<v Speaker 15>our chief adversary, and I think that's sensible policy.

0:34:49.000 --> 0:34:50.640
<v Speaker 4>Donald Trump, I think, above all one of the.

0:34:50.600 --> 0:34:52.000
<v Speaker 15>Things I like about him he is a businessman but

0:34:52.040 --> 0:34:55.240
<v Speaker 15>also a pragmatist. When it comes to these foreign policy dealings,

0:34:55.600 --> 0:34:57.359
<v Speaker 15>he was respected and I think that put the US

0:34:57.360 --> 0:34:59.960
<v Speaker 15>in a stronger position in a lot of those negotiations.

0:35:00.719 --> 0:35:03.160
<v Speaker 7>Mister Ramaswami, there was some interest in you when I

0:35:03.200 --> 0:35:05.080
<v Speaker 7>said on social media you were coming on the show.

0:35:05.120 --> 0:35:06.880
<v Speaker 7>We got a number of questions from the audience, but

0:35:06.920 --> 0:35:09.200
<v Speaker 7>I'm going to put one to you, if that's okay.

0:35:09.239 --> 0:35:12.040
<v Speaker 7>One user says, please ask him how much of his

0:35:12.120 --> 0:35:14.279
<v Speaker 7>own money was spent on his campaign. I think a

0:35:14.360 --> 0:35:17.440
<v Speaker 7>reference to your early run as a candidate. Has it

0:35:17.480 --> 0:35:20.759
<v Speaker 7>given you an acceptable ROI? And what was the exposure

0:35:20.760 --> 0:35:23.959
<v Speaker 7>and network effect for you in doing this supporting former

0:35:24.000 --> 0:35:24.760
<v Speaker 7>President Trump?

0:35:25.520 --> 0:35:27.360
<v Speaker 15>Yeah, so the answer in visual public record. I'm going

0:35:27.400 --> 0:35:28.799
<v Speaker 15>to give you round numbers. It was a little over

0:35:28.800 --> 0:35:31.560
<v Speaker 15>thirty million dollars of my own hard earned money. By

0:35:31.560 --> 0:35:33.480
<v Speaker 15>the way, I didn't inherit money. My parents came to

0:35:33.520 --> 0:35:35.680
<v Speaker 15>this country with no money. But I'm a self made

0:35:35.800 --> 0:35:38.759
<v Speaker 15>entrepreneur who's found in multi billion dollar companies, and the

0:35:38.880 --> 0:35:40.880
<v Speaker 15>ROI on that I measure is not related to me.

0:35:41.120 --> 0:35:43.400
<v Speaker 15>It's related to the impact we have on our country.

0:35:43.640 --> 0:35:45.640
<v Speaker 15>I was the youngest person ever to run for US

0:35:45.760 --> 0:35:48.120
<v Speaker 15>President as a Republican, and one of the things I

0:35:48.160 --> 0:35:49.959
<v Speaker 15>was proud we were able to do was to bring

0:35:50.120 --> 0:35:54.759
<v Speaker 15>non traditional, disengaged citizens back into politics actually caring about

0:35:54.800 --> 0:35:55.800
<v Speaker 15>our country.

0:35:55.800 --> 0:35:56.760
<v Speaker 4>Especially young people.

0:35:56.840 --> 0:35:59.400
<v Speaker 15>I showed up on a college campus in Pennsylvania yesterday,

0:36:00.000 --> 0:36:02.080
<v Speaker 15>two thousand plus young people that showed up just to

0:36:02.120 --> 0:36:04.960
<v Speaker 15>hear the conversations we were having, one on one at

0:36:04.960 --> 0:36:07.440
<v Speaker 15>a time. That gave me a sense of inspiration. It

0:36:07.440 --> 0:36:10.799
<v Speaker 15>gave me a sense of deep gratification and satisfaction to

0:36:10.840 --> 0:36:13.480
<v Speaker 15>say that this journey that I began in February of

