WEBVTT - The Election And Big Tech 0:00:01.440 --> 0:00:02.160 From Mahard. 0:00:02.320 --> 0:00:06.720 We're Innovation, Money and Power Collie in Silicon Vallet NBN. 0:00:07.080 --> 0:00:11.040 This is Bloomberg Technology with Caroline Hyde and Ed lud. 0:00:10.920 --> 0:00:26.920 Love now from New York and San Francisco. This is 0:00:26.960 --> 0:00:30.800 Bloomberg Technology in selection day and the tech policies and 0:00:30.840 --> 0:00:33.760 implications that you need to know about. On the last 0:00:33.800 --> 0:00:34.839 day of voting. 0:00:35.440 --> 0:00:38.920 Class Palenteer shares jump as it posts record profit and 0:00:38.960 --> 0:00:42.360 made unwavering AI demand and Apple. 0:00:42.120 --> 0:00:45.440 I's smart glasses. We discussed the internal study code named 0:00:45.520 --> 0:00:49.360 Atlas as it follows Snap and Meta's lead. But first 0:00:49.400 --> 0:00:52.599 we check in on these markets as people head in 0:00:52.640 --> 0:00:55.160 person to the polls. We're currently up nine ten percent 0:00:55.160 --> 0:00:57.200 on the NASDAK. Big tech leading the charge today in 0:00:57.320 --> 0:00:59.920 Vidiar Tesla on the higher side, and really it is 0:01:00.080 --> 0:01:03.000 big tech that also drives from an earnings perspective. And 0:01:03.040 --> 0:01:03.800 what are you watching on the. 0:01:03.800 --> 0:01:07.639 Micro Yes, straight to Palenteer shares up twenty three percent 0:01:07.680 --> 0:01:10.320 in the session, on track for their biggest jump since 0:01:10.360 --> 0:01:13.840 February of this year, trading at an all time high. 0:01:14.040 --> 0:01:16.200 What's astonishing, It's like out of nowhere. This is a 0:01:16.240 --> 0:01:19.200 company with one hundred and fourteen billion dollar market gap 0:01:19.680 --> 0:01:22.560 and it's all on revenue in the court have gone 0:01:22.560 --> 0:01:26.200 a little more than seven hundred million dollars, but the 0:01:26.640 --> 0:01:32.080 narrative incredibly clear, unwavering AI demand from corporate America and 0:01:32.160 --> 0:01:34.120 from the public sector as well. Let's get right to 0:01:34.280 --> 0:01:38.120 Palenteer with Mandique Singh of Bloomberg Intelligence. Where would you 0:01:38.160 --> 0:01:40.759 like to start, Mandeep, I mean, the story of Palenteer 0:01:41.360 --> 0:01:44.000 is a long term one. It's continued with this momentum 0:01:44.000 --> 0:01:47.080 for a while. What jumped out from its earnings print for. 0:01:47.120 --> 0:01:51.360 You, Yeah, I mean the government segment growing forty percent 0:01:51.440 --> 0:01:54.160 here in the US, and it is on the back of, 0:01:54.400 --> 0:01:58.840 you know, some connection that they have found with implementing llms. 0:01:58.880 --> 0:02:02.240 I mean, everyone is looking have ways to deploy, you know, 0:02:02.280 --> 0:02:07.160 whether it's GPT, Gemini or Meta Lama, and to Palenteer's credit, 0:02:07.280 --> 0:02:10.720 they found the right pivot when it comes to integrating 0:02:10.800 --> 0:02:14.560 the data the ontology that they have with these llms. 0:02:14.560 --> 0:02:17.519 And I think that's why you're seeing that especially a 0:02:17.760 --> 0:02:21.560 strong momentum on the government side, but also defense tech 0:02:21.600 --> 0:02:24.760 companies on the commercial side. I think in the US 0:02:25.080 --> 0:02:29.040 they've done particularly well because of their you know, data 0:02:29.120 --> 0:02:31.360 lineage and the fact that they have done so well 0:02:31.360 --> 0:02:34.000 over the years in terms of you know, ontology. 0:02:35.040 --> 0:02:37.119 What's interesting, of course, your note that you put out 0:02:37.160 --> 0:02:39.440 is saying, perhaps there was a rush to spend budget 0:02:39.560 --> 0:02:41.840 that was happening from the US government perspective, from your 0:02:41.880 --> 0:02:45.080 mind's eye. Therefore many have they diversified enough to ensure 0:02:45.120 --> 0:02:46.840 that they've got the private sector where they want it 0:02:46.880 --> 0:02:47.040 to be. 0:02:47.360 --> 0:02:49.600 Yeah, I mean, look, we are in an environment of 0:02:49.639 --> 0:02:54.120 heightened geopolitical tensions and that has traditionally benefited talent. 