Speaker 1: From the heart of where innovation, money and power collide
Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with
Speaker 1: Caroline Hyde and Ed.
Speaker 2: Ludlow live from New York.
Speaker 3: This is Blomberg Technology, and we get straight to our
Speaker 3: top story. President Trump taking aim and Apple yet again,
Speaker 3: threatening a twenty five percent tariff on the iPhone maker
Speaker 3: if they don't produce the devices in the United States
Speaker 3: for US consumers. Shares as you see, down yet another
Speaker 3: two point seven percent. We're dropping below that three trillion
Speaker 3: dollar market capitalization, and we're bringing the analysis Blombergs. Mike
Speaker 3: Shepherd joins us we have seen Tim Cook in the
Speaker 3: line of fire from Donald Trump for at least the week.
Speaker 4: Now, how does he respond, Mike, This is.
Speaker 5: A tough one for him, Caro, because the President's dander
Speaker 5: really is up here. Last week he singled him out
Speaker 5: during an appearance with reporters while he was traveling to
Speaker 5: the Middle East, and he noted Cook's absence during a
Speaker 5: forum with other CEOs in Riab where he called out
Speaker 5: Tim Cook. Tim Cook, do I see? And he said,
Speaker 5: I don't think Tim is here, And then later he
Speaker 5: pointed to Apple's intention to move some of its China
Speaker 5: based iPhone production for the US to India to avert
Speaker 5: what would be higher costs related to tariffs on goods
Speaker 5: coming from China. Trump wants to see something different, though.
Speaker 5: He wants that production not to go to India but
Speaker 5: to the US. He would like to see domestic production
Speaker 5: move here. And whatever Tim Cook has been promising the President,
Speaker 5: with whom in the past he's had a good relationship,
Speaker 5: clearly wasn't enough. And remember Tim Cook did meet with
Speaker 5: Trump at mar A Lago after the election, and he
Speaker 5: attended the inauguration too. He had a visible spot along
Speaker 5: with other tech leaders in the capital rot Tuanda on
Speaker 5: that day, January twentieth.
Speaker 4: And we're not seeing for Tim.
Speaker 5: Cook the results that he might have hoped for in
Speaker 5: this relationship with the President.
Speaker 3: The signals have been their Mike, as you mentioned, the
Speaker 3: little problem with Tim Cook that Trump spoke of last
Speaker 3: week being that of shifting manufacturing from China to India,
Speaker 3: and then the ft with a report showing that that
Speaker 3: India manufacturing focus had been being doubled down on in
Speaker 3: the last week. More broadly, to speak to the relationship
Speaker 3: therefore that we see of Tim Cook with the US
Speaker 3: and investing him because already he had promised five hundred
Speaker 3: billion dollars.
Speaker 5: He had promised five hundred billion dollars and it was
Speaker 5: not insignificant, and he had talked about moving some iPhone
Speaker 5: related chip production here and other efforts here, including training
Speaker 5: and other works, but it wasn't enough. Trump is really
Speaker 5: about the symbolism. He wants the iconic products, including the iPhone,
Speaker 5: but others as well made here in the US. But
Speaker 5: one of the problems is, of course, the workforce. We
Speaker 5: don't have the workforce, and then the cost. Do we
Speaker 5: have the workforce that is prepared to do the kind
Speaker 5: of high tech, high skill assembly of these phones that
Speaker 5: you see on mass in China and in India and
Speaker 5: in Vietnam. We really don't. And Tim Cook has made
Speaker 5: this point over and over again, as have other chief
Speaker 5: executives when they talk about the challenge of bringing production
Speaker 5: here to the US. So is a difficult moment for
Speaker 5: Tim Cook and trying to figure out this relationship with
Speaker 5: the US.
Speaker 6: The cost.
Speaker 5: There are estimates all over the place about how much
Speaker 5: more an iPhone would cost if it were produced here,
Speaker 5: from beginning to end. One analyst out this morning saying
Speaker 5: as high as thirty five hundred dollars per unit. That
Speaker 5: may be high, but it gives you an idea of
Speaker 5: just how much more of a cost there may be
Speaker 5: for moving production here, which Caro, it's important to note,
Speaker 5: would take years to reroute all those supply lines, find
Speaker 5: that land, et cetera.
Speaker 4: Well, said Mike Sheppard.
