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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio new Bloomberg Tech is alive

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Speaker 1: from coast to coast with Caroline Hide in New York

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Speaker 1: and Eva Low in San Francisco.

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Speaker 2: This is Bloomberg Tech and coming up in video within reach,

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Speaker 2: heading to be the first company to hit a four

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Speaker 2: trillion dollar value plus.

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Speaker 3: The US and China finalize.

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Speaker 2: A trade truce which includes China's commitment to deliver rare Earth,

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Speaker 2: and Crusoe teams up with Redwood to tackle AI's biggest challenge,

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Speaker 2: power the largest deployment of reused batteries globally.

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Speaker 3: For an AI data center.

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Speaker 2: When we talk about technology and equity markets, there's a

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Speaker 2: story right now that everyone's focused on. Could in Vidia

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Speaker 2: be the first four trillion dollar marketcat company. We're at

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Speaker 2: three point eighty three trillion dollars right now. Actually, we

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Speaker 2: have some way to go. The stocks up like one

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Speaker 2: point three one and a half percent in the session.

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Speaker 2: It would need a gain of almost six percent to

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Speaker 2: hit that milestone this Friday.

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Speaker 3: But there's a longer term story.

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Speaker 2: Since those April lows in markets that were coming out

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Speaker 2: of that post deep seak, anxiety in video is up

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Speaker 2: more than sixty percent we've come through earnings and there's

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Speaker 2: a bullish thesis emerging that actually in Vidia has more

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Speaker 2: room to run because of the commitment of those cloud

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Speaker 2: computing companies to keep on spending and buying those in

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Speaker 2: video GPUs, Will Nvidia be the.

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Speaker 3: First four trillion dollar company?

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Speaker 2: Let's get more. Mandy Singer Bloomberg Intelligence joins us. Now

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Speaker 2: and Mandy, why it's so crucial we have you on

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Speaker 2: the show. Is you cover the full spectrum of megacat

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Speaker 2: tech four trillion dollars for Nvidia? What would be supporting

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Speaker 2: that valuation?

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Speaker 4: Yeah, Look, every data point that you have tragged this

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Speaker 4: quarter has been supportive of estimate's going up. The leaders

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Speaker 4: un being Micron talking about, you know, how their HPM

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Speaker 4: sales continue to ramp up better and expected. And when

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Speaker 4: it comes to inferencing, clearly the trend of you know,

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Speaker 4: spending more compute at the time of query, the reasoning

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Speaker 4: capabilities that these models have added, especially with open aio series,

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Speaker 4: what that has done is really reinforced compute demand tied

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Speaker 4: to inferencing, and that to me is what's driving this

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Speaker 4: wave of you know, enthusiasm around and videos runway because

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Speaker 4: the two hundred billion dollar number for this year. Clearly

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Speaker 4: there's a line of sight even when you take out

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Speaker 4: all the China revenue, which they did, you know, with

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Speaker 4: the guide in the last quarter. And so the question

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Speaker 4: is how much will they grow next year? And right

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Speaker 4: now consensus is around two hundred and fifty billion dollars.

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Speaker 4: So with sovereigns coming into play, especially Middle East and

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Speaker 4: now Jensen being in Europe, you feel like, you know

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Speaker 4: they have line of sight to that revenue as well,

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Speaker 4: and that's why, you know, the multiple seems to be

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Speaker 4: expanding here.

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Speaker 2: Okay, just below one hundred and fifty seven dollars per share.

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Speaker 2: I was doing the math with the team, and I

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Speaker 2: think that one hundred and sixty four dollars per share

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Speaker 2: or just below it would get us the four trillion

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Speaker 2: dollars of market cap in Video was the first chip

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Speaker 2: maker to hit a trillion dollars of market value, and

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Speaker 2: of course it's gone well beyond that. But there are headwinds,

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Speaker 2: and I think what Mandy would be helpful to the

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Speaker 2: audience is to explain what's the threat to INVIDEA.

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Speaker 3: Some of it is.

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Speaker 2: The custom silicon that the hyperscalers are looking at, but

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Speaker 2: there are other players in the market. AMD will have

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Speaker 2: something to say about this monopoly that in Vidia currently holds.

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Speaker 4: Yeah, and that's why you know, in video, opening up

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Speaker 4: its platform the Envy Link now supporting other chips was

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Speaker 4: such a big move and coming in at a great

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Speaker 4: time because now they are saying, you can get Broadcom gear,

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Speaker 4: but we'll be able to integrate it with our Envy Link,

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Speaker 4: and that's where the opening up our ecosystem. I think

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Speaker 4: it's a very wise move, and that helps in video

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Speaker 4: because all the investment that companies are making in in

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Speaker 4: video stack now can support some other tips. So with

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Speaker 4: that being said, look, I mean the numbers are getting

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Speaker 4: bigger and bigger, so you kind of think, yes, in

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Speaker 4: VideA is a durable monopoly. But for how long, given

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Speaker 4: you know all the other factors that you just described.

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Speaker 4: But for right now, it feels like they clearly are

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Speaker 4: executing very well on that front.

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Speaker 2: Mandy's saying, who leads technology research of Bloomberg Intelligence, thank

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Speaker 2: you so much.

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Speaker 3: Let's get to the other top story.

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Speaker 2: In Washington, US Commerce Secretary Howard Lutnik says a trade

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Speaker 2: truce between the US and China has been signed.

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Speaker 5: So the China deal, we inked the deal. You remember,

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Speaker 5: we had a trip to Geneva and then that was

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Speaker 5: being slow played. We got back together in London and

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Speaker 5: that deal was signed and sealed two days ago.

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Speaker 2: For the details, Bloombers Katie Lines joins us in. Kelly,

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Speaker 2: that was your conversation, your interaction, and I think that

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Speaker 2: what you were trying to get to is that there

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Speaker 2: are deals to come. So where did China sit within

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Speaker 2: what's being negotiated and what's been signed.

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Speaker 6: Yeah, that's exactly right ed. And we should note this

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Speaker 6: deal that was signed earlier this week that we just

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Speaker 6: learned about yesterday evening and has now been confirmed by

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Speaker 6: the Chinese side as well, is far from the kind

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Speaker 6: of comprehensive trade agreement that could take much longer to negotiate.

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Speaker 6: What it does solidify, though, is finalizing the framework that

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Speaker 6: was initially as we just heard the Secretary say, agree

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Speaker 6: to in Geneva, talked about again in London, and now

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Speaker 6: finally is looking toward implementation. And what that will mean

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Speaker 6: is that China will start approving once again the export

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Speaker 6: of rare earth minerals. That was a sticking point obviously

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Speaker 6: in the Commerce. Secretary says once those exports start flowing,

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Speaker 6: the US will lift its own restrictive measures on exports

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Speaker 6: on things like ethane. So it definitely is a step

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Speaker 6: forward and the relationship trading relationship between these two countries,

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Speaker 6: But of course it's just one step, and what is

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Speaker 6: a multifaceted approach by this administration to reapproach trade not

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Speaker 6: just with China but other trading partners as well. The

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Speaker 6: other thing the Commerce Secretary told us in our conversation

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Speaker 6: last night is that July ninth trade deadline is looming,

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Speaker 6: is that the administration is expecting about ten expecting about

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Speaker 6: ten trade deals to be announced over the course of

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Speaker 6: the next few weeks. While he didn't get specific as

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Speaker 6: to what countries exactly, he did echo the words we

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Speaker 6: heard from President Trump at the White House yesterday that

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Speaker 6: they're getting closer with India. He also expressed some optimism

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Speaker 6: around negotiations with the European Union, specifically suggesting those have

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Speaker 6: picked up in recent weeks, and we understand that optimism

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Speaker 6: is being expressed privately by the European Commission President Ursula

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Speaker 6: Vonderlion in recent days as well.