0:02:54.200 --> 0:02:54.359 Heer. 0:02:54.919 --> 0:02:58.240 I'm a little leary of you know, their momentum on 0:02:58.280 --> 0:03:01.320 the international side, given its still thirty percent plus of 0:03:01.440 --> 0:03:04.480 their business, and that's where you see a tapering of growth, 0:03:04.560 --> 0:03:08.800 given how controversial the CEO can be at times. And look, 0:03:09.320 --> 0:03:12.000 when it comes to software companies, you want to show 0:03:12.080 --> 0:03:15.080 recurring revenue. That's why the cloud names have fetched, you know, 0:03:15.120 --> 0:03:19.000 premium multiples over the year. Palentier currently trades at a 0:03:19.080 --> 0:03:22.079 premium multiple. So it comes down to can they sustain 0:03:22.120 --> 0:03:24.920 this momentum, And I think that's where international is key, 0:03:24.960 --> 0:03:28.200 which I'm not sure they can sustain that kind of momentum. 0:03:28.240 --> 0:03:30.720 Technically, the shares a riverboard if you're looking at the 0:03:30.919 --> 0:03:33.840 relative strength index mandate. It's saying of BlueBag intelligence brings 0:03:33.919 --> 0:03:37.280 us the fundamentals there. But look, let's get back to 0:03:37.360 --> 0:03:40.200 what the day is. It is Election day, it is 0:03:40.240 --> 0:03:42.400 here in the US, and the polling continues to show 0:03:42.520 --> 0:03:45.960 that race as close as any in modern history. You 0:03:46.040 --> 0:03:48.280 bring it back to Katie lines and joins us at 0:03:48.280 --> 0:03:51.680 the start of a marathon of a day, and Katie, 0:03:51.800 --> 0:03:53.120 just bring us up to speed with what we should 0:03:53.120 --> 0:03:54.280 be looking at right here, right now. 0:03:54.400 --> 0:03:56.400 Well, really, this is going to come down to turn 0:03:56.400 --> 0:03:58.680 out that probably will surprise no one. But with the 0:03:58.720 --> 0:04:02.360 margins this type consistently in polling, it really is going 0:04:02.400 --> 0:04:04.520 to be about who can convince voters to get off 0:04:04.560 --> 0:04:06.600 the couch today and vote for them. No longer is 0:04:06.640 --> 0:04:08.720 it about convincing them to vote for either Donald Trump 0:04:08.840 --> 0:04:11.160 or Kamala Harris, but instead to get them to vote 0:04:11.160 --> 0:04:12.960 at all. And I would keep in mind that millions 0:04:12.960 --> 0:04:15.360 of Americans have already done so. As of this morning, 0:04:15.600 --> 0:04:18.920 more than eighty three million people had already cast their vote, 0:04:18.960 --> 0:04:21.080 and the electorate in total those eligible to vote is 0:04:21.080 --> 0:04:22.960 only two hundred and forty four millions, So it would 0:04:22.960 --> 0:04:25.440 be a question of how much of that electorate actually 0:04:25.520 --> 0:04:27.359 shows up today when they go to the polls, and 0:04:27.400 --> 0:04:29.880 of course it is seven states where the turnout is 0:04:29.920 --> 0:04:32.360 going to matter most. Those battlegrounds in the Rust Belt 0:04:32.360 --> 0:04:34.159 and in the Sun Belt are what the candidates have 0:04:34.160 --> 0:04:36.560 been zeroing in on. It's why Kamala Harris meant her 0:04:36.720 --> 0:04:40.360 entire day yesterday in Pennsylvania, which has nineteen electoral votes. 0:04:40.400 --> 0:04:43.240 Donald Trump spending some time in North Carolina, Pennsylvania, and 0:04:43.320 --> 0:04:46.559 Michigan as they race today to get to two hundred 0:04:46.600 --> 0:04:48.840 and seventy. And I would just warn our audiences it 0:04:48.920 --> 0:04:50.800 may be the case that we will not know who 0:04:50.800 --> 0:04:54.200 gets two hundred and seventy electoral votes, not today, not tomorrow, 0:04:54.279 --> 0:04:56.680 It could potentially take days. 0:04:57.279 --> 0:05:00.640 Kaylee, thank you for your reporting. Just incredible command of 0:05:00.680 --> 0:05:03.720 the data, which is so important in this tight race. 0:05:04.200 --> 0:05:08.400 Both candidates kind of had closing pitches or remarks last night. 