WEBVTT - Trump's VP Pick and Huawei's Shanghai Center 0:00:01.520 --> 0:00:05.160 From Marhard where Innovation of Money and power Collie in 0:00:05.280 --> 0:00:06.760 Silicon Valley NBN. 0:00:07.120 --> 0:00:11.160 This is Bloomberg Technology with Caroline Hyde and Ed lud Glove. 0:00:25.400 --> 0:00:28.160 Now from New York and San Francisco. This is Bloomberg 0:00:28.160 --> 0:00:32.280 Technology coming up a breakdown of Trump's VC pick, JD 0:00:32.400 --> 0:00:35.480 vance and his ties to Silicon Valley. 0:00:36.360 --> 0:00:38.880 Huawei tries to beat US curbs with a one point 0:00:38.880 --> 0:00:42.120 four billion dollar chip R and D center in China. 0:00:42.240 --> 0:00:45.920 We discuss and exclusive Bloomberg reporting on salesforce as the 0:00:45.920 --> 0:00:49.360 company cuts more of its workforce. First, let's check in 0:00:49.440 --> 0:00:51.800 on those markets at the moment head because we are 0:00:51.800 --> 0:00:54.000 barreling towards yet another record high on the S and 0:00:54.000 --> 0:00:57.400 P five five hundred. Look small cats doing a lot 0:00:57.400 --> 0:00:59.760 of the heavy lifting today as well. Retail sales come 0:00:59.800 --> 0:01:02.920 in solid. So even though it's not good enough to 0:01:02.920 --> 0:01:05.240 put off any sort of rake cup comes September, we 0:01:05.319 --> 0:01:07.360 are still seeing some resilience in the US consumer. We're 0:01:07.440 --> 0:01:09.320 up six tens a percent over the last two days 0:01:09.600 --> 0:01:11.959 on the S and P five hundred, and even though 0:01:11.959 --> 0:01:13.760 we see a little bit of tech money coming off 0:01:13.800 --> 0:01:15.440 the table when it comes to in video and others 0:01:15.440 --> 0:01:18.320 that led the charge more broadly, we are managing to 0:01:18.360 --> 0:01:20.399 push on to new record highs. But what are you 0:01:20.400 --> 0:01:21.920 looking at in terms of the microdata. 0:01:22.560 --> 0:01:26.080 Our top story is former President Trump picking JD. Vance 0:01:26.120 --> 0:01:28.759 the Senator as his running mate, his pick for VP 0:01:28.920 --> 0:01:31.200 on the Republican ticket. We talked a lot about the 0:01:31.200 --> 0:01:34.640 Trump trade in the last twenty four hours. Trump Media 0:01:34.720 --> 0:01:38.280 and Technology Group, the parent of truth Social is the 0:01:38.360 --> 0:01:39.800 most direct example of that. 0:01:39.840 --> 0:01:40.880 So this is a two day chart. 0:01:40.880 --> 0:01:44.040 We jump thirty percent or so Monday, biggest jump since March, 0:01:44.080 --> 0:01:46.360 and we're giving some of it back Tuesday. There's no 0:01:46.400 --> 0:01:49.000 negative sentiment per se, but I flag it. 0:01:48.920 --> 0:01:50.080 Because true social. 0:01:50.360 --> 0:01:54.480 In the first instance, carro is how Trump communicated that JD. 0:01:54.600 --> 0:01:55.480 Vance was his pick. 0:01:55.920 --> 0:01:58.400 Yeah, all about communication at the moment. Stock twits is 0:01:58.440 --> 0:02:00.600 one of the main stocks we can be on. Let's 0:02:00.600 --> 0:02:02.440 go to the communication on the ground from our very 0:02:02.480 --> 0:02:05.360 own Joe Matthews standing by, and look, there is a 0:02:05.400 --> 0:02:08.240 lot to be said about the prominence of the role 0:02:08.320 --> 0:02:12.040 of JD. Van's in Silicon Valley in venture capital. What 0:02:12.080 --> 0:02:16.000 are you making of it on the ground, Well. 0:02:15.840 --> 0:02:18.480 It's pretty interesting here. Obviously, a venture capital is first 0:02:18.520 --> 0:02:22.840 known to many of our viewers and listeners here on Bloomberg. 