WEBVTT - Apple & Amazon Ease Megatech Nerves; Trump Says GOP Should Ditch Filibuster

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Well, Karen, the jump at Nasdaq Futures follows earnings from

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<v Speaker 3>Apple and Amazon. Let's begin with the iPhone maker. Those

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<v Speaker 3>shares are up two percent in early training. Apple did

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<v Speaker 3>blame a surprise decline in China revenue on supply disruptions,

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<v Speaker 3>but it's predicting it will return to growth in the

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<v Speaker 3>world's biggest smartphone arena as the iPhone seventeen gains momentum.

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<v Speaker 3>Mark German is Managing Tech editor for Bloomberg News.

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<v Speaker 4>What stands out here is iPhone obviously grew tremendously six

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<v Speaker 4>percent year. Every year, they beat in nearly every product

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<v Speaker 4>category except the iPad. Had an extremely slight miss on

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<v Speaker 4>Wall Street forecast, and again those are just forecast numbers

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<v Speaker 4>that get made up anyways, so I don't think too

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<v Speaker 4>big of a deal there. The big one, though, is

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<v Speaker 4>a big decline in miss in Greater China. I think

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<v Speaker 4>some of that can be attributed to the iPhone air delay,

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<v Speaker 4>which was not expected, and they originally announced the iPhone.

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<v Speaker 3>Air Bloomberg's Mark German says Apple's iPhone seventeen and seventeen

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<v Speaker 3>pro got off to a fast start in September, with

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<v Speaker 3>twenty nine percent year on year China sales growth in

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<v Speaker 3>the first two weeks of October.

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<v Speaker 2>Well, the big tech winner this morning, Nathan is Amazon.

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<v Speaker 2>Those shares are more than twelve and a half percent.

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<v Speaker 2>Amazon's cloud unit posted the strongest growth rate in almost

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<v Speaker 2>three years. Amazon Web Services reported third quarter revenue of

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<v Speaker 2>thirty three billion dollars. That's an increase of twenty percent

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<v Speaker 2>from the prior year and the biggest year over year

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<v Speaker 2>rise since the end of twenty twenty two. Punam Goyle

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<v Speaker 2>as senior retail analyst at Bloomberg Intelligence.

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<v Speaker 5>They hit it out of the park. Sales ver very

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<v Speaker 5>get across the board, across all business segments, AWS, online advertising,

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<v Speaker 5>even physical stores. So from a top line perspective, very

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<v Speaker 5>very encouraging results. In fact, AWS was probably the bright

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<v Speaker 5>spot here. Twenty percent gains. We haven't seen that in

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<v Speaker 5>a while.

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<v Speaker 2>And Bloomberg Intelligence senior retail analyst Punham Goyles has Amazon's

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<v Speaker 2>total sales rows thirteen percent to more than one hundred

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<v Speaker 2>and eighty billion dollars.

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<v Speaker 3>Gar Netflix shares are moving higher this morning as well.

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<v Speaker 3>The streaming giant has announced a stock split. Let's get

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<v Speaker 3>more from Bloomberg's John Tucker, John and Nathan.

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<v Speaker 6>This is the second split in the last ten years

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<v Speaker 6>for the streaming industry leader, Netflix, approving a ten for

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<v Speaker 6>one stock split. The company wants to make a share

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<v Speaker 6>price more accessible for employees who take part in the

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<v Speaker 6>company stock option program. Netflix is one of only ten

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<v Speaker 6>in the S and P five hundred with a share

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<v Speaker 6>price above one thousand dollars stockholders of record at the

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<v Speaker 6>close of trading November tenth, they're going to receive nine

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<v Speaker 6>additional shares for every share held. At the same time,

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<v Speaker 6>Netflix is kicking the tires over at Warner Brothers Discovery.

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<v Speaker 6>Reuter's is the latest news service to report Netflix is

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<v Speaker 6>exploring a bid for their studio and streaming businesses. Bloomberg

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<v Speaker 6>New was reported earlier that Netflix and Comcast are weighing

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<v Speaker 6>bids for parts of that company. Netflix shares up over

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<v Speaker 6>three percent pre market this morning. You New York Ime,

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<v Speaker 6>John Tucker, Bloomberg Radio.