0:36:13.560 --> 0:36:16.040
<v Speaker 15>last year, where nobody knew my name, let alone could

0:36:16.040 --> 0:36:18.279
<v Speaker 15>pronounce it, I was at zero point zero percent in

0:36:18.320 --> 0:36:20.439
<v Speaker 15>the polls, and by the end of the race less

0:36:20.440 --> 0:36:23.440
<v Speaker 15>than a year later, had beaten a vice president, multiple governors,

0:36:23.440 --> 0:36:26.440
<v Speaker 15>and a former senator. It proves what's possible in the

0:36:26.520 --> 0:36:29.120
<v Speaker 15>United States of America, and so was it worth it?

0:36:29.360 --> 0:36:30.040
<v Speaker 4>Absolutely?

0:36:30.080 --> 0:36:32.560
<v Speaker 15>And I hope that our best days as a country,

0:36:32.560 --> 0:36:36.160
<v Speaker 15>and my own ability to have an impact on it.

0:36:34.960 --> 0:36:35.960
<v Speaker 4>Is still ahead of us.

0:36:36.000 --> 0:36:37.880
<v Speaker 5>Some of those young people perhaps you're talking to, care

0:36:37.920 --> 0:36:41.200
<v Speaker 5>about crypto. One of those companies that you formed, Strive

0:36:41.200 --> 0:36:44.000
<v Speaker 5>Asset Management one point seven billion dollars in assets under management,

0:36:44.840 --> 0:36:47.200
<v Speaker 5>is going to be going and buying in on bitcoin

0:36:47.280 --> 0:36:49.839
<v Speaker 5>for the first time. Can you just articulate for us

0:36:49.880 --> 0:36:53.360
<v Speaker 5>what you think the crypto policies will be under Trump.

0:36:54.360 --> 0:36:54.520
<v Speaker 11>Yeah.

0:36:54.560 --> 0:36:56.440
<v Speaker 15>First of all, I'm credibly proud of Striving as a

0:36:56.440 --> 0:36:58.719
<v Speaker 15>business I co founded. I stepped down as chairman before

0:36:58.760 --> 0:37:01.080
<v Speaker 15>I ran for president, So proud of the team.

0:37:00.840 --> 0:37:01.919
<v Speaker 4>And what they've accomplished.

0:37:02.280 --> 0:37:04.960
<v Speaker 15>Matt Cole, he's the CEO who was formerly a successful

0:37:04.960 --> 0:37:08.440
<v Speaker 15>bond portfolio manager at Calper's, is really leading stride with

0:37:08.440 --> 0:37:10.759
<v Speaker 15>the vision for financial freedom, which I'm so proud of

0:37:10.760 --> 0:37:13.040
<v Speaker 15>what they've done. I'm going to view on the future

0:37:13.040 --> 0:37:16.239
<v Speaker 15>of crypto policy is it's less related to helping one

0:37:16.360 --> 0:37:19.560
<v Speaker 15>sector and more related to just reviving the principles the

0:37:19.560 --> 0:37:22.760
<v Speaker 15>country was founded on in the first place. Unbridled innovation

0:37:23.080 --> 0:37:24.879
<v Speaker 15>competition as the answer, but.

0:37:24.840 --> 0:37:27.799
<v Speaker 6>There should be some regulation. It should totally be unbridled.

0:37:28.560 --> 0:37:30.760
<v Speaker 15>Well, the first thing I would say is unbridled innovation.

0:37:30.920 --> 0:37:33.279
<v Speaker 15>What we really need is regulatory clarity. So I think

0:37:33.320 --> 0:37:35.960
<v Speaker 15>it is a sad state of affairs where you see

0:37:36.120 --> 0:37:39.600
<v Speaker 15>a paradigm of regulation by enforcement, where many participants in

0:37:39.600 --> 0:37:41.600
<v Speaker 15>the industry don't know what the rules are in the

0:37:41.600 --> 0:37:42.160
<v Speaker 15>first place.