0:02:23.280 --> 0:02:27.160 But he's also become a much louder voice when it 0:02:27.200 --> 0:02:30.720 comes to economic policy, when it comes to government spending, 0:02:31.000 --> 0:02:33.320 when it comes to crypto. Now it's going to be 0:02:33.360 --> 0:02:35.680 interesting to see how he gets into Donald Trump's head here, 0:02:35.720 --> 0:02:38.440 potentially because Donald Trump is not known for taking a 0:02:38.440 --> 0:02:41.399 lot of advice and in this case from a running mate. 0:02:41.440 --> 0:02:43.760 We saw these two together in the convention hall last 0:02:43.840 --> 0:02:46.840 night and it was really about Donald Trump. Jd Vance 0:02:47.320 --> 0:02:51.440 was at his side, smiling, waving a celebration here in Milwaukee. 0:02:51.560 --> 0:02:54.200 But we have to remember this is Donald Trump's convention, 0:02:54.639 --> 0:02:58.640 this is Donald Trump's targeting. 0:02:58.639 --> 0:03:01.080 To jump in because I think Joe, sorry to jump in. 0:03:01.120 --> 0:03:02.919 I think we lost your mic for a second there. 0:03:03.639 --> 0:03:06.880 But you raise really interesting point, which is jd Vance 0:03:06.880 --> 0:03:11.000 has some very established views, for example, in the context 0:03:11.000 --> 0:03:14.840 of antitrust, where the conservative movement might be a little 0:03:14.840 --> 0:03:17.040 bit more split. Tell me about what it was like, 0:03:17.080 --> 0:03:19.920 though you mentioned that all the focus was on Trump broadly, 0:03:20.000 --> 0:03:23.160 how did the party react to jd Vance versus some 0:03:23.200 --> 0:03:25.880 of the other names that have been touted. 0:03:27.800 --> 0:03:29.959 Very well received. Look, that's going to be the deal. 0:03:30.000 --> 0:03:33.680 Though in a place hosting the Republican National Convention. Just 0:03:33.720 --> 0:03:36.160 spoke with Senator Bill Haggerty a short time ago, a 0:03:36.160 --> 0:03:40.000 Republican from Tennessee who is very pro crypto but also 0:03:40.000 --> 0:03:42.680 a very old line Republican. He thinks it's a great choice. 0:03:42.680 --> 0:03:45.760 We've spoken with a number of officials here in Milwaukee 0:03:45.920 --> 0:03:47.920 who seemed to be embracing this idea. I have to 0:03:47.960 --> 0:03:51.119 admit most people were surprised. To not be surprised. We've 0:03:51.120 --> 0:03:53.760 been talking about JD. Vance on a short list here 0:03:53.800 --> 0:03:56.320 for weeks and weeks, and a lot of folks thought 0:03:56.360 --> 0:03:58.480 that Donald Trump might move in a different direction here. 0:03:58.520 --> 0:04:02.080 So it's an interesting and potentially discipline move, but it 0:04:02.120 --> 0:04:04.240 tells us a lot about the future of the Republican Party. 0:04:04.360 --> 0:04:07.360 Jdvans is thirty nine years old and will be the 0:04:07.360 --> 0:04:08.760 heir apparent of the MAGA movement. 0:04:10.000 --> 0:04:12.240 Are most Joe Matthew on the ground in Milwaukee, thank you. 0:04:12.280 --> 0:04:12.320 No. 0:04:12.440 --> 0:04:12.680 JD. 0:04:12.760 --> 0:04:16.040 Vance spoke with Fox yesterday and talked about China. 0:04:17.920 --> 0:04:20.200 I think what President Trump has promised to do is 0:04:20.320 --> 0:04:24.159 go in there, negotiate with the Russians, ukradients, bring this 0:04:24.240 --> 0:04:27.040 thing to a rapid close so that American can focus 0:04:27.120 --> 0:04:29.960 on the real issue, which is China that's the biggest 0:04:30.000 --> 0:04:33.040 threat for our country, and we're completely distracted from them. 0:04:35.680 --> 0:04:39.640 Both presidential candidates want to be seen as tough on China. 0:04:39.720 --> 0:04:43.120 Trump promised to hike tariff on China across the board 0:04:43.160 --> 0:04:47.240 if reelected, and President Biden has boosted levies on Chinese 0:04:47.279 --> 0:04:48.279 electric vehicles. 0:04:48.600 --> 0:04:49.400 Joining us now is. 0:04:49.400 --> 0:04:53.120 Former Republican Congressman Denver Riggleman, who also served as an 0:04:53.120 --> 0:04:56.560 Air Force intelligence officer. He's the founder of security firm 0:04:56.600 --> 0:04:59.479 Riblemen Information and Intelligence Group. 0:05:00.120 --> 0:05:01.280 Morning to you, mister Riggleman. 