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<v Speaker 2>All right, John, thank you well. Bloomberg News has learned

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<v Speaker 2>Intel as in preliminary talks to buy artificial intelligence chip

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<v Speaker 2>startup Samba Nova Systems. Sources say any deal would likely

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<v Speaker 2>value Samba Nova at below the five billion dollars he

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<v Speaker 2>garnered in a twenty twenty one funding round. Samba Nova

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<v Speaker 2>designs custom AI chips that aim to rival those offered

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<v Speaker 2>by in Video Well.

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<v Speaker 3>Speaking of in Vidia, Karen Bloomberg News has learned the

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<v Speaker 3>AI chip giant plans to back another AI startup. Sources

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<v Speaker 3>say plans to invest as much as a billion dollars

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<v Speaker 3>in Poolside. In another development, in Video CEO Jensen wogtold

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<v Speaker 3>reporters he still hopes to sell chips from the company's

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<v Speaker 3>Blackwell lineup to customers in China, though he has no

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<v Speaker 3>current plans to do so. Speaking this morning at the

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<v Speaker 3>APEX CEO summit in South Korea, Wang talked about the

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<v Speaker 3>AI revolution.

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<v Speaker 7>This year, AI became profitable, and when something becomes profitable,

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<v Speaker 7>you want to manufacture more of it, just like when

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<v Speaker 7>you're manufacturing chips and wafers and dram If the manufacturing

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<v Speaker 7>of those chips were profitable, you want to build more

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<v Speaker 7>factories to create more chips.

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<v Speaker 3>And earlier this week, Jensen Wongs and Vidia became the

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<v Speaker 3>first company to reach a five trillion dollar market cap,

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<v Speaker 3>and checking the shares right now, they're up nearly two percent.

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<v Speaker 2>Well, Nathan, let's get to the latest. Now on the

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<v Speaker 2>US China trade shrews, Chinese President Xi Jinping is warning

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<v Speaker 2>the world not to break supply chains. She's remarks at

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<v Speaker 2>the APEX summit in South Korea came after he sealed

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<v Speaker 2>a deal with President Trump to put rare earth restrictions

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<v Speaker 2>on hold for a year, while the US will roll

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<v Speaker 2>back some tariffs and export controls also for a year.

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<v Speaker 2>Treasury Secretary Scott Besson says this keeps the relationship on

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<v Speaker 2>hold for now.

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<v Speaker 8>My guess is a hear from now will be back

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<v Speaker 8>to the table and we'll get another another delay, another role.

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<v Speaker 8>Because what everyone misses is the Chinese have rarers, but

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<v Speaker 8>you know we have President Trump's threat on tariffs. He

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<v Speaker 8>gave the team maximum negotiating leverage.

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<v Speaker 2>And Treasury Secretary is go on bess and smoke on

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<v Speaker 2>Fox News, we get more on President She's or marks

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<v Speaker 2>from Bloomberg's jail desis in Hong Kong.

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<v Speaker 9>You're seeing something that's really kind of like outwardly focused

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<v Speaker 9>on that idea of building unity within the region in particular.

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<v Speaker 9>I think, you know obviously that freder Hick Aside from

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<v Speaker 9>chi Jinping, you know, we've certainly seen some concerns elsewhere

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<v Speaker 9>in the region, particularly from Western companies who are concerned

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<v Speaker 9>about being left out of the invest of market. We

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<v Speaker 9>know that China itself has very many challenges within its

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<v Speaker 9>domestic economy that it's really sort of focused on, and

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<v Speaker 9>has actually made several efforts this year to try to

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<v Speaker 9>build up those messic industries.

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<v Speaker 2>And Bloombergs deil Desis reports she used his speech to

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<v Speaker 2>tell some seven hundred billion dollars in foreign investment that

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<v Speaker 2>Shina has brought in over the last five years.

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<v Speaker 3>And Washington Care and the government and shutdown has now

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<v Speaker 3>lasted a full month. On this thirty first day of

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<v Speaker 3>the funding fight, President Trump is calling on Senate Republicans

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<v Speaker 3>to end it by taking Democrats out of the picture.

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<v Speaker 3>In a social media post late last night, the President wrote,

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<v Speaker 3>in all caps, initiate the nuclear option, get rid of

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<v Speaker 3>the filibuster, and make America great again. Senate majority leader

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<v Speaker 3>John Thune says he has not had those discussions with

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<v Speaker 3>the White House. He says Democrats want to prolong the shutdown.

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<v Speaker 2>It's all a ball leverage.

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<v Speaker 8>That's what they're making.

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<v Speaker 10>It all about. Leverage.