0:05:08.440 --> 0:05:10.560 Where do we leave things in both the Trump camp 0:05:10.600 --> 0:05:11.360 and the Harris camp. 0:05:11.800 --> 0:05:14.520 Well, we heard similar things from Kamala Harris, which is 0:05:14.560 --> 0:05:16.919 that she wants to essentially turn the page on what 0:05:17.000 --> 0:05:18.920 she is referred to as a dark era in American 0:05:18.920 --> 0:05:21.800 politics for the past decade in which Donald Trump has 0:05:21.839 --> 0:05:24.720 been involved in presidential campaigns over what has now been 0:05:25.120 --> 0:05:27.520 three cycles. She reiterated she wants to chart a new 0:05:27.560 --> 0:05:30.360 way forward for Donald Trump. He is basically trying to 0:05:30.360 --> 0:05:33.520 make himself the change candidate in this race. Suggests that 0:05:33.600 --> 0:05:36.240 Kamala Harris, as part of this Biden administration, which in 0:05:36.279 --> 0:05:39.840 many ways has been unpopular, especially with its handling of 0:05:39.880 --> 0:05:43.080 the economy, shows that the country needs to move on. 0:05:43.200 --> 0:05:45.600 He described that the country cannot take four more years 0:05:45.600 --> 0:05:48.720 of what he referred to last night as gross incompetence. 0:05:48.760 --> 0:05:51.440 Now they both are no longer in battleground states as 0:05:51.480 --> 0:05:54.560 we speak, Donald Trump should be voting anytime now. In 0:05:54.600 --> 0:05:57.080 his home state of Florida. He is still allowed to 0:05:57.080 --> 0:05:58.760 do so, even though he was a convicted fell and 0:05:58.839 --> 0:06:01.080 convicted in New York. But New York law dictates a 0:06:01.120 --> 0:06:04.560 convicted felon can still vote. Therefore, Florida recognizes that he 0:06:04.600 --> 0:06:07.000 will be able to cast a vote for himself today. 0:06:07.040 --> 0:06:09.640 Kamala Harris meantime, is at home in DC at the 0:06:09.680 --> 0:06:12.560 Naval Observatory, and she will be heading to Howard University, 0:06:12.760 --> 0:06:16.000 her alma mater, for her election night party this evening. 0:06:16.040 --> 0:06:18.520 Because at this point there's really nothing left either of 0:06:18.560 --> 0:06:21.320 them can do. The closing arguments have been made, The 0:06:21.360 --> 0:06:24.039 ground game has been working for months now, and we 0:06:24.080 --> 0:06:25.800 all just have to wait for the tally to come in. 0:06:26.600 --> 0:06:29.400 Bloomberg's Katie Lynes, thank you very much. Let's get the 0:06:29.440 --> 0:06:33.160 market's perspective and bringing in Anna Ruthman of CBIZ Investment 0:06:33.200 --> 0:06:40.400 Advisory Services. Equity markets are higher, big tech, well megacap 0:06:40.440 --> 0:06:43.839 tech stocks are kind of leading the way voting is underway. 0:06:44.200 --> 0:06:45.520 What does that tell you, Anna? 0:06:45.680 --> 0:06:49.440 If anything, I think the markets are ready for this 0:06:49.520 --> 0:06:52.560 election to be over and for some of the uncertainties 0:06:52.640 --> 0:06:55.400 that have been present and leading up to this day 0:06:55.720 --> 0:06:57.279 to be over. And I think there's a lot of 0:06:57.320 --> 0:07:01.599 excitement about that. But depending on who wins and depending 0:07:01.600 --> 0:07:05.160 on what Washington looks like, there are some issues that 0:07:05.200 --> 0:07:08.520 may be facing tech. And that's on the regulatory side. 0:07:08.720 --> 0:07:11.240 So if I'm taking a look at what might be 0:07:11.360 --> 0:07:14.120 lying ahead, I mean, of course these things can change. 