Speaker 1: Bloomberg Audio Studios, podcasts, radio news from the heart of
Speaker 1: where innovation, money and power collide in Silicon Valley and beyond.
Speaker 1: This is Bloomberg Technology with Caroline Hyde.
Speaker 2: And Ed Ludlow live from New York. This is Bloomberg
Speaker 2: Technology coming up. Stocks powering higher as.
Speaker 3: Global risk on rally through a potential US China truce, plus,
Speaker 3: President Trump says he spoke to Apple CEO Tim Cook
Speaker 3: this morning about building plants in the United States and
Speaker 3: all lies on c ATL as China's battery Giant gets
Speaker 3: ready for a Hong Kong listing without US investors. First
Speaker 3: we check in on these markets. Could we be on
Speaker 3: for a ballmarket?
Speaker 2: A ballmarker then ows Dot one hundred.
Speaker 3: We are more than twenty percent of our loads that
Speaker 3: we hit in earlier April. All of that surrounding the
Speaker 3: anxiety that was of course Trump trade tariffs and the
Speaker 3: impact on Magnificent seven.
Speaker 2: We're currently up three percent on.
Speaker 3: The day as we pull back on those extraordinary one
Speaker 3: hundred and forty five percent tariffs and now we see
Speaker 3: a thirty percent tariff instead going on Chinese goods coming
Speaker 3: into the United States, move on and having the look
Speaker 3: at the individual movers though, because in this ninety day reprieve,
Speaker 3: it really does drive big tech up the most. We
Speaker 3: see a seven percent move for Amazon. Of course, retail
Speaker 3: therefore maybe comes back from China into the US, not
Speaker 3: the full one hundred and forty five percent cost impact.
Speaker 3: And notably, maybe those Chinese retailers continued to advertise with Amazon.
Speaker 2: We see Apple up more.
Speaker 3: Than five percent, but does this still potentially impact their
Speaker 3: move and shifts towards India and the like, because twenty
Speaker 3: percent tariff is still a lot on the likes of
Speaker 3: your smartphone. Remember, they not impacted by the ten percent
Speaker 3: reciprocal Tesla up more than six percent, as they manage
Speaker 3: to get once again get access to rare earth that.
Speaker 2: We're worried would be a limitation.
Speaker 3: But all of this is President Trump really spoke earlier
Speaker 3: this morning and said he's likely to speak with Chinese
Speaker 3: leeder later this week.
Speaker 2: Just take a listen.
Speaker 4: The talks in Geneva were very friendly. The relationship is
Speaker 4: very good. We're not looking to her China. China is
Speaker 4: being hurt very badly and they were closing up factories,
Speaker 4: they were having a lot of unrest. Then they were
Speaker 4: very happy to be able to do something with us,
Speaker 4: and the relationship is very, very good. I'll speak to
Speaker 4: President she may be at the end of the week.
Speaker 2: We bring in the analysis. My Shepherd is standing by.
Speaker 2: All of this a huge relief to market.
Speaker 3: So look, we're still down on the year when it
Speaker 3: comes to the NAS at one hundred, but the fact
Speaker 3: that we're back in a technical ballmarket is extraordinary.
Speaker 2: Mike. Should they be this risk.
Speaker 5: One, Well, that's a great question about whether risk on
Speaker 5: is appropriate given that we're only awaiting a ninety day
Speaker 5: break as negotiators from the US in China to hash
Speaker 5: through some of the fine print of what was discussed
Speaker 5: over the weekend between the leading negotiators from both countries.
Speaker 6: Now they have a lot to get through.
Speaker 5: The fine print includes where they end up on tariffs,
Speaker 5: but also some of the non monetary tariff barriers that
Speaker 5: President Donald Trump said that China had agreed to lift
Speaker 5: as a way of opening the Chinese market more to
Speaker 5: American goods. And likewise, the Chinese have their own asks
Speaker 5: of the administration, and it's not clear, at least from
Speaker 5: what we're hearing from President Donald Trump what those might
Speaker 5: be too. So there is a lot of road ahead
Speaker 5: of us on this, and then also we have to
Speaker 5: await what could be coming in terms of sector wide tariffs. Now,
Speaker 5: you mentioned in the open there that Apple is exempt
Speaker 5: for now from that ten percent reciprocal tariff. But Apple
Speaker 5: and other tech companies are awaiting what could be happening
Speaker 5: with semiconductors. Remember, the administration is conducting this investigation into
Speaker 5: the semiconductor market to determine whether tariffs are called for
Speaker 5: on imported chips into the United States and what level
Speaker 5: that tariff should be at. So there is still a
Speaker 5: fair amount of uncertainty lingering out there for tech and
Speaker 5: for its investors.
Speaker 3: And certainly in video wrapped up in this semiconductor anxiety
Speaker 3: as well, Mike, So push us forward as to what
Speaker 3: really is the devil in the detail? We have a
Speaker 3: lot to now be discussed over the next ninety days.
Speaker 3: Who leads that charge and in what capacity?
Speaker 6: Well, that's another great question.
Speaker 5: Does Scott Besson continue to play this leading role?
Speaker 6: Clearly he was one of.
Speaker 5: The drivers of the discussions together with US Trade Representative
Speaker 5: Jamison Greer in Geneva with Chinese officials led by Hula Pong.
Speaker 5: Now do they delegate this now to a lower level
Speaker 5: and where do they start and how fast can they move?
Speaker 5: You remember, back in twenty eighteen, twenty nineteen, twenty twenty,
Speaker 5: the US came close to the deals and then pulled back.
Speaker 5: Donald Trump in twenty eighteen scrapped a plan for an
Speaker 5: agreement with the China because he wasn't happy with it. Ultimately,
Speaker 5: they ended up with the deal that was signed in
Speaker 5: January twenty t twenty, the so called Phase one Agreement,
Speaker 5: But that never really fully bore fruit, not in the
Speaker 5: view of President Donald Trump and not even in the
Speaker 5: view of his president predecessor Joe Biden. They each saw
Speaker 5: China not living up to all of the elements of
Speaker 5: that deal, including purchases of US agricultural products, for example.
Speaker 5: But there are a lot of areas where the fine print,
Speaker 5: even after it signed, may end up falling apart for
Speaker 5: both sides.
Speaker 3: Now we're still thinking that there's an adversarial relationship, and
Speaker 3: this is highlighted by a key share sale going on
Speaker 3: in Hong Kong this week. We understand the atl It
Speaker 3: is like the Chinese battery maker.
Speaker 2: You can't mine if you're a US investor.
