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Speaker 1: From the heart of where innovation, money and power collide

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Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

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Speaker 1: Caroline Hyde and Ed.

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Speaker 2: Ludlow live from New York.

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Speaker 3: This is Blomberg Technology, and we get straight to our

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Speaker 3: top story. President Trump taking aim and Apple yet again,

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Speaker 3: threatening a twenty five percent tariff on the iPhone maker

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Speaker 3: if they don't produce the devices in the United States

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Speaker 3: for US consumers. Shares as you see, down yet another

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Speaker 3: two point seven percent. We're dropping below that three trillion

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Speaker 3: dollar market capitalization, and we're bringing the analysis Blombergs. Mike

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Speaker 3: Shepherd joins us we have seen Tim Cook in the

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Speaker 3: line of fire from Donald Trump for at least the week.

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Speaker 4: Now, how does he respond, Mike, This is.

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Speaker 5: A tough one for him, Caro, because the President's dander

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Speaker 5: really is up here. Last week he singled him out

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Speaker 5: during an appearance with reporters while he was traveling to

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Speaker 5: the Middle East, and he noted Cook's absence during a

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Speaker 5: forum with other CEOs in Riab where he called out

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Speaker 5: Tim Cook. Tim Cook, do I see? And he said,

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Speaker 5: I don't think Tim is here, And then later he

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Speaker 5: pointed to Apple's intention to move some of its China

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Speaker 5: based iPhone production for the US to India to avert

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Speaker 5: what would be higher costs related to tariffs on goods

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Speaker 5: coming from China. Trump wants to see something different, though.

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Speaker 5: He wants that production not to go to India but

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Speaker 5: to the US. He would like to see domestic production

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Speaker 5: move here. And whatever Tim Cook has been promising the President,

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Speaker 5: with whom in the past he's had a good relationship,

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Speaker 5: clearly wasn't enough. And remember Tim Cook did meet with

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Speaker 5: Trump at mar A Lago after the election, and he

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Speaker 5: attended the inauguration too. He had a visible spot along

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Speaker 5: with other tech leaders in the capital rot Tuanda on

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Speaker 5: that day, January twentieth.

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Speaker 4: And we're not seeing for Tim.

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Speaker 5: Cook the results that he might have hoped for in

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Speaker 5: this relationship with the President.

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Speaker 3: The signals have been their Mike, as you mentioned, the

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Speaker 3: little problem with Tim Cook that Trump spoke of last

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Speaker 3: week being that of shifting manufacturing from China to India,

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Speaker 3: and then the ft with a report showing that that

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Speaker 3: India manufacturing focus had been being doubled down on in

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Speaker 3: the last week. More broadly, to speak to the relationship

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Speaker 3: therefore that we see of Tim Cook with the US

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Speaker 3: and investing him because already he had promised five hundred

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Speaker 3: billion dollars.

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Speaker 5: He had promised five hundred billion dollars and it was

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Speaker 5: not insignificant, and he had talked about moving some iPhone

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Speaker 5: related chip production here and other efforts here, including training

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Speaker 5: and other works, but it wasn't enough. Trump is really

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Speaker 5: about the symbolism. He wants the iconic products, including the iPhone,

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Speaker 5: but others as well made here in the US. But

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Speaker 5: one of the problems is, of course, the workforce. We

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Speaker 5: don't have the workforce, and then the cost. Do we

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Speaker 5: have the workforce that is prepared to do the kind

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Speaker 5: of high tech, high skill assembly of these phones that

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Speaker 5: you see on mass in China and in India and

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Speaker 5: in Vietnam. We really don't. And Tim Cook has made

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Speaker 5: this point over and over again, as have other chief

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Speaker 5: executives when they talk about the challenge of bringing production

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Speaker 5: here to the US. So is a difficult moment for

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Speaker 5: Tim Cook and trying to figure out this relationship with

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Speaker 5: the US.