0:07:14.400 --> 0:07:17.559 There's three I would put them in three buckets. One 0:07:17.680 --> 0:07:21.480 is that things that are pretty known that Washington is 0:07:21.520 --> 0:07:24.320 a consensus on, and that one thing is national security, 0:07:24.720 --> 0:07:28.400 and so for the semiconductor industry and AI development, I 0:07:28.400 --> 0:07:30.520 would really look at that and say that may be 0:07:30.640 --> 0:07:34.400 a challenge, especially when we're talking about importing and exporting 0:07:34.400 --> 0:07:38.320 things from China. Undoing some of that global supply chain 0:07:38.440 --> 0:07:41.480 is going to be a challenge there in creating less 0:07:41.480 --> 0:07:45.080 reliance on China. The other is antitrust issues if we 0:07:45.120 --> 0:07:48.440 look at and that's the unknown, right, So if we 0:07:48.480 --> 0:07:54.200 look at potential hairs administration, we've seen Biden administration be 0:07:54.280 --> 0:07:57.840 not as friendly Trump administration. I think there's assumption that 0:07:57.840 --> 0:08:01.040 they're going to be more friendly, especially with Republican Party, 0:08:01.280 --> 0:08:02.560 but it's not always the case. 0:08:02.640 --> 0:08:04.680 Because we have a case while. 0:08:04.480 --> 0:08:07.880 Trump was president between twenty sixty and twenty twenty, everybody 0:08:07.920 --> 0:08:10.680 remembers time order and at serprise, right. 0:08:11.440 --> 0:08:14.280 So just real quick, we're kind of zeroed in on 0:08:14.320 --> 0:08:18.960 this presidential race. But of course the composition of Congress 0:08:19.960 --> 0:08:22.320 will have an impact, and I think in particular about 0:08:22.840 --> 0:08:27.440 if you're talking about regulation artificial intelligence, but also electric vehicles, right, 0:08:27.680 --> 0:08:31.200 the standing impact of the IRRA and any changes that 0:08:31.320 --> 0:08:33.400 might ad that. How do you model for that? Please? 0:08:34.800 --> 0:08:36.080 On the EB side? 0:08:36.800 --> 0:08:40.840 Sure, on the EB side, I think there is there's 0:08:41.600 --> 0:08:45.600 what we established as what Congress would want, right, But 0:08:45.679 --> 0:08:47.880 so if you have a democratic sweep it's going to 0:08:47.960 --> 0:08:50.559 look one way. If you have a Republican sweep, it's 0:08:50.600 --> 0:08:53.160 going to look another way. But I think American people 0:08:53.200 --> 0:08:55.520 have sort of spoken through sales. I mean, if we 0:08:55.559 --> 0:08:58.240 look at Tesla for example, I mean, Tesla did really well, 0:08:58.400 --> 0:09:00.520 but in terms of volume, sales was down. 0:09:00.760 --> 0:09:00.920 Right. 0:09:01.480 --> 0:09:02.280 If you look at. 0:09:02.160 --> 0:09:05.760 Ford and GM, their EV sales were down. So I 0:09:05.800 --> 0:09:09.600 don't know if Washington is going to continue to demand, 0:09:10.080 --> 0:09:14.040 depending on who, especially for the Democratic Party, continue to 0:09:14.080 --> 0:09:18.079 demand that kind of regulation, but the American people might 0:09:18.160 --> 0:09:21.080 just not be for it. So I'm not entirely sure 0:09:21.120 --> 0:09:24.120 if it's going to shake out the way we might project. 0:09:24.559 --> 0:09:24.959 Tesla. 0:09:25.040 --> 0:09:27.240 Of course, one of the leading points contributors to the 0:09:27.320 --> 0:09:30.320 NASDAC on the day at least Anna the leading is 0:09:30.400 --> 0:09:31.920 in Nvidio, And I just want to ask you a 0:09:31.960 --> 0:09:34.719 little bit more about the semiconductor industry and what you're 0:09:34.760 --> 0:09:36.880 trying to factor in in terms of future policy there, 0:09:36.880 --> 0:09:39.040 whether it be with China, whether it be building here 0:09:39.080 --> 0:09:39.600 in the US. 0:09:41.240 --> 0:09:45.440 Yeah, I think with AI, that's the national security bit 0:09:45.480 --> 0:09:48.120 that I was talking about before. I think the building 0:09:48.120 --> 0:09:50.080 here in the US, it's going to take a very 0:09:50.120 --> 0:09:52.720 long time. So I think that we're not going to 0:09:52.760 --> 0:09:55.520 see that tomorrow or next year, or frankly even in 0:09:55.559 --> 0:09:57.280 the next four years, whoever is. 0:09:57.200 --> 0:09:59.000 The president, what Washington might look like. 0:10:00.000 --> 0:10:04.920 So I think with Nvidia and AI, the chips and 0:10:05.000 --> 0:10:08.320 the important export controls, that's going to be a big 0:10:08.960 --> 0:10:11.440 topic probably for the next ten to fifteen years. 