1 00:00:01,720 --> 00:00:07,000 Speaker 1: From Marhart where Innovation, Money and power Collie in Silicon Valley, NBN. 2 00:00:07,320 --> 00:00:10,680 Speaker 2: This is Bloomberg Technology with Caroline Hyde and. 3 00:00:10,760 --> 00:00:11,560 Speaker 3: Ed loved Love. 4 00:00:25,720 --> 00:00:27,840 Speaker 4: Live from New York and San Francisco. This is Bloomberg 5 00:00:27,920 --> 00:00:32,000 Speaker 4: Technology coming up. Bitcoin rallies past eighty four thousand to 6 00:00:32,040 --> 00:00:34,720 Speaker 4: reach a new record high, boosted by the election outcome. 7 00:00:34,840 --> 00:00:36,279 Speaker 4: Where next for crypto. 8 00:00:36,760 --> 00:00:40,120 Speaker 5: Plus Tesla shorts proved to be a losing bett Hedge 9 00:00:40,120 --> 00:00:43,879 Speaker 5: funds shorting must company lose billions of dollars. 10 00:00:43,680 --> 00:00:45,800 Speaker 4: And we talk about the future of defense tech and 11 00:00:45,880 --> 00:00:50,280 Speaker 4: American dynamism and Andrews and Horowitz partner Catherine Boyle. But first, 12 00:00:50,760 --> 00:00:53,000 Speaker 4: let's just check in on bitcoin. It is the story 13 00:00:53,000 --> 00:00:56,160 Speaker 4: of the day. It leaps yet further another five percent 14 00:00:56,240 --> 00:00:59,000 Speaker 4: higher on the day. We're at eclipsing eighty four thousand, 15 00:00:59,160 --> 00:01:01,720 Speaker 4: never been seen in terms of numbers, and it's the 16 00:01:01,760 --> 00:01:04,320 Speaker 4: same reasoning behind it. Let's get to that with blubg 17 00:01:04,360 --> 00:01:07,800 Speaker 4: Shnani Bassack, who can talk us through basically us being 18 00:01:07,840 --> 00:01:11,000 Speaker 4: the capital of the crypto planet. But what do we 19 00:01:11,040 --> 00:01:13,200 Speaker 4: need to see in the short term to keep vindicating 20 00:01:13,240 --> 00:01:14,840 Speaker 4: an eighty four thousand level for bitcoin? 21 00:01:15,319 --> 00:01:18,360 Speaker 6: One thing is just watching the flows because they have 22 00:01:18,480 --> 00:01:21,840 Speaker 6: been dramatic, and you have seen stunning flows not just 23 00:01:21,920 --> 00:01:25,440 Speaker 6: into Bitcoin but almost every stock related to bitcoin as well. 24 00:01:25,640 --> 00:01:27,520 Speaker 6: If you think about it over a seven day period, 25 00:01:27,600 --> 00:01:30,760 Speaker 6: you have coinbase up almost seventy five percent in a 26 00:01:30,800 --> 00:01:34,240 Speaker 6: seven day timeframe, and you have micro Strategy up more 27 00:01:34,360 --> 00:01:37,759 Speaker 6: now today than it was the day that the Trump 28 00:01:37,840 --> 00:01:40,839 Speaker 6: victory was announced. So that's just how much you're seeing 29 00:01:40,880 --> 00:01:43,840 Speaker 6: the excitement around these stocks. And what's interesting, too, Caroline, 30 00:01:44,080 --> 00:01:47,039 Speaker 6: is you haven't even seen some critical moves by the 31 00:01:47,080 --> 00:01:51,320 Speaker 6: Trump the future Trump administration, rather, for example, who would 32 00:01:51,320 --> 00:01:54,000 Speaker 6: be the SEC chair? What tone would they take when 33 00:01:54,000 --> 00:01:56,880 Speaker 6: it comes to crypto? Will that make Bitcoin go higher? 34 00:01:56,920 --> 00:01:59,880 Speaker 6: From here, we're looking at Salana, dogecoin as well over 35 00:02:00,440 --> 00:02:03,000 Speaker 6: one week, and you're seeing the gains across the crypto 36 00:02:03,040 --> 00:02:04,120 Speaker 6: atmosphere just stunning. 37 00:02:04,960 --> 00:02:07,320 Speaker 5: This is an industry that put one hundred million dollars 38 00:02:07,360 --> 00:02:10,960 Speaker 5: into backing its preferred candidates, and in President elect Trump, 39 00:02:11,120 --> 00:02:13,760 Speaker 5: they got their preferred candidate. And you're so right about, well, 40 00:02:13,800 --> 00:02:18,200 Speaker 5: what happens next? The market thinks that bitcoin keeps going right, 41 00:02:18,240 --> 00:02:21,120 Speaker 5: it thinks bitcoin goes to one hundred thousand US dollars 42 00:02:21,120 --> 00:02:23,720 Speaker 5: for token, It does well. 43 00:02:23,800 --> 00:02:26,520 Speaker 6: Let me give you one man's example for what we 44 00:02:26,560 --> 00:02:29,920 Speaker 6: heard this morning. We talked to a metified CEO, Frank Speiser. 45 00:02:30,040 --> 00:02:32,840 Speaker 6: He gave us essentially a target of about one hundred 46 00:02:32,880 --> 00:02:34,800 Speaker 6: thousand dollars for the end of the year and one 47 00:02:34,880 --> 00:02:37,720 Speaker 6: hundred and fifty into next year. Towards the end of 48 00:02:37,760 --> 00:02:41,320 Speaker 6: next year, so a significant move higher. But the one 49 00:02:41,400 --> 00:02:44,760 Speaker 6: hundred thousand dollars time frame he gave us was also 50 00:02:44,840 --> 00:02:48,760 Speaker 6: what he had given us before. So the additional upside 51 00:02:48,880 --> 00:02:51,480 Speaker 6: remains a question at least what it looks like for 52 00:02:51,520 --> 00:02:53,799 Speaker 6: the next year or so. To the point that you've 53 00:02:53,880 --> 00:02:56,880 Speaker 6: been making flows have driven the story here, but what 54 00:02:57,000 --> 00:03:00,000 Speaker 6: about fundamentals and is there anything here? 55 00:03:00,280 --> 00:03:01,360 Speaker 3: You just take the beginning of the. 56 00:03:01,400 --> 00:03:05,080 Speaker 6: Year, for example, when you saw the new bitcoin ETFs 57 00:03:05,160 --> 00:03:07,960 Speaker 6: approved by the SEC. You saw a huge run up 58 00:03:08,160 --> 00:03:11,000 Speaker 6: into that moment, but a leveling off for a long time. 59 00:03:11,200 --> 00:03:13,120 Speaker 6: Ed you and I have sat here talking about it. 60 00:03:13,440 --> 00:03:14,360 Speaker 3: One question I. 61 00:03:14,280 --> 00:03:17,399 Speaker 6: Have is the assets outside of Bitcoin, the places where 62 00:03:17,400 --> 00:03:20,520 Speaker 6: the SEC had cracked down on different forms of tokens 63 00:03:20,520 --> 00:03:21,919 Speaker 6: that are trading on exchanges. 64 00:03:22,280 --> 00:03:23,600 Speaker 3: Do you see more of a flow. 65 00:03:23,400 --> 00:03:26,760 Speaker 6: Into that and does that take away from Bitcoin at all? 66 00:03:26,960 --> 00:03:29,240 Speaker 6: Something to keep an eye on. As the story goes on. 67 00:03:29,960 --> 00:03:32,320 Speaker 5: Keep an eye on bitcoin eighty four thousand US dollars 68 00:03:32,320 --> 00:03:34,920 Speaker 5: per token, risk on attitude in markets if you look 69 00:03:34,920 --> 00:03:37,680 Speaker 5: at it, Bloomberg shan Ali Bassek, thank you so much. 70 00:03:37,840 --> 00:03:41,880 Speaker 5: You look away from bitcoin and the equity markets. Technology 71 00:03:42,200 --> 00:03:45,680 Speaker 5: more risk off, particularly the chip sector with the socks 72 00:03:45,720 --> 00:03:49,800 Speaker 5: down significantly. Jordan Klein and lists of Assoo America's joins 73 00:03:49,880 --> 00:03:53,360 Speaker 5: US now and let's start there. It's an interesting sentiment 74 00:03:53,400 --> 00:03:58,480 Speaker 5: in the market this morning, Bitcoin going gangbusters, semiconductors softer. 75 00:03:58,920 --> 00:04:04,040 Speaker 7: Why Well, I don't know if there's any one specific 76 00:04:04,120 --> 00:04:08,800 Speaker 7: data point today that's putting the semiconductor sector under pressure. 77 00:04:08,880 --> 00:04:11,120 Speaker 7: I mean, this is a sector that's going to be 78 00:04:11,160 --> 00:04:14,240 Speaker 7: pretty volatile. I think until Trump takes office and you 79 00:04:14,400 --> 00:04:18,920 Speaker 7: can get more clarity around his positioning around tariffs, how 80 00:04:19,000 --> 00:04:22,719 Speaker 7: aggressively be what will the impact be on global trade? 