Speaker 1: From Marhard.
Speaker 2: We're Innovation Money and power co Line in Silicon Valley, NBN.
Speaker 3: This is Bloomberg Technology with Caroline Hyde and Ed.
Speaker 4: Loved Love.
Speaker 5: Live from New York and San Francisco. This is Bloomberg
Speaker 5: Technology coming up. Apple fail hauls on weakness around China,
Speaker 5: while Amazon it soars as cost cutting efforts payoff.
Speaker 6: We'll dig deep on.
Speaker 7: Tech earnings and Intel's third quarter robots spark optimism about
Speaker 7: its turnaround efforts, our conversation with Intel CEO Pat Gelsinger, and.
Speaker 6: The election it draws near.
Speaker 5: We sit down with former Republican candidate Vivek Ramaswami. But
Speaker 5: first we check in on these markets, which today and
Speaker 5: on a higher note, but we are down for the week.
Speaker 5: And then as that one hundred, we're off by one
Speaker 5: point two percent, a significant sell off yesterday, the biggest
Speaker 5: that we've seen since September the sixth, all on concerns
Speaker 5: about big tech and its ability to show up in
Speaker 5: terms of airnings. Today, Amazon managers to power us high.
Speaker 5: I want to dig in on the micro which I
Speaker 5: know is what you've got ed.
Speaker 7: Yeah, hopefully I'm going to be looking at the two
Speaker 7: big names, which are first Amazon and then Apple. The
Speaker 7: Amazon story is pretty clear. There's growth in the cloud
Speaker 7: unit AWS, it's tied to AI. They gave us an
Speaker 7: outlook for the final three months of the year. Whether
Speaker 7: you take revenue or operating income, it gives us a
Speaker 7: strong signal and we're going to get into that in
Speaker 7: just a moment. Apple grew in every geography around the
Speaker 7: world apart from Greater China. iPhone revenue b but the
Speaker 7: signal is they're going to grow in the low single
Speaker 7: digits in the final three months of this year. What
Speaker 7: does that mean? Did iPhone grow in China? There's probably
Speaker 7: more questions still with Apple on than answers at this point.
Speaker 5: Let's get some answers then, Because gene months is with
Speaker 5: us managing partner Deepwater Asset Management, really threw the tea
Speaker 5: leaves for us because there has been ongoing concern when
Speaker 5: it comes to Apple and China.
Speaker 6: Is that the key takeaway.
Speaker 2: For you, Well, the key takeaway from me is someone
Speaker 2: who's optimistic that these Apple Intelligence features are going to
Speaker 2: accelerate revenue growth and I have much more ambitious expectations
Speaker 2: for the next year and two years. One of the
Speaker 2: big takeaways for me is the guidance kind of through
Speaker 2: cold water on this twenty percent kind of outside hope
Speaker 2: that we'd start to see some better acceleration in the
Speaker 2: December quarter. As you mentioned, a low single digit guide.
Speaker 2: The street was at seven percent, so probably analysts are
Speaker 2: going to shake out somewhere between five to six percent
Speaker 2: similar growth rates if we just saw on the September quarter.
Speaker 2: And so from my perspective, the big takeaway here is
Speaker 2: that the street was right that this is going to
Speaker 2: take some time a few quarters before we start to
Speaker 2: see this acceleration and growth. And I think the guidance
Speaker 2: just confirmed that. And then just to dive into the
Speaker 2: China question, I previewed this and said they've got to
Speaker 2: they have to have China growth.
Speaker 4: In the quarter.
Speaker 2: I think it was actually like up like zero point
Speaker 2: five percent. I mean it was fractional. Cops were really easy.
Speaker 2: They should have been up five six percent where the
Speaker 2: street was at. So I think there's something else going
Speaker 2: on in China.
Speaker 8: Geane.
Speaker 7: It's a fair question of where that future growth will
Speaker 7: come from, right, And that's great because we can talk
Speaker 7: about technology. You've been using Apple Intelligence in its early form,
Speaker 7: and when you think about China, there was some evidence,
Speaker 7: albeit third party data evidence, that the consumer in China
Speaker 7: might be buying iPhone sixteen in the hope that in
Speaker 7: the future the platform would be available there, because of
Speaker 7: course it's not now the regulator won't allow it.
Speaker 8: How are you kind of modeling.
Speaker 2: That well, the timing of when some so first, I've
Speaker 2: been using the features, and I would describe the features
Speaker 2: as nice to have but not need to have yet.
Speaker 2: I mean, they do a great job of like consolidating
Speaker 2: my messages and notifications. I think that the as far
Speaker 2: as kind of the you know, how this plays out
Speaker 2: is the geograph piece is really important. It's just going
Speaker 2: to be additional English countries for the rest of this year,
Speaker 2: and so that's going to be like UK, Canada, Australia.
Speaker 2: But then we still have this unanswered question about when
Speaker 2: does Europe start going and then China, of course it's
Speaker 2: probably they're going to have to do some sort of
Speaker 2: partnership with Baidu to get there. And so for this
Speaker 2: cycle to really be a super cycle, there's like almost
Speaker 2: like these geopolitical things that need to fall into place,
Speaker 2: and ultimately I believe that they will fall into place.
Speaker 2: I think Apple's got clout to make those things happen.
Speaker 2: And then additionally, even though I described the features as
Speaker 2: nice to have, not need to have, I just want
Speaker 2: to quickly frame in why I believe these will be
Speaker 2: need to have. Is that starting kind of first quarter
Speaker 2: of next year, once they start integrating more of the
Speaker 2: GPT functionality but also open up more of this with developers,
Speaker 2: we get a genta AI.
Speaker 6: There is optimism there.
Speaker 5: Therefore, eventually that Apple intelligence will bear fruits. What is
Speaker 5: bearing fruits right here, right now is the services side.
Speaker 5: But that's under duress from a regulatory perspective. If we're
Speaker 5: thinking about the app Store, for example, how do you
Speaker 5: think about regulation gene.
Speaker 2: It's the black swan potential negative event.
Speaker 4: Here is it?
Speaker 2: Services growth at twelve percent, the shoes at thirteen called
Speaker 2: a wash. But I think that this came up on
Speaker 2: the Apple call last night. It came up on the
Speaker 2: Google call two nights ago. I think Services continues to
Speaker 2: do well because their base keeps growing, hitting record highs.