0:05:01.400 --> 0:05:04.960 Let's just start with your reaction to JD. Vance as 0:05:05.720 --> 0:05:09.760 Trump's pick as running mate and as potential vice president. 0:05:10.760 --> 0:05:12.640 Well, you know, it's funny, you were right. I was 0:05:12.640 --> 0:05:14.400 listening to you. It wasn't that much of a surprise 0:05:14.480 --> 0:05:15.839 to me. But I do. 0:05:15.720 --> 0:05:18.560 Believe this is very, very good. I would say for 0:05:19.480 --> 0:05:21.960 the Democrats right now. I think his views on women. 0:05:22.000 --> 0:05:23.680 I think women voters are really going to carry this. 0:05:24.120 --> 0:05:25.240 So I think what they're going to do. They're going 0:05:25.240 --> 0:05:29.159 to attack Jady Vance on multiple policy situations where he's flipped. 0:05:29.360 --> 0:05:30.840 They're going to attack them on what he said about 0:05:30.839 --> 0:05:31.400 Trump before. 0:05:31.440 --> 0:05:33.839 But I think what this really does for the Democrats 0:05:33.880 --> 0:05:35.680 is I think they're actually going to actually look at 0:05:35.720 --> 0:05:38.160 his issues on women, and I think it actually helps 0:05:38.160 --> 0:05:40.960 a Democratic ticket. I was, you know, I wasn't surprised, 0:05:41.360 --> 0:05:43.839 but I did think he might go another route, maybe 0:05:43.880 --> 0:05:46.159 a Nikki Haley route or a female vice president. 0:05:46.160 --> 0:05:46.920 But I think with JD. 0:05:47.040 --> 0:05:49.160 Vance, I actually think it helps the Democrats based on 0:05:49.440 --> 0:05:51.600 what he said about women's issues and things of that nature. 0:05:52.720 --> 0:05:55.400 You an author yourself. You co authored a bit with 0:05:55.480 --> 0:05:57.919 Hunter Walker titled The Breach, which is published in October 0:05:57.920 --> 0:06:02.200 twenty two, all about January this Denver. You're also, I mean, 0:06:02.279 --> 0:06:05.000 someone who feels that you were jettison from your own 0:06:05.040 --> 0:06:07.800 party for having officiated a same sex marriage. So you've 0:06:07.839 --> 0:06:10.800 got an interesting relationship with the Republicans and put that 0:06:10.800 --> 0:06:12.920 out to our audience. But I do want to make 0:06:13.240 --> 0:06:16.039 sort of use of your expertise when it comes to 0:06:16.600 --> 0:06:20.120 cyber to intelligence to ultimately the risks that we heard 0:06:20.160 --> 0:06:23.200 coming from Jdvans about China and whether you think that 0:06:23.360 --> 0:06:25.679 is something to be standing upon, whether that is something 0:06:25.680 --> 0:06:27.600 that you agree with as a key concern, and whether 0:06:27.680 --> 0:06:29.280 it will be tackled by the Republicans. 0:06:30.320 --> 0:06:32.960 You know, regardless of jd Vance's viewer sale on January 0:06:32.960 --> 0:06:35.359 sixth as an election denier or what he does. The 0:06:35.440 --> 0:06:38.599 fact is China is a bipartisan they're sort of a support, 0:06:38.640 --> 0:06:41.440 a bipartisan support to look at China as a threat 0:06:41.440 --> 0:06:43.240 that they are. And you know, we talked about you know, 0:06:43.279 --> 0:06:45.760 stealing IP We've talked about things like that with China. 0:06:45.839 --> 0:06:47.960 When you're talking about their AI development or they're talking 0:06:47.960 --> 0:06:50.080 about their technical development, I think we have to be 0:06:50.160 --> 0:06:52.800 very careful about the regulatory structure here in America when 0:06:52.839 --> 0:06:55.400 we're talking about AI development, tech development. 0:06:55.440 --> 0:06:56.839 As far as China is concerned. 