81 00:04:23,200 --> 00:04:26,600 Speaker 3: And this group has had a nice move. I mean it's. 82 00:04:26,200 --> 00:04:30,159 Speaker 7: Underperformed broader tech and definitely software since the election. But 83 00:04:30,320 --> 00:04:33,480 Speaker 7: remember it's one of the top performers in the equity 84 00:04:33,480 --> 00:04:36,359 Speaker 7: market year to date, with Nvidia leading the way. So 85 00:04:36,440 --> 00:04:38,279 Speaker 7: I just think you're going to see ebbs and flows, 86 00:04:38,360 --> 00:04:41,359 Speaker 7: but clearly there's a lot of momentum in SEMIS, and 87 00:04:41,400 --> 00:04:44,719 Speaker 7: when it sees a sector like crypto and fintech take off, 88 00:04:45,200 --> 00:04:46,839 Speaker 7: there's going to be some people who want to play 89 00:04:46,880 --> 00:04:47,280 Speaker 7: into that. 90 00:04:48,240 --> 00:04:51,560 Speaker 4: Can I go micro for a moment? And super Microcomputer 91 00:04:52,320 --> 00:04:56,200 Speaker 4: we completely basically ignored because it came out with its 92 00:04:56,400 --> 00:04:58,680 Speaker 4: update for the market on the same day as the 93 00:04:58,720 --> 00:05:01,839 Speaker 4: election results. But it needs focusing on because it's down 94 00:05:01,880 --> 00:05:04,360 Speaker 4: another eleven percent. It is a raised an awful lot 95 00:05:04,360 --> 00:05:07,680 Speaker 4: of market capitalization because well, why basically not only about 96 00:05:07,680 --> 00:05:11,880 Speaker 4: disappointing sales forecasts, but ultimately about accounting probes, about a 97 00:05:11,960 --> 00:05:16,000 Speaker 4: DJ investigation, about a delayed ten K financial disclosure, all 98 00:05:16,040 --> 00:05:18,240 Speaker 4: of the above. How much do you focus in on 99 00:05:18,279 --> 00:05:20,719 Speaker 4: these individual names and as to whether they can vindicate 100 00:05:20,760 --> 00:05:21,640 Speaker 4: the AI bubbles. 101 00:05:22,200 --> 00:05:25,360 Speaker 7: Well, we cover SMCI, as do a lot of people 102 00:05:25,400 --> 00:05:28,039 Speaker 7: who follow it, you know, as a big you know, 103 00:05:28,160 --> 00:05:32,440 Speaker 7: supplier of the AI servers and these Blackwell rack systems 104 00:05:33,200 --> 00:05:36,400 Speaker 7: that are such in such high demands, so they're part 105 00:05:36,400 --> 00:05:40,840 Speaker 7: of the ecosystem for AI. And this is a huge 106 00:05:40,920 --> 00:05:44,040 Speaker 7: question mark. It's a big dark cloud, particularly over that 107 00:05:44,160 --> 00:05:48,760 Speaker 7: company and the stock obviously, and people are looking to 108 00:05:48,800 --> 00:05:51,880 Speaker 7: figure out, like, what could this mean for customers who 109 00:05:51,920 --> 00:05:55,160 Speaker 7: are waiting for these Blackwell rack systems, and what could 110 00:05:55,160 --> 00:05:59,279 Speaker 7: it mean for other competitors who might benefit if you know, 111 00:05:59,800 --> 00:06:03,200 Speaker 7: order move from super Micro into players like Dell or 112 00:06:03,240 --> 00:06:06,839 Speaker 7: Hewlett Packard or Hanhai. I don't necessarily think it changes 113 00:06:06,880 --> 00:06:11,240 Speaker 7: the whole dynamic of AI investment and demand exceeding supply. 114 00:06:11,320 --> 00:06:14,320 Speaker 7: I think that's going to remain intact into next year. 115 00:06:14,800 --> 00:06:17,240 Speaker 7: But I think it just shows you the risk associated 116 00:06:17,279 --> 00:06:19,080 Speaker 7: with some of these names. You know, what goes up 117 00:06:19,200 --> 00:06:21,360 Speaker 7: can come down, and you never know when you're going 118 00:06:21,440 --> 00:06:23,800 Speaker 7: to be hit with some of these headlines kind of 119 00:06:23,800 --> 00:06:25,839 Speaker 7: out of the blue, to be honest, Jordan. 120 00:06:25,960 --> 00:06:30,120 Speaker 5: Common to super micro and video the industry at large 121 00:06:30,880 --> 00:06:34,240 Speaker 5: is China, and when it comes to President elect Trump, 122 00:06:34,320 --> 00:06:38,080 Speaker 5: we have a firmer sort of understanding of a tariff policy. 123 00:06:38,800 --> 00:06:41,880 Speaker 5: But when you think about the end market that is China, 124 00:06:42,000 --> 00:06:44,880 Speaker 5: do you have a clear sense of whether President Elect 125 00:06:44,880 --> 00:06:49,000 Speaker 5: Trump will or will not allow America's biggest technology companies 126 00:06:49,360 --> 00:06:51,560 Speaker 5: to do more business in China going forward? 127 00:06:52,240 --> 00:06:55,359 Speaker 7: Now, I think that's part of the uncertainties is I 128 00:06:55,400 --> 00:06:59,000 Speaker 7: don't think he's going to restrict you know, across the board, 129 00:06:59,200 --> 00:07:02,440 Speaker 7: US companies dealing in China, but I think he definitely 130 00:07:02,520 --> 00:07:06,119 Speaker 7: wants to gain more leverage over you know, the trade 131 00:07:06,160 --> 00:07:08,839 Speaker 7: and balance, and he wants to bring as much investment 132 00:07:09,120 --> 00:07:13,880 Speaker 7: to the United States as possible, particularly companies you know 133 00:07:13,920 --> 00:07:19,560 Speaker 7: that that go overseas for their production or their purchasing, 134 00:07:19,760 --> 00:07:22,120 Speaker 7: and that's why you've seen things like the chip decks 135 00:07:22,200 --> 00:07:26,720 Speaker 7: stimulate US investment. So again, I think he's going to 136 00:07:26,760 --> 00:07:31,119 Speaker 7: do anything he can to incentivize companies, whether they're US 137 00:07:31,200 --> 00:07:35,200 Speaker 7: based or even overseas, to look to the United States first, 138 00:07:36,680 --> 00:07:39,200 Speaker 7: you know, as opposed to China. And I already think 139 00:07:39,240 --> 00:07:43,000 Speaker 7: that was going on right even before Trump was elected. 140 00:07:43,040 --> 00:07:45,880 Speaker 7: I think this was part of the Biden administration's focus 141 00:07:45,960 --> 00:07:49,480 Speaker 7: with the chips ACKed money. But I think that only accelerates, 142 00:07:49,600 --> 00:07:53,560 Speaker 7: and then the question becomes, what is the actual implication 143 00:07:53,800 --> 00:07:57,680 Speaker 7: if he puts these large tariffs on It's it's going 144 00:07:57,760 --> 00:07:59,280 Speaker 7: to be something we have to wait and see. 145 00:08:00,040 --> 00:08:02,600 Speaker 5: I'm a creature of habit. Every day I wake up 146 00:08:02,680 --> 00:08:05,640 Speaker 5: and I read the same thing client's Quick Tech Bites 147 00:08:05,960 --> 00:08:09,160 Speaker 5: authored by you, And in today's edition, you're talking a 148 00:08:09,160 --> 00:08:12,000 Speaker 5: lot about cyberstocks. What's your focus there? 149 00:08:12,560 --> 00:08:14,960 Speaker 7: Well, this is an area I would watch closely if 150 00:08:15,000 --> 00:08:17,880 Speaker 7: I was an investor looking to make money into the 151 00:08:17,920 --> 00:08:21,520 Speaker 7: coming year. I mean, security stocks are always topical, just 152 00:08:21,560 --> 00:08:24,960 Speaker 7: because there's a lot of risks for companies globally from 153 00:08:25,000 --> 00:08:28,360 Speaker 7: attacks and breaches and so forth. But we did a 154 00:08:28,480 --> 00:08:33,560 Speaker 7: survey of over one hundred US based IT managers and 155 00:08:33,679 --> 00:08:36,600 Speaker 7: ask them, you know, their propensity to spend and invest 156 00:08:36,720 --> 00:08:41,360 Speaker 7: in the security sector and how AI might actually impact 157 00:08:41,400 --> 00:08:43,520 Speaker 7: their spending, and the results. 