Speaker 2: But I think that you know, there's still this piece
Speaker 2: out there, and I would put a low probability ten
Speaker 2: to fifteen percent that something happens between the relationship between
Speaker 2: Google and app on that that the search placement deal
Speaker 2: with Safari, and that's probably ten to fifteen percent of
Speaker 2: their income. So I think that there's a that's something else.
Speaker 2: I'm focused on.
Speaker 7: What's in a Pinchai said on the Google call aways,
Speaker 7: all the regulatory oversight will have unintended consequences, right that
Speaker 7: Apple didn't go as far a few months or a
Speaker 7: deepwater acid management s greates catch up and have you
Speaker 7: on the show. Thank you so much. Okay, let's talk
Speaker 7: about the other big one. Amazon in its earnings. Remi Shalott,
Speaker 7: portfolio manager at vontabell is across all of these names,
Speaker 7: and I think with Amazon AWS growth and the outlook,
Speaker 7: what was your read on that?
Speaker 8: Well, I think ed you.
Speaker 9: Know, the revenue trends across the board were in line
Speaker 9: with very healthy levels of Q one, so AWS growing
Speaker 9: at nineteen percent, in line with expectations.
Speaker 10: I think they're getting incremental growth from.
Speaker 9: AI related services that they're offering, probably we estimate around
Speaker 9: six hundred basis points.
Speaker 10: And you know, there was commentary that there was very
Speaker 10: strong demand.
Speaker 9: For their customs silicon, which I think was an interesting
Speaker 9: takeaway from the core.
Speaker 5: Set that in the context, because you are such a
Speaker 5: great guest to have because your portfolios don't just own Amazon,
Speaker 5: but also the competitors in the hyperscale space. What does
Speaker 5: Amazon's market share look like right now? What does it
Speaker 5: mean in terms of having its own supply sustainability? Is
Speaker 5: it less dependent on an in video for example.
Speaker 9: Yeah, it's a really interesting topical question right now, just
Speaker 9: it has implications for in video. So Amazon's annualizing revenue
Speaker 9: for AWS around one hundred and ten billion right.
Speaker 10: Now, and we'd say Azure for Microsoft.
Speaker 9: The number two players are about sixty five sixty seven billion,
Speaker 9: so still a good way ahead, but Azure is growing
Speaker 9: faster at about thirty three percent versus AWS at nineteen.
Speaker 10: The way I think about it, though, is.
Speaker 9: That they're broke, They're both structurally growing at a very
Speaker 9: attractive rate, and it's really two players moving ahead.
Speaker 10: And Google a distant third.
Speaker 9: So I think the market share is fine. They're doing
Speaker 9: all the right things. And in regards to the question
Speaker 9: about custom silicon, what they did say on the call
Speaker 9: was that the demand for their custom silicon Inferentia and
Speaker 9: Trainium was very strong and that they would be asking
Speaker 9: their suppliers to increase a manufacturing capacity. So that's that's
Speaker 9: important because customers do want to have lower cost options.
Speaker 9: Not everyone wants larger language models that use in video
Speaker 9: chips and AWS is in a very good position to
Speaker 9: to cater to that demand and potentially lower cost for consumers,
Speaker 9: for their for their customers.
Speaker 7: It's not new that in the context of Amazon, we
Speaker 7: focus on the cloud business, but there's much more. I mean,
Speaker 7: what did you make of the e commerce business, particularly
Speaker 7: in areas where Andy Jasse has made cuts and scaled
Speaker 7: back spending a little bit.
Speaker 9: Well, e commerce was extremely impressive on the margin side.
Speaker 9: If you recall back into Q they put out a
Speaker 9: guidance that was below expectations on margins, and the reason
Speaker 9: for that is, you know, consumers are demanding more daily
Speaker 9: essentials and you're seeing lower basket sizes, which means, you know,
Speaker 9: higher cost to serve.
Speaker 10: So that entails that that means lower margins for the
Speaker 10: Corey e commerce business.
Speaker 9: But what they've been able to do to upset that
Speaker 9: pressure is consolidate more packages into the one delivery and
Speaker 9: also leverage the strategy with the regional distribution centers, which has.
Speaker 10: Been something in play for the last couple of.
Speaker 9: Years, which means that they're closer to their consumer, which
Speaker 9: lowers their cost to serve, but also that they can
Speaker 9: increase the number of one day next day delivery items.
Speaker 9: So it's both good on a customer satisfaction level as
Speaker 9: well as improving operating efficiency. So margins beat on the
Speaker 9: core e commerce side, and I think we now have
Speaker 9: good visibility for margins to continue to expand at a good,
Speaker 9: healthy level for the next year or so despite investing
Speaker 9: in that business.
Speaker 5: I mean, let's take it back to the real investment outlay,
Speaker 5: a capex of seventy five billion dollars being articulated for
Speaker 5: twenty twenty four, and where that then pushes forward to
Speaker 5: a mean is how much they have to continue to
Speaker 5: double down on investment for infrastructure for AI.
Speaker 9: Well, the seventy five billions of big step up from
Speaker 9: the fifty odd billion that they report in capex last year,
Speaker 9: so there's already a large step up relating to AWS,
Speaker 9: Amazon data center and server related investment.
Speaker 10: So will they need to step up incrementally from here?
Speaker 9: I think it's going to be a lot more moderate
Speaker 9: going into twenty twenty five versus twenty twenty four, but
Speaker 9: clearly there is a lot of demand for AI related
Speaker 9: services and General Cloud. You've got to remember that General
Speaker 9: Cloud is recovering as well, and the commentary keeps indicating
Speaker 9: that there's more demand than the supply that they can offer.
Speaker 10: So I think they can continue to invest in capex
Speaker 10: in this area.
Speaker 9: But the important thing for investors is that AWS was
Speaker 9: still able to produce a thirty eight percent operating margin
Speaker 9: despite the investment we've seen to date. Now that margin
Speaker 9: will probably come down, but I think what we can
Speaker 9: take away is that the margins are probably going to
Speaker 9: be higher than what people are expecting before this result up.
Speaker 5: It's great to have some time with you, fund of
Speaker 5: bel portfolio manager.
Speaker 6: Thank you, Ed. We've also got other earnings to care
Speaker 6: to check out.