0:06:57.240 --> 0:06:59.880 I think actually, you know, jd and the Dems, you know, 0:07:00.040 --> 0:07:03.400 both sides really have some valid concerns about China. You know, 0:07:03.440 --> 0:07:04.840 I just wrote an opt that I'm trying to get 0:07:04.880 --> 0:07:07.880 in about Chinese drones and the built and Americans that 0:07:08.040 --> 0:07:10.120 use them and actually law enforcement agencies that use them 0:07:10.160 --> 0:07:12.400 and how they can be used as collection sources. So 0:07:12.480 --> 0:07:14.320 I do think right now, as on the China task 0:07:14.400 --> 0:07:16.640 for some Congress, I do believe that China is the 0:07:16.680 --> 0:07:20.640 one bipartisan issue where everybody can gel together, and regardless 0:07:20.640 --> 0:07:22.720 of their past views or things like that, I think 0:07:22.760 --> 0:07:25.760 that China the specific China issue is something we really 0:07:25.760 --> 0:07:26.920 have to worry about. 0:07:27.960 --> 0:07:28.520 Congressman. 0:07:28.600 --> 0:07:32.360 One interesting point that our correspondent raised on the ground 0:07:32.360 --> 0:07:35.920 in Milwaukee is how much President Trump will or will 0:07:35.960 --> 0:07:39.760 not listen to his vice president. Pick one policy area, 0:07:39.800 --> 0:07:43.480 for example, is big tech and antitrust. This is Bloomberg Technology, 0:07:43.520 --> 0:07:47.320 after all, and mister Vance's position has been quite clear. 0:07:47.560 --> 0:07:49.760 He thinks that big tech should be broken up, that 0:07:49.800 --> 0:07:52.680 there is too much power, and he's aligned with the FTC. 0:07:52.840 --> 0:07:56.360 Other parts of the conservative movement want to see shrunk 0:07:56.840 --> 0:07:59.440 regulators and shrunk agencies. How do you think that will 0:07:59.440 --> 0:07:59.880 play out? 0:08:01.920 --> 0:08:03.680 I don't actually think it's gonna be one of the 0:08:03.720 --> 0:08:07.120 bigger issues when we're going into the election. I think afterwards, 0:08:07.160 --> 0:08:09.120 if the Trump administration is to win, I think it's 0:08:09.160 --> 0:08:11.000 going to be actually a bit of a war on 0:08:11.120 --> 0:08:13.560 anti trust with big tech. You know, I've had my 0:08:13.600 --> 0:08:16.440 own issues with big tech, especially algorithmically and what they 0:08:16.480 --> 0:08:17.400 do in that environment. 0:08:17.760 --> 0:08:19.680 You know, my company actually looks at some of this. 0:08:20.240 --> 0:08:23.000 We're looking at social media platforms and disinformation and how 0:08:23.040 --> 0:08:26.360 to use AI and graphical networks to track those. So 0:08:26.440 --> 0:08:28.360 I do believe right now, when you're talking about anti 0:08:28.360 --> 0:08:29.760 trust and tech. I think that is going to be 0:08:29.760 --> 0:08:32.319 one of the biggest things that we talk about after 0:08:32.360 --> 0:08:35.440 the election, on how we either regulate if we break 0:08:35.480 --> 0:08:37.960 them up, or you know, if we look at some 0:08:38.040 --> 0:08:40.920 kind of algorithmic solutions, or we're looking at some other 0:08:41.000 --> 0:08:43.160 ways to see what's happening with big tech and how 0:08:43.200 --> 0:08:45.959 they're actually manipulating information. But I don't know if the 0:08:45.960 --> 0:08:47.680 anti trust stuff is going to go a long way, 0:08:48.520 --> 0:08:50.480 but I do think there's gonna there is going to 0:08:50.520 --> 0:08:53.520 be a reckoning when it comes to how algorithms to us, 0:08:53.600 --> 0:08:56.240 how people are targeted, and what disinformation and things like 0:08:56.280 --> 0:08:57.679 look like on big tech platforms. 0:08:57.679 --> 0:09:00.079 So that's really my opinion on it. 0:09:00.080 --> 0:09:02.920 It's a very complex topic, as you both know, but 0:09:03.000 --> 0:09:04.760 I do believe that that's probably going to be one 0:09:04.760 --> 0:09:06.840 of the lesser things they talk about during the campaign. 0:09:06.880 --> 0:09:09.160 But after whoever wins, I think there is going to 0:09:09.200 --> 0:09:11.240 be a reckoning with big tech on how we actually 0:09:11.280 --> 0:09:12.959 look at what they're doing on those platforms. 