158 00:08:43,160 --> 00:08:44,240 Speaker 3: Were quite favorable. 159 00:08:44,720 --> 00:08:46,920 Speaker 7: It's a long report, but the summary is is that 160 00:08:47,280 --> 00:08:50,360 Speaker 7: companies are looking to spend more in security, not less. 161 00:08:50,600 --> 00:08:53,480 Speaker 7: I think AI is going to drive more investment. And 162 00:08:53,559 --> 00:08:56,000 Speaker 7: some of the companies that you know were talked about 163 00:08:56,040 --> 00:08:59,920 Speaker 7: that look to be the clear beneficiaries not only include Microsoft, 164 00:09:00,040 --> 00:09:04,240 Speaker 7: but also CrowdStrike, Palo Alto, and a company called cyber Arc. 165 00:09:04,320 --> 00:09:07,719 Speaker 7: So I think you want to overweight this group. You're 166 00:09:07,760 --> 00:09:09,560 Speaker 7: going to get some earnings this week which could make 167 00:09:09,600 --> 00:09:11,360 Speaker 7: it volatile, but a year from now, I think a 168 00:09:11,360 --> 00:09:12,720 Speaker 7: lot of these stocks are higher. 169 00:09:13,120 --> 00:09:16,160 Speaker 4: What else are you seeing your phone and ring off 170 00:09:16,160 --> 00:09:18,600 Speaker 4: the hook about what stock aren't we talking about that 171 00:09:18,640 --> 00:09:20,400 Speaker 4: your clients are well, I'll. 172 00:09:20,200 --> 00:09:22,040 Speaker 7: Tell you one group that I think is going to 173 00:09:22,040 --> 00:09:24,960 Speaker 7: remain and focus. It's done well, but I think generally 174 00:09:25,040 --> 00:09:28,840 Speaker 7: the more average investor is still unaware of the opportunity 175 00:09:28,920 --> 00:09:32,640 Speaker 7: is optical. So a lot of the cloud data centers 176 00:09:33,480 --> 00:09:35,600 Speaker 7: to be able to handle all the data and the 177 00:09:35,679 --> 00:09:39,760 Speaker 7: higher speeds from Nvidia's Blackwell, they need to basically upgrade 178 00:09:39,800 --> 00:09:43,280 Speaker 7: all the connection points inside the data center and from 179 00:09:43,360 --> 00:09:47,400 Speaker 7: data center to data center, and optical is the fastest. 180 00:09:47,000 --> 00:09:48,520 Speaker 3: Most efficient way to do that. 181 00:09:49,160 --> 00:09:51,440 Speaker 7: So you've seen some companies if you pull up the 182 00:09:51,520 --> 00:09:59,679 Speaker 7: charts on Coherent, Cohrlumentum Lite, other companies called Asteri Labs, 183 00:09:59,760 --> 00:10:03,240 Speaker 7: and uh, you know these are companies, and you even 184 00:10:03,240 --> 00:10:05,480 Speaker 7: look at Marvel and Broadcom, which a lot of people 185 00:10:05,520 --> 00:10:08,040 Speaker 7: own and know, but they're all going to benefit from 186 00:10:08,040 --> 00:10:11,680 Speaker 7: this shift. And Capex spend in the data center to 187 00:10:11,800 --> 00:10:16,360 Speaker 7: broaden out into connecting all these high speed GPUs together 188 00:10:16,760 --> 00:10:19,920 Speaker 7: so that they can basically, you know, produce the output 189 00:10:20,000 --> 00:10:22,800 Speaker 7: that these cloud companies are seeking with this, with these 190 00:10:22,840 --> 00:10:24,240 Speaker 7: AI enabled applications. 191 00:10:24,320 --> 00:10:25,240 Speaker 3: That's an area that's. 192 00:10:25,120 --> 00:10:27,880 Speaker 7: Going to remain and focus and I continue to expect 193 00:10:27,920 --> 00:10:29,680 Speaker 7: more money to move into those stocks. 194 00:10:29,880 --> 00:10:32,000 Speaker 4: Okay, hearing down on the day, but up thirteen percent 195 00:10:32,080 --> 00:10:35,160 Speaker 4: on the month. We appreciate it. Jord and Client analyst 196 00:10:35,160 --> 00:10:42,960 Speaker 4: and a Zooho Americas. 197 00:10:45,160 --> 00:10:48,400 Speaker 5: Since Donald Trump's election win, the hedge funds clinging on 198 00:10:48,480 --> 00:10:52,439 Speaker 5: too bets against Tesla have lost billions of dollars feeling 199 00:10:52,520 --> 00:10:56,320 Speaker 5: the fallout of the special relationship between the President elect 200 00:10:56,520 --> 00:10:59,800 Speaker 5: and Elon Musk. According to Bloomberg calculations, hedge funds that 201 00:10:59,800 --> 00:11:03,760 Speaker 5: had short positions against Tesla between election day and Friday's 202 00:11:03,760 --> 00:11:06,760 Speaker 5: close took an on paper hit of at least five 203 00:11:07,080 --> 00:11:10,640 Speaker 5: point two billion dollars. Let's bring in Bloomberg's David Welsh 204 00:11:10,640 --> 00:11:13,760 Speaker 5: in Detroit. I mean, this has been the calculus for 205 00:11:13,800 --> 00:11:17,080 Speaker 5: some time, but that time period and a five point 206 00:11:17,160 --> 00:11:19,680 Speaker 5: two billion dollar loss is quite something, David. 207 00:11:21,040 --> 00:11:23,640 Speaker 1: It is. Look, people have lost money trying to short 208 00:11:23,679 --> 00:11:26,040 Speaker 1: Tesla and bet against Elon Musk for a long time. 209 00:11:26,080 --> 00:11:29,200 Speaker 1: But in this case, I think the bed was that 210 00:11:29,480 --> 00:11:33,240 Speaker 1: his whole robotaxi plan turning Tesla into an AI company 211 00:11:33,640 --> 00:11:36,520 Speaker 1: either wouldn't happen or wouldn't happen on time, so there 212 00:11:36,520 --> 00:11:38,960 Speaker 1: would be a lot of bad or delayed news on 213 00:11:39,000 --> 00:11:41,280 Speaker 1: Tesla stock and go down, and the shorts would do 214 00:11:41,360 --> 00:11:43,960 Speaker 1: well with it, when in fact, now you've got this 215 00:11:44,080 --> 00:11:47,720 Speaker 1: tight relationship with Donald Trump that means you'll see ev 216 00:11:47,880 --> 00:11:51,480 Speaker 1: policies probably that are crafted to help Tesla, and more importantly, 217 00:11:51,480 --> 00:11:54,520 Speaker 1: you'll probably see some sort of permissive federal framework for 218 00:11:54,559 --> 00:11:58,439 Speaker 1: autonomous vehicles that will also help Tesla's plans for robotaxis 219 00:11:58,920 --> 00:12:01,440 Speaker 1: and invest like that. They're willing to bet on that, 220 00:12:01,800 --> 00:12:05,480 Speaker 1: and the shorts they got hit, hit and hit hard. 221 00:12:06,200 --> 00:12:08,720 Speaker 4: Is anyone still clinging on I know that Bloomberg spoke 222 00:12:08,800 --> 00:12:13,120 Speaker 4: to play Lacanda, ceof h fund manager Clean Energy Transition, 223 00:12:13,240 --> 00:12:15,040 Speaker 4: who had a little bit of skin in the game 224 00:12:15,080 --> 00:12:18,199 Speaker 4: when betting against Tesla, But what's the sort of percentage 225 00:12:18,200 --> 00:12:19,160 Speaker 4: float that shortened? 226 00:12:19,160 --> 00:12:22,320 Speaker 1: Now, Look, I think it's pretty small. I figure what 227 00:12:22,320 --> 00:12:24,760 Speaker 1: it was in the story, But I think a lot 228 00:12:24,800 --> 00:12:29,160 Speaker 1: of people have had to buy to basically cover their 229 00:12:29,160 --> 00:12:31,960 Speaker 1: short positions. I think there's some still in there who 230 00:12:32,040 --> 00:12:36,319 Speaker 1: are thinking that Trump will gut some of these IRA 231 00:12:36,520 --> 00:12:40,520 Speaker 1: credits and things that help EV sell. And if Trump 232 00:12:40,520 --> 00:12:43,959 Speaker 1: had a lawsuit against the state of California before, and 233 00:12:44,240 --> 00:12:47,440 Speaker 1: if that happens again, if it's successful and you get 234 00:12:47,520 --> 00:12:50,160 Speaker 1: rid of some of these clean air credits that other 235 00:12:50,200 --> 00:12:51,880 Speaker 1: companies have to buy from Tesla, which is a very 236 00:12:51,960 --> 00:12:55,160 Speaker 1: profitable part of Tesla's business, if that shrinks because of this, 237 00:12:55,600 --> 00:12:59,000 Speaker 1: then it could work against the company a Trump presidency. 