Speaker 3: We appreciate it, of course, that being Dan ives a
Speaker 3: Webburshoe called about a thirty five hundred price tag, and
Speaker 3: indeed he called it a fairy tale. And it's calling
Speaker 3: this an absurd directive coming from the president. Let's get
Speaker 3: more analysis with Gil Luria Da Davison managing director joining us.
Speaker 3: Now you have a buy rating on Apple, a two
Speaker 3: hundred and fifty dollars price target. Does any of that
Speaker 3: change if they indeed have to bring production hitting the
Speaker 3: United States?
Speaker 6: It does not. This is really just a matter of timeframes. Yes,
Speaker 6: if we needed to make an iPhone right now in
Speaker 6: the US, it would be very expensive. But can we
Speaker 6: do this in five years? If Apple was to commit
Speaker 6: to bringing production on iPhones to the US in five
Speaker 6: years and invested its considerable resources into doing that, it
Speaker 6: wouldn't be that much more expensive. And that's what the
Speaker 6: President is looking for. And I'm surprised that Apple is
Speaker 6: at a point where they're negotiat eating this badly that
Speaker 6: the President has to go out publicly and threaten them.
Speaker 6: You've seen other technology CEOs do a much better job
Speaker 6: of giving the President what he wants and moving forward
Speaker 6: and making those commitments. And I'm surprised that Apple is
Speaker 6: continuing to be humbled. Let's not forget this has been
Speaker 6: a humbling week for Apple. Yes, at Google Io, we've
Speaker 6: seen that that Google is way ahead on AI on Android.
Speaker 6: Then there was the embarrassing announcement from Open Ai and
Speaker 6: Johnny Ive. Apple needs to do a better job of
Speaker 6: negotiating because if it does commit to a long term path,
Speaker 6: it could make iPhones in the US at a competitive price.
Speaker 6: It doesn't have to do it today.
Speaker 3: How Gil, at the moment, we're hearing that we don't
Speaker 3: have the skill set in the United States. We don't
Speaker 3: have the ecosystem of supply chain here. It has taken
Speaker 3: decades to build it up in China, It's taken years
Speaker 3: to build up in India. What do they have to
Speaker 3: go about sorting here in the United States?
Speaker 4: Three to five year timeframe.
Speaker 6: Yeah, that's exactly right. It is a skills issue. But
Speaker 6: if you give them five years, we can hire internationally,
Speaker 6: we can develop the skill Here. Apple is sitting on
Speaker 6: fifty billion dollars of cash and it produces one hundred
Speaker 6: billion dollars of cash every year. That is, that is
Speaker 6: enough to accomplish great things. And if the great thing
Speaker 6: Apple needs to accomplish right now is to develop that
Speaker 6: skill set domestically, then it should be focusing its own
Speaker 6: resources on that.
Speaker 4: Again, Gil jumping in there.
Speaker 3: The opportunity cost of diverting that cash away from R
Speaker 3: and D. Boy, they have to catch up in terms
Speaker 3: of Generator AI and integrating it there, but instead having
Speaker 3: to focus on production here in the United States? Is
Speaker 3: that not an opportunity cost? That does indeed drag down
Speaker 3: the price target it needs for the stock.
Speaker 6: It is a headwind and that's the head whend they're
Speaker 6: dealing with this year. That's why the stock is down
Speaker 6: so much, is that they've been caught in this cross
Speaker 6: us fire and they didn't need to again. All they
Speaker 6: needed to do is make some early commitments, start down
Speaker 6: a path, and then this path either it leads them
Speaker 6: to a successful outcome or they have a fallback of saying, okay,
Speaker 6: let's just absorb the twenty five percent tariff from India.
Speaker 6: That's why when people say it'll cost thirty five hundred
Speaker 6: dollars to make an iPhone in the US, that's not
Speaker 6: a real thing. The only possibility year is that they're
Speaker 6: going to say, okay, even in a five year time frame,
Speaker 6: it's going to cost us so much to make an
Speaker 6: iPhone that will absorb the twenty five percent tariff from
Speaker 6: India and absorb it through higher prices, slightly lower margin,
Speaker 6: and push it down to vendors. So this is really
Speaker 6: just a matter of them doing a better job negotiating
Speaker 6: moving forward. But yes, absolutely this is a drag on
Speaker 6: the stock. It has been this year, and until they
Speaker 6: find a path forward and get out of the headlines,
Speaker 6: it'll continue away on the stock.