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Speaker 2: There had been an idea, and it was an idea

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Speaker 2: rather than something put forward by the parties that there

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Speaker 2: could be this kind of trade off for quid pro

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Speaker 2: quo where rare eerfs might come in exchange for some

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Speaker 2: change in policy on the semiconductor side. What content of

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Speaker 2: this discussion do we know if there is anything specifically

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Speaker 2: relating to chips.

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Speaker 6: Well, when it comes to chips, that is something that

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Speaker 6: the US had suggested was going to be factored into

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Speaker 6: this conversation. What we still don't know at this time,

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Speaker 6: ed though we know deal has been signed, is actually

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Speaker 6: what the nuances of it are. We didn't even know

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Speaker 6: it had been signed until two days after the fact

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Speaker 6: when the President said it kind of slipped up in

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Speaker 6: the news conference or an event at the White House

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Speaker 6: yesterday and the Commerce Secretary confirmed it. But we do

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Speaker 6: know it all really does hinge on these critical minerals

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Speaker 6: actually arriving in the US, those exports actually beginning. That

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Speaker 6: is what the administration had been lobbying or levying accusations

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Speaker 6: against China, rather saying that they were slow walking it,

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Speaker 6: which is why there were some question as to whether

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Speaker 6: this accord would be able to move forward in the

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Speaker 6: first place. But China officials are telling Bloomberg today that

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Speaker 6: they are going to start sifting through those applications. In

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Speaker 6: that process should be underway, and that is when they

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Speaker 6: can get into more where we could see the US

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Speaker 6: actually starting to lift those restrictions. We just haven't sent

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Speaker 6: them yet, as the Commerce Secretary is effectively saying, China has.

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Speaker 7: To move first.

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Speaker 2: Bloombos Kaye lines and I highly recommend you watch your

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Speaker 2: interview of Commerce Secretary Lutnik.

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Speaker 3: Thank you very much.

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Speaker 2: Let's get more in the broader impact of both of

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Speaker 2: those stories on the tech markets. Fionasen Coda is the

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Speaker 2: City Index Financial Markets senior analysts and trade piece is

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Speaker 2: where I want to start. We know more now than

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Speaker 2: we did yesterday about the trade relationship between the US

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Speaker 2: and China. As somebody that looks across the technology sector,

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Speaker 2: has the market factored that in.

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Speaker 8: Yes, it does feel that there is an improved sentiment,

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Speaker 8: but it's not just on that China US deal. I

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Speaker 8: think there has just been sort of a broad improvement

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Speaker 8: in sentiment. It's been a very disruptive start to the

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Speaker 8: year overall. So the fact that it feels that things

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Speaker 8: are starting to slowly line up and fall into place.

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Speaker 8: For example, the improved relations between the US and China

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Speaker 8: that feels like it's starting to be priced in. Obviously,

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Speaker 8: we've had the disruptions with regards to the Middle East

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Speaker 8: and the impact that that's had on sentiment, But I

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Speaker 8: feel that we are now able to sort of swift

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Speaker 8: the shift the focus more towards typical sort of macro

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Speaker 8: and a fundamental analysism focus, which we haven't been able

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Speaker 8: to do for much of this year. So yes, you know,

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Speaker 8: I feel that there is optimism that is being priced in,

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Speaker 8: but I think that there potentially is more to run to.

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Speaker 2: We're in a place right now this moment Friday, June

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Speaker 2: twenty seventh, where the SMP five hundred could close a

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Speaker 2: fresh record, largely to do a trade if you go

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Speaker 2: just on this market summary on the Bloomberg terminal. But

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Speaker 2: over the course of this week, we've talked about what

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Speaker 2: has changed since April where markets kind of had that

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Speaker 2: low and it is Micron, it is Palenteer, and now

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Speaker 2: in Nvidia potentially at four trillion dollars. What is the

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Speaker 2: biggest do you think driver of growth in this market

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Speaker 2: at the moment?

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Speaker 9: Well, it's a really good question, you know.

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Speaker 8: I think what the problem that we had was that

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Speaker 8: there was that massive shock and scare from Trump and

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Speaker 8: what the impact of those potential trade tariffs could be.

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Speaker 8: Now we didn't get that worst case scenario.

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Speaker 9: In fact, we've been sort.

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Speaker 8: Of pedaled backed quite a lot, and potentially now the

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Speaker 8: outlook isn't so bad.

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Speaker 9: Although will mind more out on July the ninth.

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Speaker 8: But as far as tech is concerned as well, I

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Speaker 8: think the environment, broadly speaking, the environment is much improving.

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Speaker 8: There is a potential of a more dubvish Federal Reserve.

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Speaker 8: You know, we had from Federal Reserve chair our own

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Speaker 8: power this week. He did seem to have a slightly

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Speaker 8: less hawkish stance, perhaps than at the end of the

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Speaker 8: FED meeting in the previous week, So I think that

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Speaker 8: is also helping.

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Speaker 9: And also we've got sentiment.

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Speaker 8: You know, investors are able to turn their focus back

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Speaker 8: to the fundamentals, back to this AI trade, which really

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Speaker 8: when we had there were so many disruptions earlier on

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Speaker 8: in the year, between you know, Trump's taris, between the

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Speaker 8: Middle East, between rating oil prices, the investors weren't able

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Speaker 8: to focus on that AI story.

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Speaker 9: It's always been there, it's always underlying.

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Speaker 8: But once again now those fears and worries have sort

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Speaker 8: of calmed down, attention can get back to AI, which

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Speaker 8: is going to be still a very strong story across

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Speaker 8: the second half of the year.

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Speaker 2: Okay, let's zero in on Nvidia. Could Nvidia be the

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Speaker 2: first four trillion dollar market cap company.

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Speaker 9: I'm going to throw it out there and say, yes.

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Speaker 9: You know, if we talk about if we think about

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Speaker 9: what NA.

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Speaker 8: Video and Video does, I mean, it's got this almost

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Speaker 8: monopoly play it would feel on that AI chip area.

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Speaker 9: I mean, we obviously had that sort of at the.

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Speaker 8: Beginning of the year, we had that deep Seek unveiling

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Speaker 8: and which concerned the markets, but not really because I

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Speaker 8: mean the recovery has been very solid since then, as

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Speaker 8: you said, up sixty six percent, So I mean that

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Speaker 8: wasn't enough to really disrupt the bullish play for Nvidia.

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Speaker 8: The customer base of Nvidia is extremely important. You've got

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Speaker 8: you know, those big tech in there. You've got sort

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Speaker 8: of you know, Amazon Meta, there are all these Microsoft,

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Speaker 8: the big companies that are really supporting the revenue growth

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Speaker 8: here as well. So I think that almost feeds in

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Speaker 8: its into itself. Spending on A I think is only

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Speaker 8: likely to increase from here where we are right now. Obviously,

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Speaker 8: there are risks to that outlook, but I don't think

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Speaker 8: they're necessarily so concerning that it's a potential limit to

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Speaker 8: reaching that four trillion at level.