0:10:11.880 --> 0:10:14.440 Have you been worried in any way about potential change? 0:10:14.440 --> 0:10:17.319 Of course, when it comes to the subsidies, the support 0:10:17.360 --> 0:10:19.480 here in the US for the chip sector building in 0:10:19.480 --> 0:10:22.920 the US, has that changed any of your investment assumptions? 0:10:24.000 --> 0:10:25.160 It doesn't worry us. 0:10:25.240 --> 0:10:27.880 I mean again, this is going to take a long time. 0:10:28.640 --> 0:10:32.719 It actually makes us excited because it actually takes the 0:10:32.840 --> 0:10:37.440 risk of relying too much on Taiwan and South Korea 0:10:38.200 --> 0:10:41.960 and it brings it in here. But now that also 0:10:42.120 --> 0:10:44.240 then you have to question is that going to increase 0:10:44.280 --> 0:10:47.719 the cost of production here because it is essentially a 0:10:47.760 --> 0:10:51.080 little more expensive to make things here, And that actually 0:10:51.080 --> 0:10:54.959 opens up the door to other discussions here that may 0:10:55.000 --> 0:10:58.040 not be tech related per se, but everyone who uses. 0:10:57.840 --> 0:11:01.120 Tech and indeed monetary US see related if we are 0:11:01.160 --> 0:11:04.640 indeed talking about inflationary pressure. Anna Rathman, so good to 0:11:04.679 --> 0:11:08.120 have you on this day. Ciba's investment advisory services. Meanwhile, 0:11:08.120 --> 0:11:10.400 we want to keep an eye on other chip related 0:11:10.400 --> 0:11:13.559 stocks today because the key contributor to the downside in 0:11:13.640 --> 0:11:15.520 terms of points on the nurse at one hundred is 0:11:15.679 --> 0:11:19.200 NXP Today. Why it's earnings, and we saw overall that 0:11:19.280 --> 0:11:21.920 it was underwhelming, to say the least, with forly the 0:11:21.920 --> 0:11:24.960 most it's July issues with the car industry in particular, 0:11:25.000 --> 0:11:28.080 we saw the fourth quarter sales and earnings forecast disappointing 0:11:28.120 --> 0:11:31.160 because that slowed down in automotive customers and indeed a 0:11:31.440 --> 0:11:32.800 weak industrial demand too. 0:11:33.760 --> 0:11:36.400 Okay, coming up from the show details and the survival 0:11:36.760 --> 0:11:40.680 of Elon Musk's million dollars sweet steaks, that's next. This 0:11:40.800 --> 0:11:56.280 is Bloomberg Technology, a legal win for Elon Musk as 0:11:56.280 --> 0:12:00.319 a Pennsylvania judge rejected a request to halt his daily 0:12:00.400 --> 0:12:03.520 one million dollar sweep stakes, which is run by Mosqu's 0:12:03.679 --> 0:12:07.199 pro Donald Trump America pack Bluebers Crystal match on the 0:12:07.240 --> 0:12:10.040 ground for us and Chris, I think we've covered this 0:12:10.200 --> 0:12:12.640 over the course of a number of days or weeks, 0:12:13.080 --> 0:12:15.120 and at the heart of it was what is the 0:12:15.200 --> 0:12:18.120 legal issue here? But just bring us the latest of 0:12:18.240 --> 0:12:21.560 what the judge decided in the moment about the sweepstakes, 0:12:22.840 --> 0:12:23.480 So yeah, hi. 0:12:23.640 --> 0:12:27.880 The judge had a six hour hearing with the DA 0:12:28.440 --> 0:12:31.600 of Philly, Larry Krasner on the stand for a few 0:12:31.640 --> 0:12:35.840 hours and the treasurer of the pack, and almost immediately 0:12:35.920 --> 0:12:39.839 after decided rejected the DA's request for an immediate order 0:12:39.960 --> 0:12:43.360 that would have halted the pack. He didn't explain its reasoning. 0:12:43.400 --> 0:12:45.560 He said he's going to put out an order an 0:12:45.600 --> 0:12:47.559 opinion momentarily. 