238 00:12:59,080 --> 00:13:01,880 Speaker 1: But again you've got UoN Musk is sitting next to 239 00:13:02,520 --> 00:13:05,520 Speaker 1: Donald Trump talking to him about policies for this thing. 240 00:13:05,520 --> 00:13:07,520 Speaker 1: So it's hard to for these kinds of things, it's 241 00:13:07,520 --> 00:13:11,360 Speaker 1: hard to imagine he's going to suggest that Donald Trump 242 00:13:11,480 --> 00:13:13,960 Speaker 1: do anything that's going to hurt Queen Air credits, that's 243 00:13:13,960 --> 00:13:16,160 Speaker 1: going to hurt Ira credits, and other things that will 244 00:13:16,240 --> 00:13:17,040 Speaker 1: help his company. 245 00:13:17,640 --> 00:13:19,360 Speaker 4: As on November, the sick the story says only seven 246 00:13:19,360 --> 00:13:22,040 Speaker 4: percent of hedge funds were net short Tesla, way down 247 00:13:22,080 --> 00:13:24,960 Speaker 4: from seventeen percent, but only eight percent to actually net 248 00:13:25,000 --> 00:13:27,880 Speaker 4: long the stock, probably reflecting how far it's already run up. 249 00:13:28,000 --> 00:13:31,480 Speaker 4: David Welch, we really appreciate it, Thank you so much. Next, 250 00:13:31,480 --> 00:13:34,400 Speaker 4: Switch Gears, let's talk about China and China Singles Day 251 00:13:34,760 --> 00:13:38,360 Speaker 4: kicks off officially to day with many retailers slashing prices 252 00:13:38,360 --> 00:13:40,800 Speaker 4: offering promotions for the big shopping day. But look, for 253 00:13:40,880 --> 00:13:44,680 Speaker 4: many this has been a week's long affair. That's his. China, 254 00:13:44,720 --> 00:13:48,200 Speaker 4: of course, grapples with weak economic data and flaming domestic demand. 255 00:13:48,200 --> 00:13:50,160 Speaker 4: We want to go out to China. Jacob Cook is 256 00:13:50,160 --> 00:13:53,440 Speaker 4: with us WPIC Marketing and Technology CEO, and it has 257 00:13:53,520 --> 00:13:56,600 Speaker 4: been weeks long in the making. What of today, Jacob, 258 00:13:56,600 --> 00:13:58,520 Speaker 4: how much spending is done on eleven eleven? 259 00:13:58,880 --> 00:14:01,880 Speaker 2: Well, probably about twenty five to thirty percent has actually 260 00:14:01,920 --> 00:14:04,240 Speaker 2: done on the day Now. The festival has been getting 261 00:14:04,280 --> 00:14:06,920 Speaker 2: longer and longer every year. We started back in October 262 00:14:06,920 --> 00:14:10,320 Speaker 2: this year. But we're all pretty optimistic. We just closed 263 00:14:10,320 --> 00:14:12,439 Speaker 2: out about ten minutes ago. Here we're now the twelfth 264 00:14:12,480 --> 00:14:15,160 Speaker 2: in China. But overall we're actually predicting a little bit 265 00:14:15,160 --> 00:14:17,200 Speaker 2: stronger growth we had year over year this year than 266 00:14:17,280 --> 00:14:19,600 Speaker 2: last year, So it's looking pretty optimistic so far. 267 00:14:19,880 --> 00:14:20,760 Speaker 4: And what are they buying? 268 00:14:21,080 --> 00:14:23,560 Speaker 2: Well, a lot different things now actually, you know, there's 269 00:14:23,600 --> 00:14:27,240 Speaker 2: a lot about the hobbies and outdoor consumption. You know, 270 00:14:27,320 --> 00:14:32,000 Speaker 2: pat had a really good shopping festival as well, exercise, 271 00:14:32,080 --> 00:14:37,360 Speaker 2: outdoor vitamins, personal care, cosmetics, these types of things. Definitely, 272 00:14:37,400 --> 00:14:39,360 Speaker 2: what we've kind of summarized this trend is to be 273 00:14:39,480 --> 00:14:41,880 Speaker 2: more around the Lulu lemon and a little bit less 274 00:14:41,880 --> 00:14:44,160 Speaker 2: than Louis Baton, And that's kind of just a general 275 00:14:44,200 --> 00:14:46,800 Speaker 2: emergence of that new consumer that's come out of China. 276 00:14:46,960 --> 00:14:50,880 Speaker 5: For global audience on Blombow Technology, a lot of people 277 00:14:50,960 --> 00:14:54,120 Speaker 5: watching this won't have experience, particularly of Ali Barber, but 278 00:14:54,160 --> 00:14:59,880 Speaker 5: also JD dot COM's consumer facing businesses. What's the experience 279 00:15:00,200 --> 00:15:02,240 Speaker 5: like in China? Is it kind of something akin to 280 00:15:02,800 --> 00:15:05,600 Speaker 5: an Amazon Prime Day window in the United States? How 281 00:15:05,640 --> 00:15:07,840 Speaker 5: do people rush to do their shopping? 282 00:15:08,240 --> 00:15:09,360 Speaker 3: Well, I think there's two things. 283 00:15:09,400 --> 00:15:11,520 Speaker 2: One, there's probably people that have had their eye on 284 00:15:11,600 --> 00:15:15,080 Speaker 2: certain items for the year, maybe it's a new set 285 00:15:15,120 --> 00:15:18,640 Speaker 2: of golf clubs or supporting equipment. And then there's also 286 00:15:18,640 --> 00:15:20,720 Speaker 2: the people that stock up. You know, pet food really 287 00:15:20,720 --> 00:15:22,640 Speaker 2: has a lot to do. And the pad category with 288 00:15:22,680 --> 00:15:25,760 Speaker 2: people stocking up for months and months in advance, You're 289 00:15:25,800 --> 00:15:28,960 Speaker 2: going to see basically every ad on elevators and TVs, 290 00:15:29,040 --> 00:15:31,680 Speaker 2: et cetera. Promoting the Shopping festival for about a month 291 00:15:32,160 --> 00:15:34,960 Speaker 2: and combining this with the six to eighteen Shopping Festival 292 00:15:34,960 --> 00:15:36,840 Speaker 2: in June. A lot of brands are expecting to do 293 00:15:36,840 --> 00:15:39,520 Speaker 2: about fifty percent of their online sales during these two 294 00:15:39,600 --> 00:15:42,560 Speaker 2: periods combined, so it's obviously very substantial. 295 00:15:43,080 --> 00:15:48,000 Speaker 4: Jacob, you help global brands make inroads into China, but 296 00:15:48,080 --> 00:15:51,280 Speaker 4: also Japan, South Korea other Asian markets. What are they 297 00:15:51,320 --> 00:15:54,560 Speaker 4: telling you about nervousness around continuing to focus in on 298 00:15:54,640 --> 00:15:56,960 Speaker 4: China at this moment, given the economic concerns, given a 299 00:15:57,000 --> 00:15:58,840 Speaker 4: new administration that's going to come in the US. 300 00:15:59,280 --> 00:16:02,520 Speaker 2: Yeah, certainly are brands has been asking for diversification throughout 301 00:16:02,560 --> 00:16:06,160 Speaker 2: the region, and we operate, as you said, all throughout Asia, 302 00:16:06,240 --> 00:16:10,760 Speaker 2: so that's Korea, Southeast Asia. We are taking a lot 303 00:16:10,800 --> 00:16:12,400 Speaker 2: of learnings from here. So if you look at a 304 00:16:12,400 --> 00:16:15,160 Speaker 2: lot of the dominant platforms, whether it's Copang in Korea 305 00:16:15,240 --> 00:16:17,560 Speaker 2: or Lazada Shoppy in Southeast Asia, a lot of them 306 00:16:17,560 --> 00:16:20,640 Speaker 2: are either owned by Chinese, heavily invested by Chinese, or 307 00:16:21,200 --> 00:16:23,560 Speaker 2: they have some major operations that have come out of China. 