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Speaker 2: So at this scale, you know, at the index level,

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Speaker 2: it's not surprising that Nvidia is the biggest points contributor

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Speaker 2: across the NASDAQ one hundred s and P five hundred

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Speaker 2: Philadelphia Semiconductor Index. I'm going to do the math for

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Speaker 2: the audience. We're at one hundred and fifty seven dollars

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Speaker 2: fifty cents a share. I think we need to get

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Speaker 2: to just below one hundred and sixty four dollars a

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Speaker 2: share to hit four trillion. If that happens in this session,

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Speaker 2: I'd be surprised. Nonetheless, those risks that you outlined are there.

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Speaker 2: Custom Silicon at the Hyperscaler's potentially a product competition. There

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Speaker 2: are others in this space AMD. We spoke to Man

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Speaker 2: deep thing about earlier. Which of those kind of headwinds

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Speaker 2: do you think is worth paying most attention to, Fiona.

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Speaker 8: Yeah, So, as you point out, I think the concept

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Speaker 8: of having competitors starting to close the gap with Nvidia

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Speaker 8: is something that is a potential limit to the upside.

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Speaker 8: But then saying that you know, this is still a

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Speaker 8: huge a huge market, so there is potential to.

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Speaker 9: Have you know, more than one top dog here.

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Speaker 8: We don't know that yet because this is still very

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Speaker 8: much discovery phase. It does feel but you know, given

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Speaker 8: the potential huge uses for AI that could be the case.

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Speaker 2: Fionas and coder a city index financial market. It's great

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Speaker 2: to have you back on betech. Thank you so much.

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Speaker 2: I want to take a quick look story out of

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Speaker 2: China shares of Gaomie. These are the Hong Kong listed shares.

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Speaker 2: They close up three point six percent overnight but at

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Speaker 2: one point up eight percent, two hundred and eighty nine

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Speaker 2: thousand pre orders for their brand new suv in just

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Speaker 2: one single hour. There have been several million people on

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Speaker 2: the webcast on x when they were presenting this new suv.

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Speaker 3: Will continue to.

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Speaker 2: Track that story coming out. We have a lot more

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Speaker 2: to come. This is Bloomberg Tech. A German privacy regulator

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Speaker 2: has warned Apple and Google that deep Seek, available on

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Speaker 2: their app stores, constitutes illegal content because it exposes users

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Speaker 2: data to Chinese authorities. The formal notification comes after deep

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Speaker 2: seek ignored and may request to either pull its out

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Speaker 2: from app stores in Germany or put in place safeguards

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Speaker 2: when collecting local users data and then transmitting it to

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Speaker 2: China elsewhere. Meta is in talks to acquire Playai, a

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Speaker 2: startup that uses AI to replicate voices. That's according to sources,

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Speaker 2: the deal will give Meta access to play aised tech

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Speaker 2: and some of its employees, a move that caboost Meta's

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Speaker 2: own AI assistant features.

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Speaker 3: For more Bloombus kirk Wagner joins us.

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Speaker 2: With the story that the Meta playbook is kind of

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Speaker 2: emerging here in the Aquahier context. What does Playai do

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Speaker 2: for Meta's own efforts.

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Speaker 10: A specializes in voice assistance, and so if you think

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Speaker 10: about what Meta is trying to accomplish with its Meta

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Speaker 10: AI chatbot and the hands free devices we've talked about before,

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Speaker 10: ed right, the ray Ban glasses, the oriyan Ar glasses

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Speaker 10: that they're building, the whole notion is that you are

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Speaker 10: going to need to control those devices with some type

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Speaker 10: of voice assistant, right, And so I think this is

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Speaker 10: the type of deal that could help sort of push

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Speaker 10: that technology in that progress forward a little bit. It's

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Speaker 10: also something where they could put some of this technology

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Speaker 10: into their large language model, the LAMA model, that's open source, right,

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Speaker 10: and then everybody who uses Lama might have more AI

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Speaker 10: capabilities voice AI capabilities as part of that. So I

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Speaker 10: think it fits into a bunch of different things that

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Speaker 10: they're working on right now.

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Speaker 3: So at Quahai we had scare lai.

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Speaker 2: Is are we reporting that the structure of this would

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Speaker 2: be similar to that?

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Speaker 3: So this is slightly different.

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Speaker 10: I'm told that this is going to include the technology

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Speaker 10: that play ai is building, so it is both talent

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Speaker 10: and technology in this deal. Again, it's not closed as

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Speaker 10: of you know, yesterday when we reported this news, but

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Speaker 10: it is certainly expected to happen, and so you know

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Speaker 10: how much of the technology is ultimately going to be

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Speaker 10: parted over used. I don't know for sure, but I

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Speaker 10: think it's maybe slightly different than the scale AI thing

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Speaker 10: because it does feel like they're bringing at least some

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Speaker 10: of the technology in with them.

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Speaker 3: Meta is spending a bit of money.

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Speaker 2: I feel like, I don't know, it's like, let's throw

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Speaker 2: money to get in this AI thing that innovating internally.

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Speaker 2: I see reports about Boz kind of rallying the troops

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Speaker 2: on what Meta is or isn't going to do compared

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Speaker 2: to others just make sense of the strategy big picture

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Speaker 2: for us.

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Speaker 10: Well, you may remember that Mark Zuckerberg last summer spoke

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Speaker 10: with our own Emily Chang, and he basically said that

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Speaker 10: this is the kind of technology AI and the race

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Speaker 10: for AI is the kind of technology that companies are

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Speaker 10: going to overspend on. They are going to spend, you know,

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Speaker 10: hundreds of billions of dollars to try and develop this

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Speaker 10: stuff and be a leader in this stuff, not only

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Speaker 10: because it then recruits other people, but because consumers are

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Speaker 10: presumably going to go to whichever products are the highest

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Speaker 10: quality and the most like interacting with another human being.

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Speaker 10: And so you know, would you look at this through

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Speaker 10: that lens, like, here's a company and a CEO dead

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Speaker 10: set on getting AI. Right, they have this basically money

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Speaker 10: printing machine in their advertising business with Facebook and Instagram,

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Speaker 10: and they're choosing right now to push those profits, those

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Speaker 10: proceeds into the AI race. And so I do think

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Speaker 10: there's a realistic chance that Meta is over overspending here.

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Speaker 11: Right.

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Speaker 10: We'll look back in a few years and say, wow,

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Speaker 10: they maybe they open the checkbook too much. But Mark

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Speaker 10: Zuckerberg has acknowledged that might be what it takes in

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Speaker 10: order to win this race, and so clearly that's something

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Speaker 10: he's willing to do right now.

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Speaker 2: Bloomers Kurt Wagner with all the meta reporting, Thank you

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Speaker 2: so much.

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Speaker 3: Crusoe and red with Materials.

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Speaker 2: Are tackling AI's biggest challenge power. The two companies have

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Speaker 2: teamed up to create North America's largest micro grid, powered

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Speaker 2: by large scale solar and cycled batteries, the goal delivering

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Speaker 2: rapidly deployable, mobile and scalable AI data centers that operate

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Speaker 2: efficiently off grid. Cruso CEO Chase lock Miller joins US

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Speaker 2: now along with Redwood CEO JB.