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<v Speaker 3>The Majority Leader, John Thune spoke on the Senate floor

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<v Speaker 3>as the CEOs of four major airlines met with Vice

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<v Speaker 3>President JD. Vance at the White House. With air traffic

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<v Speaker 3>delays piling up during the shutdown, I worry about the

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<v Speaker 3>pilots who haven't gotten paid in a long time. I

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<v Speaker 3>worry about the air draft controllers, who, of course make

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<v Speaker 3>this entire system extra safey. Vice President Vance met with

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<v Speaker 3>the CEOs of United American, Delta, and Southwest Airlines. They

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<v Speaker 3>called on Democrats to back the Republicans clean stop gap

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<v Speaker 3>spending bill.

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<v Speaker 2>It's time now for a look at some of the

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<v Speaker 2>other stories making news in New York and around the world,

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<v Speaker 2>and for that we're joined by Bloomberg's Michael Barr Michael,

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<v Speaker 2>good Morning.

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<v Speaker 10>Good Morning, Karen. Buckingham Palace says that King Charles is

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<v Speaker 10>stripping his brother Prince Andrew of his remaining titles and

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<v Speaker 10>evicting him from his royal residence. The move follows revelations

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<v Speaker 10>about Andrew's relationship with convicted sex offender Jeffrey Epstein. Greg

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<v Speaker 10>Gross is a UK Royals expert at King's College in London.

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<v Speaker 5>He's taken the maximum steps that I think are available

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<v Speaker 5>to him, and this is about getting the house in order.

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<v Speaker 10>The palace, says Prince Andrew will now be known as

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<v Speaker 10>Andrew Mountbatten Windsor. Two people were found dead in flooded

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<v Speaker 10>basements after heavy rains in New York City yesterday. In

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<v Speaker 10>one case, a Brooklyn victim was a thirty nine year

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<v Speaker 10>old man. In Upper Manhattan, another man also drowned from

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<v Speaker 10>flooding in a basement late last night, the FAA issued

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<v Speaker 10>a temporary ground stop for Newark Airport in New Jersey

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<v Speaker 10>due to staffing issues. It comes as a Jet Blue

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<v Speaker 10>flight from Cancun to Newark was diverted to Tampa, Florida

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<v Speaker 10>Thursday after a sudden altitude drop led to multiple passengers

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<v Speaker 10>being hospitalized. It may not be the lover, but the

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<v Speaker 10>theft is no less devastating to the operators of the

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<v Speaker 10>Oakland Museum of California. Police say suspects stole more than

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<v Speaker 10>one thousand items from the museum's collection, including metalwork, jewelry,

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<v Speaker 10>and Native American baskets. Museum director and CEO Lori Foguty.

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<v Speaker 11>We imagine a lot of this kind of material might

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<v Speaker 11>end up in a pawn shop or an antique store,

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<v Speaker 11>or even a flea market or swap meet, which is

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<v Speaker 11>why it's so important to get the word out to

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<v Speaker 11>the public, because people may see something that looks kind

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<v Speaker 11>of not like it should be there.

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<v Speaker 10>Museum director Lorii Fogerty says the theft happened on October

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<v Speaker 10>fifteenth at an off site storage facility. Global News twenty

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<v Speaker 10>four hours a day and whenever you want to with

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<v Speaker 10>the Bloomberg News. Now, I'm Michael Barrn. This is Bloomberg Karen.

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<v Speaker 1>Thanks Michael.

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<v Speaker 2>Time now for our Bloomberg Sports update, and for that

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<v Speaker 2>we bring in John Stashauer.

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<v Speaker 12>Thanks Daron. Week nine in the NFL Underway in Miami,

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<v Speaker 12>Baltimore got at star quarterback Lamar Jackson back after missing

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<v Speaker 12>the last three games. He threw four touchdown passes. The

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<v Speaker 12>Ravens beat the Dolphins twenty eight to six. They'll play

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<v Speaker 12>Games six of the World Series tonight in Toronto, and

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<v Speaker 12>the Blue Jays lead the Dodger three games to two.

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<v Speaker 12>They can win their first championship in thirty two years.

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<v Speaker 12>New manager of the Washington Nationals is Blake Puterra. He's

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<v Speaker 12>only thirty three years old. He'll be the youngest in

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<v Speaker 12>the majors in fifty years. He started his minor league

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<v Speaker 12>managing at age twenty five. That's a Bloomberg Sports update.