308 00:16:23,640 --> 00:16:26,720 Speaker 2: So as we're diversifying, you know, China's still being about 309 00:16:26,760 --> 00:16:29,720 Speaker 2: two thirds of all e commerce GMB when you add 310 00:16:29,800 --> 00:16:32,240 Speaker 2: up that region. But we do see a lot of 311 00:16:32,280 --> 00:16:34,680 Speaker 2: the learnings coming from China being able to be applied, 312 00:16:34,760 --> 00:16:37,360 Speaker 2: especially in the live streaming, the influencer marketing, and these 313 00:16:37,400 --> 00:16:39,640 Speaker 2: types of things that are becoming more and more popular, 314 00:16:39,960 --> 00:16:42,240 Speaker 2: especially when we see the rise of TikTok sales throughout 315 00:16:42,240 --> 00:16:43,120 Speaker 2: Asia too as well. 316 00:16:43,640 --> 00:16:47,080 Speaker 5: Jacob Kirk of WPIC Marketing and Technologies, thank you very much. 317 00:16:47,320 --> 00:16:50,760 Speaker 5: Coming up AI sales startup eleven x gets an investment 318 00:16:50,800 --> 00:16:52,680 Speaker 5: boost from Andres and Horror. 319 00:16:52,720 --> 00:16:53,680 Speaker 2: It's more on that next. 320 00:16:53,880 --> 00:16:56,640 Speaker 5: Let me go back to Tesla. So Tesla is trading 321 00:16:56,880 --> 00:16:59,960 Speaker 5: more than ten percent session high, at its highest level 322 00:17:00,080 --> 00:17:02,600 Speaker 5: since April fifth of twenty twenty two. It is up 323 00:17:02,600 --> 00:17:06,040 Speaker 5: for a fifth straight day post the election, matching the 324 00:17:06,119 --> 00:17:08,680 Speaker 5: runou games it had in September. A lot of momentum there, 325 00:17:08,920 --> 00:17:30,160 Speaker 5: not for the shorts. This is Bloomberg. Artificial intelligence powered 326 00:17:30,240 --> 00:17:33,280 Speaker 5: sales start up eleven x has raised fifty million dollars 327 00:17:33,320 --> 00:17:35,880 Speaker 5: in a new funding round led by Andres and Horowitz, 328 00:17:35,880 --> 00:17:39,680 Speaker 5: boosting its total funding to seventy six million with evaluation 329 00:17:40,000 --> 00:17:42,840 Speaker 5: of around three hundred and twenty million. For more, eleven 330 00:17:42,920 --> 00:17:46,920 Speaker 5: x CEO Hasansuka joins us in San Francisco. An interesting 331 00:17:47,000 --> 00:17:50,320 Speaker 5: story because this is a company and startup started in 332 00:17:50,359 --> 00:17:53,919 Speaker 5: London and you've just moved to the Bay Area, San Francisco. 333 00:17:54,320 --> 00:17:57,119 Speaker 5: You've now got fifty million dollars more. What's the next 334 00:17:57,119 --> 00:17:58,239 Speaker 5: phase of eleven x? 335 00:17:58,560 --> 00:18:01,639 Speaker 8: Absolutely, First of all, it's great to see you, Ed. 336 00:18:02,280 --> 00:18:06,840 Speaker 8: You're exactly right. We recently moved eleven x from London 337 00:18:06,880 --> 00:18:10,120 Speaker 8: to San Francisco. Moved quite a big portion of our 338 00:18:10,200 --> 00:18:14,200 Speaker 8: team here to accelerate the development of the company, and 339 00:18:14,280 --> 00:18:17,880 Speaker 8: there's a tremendous amount of exciting milestones we're pushing towards 340 00:18:18,359 --> 00:18:19,520 Speaker 8: that I'm happy to take you through. 341 00:18:19,600 --> 00:18:22,720 Speaker 5: That's on the basics. What is an artificial intelligence powered 342 00:18:22,800 --> 00:18:23,600 Speaker 5: sales startup? 343 00:18:23,800 --> 00:18:26,679 Speaker 8: Absolutely so. Look at its core. Eleven X is an 344 00:18:26,720 --> 00:18:30,159 Speaker 8: automation company that builds digital workers. You can think of 345 00:18:30,359 --> 00:18:35,480 Speaker 8: digital workers as AI employees. They have names and faces 346 00:18:35,480 --> 00:18:38,320 Speaker 8: and job categories they're trained on, and companies can hire 347 00:18:38,359 --> 00:18:41,120 Speaker 8: them to execute tasks. And really it's about the work 348 00:18:41,119 --> 00:18:45,760 Speaker 8: outcomes the software licenses or seats. Our digital workers focus 349 00:18:45,840 --> 00:18:48,920 Speaker 8: on revenue teams or go to market teams. More broadly, 350 00:18:49,240 --> 00:18:53,320 Speaker 8: we have a two different products, but ultimately, really the 351 00:18:53,320 --> 00:18:57,440 Speaker 8: core model is digital workers instead of traditional saaspace software. 352 00:18:58,160 --> 00:19:01,920 Speaker 4: It's a competitive space as a who do you want 353 00:19:01,920 --> 00:19:02,480 Speaker 4: to take on? 354 00:19:02,600 --> 00:19:03,240 Speaker 3: How do you. 355 00:19:03,200 --> 00:19:05,040 Speaker 4: Partner with the other big players in this space? 356 00:19:06,119 --> 00:19:09,960 Speaker 8: Absolutely so. The way we think about it, traditional software 357 00:19:10,480 --> 00:19:14,560 Speaker 8: was built to make employees more productive or more efficient 358 00:19:14,840 --> 00:19:18,919 Speaker 8: or more collaborative. But with AI agents, the scope for 359 00:19:19,080 --> 00:19:21,679 Speaker 8: what you can automate and how you can automate is different. 360 00:19:21,720 --> 00:19:26,200 Speaker 8: So you can take entire processes, workflows, streams, of work 361 00:19:26,200 --> 00:19:29,760 Speaker 8: and have agents execute them. And we believe this will 362 00:19:29,840 --> 00:19:33,000 Speaker 8: create a huge shift in how people think about software 363 00:19:33,200 --> 00:19:35,000 Speaker 8: the way we think about it internally, just like how 364 00:19:35,000 --> 00:19:40,399 Speaker 8: about twenty five years ago Salesforce really innovated on the 365 00:19:40,400 --> 00:19:44,240 Speaker 8: cloud based software model we think with agents, and there's 366 00:19:44,280 --> 00:19:47,639 Speaker 8: the beginning of a big shift in how customers and 367 00:19:47,760 --> 00:19:50,800 Speaker 8: enterprises around the world think of the value of utilizing 368 00:19:50,920 --> 00:19:53,200 Speaker 8: agents at work. And that's how we think of the 369 00:19:53,280 --> 00:19:54,040 Speaker 8: opportunity here. 370 00:19:54,160 --> 00:19:57,840 Speaker 4: But Salesforce is all in on agents itself, and so 371 00:19:57,920 --> 00:20:00,199 Speaker 4: how do you muscle in and ensure that you you 372 00:20:00,240 --> 00:20:02,960 Speaker 4: take and run with the market share we see the 373 00:20:03,000 --> 00:20:04,520 Speaker 4: companies that you've already got as clients. 374 00:20:05,920 --> 00:20:10,520 Speaker 8: Absolutely, so customers are smart and they realized that companies 375 00:20:10,560 --> 00:20:15,080 Speaker 8: that are AI native companies with agentic architectures and workflows 376 00:20:15,119 --> 00:20:18,639 Speaker 8: at their core, are best suited to truly capture the 377 00:20:19,600 --> 00:20:23,600 Speaker 8: benefits of the technology that the agents enable, and really 378 00:20:23,640 --> 00:20:26,640 Speaker 8: the way to think about it, just like how historically 379 00:20:27,000 --> 00:20:29,399 Speaker 8: you know when the move to cloud happened and it 380 00:20:29,800 --> 00:20:33,000 Speaker 8: enabled a pletfor of opportunities in companies that are native 381 00:20:33,000 --> 00:20:37,040 Speaker 8: to that cycle to how eleven x is really operating 382 00:20:37,119 --> 00:20:39,480 Speaker 8: with agents at the core. So ultimately the way we 383 00:20:39,520 --> 00:20:44,360 Speaker 8: build technology is leading to much bigger impact for our 384 00:20:44,400 --> 00:20:46,840 Speaker 8: customers than what you would get in co pilots or 385 00:20:46,880 --> 00:20:49,080 Speaker 8: in more incremental software editions. 