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Speaker 3: Strawbel.

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Speaker 2: You're both in the field and on the ground. Thank

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Speaker 2: you so much for your time. Chase, I'll start with you.

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Speaker 2: Is a means to provide power to scale data center.

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Speaker 2: This is a really significant step.

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Speaker 3: Absolutely thanks for hosting us ED.

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Speaker 7: You know, thrilled to be joining you here from from

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Speaker 7: from the field where Redwood and Cruso have partnered on

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Speaker 7: building this very cool off grid AI data center that's

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Speaker 7: powered by on site solar and end of life EV batteries.

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Speaker 7: And you can see the array of batteries behind me.

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Speaker 7: You can see this mobile and modular AI data center

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Speaker 7: that we've dubbed Cruso Spark.

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Speaker 3: Each of these.

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Speaker 7: Data centers houses about five hundred GPUs and there's going

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Speaker 7: to be four of them here, all powered with this grid,

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Speaker 7: right micro grid and and batteries.

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Speaker 3: JB.

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Speaker 2: It's good to have you back on Bloomberg Tech. It's

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Speaker 2: been a while, you know, we've we've we've been tracking

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Speaker 2: the progress of Redwood, but I think there'll be a

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Speaker 2: lot of value in you explaining the opportunity for you

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Speaker 2: here in providing this technology platform to power AI data

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Speaker 2: centers specifically.

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Speaker 12: Well, it's great to be back, and yeah, thanks for

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Speaker 12: the opportunity. This We've been growing steadily for quite a

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Speaker 12: few years, and you know, today find ourselves in a

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Speaker 12: position where there are a huge amount of transportation battery

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Speaker 12: packs coming back from the field. We're in pole position

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Speaker 12: to make best use of a lot of those assets,

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Speaker 12: and we've i think, really invented a platform that you

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Speaker 12: see behind us here that can deploy those cost efficiently

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Speaker 12: to provide grid energy storage. And I think one of

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Speaker 12: the best in highest value applications of that is to

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Speaker 12: do things like what we're seeing here to provide very

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Speaker 12: fast and reliable energy for AI expansion, JB.

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Speaker 2: Could you just give us a sense of any capacity

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Speaker 2: constraint that you have, you know, where you're sending your

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Speaker 2: batteries to and how you're going to prioritize them as

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Speaker 2: you go through the recycle or reuse process.

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Speaker 12: Yeah, so we aim to reuse and repurpose every battery

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Speaker 12: that we possibly can, anything that has remaining life. You know,

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Speaker 12: we already have gigawatt hours of batteries in the pipeline

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Speaker 12: to do that. This project alone is already the largest

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Speaker 12: microgrid in North America and also the world's largest deployment

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Speaker 12: of second life reused batteries. But we're already aiming at

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Speaker 12: projects that are twenty two one hundred times larger than this,

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Speaker 12: So there's a lot to come in the growth in

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Speaker 12: the pipeline.

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Speaker 3: Chase.

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Speaker 2: You and I very recently discussed, and indeed we had

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Speaker 2: Drew Baglino on the show right from heron the need

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Speaker 2: to modernize energy infrastructure in the context of the data

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Speaker 2: center build out. Are you able to kind of quantify

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Speaker 2: or give our audience a sense of the challenge of

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Speaker 2: how much a bottleneck the energy component is when you're

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Speaker 2: building out these data centers around this country.

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Speaker 7: Yeah.

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Speaker 13: Absolutely.

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Speaker 7: You know, one of the major aspects to the bottleneck

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Speaker 7: for energy really is the speed. You know, people are

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Speaker 7: applying for grid inter connections and they're finding themselves in

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Speaker 7: multi year you know, five ten year.

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Speaker 3: Cues to basically get that load approval. What we've done

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Speaker 3: here is rapidly deployed these.

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Speaker 7: Modular and mobile data centers alongside this solar and battery installment,

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Speaker 7: and this all came together in about four months, so

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Speaker 7: we were able to rapidly sort of manufacture in the

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Speaker 7: Cruso factories these modular data centers and deploy this large

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Speaker 7: array of batteries of partnership with with Redwood to effectively

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Speaker 7: drive power to AI infrastructure on a really fast basis.

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Speaker 7: You know, from our perspective, our philosophy is that the

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Speaker 7: future of AI is going to be abundant and it's

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Speaker 7: going to be ubiquitous, which means that we're going to

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Speaker 7: need very large scale AI data centers like what we're

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Speaker 7: building an Applie Texus. They're gonna gig a lot scale,

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Speaker 7: five gig, WoT scale, ten gig a loot scale, massive

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Speaker 7: facilities to train the next frontier models, and then you're

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Speaker 7: going to have lots of smaller modular inference data centers

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Speaker 7: that are deploying and serving customers rearb edge like what

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Speaker 7: we built here or in Sparks with Cruso Spark unit.

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Speaker 2: And for so many technology companies on prem is so

443
00:22:32,720 --> 00:22:35,879
Speaker 2: back chase. How much of a premium is there on

444
00:22:35,920 --> 00:22:39,919
Speaker 2: the cost of JB's technology versus other sources of energy

445
00:22:39,920 --> 00:22:41,760
Speaker 2: and other storage options.

446
00:22:42,800 --> 00:22:45,400
Speaker 7: Yeah, that's actually one of the magical things about this

447
00:22:45,480 --> 00:22:48,879
Speaker 7: is it has something that I call the negative green premium.

448
00:22:48,920 --> 00:22:52,920
Speaker 7: We are powering this site entirely with solar and batteries,

449
00:22:52,920 --> 00:22:55,520
Speaker 7: so we're getting ground the clock twenty four to seven

450
00:22:55,600 --> 00:22:59,560
Speaker 7: power all from the sun, and it's cheaper than our

451
00:22:59,640 --> 00:23:02,320
Speaker 7: overall cost of power in a market like Northern Virginia,

452
00:23:02,760 --> 00:23:07,920
Speaker 7: so it's faster, cheaper, and it can be rapidly deployed

453
00:23:07,960 --> 00:23:10,159
Speaker 7: almost anywhere. So something we're really proud of.

454
00:23:10,160 --> 00:23:12,359
Speaker 3: I'm really excited about JB.

455
00:23:12,520 --> 00:23:14,200
Speaker 2: This is obviously a big, a big deal on a

456
00:23:14,200 --> 00:23:17,440
Speaker 2: big milestone for Redwood. But again, it's been sometimes since

457
00:23:17,440 --> 00:23:20,240
Speaker 2: you've been on the show. Update us on your progress

458
00:23:20,320 --> 00:23:23,760
Speaker 2: to date and the next steps is you scale this process.

459
00:23:23,760 --> 00:23:24,880
Speaker 2: We just have one minute.

460
00:23:25,960 --> 00:23:29,000
Speaker 12: Well at Redwood today, we're by far the largest battery

461
00:23:29,040 --> 00:23:32,159
Speaker 12: recycler in North America. You know, we have hundreds of

462
00:23:32,200 --> 00:23:36,240
Speaker 12: millions in revenue from the recycling operations, and this new

463
00:23:36,400 --> 00:23:40,399
Speaker 12: energy business that we're launching is our next chapter of growth.