Speaker 5: Right, Mike, Well, that's right, and they are discouraged from
Speaker 5: doing so, and some House lawmakers sent a warning shot
Speaker 5: in a letter to US banks last month saying, steer
Speaker 5: clear of this one because we are looking at CATL
Speaker 5: on national security grounds. They have concerns that there may
Speaker 5: be some security implication from the use of these batteries
Speaker 5: here in the US in US products, and they also
Speaker 5: see an element of competition. The US wants to make
Speaker 5: sure that China doesn't get too far even further ahead
Speaker 5: when it comes to electric vehicles, and the batteries, of course,
Speaker 5: are where it all starts.
Speaker 6: Now.
Speaker 5: When you look at this share sale, though, Caro, it
Speaker 5: is a sign of optimism. The fact that they are
Speaker 5: pricing this up to four billion dollars in US terms.
Speaker 5: That signals that there is some optimism that maybe trade
Speaker 5: tensions won't be quite as bad as the world won't
Speaker 5: be so much of an overhang, even in the China
Speaker 5: IPO market.
Speaker 3: We waive a bated breath on how it goes, and indeed,
Speaker 3: the banks that are still leading at Michael SHEBBND we
Speaker 3: thank you very much. Indeed, let's get more on how
Speaker 3: all these trade changes, how they're impacting the tech sector.
Speaker 3: We welcome Jason Oxman President and c of the Information
Speaker 3: Technology Industry Council, And we're so pleased to have your
Speaker 3: voice because within your trade industry, there are the likes
Speaker 3: of Nvidia, there are the likes of Apple.
Speaker 2: How are these companies going to be reacting today?
Speaker 7: Very positive reaction I think you'll see today and in
Speaker 7: the days ahead, and great to be with you with
Speaker 7: this breaking news. I think the most important element, and
Speaker 7: Mike alluded to this in your conversation, is the statement
Speaker 7: that came out jointly from the US and Chinese negotiators
Speaker 7: in Geneva. Now, in the trade world, the joint statements
Speaker 7: are really something that we want to look and parse
Speaker 7: at and see what it really means. But the fact
Speaker 7: that this statement was issued jointly by the negotiators and
Speaker 7: didn't put out separate statements. They put out one together.
Speaker 7: And the very opening language of that joint statement that
Speaker 7: was put out this morning is about the importance of
Speaker 7: the economic relationship, of the trade relationship between the US
Speaker 7: and China, about the importance of a sustainable, long term,
Speaker 7: mutually beneficial economic and trade relationship between the US and China.
Speaker 7: So today's announcement of the tariff pause is obviously enormously important.
Speaker 7: But I think what it suggests for the negotiation and
Speaker 7: the months ahead is that the parties are very focused
Speaker 7: and very dedicated and believe that a mutually beneficial agreement
Speaker 7: can be struck, and so looking even in the medium
Speaker 7: and long term, I'm feeling very optimistic in the tech
Speaker 7: industry is feeling very optimistic about where we're headed now.
Speaker 3: Interestingly, Scott Besson, Treasury Sector, he's been negotiating this in
Speaker 3: Switzerland and over the weekend joined our colleagues on Blomberg Surveilance.
Speaker 2: A little bit earlier just have a listened to twenty.
Speaker 8: Said China was the only country who escalated their terroriffts
Speaker 8: in response to I reciprocal tarot level. So that resulted
Speaker 8: in an unfortunate escalation. So we now have a mechanism
Speaker 8: to deal with that. Neither side wants a generalized decoupling.
Speaker 8: The US is going to do a strategic decoupling.
Speaker 3: I want your take on what strategic decoupling now means. Jason,
Speaker 3: for your key members of your trade association in video,
Speaker 3: who wants to sell into China, applely wants to bring
Speaker 3: phones from China.
Speaker 7: Yeah, I think it's a really important statement. From the
Speaker 7: Treasury Secretary. It means that we're returning to a place
Speaker 7: where we look at national security issues separate and apart
Speaker 7: from economic issues, where we were in a bad place,
Speaker 7: as the Treasury Secretary said, with the reciprocal tariffs and
Speaker 7: the escalating on both sides, was heading toward decoupling. Where
Speaker 7: we're returning to, and I think we'll see this in
Speaker 7: the negotiations going forward, is a place where we look
Speaker 7: at national security issues like the highest security need to
Speaker 7: make sure, for example, that the Chinese Communist Party military
Speaker 7: doesn't get access to the latest generation of AI technology.
Speaker 7: But at the same time, China, which is an enormously
Speaker 7: valuable market one and a half billion people, top three
Speaker 7: economy in the world, can get access to other US technology.
Speaker 7: The semiconductor space is a great example of that. We're
Speaker 7: going to make semiconductors here in the United States going forward.
Speaker 7: President Trump is very focused on that. You've seen the
Speaker 7: tech industry announce hundreds of billions of dollars in investments
Speaker 7: here in the US. But if you can't sell any
Speaker 7: semiconductors to China, that investment in the US doesn't make
Speaker 7: as much sense as if you can. So if we
Speaker 7: focus very narrowly on the total decoupling of the economies,
Speaker 7: but just on that national security issue to make sure that,
Speaker 7: for example, the military doesn't get the next generation of technology.
Speaker 7: Then we can make sure that the economic investment that's
Speaker 7: necessary to trade with China continues to happen. And that's
Speaker 7: what we're seeing today.
Speaker 3: I mean, it's interesting that we had President Trump saying
Speaker 3: he's already spoken to Tim Cook about that five hundred
Speaker 3: billion that's being committed.
Speaker 2: We understand a lot of that was already committed into
Speaker 2: the United States, but that in some way is.
Speaker 3: About semiconductive production here in the US. Jason how CEOs
Speaker 3: like Jensen, liked Tim Cook got the clarity they need
Speaker 3: to invest and to invest locally right now.
Speaker 7: Yeah, and you saw it in the White House just
Speaker 7: the day after the President was inaugurated, a five hundred
Speaker 7: billion dollar announcement in AI manufacturing here in the US
Speaker 7: from Open Ai, Oracle.
Speaker 6: And soft Bank.
Speaker 7: Since that time, you've seen over a trillion and a
Speaker 7: half dollars of addition announcement in investment.
Speaker 6: So you're absolutely right.