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Speaker 6: The cost.

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Speaker 5: There are estimates all over the place about how much

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Speaker 5: more an iPhone would cost if it were produced here,

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Speaker 5: from beginning to end. One analyst out this morning saying

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Speaker 5: as high as thirty five hundred dollars per unit. That

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Speaker 5: may be high, but it gives you an idea of

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Speaker 5: just how much more of a cost there may be

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Speaker 5: for moving production here, which Caro, it's important to note,

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Speaker 5: would take years to reroute all those supply lines, find

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Speaker 5: that land, et cetera.

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Speaker 4: Well, said Mike Sheppard.

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Speaker 3: We appreciate it, of course, that being Dan ives a

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Speaker 3: Webburshoe called about a thirty five hundred price tag, and

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Speaker 3: indeed he called it a fairy tale. And it's calling

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Speaker 3: this an absurd directive coming from the president. Let's get

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Speaker 3: more analysis with Gil Luria Da Davison managing director joining us.

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Speaker 3: Now you have a buy rating on Apple, a two

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Speaker 3: hundred and fifty dollars price target. Does any of that

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Speaker 3: change if they indeed have to bring production hitting the

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Speaker 3: United States?

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Speaker 6: It does not. This is really just a matter of timeframes. Yes,

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Speaker 6: if we needed to make an iPhone right now in

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Speaker 6: the US, it would be very expensive. But can we

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Speaker 6: do this in five years? If Apple was to commit

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Speaker 6: to bringing production on iPhones to the US in five

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Speaker 6: years and invested its considerable resources into doing that, it

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Speaker 6: wouldn't be that much more expensive. And that's what the

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Speaker 6: President is looking for. And I'm surprised that Apple is

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Speaker 6: at a point where they're negotiat eating this badly that

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Speaker 6: the President has to go out publicly and threaten them.

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Speaker 6: You've seen other technology CEOs do a much better job

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Speaker 6: of giving the President what he wants and moving forward

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Speaker 6: and making those commitments. And I'm surprised that Apple is

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Speaker 6: continuing to be humbled. Let's not forget this has been

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Speaker 6: a humbling week for Apple. Yes, at Google Io, we've

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Speaker 6: seen that that Google is way ahead on AI on Android.

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Speaker 6: Then there was the embarrassing announcement from Open Ai and

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Speaker 6: Johnny Ive. Apple needs to do a better job of

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Speaker 6: negotiating because if it does commit to a long term path,

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Speaker 6: it could make iPhones in the US at a competitive price.

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Speaker 6: It doesn't have to do it today.

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Speaker 3: How Gil, at the moment, we're hearing that we don't

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Speaker 3: have the skill set in the United States. We don't

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Speaker 3: have the ecosystem of supply chain here. It has taken

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Speaker 3: decades to build it up in China, It's taken years

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Speaker 3: to build up in India. What do they have to

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Speaker 3: go about sorting here in the United States?

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Speaker 4: Three to five year timeframe.

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Speaker 6: Yeah, that's exactly right. It is a skills issue. But

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Speaker 6: if you give them five years, we can hire internationally,

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Speaker 6: we can develop the skill Here. Apple is sitting on

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Speaker 6: fifty billion dollars of cash and it produces one hundred

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Speaker 6: billion dollars of cash every year. That is, that is

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Speaker 6: enough to accomplish great things. And if the great thing

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Speaker 6: Apple needs to accomplish right now is to develop that

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Speaker 6: skill set domestically, then it should be focusing its own

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Speaker 6: resources on that.

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Speaker 4: Again, Gil jumping in there.

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Speaker 3: The opportunity cost of diverting that cash away from R

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Speaker 3: and D. Boy, they have to catch up in terms

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Speaker 3: of Generator AI and integrating it there, but instead having

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Speaker 3: to focus on production here in the United States? Is

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Speaker 3: that not an opportunity cost? That does indeed drag down

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Speaker 3: the price target it needs for the stock.