464
00:23:41,119 --> 00:23:44,920
Speaker 2: All right, CRUSO CEO Chase lock Miller alongside Redwood Material

465
00:23:45,040 --> 00:23:48,040
Speaker 2: CEO JB. Strawbell live from the ground. Great to have

466
00:23:48,119 --> 00:23:58,040
Speaker 2: you both back on Bloomberg Tech. Welcome back to Bloomberg Tech.

467
00:23:58,200 --> 00:24:01,200
Speaker 2: In equity markets, it is the tech sector that's kind

468
00:24:01,200 --> 00:24:03,400
Speaker 2: of leading the way over the course of this week,

469
00:24:03,760 --> 00:24:05,960
Speaker 2: major indicason. Then now's that one hundreds where I focus

470
00:24:06,040 --> 00:24:08,960
Speaker 2: right because of that high concentration of tech on track

471
00:24:09,119 --> 00:24:12,080
Speaker 2: to close a fresh record highs. The narrative is really

472
00:24:12,119 --> 00:24:13,840
Speaker 2: progress in trade talks.

473
00:24:13,600 --> 00:24:15,560
Speaker 3: Principally between the US and China.

474
00:24:15,600 --> 00:24:17,840
Speaker 2: But then there are those single names, and Nvidia is

475
00:24:17,880 --> 00:24:20,480
Speaker 2: our main focus right now. In Vidia once again the

476
00:24:20,480 --> 00:24:23,879
Speaker 2: world's most valuable company, pushing to fresh record highs. But

477
00:24:24,200 --> 00:24:27,360
Speaker 2: now at three point eight five trillion dollars in market cap,

478
00:24:27,400 --> 00:24:30,120
Speaker 2: could this be the first four trillion dollar market cap company?

479
00:24:30,160 --> 00:24:32,399
Speaker 2: That's what we're looking for. We're up about one and

480
00:24:32,480 --> 00:24:34,200
Speaker 2: a half percent in the session. We need a gain

481
00:24:34,200 --> 00:24:37,080
Speaker 2: of almost six percent to get there. Maybe not today,

482
00:24:37,119 --> 00:24:39,560
Speaker 2: maybe in the coming weeks, but that would be the milestone,

483
00:24:39,640 --> 00:24:43,239
Speaker 2: the first four trillion dollar market cap company. There are

484
00:24:43,240 --> 00:24:45,199
Speaker 2: some other stories out there that we're paying attention to

485
00:24:45,320 --> 00:24:48,919
Speaker 2: that link AI and energy. One of them Palented it

486
00:24:48,960 --> 00:24:52,200
Speaker 2: wants to power up nuclear in America and it's teeming

487
00:24:52,280 --> 00:24:55,119
Speaker 2: up with the nuclear company to co develop and deploy

488
00:24:55,320 --> 00:24:59,520
Speaker 2: the first AI driven real time software system built exclusively

489
00:25:00,160 --> 00:25:02,800
Speaker 2: nuclear construction. I caught up with Palanties head of Defense

490
00:25:02,840 --> 00:25:05,960
Speaker 2: Mike Gallagher and the Uculear Company CEO Jonathan Webb to

491
00:25:06,040 --> 00:25:09,440
Speaker 2: discuss the significance of the partnership, but why NUCUIA is

492
00:25:09,480 --> 00:25:11,080
Speaker 2: a national security priority.

493
00:25:11,840 --> 00:25:14,199
Speaker 14: I think it is how we revitalize not just a

494
00:25:14,240 --> 00:25:17,320
Speaker 14: defense industrial base, but an American industrial base.

495
00:25:17,400 --> 00:25:18,359
Speaker 3: Right, if you think about it in.

496
00:25:18,440 --> 00:25:22,360
Speaker 14: Terms of our relative competition with our primary geo political threat, China,

497
00:25:22,440 --> 00:25:24,800
Speaker 14: we can't win merely by throwing more money and more

498
00:25:24,880 --> 00:25:26,960
Speaker 14: human beings at the problem. That's sort of a losing that.

499
00:25:27,200 --> 00:25:29,920
Speaker 14: We have to leverage our asymmetric advantage, which is innovation

500
00:25:30,400 --> 00:25:33,639
Speaker 14: and AI enabled software innovation. So applying that to the

501
00:25:33,760 --> 00:25:36,560
Speaker 14: entire American industrial base, I think is how we begin

502
00:25:36,560 --> 00:25:39,080
Speaker 14: to build things faster, more quickly. As Jonathan mentioned, it

503
00:25:39,080 --> 00:25:41,679
Speaker 14: shouldn't take over a decade to build a reactor in

504
00:25:41,680 --> 00:25:45,840
Speaker 14: this country. That's not just a consequence of over regulation,

505
00:25:45,920 --> 00:25:49,040
Speaker 14: though that is a key variable. It's about liberating the

506
00:25:49,119 --> 00:25:53,120
Speaker 14: human beings who are involved in producing these things day

507
00:25:53,160 --> 00:25:56,359
Speaker 14: to day to focus on their most important task rather

508
00:25:56,400 --> 00:25:59,480
Speaker 14: than trying to find a piece of paper somewhere or

509
00:25:59,480 --> 00:26:03,520
Speaker 14: an Excel spreadsheet. It's about allowing them to focus and

510
00:26:03,680 --> 00:26:06,639
Speaker 14: maximizing their productivity. That's what we're seeing with our deployment

511
00:26:06,640 --> 00:26:08,399
Speaker 14: of war speed in other spaces. That's what makes me

512
00:26:08,440 --> 00:26:11,280
Speaker 14: so bullish about this partnership. And that's ultimately again, how

513
00:26:11,320 --> 00:26:14,560
Speaker 14: we keep this country strong, secure and ahead of all

514
00:26:14,560 --> 00:26:16,040
Speaker 14: of our geopolitical rivals.

515
00:26:16,359 --> 00:26:19,960
Speaker 3: Yeah, indeed, think you please jump in please, Well.

516
00:26:19,760 --> 00:26:22,560
Speaker 15: What I would say is that this is this is

517
00:26:22,720 --> 00:26:25,800
Speaker 15: absolutely a national security concern and we should all be

518
00:26:25,920 --> 00:26:29,080
Speaker 15: deeply concerned that China in the next few years is

519
00:26:29,080 --> 00:26:33,399
Speaker 15: going to become the largest nuclear power producer on planet Earth.

520
00:26:33,680 --> 00:26:35,200
Speaker 3: They will pass the US for the.

521
00:26:35,119 --> 00:26:38,400
Speaker 15: First time since the history of nuclear power was invented.

522
00:26:38,760 --> 00:26:40,000
Speaker 3: This is unacceptable.

523
00:26:41,760 --> 00:26:43,960
Speaker 2: That was Palanted's head of Defense, Mike Gallagher, and the

524
00:26:44,040 --> 00:26:48,840
Speaker 2: Nuclear company CEO Jonathan Webb, an Israel based robotics startup

525
00:26:48,840 --> 00:26:52,640
Speaker 2: aiming to improve and expand access to crucial eye surgery,

526
00:26:52,840 --> 00:26:55,359
Speaker 2: has recently closed a one hundred and twenty five million

527
00:26:55,359 --> 00:26:59,280
Speaker 2: dollars Series B funding round. The company, for Sights Robotics,

528
00:26:59,480 --> 00:27:03,520
Speaker 2: says it's from us is AI based algorithms, advanced computer vision,

529
00:27:03,840 --> 00:27:07,960
Speaker 2: and micro mechanics to access any point within the human eye.