Speaker 3: So, Gil, if you're saying it's not a real thing,
Speaker 3: estimate what an iPhone made in America would cost. Are
Speaker 3: you anticipating that they do stomach a twenty five percent
Speaker 3: tariff coming on just continue into import or are you
Speaker 3: anticipating that they do go about a three to five
Speaker 3: year investment plan in the US When look the term
Speaker 3: of President Trump is in five years.
Speaker 6: I think they need to proceed on both pasts again
Speaker 6: this year. They can't make iPhones in the US now
Speaker 6: this year, not in the next three years, so they
Speaker 6: are going to have to try to negotiate that tariff
Speaker 6: down or absorb it in the short term, which is
Speaker 6: what they're doing, and then proceed on both paths, because
Speaker 6: to your point, this administration isn't going to be in
Speaker 6: power forever and they're going to have to find out
Speaker 6: over time how what it is going to cost. I
Speaker 6: think that we're also minimiz I think that I've heard
Speaker 6: some comments minimizing the changes to manufacturing in the US.
Speaker 6: Manufacturing is going to change dramatically over the next few
Speaker 6: years in the US for a variety of reasons, because
Speaker 6: labor has become more expensive in China and Taiwan, because
Speaker 6: robotics are getting that much better. So in a five
Speaker 6: year timeframe they may be able to accomplish these goals.
Speaker 6: They have to pursue that now they don't have a choice.
Speaker 6: But at the same time they need to use that
Speaker 6: as leverage to go back to the administrator and say, hey,
Speaker 6: give us five years to do this. Let's take off
Speaker 6: that twenty five percent on India because we are making
Speaker 6: a firm commitment to the five year timeframe and that'll
Speaker 6: buy them the time to find a good resolution that
Speaker 6: is possible, and mister Cook is a skillful enough negotiator
Speaker 6: that he needs to be able to accomplish that.
Speaker 3: But how frustrating do you think it is for investors,
Speaker 3: for yourself or indeed Tim Cook, to just think about
Speaker 3: the inefficiencies that have to be built into the business
Speaker 3: model now. Even if they do bring over a component
Speaker 3: building here in the US, it's not going to be
Speaker 3: an easy task and they're likely to have to still
Speaker 3: assemble in China and India for the time being.
Speaker 6: Well, it's a reality. I think sometimes other countries and
Speaker 6: some CEOs are a little bit in denial over the
Speaker 6: fact that President Trump got seventy seven million votes and
Speaker 6: believes he has a mandate to make these very profound
Speaker 6: changes to the global order, including changing the way the
Speaker 6: global supply chain works. This is not going to change
Speaker 6: in the next three years. This is something that all
Speaker 6: these companies and by the way, these countries have to
Speaker 6: acknowledge and move forward with, and we as analysts and
Speaker 6: investors have to adapt to it. We can't go back
Speaker 6: in time and change the outcome of the US elections.
Speaker 6: This is the administration, this is its policy, and we
Speaker 6: have to adapt as investors, which means that Apple is
Speaker 6: going to have a choppy year for sure, and other
Speaker 6: companies that try to negotiate badly are going to have
Speaker 6: choppy years. That's why we favor companies that have handled
Speaker 6: this better. Microsoft, Amazon I've handled this a lot better.
Speaker 6: Their business is more resilient to this, and they should
Speaker 6: be better able to get through the rest of this
Speaker 6: year and the rest of this administration.
Speaker 3: All lies on the political navigation of Tim Coke.
Speaker 4: Next, Gil Luria.
Speaker 3: Great to have you Da Davidson coming up, renowned computer
Speaker 3: scientist in Ai developed and row and he's going to
Speaker 3: be joining us to talk about his new VC fund.
Speaker 3: But also this talent, the skill issue that we're just
Speaker 3: talking about with Gil Luria, can that be brought here
Speaker 3: to the United States.
Speaker 4: Let's just take a quick.
Speaker 3: Check on the market's ahead of that though, because the
Speaker 3: Nazak is under pressure as we dial up tariff anxiety.
Speaker 4: Nazak off by more than percent.
Speaker 3: We see this semiconductor index also off by two percent,
Speaker 3: and video gets sold for Apple in the line of fire.