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Speaker 6: It is a headwind and that's the head whend they're

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Speaker 6: dealing with this year. That's why the stock is down

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Speaker 6: so much, is that they've been caught in this cross

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Speaker 6: us fire and they didn't need to again. All they

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Speaker 6: needed to do is make some early commitments, start down

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Speaker 6: a path, and then this path either it leads them

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Speaker 6: to a successful outcome or they have a fallback of saying, okay,

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Speaker 6: let's just absorb the twenty five percent tariff from India.

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Speaker 6: That's why when people say it'll cost thirty five hundred

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Speaker 6: dollars to make an iPhone in the US, that's not

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Speaker 6: a real thing. The only possibility year is that they're

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Speaker 6: going to say, okay, even in a five year time frame,

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Speaker 6: it's going to cost us so much to make an

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Speaker 6: iPhone that will absorb the twenty five percent tariff from

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Speaker 6: India and absorb it through higher prices, slightly lower margin,

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Speaker 6: and push it down to vendors. So this is really

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Speaker 6: just a matter of them doing a better job negotiating

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Speaker 6: moving forward. But yes, absolutely this is a drag on

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Speaker 6: the stock. It has been this year, and until they

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Speaker 6: find a path forward and get out of the headlines,

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Speaker 6: it'll continue away on the stock.

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Speaker 3: So, Gil, if you're saying it's not a real thing,

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Speaker 3: estimate what an iPhone made in America would cost. Are

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Speaker 3: you anticipating that they do stomach a twenty five percent

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Speaker 3: tariff coming on just continue into import or are you

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Speaker 3: anticipating that they do go about a three to five

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Speaker 3: year investment plan in the US When look the term

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Speaker 3: of President Trump is in five years.

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Speaker 6: I think they need to proceed on both pasts again

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Speaker 6: this year. They can't make iPhones in the US now

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Speaker 6: this year, not in the next three years, so they

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Speaker 6: are going to have to try to negotiate that tariff

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Speaker 6: down or absorb it in the short term, which is

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Speaker 6: what they're doing, and then proceed on both paths, because

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Speaker 6: to your point, this administration isn't going to be in

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Speaker 6: power forever and they're going to have to find out

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Speaker 6: over time how what it is going to cost. I

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Speaker 6: think that we're also minimiz I think that I've heard

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Speaker 6: some comments minimizing the changes to manufacturing in the US.

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Speaker 6: Manufacturing is going to change dramatically over the next few

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Speaker 6: years in the US for a variety of reasons, because

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Speaker 6: labor has become more expensive in China and Taiwan, because

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Speaker 6: robotics are getting that much better. So in a five

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Speaker 6: year timeframe they may be able to accomplish these goals.

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Speaker 6: They have to pursue that now they don't have a choice.

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Speaker 6: But at the same time they need to use that

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Speaker 6: as leverage to go back to the administrator and say, hey,

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Speaker 6: give us five years to do this. Let's take off

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Speaker 6: that twenty five percent on India because we are making

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Speaker 6: a firm commitment to the five year timeframe and that'll

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Speaker 6: buy them the time to find a good resolution that

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Speaker 6: is possible, and mister Cook is a skillful enough negotiator

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Speaker 6: that he needs to be able to accomplish that.

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Speaker 3: But how frustrating do you think it is for investors,

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Speaker 3: for yourself or indeed Tim Cook, to just think about

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Speaker 3: the inefficiencies that have to be built into the business

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Speaker 3: model now. Even if they do bring over a component

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Speaker 3: building here in the US, it's not going to be

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Speaker 3: an easy task and they're likely to have to still

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Speaker 3: assemble in China and India for the time being.