530
00:27:08,240 --> 00:27:11,160
Speaker 2: For PSITE, co founder, president and chief medical officer, doctor

531
00:27:11,240 --> 00:27:14,080
Speaker 2: Joseph Nathan joins us LIVE, I think up right in

532
00:27:14,200 --> 00:27:18,040
Speaker 2: saying that in the context of robotics history, this was

533
00:27:18,480 --> 00:27:21,160
Speaker 2: one of the top series bes of all time. It's

534
00:27:21,160 --> 00:27:23,960
Speaker 2: a significant sum of money. Let's start with what you're

535
00:27:23,960 --> 00:27:25,560
Speaker 2: going to do with that funding and what you need

536
00:27:25,600 --> 00:27:28,400
Speaker 2: to do to make progress right.

537
00:27:28,680 --> 00:27:30,680
Speaker 13: First of all, thank you for having me. It's fair

538
00:27:30,800 --> 00:27:31,240
Speaker 13: to be here.

539
00:27:32,280 --> 00:27:34,360
Speaker 16: What we're developing it forced that is you said, it's

540
00:27:34,400 --> 00:27:38,320
Speaker 16: a robotic platform to tackle one of the biggest needs

541
00:27:38,560 --> 00:27:42,080
Speaker 16: in medicine, which is the vision crisis. So currently today

542
00:27:42,160 --> 00:27:45,360
Speaker 16: we have over two billion people who are vision impaired

543
00:27:45,880 --> 00:27:49,879
Speaker 16: and that creates a yearly three trillion dollar economic burden.

544
00:27:49,960 --> 00:27:53,119
Speaker 16: And this crisis is mostly due to the lack of

545
00:27:53,160 --> 00:27:56,880
Speaker 16: surgeons to cater to this massive amount of patience and

546
00:27:57,119 --> 00:28:01,919
Speaker 16: the lack of quality of standard in I care. So

547
00:28:01,960 --> 00:28:05,560
Speaker 16: what we're doing at foresight, as you mentioned, we're taking

548
00:28:06,840 --> 00:28:11,960
Speaker 16: AI in our technologies to augment surgeons capabilities and have

549
00:28:12,160 --> 00:28:17,159
Speaker 16: them doing many more procedures in a very precise and

550
00:28:17,280 --> 00:28:20,000
Speaker 16: act right way. And we're starting with care ACT, which

551
00:28:20,000 --> 00:28:21,560
Speaker 16: is our first indication.

552
00:28:22,720 --> 00:28:25,520
Speaker 2: Does and Anathan, how big is the addressable market here?

553
00:28:27,280 --> 00:28:30,520
Speaker 16: So this is one of the biggest markets in medicine.

554
00:28:30,560 --> 00:28:34,119
Speaker 16: This is the most common precision of medicine. Care acts

555
00:28:34,200 --> 00:28:38,080
Speaker 16: is not. The disease is a widespread condition that happens

556
00:28:38,400 --> 00:28:43,360
Speaker 16: during age, so it will happen to everybody eventually, and

557
00:28:44,000 --> 00:28:46,840
Speaker 16: we just we don't keep up with the amount of

558
00:28:46,960 --> 00:28:50,320
Speaker 16: surgeries that needs to be done. So today, for example,

559
00:28:50,920 --> 00:28:54,240
Speaker 16: we can do globally thirty million procedures a year, but

560
00:28:54,240 --> 00:28:58,120
Speaker 16: there's over six hundred million patients needed. So there's really

561
00:28:58,160 --> 00:29:02,320
Speaker 16: no human way to this gap. And as you mentioned,

562
00:29:02,760 --> 00:29:05,640
Speaker 16: this is the largest, the second largest be round in

563
00:29:05,720 --> 00:29:09,120
Speaker 16: surgical robotics history, and this round is going to take

564
00:29:09,240 --> 00:29:15,640
Speaker 16: us from where we are today. So we did thirty

565
00:29:16,000 --> 00:29:20,080
Speaker 16: three hundred procedure and animal models and we're going to

566
00:29:20,160 --> 00:29:23,200
Speaker 16: do our first in human trials later this year, and

567
00:29:23,240 --> 00:29:27,360
Speaker 16: it's going to take us through regulatory approvals and early commercialization.

568
00:29:29,640 --> 00:29:34,000
Speaker 2: Doctor Nathan, you join us from Israel and we have

569
00:29:34,080 --> 00:29:37,920
Speaker 2: to address the events of the last few weeks. Would

570
00:29:37,960 --> 00:29:41,240
Speaker 2: you just reflect on what it's been like closing this

571
00:29:41,400 --> 00:29:43,760
Speaker 2: round but also just trying to build out the technology

572
00:29:44,200 --> 00:29:47,400
Speaker 2: in an environment where Israel is at war with Iran.

573
00:29:49,000 --> 00:29:50,800
Speaker 13: Yeah, you're definitely right.

574
00:29:51,280 --> 00:29:54,880
Speaker 16: There were usually, you know, there's volatility in the Middle East,

575
00:29:55,000 --> 00:29:59,360
Speaker 16: but this was different. We had ballistic missiles dropping from

576
00:29:59,400 --> 00:30:01,400
Speaker 16: the sky. We had, you know, to run with our

577
00:30:01,480 --> 00:30:06,840
Speaker 16: kids through the shelters. But there's in our spirit and

578
00:30:06,880 --> 00:30:11,600
Speaker 16: the Israeli spirit is that Israeli tech delivers no matter what,

579
00:30:12,400 --> 00:30:16,720
Speaker 16: and during missiles coming from the sky. We closed this

580
00:30:16,880 --> 00:30:19,880
Speaker 16: Bee round and you know, this company was started five

581
00:30:19,920 --> 00:30:23,280
Speaker 16: years ago during COVID, we went through a very big

582
00:30:23,280 --> 00:30:26,040
Speaker 16: economic recession, the war in Gaza, and now I ran.

583
00:30:26,840 --> 00:30:30,360
Speaker 16: So this vote of confidence by investors and also a

584
00:30:30,400 --> 00:30:34,280
Speaker 16: strategic partner that we joined to this round, it's truly

585
00:30:34,320 --> 00:30:37,840
Speaker 16: amazing and I think it's a testament to Israeli resilient

586
00:30:38,160 --> 00:30:44,400
Speaker 16: and our ability to get through hurdles. If it's you know,

587
00:30:44,520 --> 00:30:48,080
Speaker 16: uncertainty in the Middle East, it could be uncertainty during development.

588
00:30:48,160 --> 00:30:52,080
Speaker 16: We're developing a disruptive solution that's very hard to do.

589
00:30:52,440 --> 00:30:55,400
Speaker 16: So I'm very very proud of the team for you know.

590
00:30:55,480 --> 00:31:00,000
Speaker 2: And during this I ask you about the operational experience

591
00:31:00,160 --> 00:31:02,480
Speaker 2: ends of recent weeks because we also talked about the

592
00:31:02,480 --> 00:31:06,720
Speaker 2: addressable market. And it's likely right that that addressable market

593
00:31:06,800 --> 00:31:08,120
Speaker 2: is outside of Israel.

594
00:31:08,680 --> 00:31:11,320
Speaker 3: So is it the future of.