Speaker 7: Yeah, and Intel's the other big story. So Intel shares
Speaker 7: are up almost seven percent. That's their biggest jump or
Speaker 7: on track to be their biggest jump since the last
Speaker 7: day of August. The story painful cuts in the court
Speaker 7: are gone, impairment charges a big miss on the bottom line,
Speaker 7: but an outlook that gives markets hope that Intel is
Speaker 7: finally turning a corner. And later in the show, we're
Speaker 7: going to go over some of our interview with the
Speaker 7: CEO Pat Gelsinger, So stay tuned with us. Immediately, we're
Speaker 7: going to talk about cryptoregulation and what could come on
Speaker 7: the horizon regardless of the winner in next week's US
Speaker 7: presidential election, and that discussions with Kristin Smith, the CEO
Speaker 7: of the Blockchain Association.
Speaker 8: That's next. This is Bloomberg Technology.
Speaker 7: New election date from the FEC finds Vice President Kamala
Speaker 7: Harris's re embrace of the tech industry is paying off.
Speaker 7: She's received major donations from Mark Cuban, Dusk and Moskowitz
Speaker 7: and Reed Hoffman, who told us this yesterday.
Speaker 11: Listen, what the tech industry needs is kind of a
Speaker 11: stable environment in order to, you know, kind of follow
Speaker 11: the rules and prosper in good global relations. In addition
Speaker 11: to stability and an ability to kind of know that
Speaker 11: you're following a rule of law versus what I think
Speaker 11: of as grifter capitalism.
Speaker 8: All of that.
Speaker 11: Leads to, like, you know, the reason why I and
Speaker 11: others like me support Vice.
Speaker 8: President Harris Blimberg's business.
Speaker 7: Carson has been writing about this this week, but for months,
Speaker 7: frankly tracking the relationship between Silicon Valley and the candidates,
Speaker 7: and I think your reality is in Vice President Harris's case, California,
Speaker 7: Silicon Valley, the Bay Area is about funding, getting cash
Speaker 7: and support. But there are big names behind her in
Speaker 7: the world technology.
Speaker 12: Yes, she's had to re engage the tech industry in
Speaker 12: a way that I think was unexpected for her campaign
Speaker 12: to bring in these donations. She's been able to get
Speaker 12: money from Ried Hoffman, Dustin Moskovitz, these names you just named,
Speaker 12: but she's had to work for it from these tech leaders.
Speaker 12: California is a big ATM for both candidates, and so
Speaker 12: she's had multiple fundraisers here and she's really pulled upon
Speaker 12: the tech industry to prop up her campaign.
Speaker 6: It's not even just fundraises.
Speaker 5: Your story articulates that she's holding nearly weekly roundtables with
Speaker 5: business leaders and tech investors in builders.
Speaker 6: That's a cadence that is extraordinary.
Speaker 12: Yeah, she has been hitting the pave in her and
Speaker 12: her campaign team. I mean, Brian Nelson and Tony West
Speaker 12: are kind of the two big envoys from her campaign,
Speaker 12: two tech leaders, and they're having roundtables, for example at
Speaker 12: y Combinator, where they're saying startups will have a seat
Speaker 12: at the table. And these roundtables are really meant to
Speaker 12: let the tech industry know that her campaign will be less.
Speaker 12: There has been a big Biden trust gap so far,
Speaker 12: and a lot of the people in the tech industry
Speaker 12: feel like, you know, they were neglected by the Biden administration.
Speaker 12: So these roundtables are away for her to show that,
Speaker 12: you know, they're having trust within the tech industry.
Speaker 7: It's very quickly later in the program, we have Vivit
Speaker 7: Ramaswami on the show to talk about Trump and tech
Speaker 7: has also supported Trump, so a bench capitalists.
Speaker 12: Yes, there's been a major Trump tide, and I think
Speaker 12: that's in relation to the actions of the Biden administration
Speaker 12: where a lot of people feel like it's been particularly
Speaker 12: destructive to the tech industry so far. And so there
Speaker 12: are a lot of big names, Mark and Ries and
Speaker 12: Ben Horowitz, David Sachs who have supported Trump that we
Speaker 12: have seen this Trump tide. Now, these roundtables, though, I think,
Speaker 12: have done a good job and kind of stemming that
Speaker 12: Trump tide.
Speaker 7: Being both viscasts and important reporting just a few days out.
Speaker 8: Carry let's get back to the markets and let's.
Speaker 5: Filter that into the conversation we're just having, because in
Speaker 5: many ways people have felt part of the Trump trade
Speaker 5: has been his crypto adoption and indeed support, wanting to
Speaker 5: make the US the key area of growth for cryptocurrencies,
Speaker 5: and in many ways Bitcoin has been moved about. When
Speaker 5: we look at basically how the market is predicting a
Speaker 5: Trump win or not, we're currently up about four point
Speaker 5: eight percent when you're looking at bitcoin, that's over the
Speaker 5: course of five trading days.
Speaker 3: At one point, we're.
Speaker 5: About two hundred dollars off the record high that we
Speaker 5: set back in March. Many wondering whether the roll eclipse
Speaker 5: that's seventy three thousand dollars level again where at seventy
Speaker 5: nine hundred and thirty seven. Move on and see that
Speaker 5: it's not just Bitcoin that's been moved around by political volatility,
Speaker 5: so too has those look at this over the course
Speaker 5: of a month, dose coin is up fifty four percent.
Speaker 5: Now there is an acromen that has been adopted by
Speaker 5: perhaps if we did see the Department of Government efficiency
Speaker 5: borne out by one Elon Musk, what does doge spend spell? Well,
Speaker 5: of course it stes so many feeling that that's getting
Speaker 5: a tailwind from the effect of Elon Musk's back for Trump.
Speaker 5: But ed we're going to delve into the world of
Speaker 5: crypto a little bit more now.
Speaker 8: Yes, very creative.
Speaker 7: This election cycle, major money is being funneled to candidates
Speaker 7: who support crypto and the results could have a major
Speaker 7: impact on regulation and oversight of the industry.
Speaker 8: Here to discuss.
Speaker 7: Kristen Smith, CEO of the Blockchain Association, I have to
Speaker 7: be honest with you, Kristen. I think we've made multiple
Speaker 7: attempts to ask surrogates of both candidates for a clear
Speaker 7: definition or explanation of their policy towards crypto.
Speaker 8: Are you able to do that?
Speaker 3: Yeah? Well, listen, I think you know.
Speaker 13: Biz said something interesting in the last interview that people
Speaker 13: have been very frustrated with the Biden administrations of focus
Speaker 13: on tech and crypto is very much a part of that.