0:12:47.000 --> 0:12:50.720 That will explain its reasoning. But the DA has. 0:12:50.679 --> 0:12:55.960 Intended that the giveaway violated state lottery laws and also 0:12:56.160 --> 0:13:00.440 on consumer protection laws because it wasn't protecting the confidential 0:13:00.960 --> 0:13:04.920 personal information of the people who won the prize the pack. 0:13:05.000 --> 0:13:08.160 He contended that it actually wasn't a lottery at all. 0:13:08.440 --> 0:13:12.800 It was actually these people were given employment contracts for 0:13:12.960 --> 0:13:17.079 their time as spokespersons for the pack, and they kind 0:13:17.080 --> 0:13:18.679 of said they were being put through the ringers, so 0:13:18.760 --> 0:13:21.640 that's what they were being compensated for. And in fact, 0:13:21.679 --> 0:13:23.800 the treasurer of the pack said on the stand that 0:13:23.880 --> 0:13:26.680 he was surprised to hear Eli call it a random 0:13:26.720 --> 0:13:29.959 giveaway because he said it wasn't. These people were being 0:13:30.040 --> 0:13:32.280 compensated for their time, so that. 0:13:32.440 --> 0:13:36.120 Leads us precisely where Chris, because I suppose there's more 0:13:36.160 --> 0:13:39.719 transparency on actually what this is all about and sort 0:13:39.760 --> 0:13:42.920 of paid spokespeople. But ultimately we're off the hope from 0:13:42.920 --> 0:13:45.920 a legal perspective for the most part. 0:13:46.000 --> 0:13:49.040 Now, the DA continue to pursue damages, and he made 0:13:49.080 --> 0:13:51.600 it clear that he was going to seek more money. 0:13:51.640 --> 0:13:55.199 I mean, this is an emergency injunction motion. So and 0:13:55.320 --> 0:13:56.920 for the most part, like you said, it's kind of 0:13:57.000 --> 0:14:00.520 moot that the giveaway is over. They they're weren't going 0:14:00.559 --> 0:14:05.000 to give away any more money. So Elon last week 0:14:05.080 --> 0:14:07.040 tried to get this move to federal court. 0:14:07.160 --> 0:14:08.880 This is why it took so long. 0:14:08.960 --> 0:14:12.000 The GA only filed this dude a week ago, and 0:14:12.160 --> 0:14:14.040 as were supposed to have you hearing on Thursday. That 0:14:14.120 --> 0:14:17.120 get canceled when Elon tried to move it to federal 0:14:17.200 --> 0:14:19.200 court and then it got punting back to state court. 0:14:19.680 --> 0:14:22.480 So for the most part, this lawsuit is kind of 0:14:22.680 --> 0:14:27.560 over for the moment, and Elon was kind of victorious, 0:14:27.600 --> 0:14:30.720 even though oftensibly, you know, he lost his attempt to 0:14:30.760 --> 0:14:31.520 move it out of court. 0:14:32.080 --> 0:14:34.840 In both Crystal Match on the latest we thank you 0:14:35.440 --> 0:14:38.480 now look Silicon Valley Heavyweights such as in Noamusque. It 0:14:38.760 --> 0:14:41.560 made a significant impact on this year's US election. But 0:14:41.680 --> 0:14:45.000 our next guest says, text involvement began long before the 0:14:45.040 --> 0:14:48.400 twenty twenty four decision. Let's bring in no like technology 0:14:48.440 --> 0:14:51.040 and geopolitics. A fellow at the Harvard Belfa Center, you 0:14:51.200 --> 0:14:53.880 recently wrote an ophead on this exact topic. Just take 0:14:53.960 --> 0:14:56.640 us back in history the States, back to the eighties, 0:14:56.760 --> 0:15:01.160 really the nineties, when technology CEOs really started to make 0:15:01.240 --> 0:15:04.560 their feelings and money known in politics. 0:15:05.960 --> 0:15:09.800 Hi, Caroline, Yes, our current age of tech really began 0:15:09.920 --> 0:15:12.520 in the nineteen eighties with the arrival of the desktop computer, 0:15:13.120 --> 0:15:15.360 and then in the nineteen nineties e commas took off, 0:15:15.400 --> 0:15:17.240 and now we're in sort of the third act of 0:15:17.360 --> 0:15:20.440 this age in terms of AI and of course the 0:15:20.520 --> 0:15:23.400 space phrase. But from the very start, from the nineteen 0:15:23.440 --> 0:15:28.840 eighties Silicon Valleys players, many of whom are still the 0:15:28.880 --> 0:15:32.760 same today as they were then. So people like starting 0:15:32.800 --> 0:15:35.480 with Steve Jobs and right through to Bezos and Mask 0:15:36.560 --> 0:15:42.560 started becoming politically active in the nineteen eighties and engaging 0:15:42.760 --> 0:15:45.720 with the government in terms of the kind of changes 0:15:45.760 --> 0:15:50.920 they wanted for in terms of regulation, investment, and also 0:15:51.000 --> 0:15:53.400 the idea of government as a customer. 