595
00:31:11,280 --> 00:31:14,720
Speaker 2: This company that you maintain your talent, pull your operations

596
00:31:14,760 --> 00:31:17,200
Speaker 2: in that country or you need to look at expanding

597
00:31:17,200 --> 00:31:19,280
Speaker 2: globally to capture that market.

598
00:31:20,360 --> 00:31:24,920
Speaker 16: Right, we are a global company. Our first target market

599
00:31:24,960 --> 00:31:27,400
Speaker 16: is the US. We're going to transition our operation to

600
00:31:27,440 --> 00:31:32,440
Speaker 16: the US. We are very privileged, as you said, to

601
00:31:32,640 --> 00:31:36,640
Speaker 16: be doing good and our addressable market, you know, people

602
00:31:36,720 --> 00:31:40,680
Speaker 16: have cataut regardless of their ethnicity to graph et cetera.

603
00:31:41,320 --> 00:31:44,400
Speaker 16: So our first target market is the US. We're going

604
00:31:44,400 --> 00:31:47,040
Speaker 16: to transition our operation there, but also to other places.

605
00:31:47,520 --> 00:31:50,160
Speaker 16: So you're definitely right, it's outside of the realms of Israel.

606
00:31:52,320 --> 00:31:54,560
Speaker 2: What I find so interesting about the technology is it

607
00:31:54,600 --> 00:31:59,200
Speaker 2: blends robotics hardware with software. What would you say is

608
00:31:59,200 --> 00:32:00,440
Speaker 2: your core company tens.

609
00:32:01,920 --> 00:32:03,280
Speaker 13: Well it's faced.

610
00:32:03,480 --> 00:32:05,840
Speaker 16: So you start with a lot of you know, building

611
00:32:06,000 --> 00:32:08,959
Speaker 16: very small mechanics and then you know, software is like

612
00:32:09,040 --> 00:32:13,080
Speaker 16: the brain takes over. So think about we're doing like,

613
00:32:13,480 --> 00:32:17,800
Speaker 16: you know, superhuman extension of you know, the surgeon hands

614
00:32:17,840 --> 00:32:22,480
Speaker 16: and arms coupled with best in class visualization and the

615
00:32:22,520 --> 00:32:26,320
Speaker 16: software brain that operates everything and gives the surgeons the

616
00:32:26,360 --> 00:32:30,520
Speaker 16: ability to be more precise and accurate in every case.

617
00:32:30,560 --> 00:32:33,360
Speaker 16: And what I when I try to explain what we're doing,

618
00:32:33,440 --> 00:32:37,000
Speaker 16: what we want to achieve. We want to transition to

619
00:32:37,040 --> 00:32:41,320
Speaker 16: transform the average surgeon to the Michael Jordan of surgeons.

620
00:32:41,600 --> 00:32:44,120
Speaker 16: But in every procedure, you know, regardless if it's the

621
00:32:44,160 --> 00:32:47,280
Speaker 16: first procedure of the day or the last procedure of

622
00:32:47,360 --> 00:32:47,640
Speaker 16: the day.

623
00:32:47,680 --> 00:32:49,240
Speaker 13: And that's really what it's all about.

624
00:32:50,880 --> 00:32:52,760
Speaker 2: I lost you again, what you plan to do with

625
00:32:52,800 --> 00:32:56,000
Speaker 2: the funding. There's a real premium on software talent in

626
00:32:56,000 --> 00:32:58,520
Speaker 2: particular right now, but across robotics.

627
00:32:59,840 --> 00:33:04,040
Speaker 16: Right so yeah, you know, we we were fortunate enough

628
00:33:04,080 --> 00:33:07,920
Speaker 16: to get and we have Nvidia is you know, our

629
00:33:07,960 --> 00:33:11,040
Speaker 16: neighbors and Facebook and Apple, so we're competing with the

630
00:33:11,200 --> 00:33:14,760
Speaker 16: you know, those companies on the best talent. What we

631
00:33:14,920 --> 00:33:20,000
Speaker 16: have is you know, the ability to give our team

632
00:33:20,040 --> 00:33:26,040
Speaker 16: member join a journey to transform the atomic market. So

633
00:33:26,120 --> 00:33:30,920
Speaker 16: currently there's you know, no robotics on the thomic market,

634
00:33:31,280 --> 00:33:36,200
Speaker 16: while other specialties have gained robotics for ten to fifteen years.

635
00:33:36,640 --> 00:33:38,880
Speaker 13: And this is because you know, we didn't.

636
00:33:38,720 --> 00:33:44,520
Speaker 16: Have the miniaturization, the surgy, the technological advancement that happened

637
00:33:44,520 --> 00:33:48,080
Speaker 16: over the last you know, maybe five years in order

638
00:33:48,160 --> 00:33:52,560
Speaker 16: to get a robotic platform doing such a precise micro

639
00:33:52,720 --> 00:33:57,800
Speaker 16: level movements. And when you're talking about computing power or software,

640
00:33:58,600 --> 00:34:03,000
Speaker 16: you know, the Nvidia of the world gave us the

641
00:34:03,040 --> 00:34:07,800
Speaker 16: ability to have this computer paper to control this micro

642
00:34:07,920 --> 00:34:08,719
Speaker 16: level precision.

643
00:34:08,840 --> 00:34:10,760
Speaker 13: So it's you know, interconnected here.

644
00:34:11,920 --> 00:34:15,200
Speaker 2: Doctor Joseph Nathan, co founder, president and chief medical officer

645
00:34:15,239 --> 00:34:19,480
Speaker 2: for ForSight Robotics, thank you, Okay. Coming up, former CFTC

646
00:34:19,520 --> 00:34:23,680
Speaker 2: Commissioner and newly appointed CEO of the Blockchain Association, Some

647
00:34:24,080 --> 00:34:27,640
Speaker 2: Mersinger joins us to talk about the push for crypto legislation.

648
00:34:28,320 --> 00:34:30,439
Speaker 3: As next this is Bloomberg Tech.

649
00:34:39,239 --> 00:34:42,480
Speaker 2: The House is expected to combine two crypto bills, the

650
00:34:42,600 --> 00:34:46,480
Speaker 2: Genius and Clarity Acts, as it aims to finalize regulation

651
00:34:46,560 --> 00:34:49,279
Speaker 2: the digital currencies in the US. For more, I want

652
00:34:49,280 --> 00:34:52,200
Speaker 2: to bring in summer Mersinger. She's a former commissioner at

653
00:34:52,239 --> 00:34:57,000
Speaker 2: the Commodity Futures Training Commission CFTC and the new CEO

654
00:34:57,440 --> 00:35:01,279
Speaker 2: of the Blockchain Association. Let's star with this latest news, right,

655
00:35:01,280 --> 00:35:03,880
Speaker 2: This is what Bloomberg put out last night yesterday evening

656
00:35:03,920 --> 00:35:07,919
Speaker 2: out of DC that the idea is to advance two

657
00:35:07,920 --> 00:35:10,919
Speaker 2: separate measures in a single procedural vote.

658
00:35:10,960 --> 00:35:13,040
Speaker 3: We actually had David Sacks the cryptos.

659
00:35:12,600 --> 00:35:14,759
Speaker 2: Are on the show a couple of weeks ago, where

660
00:35:14,760 --> 00:35:17,000
Speaker 2: we put this idea to him. What do you make

661
00:35:17,040 --> 00:35:19,600
Speaker 2: of that structure and the impact that it might have.