386 00:20:49,080 --> 00:20:50,560 Speaker 5: Hassana, I want to go back to your move from 387 00:20:50,560 --> 00:20:53,240 Speaker 5: the United Kingdom to here on the West Coast. Why 388 00:20:53,560 --> 00:20:56,000 Speaker 5: what was the sort of motivating factor to do that. 389 00:20:56,320 --> 00:20:58,439 Speaker 8: We believe that there is no better place in the 390 00:20:58,440 --> 00:21:04,280 Speaker 8: world to scale a company than San Francisco. Everything from 391 00:21:04,320 --> 00:21:07,439 Speaker 8: so many of our customers are here, the depth of talent, 392 00:21:08,000 --> 00:21:12,200 Speaker 8: where our investors are, and ultimately just an environment where 393 00:21:12,240 --> 00:21:14,600 Speaker 8: we can scale to the huge market opportunity that we 394 00:21:14,600 --> 00:21:16,919 Speaker 8: see ahead of us. Being the core reason behind or 395 00:21:16,960 --> 00:21:17,520 Speaker 8: moved to. 396 00:21:17,359 --> 00:21:21,600 Speaker 4: To ss Ile an x Ai CEO A Sansuka come back, 397 00:21:21,640 --> 00:21:22,400 Speaker 4: we appreciate it. 398 00:21:30,560 --> 00:21:32,200 Speaker 9: My reaction on kind of the more business side, the 399 00:21:32,240 --> 00:21:36,040 Speaker 9: defense side is it's great to have someone inbound who 400 00:21:36,359 --> 00:21:39,760 Speaker 9: is deeply, I guess deeply aligned with the idea that 401 00:21:39,760 --> 00:21:42,080 Speaker 9: we need to be spending less on defense while still 402 00:21:42,119 --> 00:21:44,080 Speaker 9: getting more, that we need to do a better job 403 00:21:44,160 --> 00:21:47,080 Speaker 9: of procuring the defense tools that protect our country. 404 00:21:47,200 --> 00:21:49,040 Speaker 3: Trump famously got involved. 405 00:21:48,680 --> 00:21:51,359 Speaker 9: In the nitty gritty of some of our aircraft carrier design, 406 00:21:51,520 --> 00:21:53,680 Speaker 9: some of the procurement of Air Force One. 407 00:21:54,040 --> 00:21:56,520 Speaker 3: To see that level of involvement from a president. 408 00:21:56,200 --> 00:21:59,120 Speaker 9: Is pretty rare, and I think an indicator of his priorities. 409 00:22:01,720 --> 00:22:04,960 Speaker 5: That was Anderil founder Palmer Lucky on the show last Thursday. 410 00:22:05,040 --> 00:22:08,360 Speaker 5: Lucky also told us he's in touch with the transition 411 00:22:08,480 --> 00:22:11,560 Speaker 5: team on key posts like the next Secretary of Defense. 412 00:22:11,960 --> 00:22:15,200 Speaker 5: Our next guest is Catherine Boyle, an investor in Anderil 413 00:22:15,440 --> 00:22:18,479 Speaker 5: and general partner at Andresen Horris. She's the co founder 414 00:22:18,480 --> 00:22:23,600 Speaker 5: of the firm's American Dynamism Practice, which investing companies supporting 415 00:22:23,720 --> 00:22:28,840 Speaker 5: national interests across aerospace, defense, and critical infrastructure. And Catherine, 416 00:22:28,880 --> 00:22:31,440 Speaker 5: this is the first opportunity we've had to talk since 417 00:22:31,480 --> 00:22:34,119 Speaker 5: the outcome of the election. Part of what Palmer was 418 00:22:34,160 --> 00:22:38,200 Speaker 5: talking about there was, I guess evidence that President Electrump 419 00:22:38,200 --> 00:22:41,920 Speaker 5: will spend in those areas that you're focused on defense technology. 420 00:22:42,440 --> 00:22:46,160 Speaker 5: But beyond the spend, what else can you give our 421 00:22:46,200 --> 00:22:49,679 Speaker 5: audience that convinces you that President elect Trump was the 422 00:22:49,760 --> 00:22:52,600 Speaker 5: right candidate for the American dynamism movement. 423 00:22:53,680 --> 00:22:56,399 Speaker 10: Well, so, I think the focus of this administration is, 424 00:22:56,520 --> 00:23:01,360 Speaker 10: particularly as it relates to defense, will be on production, production, production, 425 00:23:01,760 --> 00:23:05,000 Speaker 10: Let's invest in the defense industrial base. Let's make sure 426 00:23:05,359 --> 00:23:08,159 Speaker 10: that the technologies that are needed for the battles of 427 00:23:08,200 --> 00:23:10,840 Speaker 10: the twenty first century are procured as quickly as possible. 428 00:23:11,080 --> 00:23:12,800 Speaker 10: And as Palmer said, which I think is often a 429 00:23:12,800 --> 00:23:15,720 Speaker 10: message that's lost inside of the DoD and outside of it, 430 00:23:15,800 --> 00:23:18,919 Speaker 10: we need to focus on doing more with less. Technology 431 00:23:18,960 --> 00:23:21,960 Speaker 10: is actually better for the American tax paper. Pair these 432 00:23:22,000 --> 00:23:24,399 Speaker 10: companies that are startups that are focused on production, that 433 00:23:24,440 --> 00:23:26,080 Speaker 10: are building products that are for the. 434 00:23:26,040 --> 00:23:27,399 Speaker 3: Next generation warfighter. 435 00:23:27,680 --> 00:23:30,879 Speaker 10: These are actually cheaper than the large, exquisite systems that 436 00:23:30,920 --> 00:23:34,080 Speaker 10: have dominated the Department of Defense for many decades. I 437 00:23:34,119 --> 00:23:36,560 Speaker 10: think that will be a huge focus of this administration 438 00:23:36,640 --> 00:23:37,600 Speaker 10: going forward. 439 00:23:37,840 --> 00:23:44,040 Speaker 5: Catherine doing more with less Department of Government efficiency. Elon Musk, 440 00:23:44,440 --> 00:23:46,920 Speaker 5: what is it that you think that Elon Musk will 441 00:23:46,960 --> 00:23:50,480 Speaker 5: actually do, or encourage or guide President electrom to do 442 00:23:51,119 --> 00:23:54,600 Speaker 5: if he's to have some sort of role in this administration. 443 00:23:55,520 --> 00:23:57,880 Speaker 3: Well, so, I don't know much about the DOGE Department. 444 00:23:57,920 --> 00:24:00,400 Speaker 10: I think there's lots of details on that that will 445 00:24:00,600 --> 00:24:02,560 Speaker 10: remain to be seen. But I think the thing that's 446 00:24:02,600 --> 00:24:05,160 Speaker 10: most important about the people who are around this administration 447 00:24:05,240 --> 00:24:08,320 Speaker 10: and the administration themselves, is that they very much understand 448 00:24:08,640 --> 00:24:11,679 Speaker 10: the importance of American dynamism and little tech. They very 449 00:24:11,760 --> 00:24:14,760 Speaker 10: much understand how tech that makes things more efficient, not 450 00:24:14,920 --> 00:24:18,480 Speaker 10: less efficient, how I can save taxpayer dollars across. 451 00:24:18,080 --> 00:24:21,359 Speaker 3: A range of industries. And I think that will be paramount. 452 00:24:21,359 --> 00:24:24,679 Speaker 10: That is, you know, the Silicon Valley understands company building, 453 00:24:24,840 --> 00:24:28,320 Speaker 10: understands how important job creation is to the American economy, 454 00:24:28,480 --> 00:24:31,000 Speaker 10: and I think you also have that and Vice President 455 00:24:31,040 --> 00:24:31,919 Speaker 10: elect Jdvans. 456 00:24:32,200 --> 00:24:33,440 Speaker 3: You know, the story that. 457 00:24:33,400 --> 00:24:36,240 Speaker 10: Really wasn't told that much on the campaign trail is 458 00:24:36,240 --> 00:24:39,639 Speaker 10: that JD left San Francisco, moved to Ohio and started 459 00:24:39,640 --> 00:24:42,440 Speaker 10: investing in companies in the Midwest with his venture firm 460 00:24:42,480 --> 00:24:46,760 Speaker 10: because he believed that investing directly in manufacturing, investing directly 461 00:24:46,800 --> 00:24:49,320 Speaker 10: in companies that are based around the country is the 462 00:24:49,320 --> 00:24:51,679 Speaker 10: funt of American dynamism. That is a large part of 463 00:24:51,680 --> 00:24:54,400 Speaker 10: our American dynamism thesis, that you can build companies anywhere 464 00:24:54,480 --> 00:24:57,080 Speaker 10: in America and that tech is good for all Americans 465 00:24:57,119 --> 00:24:59,200 Speaker 10: in all society. So I think you're going to see 466 00:24:59,240 --> 00:25:02,440 Speaker 10: that be a an innovation message in this administration because 467 00:25:02,440 --> 00:25:05,760 Speaker 10: they have first hand experience with building companies. 