Speaker 7: The tech industry is very focused on bringing manufacturing back
Speaker 7: to the US. This period of uncertainty created by the
Speaker 7: escalating reciprocal tariffs could have been harmful to that investment,
Speaker 7: no question about it. But what we're seeing today is
Speaker 7: getting back to where we need to be, where the
Speaker 7: tech industry is very focused on that investment. Semiconductors, AI, manufacturing,
Speaker 7: data centers, servers, all of that happening in the US
Speaker 7: to the tune of over trillion and a half dollars,
Speaker 7: close to two trillion dollars it's been announced in recent
Speaker 7: weeks and months, and I think we'll see that investment
Speaker 7: only accelerate going forward now that we're getting back to
Speaker 7: a place where we know that trade with China is
Speaker 7: going to happen. It's a huge market we need to
Speaker 7: sell internationally. You know, ninety five percent of the people
Speaker 7: that live on the planet don't live in the United States.
Speaker 7: So if you're manufacturing in the new US, you need
Speaker 7: to access the world. So moving to trade agreements that
Speaker 7: these technology company investments can use in order to sell
Speaker 7: to the rest of the world, that's going to drive
Speaker 7: more manufacturing investment in the US.
Speaker 3: So just on that point, it feels as though you're
Speaker 3: currently voicing the issue that Jonson Wang has that he
Speaker 3: wants to be able to access the Chinese market, not
Speaker 3: with the most of to caate to chips, but least some.
Speaker 2: Do you think that you'll manage that?
Speaker 7: I do. And here's the second reason. In addition to
Speaker 7: accessing global markets, it's really important for US companies. We
Speaker 7: want the US to lead in the world in AI
Speaker 7: and manufacturing. So if manufacturing in the US means that
Speaker 7: companies that manufacturer in the US can access the rest
Speaker 7: of the world, that's only going to encourage more manufacturing investment.
Speaker 7: But the second thing that's going to do is make
Speaker 7: sure that we don't provide a perverse incentive for Chinese
Speaker 7: manufacturers to step up their game and access global markets.
Speaker 7: We want the rest of the world to buy from
Speaker 7: the US as well, not just China. So if US
Speaker 7: technology is not available to the rest of the world,
Speaker 7: if the US is not a reliable trading partner for
Speaker 7: manufacturing that happens in the US, we're going to see
Speaker 7: other countries take advantage of that opportunity. We want Nvidia
Speaker 7: and all the other great US companies, great technology companies
Speaker 7: that are manufacturing in the US to lead the world
Speaker 7: and making sure that these trade agreements that we're moving
Speaker 7: to very quickly make that access possible. That's going to
Speaker 7: encourage them to invest in and manufacture in the US,
Speaker 7: and it will make sure that USAI leadership continues a
Speaker 7: clear Trump administration priority.
Speaker 3: Jason Oxman, great to have you on today, President and
Speaker 3: CEO of the Information Technology Industry Council, who represents companies
Speaker 3: such as in videos.
Speaker 2: We're just speaking.
Speaker 3: About Nasalftbank's AI ambitions in the US seem to have
Speaker 3: hit a speed bump. The company had planned one hundred
Speaker 3: billion dollar investment in AI infrastructure and three months ago
Speaker 3: it was all part of the Project Stargate, but Japan's
Speaker 3: chant is yet to actually develop a project financing template
Speaker 3: or even begin detailed discussions with banks and investors for
Speaker 3: more bloomerge Seth Ingman joins US now and Seth this
Speaker 3: is about putting AI infrastructure here in the United States.
Speaker 2: Now.
Speaker 3: Is it about the deep seat cheaper model issue? Or
Speaker 3: is it about trade tensions and tariff anxiety?
Speaker 9: I really think it's about all of the above. The
Speaker 9: picture for the AA market has changed pretty dramatically just
Speaker 9: in the three months since the steal was announced, and
Speaker 9: probably not for the better. The same week that they
Speaker 9: announced U South a White has Deep Seek launch, and
Speaker 9: suddenly since then there's been a glut of these cheap
Speaker 9: Chinese AI models that potentially raise questions about the profit
Speaker 9: and revenue picture for open Ai, one of the big
Speaker 9: backers of this project. At the same time, we've seen
Speaker 9: a bit of a data center pullback, potentially raising concerns
Speaker 9: about oversupply in the US and other markets. And as
Speaker 9: you mentioned, with tariffs, which as general broader economic uncertainty,
Speaker 9: none of that seems favorable for a one hundred or
Speaker 9: five hundred billion dollar AI infrastructure.
Speaker 3: But yeah, because it was meant to be scaling up,
Speaker 3: and just remind us how integral soft Bank is to
Speaker 3: the financing part of the equation, because Oracle and open
Speaker 3: Ai there too, but less on the money side.
Speaker 9: Yeah, I think ultimately soft Bank is a very big
Speaker 9: piece of both one hundred billion and five hundred million
Speaker 9: dollar pledge. They do have other substantial backers, but one
Speaker 9: of them is open Ai, which is also leaning very
Speaker 9: heavily on financing from soft Bank through a VC round
Speaker 9: and through this steal. So if soft Bank has any
Speaker 9: second thoughts or reservations here that does impact it greatly.
Speaker 9: I will just say, as a caveat soft Bank publicly
Speaker 9: and hopefully I publicly remain fully committed to moving forward
Speaker 9: with this adventure.
Speaker 2: Sethieman, great to have you articulating it. Thank you.
Speaker 3: Staying on AI, President Trump's plan to rescind that by
Speaker 3: neuropolicy to curb AI chip experts when it aims to
Speaker 3: simplify to ensure AI dominance for the United States.
Speaker 2: But on core, Crawford, ALGA portfolio.
Speaker 3: Manager says, there's a lot of moving parts right now,
Speaker 3: and it's critical to think long term about AI and
Speaker 3: diffusion rules of course here with US now, and we've
Speaker 3: just come off discussing how maybe the equation of what
Speaker 3: is profitable in AI infrastructure here in the US is changing.
Speaker 3: How much did the abandonment of AI diffusion rule help
Speaker 3: or hinder those sorts of maths.
Speaker 10: Well, the diffusion rules being mitigated by the Trump administration
Speaker 10: was an important step forward because quite honestly, didn't make
Speaker 10: any sense to limit the technology to go to a
Speaker 10: wide swath of countries that really, in many cases were
Speaker 10: our friends. And so the question is what comes next
Speaker 10: and what are the rules that they will put in
Speaker 10: place to hold the strategic kind of lead that they perceive.
Speaker 3: What's interesting is, as you say, countries that were deemed
Speaker 3: allies Israel, India suddenly on a tier two level not
Speaker 3: as able to access as many sophisticated chips as they'd
Speaker 3: wanted to. That was the proposed AI diffusion rule. But
Speaker 3: now we come to this awkwardness where it's going to
Speaker 3: be sort of a case by case basis, country by
Speaker 3: country basis Malaysia where Oracle wants to be putting a
Speaker 3: huge data center, for example, that's when we're going to need.