662
00:35:21,040 --> 00:35:23,480
Speaker 11: Yeah, it's important that they're able to bring the two

663
00:35:23,520 --> 00:35:27,520
Speaker 11: bills to the floor but also have them separate so

664
00:35:27,560 --> 00:35:30,239
Speaker 11: that the Genius Act can move on its own and

665
00:35:30,320 --> 00:35:33,040
Speaker 11: be signed into a law. I think the House is

666
00:35:33,160 --> 00:35:36,560
Speaker 11: very committed to having both stable coin legislation and market

667
00:35:36,600 --> 00:35:39,960
Speaker 11: structure legislation done before the August recess. This allows them

668
00:35:39,960 --> 00:35:43,279
Speaker 11: to do that while also preeing up Genius to move

669
00:35:43,880 --> 00:35:46,840
Speaker 11: to a Drugly to the President.

670
00:35:48,680 --> 00:35:53,120
Speaker 2: How consequential is the movement of these two pieces of

671
00:35:53,200 --> 00:35:56,560
Speaker 2: legislation combined as one. In sort of the history of

672
00:35:56,600 --> 00:35:59,839
Speaker 2: how crypto and the crypto industry and the underlying technology

673
00:36:00,480 --> 00:36:02,520
Speaker 2: has built up in this country and around the world.

674
00:36:02,600 --> 00:36:06,480
Speaker 11: Frankly, yeah, this is a pivotal moment, and I think

675
00:36:06,520 --> 00:36:10,479
Speaker 11: it's pretty historic where we are. We have two very

676
00:36:10,520 --> 00:36:14,160
Speaker 11: important pieces of legislation moving through Congress at the same

677
00:36:14,239 --> 00:36:18,560
Speaker 11: time that will have enormous impact on how this technology

678
00:36:19,160 --> 00:36:22,160
Speaker 11: and the businesses that have layered on it, how they

679
00:36:22,200 --> 00:36:27,239
Speaker 11: are regulated. It's rare that Congress has two pieces of

680
00:36:27,320 --> 00:36:31,480
Speaker 11: legislation in the same industry moving at the same time.

681
00:36:31,920 --> 00:36:34,840
Speaker 11: So I think that is historic in and of itself.

682
00:36:35,239 --> 00:36:38,319
Speaker 11: But given how far the industry has come, just you know,

683
00:36:38,400 --> 00:36:43,360
Speaker 11: a few years ago, they were facing enforcement, lack of clarity,

684
00:36:43,840 --> 00:36:47,319
Speaker 11: almost a hostile regulatory environment. And now we have a

685
00:36:47,600 --> 00:36:50,480
Speaker 11: crypto administration of pro crypto Congress, and we're going to

686
00:36:50,520 --> 00:36:53,920
Speaker 11: see major legislation put into place that will provide a

687
00:36:53,920 --> 00:36:55,320
Speaker 11: framework for this industry.

688
00:36:56,239 --> 00:36:58,440
Speaker 3: You say, a hostile regulatory environment.

689
00:36:58,640 --> 00:37:02,040
Speaker 2: Does the content of these two bills provide the sort

690
00:37:02,080 --> 00:37:07,719
Speaker 2: of safeguards and ethical safety net that many in the

691
00:37:07,760 --> 00:37:11,560
Speaker 2: industry and Democrats also were calling for in the writing

692
00:37:11,640 --> 00:37:13,240
Speaker 2: of it.

693
00:37:13,239 --> 00:37:16,960
Speaker 11: It does, and it provides a framework for the industry

694
00:37:17,000 --> 00:37:20,399
Speaker 11: to abide by regulations. I think, you know, previously they

695
00:37:20,440 --> 00:37:23,400
Speaker 11: were trying to be regulated. They wanted to be regulated.

696
00:37:23,440 --> 00:37:26,000
Speaker 11: They were trying to walk in the door of the

697
00:37:26,080 --> 00:37:28,760
Speaker 11: regulators to say what can we do to follow rules,

698
00:37:29,160 --> 00:37:32,439
Speaker 11: and they were being met with enforcement cases. Now they're

699
00:37:32,480 --> 00:37:35,239
Speaker 11: going to have a framework they can follow so they

700
00:37:35,280 --> 00:37:38,560
Speaker 11: can come under the regulatory sphere. That's both very helpful

701
00:37:38,560 --> 00:37:41,319
Speaker 11: for the industry because that provides a certainty they need

702
00:37:41,360 --> 00:37:43,920
Speaker 11: to continue to be the innovators that they are, but

703
00:37:44,000 --> 00:37:46,640
Speaker 11: it also gives a lot of safeguards to those who

704
00:37:46,719 --> 00:37:49,480
Speaker 11: want to be in this market, to retail participants of

705
00:37:49,560 --> 00:37:52,480
Speaker 11: those who are buying and selling crypto. Those safeguards are

706
00:37:52,480 --> 00:37:56,160
Speaker 11: missing right now, and this framework will provide safeguards.

707
00:37:57,160 --> 00:37:59,799
Speaker 2: Some of what the industry keeps telling me, what your

708
00:38:00,000 --> 00:38:03,760
Speaker 2: association members keep telling me, is this is about dollarization.

709
00:38:04,520 --> 00:38:05,920
Speaker 3: Do you share that thesis?

710
00:38:07,520 --> 00:38:07,759
Speaker 13: Yeah.

711
00:38:07,840 --> 00:38:11,319
Speaker 11: For stable coins, for sure, it's very important that we

712
00:38:11,560 --> 00:38:15,880
Speaker 11: have the stable coin legislation. There's a lot of, you know,

713
00:38:16,440 --> 00:38:20,560
Speaker 11: national security interest in having stable coin regime here in

714
00:38:20,600 --> 00:38:23,360
Speaker 11: the United States, making sure the US dollar is the

715
00:38:23,440 --> 00:38:28,080
Speaker 11: backing for stable coins, and to continue to have the

716
00:38:28,160 --> 00:38:32,840
Speaker 11: US be the kind of the first place where stable

717
00:38:32,840 --> 00:38:35,480
Speaker 11: coin issuers want to go and want to use the

718
00:38:35,600 --> 00:38:39,360
Speaker 11: US dollar as their currency backing for those coins.

719
00:38:40,680 --> 00:38:43,120
Speaker 2: I think what many of our audience might appreciate, Like

720
00:38:43,880 --> 00:38:46,080
Speaker 2: many people, they don't know what a stable coin is,

721
00:38:46,120 --> 00:38:48,640
Speaker 2: what its function is, how the utility of it to

722
00:38:48,760 --> 00:38:53,239
Speaker 2: everyday financial procedures. Do you have an explanation of that

723
00:38:53,360 --> 00:38:55,200
Speaker 2: for the layperson that's watching right now.

724
00:38:56,480 --> 00:39:00,200
Speaker 11: Yeah, it's another way to move funds electronically. And you know,

725
00:39:00,239 --> 00:39:02,399
Speaker 11: I think for a lot of people in their mind

726
00:39:02,480 --> 00:39:05,320
Speaker 11: right now, when you move funds electronically, it takes time.

727
00:39:05,840 --> 00:39:06,960
Speaker 9: It's not immediate