0:37:42.480 --> 0:37:43.800
<v Speaker 4>So we can debate what the rules are or what

0:37:43.840 --> 0:37:45.759
<v Speaker 4>they should be. I think that's a reasonable debate to have.

0:37:46.239 --> 0:37:48.160
<v Speaker 15>But what we can't have is a situation where people

0:37:48.160 --> 0:37:50.560
<v Speaker 15>are guessing at what those rules are. I'll give you

0:37:50.560 --> 0:37:53.480
<v Speaker 15>one example of that, when the the lead Commissioner of

0:37:53.480 --> 0:37:57.239
<v Speaker 15>the SEC could not answer before Congress whether ethereum was

0:37:57.280 --> 0:37:58.120
<v Speaker 15>even a security.

0:37:58.480 --> 0:38:00.799
<v Speaker 4>Maybe it is and maybe it shouldn't be. But either way,

0:38:00.840 --> 0:38:02.600
<v Speaker 4>at least the industry deserves to know.

0:38:03.120 --> 0:38:06.040
<v Speaker 15>And so I think regulation in the first principle, whether

0:38:06.040 --> 0:38:08.000
<v Speaker 15>you're on the left or right, should be clarity, and

0:38:08.040 --> 0:38:09.680
<v Speaker 15>I think that's missing in this sector, as in so

0:38:09.680 --> 0:38:10.480
<v Speaker 15>many others today.

0:38:11.440 --> 0:38:14.440
<v Speaker 7>Viveg Ramaswami, thank you for coming back on Bloomberg Technology.

0:38:14.480 --> 0:38:15.520
<v Speaker 8>We appreciate your time.

0:38:17.360 --> 0:38:21.200
<v Speaker 7>Intel gave a fourth quarter revenue forecast that sparking optimism

0:38:21.320 --> 0:38:24.640
<v Speaker 7>is capable of reclaiming some lost market share. We sat

0:38:24.640 --> 0:38:27.759
<v Speaker 7>down with Intel CEO Pat Gelsinger yesterday, straight from the

0:38:27.800 --> 0:38:29.680
<v Speaker 7>company's call with analysts, Listen to this.

0:38:30.760 --> 0:38:34.240
<v Speaker 16>We worked very hard this quarter to get this done

0:38:34.600 --> 0:38:39.520
<v Speaker 16>and the people actions. The restructuring charges you'll largely finished

0:38:39.600 --> 0:38:42.640
<v Speaker 16>this quarter, So it was a challenging quarter that way,

0:38:42.960 --> 0:38:46.279
<v Speaker 16>but to also deliver better than expect the results if

0:38:46.320 --> 0:38:49.719
<v Speaker 16>we eliminate those one time chargers, and to take our

0:38:49.760 --> 0:38:52.359
<v Speaker 16>guidance up for Q four. I'm very proud of our

0:38:52.400 --> 0:38:54.520
<v Speaker 16>team being able to do both of those this quarter.

0:38:54.600 --> 0:38:58.000
<v Speaker 16>Some of the most difficult restructuring charges maybe in the

0:38:58.040 --> 0:39:01.440
<v Speaker 16>history of Intel since our memory micro processor decision almost

0:39:01.480 --> 0:39:05.120
<v Speaker 16>forty years ago. Getting that done and still beating results

0:39:05.120 --> 0:39:08.600
<v Speaker 16>and taking the guide up, this was a very significant

0:39:08.640 --> 0:39:10.360
<v Speaker 16>quarter for our team to execute.

0:39:10.440 --> 0:39:13.600
<v Speaker 7>Your AI accelerator did not get the traction that you'd hoped,

0:39:13.640 --> 0:39:16.560
<v Speaker 7>and you won't be making the outline target of five

0:39:16.640 --> 0:39:19.400
<v Speaker 7>hundred million dollars in sales for this fiscal year or

0:39:19.440 --> 0:39:23.400
<v Speaker 7>calendar year. Why is it a use case issue that

0:39:23.480 --> 0:39:26.759
<v Speaker 7>the data center operators aren't looking at it or something else.