Speaker 2: Clarity on that.
Speaker 3: And how do you start to see companies and countries navigated.
Speaker 11: Yeah, I think it's going to be.
Speaker 10: They're going to use it almost as a bartering tool
Speaker 10: in these trade negotiations, and it.
Speaker 11: Is a strong bartering tool.
Speaker 10: I think, however, the administration has to be very careful
Speaker 10: that we have to look after our own strategic initiatives
Speaker 10: and own strategy for national security.
Speaker 11: But we cannot overreach.
Speaker 10: And in part because there is a very viable competitor
Speaker 10: with Huawei, we want to pretend that in Nvidia is
Speaker 10: a monopoly.
Speaker 11: It is not.
Speaker 10: Huawei has shown an incredible prowess over the last two months.
Speaker 10: Even they've introduced these fantastic chips in fantastic racks that
Speaker 10: in fact do.
Speaker 11: Compete with Nvidia.
Speaker 10: So if we push too far on this, there is
Speaker 10: an alternative for the Malaysias to move to a different vendor.
Speaker 3: So when that argument comes from Jensen Huang that I
Speaker 3: actually want to not only access Malaysia and Indonesia and
Speaker 3: well MISSUS Southeast Asia, but I also.
Speaker 2: Want to send into China.
Speaker 10: Still should he be able to You know, I do
Speaker 10: think that we're looking at this in the wrong way.
Speaker 11: To be completely frank, you know, let's think about deep Seek.
Speaker 10: Deep Seek's innovation actually is helping our models, and Facebook
Speaker 10: is adopting some of the innovation that came out of
Speaker 10: deep Seeks. So one thing we can't forget is that
Speaker 10: innovation begets innovation, and you cannot stop that kind of
Speaker 10: life cycle of innovation. And if we slow innovation in China,
Speaker 10: we're slowing innovation here as well. So you know, what
Speaker 10: I think this should focus on is in fact IP theft.
Speaker 10: So focus on making sure that our IP across the board,
Speaker 10: not only for for GPUs, but any kind of equipment,
Speaker 10: whether it's robotics or medical equipment that's not being stolen
Speaker 10: by the Chinese, right, instead of kind of fighting over
Speaker 10: the widgets. So I think we like to think of
Speaker 10: this as, you know, are you friend or foe or
Speaker 10: are you And perhaps there's some place in the middle
Speaker 10: where we can't treat China as this enemy of the
Speaker 10: people when they're really not. They too are innovating at
Speaker 10: a pace that is probably faster than we are.
Speaker 3: When a CATL is looking to list in Hong Kong
Speaker 3: and US residing investors on able to access that, how
Speaker 3: does that make you feel as a portfolio manager who
Speaker 3: wants to be able to thrive in innovation worldwide?
Speaker 11: Yeah, frustrating. But you know what is also frustrating.
Speaker 10: A CATL wanted to build a factory here, you know,
Speaker 10: a few years ago and was stopped by the Biden administration.
Speaker 10: They actually wanted to move manufacturing back to the US
Speaker 10: and weren't able to. So that too is frustrating as
Speaker 10: an American to have, you know that the initiatives of
Speaker 10: bringing manufacturing back of these technologies to the US is
Speaker 10: being hindered, which hopefully will will stop with this administration.
Speaker 10: I think c ATL, you know, US not being able
Speaker 10: to access it.
Speaker 11: You know this too, This too.
Speaker 10: Will be overcome and I think these are these are
Speaker 10: hurdles along the way that will have to work through
Speaker 10: with with the Chinese and the Trump administration.
Speaker 3: UNCO, you were very clear that you did not want
Speaker 3: the AI diffusion rule and you felt that it was
Speaker 3: just harming most people in this environment. What then, as
Speaker 3: a portfolio manager you do in this current lack of clarity,
Speaker 3: the fact that it's going to be a case by
Speaker 3: case do you still think in Nvidia will compete, We'll
Speaker 3: be able to compete, well, we'll be able to access markets,
Speaker 3: and you from the optimistic side of things, do you
Speaker 3: start to add on in this point.
Speaker 10: I think it only makes sense to allow for our
Speaker 10: technology giant and Vidia, who you know, quite honestly is
Speaker 10: the pride of our nation at this point right they
Speaker 10: are driving forward the AI revolution, and so I do
Speaker 10: think that over time, over I think by September will
Speaker 10: have very clear boundary conditions around where we can and
Speaker 10: what we can or cannot ship and.
Speaker 3: IP will be protected, do you think and I hope
Speaker 3: IP will be protected, And I think that's the most
Speaker 3: important thing here.
Speaker 10: IP should be protected on a go forward basis across
Speaker 10: all industries with a commitment from Chinese government to make
Speaker 10: sure that that is in fact the case, because we
Speaker 10: can't have this industrial espionage occurring all over throughout many industries.
Speaker 10: So I feel very optimistic for the rest of the
Speaker 10: world and for China that we will sort through this
Speaker 10: because you know, we are a globalized world and we
Speaker 10: can't pull back from that. We can bring manufacturing back here,
Speaker 10: which I wholeheartedly believe in, but in a.
Speaker 2: Controlled way onco Crawfin of algia. It's great to have
Speaker 2: her on.
Speaker 3: Meanwhile, coming up global stories from this unnearly doubling the
Speaker 3: amount of employees expected to let go.
Speaker 2: That's next. That's Blue Bed Technology time. Now for Talking
Speaker 2: Tech First up.
Speaker 3: Shares of Shaomi falling almost six percent in Hong Kong
Speaker 3: trading after a local.
Speaker 2: Report over the weekend cited as much as.
Speaker 3: Three hundred people wanted to cancel orders for the company's
Speaker 3: s U seven ultra electric vehicles over false advertising related
Speaker 3: to the cars carbon fiberhood and.
Speaker 2: Duel air duct.
Speaker 3: Shami issued an apology for the unclear communication. Plus is
Speaker 3: cutting eleven thousand more jobs than previously panned.
Speaker 2: Now. That's according to a report by NHK.
Speaker 3: The company previously announced restructuring plans in November and nouncing
Speaker 3: a cup of nine thousand positions at the time as
Speaker 3: after week sales in the US and China stropping ninety
Speaker 3: four percent drop in net income, and New Zealand's Prime
Speaker 3: Minister says a proposal to ban children under the age
Speaker 3: of sixteen from accessing social media will become part of
Speaker 3: the government's work program to protect the youth from bullying
Speaker 3: halmful content.