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Speaker 6: Well, it's a reality. I think sometimes other countries and

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Speaker 6: some CEOs are a little bit in denial over the

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Speaker 6: fact that President Trump got seventy seven million votes and

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Speaker 6: believes he has a mandate to make these very profound

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Speaker 6: changes to the global order, including changing the way the

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Speaker 6: global supply chain works. This is not going to change

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Speaker 6: in the next three years. This is something that all

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Speaker 6: these companies and by the way, these countries have to

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Speaker 6: acknowledge and move forward with, and we as analysts and

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Speaker 6: investors have to adapt to it. We can't go back

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Speaker 6: in time and change the outcome of the US elections.

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Speaker 6: This is the administration, this is its policy, and we

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Speaker 6: have to adapt as investors, which means that Apple is

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Speaker 6: going to have a choppy year for sure, and other

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Speaker 6: companies that try to negotiate badly are going to have

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Speaker 6: choppy years. That's why we favor companies that have handled

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Speaker 6: this better. Microsoft, Amazon I've handled this a lot better.

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Speaker 6: Their business is more resilient to this, and they should

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Speaker 6: be better able to get through the rest of this

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Speaker 6: year and the rest of this administration.

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Speaker 3: All lies on the political navigation of Tim Coke.

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Speaker 4: Next, Gil Luria.

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Speaker 3: Great to have you Da Davidson coming up, renowned computer

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Speaker 3: scientist in Ai developed and row and he's going to

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Speaker 3: be joining us to talk about his new VC fund.

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Speaker 3: But also this talent, the skill issue that we're just

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Speaker 3: talking about with Gil Luria, can that be brought here

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Speaker 3: to the United States.

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Speaker 4: Let's just take a quick.

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Speaker 3: Check on the market's ahead of that though, because the

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Speaker 3: Nazak is under pressure as we dial up tariff anxiety.

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Speaker 4: Nazak off by more than percent.

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Speaker 3: We see this semiconductor index also off by two percent,

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Speaker 3: and video gets sold for Apple in the line of fire.

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Speaker 3: This is bluebog technology. The big news today it is

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Speaker 3: Apple shares trading low as investors react to President Trump's

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Speaker 3: threat of a twenty five percent tariff on the company

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Speaker 3: if it doesn't bring more iPhone production to the United States.

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Speaker 3: But doing that requires skills many American workers currently do

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Speaker 3: not have. We're pleased to welcome to the show Andrew

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Speaker 3: and his world renowned computer scientist, thought leader and also

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Speaker 3: the co founder of online education company called Serah, and

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Speaker 3: is also announcing his second fund targeting AI startups. Andrew,

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Speaker 3: it is wonderful to have your voice on the show.

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Speaker 3: And before we get into really the AI talent that

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Speaker 3: you've been building, I just want to get your take

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Speaker 3: on the labor skills that are currently needed in the

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Speaker 3: US for this manufacturing pivot. If we were to bring

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Speaker 3: iPhone manufacturing to the United States, could we do it

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Speaker 3: in a near ative time frame?

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Speaker 7: It will take years to develop the talent based needed

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Speaker 7: to bring a lot of advanced manufacturing back to the

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Speaker 7: United States. I think there's a certain largely to making

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Speaker 7: sure that advanced manufacturing is under the control of the

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Speaker 7: US and our allies, and that's important, not just US

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Speaker 7: but also I trusted Ollies. Several years ago, I actually

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Speaker 7: visited Wisconsin where the first Trump administration and fox Con

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Speaker 7: might be put fed into Wiscon Valley, which is an

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Speaker 7: attempt to move semiconductor, sorry, move display manufacturing panel display

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Speaker 7: manufacturing to the United States in Wisconsin, and frankly it

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Speaker 7: was a great effort, but it really struggled to gain

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Speaker 7: traction because it's very difficult to find the talent in

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Speaker 7: Wisconsin or the US more broadly, with the advanced manufacturing skills,

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Speaker 7: manufacturing today is often a high skill requiring knowing about robotics,

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Speaker 7: knowing about software. It's not just people assembling little things

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Speaker 7: with their hands anymore. And we've got a lot of

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Speaker 7: work to do to grow that talent in the US.