Speaker 13: It's one of the reasons why we partnered with Harris
Speaker 13: X to launch Regulation by Enforcement dot com. We need
Speaker 13: to stop the regulation by enforcement and get a new
Speaker 13: law into place. With Donald Trump, he has had a
Speaker 13: remarkable change of heart on crypto from where he was
Speaker 13: when he was president last time. He's had an incredibly
Speaker 13: clear list of priorities. He's very interested in including people
Speaker 13: with understanding of crypto in his administration. We know that
Speaker 13: he's going to fire Gary Gunsler on day one, So
Speaker 13: we have to jump in.
Speaker 8: There because what you just said is interesting.
Speaker 7: You are working with the Harris campaign, but you're your
Speaker 7: complimentary of what president form President Trump is, how he's
Speaker 7: approaching this. We had Gary Againster on the show last
Speaker 7: week and Caroline asked him very simply about his retention
Speaker 7: of his job. What's your position on leadership at the SEC?
Speaker 13: In that respect, Gary Gensler's got to go, There's no
Speaker 13: question about that. And I think the good news is
Speaker 13: with a change in administration, whether it be Trump who
Speaker 13: wins or Harris who wins, there is an opportunity to
Speaker 13: make that change. I think we know it's pretty clear
Speaker 13: where Trump stands Harris. I think we're hopeful. I mean, listen,
Speaker 13: she's had the shortest presidential campaign in history, but she
Speaker 13: is talking with the tech community, is business just saying
Speaker 13: she is open minded. She said some positive things about crypto,
Speaker 13: so she's not as precise in her policies, but she
Speaker 13: I think, you know, we're optimistic that if she wins
Speaker 13: that there will be an opportunity for change at the
Speaker 13: top as well.
Speaker 5: Can you articulate the precision of the policies coming from
Speaker 5: the Trump campaign, because for me, it just sounds like
Speaker 5: we want to make it more adopted here in the US.
Speaker 5: We want to be like the number one place in
Speaker 5: the planet to have crypto. But I didn't get much
Speaker 5: nuance on exactly how that do they do that from
Speaker 5: a guardrail perspective, from a congress bringing in rules perspective.
Speaker 13: Yeah, well, President Trump gave a great speech at Nashville
Speaker 13: where he laid.
Speaker 3: Out a couple of items.
Speaker 13: But it goes back to though, the biggest thing in
Speaker 13: the crypto industry right now it needs right now is
Speaker 13: to stop the regulation by enforcement.
Speaker 3: We have a Congress.
Speaker 13: Coming in that we think is very prime to pass
Speaker 13: an appropriate regulatory framework.
Speaker 3: They did a lot of work.
Speaker 13: This Congress, but we're going to need next Congress to
Speaker 13: get that work done. And as part of our campaign
Speaker 13: for regulation by enforcement, we if Harris X found that
Speaker 13: two thirds of voters agree that Congress should act first
Speaker 13: before the sec.
Speaker 3: Should take action.
Speaker 13: And so I think it shows that for candidates who
Speaker 13: are running for Congress, for the House and the Senate,
Speaker 13: whether they be Republican or Democrat, that it is helpful
Speaker 13: to their campaigns to take a pro crypto posture, and
Speaker 13: that's one of the reasons why we think that with
Speaker 13: a change of administration that we're very hopeful that we
Speaker 13: could get new leadership at the regulatory agencies and some
Speaker 13: of the executive branch agencies that will help work with
Speaker 13: Congress to make that a reality.
Speaker 5: A number of the brands that we currently see in
Speaker 5: front of US or companies have been making layoffs of late,
Speaker 5: and many have been trying to make clear that yes,
Speaker 5: bitcoin's been on a bit of a teb, but the
Speaker 5: ecosystem in general perhaps hasn't been thriving. More broadly, how
Speaker 5: do you see that continue to evolve?
Speaker 13: Yeah, well, the industry has been struggling here in the
Speaker 13: United States. You know, I think there are companies and
Speaker 13: leaders that are fighting to try to keep it here
Speaker 13: and getting the right framework that allows us to keep
Speaker 13: it here.
Speaker 3: But it's very, very risky.
Speaker 13: To create a new blockchain, to launch a token, to
Speaker 13: do that kind of activity in the US. And so
Speaker 13: what happens is these companies take their laptops, go overseas
Speaker 13: and work out of there instead of working here in
Speaker 13: the US. And so this is one of the things
Speaker 13: that can't be measured. This is you know, there's some
Speaker 13: factors like we have over one hundred enforcement actions, there's
Speaker 13: been over four hundred million dollars.
Speaker 3: In legal fees spent.
Speaker 13: But what can't be known is the number of jobs
Speaker 13: and the opportunity for the US.
Speaker 7: Kristen very quickly, we have a few days until this happens.
Speaker 7: You calculated or gain planned for the scenario you think
Speaker 7: most likely.
Speaker 13: You know, it's interesting, I'm watching all of the same
Speaker 13: signals that everybody else's. I think the early voting. I'd
Speaker 13: love to look at the prediction markets. I look at
Speaker 13: poly market, I think about every half hour to see
Speaker 13: where the numbers are at. It does certainly seem to
Speaker 13: think that that Trump is in the lead, But I've
Speaker 13: been around long enough to know it's very hard. You
Speaker 13: really have to get through the day. But I do think,
Speaker 13: regardless of what happens, we've turned a corner. I think
Speaker 13: we're going to have an incredibly productive Congress, and I
Speaker 13: think we're going to have a new administration that's going
Speaker 13: to be more open of working with a crypto industry.
Speaker 5: An optimistic Kristin Smith, we thank you, CEO of Blockchain Association.
Speaker 5: Time now for talking tech. First up, Waimo, Alphabet's autonomous
Speaker 5: driving unit. It's valued at more than forty five billion dollars,
Speaker 5: including its latest round of financing, according to sources. Now,
Speaker 5: the business said late last week that it had raised
Speaker 5: five point six billion dollars in new capital at an
Speaker 5: undisclosed value. Meanwhile, Microsoft has hired one of the engineering
Speaker 5: chiefs who kept Facebook's infrastructure humming. This is as the
Speaker 5: tech giant is actually struggling to bring data centers online
Speaker 5: fast enough to meet the demand.
Speaker 6: For its AI products.
Speaker 5: Now, Ja Parik will join the senior leadership team at
Speaker 5: Microsoft and report to CEO Sati and Adella. And AirPods
Speaker 5: maker Gortech has picked banks to work on the planned
Speaker 5: Hong Kong IPO of its semiconductor unit, Gortech Microelectronics so all,
Speaker 5: according to sources, who say the listing could happen as
Speaker 5: soon as next year, raise at least three hundred million
Speaker 5: dollars then.