468 00:25:06,280 --> 00:25:09,639 Speaker 4: You invested alongside Jed Evans. I think in some of 469 00:25:09,640 --> 00:25:13,760 Speaker 4: the seed rounds for Androil, What then of his presence 470 00:25:13,760 --> 00:25:15,679 Speaker 4: in Washington and what do you think he will evolve 471 00:25:15,720 --> 00:25:17,360 Speaker 4: there well. 472 00:25:17,359 --> 00:25:20,080 Speaker 10: So I think there's an understanding again that it is 473 00:25:20,119 --> 00:25:23,320 Speaker 10: important to invest in next generation capabilities for the Department 474 00:25:23,320 --> 00:25:26,359 Speaker 10: of Defense. But the thing that I think Senator Vance 475 00:25:26,480 --> 00:25:29,800 Speaker 10: has been very, very focused on throughout his entire career 476 00:25:30,280 --> 00:25:31,280 Speaker 10: is manufacturing. 477 00:25:31,320 --> 00:25:32,200 Speaker 3: And again I want to go. 478 00:25:32,160 --> 00:25:35,960 Speaker 10: Back to say production is such an important part of this. 479 00:25:36,160 --> 00:25:37,439 Speaker 3: Philosophy of the administration. 480 00:25:37,520 --> 00:25:39,320 Speaker 10: But also I think where the DoD is going, that 481 00:25:39,359 --> 00:25:41,200 Speaker 10: we need to invest in companies that. 482 00:25:41,160 --> 00:25:42,920 Speaker 3: Are building and supporting. 483 00:25:42,480 --> 00:25:45,880 Speaker 10: Our defense industrial base, because the defense industrial base cannot 484 00:25:45,920 --> 00:25:49,760 Speaker 10: be removed from manufacturing. The future of manufacturing in this 485 00:25:49,880 --> 00:25:53,280 Speaker 10: country is reliant on these companies that are building for aerospace, 486 00:25:53,359 --> 00:25:58,119 Speaker 10: building for defense, bringing next generation manufacturing capabilities inside of 487 00:25:58,160 --> 00:26:00,480 Speaker 10: all of the industries that are important to the American economy. 488 00:26:00,680 --> 00:26:02,760 Speaker 10: So I think that is going to be a key 489 00:26:03,440 --> 00:26:05,880 Speaker 10: belief of this administration. It's something that they've talked about 490 00:26:05,960 --> 00:26:08,520 Speaker 10: very publicly before, and that will that will that will 491 00:26:08,560 --> 00:26:10,640 Speaker 10: speak volumes to the to the companies that are coming 492 00:26:10,720 --> 00:26:13,040 Speaker 10: up today that want to build as quickly as possible 493 00:26:13,080 --> 00:26:14,680 Speaker 10: for next generation capabilities. 494 00:26:14,760 --> 00:26:17,800 Speaker 4: Senator Mitch McConnell, echoing in many ways your view that 495 00:26:17,840 --> 00:26:20,240 Speaker 4: we need to ramp up defense spending. He's been saying 496 00:26:20,280 --> 00:26:22,679 Speaker 4: it's a lot cheaper to prevent war, of course, than 497 00:26:22,720 --> 00:26:26,199 Speaker 4: it is to have one. Kevin, what about outside of 498 00:26:26,200 --> 00:26:31,200 Speaker 4: America investing in American startups or larger defense companies. We've 499 00:26:31,200 --> 00:26:34,240 Speaker 4: already hear from Taiwan, for example, discussing how it's going 500 00:26:34,320 --> 00:26:37,000 Speaker 4: to up its defense spending. Europe probably trying to front 501 00:26:37,040 --> 00:26:37,600 Speaker 4: run that too. 502 00:26:37,960 --> 00:26:41,080 Speaker 10: I think there's an understanding that deterrence matters, and that 503 00:26:41,119 --> 00:26:43,120 Speaker 10: if you do not have a strong defense industrial base 504 00:26:43,160 --> 00:26:45,760 Speaker 10: in your home country, that that is a weak point 505 00:26:45,760 --> 00:26:46,800 Speaker 10: for national security. 506 00:26:47,080 --> 00:26:49,520 Speaker 3: And I very much agree with the sentiment. 507 00:26:49,160 --> 00:26:51,760 Speaker 10: That the best way to stop wars is to prevent war, 508 00:26:51,800 --> 00:26:56,240 Speaker 10: to invest in the capabilities, the manufacturing capabilities in country. 509 00:26:56,480 --> 00:26:58,359 Speaker 10: And so just as you're seeing a focus and an 510 00:26:58,359 --> 00:27:01,840 Speaker 10: emphasis on the American defense industry base, which definitely needs 511 00:27:02,359 --> 00:27:05,760 Speaker 10: injections of both public and private capital, you're also seeing 512 00:27:05,760 --> 00:27:07,920 Speaker 10: that across other countries that say, Okay, we're going to 513 00:27:07,960 --> 00:27:10,280 Speaker 10: start investing in our defense industrial base as well. And 514 00:27:10,320 --> 00:27:12,400 Speaker 10: I think there's a lot that those countries can learn 515 00:27:12,440 --> 00:27:15,000 Speaker 10: from American companies. There's a lot that they can learn 516 00:27:15,040 --> 00:27:18,440 Speaker 10: from the startup ecosystem and what's happened with American dynamism 517 00:27:18,440 --> 00:27:21,400 Speaker 10: over the last several years in terms of bringing autonomy 518 00:27:21,440 --> 00:27:24,919 Speaker 10: into capabilities, making sure that you're not investing again in 519 00:27:24,960 --> 00:27:27,960 Speaker 10: these large exquisite systems that are very expensive and time 520 00:27:28,000 --> 00:27:32,960 Speaker 10: consuming to build, but investing in drone's autonomy, unmanned surface vessels, 521 00:27:33,000 --> 00:27:35,600 Speaker 10: things that can be built very cheaply, very quickly, and 522 00:27:35,640 --> 00:27:37,800 Speaker 10: be put in the hands of the warfighter if need be. 523 00:27:38,240 --> 00:27:40,919 Speaker 5: Catherine I wrote in the Tech Daily newsletter this morning 524 00:27:41,000 --> 00:27:45,360 Speaker 5: about your colleagues in industry who supported Kamla Harris doing 525 00:27:45,440 --> 00:27:49,640 Speaker 5: some soul searching, right, but also considering how Trump two 526 00:27:49,640 --> 00:27:52,680 Speaker 5: point zero will work for them for their portfolio companies. 527 00:27:53,119 --> 00:27:54,800 Speaker 5: Would you be able just to talk a little bit 528 00:27:54,840 --> 00:27:58,919 Speaker 5: about the conversations you've had with your colleagues and your 529 00:27:58,960 --> 00:28:02,560 Speaker 5: competitors even in the world events capital, and the case 530 00:28:02,600 --> 00:28:04,240 Speaker 5: that you would make that this is going to be 531 00:28:04,280 --> 00:28:05,680 Speaker 5: a good four year period for them. 532 00:28:05,880 --> 00:28:08,240 Speaker 10: Well, what I'll say is American dynamism is probably one 533 00:28:08,280 --> 00:28:11,840 Speaker 10: of the few categories of innovation where Republicans and Democrats 534 00:28:12,040 --> 00:28:13,880 Speaker 10: in Washington agree wholeheartedly. 535 00:28:14,160 --> 00:28:16,440 Speaker 3: We need to be investing in our events industrial base. 536 00:28:16,560 --> 00:28:19,840 Speaker 10: We need to make sure that we're restoring and restoring 537 00:28:19,840 --> 00:28:22,800 Speaker 10: the resiliency in America. This is these are not controversial issues. 538 00:28:23,000 --> 00:28:25,439 Speaker 10: In fact, you know, Republicans and Democrats alike come together 539 00:28:25,480 --> 00:28:28,080 Speaker 10: on them very often. So I think that that is 540 00:28:28,080 --> 00:28:31,800 Speaker 10: something that you know, our colleagues that supported, you know, 541 00:28:32,040 --> 00:28:35,520 Speaker 10: the Harris administration. There's definitely a view that this is 542 00:28:35,560 --> 00:28:37,959 Speaker 10: this is a category of innovation that will touch all Americans, 543 00:28:38,200 --> 00:28:40,920 Speaker 10: something that I think everyone can agree is important and 544 00:28:40,960 --> 00:28:42,840 Speaker 10: that we need to we need to invest in these 545 00:28:42,840 --> 00:28:44,160 Speaker 10: capabilities going forward. 