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Speaker 3: Where could we bring in from and where have you

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Speaker 3: seen that skill set among allies that can be broad

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Speaker 3: in because in many ways it's feeling as though we're

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Speaker 3: not bringing in.

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Speaker 4: Talent from abroad at this moment either.

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Speaker 7: I think that in the case of manufacturing talent, curly

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Speaker 7: China has a lot of it. I think Taiwan interestingly

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Speaker 7: also has a lot of manufacturing talent. So I feel

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Speaker 7: like and obviously also Japan. I think some parts of

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Speaker 7: career as well, especial when it comes to semiconductors. But

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Speaker 7: so many of our allies do have skilled manufacturing talent.

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Speaker 7: But how to work with them to import some of

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Speaker 7: those skills to the US is I think something still

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Speaker 7: to be figured out. And then on the other sid

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Speaker 7: of the spectrum they alluded to, I think one of

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Speaker 7: the best things that US could do to ensure American

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Speaker 7: competitiveness in AI and other advanced technology fields is to

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Speaker 7: frankly support our universities and support high skill immigration.

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Speaker 3: How have you been considering the cuts to science funding

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Speaker 3: in particular? Is that impacting your sector? The sector you

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Speaker 3: want to invest more in with your second fund.

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Speaker 7: So AFUNS Adventure Studio. We work with many entrepreneurs to

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Speaker 7: build companies and I feel like over the last many decades,

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Speaker 7: America led the world in science and technology, and this

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Speaker 7: is an eraror when we have strong institutions like the

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Speaker 7: National Science Foundation and the NAH the funded open research.

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Speaker 7: One thing that I think not many people fully understand

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Speaker 7: is when say, the National Science Foundation funds and researcher

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Speaker 7: the writer research paper there's published a free anyone in

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Speaker 7: the Internet can can read it. Yes, it holds their adversaries. Yes,

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Speaker 7: it helps the whole world. But the country it helps

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Speaker 7: the most is America because when an American researcher on American

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Speaker 7: assault publishes a paper, that diffusion of knowledge is fastest

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Speaker 7: within America. And yes, other countries, including our adversaries, can

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Speaker 7: benefit from it too, but that openness of research helps

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Speaker 7: the country that does it the most. And so I

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Speaker 7: think America's ability to attract amazing international I always once

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Speaker 7: an international student myself on an F one visa, and

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Speaker 7: I came to the US study and it ended up

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Speaker 7: saying and hopefully making some positive contributions to this country.

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Speaker 7: I think welcoming school immigration would be a they would

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Speaker 7: be an important piece of insurance American competitiveness.

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Speaker 3: Well, let's talk about your positive contribution when it comes

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Speaker 3: to raising one hundred and ninety million dollars second fund

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Speaker 3: to invest in ai talent and startups and sort of

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Speaker 3: co found them in many ways. What sector is you

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Speaker 3: looking at and are they US built companies alone?

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Speaker 7: We are building the majority of countries we built are

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Speaker 7: in the US, but we are also working with businesses

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Speaker 7: in Japan and Taiwan. Career and so on, Afan's Adventure studio.

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Speaker 7: So what I decided was unlikely traditional VC. You know,

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Speaker 7: I don't want to be competing for or chasing deal flow,

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Speaker 7: so we exclusively work of entrepreneurs to co found companies.

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Speaker 7: What that means is my team is alongside the entrepreneurial

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Speaker 7: We're writing code and customers debating what features to build.

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Speaker 7: And because my team is fortunate to be close to

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Speaker 7: the AI technology, a less of local across many different

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Speaker 7: industry sectors, recruit great AI talent and apply our technical

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Speaker 7: expertise to all sorts of different sectors where AI can

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Speaker 7: be applied.