Speaker 3: This is bluebog technology. The big news today it is
Speaker 3: Apple shares trading low as investors react to President Trump's
Speaker 3: threat of a twenty five percent tariff on the company
Speaker 3: if it doesn't bring more iPhone production to the United States.
Speaker 3: But doing that requires skills many American workers currently do
Speaker 3: not have. We're pleased to welcome to the show Andrew
Speaker 3: and his world renowned computer scientist, thought leader and also
Speaker 3: the co founder of online education company called Serah, and
Speaker 3: is also announcing his second fund targeting AI startups. Andrew,
Speaker 3: it is wonderful to have your voice on the show.
Speaker 3: And before we get into really the AI talent that
Speaker 3: you've been building, I just want to get your take
Speaker 3: on the labor skills that are currently needed in the
Speaker 3: US for this manufacturing pivot. If we were to bring
Speaker 3: iPhone manufacturing to the United States, could we do it
Speaker 3: in a near ative time frame?
Speaker 7: It will take years to develop the talent based needed
Speaker 7: to bring a lot of advanced manufacturing back to the
Speaker 7: United States. I think there's a certain largely to making
Speaker 7: sure that advanced manufacturing is under the control of the
Speaker 7: US and our allies, and that's important, not just US
Speaker 7: but also I trusted Ollies. Several years ago, I actually
Speaker 7: visited Wisconsin where the first Trump administration and fox Con
Speaker 7: might be put fed into Wiscon Valley, which is an
Speaker 7: attempt to move semiconductor, sorry, move display manufacturing panel display
Speaker 7: manufacturing to the United States in Wisconsin, and frankly it
Speaker 7: was a great effort, but it really struggled to gain
Speaker 7: traction because it's very difficult to find the talent in
Speaker 7: Wisconsin or the US more broadly, with the advanced manufacturing skills,
Speaker 7: manufacturing today is often a high skill requiring knowing about robotics,
Speaker 7: knowing about software. It's not just people assembling little things
Speaker 7: with their hands anymore. And we've got a lot of
Speaker 7: work to do to grow that talent in the US.
Speaker 3: Where could we bring in from and where have you
Speaker 3: seen that skill set among allies that can be broad
Speaker 3: in because in many ways it's feeling as though we're
Speaker 3: not bringing in.
Speaker 4: Talent from abroad at this moment either.
Speaker 7: I think that in the case of manufacturing talent, curly
Speaker 7: China has a lot of it. I think Taiwan interestingly
Speaker 7: also has a lot of manufacturing talent. So I feel
Speaker 7: like and obviously also Japan. I think some parts of
Speaker 7: career as well, especial when it comes to semiconductors. But
Speaker 7: so many of our allies do have skilled manufacturing talent.
Speaker 7: But how to work with them to import some of
Speaker 7: those skills to the US is I think something still
Speaker 7: to be figured out. And then on the other sid
Speaker 7: of the spectrum they alluded to, I think one of
Speaker 7: the best things that US could do to ensure American
Speaker 7: competitiveness in AI and other advanced technology fields is to
Speaker 7: frankly support our universities and support high skill immigration.
Speaker 3: How have you been considering the cuts to science funding
Speaker 3: in particular? Is that impacting your sector? The sector you
Speaker 3: want to invest more in with your second fund.
Speaker 7: So AFUNS Adventure Studio. We work with many entrepreneurs to
Speaker 7: build companies and I feel like over the last many decades,
Speaker 7: America led the world in science and technology, and this
Speaker 7: is an eraror when we have strong institutions like the
Speaker 7: National Science Foundation and the NAH the funded open research.
Speaker 7: One thing that I think not many people fully understand
Speaker 7: is when say, the National Science Foundation funds and researcher
Speaker 7: the writer research paper there's published a free anyone in
Speaker 7: the Internet can can read it. Yes, it holds their adversaries. Yes,
Speaker 7: it helps the whole world. But the country it helps
Speaker 7: the most is America because when an American researcher on American
Speaker 7: assault publishes a paper, that diffusion of knowledge is fastest
Speaker 7: within America. And yes, other countries, including our adversaries, can
Speaker 7: benefit from it too, but that openness of research helps
Speaker 7: the country that does it the most. And so I
Speaker 7: think America's ability to attract amazing international I always once
Speaker 7: an international student myself on an F one visa, and
Speaker 7: I came to the US study and it ended up
Speaker 7: saying and hopefully making some positive contributions to this country.