0:15:53.920 --> 0:15:57.160 I suppose what potentially has changed here is that one 0:15:57.240 --> 0:15:59.680 of them might well take a very leading role in 0:15:59.760 --> 0:16:03.080 men illustration if indeed Trump does get in and talking 0:16:03.120 --> 0:16:05.720 about Elon Musk. But moreover, it's sort of we're getting 0:16:05.760 --> 0:16:09.960 more transparency about their roles. Is that because of the 0:16:10.000 --> 0:16:13.240 way they're self identifying, or is that because of the 0:16:13.360 --> 0:16:15.800 age of social media we able to find these things out. 0:16:17.240 --> 0:16:20.240 I think it's because, well, we have people like Elon 0:16:20.400 --> 0:16:24.080 Musk being sort of particularly flamboyant in terms of their approach. 0:16:24.120 --> 0:16:27.280 I mean with the million dollar lottery, where there's been 0:16:27.360 --> 0:16:30.480 so much focus on the million bucks. But actually I 0:16:30.560 --> 0:16:33.800 think it's great to have that because we are now 0:16:33.960 --> 0:16:36.160 seeing the power of tech, which was sort of previously 0:16:36.640 --> 0:16:39.840 I think existed. I mean, the PayPal mafia kind of 0:16:39.920 --> 0:16:43.720 functioned as very much with the sort of oath of 0:16:43.840 --> 0:16:47.600 silence or omerta in terms of their political views, and 0:16:47.680 --> 0:16:51.920 we've seen those actually coming out now and just how 0:16:52.760 --> 0:16:58.640 much people like Musk can influence narratives, and not just 0:16:58.720 --> 0:17:01.760 through money, but in terms of how they think about 0:17:01.800 --> 0:17:04.479 the economy, and of course how Musk has also been 0:17:04.520 --> 0:17:10.639 thinking about issues like immigration and voter flaud Now, in. 0:17:10.760 --> 0:17:15.399 Your research, have you found specific evidence that an endorsement 0:17:15.520 --> 0:17:19.360 from a technology leader like Musk, or an appeal from 0:17:19.880 --> 0:17:23.520 leaders in technology to actually go out and vote translates 0:17:23.600 --> 0:17:26.520 to that action by the electorate in the voting base. 0:17:28.200 --> 0:17:32.399 I think it does have some impact. The very first 0:17:33.000 --> 0:17:36.560 Silicon Valley election was took place in nineteen ninety two 0:17:37.160 --> 0:17:40.960 when Clinton actually went out to woule Silicon Valley because 0:17:41.160 --> 0:17:44.119 he wanted to the Democrats to be seen as a 0:17:44.320 --> 0:17:49.439 pro business, pro tech party, and the endorsement that Silicon 0:17:49.520 --> 0:17:53.000 Valley gave him just I think three weeks ahead of 0:17:53.080 --> 0:17:58.960 that election did actually help in terms of shifting the 0:17:59.080 --> 0:18:02.040 mood somewhat. But of course, at that point he was 0:18:02.119 --> 0:18:05.520 already ahead in the polls. So I think it does 0:18:06.800 --> 0:18:11.000 help in some in some way in terms of boosting 0:18:11.119 --> 0:18:13.960 the candidate's credentials, and we've seen that happening this time 0:18:14.040 --> 0:18:21.320 with both Kamla Harris and Trump lying for Silicon Valley endorsements. 0:18:22.480 --> 0:18:27.159 Now, do you believe that technology is a priority for 0:18:27.320 --> 0:18:29.000 both campaigns in this election? 0:18:30.440 --> 0:18:34.800 Yes, absolutely, And I think that when we have candidates 0:18:34.920 --> 0:18:39.600 competing for Silicon Valley votes and endorsements, it means that 0:18:39.680 --> 0:18:42.520 actually it's a win win for Silicon Valley irrespective of 0:18:42.560 --> 0:18:45.200 whether it's Trump or Kamala Harris who ends up in 0:18:45.280 --> 0:18:45.960 the White House. 0:18:47.520 --> 0:18:50.639 I think just broadly, we need to just think about 0:18:50.960 --> 0:18:55.720 ultimately whether the electorate do you think has that transparency, 0:18:55.920 --> 0:18:59.879 that knowledge that with endorsements, with hitting the campaign trail, 0:19:00.760 --> 0:19:03.119 there might well be positives for the companies that they 0:19:03.200 --> 0:19:05.600 run in the later half of the administration. 