Speaker 8: All right, coming up on the program.
Speaker 7: Our conversation with Intel CEO Pat Gelsinger following the company's earnings.
Speaker 8: The star is pushing a bit higher.
Speaker 7: There's a bit of optimism and returning to that old
Speaker 7: name of Silicon Valley and Semiconductors.
Speaker 5: Welcome back to Blue Meg Technology. I'm Caroline Hide in
Speaker 5: New York and.
Speaker 7: I met Lovelo in San Francisco. What a week reflected
Speaker 7: in the markets. Look at the NAS that one hundred
Speaker 7: over a five day basis, it's like a one percent
Speaker 7: decline basically over the course of the week, which technically
Speaker 7: is the biggest drop since the first week of September.
Speaker 8: So earnings is a big part of.
Speaker 7: That movement right to both the upside and downside, but
Speaker 7: fold into economic data and the fact that we're all
Speaker 7: bracing for an election here in America next week.
Speaker 8: There's a lot going on.
Speaker 7: The three names that we're looking at and continue to
Speaker 7: look at are the big ones. Earnings Last night was
Speaker 7: wild in terms of three names that report at the
Speaker 7: same time. So starting with Amazon really pushing higher, biggest
Speaker 7: jump since February of this year, strength growth in aws
Speaker 7: in particular, but overall going to final three months of
Speaker 7: the year, Apple down grew everywhere around the world apart
Speaker 7: from China, low single digits growth to end the year.
Speaker 7: And then Intel is really pushing higher. Really really difficult
Speaker 7: quarter gone, some hope in the outlook for the quarters
Speaker 7: to come, but they are still behind in that key
Speaker 7: market of AI accelerators, and it's interesting that investors look
Speaker 7: past that carrow.
Speaker 5: And it's really interesting how investors are navigating any of
Speaker 5: this at the moment.
Speaker 6: And we want to bring in Isabelli, who's.
Speaker 5: Got a great recap on the week, but also a
Speaker 5: push ahead to how perhaps people are taking risk off
Speaker 5: the table. Ultimately, five of them, magnificent seven came this
Speaker 5: week and it did dictate trade in many ways.
Speaker 14: Yes, it was the biggest, biggest and busiest season and
Speaker 14: five of them reported and as a cohart, they didn't
Speaker 14: really inspire, which is kind of interesting, but we expect
Speaker 14: that not everything that will go up, we'll keep on
Speaker 14: going up. And as a whole, Wall Street estimates the
Speaker 14: reports that beat were only seventy five percent.
Speaker 6: That sounds high, but it's the lowest sense the.
Speaker 14: Start of twenty twenty three, so you can see some
Speaker 14: kind of fizzling there. But on top of that, we
Speaker 14: had a slew of eco data, manufacturing data strand we
Speaker 14: had hiring rose but at the slowest pace ince twenty
Speaker 14: twenty two. And we also have next week which is
Speaker 14: elections and FOMC all that is resorting into this big
Speaker 14: ball of angst. So we have cities Gate Global Risk
Speaker 14: Factors and it throws to its highest in eighteen months.
Speaker 14: So it just really shows investors are jittery and that
Speaker 14: result into voltile trading across asset classes. So that gauge
Speaker 14: includes emergency markets, gold, SMP, NAZAC, everything, and it's very
Speaker 14: votile as well.
Speaker 7: Typically we like to keep it light and breezy on
Speaker 7: a Friday on this program Bloomberg Technology. But the point
Speaker 7: of your column, anxiety is bubbling is partly, as I said,
Speaker 7: bracing for an election next week, and if you're an investor,
Speaker 7: you have to think about the impact of that on
Speaker 7: all sorts of asset classes. And in the context of tech,
Speaker 7: what is that specific anxiety?
Speaker 14: Anxiety with tech is how far will this AI riley go?
Speaker 14: But we have news today also showing that the capex
Speaker 14: of the four largest Internet companies, which includes Amazon, Microsoft,
Speaker 14: Mata and Alphabet, are set to total well over two
Speaker 14: hundred billion this year. So that's a record sum. So
Speaker 14: you see investors still investing in AI, still hinging on
Speaker 14: the promise of AI. But beyond tech, there is the elections,
Speaker 14: but there is also the FOMC and weeks after that,
Speaker 14: we still have a slew.
Speaker 3: Up eco data.
Speaker 14: Yes, it's going to the year end, but where are
Speaker 14: we here. I talked to a source earlier. He said,
Speaker 14: we already landed. It's a soft landing, but some investors
Speaker 14: are still bracing for that hard landing. So the dichotomy
Speaker 14: is couldn't be so stark. It's really a messy, noisy market.
Speaker 14: But I also want to bring your attention to next week.
Speaker 14: We have poundy or super micro lift revian arms, so
Speaker 14: it's really not going to end. So if this week
Speaker 14: is what a week, next year might even be a
Speaker 14: bigger what a week is.
Speaker 8: Early, keeping it light and be easy on a Friday.
Speaker 8: Thank you very much.
Speaker 7: Carry We have so much more to come on this
Speaker 7: edition Bloombog Technology.
Speaker 5: Yeah, and as we do, indeed look towards those elections.
Speaker 5: Next week, Vivek Ramaswami is joining US former Republican presidential
Speaker 5: candidate himself and now of course surrogate for the Trump campaign.
Speaker 5: We're going to talk the policies, technology, cryptos, so much more.
Speaker 6: This is Bloomberg Technology.
Speaker 7: The US election is upon us and the gap between
Speaker 7: Republican nominee Donald Trump and Vice President Kamala Harris on
Speaker 7: prediction markets at least is narrowing that Trump has held
Speaker 7: a lead. We've been speaking to voices in technology and
Speaker 7: in venture capital on both sides of this race. Today
Speaker 7: we're joined by Vivek Ramaswami, a supporter of Donald Trump,
Speaker 7: a former Republican presidential candidate himself, someone that's been active
Speaker 7: not just on social media but on the ground. And
Speaker 7: welcome to the program, mister Ramaswami. A simple question to start,
Speaker 7: why is former President Trump the best candidate for the
Speaker 7: technology industry and the bench capital industry that supports it.
Speaker 15: Here, Look, I'll give you a simple answer to a
Speaker 15: straight question you asked, which is that he is the
Speaker 15: president in favor of mass deregulation and mass reform of
Speaker 15: the administrative state. I think the administrative state and the
Speaker 15: regulatory state is the single greatest impediment to innovation, to
Speaker 15: new business formation, to business growth in this country.