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Speaker 3: Well come back as that portfolio continues to grow.

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Speaker 4: Andrew has been a joy speaking with you.

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Speaker 3: Congratulations on the new fund and thank you for sharing

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Speaker 3: your expertise and drawing. Of course, managing general partner at

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Speaker 3: the AI Fund, It's also founder of Deep Learning AI and.

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Speaker 4: Of course co founder of Coursera.

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Speaker 3: Sticking with artificial intelligence and forropic well, it's rolling out

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Speaker 3: two new versions of its claud AI software, including a

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Speaker 3: longer laid.

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Speaker 4: Update to the high end model.

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Speaker 3: This is as a startup really advised to stay ahead

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Speaker 3: of a crowded market. Mike Kreiger joined ed a little

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Speaker 3: earlier Andthropic's chief product officer, Our really.

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Speaker 8: You know constraint for the slaunch was we wanted to

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Speaker 8: be available to you know, as many people as want

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Speaker 8: it on the launch day itself as well, and so

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Speaker 8: it'll be generally available. It'll be in claud dot ai

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Speaker 8: for our more end users. It'll also be available in

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Speaker 8: the API for usage on day one, and then as

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Speaker 8: people scale up their usage, you know, there's often you know,

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Speaker 8: capacity and rate limit conversations that we need to have

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Speaker 8: just because the models aren't really in demand. But in

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Speaker 8: terms of being generally available.

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Speaker 3: It's day one coming up tech IPOs and we're back.

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Speaker 3: We'll discuss a Bream and ch equity Zen. This is

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Speaker 3: reuly Meg technology. Now as the broader market sells off

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Speaker 3: shares of Mountain of Hinge Health, both trading higher after

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Speaker 3: making their public debuts just yesterday. Their success is giving

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Speaker 3: hope to other tech startups that have been waiting to

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Speaker 3: go public in some cases for many years.

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Speaker 4: Let's talk about it all.

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Speaker 3: Briann lynches with US head of market Insights at equity

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Speaker 3: Zen and one of the largest pre IPO platforms for

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Speaker 3: private shares. It's in the secondary market and brand. Look,

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Speaker 3: are we seeing the creaking open? Is it companies that

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Speaker 3: have to come to the market or are we going

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Speaker 3: to start to see companies that just want to come

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Speaker 3: in this environment?

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Speaker 9: Thanks for having me now. If you had asked me

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Speaker 9: a few weeks ago if we would be seeing positive

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Speaker 9: IPO activity right now, I would have said no. But

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Speaker 9: these few companies that have bit the bullet and decided

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Speaker 9: to go out Eutro last week, Hinge Health, and mount

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Speaker 9: In yesterday are performing well in are outperforming the market.

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Speaker 9: So I think, you know, we're not in a market

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Speaker 9: environment where we'll see the floodgates open up. But for

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Speaker 9: companies that need to go public for liquidity or other reasons,

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Speaker 9: or feel like they have a really compelling story, they

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Speaker 9: might just be brave and decide to despite you know,

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Speaker 9: the volatility there is.

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Speaker 3: What are the story necessities. It's interesting that core we've

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Speaker 3: now really outperforming. We're at priced despite the initial volatility.

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Speaker 3: So we've got an AI focus, you've got release services

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Speaker 3: and consumer focus businesses. Thus far, does it have to

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Speaker 3: be there or could we even go into broader hardware

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Speaker 3: and deep tech?

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Speaker 9: I think we can go broader into a hardware detech.