Speaker 7: I think welcoming school immigration would be a they would
Speaker 7: be an important piece of insurance American competitiveness.
Speaker 3: Well, let's talk about your positive contribution when it comes
Speaker 3: to raising one hundred and ninety million dollars second fund
Speaker 3: to invest in ai talent and startups and sort of
Speaker 3: co found them in many ways. What sector is you
Speaker 3: looking at and are they US built companies alone?
Speaker 7: We are building the majority of countries we built are
Speaker 7: in the US, but we are also working with businesses
Speaker 7: in Japan and Taiwan. Career and so on, Afan's Adventure studio.
Speaker 7: So what I decided was unlikely traditional VC. You know,
Speaker 7: I don't want to be competing for or chasing deal flow,
Speaker 7: so we exclusively work of entrepreneurs to co found companies.
Speaker 7: What that means is my team is alongside the entrepreneurial
Speaker 7: We're writing code and customers debating what features to build.
Speaker 7: And because my team is fortunate to be close to
Speaker 7: the AI technology, a less of local across many different
Speaker 7: industry sectors, recruit great AI talent and apply our technical
Speaker 7: expertise to all sorts of different sectors where AI can
Speaker 7: be applied.
Speaker 3: Well come back as that portfolio continues to grow.
Speaker 4: Andrew has been a joy speaking with you.
Speaker 3: Congratulations on the new fund and thank you for sharing
Speaker 3: your expertise and drawing. Of course, managing general partner at
Speaker 3: the AI Fund, It's also founder of Deep Learning AI and.
Speaker 4: Of course co founder of Coursera.
Speaker 3: Sticking with artificial intelligence and forropic well, it's rolling out
Speaker 3: two new versions of its claud AI software, including a
Speaker 3: longer laid.
Speaker 4: Update to the high end model.
Speaker 3: This is as a startup really advised to stay ahead
Speaker 3: of a crowded market. Mike Kreiger joined ed a little
Speaker 3: earlier Andthropic's chief product officer, Our really.
Speaker 8: You know constraint for the slaunch was we wanted to
Speaker 8: be available to you know, as many people as want
Speaker 8: it on the launch day itself as well, and so
Speaker 8: it'll be generally available. It'll be in claud dot ai
Speaker 8: for our more end users. It'll also be available in
Speaker 8: the API for usage on day one, and then as
Speaker 8: people scale up their usage, you know, there's often you know,
Speaker 8: capacity and rate limit conversations that we need to have
Speaker 8: just because the models aren't really in demand. But in
Speaker 8: terms of being generally available.
Speaker 3: It's day one coming up tech IPOs and we're back.
Speaker 3: We'll discuss a Bream and ch equity Zen. This is
Speaker 3: reuly Meg technology. Now as the broader market sells off
Speaker 3: shares of Mountain of Hinge Health, both trading higher after
Speaker 3: making their public debuts just yesterday. Their success is giving
Speaker 3: hope to other tech startups that have been waiting to
Speaker 3: go public in some cases for many years.
Speaker 4: Let's talk about it all.
Speaker 3: Briann lynches with US head of market Insights at equity
Speaker 3: Zen and one of the largest pre IPO platforms for
Speaker 3: private shares. It's in the secondary market and brand. Look,
Speaker 3: are we seeing the creaking open? Is it companies that
Speaker 3: have to come to the market or are we going
Speaker 3: to start to see companies that just want to come
Speaker 3: in this environment?
Speaker 9: Thanks for having me now. If you had asked me
Speaker 9: a few weeks ago if we would be seeing positive
Speaker 9: IPO activity right now, I would have said no. But
Speaker 9: these few companies that have bit the bullet and decided
Speaker 9: to go out Eutro last week, Hinge Health, and mount
Speaker 9: In yesterday are performing well in are outperforming the market.
Speaker 9: So I think, you know, we're not in a market
Speaker 9: environment where we'll see the floodgates open up. But for
Speaker 9: companies that need to go public for liquidity or other reasons,
Speaker 9: or feel like they have a really compelling story, they
Speaker 9: might just be brave and decide to despite you know,
Speaker 9: the volatility there is.
Speaker 3: What are the story necessities. It's interesting that core we've
Speaker 3: now really outperforming. We're at priced despite the initial volatility.