Speaker 4: The actions of.
Speaker 15: Three letter agencies who are never elected, by the way,
Speaker 15: from the EPA to the FTC, to the SEC to
Speaker 15: the FDA, you go straight down the list, those three
Speaker 15: letter agencies are making most rules that govern businesses in
Speaker 15: this country today. Those rules were never passed by Congress
Speaker 15: by democratically elected representatives. The current Supreme Court, which Donald
Speaker 15: Trump actually gave us much of the composition of that court,
Speaker 15: has declared many of those regulations unconstitutional. And Donald Trump
Speaker 15: has made clear that he wants to go in and
Speaker 15: not just incrementally tinker around the edges of that bureaucracy,
Speaker 15: but really to share it down to its small core
Speaker 15: that it should have been in the first place. And
Speaker 15: so I think that's the case I would make to
Speaker 15: technology investors, to entrepreneurs that Donald Trump is going to
Speaker 15: be the president who stands for taming in that regulatory
Speaker 15: state which currently acts as a wet blanket on the
Speaker 15: economy and innovation in particular.
Speaker 7: Vivet could I ask, as an extension of that, is
Speaker 7: there a specific area, be it crypto, be electric vehicles,
Speaker 7: be it space that you feel former President Trump is
Speaker 7: most focused in the list of priorities.
Speaker 15: Well, I think that he's more focused on an overall
Speaker 15: American revival. All of those fit on the list. I
Speaker 15: think energy is big on the list.
Speaker 4: For Donald Trump.
Speaker 15: Reviving the production of American energy, all forms of energy
Speaker 15: where America can be the leader. Donald Trump favors it
Speaker 15: drilling fracking areas where America can actually establish energy abundance
Speaker 15: sets what Donald Trump favors, and especially in this era
Speaker 15: of AI and the increasing demands for electricity, for power,
Speaker 15: for energy that's particularly important for the United States to
Speaker 15: remain competitive. You think about baseload power generation for the
Speaker 15: electric coal and natural gas are key inputs. A lot
Speaker 15: of Democratic policy has been hostile to both of those,
Speaker 15: anti frarating policies, anti coal policies. By contrast, Denald Trump's
Speaker 15: pro energy policies are not just good for bringing down
Speaker 15: energy prices, so that's important, but also for powering and
Speaker 15: fueling the future generation of AI based technology, revolutions that
Speaker 15: are going to require cheap and abundant energy inputs.
Speaker 4: So that's one example.
Speaker 15: But I could go into each of the areas you
Speaker 15: named and to be happy to do that.
Speaker 5: We had a venture capitalist, well known founder in the
Speaker 5: area of AI and social we had Read Hoffman on
Speaker 5: the show yesterday. Now, he of course favors the other
Speaker 5: side of the equation, and Harris's run for the administration,
Speaker 5: wanting consistency, wanting steady hand, but also is worried about
Speaker 5: forms of retribution.
Speaker 6: Can you just take a listen to what he said yesterday.
Speaker 11: Sure, Trump and Trump presidency one his early presidency has
Speaker 11: shown a certain amount of grifter capitalism. It's like trying
Speaker 11: to penalize his opponents using the instruments of state.
Speaker 5: Will then be any penalization of those who've voiced against him?
Speaker 6: Iveek No, I.
Speaker 15: Think there's going to be no little retribution under Donald Trump.
Speaker 15: But I do find that common a little bit rich
Speaker 15: coming from a Kamala Airas supporter. Where there's only one
Speaker 15: president and administration in US history that is prosecuted or
Speaker 15: attempt to prosecute their rival in the middle of a
Speaker 15: political election, and it wasn't Donald Trump. It's the party
Speaker 15: that Donald Trump is running against, Joe Biden and Kamala Harris.
Speaker 15: So I think this idea of a steady hand. I
Speaker 15: also want to give some airtime to this. The idea
Speaker 15: of Kamala Harris is going to be some kind of
Speaker 15: steady hand when she has reversed her position in a
Speaker 15: matter of months on central questions, whether she favors bans
Speaker 15: on offshore drilling, whether she favors a ban on fracking,
Speaker 15: whether she favors universal healthcare. All of these are positions
Speaker 15: that she held very shortly before running for US president
Speaker 15: that in a matter of months foundational questions about energy
Speaker 15: policy to health policy that have changed in a matter
Speaker 15: of months. I don't think is a strong case for
Speaker 15: a so called steady hand. And one more point, investors,
Speaker 15: and particularly I know this technology focused show, particularly to
Speaker 15: entrepreneurs who have founded successful tech companies that may still
Speaker 15: be privately held, here's a big one that really matters.
Speaker 15: Kamala Harris stands by her support and this is one
Speaker 15: area where she hasn't changed her stance. She stands by
Speaker 15: her support for a tax on unrealized capital gains. That
Speaker 15: means many entrepreneurs, technologists, biotech entrepreneurs who may have paper
Speaker 15: gains and a private company would actually have to pay
Speaker 15: taxes with cash they don't actually have. That would stifle
Speaker 15: innovation across Silicon.
Speaker 4: Valley and across this country.
Speaker 15: And I think it could be the single greatest tricker
Speaker 15: for a stock market crash and a second great depression. So,
Speaker 15: especially for a technology focused audience and a market focused audience,
Speaker 15: that's a big difference between Kamala Harris and Donald Trump.
Speaker 4: You could be a single issue voter on that alone.
Speaker 5: I would argue I think many would feel at the
Speaker 5: moment that the articulation around unrealized capital gains hasn't been
Speaker 5: made so substantively by a Harris campaign. And I'm just
Speaker 5: going to go back to the technology focus, and I'm
Speaker 5: glad that you went there for US VIVEC, because there
Speaker 5: is a technology focus that is Chips. Particularly you are
Speaker 5: currently sat in Ohio. Ohio is going to be a
Speaker 5: beneficiary in many ways of the Chipsacked, billions of dollars
Speaker 5: going to building fabrication manufacturing within that state. And there
Speaker 5: is a potential concern that Donald Trump is against the
Speaker 5: Chips Act. He voiced out vehemently against it on a
Speaker 5: podcast recently. Do you worry about that perhaps being overrun
Speaker 5: changed in direction?
Speaker 4: No, I don't.