0:09:13.520 --> 0:09:16.480 Denva, you've brought us a lot of complexity, Congressman. More 0:09:16.520 --> 0:09:21.960 broadly to your views of what might hinder or propose 0:09:22.240 --> 0:09:25.400 and be a positive force for JD vance. But as 0:09:25.400 --> 0:09:28.559 a founder yourself. Does it make you positive that he's 0:09:28.600 --> 0:09:31.280 someone who understands venture capital and investing? 0:09:32.880 --> 0:09:35.400 You know, Actually, he doesn't make me confident at all. 0:09:35.480 --> 0:09:37.920 I mean when you think about where he's come from, 0:09:37.920 --> 0:09:40.360 what he's done. Yes, he's thirty nine, he wrote a book, 0:09:41.160 --> 0:09:43.720 and I am a founder. I am looking at venture capital, right, 0:09:44.000 --> 0:09:45.080 I do have investors. 0:09:45.720 --> 0:09:45.920 JD. 0:09:46.080 --> 0:09:48.120 Vance in the business side doesn't make me confident at all. 0:09:48.320 --> 0:09:50.079 I really don't think he knows what he's talking about 0:09:50.080 --> 0:09:52.959 in most respects. So I hate to be that blunt, 0:09:53.760 --> 0:09:55.480 but again, I think you're going to look at the 0:09:55.520 --> 0:09:59.920 staff around whatever president is elected. That's the people that 0:10:00.080 --> 0:10:02.880 actually do the policy making. I think JD. Bans is 0:10:02.880 --> 0:10:06.280 there specifically to get votes, maybe in rural areas, maybe 0:10:06.320 --> 0:10:08.320 they did polling. I don't think he's there for any 0:10:08.360 --> 0:10:10.640 of his business or technical expertise. So I think he's 0:10:10.679 --> 0:10:14.480 simply there because he's presenting a vision of what MAGA 0:10:14.520 --> 0:10:16.560 policies look like in the future. And I don't think 0:10:16.640 --> 0:10:18.840 it really has to do with his business acumen at all. 0:10:19.040 --> 0:10:20.640 And sorry if I'm blunt about it, but that's how 0:10:20.640 --> 0:10:21.320 I feel about it. 0:10:21.520 --> 0:10:23.040 Denver, we like blunt. 0:10:23.600 --> 0:10:26.160 We appreciate you, of course Denver Riggleman and founder of 0:10:26.160 --> 0:10:30.040 a Rigleman information intelligence group. But crucially, of course former 0:10:30.080 --> 0:10:32.560 congressmen ed what forgot? Coming up? 0:10:33.160 --> 0:10:33.920 Okay, coming up? 0:10:33.960 --> 0:10:37.400 Huawei gets set to break new grounds. Details behind the 0:10:37.400 --> 0:10:39.760 tech giants new one point four billion dollar. 0:10:39.640 --> 0:10:41.480 R and D hub coming up next. 0:10:41.920 --> 0:10:43.880 I think we're also taking a quick look at shares 0:10:44.120 --> 0:10:48.000 of event Bright. Just a terminal headline TikTok carriage. Tell 0:10:48.040 --> 0:10:48.679 me what's going on? 0:10:48.840 --> 0:10:49.120 Yeah? 0:10:49.559 --> 0:10:52.440 Interesting is we were just discussing China. Of course, TikTok 0:10:52.559 --> 0:10:54.920 has a new partnership with event Bright. We understand that 0:10:54.920 --> 0:10:58.200 these uses can add event bright links to TikTok videos. 0:10:58.960 --> 0:11:02.560 We see an absolute surge in then interday price up 0:11:02.679 --> 0:11:05.400 nineteen percent, but a whole lot of regulatory risks so 0:11:05.559 --> 0:11:07.800 surrounding TikTok here in the United States. This is a 0:11:07.800 --> 0:11:20.040 blue big technology time now for Talking Tech, A first 0:11:20.080 --> 0:11:23.760 up Match group, well, it's getting a third activist investor. 0:11:23.760 --> 0:11:25.840 According to a letter reviewed by Bloomberg. 0:11:25.440 --> 0:11:27.960 Starboard has built a six point six percent stake in 0:11:28.000 --> 0:11:30.480 the online dating company and plans to make a push 0:11:30.520 --> 0:11:32.400 for a sale of Match if the company fails to 0:11:32.400 --> 0:11:35.960 turn around its operations. Now Match's largest app, which is Tinder, 0:11:36.240 --> 0:11:39.280 has seen its paying customer based shrink for six six 0:11:39.440 --> 0:11:43.640 straight quarters. Plus Microsoft faces a UK investigation. Now the 0:11:43.679 --> 0:11:45.880 tech giant is set to undergo a full blown anti 0:11:45.920 --> 0:11:49.640 trust probe over its investment in Inflection AI, with emphasis 0:11:49.640 --> 0:11:52.079 over the hiring of former employees from the startup. Now, 0:11:52.120 --> 0:11:55.160 the Competition of Markets Authority has set a September eleventh 0:11:55.200 --> 0:11:59.000 deadline on whether it will escalate the investigation further. And 0:11:59.120 --> 0:12:03.120 Huawei nars completion of its chip research center in Shanghai. 