0:19:07.200 --> 0:19:12.760 I think all of us are becoming much more aware 0:19:12.920 --> 0:19:15.119 of the power of big tech. I mean, we've now 0:19:15.200 --> 0:19:17.120 been living in the age of Tech for the last 0:19:17.280 --> 0:19:20.439 forty years, so I think, yes, the electorate is beginning 0:19:20.520 --> 0:19:24.119 to pay more attention and when we have people like 0:19:24.320 --> 0:19:26.920 Mask making the kind of statements they do, in a way, 0:19:27.760 --> 0:19:32.440 he's helped add to the need for more transparency and 0:19:32.520 --> 0:19:36.840 has made that the process more transparent. In fact, inadvertently. 0:19:38.119 --> 0:19:41.440 Like Technology and Geopolitics Research Fellow at the Belfa Center 0:19:41.760 --> 0:19:51.600 of the Harvard Kennedy School, thank you, welcome. 0:19:51.359 --> 0:19:53.440 Back to BLUEMG Technology. I'm Karine Hyde in New. 0:19:53.440 --> 0:19:55.760 York and I'm ed Loveo in San Francisco. 0:19:55.840 --> 0:19:57.600 It's going to quick check on these markets. We of 0:19:57.760 --> 0:20:00.680 course see people lining up, willing and wanting to be 0:20:00.760 --> 0:20:02.440 able to cast their votes today at the election polls. 0:20:02.480 --> 0:20:03.840 I'm looking at the na's that one hundred up more 0:20:03.880 --> 0:20:06.120 than one percent. In fact, we're seeing big tech leading 0:20:06.200 --> 0:20:08.800 the charge Bitcoin on the higher side as well. So 0:20:08.880 --> 0:20:11.280 see now as some sort of proxy as many feel 0:20:11.320 --> 0:20:13.960 for potentially a Trump administration coming in and one that 0:20:14.040 --> 0:20:17.720 has shown significant support of cryptocurrencies here in the United States. 0:20:17.960 --> 0:20:20.000 But I'm looking at an ecosystem that is led higher 0:20:20.080 --> 0:20:23.800 on the tech side, also by earnings fundamentals. Palenteers still 0:20:24.160 --> 0:20:27.720 showing that the AI demand is resilient and in many 0:20:27.800 --> 0:20:30.640 ways unabound. We're up more than twenty two percent after 0:20:30.720 --> 0:20:34.120 the numbers are beaten raised for Palenteer particularly strong growth 0:20:34.119 --> 0:20:36.640 here in the United States. Super microcomputer. Look, we get 0:20:36.720 --> 0:20:39.160 some numbers after the bell today, but for many it's 0:20:39.200 --> 0:20:40.600 not going to be about the numbers that they show, 0:20:40.600 --> 0:20:42.600 and in fact, we are expecting more than two hundred 0:20:42.680 --> 0:20:46.360 percent increase in their sales for this particular fiscal quarter. 0:20:46.480 --> 0:20:48.600 But people want to know what an earth is going 0:20:48.640 --> 0:20:51.600 on with a DOJ investigation, what on Earth happened in 0:20:51.720 --> 0:20:54.360 terms of them losing their accounting and one on Earth 0:20:54.400 --> 0:20:58.240 about overall the focus on these businesses and transparency around 0:20:58.440 --> 0:21:01.359 super microme. Looking at Trump media, so DJJA up fifteen 0:21:01.359 --> 0:21:04.399 percent seven out of the last eight trading days. ED, 0:21:04.600 --> 0:21:07.720 we've seen double digit moves, quadruple the volatility that we 0:21:07.800 --> 0:21:10.240 see for bitcoin. This again a proxy on Trump and 0:21:10.320 --> 0:21:12.240 a win ED okay. 0:21:12.280 --> 0:21:15.560 A story that broke late last night. Predictions betting platform 0:21:15.680 --> 0:21:21.040 Polymarket has been paying US based influencers to promote election 0:21:21.240 --> 0:21:24.040 betting on the site, even though it's barred from letting 0:21:24.080 --> 0:21:27.120 anyone in the country use the tool to place wages, 0:21:27.200 --> 0:21:31.080 including on today's presidential race. Bloomberg's Margie Murphy broke the 0:21:31.160 --> 0:21:34.000 story and joins us, now, what did you learn? 0:21:35.760 --> 0:21:38.800 Yeah, so, I think a lot of people may have 0:21:38.920 --> 0:21:42.760 seen polymarket across the social media. There's just been a 0:21:42.840 --> 0:21:50.680 flurry of memes and graphics showing Carmela versus Trump with 0:21:50.800 --> 0:21:54.920