Speaker 15: In fact, the reason I was against the Chips Act
Speaker 15: is because there's a lot of other baggage in there
Speaker 15: that shouldn't have been there, hiring impediments such as many
Speaker 15: of those companies semiconductor companies are hiring people outside the
Speaker 15: United States because of the regulatory burdens of doing so
Speaker 15: right here. There's also extra baggage and changing the way
Speaker 15: The National Science Foundation the NSF makes grants on the
Speaker 15: basis of race and gender and other criteria that don't
Speaker 15: relate to merit. So that's the problem with Washington, DC
Speaker 15: is every time they pass one of these laws, the
Speaker 15: Inflation Reduction Act or the Chips Act, there's so much
Speaker 15: other baggage they sneak into there that it dilutes the
Speaker 15: original vision or purpose of the Act in the first place.
Speaker 15: You want to foster semiconductor production in the United States,
Speaker 15: as I do. Here's how we do it, mass deregulation
Speaker 15: that lifts those regulatory constraints in the United States.
Speaker 4: And I will tell you the reason.
Speaker 15: In videos I've become a multi trillion dollar company is
Speaker 15: not because of the Chips Act. It's because of booming
Speaker 15: demand for chips led by the advent of AI and
Speaker 15: the recent revolution and the AI boom that we've seen.
Speaker 4: Viv that lowering of the.
Speaker 15: Cost of capital is far more valuable for semiconductor companies
Speaker 15: than the incremental money in the pocket of the large
Speaker 15: ess that came from the chip sack.
Speaker 4: That's my view on the matter.
Speaker 3: VI.
Speaker 7: May I just jump in on that point on Nvidia
Speaker 7: in video not in isolation, but many of the chip
Speaker 7: companies have had their access to the China market impacted
Speaker 7: by those export controls, and simply put, China is the
Speaker 7: biggest end market for consumer electronics but critically important for
Speaker 7: cloud Are you able to explain to our audience President
Speaker 7: former President Trump's position Visa v. China on key American
Speaker 7: companies being able.
Speaker 8: To do business in that market.
Speaker 15: Well, I'll give you a base principle that I hope
Speaker 15: people can agree with, regardless of partisanship. We should not
Speaker 15: depend on our adversary for our own national security.
Speaker 4: You want to talk about chips, forty.
Speaker 15: Percent of the semiconductors feeding our Department of Defense, including
Speaker 15: the Army, Navy, Air Force, actually.
Speaker 4: Come from China.
Speaker 15: That doesn't make any sense for our own military and
Speaker 15: industrial base, our own military stockpiles.
Speaker 4: To depend on our adversary to provide them.
Speaker 15: God forbid, We're in a conflict scenario, and that's something
Speaker 15: that nobody wants for sure, But God forbid, we are
Speaker 15: in a conflict scenario with an adversary. They're not going
Speaker 15: to keep supplying those inputs. And so I think it
Speaker 15: is sensible policy, and I don't care if you're a
Speaker 15: Republican or a Democrat for the United States to say
Speaker 15: in sectors critical to our national security, at least for
Speaker 15: our military industrial base. We should not be dependent on
Speaker 15: our chief adversary, and I think that's sensible policy.
Speaker 4: Donald Trump, I think, above all one of the.
Speaker 15: Things I like about him he is a businessman but
Speaker 15: also a pragmatist. When it comes to these foreign policy dealings,
Speaker 15: he was respected and I think that put the US
Speaker 15: in a stronger position in a lot of those negotiations.
Speaker 7: Mister Ramaswami, there was some interest in you when I
Speaker 7: said on social media you were coming on the show.
Speaker 7: We got a number of questions from the audience, but
Speaker 7: I'm going to put one to you, if that's okay.
Speaker 7: One user says, please ask him how much of his
Speaker 7: own money was spent on his campaign. I think a
Speaker 7: reference to your early run as a candidate. Has it
Speaker 7: given you an acceptable ROI? And what was the exposure
Speaker 7: and network effect for you in doing this supporting former
Speaker 7: President Trump?
Speaker 15: Yeah, so the answer in visual public record. I'm going
Speaker 15: to give you round numbers. It was a little over
Speaker 15: thirty million dollars of my own hard earned money. By
Speaker 15: the way, I didn't inherit money. My parents came to
Speaker 15: this country with no money. But I'm a self made
Speaker 15: entrepreneur who's found in multi billion dollar companies, and the
Speaker 15: ROI on that I measure is not related to me.
Speaker 15: It's related to the impact we have on our country.
Speaker 15: I was the youngest person ever to run for US
Speaker 15: President as a Republican, and one of the things I
Speaker 15: was proud we were able to do was to bring
Speaker 15: non traditional, disengaged citizens back into politics actually caring about
Speaker 15: our country.
Speaker 4: Especially young people.
Speaker 15: I showed up on a college campus in Pennsylvania yesterday,
Speaker 15: two thousand plus young people that showed up just to
Speaker 15: hear the conversations we were having, one on one at
Speaker 15: a time. That gave me a sense of inspiration. It
Speaker 15: gave me a sense of deep gratification and satisfaction to
Speaker 15: say that this journey that I began in February of
Speaker 15: last year, where nobody knew my name, let alone could
Speaker 15: pronounce it, I was at zero point zero percent in
Speaker 15: the polls, and by the end of the race less
Speaker 15: than a year later, had beaten a vice president, multiple governors,
Speaker 15: and a former senator. It proves what's possible in the
Speaker 15: United States of America, and so was it worth it?
Speaker 4: Absolutely?
Speaker 15: And I hope that our best days as a country,
Speaker 15: and my own ability to have an impact on it.
Speaker 4: Is still ahead of us.
Speaker 5: Some of those young people perhaps you're talking to, care
Speaker 5: about crypto. One of those companies that you formed, Strive
Speaker 5: Asset Management one point seven billion dollars in assets under management,
Speaker 5: is going to be going and buying in on bitcoin
Speaker 5: for the first time. Can you just articulate for us
Speaker 5: what you think the crypto policies will be under Trump.
Speaker 11: Yeah.
Speaker 15: First of all, I'm credibly proud of Striving as a
Speaker 15: business I co founded. I stepped down as chairman before
Speaker 15: I ran for president, So proud of the team.
Speaker 4: And what they've accomplished.
Speaker 15: Matt Cole, he's the CEO who was formerly a successful
Speaker 15: bond portfolio manager at Calper's, is really leading stride with
Speaker 15: the vision for financial freedom, which I'm so proud of
Speaker 15: what they've done. I'm going to view on the future
Speaker 15: of crypto policy is it's less related to helping one
Speaker 15: sector and more related to just reviving the principles the
Speaker 15: country was founded on in the first place. Unbridled innovation
Speaker 15: competition as the answer, but.