0:12:03.160 --> 0:12:03.319 Now. 0:12:03.320 --> 0:12:06.560 The new development center will house thirty thousand personnel and 0:12:06.600 --> 0:12:10.040 covers one point six million square meters. Huawei is said 0:12:10.080 --> 0:12:12.000 to have spent over one point four billion dollars in 0:12:12.000 --> 0:12:14.720 investment costs for the new facilities and is expected to 0:12:14.840 --> 0:12:19.320 use it to pioneer breakthroughs in semiconductors and whiless networks. 0:12:20.480 --> 0:12:22.720 Well, let's stay with that story in Huawei and bringing 0:12:22.720 --> 0:12:25.800 bloomberg Zy and King here in San Francisco. Those seem 0:12:25.840 --> 0:12:27.680 like big numbers, But if there's one thing you've taught 0:12:27.720 --> 0:12:31.720 our audience in recent years, it's the development of new 0:12:32.120 --> 0:12:35.240 semiconductors and then the manufacturing of them takes a very 0:12:35.280 --> 0:12:38.040 long time. So what are the basics in this case 0:12:38.080 --> 0:12:38.720 with Huawei. 0:12:38.880 --> 0:12:39.400 Yeah, it does. 0:12:39.440 --> 0:12:42.240 I mean it's not like they're beginning from scratch here. 0:12:42.280 --> 0:12:45.120 This is more, you know, something that we should pay 0:12:45.120 --> 0:12:48.480 attention to as a symbolic but also as potential for 0:12:48.520 --> 0:12:50.480 what happens in the future. If they're bringing in more 0:12:50.520 --> 0:12:53.360 people the kind of numbers that they're talking about, that's 0:12:53.360 --> 0:12:55.559 a significant effort that would be at the same kind 0:12:55.559 --> 0:12:57.040 of scale of other companies. 0:12:57.440 --> 0:12:59.960 But it takes years and years. 0:12:59.679 --> 0:13:01.920 You know, two or three years to design one, then 0:13:01.960 --> 0:13:04.040 to get it into manufacturing, then it's probably not going 0:13:04.120 --> 0:13:05.880 to be that good. Then you need a second generation. 0:13:06.000 --> 0:13:09.840 So nothing to be panicking about this year or next year, 0:13:09.840 --> 0:13:13.199 but certainly a symbol of a serious effort that's underway. 0:13:13.360 --> 0:13:16.800 Well, what got usaw panicking originally was the Mate sixty, 0:13:17.040 --> 0:13:19.720 and we're anticipating a Mate seventy, which of course is 0:13:19.720 --> 0:13:23.800 then new flagship smartphones in and when we get our 0:13:24.200 --> 0:13:26.960 hands on it, how much do we understand of the 0:13:27.080 --> 0:13:31.040 technology they're using is still US dependent? How much eventually 0:13:31.160 --> 0:13:32.920 can we cut that off? Will it be cut off? 0:13:33.679 --> 0:13:35.520 Yeah, I mean that's a very good question, and that 0:13:35.559 --> 0:13:38.320 there are a lot of opinions about the chip that's 0:13:38.320 --> 0:13:41.320 in the current This is called so called seven nanimeter chip. 0:13:41.600 --> 0:13:43.959 Some people are saying this just proves that Huawei has 0:13:44.000 --> 0:13:47.559 walked around the efforts to stop it. Others are saying, no, no, 0:13:47.800 --> 0:13:51.520 this is a clude job. This, this really isn't that important. 0:13:51.640 --> 0:13:53.760 This doesn't mean anything. They won't be able to get 0:13:53.760 --> 0:13:56.440 any better. So I think you're absolutely right to be 0:13:56.480 --> 0:13:59.520 pointing out that when that new phone hits market, there'll 0:13:59.520 --> 0:14:01.000 be a lot of people pople getting their hands on it, 0:14:01.040 --> 0:14:02.800 and the first thing they'll do is so in half 0:14:02.840 --> 0:14:04.400 and look at what's inside. 