Speaker 2: If approved, the restrictions could.
Speaker 3: Become law before the country's twenty twenty sixth election.
Speaker 2: Now coming up.
Speaker 3: President Trump spoke with Apple CEO Tim Cook earlier today.
Speaker 2: We're on that. Next this is Bluemberg Technology.
Speaker 3: We'llcome back to Bloomberg Technology and Caroline Hide in New York.
Speaker 3: Let's get a check on these markets because we are
Speaker 3: in full on rally mode. The reason will trade tension
Speaker 3: style back and notch as we see new tariffs put
Speaker 3: in at a much lower rate between China and US.
Speaker 2: You're going to be paying thirty percent.
Speaker 3: Tariffs on your Chinese god coming into the US and
Speaker 3: just ten percent on US goods going into China, well
Speaker 3: lower than had been expected. It's a ninety day reprieve.
Speaker 3: Four point seven percent higher on the magnificent seven.
Speaker 2: Move on to the individual movers.
Speaker 3: Of course, we see companies have been the eye of
Speaker 3: the storm, managed to push higher. Semi Conductors at six
Speaker 3: percent now it's the best stay since oh, April the ninth,
Speaker 3: when they rallied hard on the fact that some semiconductor
Speaker 3: has got reprieve from the original reciprocals.
Speaker 2: For we are at six percent.
Speaker 3: Amazon of course up more than seven percent, as Chinese
Speaker 3: goods can now flow at a lower price point than
Speaker 3: they were worrying about. An Apple up more than five percent,
Speaker 3: one hundred and fifty one billion dollars in market cap
Speaker 3: added to this company. And all of this as we
Speaker 3: of course here from President Trump a little bit earlier
Speaker 3: as part of remarks on trade, he did indeed say
Speaker 3: he spoke with Apple CEO Tim Cook.
Speaker 2: Here's what the President said.
Speaker 4: I spoke to Tim Cook this morning, and he's going
Speaker 4: to I think even up his numbers five hundred billion dollars.
Speaker 4: He's going to be building a lot of plants in
Speaker 4: the United States for Apple, and we look forward to that.
Speaker 6: I really do look forward to that.
Speaker 3: Let's talk about Apple and the remaining challenges that remain
Speaker 3: Bloomberg Stain and Woman is with us. And look, if
Speaker 3: they're going to be recommitting to spending in the US,
Speaker 3: they're probably still going to be facing what at the moment,
Speaker 3: twenty percent taris on an iPhone ship from China. They're
Speaker 3: still going to be looking to move into India. The
Speaker 3: headwinds aren't stopping, but the market is still at least
Speaker 3: a bit more relieved.
Speaker 12: Absolutely, this would signal some relief. But to your point,
Speaker 12: this doesn't exactly eliminate tariffs. And as we've reported before,
Speaker 12: even if Apple wanted to shift production water places like India,
Speaker 12: the ramp up on that is going to be gradual
Speaker 12: doesn't happen overnight, and it won't necessarily happen in time
Speaker 12: for the big iPhone launch this fall.
Speaker 3: And time and time again, Mark Gumman's been out there saying, look,
Speaker 3: maybe they have to protect margins. Maybe you look at
Speaker 3: us like price increase. You've been thinking about how they
Speaker 3: tend to enact that, whether it's an actual more costly
Speaker 3: iPhone or whether it's more about the data and the services.
Speaker 3: But what are you hearing in terms of how they
Speaker 3: innovate in this context as well?
Speaker 12: So it does feel very safe to assume that Apple
Speaker 12: is at least considering price hikes. Every other consumer electronics company,
Speaker 12: including Microsoft recently with the Xbox, has had to weigh,
Speaker 12: if not imposed tariffs, and I think you're going to
Speaker 12: see more in that space in the consumer electronics industry
Speaker 12: Apple four. It's part if these price hikes do come
Speaker 12: to bear, they're going to be coming at a time
Speaker 12: when Apple is expected to announce a radically Radically might
Speaker 12: be a strong word, but a noticeably redesigned iPhone more
Speaker 12: than just spec bumps, more than just software upgrades, but thinner,
Speaker 12: just something that might actually persuade people to upgrade. And
Speaker 12: it would be interesting to see how much Apple frames
Speaker 12: any sort of potential hike around quote, technology improvements, design improvements.
Speaker 12: I don't expect them to mention tariffs in any sort
Speaker 12: of big presentation that it makes.
Speaker 3: But the real redesigns coming in twenty twenty seven. That's
Speaker 3: when we get curvature, that's when we get foldable.
Speaker 2: Right.
Speaker 12: Twenty twenty seven, Mark Kerrman has reported, is the year
Speaker 12: that you can see maybe more ambitious, bold Apple designs.
Speaker 12: And we're talking, as you say, more than just a
Speaker 12: slim down iPhone, but things like a foldable phone and
Speaker 12: entry into home robotics would be really interesting. It is
Speaker 12: something that Bloomberg has reported on. But there is a
Speaker 12: really interesting and possibly unfortunate gap between the present and
Speaker 12: when Apple's finally going to be able to catch up
Speaker 12: and in terms of its just ability to manufacture and
Speaker 12: market these devices.
Speaker 2: And of course bring jenditor Ai to bear as well.
Speaker 3: Clan a woman on all the latest out of Apple
Speaker 3: right now, and let's shift against another magnificent seven stock, Tesla.
Speaker 3: It is of course rising today along with the rest
Speaker 3: of the market, but the stock has faced so much
Speaker 3: volatility of late whips or by global trade tensions, weak sales.
Speaker 3: Eel Musk himself and take billionaire. Of course, his face
Speaker 3: backlash from his doge efforts, and Bloomberg opinion columnist Otha
Speaker 3: mcunda is sounding the alarm on Musk. He's writing that
Speaker 3: the call is coming from inside the house. It's Musk's
Speaker 3: approach to leadership that is sowing the seeds for Tesla's
Speaker 3: next crisis, one that could affect the entire industry.
Speaker 2: He needs to realize that being bold.
Speaker 3: Doesn't just mean playing fast and loose on safety. Bothamconna
Speaker 3: joins us, now, can you bring us the examples got them?
Speaker 3: Where you think Elo Musk has been playing.
Speaker 2: Fast and loose with safety, Caroly, it's about my critique
Speaker 2: is about the culture that he's establishing at Tesla.