Speaker 6: There should be some regulation. It should totally be unbridled.
Speaker 15: Well, the first thing I would say is unbridled innovation.
Speaker 15: What we really need is regulatory clarity. So I think
Speaker 15: it is a sad state of affairs where you see
Speaker 15: a paradigm of regulation by enforcement, where many participants in
Speaker 15: the industry don't know what the rules are in the
Speaker 15: first place.
Speaker 4: So we can debate what the rules are or what
Speaker 4: they should be. I think that's a reasonable debate to have.
Speaker 15: But what we can't have is a situation where people
Speaker 15: are guessing at what those rules are. I'll give you
Speaker 15: one example of that, when the the lead Commissioner of
Speaker 15: the SEC could not answer before Congress whether ethereum was
Speaker 15: even a security.
Speaker 4: Maybe it is and maybe it shouldn't be. But either way,
Speaker 4: at least the industry deserves to know.
Speaker 15: And so I think regulation in the first principle, whether
Speaker 15: you're on the left or right, should be clarity, and
Speaker 15: I think that's missing in this sector, as in so
Speaker 15: many others today.
Speaker 7: Viveg Ramaswami, thank you for coming back on Bloomberg Technology.
Speaker 8: We appreciate your time.
Speaker 7: Intel gave a fourth quarter revenue forecast that sparking optimism
Speaker 7: is capable of reclaiming some lost market share. We sat
Speaker 7: down with Intel CEO Pat Gelsinger yesterday, straight from the
Speaker 7: company's call with analysts, Listen to this.
Speaker 16: We worked very hard this quarter to get this done
Speaker 16: and the people actions. The restructuring charges you'll largely finished
Speaker 16: this quarter, So it was a challenging quarter that way,
Speaker 16: but to also deliver better than expect the results if
Speaker 16: we eliminate those one time chargers, and to take our
Speaker 16: guidance up for Q four. I'm very proud of our
Speaker 16: team being able to do both of those this quarter.
Speaker 16: Some of the most difficult restructuring charges maybe in the
Speaker 16: history of Intel since our memory micro processor decision almost
Speaker 16: forty years ago. Getting that done and still beating results
Speaker 16: and taking the guide up, this was a very significant
Speaker 16: quarter for our team to execute.
Speaker 7: Your AI accelerator did not get the traction that you'd hoped,
Speaker 7: and you won't be making the outline target of five
Speaker 7: hundred million dollars in sales for this fiscal year or
Speaker 7: calendar year. Why is it a use case issue that
Speaker 7: the data center operators aren't looking at it or something else.
Speaker 16: Yeah, two factors that we pointed out. One is is
Speaker 16: that now we have Gouty three coming out, so there's
Speaker 16: more enthusiasm for the next generation product that we're just
Speaker 16: starting to ramp now. The second one is the software
Speaker 16: and the software use cases. The AI world has moved
Speaker 16: very rapidly and innovating very quickly, and the robustness and
Speaker 16: the completeness of the Goudy software A stack hasn't been
Speaker 16: as great. And it's an accelerator, not a full reprogrammable GPU,
Speaker 16: so that makes some of the software porting and optimzations
Speaker 16: a bit more difficult. Obviously, as we get more of
Speaker 16: that running on Goudi, we solve the software problems. But
Speaker 16: secondly then it's also to move to a complete GPU capability,
Speaker 16: which we'll be doing out in time, and that development
Speaker 16: effort is also well underway, so we feel we have
Speaker 16: a solid position.
Speaker 6: Intel CEO Pat Gelsinger there.
Speaker 5: Meanwhile, open Ai is further challenging Google, this time by
Speaker 5: adding a new set of search features that will let
Speaker 5: chatchipt use is search for timely information much as they
Speaker 5: would if they were on the web using Google most sharing.
Speaker 6: Gafari joins us for more now. They had a prototype
Speaker 6: out in July.
Speaker 5: Now it's accessible if you're paying for chat GPT. How
Speaker 5: much is this going to make Google and Gemini a
Speaker 5: run for its money.
Speaker 1: I think this is going to be a potentially very
Speaker 1: big long term competitor and threat to search as a whole.
Speaker 1: We've seen viral growth right of consumer chatbots since chatchipt's release,
Speaker 1: setting records for the amount of users gained in a
Speaker 1: short period of time. So if that continues and we
Speaker 1: really do see this consumer shift toward chatbots in a
Speaker 1: meaningful way, why wouldn't users just start to search within
Speaker 1: chatbots rather than going to a separate website.
Speaker 7: Sarina, I got access to search through paying for chat
Speaker 7: gbt yesterday, and you and I were looking on the
Speaker 7: app version. But I think there's a benefit for our
Speaker 7: audience and you explaining what's different between chat gbt four
Speaker 7: oh and when search is engaged at least in app.
Speaker 1: That's right, So you can right now, if you are
Speaker 1: a paid user or a team user, actually get access
Speaker 1: to this within one specific model.
Speaker 3: It's called four oh and chat Shabt's chatbot.
Speaker 1: And you know Chatweabet's always had the option for you
Speaker 1: to go and browse the web, but now it's much
Speaker 1: more integrated into the app. So you see, you know,
Speaker 1: little cards that kind of give you a preview. For example,
Speaker 1: I looked up restaurants in San Francisco when I was
Speaker 1: doing a demo, and we saw, you know, little images
Speaker 1: of different restaurants that you could look at.
Speaker 3: You see a map.
Speaker 1: So it feels a lot more like you're getting a
Speaker 1: sort of Google like experience within the chatbot rather than
Speaker 1: just simple text.
Speaker 4: Right.
Speaker 7: I point out, and we probably should point out that
Speaker 7: when your story hit the Bloomberg shares ab alphabet fell
Speaker 7: and to a session load, that's how serious everyone's taking
Speaker 7: this battle for search. Bloomberg Sharing Gafari Top week of
Speaker 7: reporting in the world of AI.
Speaker 8: Thank you so much, Caro. Wow, what a week.
Speaker 6: What a week.
Speaker 5: And there's going to be so much more to come
Speaker 5: next week. That does it, though, for this edition of
Speaker 5: Bloomberg Technology and really.
Speaker 7: Important conversations about technology, the elections, so much more recap
Speaker 7: on the pod. You know where to find it from
Speaker 7: the team in New York, can hear in SF.
Speaker 8: Happy Friday. This is Bloomberg Technology.