Speaker 3: So we've got an AI focus, you've got release services
Speaker 3: and consumer focus businesses. Thus far, does it have to
Speaker 3: be there or could we even go into broader hardware
Speaker 3: and deep tech?
Speaker 9: I think we can go broader into a hardware detech.
Speaker 9: There's other names that are on our radars. Rebra Swan
Speaker 9: who has filed and you know, has been on the
Speaker 9: IPO pipeline for some time now. But what's interesting is
Speaker 9: the companies we've seen recently. You have a fintech, you
Speaker 9: have a health tech, you have an ad tech company,
Speaker 9: so very different companies, but there are some similarities. These
Speaker 9: are older companies that are over a decade plus years old,
Speaker 9: so there's a lot of investors and early employees who've
Speaker 9: been reading a very long time for liquidity. Surprisingly, when
Speaker 9: you look at the two from yesterday, these are unprofitable
Speaker 9: companies as well, so it's a little bit surprising to
Speaker 9: see how well they've then received given that they're not
Speaker 9: yet profitable. They're almost there, but it seems like maybe
Speaker 9: that's not a requirement now for public market investors when
Speaker 9: you're achieving thirty five plus percent growth rates and hundreds
Speaker 9: of millions of dollars in revenue. So I think there's
Speaker 9: a similar story well we're seeing across some of these sectors.
Speaker 9: And another thing to notice, these have been down round IPOs,
Speaker 9: you know, the to yesterday both raising in their IPO
Speaker 9: at valuations below their last round of private funding, and
Speaker 9: especially for a lot of these companies that last raise
Speaker 9: in twenty twenty one, twenty twenty two, I think that's
Speaker 9: going to be a reality in the market. So just
Speaker 9: some commonalities and things that we may expect to see
Speaker 9: as others enter the market.
Speaker 3: Bran, Let's talk though about some of the pressures that
Speaker 3: can be taken off by the secondary market, because liquidity
Speaker 3: for employees that have been there a long time, liquidity
Speaker 3: for the venture that's back them for a long time,
Speaker 3: and it's actually getting far easier in the secondary market
Speaker 3: right absolutely.
Speaker 9: And what we've seen is the VC ecosystem as a
Speaker 9: whole is at this really interesting inflection point where it
Speaker 9: used to be raise capital from LPs, deploy that into
Speaker 9: early stage startups, have exits around the ten year time
Speaker 9: horizon return capital, rinse, repeat, rinse repeat. That crucial exit
Speaker 9: at the ten year timeline piece is not happening, and
Speaker 9: that's really driving more secondary activity. Precursor Ventures gave a
Speaker 9: stat a few weeks ago that they expect seventy five
Speaker 9: to eighty percent of distributions to LPs to be from
Speaker 9: secondaries over the next five years, and that's a huge
Speaker 9: number and it really speaks to the liquidity crunch that
Speaker 9: we're seeing in the venture market, and secondaries are certainly
Speaker 9: becoming a larger avenue.
Speaker 3: To address that briefly, though, we've seen an interesting tech
Speaker 3: focus from vcs where they convert to be able to
Speaker 3: buy more of the secondary market, maybe even some of
Speaker 3: the public market too.
Speaker 1: Yeah.
Speaker 9: Absolutely, so, we've seen this trend of more vcs registering
Speaker 9: as Ria's light Speed is the most recent example of
Speaker 9: a VC firm that's done that, and that really allows
Speaker 9: them more flexibility to invest more than twenty percent of
Speaker 9: their portfolio into both public companies and secondaries. And while
Speaker 9: we've talked a lot about, you know, the secondary need
Speaker 9: on the cell side, there's also a secondary need on
Speaker 9: the buy side where these AI companies they have just
Speaker 9: so much capital available to them, it's hard for most
Speaker 9: investors to get access to a funding round or get
Speaker 9: the allocation that they're looking for in you know, the
Speaker 9: latest AI startup, So they're also coming to the secondary
Speaker 9: market to either build or establish investments.
Speaker 3: Brian Lynch, great to catch up with you, thank you,
Speaker 3: head of Market inside It at Quityzen. Meanwhile, we check
Speaker 3: bick back on the big story of the day, Apple
Speaker 3: shares lower well, we see a twenty five percent tariff
Speaker 3: that they don't move more US manufacturing for the iPhone.
Speaker 4: This is Bloomberg Technology