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<v Speaker 2>Stay with us. More from Bloomberg Day Break coming up

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<v Speaker 2>after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:09:54.240 --> 0:09:57.080
<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business opp This is Bloomberg Day Breas.

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<v Speaker 3>Good morning, I'm Nathan Hager on a very good morning

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<v Speaker 3>for big tech investors. The big lift of the market

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<v Speaker 3>after the latest earnings from two of the Magnificent seven,

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<v Speaker 3>and Amazon is leading the charge after posting its fastest

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<v Speaker 3>growth in the cloud in about three years, while Apple's

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<v Speaker 3>forecast for the holidays may be overshadowing some disappointment in China.

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<v Speaker 3>Joining us now is Dan Ives, globalhead of Tech Research

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<v Speaker 3>at web Bush Securities. Dan, good morning. Let's start off

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<v Speaker 3>with Amazon. We are seeing a big surge in those

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<v Speaker 3>shares after Amazon Web Services posted a twenty percent year

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<v Speaker 3>over year growth number. Is that gonna be enough to

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<v Speaker 3>keep up after what we saw from Azure and Google

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<v Speaker 3>Cloud this week?

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<v Speaker 13>Yeah? Nathan, this is a breakout quarter from Amazon. And

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<v Speaker 13>you know, did dyben on the outside looking in of

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<v Speaker 13>the AI revolution and these numbers show they're now starting

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<v Speaker 13>to see massive demand. And look, the New York City

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<v Speaker 13>cab driver is embarrass from Amazon.

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<v Speaker 10>Right.

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<v Speaker 13>So I think this is a huge movement from Amazon,

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<v Speaker 13>and I think you're going to see the Amazon bulls.

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<v Speaker 13>They'll be enjoying their candy on Halloween.

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<v Speaker 3>Okay, Well, of course, coming into these earnings, we had

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<v Speaker 3>the outage at AWS. Does that still pose a concern

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<v Speaker 3>for Amazon investors?

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<v Speaker 13>Well, gold standard, the reality is was that a little

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<v Speaker 13>black eye moment? Yeah, but it's not moving the new

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<v Speaker 13>relative to Amazon. Look, I think the key here is

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<v Speaker 13>that the advertising business looks strong, the AWUS business looks

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<v Speaker 13>like it's accelerated. And for a company that's really been

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<v Speaker 13>back against the wall, it's a huge breakout quarter. Now,

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<v Speaker 13>you know, I mean three thirty is are a new

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<v Speaker 13>price target. But I mean this is a stock that

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<v Speaker 13>could really have legs over the next sixty nine months.

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<v Speaker 3>And of course the shares are trading around two point

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<v Speaker 3>fifty pre market this morning. Is Amazon justifying the spend

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<v Speaker 3>on AI? It hit a record in the quarter thirty

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<v Speaker 3>four point two billion dollars. Of course, we saw all

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<v Speaker 3>the blockbuster numbers from some of these other AI players

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<v Speaker 3>as well. In terms of what Amazon is reporting on

0:12:08.800 --> 0:12:10.600
<v Speaker 3>its AI spend. Is that justified?

0:12:11.679 --> 0:12:14.880
<v Speaker 13>Look, it's an AI arms race. They have to spend.

0:12:15.480 --> 0:12:18.840
<v Speaker 13>I mean, look at Microsoft, look at Google, look at Meta.

0:12:19.400 --> 0:12:19.720
<v Speaker 2>Hey.

0:12:19.720 --> 0:12:23.720
<v Speaker 13>Look the reality is this is an AI party. Okay,

0:12:23.720 --> 0:12:26.199
<v Speaker 13>it start at nine pm, it's down ten thirty pm,

0:12:26.480 --> 0:12:29.959
<v Speaker 13>party goes to four am. No tech company wants to

0:12:29.960 --> 0:12:33.359
<v Speaker 13>be on the outside looking in, and for Amazon, investors

0:12:33.440 --> 0:12:37.000
<v Speaker 13>want to see them spend to make sure they monetize

0:12:37.160 --> 0:12:38.679
<v Speaker 13>this fourth Industrial revolution?

0:12:40.280 --> 0:12:42.320
<v Speaker 3>Is Apple still on the outside looking in?

0:12:42.360 --> 0:12:42.679
<v Speaker 10>For you?

0:12:42.760 --> 0:12:46.000
<v Speaker 3>There's been a lot of talk heading into their earnings

0:12:46.000 --> 0:12:49.000
<v Speaker 3>and over the last several quarters about how much catch

0:12:49.080 --> 0:12:51.480
<v Speaker 3>up Apple needs to do in the AI race.