Speaker 13: Right, So, what we know about safety cultures in every
Speaker 13: company that has ever decided to make safety it's number
Speaker 13: one priority, is they deemphasize hierarchy and they make it
Speaker 13: safety descent. But safety, physical safety for your customers and
Speaker 13: your employees comes from psychological safety from your employees being
Speaker 13: willing to say, hey, we're making a mistake. We need
Speaker 13: to stop this. And if there's anything that you can
Speaker 13: see about the way Musk or runs everything, not just Tesla,
Speaker 13: it's he's incredibly intolerant of descent, of people beneath him
Speaker 13: saying hey, I don't think this is right. We've seen
Speaker 13: a multitude of lawsuits against Tesla from employees saying that
Speaker 13: they've been retaliated against for raising safety concerns. When you
Speaker 13: have that kind of a culture, being a safe company
Speaker 13: becomes all most impossible.
Speaker 3: And you sort of take echoes from the past with
Speaker 3: Boeing for example, and the issues that company is faced
Speaker 3: in a similar time of going for growth over potentially
Speaker 3: safety calls and a clear rechain of command.
Speaker 2: That's right.
Speaker 13: Boeing used to be the safest of all airline companies
Speaker 13: because they had this culture, one that was dominated by engineers,
Speaker 13: where when people thought there was a safety concern, everything
Speaker 13: else would go by the wayside until it was fixed,
Speaker 13: and where you had complete freedom as an employee at
Speaker 13: Boeing to go to anyone at Boeing and say no, like,
Speaker 13: we have a problem. And this is really really important.
Speaker 13: When Boeing abandoned that culture in order to pursue short
Speaker 13: term shareholder returns, we found out that they got the shirt.
Speaker 13: There were short term returns for a little while, although
Speaker 13: not recently of course, but much worse than that, the
Speaker 13: safety reputation of Boeing that had been cultivated for almost
Speaker 13: a century was thrown away because their airplanes started crashing,
Speaker 13: which they had never done in the same way.
Speaker 2: And there's not mutually exclusive outcomes here. Just because you're.
Speaker 3: Putting safety first doesn't mean you need to hold back innovation.
Speaker 3: And you highlight well a couple of key executives in
Speaker 3: the past, particularly in the mining field, that really went
Speaker 3: for security and actually benefited them.
Speaker 13: So yeah, So the most famous example of this in
Speaker 13: the United States is Paul O'Neill at Alcoa, who said,
Speaker 13: we are going to make this the safest company in
Speaker 13: the world. And when he first announced this, when he
Speaker 13: became CEO, one of his investors went and sort of said,
Speaker 13: they've appointed a hippie to run the company and he's
Speaker 13: going to destroy it. And in fact, the while he
Speaker 13: was CEO, the value of the company went up by
Speaker 13: factor of nine because what O'Neil realized is there is
Speaker 13: no such thing as a well run unsafe factory. Similarly,
Speaker 13: Cynthia Carroll at Anglo American when she transformed safety in
Speaker 13: Anglo American and said, there is no such thing as
Speaker 13: a well run unsafe mine. So no, these are absolutely
Speaker 13: not intentions. Psychological safety helps you on safety issues at
Speaker 13: the company as a whole. They also helped you on innovation.
Speaker 13: It is the single determined factor more important than any
Speaker 13: other in determining the success of a team is how
Speaker 13: psychologically safe the people on it feel. When you take
Speaker 13: it away, you take away everything.
Speaker 2: It's interesting.
Speaker 3: Other though you reference a lot about the push into
Speaker 3: the robotaxi space in particular, then this is the moment
Speaker 3: that Elon must needs to be focused on safety above
Speaker 3: all else.
Speaker 2: But actually he's.
Speaker 3: Been outrun by local competition. Weimo already on the streets performing.
Speaker 3: You've got China in particular showing growth when it comes
Speaker 3: to robotaxis and autonomous vehicles. So he's not really sort
Speaker 3: of running ahead of himself in terms of pushing for
Speaker 3: innovation ahead of safety or do you feel that there
Speaker 3: has been moments where that's occurred.
Speaker 13: So, I mean, there certainly had been moments. So Tesla's
Speaker 13: so set before robotaxis. Tesla's are incredibly safe cars if
Speaker 13: you are in a crash, but the ideally safe car
Speaker 13: is one that never gets in a crash in the
Speaker 13: first place, and Tesla's do not do nearly as well.
Speaker 13: In fact, autopilot, for example, does not seem to make
Speaker 13: you safer when you're driving the car. It may actually
Speaker 13: make you a little less safe because it decreases driver attention.
Speaker 13: Already starting to see concerns about that with Tesla. But
Speaker 13: going forward, I mean, Tesla is not the leader in
Speaker 13: automated driving.
Speaker 6: WEIMO is. We all know this.
Speaker 13: They are vastly ahead technologically, but Tesla's promises of what
Speaker 13: they're saying they will offer. If they want to offer
Speaker 13: anything like that successfully, they have to be at least
Speaker 13: as safe as weimo, and they probably need to be better,
Speaker 13: and that will be very, very difficult to do if
Speaker 13: they don't have a culture where people, every single person
Speaker 13: at Tesla feel safe to say, Elon Musk, we are
Speaker 13: not a safe.
Speaker 2: Company, Gotham.
Speaker 3: Do you have the confidence that the culture will allow
Speaker 3: for that, because that's the corporate governance is saying. We
Speaker 3: are thinking by Elon and Elon only. We're not even
Speaker 3: assessing whether anyone could ever indeed replace him if needed.
Speaker 13: I don't at all. I would never underestimate Elon must
Speaker 13: to work, you know, miracles or what seem like miracles,
Speaker 13: But there are there are is a track record of
Speaker 13: CEOs who would transformed the culture of their companies in
Speaker 13: ways like this. O'Neil is one example, Alan Malalley would
Speaker 13: be another. And the thing you'd say about them is
Speaker 13: they really don't operate anything like Elon Musk. They emphasize
Speaker 13: that the team is more important than themselves. They emphasize
Speaker 13: that hierarchy is the death of success in an organization.
Speaker 13: This is not the way Musk has operated anywhere he
Speaker 13: has been certainly in the last ten years you could have,
Speaker 13: you know, you could make a real question about whether
Speaker 13: early Elon operator like that, But the one we see
Speaker 13: today just does not.
Speaker 3: Gotham mccunna, thank you so much for joining us from
Speaker 3: Bloomberg Opinion.
Speaker 2: We appreciate it.
Speaker 3: Now some breaking news from a geopolitical spective. In the
Speaker 3: last few minutes, we are reporting the headline that Hamas
Speaker 3: indeed has released Israeli American hostage Dan Alexander.
Speaker 2: It was a.