0:39:27.920 --> 0:39:30.680
<v Speaker 16>Yeah, two factors that we pointed out. One is is

0:39:30.719 --> 0:39:33.200
<v Speaker 16>that now we have Gouty three coming out, so there's

0:39:33.200 --> 0:39:37.279
<v Speaker 16>more enthusiasm for the next generation product that we're just

0:39:37.360 --> 0:39:40.400
<v Speaker 16>starting to ramp now. The second one is the software

0:39:40.840 --> 0:39:43.840
<v Speaker 16>and the software use cases. The AI world has moved

0:39:44.080 --> 0:39:48.920
<v Speaker 16>very rapidly and innovating very quickly, and the robustness and

0:39:48.960 --> 0:39:52.000
<v Speaker 16>the completeness of the Goudy software A stack hasn't been

0:39:52.040 --> 0:39:57.040
<v Speaker 16>as great. And it's an accelerator, not a full reprogrammable GPU,

0:39:57.200 --> 0:40:00.560
<v Speaker 16>so that makes some of the software porting and optimzations

0:40:00.600 --> 0:40:04.000
<v Speaker 16>a bit more difficult. Obviously, as we get more of

0:40:04.040 --> 0:40:08.000
<v Speaker 16>that running on Goudi, we solve the software problems. But

0:40:08.120 --> 0:40:12.160
<v Speaker 16>secondly then it's also to move to a complete GPU capability,

0:40:12.280 --> 0:40:15.600
<v Speaker 16>which we'll be doing out in time, and that development

0:40:15.600 --> 0:40:17.759
<v Speaker 16>effort is also well underway, so we feel we have

0:40:17.800 --> 0:40:19.080
<v Speaker 16>a solid position.

0:40:19.360 --> 0:40:21.080
<v Speaker 6>Intel CEO Pat Gelsinger there.

0:40:21.480 --> 0:40:24.640
<v Speaker 5>Meanwhile, open Ai is further challenging Google, this time by

0:40:24.680 --> 0:40:26.839
<v Speaker 5>adding a new set of search features that will let

0:40:26.880 --> 0:40:30.120
<v Speaker 5>chatchipt use is search for timely information much as they

0:40:30.120 --> 0:40:33.080
<v Speaker 5>would if they were on the web using Google most sharing.

0:40:33.160 --> 0:40:35.320
<v Speaker 6>Gafari joins us for more now. They had a prototype

0:40:35.360 --> 0:40:35.879
<v Speaker 6>out in July.

0:40:36.480 --> 0:40:39.879
<v Speaker 5>Now it's accessible if you're paying for chat GPT. How

0:40:39.960 --> 0:40:43.400
<v Speaker 5>much is this going to make Google and Gemini a

0:40:43.480 --> 0:40:46.080
<v Speaker 5>run for its money.

0:40:46.600 --> 0:40:50.160
<v Speaker 1>I think this is going to be a potentially very

0:40:50.160 --> 0:40:54.240
<v Speaker 1>big long term competitor and threat to search as a whole.

0:40:54.800 --> 0:40:59.640
<v Speaker 1>We've seen viral growth right of consumer chatbots since chatchipt's release,

0:41:00.320 --> 0:41:03.000
<v Speaker 1>setting records for the amount of users gained in a

0:41:03.040 --> 0:41:05.319
<v Speaker 1>short period of time. So if that continues and we

0:41:05.360 --> 0:41:07.960
<v Speaker 1>really do see this consumer shift toward chatbots in a

0:41:08.000 --> 0:41:11.000
<v Speaker 1>meaningful way, why wouldn't users just start to search within

0:41:11.080 --> 0:41:14.120
<v Speaker 1>chatbots rather than going to a separate website.