0:12:51.760 --> 0:12:54.680
<v Speaker 13>Book from the AI party they're looking through through the

0:12:54.720 --> 0:12:57.880
<v Speaker 13>window from the outside, right or everyone else on the

0:12:57.960 --> 0:13:02.280
<v Speaker 13>dance for But for Apple, the reality is iPhone seventeen

0:13:02.360 --> 0:13:05.880
<v Speaker 13>looks strong. That's a huge positive. And I believe this

0:13:05.960 --> 0:13:08.480
<v Speaker 13>is a drum roll. They're going to partner with Google

0:13:08.600 --> 0:13:13.000
<v Speaker 13>for a mejor AI partnership, and that from a consumer perspective,

0:13:13.040 --> 0:13:14.720
<v Speaker 13>that's gonna be a huge wrap. I know that could

0:13:14.720 --> 0:13:18.000
<v Speaker 13>be seventy five two hundred dollars per share. That's why

0:13:18.040 --> 0:13:21.640
<v Speaker 13>for Apple twenty twenty six, I think is going to

0:13:21.720 --> 0:13:22.640
<v Speaker 13>be their year.

0:13:24.080 --> 0:13:26.319
<v Speaker 3>In terms of what we saw in the quarter from Apple,

0:13:26.920 --> 0:13:30.520
<v Speaker 3>A lot of focus for investors on the outlook after

0:13:30.720 --> 0:13:35.439
<v Speaker 3>the kind of a slowdown in China. Is China still

0:13:35.440 --> 0:13:36.040
<v Speaker 3>a concern?

0:13:37.840 --> 0:13:41.080
<v Speaker 13>China actually looks like it's showing met your growth into

0:13:41.160 --> 0:13:44.600
<v Speaker 13>next quarter because iPhone seventeen the air looks very strong.

0:13:45.320 --> 0:13:48.920
<v Speaker 13>I mean, i'd call those almost like Otani like guidance

0:13:49.120 --> 0:13:52.360
<v Speaker 13>for the December quarter, which is why the stock's going

0:13:52.440 --> 0:13:55.080
<v Speaker 13>to be up. And I think now you're starting to

0:13:55.080 --> 0:13:58.680
<v Speaker 13>look at the company's finally get back into mojo. You

0:13:58.720 --> 0:14:00.920
<v Speaker 13>have a lot of good news in the horizon, and

0:14:00.960 --> 0:14:03.559
<v Speaker 13>that's why. Look, I think from a large cap perspective,

0:14:04.040 --> 0:14:07.200
<v Speaker 13>Apple and Amazon are basically saying, don't forget about us,

0:14:07.960 --> 0:14:10.600
<v Speaker 13>and that was a huge validation what we saw last night.

0:14:10.840 --> 0:14:14.240
<v Speaker 3>It was interesting, though, to hear on the call of

0:14:14.280 --> 0:14:18.160
<v Speaker 3>Apple saying that they're facing supply constraints that have kept

0:14:18.160 --> 0:14:24.240
<v Speaker 3>the iPhone revenue slightly below expectations. What about the possibility

0:14:24.360 --> 0:14:27.440
<v Speaker 3>of further supply constraints in quarters to come.

0:14:28.000 --> 0:14:30.840
<v Speaker 13>Look, they're trying to do a dance around with tariffs, right,

0:14:30.880 --> 0:14:34.880
<v Speaker 13>I mean Cook ten percent politician, ninety percent CEO. So

0:14:34.960 --> 0:14:38.080
<v Speaker 13>we started to advocate that in terms of Trump administration,

0:14:38.280 --> 0:14:41.240
<v Speaker 13>we've seen that. But there are some supplies shoes. I

0:14:41.280 --> 0:14:43.640
<v Speaker 13>think a lot of those get rectified going into the

0:14:43.680 --> 0:14:47.280
<v Speaker 13>next quarter and the quarter after. This is a company

0:14:47.880 --> 0:14:50.920
<v Speaker 13>that's had a lot of growth issues nowhere in AI,

0:14:51.040 --> 0:14:54.560
<v Speaker 13>but it feels like now they're starting to really turn around,

0:14:55.480 --> 0:14:58.640
<v Speaker 13>which I think that's why, like you know, four trillion,

0:14:58.880 --> 0:15:00.640
<v Speaker 13>I think we're going to be looking at five trillion

0:15:00.640 --> 0:15:02.200
<v Speaker 13>dollars mark cap in the next year.