0:14:05.320 --> 0:14:07.800 Not exactly the way in which Huawei. I think one's 0:14:07.840 --> 0:14:08.880 supposed to be used for. 0:14:08.960 --> 0:14:09.720 This an interesting one. 0:14:09.800 --> 0:14:13.599 Othertheless, Bloomberg's inking, we so value your opinion and expertise. 0:14:13.640 --> 0:14:17.080 Thank you. Now let's look at another key story with 0:14:17.160 --> 0:14:20.640 software giants Salesforce, Bloomberg exclusively reporting that the company cut 0:14:20.680 --> 0:14:23.040 three hundred jobs this month. Now it's in an effort 0:14:23.080 --> 0:14:27.120 to streamline operations and control costs. Bloomberg's Ready Ford wrote 0:14:27.120 --> 0:14:29.280 the news for us, and they'd already been doing a 0:14:29.280 --> 0:14:30.000 lot of layoffs. 0:14:30.840 --> 0:14:31.120 Yeah. 0:14:31.200 --> 0:14:35.480 The entire tech industry obviously has shared thousands upon thousands 0:14:35.480 --> 0:14:39.160 of jobs over the last two issuars at this point, 0:14:39.640 --> 0:14:42.320 and there's been this question of is it over? 0:14:42.400 --> 0:14:43.880 Are we back to a normal period? 0:14:43.920 --> 0:14:46.280 And I think what Salesforce and a couple other companies 0:14:46.320 --> 0:14:48.800 have shown us is that this is just part of 0:14:48.800 --> 0:14:49.080 the game. 0:14:49.160 --> 0:14:49.360 Now. 0:14:49.600 --> 0:14:52.880 You know what happened last week. It was just after 0:14:52.880 --> 0:14:54.800 the end of the second quarter, right, and we saw 0:14:54.880 --> 0:14:58.400 Salesforce a few other companies make these cuts. I think 0:14:58.480 --> 0:15:02.080 going forward, we will see tech companies no longer do 0:15:02.160 --> 0:15:04.480 this thing where the headcount is just up into the 0:15:04.600 --> 0:15:07.880 right and definitely rather that they're going to continually kind 0:15:07.880 --> 0:15:11.280 of cut over here, higher over here and just monitor 0:15:11.320 --> 0:15:12.160 those expenses. 0:15:13.640 --> 0:15:16.520 Brady, this is three hundred roles that you're reporting being cut. 0:15:16.640 --> 0:15:20.400 I jump into my Bloomberg terminal dso quickest way to 0:15:20.920 --> 0:15:25.120 check workforce, and I'm seeing seventy two thousand. But as 0:15:25.160 --> 0:15:27.280 you point out, it's a bit of a broader, broader effort. 0:15:27.360 --> 0:15:27.480 Right. 0:15:27.520 --> 0:15:30.920 What's I guess sentiment of Salesforce staff right now? A 0:15:30.960 --> 0:15:32.240 lot of them watch this program. 0:15:32.880 --> 0:15:35.640 Yeah, I would say sentiment is that idea of like 0:15:36.520 --> 0:15:39.280 you know, for a long time, large companies, whether it 0:15:39.320 --> 0:15:43.240 was Salesforce into an open text whatever. There was more 0:15:43.320 --> 0:15:46.000 tolerance for Hey, we're gonna have divisions that are more 0:15:46.040 --> 0:15:48.640 speculative events. They're nice to have, and I think they're 0:15:48.720 --> 0:15:51.040 just that ruthless reprioritization going on. 0:15:51.080 --> 0:15:52.240 I mean into it cut. 0:15:52.720 --> 0:15:54.960 I want to say. It was eighteen hundred people a 0:15:55.000 --> 0:15:58.440 week before, and they attribute a lot of it to underperformance. 0:15:58.480 --> 0:16:01.520 They said, this is not a head count reduction. We're 0:16:01.560 --> 0:16:04.280 just going to rehire people who are going to be 0:16:04.320 --> 0:16:06.640 doing more relevant work for us. So it's just that 0:16:06.840 --> 0:16:09.760 sense of if you are not producing, whether you're a 0:16:09.800 --> 0:16:12.440 salesperson or some other role, we were able to show 0:16:12.480 --> 0:16:14.960 your hit in the P and L, you might be 0:16:15.000 --> 0:16:15.480 at risk. 0:16:16.960 --> 0:16:17.200 I think. 0:16:17.280 --> 0:16:20.120 Thanks Brady Ford with another piece of excellent reporting. 