0:41:14.280 --> 0:41:18.359
<v Speaker 7>Sarina, I got access to search through paying for chat

0:41:18.440 --> 0:41:20.320
<v Speaker 7>gbt yesterday, and you and I were looking on the

0:41:21.200 --> 0:41:23.799
<v Speaker 7>app version. But I think there's a benefit for our

0:41:23.800 --> 0:41:27.040
<v Speaker 7>audience and you explaining what's different between chat gbt four

0:41:27.120 --> 0:41:30.040
<v Speaker 7>oh and when search is engaged at least in app.

0:41:33.040 --> 0:41:36.080
<v Speaker 1>That's right, So you can right now, if you are

0:41:36.520 --> 0:41:40.120
<v Speaker 1>a paid user or a team user, actually get access

0:41:40.160 --> 0:41:42.800
<v Speaker 1>to this within one specific model.

0:41:42.800 --> 0:41:45.040
<v Speaker 3>It's called four oh and chat Shabt's chatbot.

0:41:45.960 --> 0:41:49.120
<v Speaker 1>And you know Chatweabet's always had the option for you

0:41:49.200 --> 0:41:51.640
<v Speaker 1>to go and browse the web, but now it's much

0:41:51.640 --> 0:41:54.759
<v Speaker 1>more integrated into the app. So you see, you know,

0:41:54.800 --> 0:41:57.160
<v Speaker 1>little cards that kind of give you a preview. For example,

0:41:57.239 --> 0:41:59.840
<v Speaker 1>I looked up restaurants in San Francisco when I was

0:41:59.840 --> 0:42:04.200
<v Speaker 1>doing a demo, and we saw, you know, little images

0:42:04.360 --> 0:42:05.920
<v Speaker 1>of different restaurants that you could look at.

0:42:05.960 --> 0:42:06.680
<v Speaker 3>You see a map.

0:42:06.920 --> 0:42:09.160
<v Speaker 1>So it feels a lot more like you're getting a

0:42:09.239 --> 0:42:12.480
<v Speaker 1>sort of Google like experience within the chatbot rather than

0:42:12.640 --> 0:42:14.120
<v Speaker 1>just simple text.

0:42:14.280 --> 0:42:14.440
<v Speaker 4>Right.

0:42:16.520 --> 0:42:18.680
<v Speaker 7>I point out, and we probably should point out that

0:42:18.719 --> 0:42:22.239
<v Speaker 7>when your story hit the Bloomberg shares ab alphabet fell

0:42:22.520 --> 0:42:25.560
<v Speaker 7>and to a session load, that's how serious everyone's taking

0:42:25.600 --> 0:42:28.520
<v Speaker 7>this battle for search. Bloomberg Sharing Gafari Top week of

0:42:28.560 --> 0:42:29.840
<v Speaker 7>reporting in the world of AI.

0:42:30.160 --> 0:42:32.479
<v Speaker 8>Thank you so much, Caro. Wow, what a week.

0:42:32.680 --> 0:42:33.120
<v Speaker 6>What a week.

0:42:33.160 --> 0:42:35.080
<v Speaker 5>And there's going to be so much more to come

0:42:35.400 --> 0:42:37.200
<v Speaker 5>next week. That does it, though, for this edition of

0:42:37.239 --> 0:42:39.600
<v Speaker 5>Bloomberg Technology and really.

0:42:39.440 --> 0:42:43.000
<v Speaker 7>Important conversations about technology, the elections, so much more recap

0:42:43.040 --> 0:42:44.960
<v Speaker 7>on the pod. You know where to find it from

0:42:44.960 --> 0:42:46.479
<v Speaker 7>the team in New York, can hear in SF.

0:42:46.520 --> 0:42:48.759
<v Speaker 8>Happy Friday. This is Bloomberg Technology.