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Speaker 9: There's other names that are on our radars. Rebra Swan

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Speaker 9: who has filed and you know, has been on the

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Speaker 9: IPO pipeline for some time now. But what's interesting is

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Speaker 9: the companies we've seen recently. You have a fintech, you

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Speaker 9: have a health tech, you have an ad tech company,

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Speaker 9: so very different companies, but there are some similarities. These

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Speaker 9: are older companies that are over a decade plus years old,

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Speaker 9: so there's a lot of investors and early employees who've

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Speaker 9: been reading a very long time for liquidity. Surprisingly, when

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Speaker 9: you look at the two from yesterday, these are unprofitable

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Speaker 9: companies as well, so it's a little bit surprising to

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Speaker 9: see how well they've then received given that they're not

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Speaker 9: yet profitable. They're almost there, but it seems like maybe

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Speaker 9: that's not a requirement now for public market investors when

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Speaker 9: you're achieving thirty five plus percent growth rates and hundreds

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Speaker 9: of millions of dollars in revenue. So I think there's

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Speaker 9: a similar story well we're seeing across some of these sectors.

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Speaker 9: And another thing to notice, these have been down round IPOs,

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Speaker 9: you know, the to yesterday both raising in their IPO

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Speaker 9: at valuations below their last round of private funding, and

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Speaker 9: especially for a lot of these companies that last raise

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Speaker 9: in twenty twenty one, twenty twenty two, I think that's

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Speaker 9: going to be a reality in the market. So just

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Speaker 9: some commonalities and things that we may expect to see

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Speaker 9: as others enter the market.

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Speaker 3: Bran, Let's talk though about some of the pressures that

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Speaker 3: can be taken off by the secondary market, because liquidity

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Speaker 3: for employees that have been there a long time, liquidity

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Speaker 3: for the venture that's back them for a long time,

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Speaker 3: and it's actually getting far easier in the secondary market

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Speaker 3: right absolutely.

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Speaker 9: And what we've seen is the VC ecosystem as a

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Speaker 9: whole is at this really interesting inflection point where it

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Speaker 9: used to be raise capital from LPs, deploy that into

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Speaker 9: early stage startups, have exits around the ten year time

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Speaker 9: horizon return capital, rinse, repeat, rinse repeat. That crucial exit

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Speaker 9: at the ten year timeline piece is not happening, and

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Speaker 9: that's really driving more secondary activity. Precursor Ventures gave a

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Speaker 9: stat a few weeks ago that they expect seventy five

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Speaker 9: to eighty percent of distributions to LPs to be from

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Speaker 9: secondaries over the next five years, and that's a huge

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Speaker 9: number and it really speaks to the liquidity crunch that

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Speaker 9: we're seeing in the venture market, and secondaries are certainly

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Speaker 9: becoming a larger avenue.

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Speaker 3: To address that briefly, though, we've seen an interesting tech

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Speaker 3: focus from vcs where they convert to be able to

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Speaker 3: buy more of the secondary market, maybe even some of

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Speaker 3: the public market too.

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Speaker 1: Yeah.

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Speaker 9: Absolutely, so, we've seen this trend of more vcs registering

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Speaker 9: as Ria's light Speed is the most recent example of

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Speaker 9: a VC firm that's done that, and that really allows

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Speaker 9: them more flexibility to invest more than twenty percent of

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Speaker 9: their portfolio into both public companies and secondaries. And while

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Speaker 9: we've talked a lot about, you know, the secondary need

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Speaker 9: on the cell side, there's also a secondary need on

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Speaker 9: the buy side where these AI companies they have just

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Speaker 9: so much capital available to them, it's hard for most

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Speaker 9: investors to get access to a funding round or get

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Speaker 9: the allocation that they're looking for in you know, the

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Speaker 9: latest AI startup, So they're also coming to the secondary

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Speaker 9: market to either build or establish investments.

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Speaker 3: Brian Lynch, great to catch up with you, thank you,

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Speaker 3: head of Market inside It at Quityzen. Meanwhile, we check

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Speaker 3: bick back on the big story of the day, Apple

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Speaker 3: shares lower well, we see a twenty five percent tariff

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Speaker 3: that they don't move more US manufacturing for the iPhone.

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Speaker 4: This is Bloomberg Technology