Speaker 3: Hastily announced move, of course, ahead of US President Donald
Speaker 3: Trump's visit to the Middle East. Now hours earlier, we
Speaker 3: did know, of course that Israel is planning on sending
Speaker 3: its negotiating team to Kata on Tuesday as part of
Speaker 3: the latest efforts to secure the release of the remaining
Speaker 3: hostages who are in Gaza. Now coming up, investor Carter
Speaker 3: Room joins us to discuss how this easing of trade
Speaker 3: tensions that we're seeing between US and China could impact
Speaker 3: global supply chains and e commerce.
Speaker 2: This is really meant technology now a bit to.
Speaker 3: Say the least, of a reprieve in the trade war
Speaker 3: between China and the United States has people talking, in
Speaker 3: particular flex sports CEO Ryan Peterson, commenting on X This
Speaker 3: Morning saying, get ready for a shipping boom.
Speaker 2: Let's talk more about.
Speaker 3: The tariff reprieve that night to day pause with Carterine,
Speaker 3: co founder and partner at venture firm M thirteen, which
Speaker 3: counts sourcing its services start up Pietra as one of
Speaker 3: its portfolio companies. That company, it seems, helps brand shift
Speaker 3: supply chains away from China and make business decisions based
Speaker 3: on the tariff environment. Carter boy, Pietro must have had
Speaker 3: an interesting few months.
Speaker 6: Absolutely.
Speaker 14: Pietro's building kind of the AI brain for e commerce companies,
Speaker 14: and part of that has supply chain. You know, they
Speaker 14: have over thirty thousand you know, non China suppliers on
Speaker 14: their platform, about six thousand of those in the US,
Speaker 14: and they have definitely been busy. They've seen about a
Speaker 14: five x increase in people wanting to reshore.
Speaker 3: And restore at an extremely higher cost. Like, how are
Speaker 3: they helping startups want to be D two C companies
Speaker 3: navigate the fact that making a product in the US
Speaker 3: is likely to be a lot more expensive than if
Speaker 3: they had sourced from China.
Speaker 14: Yeah, I think, you know, it used to take a
Speaker 14: few months to reshore. Now using AI, you can literally
Speaker 14: upload a photo your product you're previously making in China,
Speaker 14: and within about two days you can find kind of
Speaker 14: the most the best factories, the vetted factories in the US.
Speaker 14: You could compare costs, but this is where the power
Speaker 14: of AI can just take something that literally took months
Speaker 14: and not do it in days.
Speaker 2: So you can do it in days.
Speaker 3: But have we seen slight elastic nature in the desire
Speaker 3: for companies to reshore? They will swallow either margin hit
Speaker 3: or they will pass on that increased cost to their
Speaker 3: user base.
Speaker 14: You know, I think right now there's just a lot
Speaker 14: of uncertainty, and with today's news, it obviously gives people
Speaker 14: a reprieve. But I think the one thing that every
Speaker 14: kind of brand or company realizes you have to have multiple.
Speaker 6: Options in your supply chain.
Speaker 14: So I think to be decided on, you know, the
Speaker 14: cost structure and whether they pass it along. But I
Speaker 14: think everyone right now is just panicked and trying to
Speaker 14: figure out how to make sure they have alternative sources.
Speaker 14: And there's a lot of great sources and factories in
Speaker 14: the US and also other places outside of China.
Speaker 3: So let's talk about the underlying technology of how by
Speaker 3: just taking a photo you're suddenly able to ensure that
Speaker 3: you can source make manufacture closer to home.
Speaker 2: How does it work?
Speaker 14: Yeah, I mean I think you know, they have about
Speaker 14: over thirty thousand vedded factories. Then you can use a
Speaker 14: gentic AI reach out to those factories while you're sleeping.
Speaker 14: You can have them, you know, negotiate, you can have
Speaker 14: them do sample.
Speaker 6: But there are a ton of.
Speaker 14: Great factories all over the world, and you can see
Speaker 14: what other brands are you know, produced at those made
Speaker 14: it those factories and things like that.
Speaker 3: Let's just talk about the rest of your portfolio at
Speaker 3: the moment after, because you've clearly got Pietrace seeing the upside.
Speaker 3: How the rest managed to well ultimately try and steer
Speaker 3: in this moment of uncertainty. Yes, we see tariffa print
Speaker 3: for ninety days, but maybe it's just ninety days.
Speaker 14: Yeah, I mean, thankfully at thirteen, we don't invest in
Speaker 14: hardware companies. We don't invest in a ton of companies
Speaker 14: that have been impacted.
Speaker 6: Directly by the tariffs.
Speaker 14: Obviously a lot of companies are affected indirectly, you know,
Speaker 14: right now, obviously so many companies are just obsessing about AI.
Speaker 14: How to supercharge their current business models or create new
Speaker 14: business models. So we've been fortunate that, you know, we
Speaker 14: haven't been impacted like a lot of others.
Speaker 3: And is the resilience there to commit to investing in
Speaker 3: janator AI too reorientating the business when men you're just
Speaker 3: trying to make ends meet, when trying to understand the
Speaker 3: latest headline impact cart or are you willing to invest
Speaker 3: in some of the latest startups in this environment?
Speaker 14: Yeah, I think as a venture capitalist you take a
Speaker 14: very long term time horizon. We're looking, you know, aid
Speaker 14: or ten years out. Obviously it's an exciting time. AI
Speaker 14: is just disrupting so much. I think right now, you know,
Speaker 14: everyone's talking about the technology, but you know, we obsess
Speaker 14: about what are the implications of that technology, what's not possible,
Speaker 14: what's the next billion dollar company that will be run
Speaker 14: by three people? So I think it's an exciting time.
Speaker 14: There's a lot of change and that will not let up,
Speaker 14: but there's a lot of opportunity.
Speaker 3: Casarine, partner and co founder of M thirteen. Great to
Speaker 3: have you on all things Pietra and more broadly across
Speaker 3: your portfolio. Some mariky news on AI valuations for you
Speaker 3: as will Street Journal is currently reporting Perplexities into to
Speaker 3: raise about half a billion dollars five hundred million and
Speaker 3: about a.
Speaker 2: Fourteen billion dollar valuation. Now. Interestingly, back in March.
Speaker 3: Bloomberg was reporting that Perplexity was in early talks for
Speaker 3: refunding at an eighteen billion dollar valuation. So maybe pulling
Speaker 3: back a little bit, but will keep you abreast of
Speaker 3: the latest fundraising going on in Generative AI. Let's shift
Speaker 3: over to the world of media companies right now, because
Speaker 3: they are showcasing their new TV lineups to advertisers this week,
Speaker 3: but only twenty eight percent of marketers plan to actually
Speaker 3: increase their ad purchases during the upfront period. Mburgs Asia,
Speaker 3: Counts joins US and I'm assuming it's because of well,
Speaker 3: complete anxiety around the economy right now.