0:16:20.360 --> 0:16:21.440 Thank you, thank you very much. 0:16:29.120 --> 0:16:32.600 So Amazon's two day summer sale is underway, with real 0:16:32.680 --> 0:16:35.720 time data actually suggesting that sales are rising about thirteen 0:16:35.760 --> 0:16:37.800 percent in the first six hours of the event. That's 0:16:37.800 --> 0:16:40.480 compared to the same period last year. That data coming 0:16:40.480 --> 0:16:43.440 from Momentum Commerce, which actually manages about fifty brands in 0:16:43.440 --> 0:16:47.280 a variety of product categories. CEO John tsche is with 0:16:47.440 --> 0:16:50.480 us and John, you have such a breadth of type 0:16:50.520 --> 0:16:53.120 of things being sold and being demanded by the consumer. 0:16:53.440 --> 0:16:54.040 Is it everything? 0:16:56.040 --> 0:16:58.920 Yeah, thank you so much for having me. Yeah, everybody 0:16:58.920 --> 0:17:02.080 should should get there figurative while it's open, because there's 0:17:02.080 --> 0:17:05.520 great deals on Amazon today. At Momentum Commerce, we support 0:17:05.560 --> 0:17:09.000 brands across all kinds of categories, and that's certainly one 0:17:09.000 --> 0:17:12.560 trend we're seeing so far in the early innings of 0:17:12.640 --> 0:17:17.880 Prime Day today. Where historically Prime Day has been an 0:17:17.880 --> 0:17:22.680 event with great participation from consumer electronics gadget brands, back 0:17:22.720 --> 0:17:28.280 to school offerings trying to pull that demand forward, and 0:17:29.119 --> 0:17:32.439 a lot of Amazon's own devices. This year, we're seeing 0:17:33.320 --> 0:17:40.160 great offers from jewelry brands, fashion brands, home and kitchen brands, 0:17:40.400 --> 0:17:45.040 so beauty brands are participating really widely. So it really 0:17:45.119 --> 0:17:48.880 is the everything store. And with Prime Day today, we're 0:17:48.880 --> 0:17:50.160 seeing deals across the board. 0:17:51.000 --> 0:17:55.040 John, Amazon's kind of jumped around a little bit on 0:17:55.080 --> 0:17:58.240 the timing of Prime Days. They've experimented a different different 0:17:58.280 --> 0:18:02.719 parts of year. Is there any sort of seasonality factor 0:18:02.760 --> 0:18:06.639 that motivates consumers to go out spend early catch deals 0:18:06.640 --> 0:18:08.800 in the summer rather than say, later in the year, 0:18:08.840 --> 0:18:09.640 like in October. 0:18:10.880 --> 0:18:13.600 Yeah, I think you know. A few years back, Amazon 0:18:13.720 --> 0:18:17.960 shifted to October for the first time as a function 0:18:18.040 --> 0:18:21.720 of COVID and disruption from COVID, and then they've held 0:18:21.720 --> 0:18:23.680 that and sort of done two Prime Days the last 0:18:23.760 --> 0:18:27.040 few years. You know, what we see in the data 0:18:27.119 --> 0:18:31.160 certainly is that the July the summer Prime Day has 0:18:31.200 --> 0:18:33.800 really been seared into the minds of the US consumer 0:18:33.840 --> 0:18:38.399 in particular, and we're now seeing the entire retail industry followsuit. 0:18:38.680 --> 0:18:40.240 So if you wander around the web and go to 0:18:40.240 --> 0:18:42.359 any D two C site, you're going to see callbacks 0:18:42.400 --> 0:18:46.280 to Prime Day offerings, even on a direct site, and 0:18:46.320 --> 0:18:49.520 certainly you see Target and Walmart and others all running 0:18:49.800 --> 0:18:54.119 similar events timed around Amazon. So this is the tenth 0:18:54.119 --> 0:18:59.639 Prime Day and it's certainly become part of culture this year, 0:18:59.680 --> 0:19:00.640 which is really exciting. 0:19:01.520 --> 0:19:06.440 What's different for Amazon now, I think is the influence 0:19:06.680 --> 0:19:11.240 and competition from some of the Chinese players Ali Express 0:19:11.280 --> 0:19:13.760 Team Ali Express went so big on the Euros even 0:19:13.800 --> 0:19:16.960 on foss Sport here in the United States, but we 0:19:16.960 --> 0:19:20.000