0:15:02.640 --> 0:15:04.720
<v Speaker 3>Of course, in Vidio just hit a five trillion dollar

0:15:04.760 --> 0:15:08.280
<v Speaker 3>market cap just this week, and Jensen Wang, the CEO,

0:15:08.480 --> 0:15:11.440
<v Speaker 3>is trying to make a lot of deals at the

0:15:11.440 --> 0:15:13.880
<v Speaker 3>APEX summit in South Korea. What do you make of

0:15:14.280 --> 0:15:17.680
<v Speaker 3>some of the latest announcements this, for example, a billion

0:15:17.720 --> 0:15:19.640
<v Speaker 3>dollar investment in Poolside.

0:15:20.600 --> 0:15:24.760
<v Speaker 13>Look, I love everything the Godfather of AI Jensen's done,

0:15:25.000 --> 0:15:30.520
<v Speaker 13>because they're planting flags around the world. This is we're

0:15:30.560 --> 0:15:33.520
<v Speaker 13>still in the second inning of where this is all

0:15:33.560 --> 0:15:36.760
<v Speaker 13>heading and it all starts in the video they're foundation

0:15:36.880 --> 0:15:39.600
<v Speaker 13>to where everything is heading, and they're making the smart

0:15:39.600 --> 0:15:41.600
<v Speaker 13>moves and that's exactly what they need to do at

0:15:41.640 --> 0:15:44.920
<v Speaker 13>the right time. And there's one there's one ship in

0:15:44.960 --> 0:15:48.120
<v Speaker 13>the world viewing the AI revolution and it's in video.

0:15:48.880 --> 0:15:52.400
<v Speaker 3>And there's still talk, including from Jensen Wong himself, that

0:15:52.760 --> 0:15:56.040
<v Speaker 3>he'd like to be able to sell Blackwell chips into China.

0:15:56.080 --> 0:15:58.960
<v Speaker 3>Do you see that as a possibility that that could

0:15:58.960 --> 0:15:59.440
<v Speaker 3>be coming.

0:16:00.320 --> 0:16:03.800
<v Speaker 13>Oh yeah, I think that's going to be the biggest

0:16:03.880 --> 0:16:06.240
<v Speaker 13>chip in the poker table when it comes to Trump

0:16:07.000 --> 0:16:11.120
<v Speaker 13>making sure Nvidia could sell back into China. That's significant. Look,

0:16:11.280 --> 0:16:13.200
<v Speaker 13>they're not going to go from ninety five percent market

0:16:13.200 --> 0:16:18.520
<v Speaker 13>share to zero and China big tech wands in Vidia chips.

0:16:18.840 --> 0:16:21.920
<v Speaker 13>That continues to be the gold standard in terms of

0:16:21.920 --> 0:16:22.800
<v Speaker 13>where it's all heading.

0:16:23.760 --> 0:16:26.800
<v Speaker 3>Our last thirty seconds, Dan, Overall, from what we've seen

0:16:26.840 --> 0:16:29.440
<v Speaker 3>from the mag seven so far, we've got Apple and

0:16:29.480 --> 0:16:32.800
<v Speaker 3>Amazon on the rise. This morning, course, Microsoft and Meta

0:16:33.040 --> 0:16:35.920
<v Speaker 3>fell after their earnings. How do you see how these

0:16:36.360 --> 0:16:37.920
<v Speaker 3>companies have shaken out so far?

0:16:38.640 --> 0:16:41.400
<v Speaker 13>They met the hype and even with Meta selling up,

0:16:41.400 --> 0:16:43.640
<v Speaker 13>they're sewing up because they're spending more on cap backs,

0:16:43.640 --> 0:16:46.680
<v Speaker 13>which is ultimately bullets for the AI revolution. Look, the

0:16:46.760 --> 0:16:50.000
<v Speaker 13>reality is is that this is a tech bow market

0:16:50.240 --> 0:16:53.040
<v Speaker 13>and the bears in hibernation mode can see AI in

0:16:53.080 --> 0:16:56.080
<v Speaker 13>the spreadsheets. But the reality is this, this is a

0:16:56.120 --> 0:16:59.280
<v Speaker 13>market going much higher, led by big tech, and I

0:16:59.320 --> 0:17:02.480
<v Speaker 13>think that's really the head one that receive from earners.

0:17:04.080 --> 0:17:07.520
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