Speaker 15: Exactly right, the wave of economic uncertainty across the board
Speaker 15: is really making folks hesitant to go into the efference
Speaker 15: and commit ad dollars for the next twelve, fourteen to
Speaker 15: fifteen months, right not knowing what can happen tomorrow, what
Speaker 15: can happen in the next month. So it's Brawley expected
Speaker 15: that there's going to be a little bit of a
Speaker 15: pullback and those commitments this time going into the upfronts
Speaker 15: this week, just because people don't know what's going to
Speaker 15: happen to their business and they don't know what's going
Speaker 15: to happen in the broader market.
Speaker 3: Now, we did hear some enthusiasm Paramount Global, for example,
Speaker 3: the interim leaders there had said, look, we're hearing really
Speaker 3: good things and conversations. Who are the main companies trying
Speaker 3: to wo right now? I'm assuming it's the likes of
Speaker 3: what Paramounts. Overall media, We've got Fox, Who've got NBC
Speaker 3: as well, and who are they trying to take money from?
Speaker 15: Yeah, absolutely, Disney's another one. You'll also have some of
Speaker 15: the streamers, so Amazon, Prime Video. I think a lot
Speaker 15: of the conversation is going to be around sports.
Speaker 6: So over the past.
Speaker 15: Years, there's obviously been a broad sort of decline in
Speaker 15: viewership on cable, but sports has remained really strong. And
Speaker 15: if you want to get ads next to those premium
Speaker 15: and sports that are on the NBA, the NFL, the NHL,
Speaker 15: you have to commit during upfront So I think that's
Speaker 15: where we're going to see some strength and the companies
Speaker 15: that have strong sports programming are going to do really
Speaker 15: well on upfronts, and I think they're going to see
Speaker 15: some of those commitments and she counts perfect.
Speaker 3: Way that we now continue the conversation about the sports
Speaker 3: side of things, We thank you. Let's take a look
Speaker 3: at the new features at NBC. Peacock in particular, it's
Speaker 3: going to be offering in return for its coverage on
Speaker 3: the NBA games for the first time in decades. You know,
Speaker 3: there's Claris pal Mary joins as we're just hearing from
Speaker 3: Asia how it's basically all about live sports, and well
Speaker 3: it's a good time for Peacock therefore.
Speaker 6: Yeah, so they just announced today.
Speaker 16: It's you know, they had this big deal to broadcast
Speaker 16: NBA games. They stole them from Turner's eleven year deal.
Speaker 16: And so when the season starts later this year, if
Speaker 16: you go to Peacock, you'll see right away, even if
Speaker 16: you weren't planning on it, if there's a live game,
Speaker 16: there'll be a little windows.
Speaker 6: Showing you the game you click on through.
Speaker 16: There's going to be all sorts of interactive features. For example,
Speaker 16: celebrity cams. You could watch the reaction of some of
Speaker 16: the celebrities.
Speaker 6: In the audience.
Speaker 16: You can use an augmented reality feature that's going to
Speaker 16: show you not just player names as they move around
Speaker 16: the court, but their statistics if they're trying to make
Speaker 16: a shot, what the percentages is.
Speaker 6: They're going to.
Speaker 16: Have a feature called Scorecard that's sort of like a
Speaker 16: daily fantasy contest, not for real money, but you earn
Speaker 16: points and they're going to have a leader board for
Speaker 16: the viewers.
Speaker 6: So you can imagine a lot of excitement there.
Speaker 3: This takes investment, though, and unlike some other rivals, Disney Plus,
Speaker 3: I'm thinking about Warner Brothers offering Peacock's not profitable, right, Chris.
Speaker 16: That's correct, it's you know what you know, Paramount Plus
Speaker 16: and Peacock are those sort of outliers that most of
Speaker 16: the other guys have termed profits. But this is the
Speaker 16: direction the industry is going, so they have to invest.
Speaker 16: If you just think about this event, the upfronts began
Speaker 16: in the sixties when there was three broadcast channels, and
Speaker 16: now really all the big news this week that we're
Speaker 16: expecting are going to be around streaming.
Speaker 6: You have the Peacock announcements.
Speaker 16: Fox this morning said that talked about their new streaming
Speaker 16: thing called Fox One.
Speaker 6: It's going to be their channels.
Speaker 16: Tomorrow, we're expecting a big presentation from ESPN talking about
Speaker 16: their standalone streaming products.
Speaker 6: So it's really all about streaming these days.
Speaker 3: And have they got the feedback that this is what
Speaker 3: fans want, but this is the way fans are going
Speaker 3: to engage, then they're not just going to be well
Speaker 3: going to TikTok to get the latest news on sports
Speaker 3: and see the ads that are being associated with the
Speaker 3: sports content over there.
Speaker 16: Instead, well we'll see I mean part of the ESPN presentation,
Speaker 16: we expect there's gonna be a lot of interactive features
Speaker 16: as well, betting and all that.
Speaker 6: I mean.
Speaker 16: Seeing the screen as Peacock has presented, it just seems
Speaker 16: a little bit too much. There's already a lot going
Speaker 16: on during sporting events and all the data you see,
Speaker 16: so but there'll be the option not to watch that,
Speaker 16: I think, and streaming is I mean, it was a
Speaker 16: big deal and Amazon got Thursday Night Football. The viewer
Speaker 16: numbers weren't quite as big as they had been on Fox,
Speaker 16: but they've.
Speaker 6: Been coming back.
Speaker 16: People are gradually getting used to finding their favorite teams
Speaker 16: on streaming sports rights.
Speaker 2: That's where it's at.
Speaker 3: Not to mention the sports documentaries to Chris pal Mary,
Speaker 3: We thanks so much.
Speaker 2: Is a great read.
Speaker 3: Go and check out what Peacock's doing about the NBA.
Speaker 3: But meanwhile, that does it for this edition of Bloomberg Technology.
Speaker 3: You know want to forget to check out on podcast.
Speaker 3: You can find out on the terminal as well as
Speaker 3: online on Apples, Spotify and iHeart.
Speaker 2: What a day.
Speaker 3: In terms of the market currently soaring on the NASAQ,
Speaker 3: the Nastak one hundred currently out more than three percent.
Speaker 2: We are back officially in a ballmarket. This is Blomberg
Speaker 2: Technology