546 00:28:44,800 --> 00:28:48,240 Speaker 5: Catherine, how does a VC focus on American dynamism need 547 00:28:48,280 --> 00:28:52,040 Speaker 5: to invest now at which stages, which geographies, what kind 548 00:28:52,080 --> 00:28:52,720 Speaker 5: of companies. 549 00:28:53,600 --> 00:28:55,880 Speaker 3: Well, so, I don't know that the strategy necessarily changes. 550 00:28:55,920 --> 00:28:58,280 Speaker 10: Again, I think this is something that you know, since 551 00:28:58,320 --> 00:29:01,040 Speaker 10: twenty fifteen, former Secretary of Defense Ash Carter has been 552 00:29:01,040 --> 00:29:03,720 Speaker 10: pounding the drum that the Department of Defense needs to change. 553 00:29:04,120 --> 00:29:07,360 Speaker 10: As Palmer said last week on your show, every administration 554 00:29:07,440 --> 00:29:10,600 Speaker 10: has been sort of has an understanding that the Defense 555 00:29:10,600 --> 00:29:13,720 Speaker 10: Department needs to modernize, that aerospace needs to modernize. And 556 00:29:13,760 --> 00:29:16,240 Speaker 10: so I think in many ways there will be a 557 00:29:16,240 --> 00:29:20,480 Speaker 10: continuation of investing in companies that are fantastic for the 558 00:29:20,560 --> 00:29:25,360 Speaker 10: national interest, Companies in aerospace, defense, transportation, potentially nuclear, you know, 559 00:29:25,440 --> 00:29:28,479 Speaker 10: companies that are important for all Americans. And I think 560 00:29:28,520 --> 00:29:30,200 Speaker 10: we're just going to continue to see more and more 561 00:29:30,200 --> 00:29:32,520 Speaker 10: investment in these categories, in particular. 562 00:29:32,200 --> 00:29:33,840 Speaker 4: In his Veterans' Day. And we want to note that 563 00:29:33,880 --> 00:29:36,720 Speaker 4: you have invested in a number of companies founded by veterans. 564 00:29:36,760 --> 00:29:38,640 Speaker 4: But I want to go to another founder that you've backed, 565 00:29:38,680 --> 00:29:41,000 Speaker 4: and we mentioned him briefly, but Elil Musk, you are 566 00:29:41,040 --> 00:29:43,680 Speaker 4: invested in SpaceX, and can you just tell us as 567 00:29:43,680 --> 00:29:45,720 Speaker 4: to whether you worry about if there is a long 568 00:29:45,880 --> 00:29:48,840 Speaker 4: term role for him within well, whether it's kabinat or 569 00:29:48,880 --> 00:29:51,920 Speaker 4: indeed as a whisperer to the White House, does that 570 00:29:51,960 --> 00:29:54,560 Speaker 4: worry you about leadership at the companies that he currently helms. 571 00:29:55,120 --> 00:29:57,440 Speaker 10: I know, I mean, Elon is a superhuman figure in 572 00:29:57,520 --> 00:30:00,080 Speaker 10: terms of the number of companies that he's support or 573 00:30:00,240 --> 00:30:03,520 Speaker 10: the number of companies that he's built. He is the 574 00:30:03,560 --> 00:30:06,680 Speaker 10: most extraordinary founder not only of our era, but when 575 00:30:06,720 --> 00:30:08,480 Speaker 10: we look back in history, we will remember the name 576 00:30:08,520 --> 00:30:11,200 Speaker 10: Elon Musk, and so I'm very excited that he is 577 00:30:11,680 --> 00:30:14,200 Speaker 10: you know, taking on interest in politics, that he is 578 00:30:15,200 --> 00:30:17,640 Speaker 10: thinking about how to make the government more efficient. And 579 00:30:17,680 --> 00:30:19,280 Speaker 10: I think a lot of people, a lot of people 580 00:30:19,280 --> 00:30:21,000 Speaker 10: would agree with that sentiment, that he is one of 581 00:30:21,040 --> 00:30:23,360 Speaker 10: the most extraordinary builders, one of the most efficient people 582 00:30:23,360 --> 00:30:25,480 Speaker 10: with his time, and that he will have an incredible 583 00:30:25,480 --> 00:30:27,240 Speaker 10: impact on American government. 584 00:30:27,560 --> 00:30:31,240 Speaker 4: Katherine Boyle, we appreciate you joining us today of Andrews 585 00:30:31,280 --> 00:30:35,960 Speaker 4: and Horowitz. Meanwhile, technology that once seemed like science fiction 586 00:30:36,160 --> 00:30:39,280 Speaker 4: is rapidly becoming reality. In a new four part series 587 00:30:39,440 --> 00:30:42,080 Speaker 4: called Posthuman, the New Megamini Chang meets some of the 588 00:30:42,080 --> 00:30:45,440 Speaker 4: world's most advanced robots. Here's a sneak peak. I what 589 00:30:45,600 --> 00:30:49,120 Speaker 4: to expect. There is this Hollywood idea of killer robots. 590 00:30:49,160 --> 00:30:50,600 Speaker 3: Actually not that far fetched. 591 00:30:51,200 --> 00:30:53,200 Speaker 11: Oh, it's not far fetched at all. It's coming very soon, 592 00:30:53,600 --> 00:30:57,440 Speaker 11: like in the next few years. And all of the 593 00:30:57,440 --> 00:31:02,400 Speaker 11: governments to sell arms, like the US and Russia and 594 00:31:02,440 --> 00:31:07,400 Speaker 11: Britain and Israel, all of those governments refuse to regulate 595 00:31:07,440 --> 00:31:09,480 Speaker 11: military uses of AI. So if you look at the 596 00:31:09,480 --> 00:31:13,920 Speaker 11: European regulations, they've got all these limitations on AI. Should 597 00:31:13,920 --> 00:31:17,200 Speaker 11: be sort of transparent in this amount, shouldn't be discriminate. 598 00:31:18,360 --> 00:31:20,600 Speaker 11: But there's a little clause in there that says none 599 00:31:20,680 --> 00:31:24,400 Speaker 11: of this applies to military uses of AI. They don't 600 00:31:24,480 --> 00:31:29,360 Speaker 11: like regulating themselves, and all of the big arments manufacturers 601 00:31:29,720 --> 00:31:34,120 Speaker 11: are very keen to make killer robots. So if you 602 00:31:34,360 --> 00:31:36,960 Speaker 11: look at Asimov's laws of robotics, that you know the 603 00:31:36,960 --> 00:31:39,680 Speaker 11: first law should be do not harm people. Well, that's 604 00:31:39,720 --> 00:31:41,560 Speaker 11: the whole point of a killer robot. That's not going 605 00:31:41,600 --> 00:31:43,080 Speaker 11: to be built into a killer robot. 606 00:31:44,600 --> 00:31:47,840 Speaker 5: You can catch the first episode airing tonight on Bloomberg 607 00:31:47,920 --> 00:31:50,800 Speaker 5: TV at ten pm Eastern time. 608 00:31:51,800 --> 00:31:53,920 Speaker 4: Let's have a quick check on these markets as we 609 00:31:54,040 --> 00:31:56,560 Speaker 4: trade it, because when we're talking about it throughout the morning, 610 00:31:56,600 --> 00:31:59,040 Speaker 4: eighty four and a half thousand now is the level 611 00:31:59,080 --> 00:32:02,920 Speaker 4: for bitcoin, new record high. Of course, with the idea 612 00:32:03,000 --> 00:32:05,120 Speaker 4: that not just a Trump in the White House, but 613 00:32:05,440 --> 00:32:09,040 Speaker 4: a far more pro crypto Congress at large will mean 614 00:32:09,200 --> 00:32:12,360 Speaker 4: more regulation that gives more clarity, more change. At the 615 00:32:12,400 --> 00:32:15,640 Speaker 4: top of the sec micro Strategy dining out on that rally. 616 00:32:15,960 --> 00:32:19,360 Speaker 4: Of course, this has basically become a proxy for bitcoin ownership, 617 00:32:19,400 --> 00:32:21,959 Speaker 4: but Michael Saylor, the leader of micro Strategy, has been 618 00:32:21,960 --> 00:32:24,760 Speaker 4: investing yet more. Another twenty seven thousand bitcoin have been 619 00:32:24,760 --> 00:32:27,400 Speaker 4: bought over the last few trading days and where up 620 00:32:27,520 --> 00:32:31,440 Speaker 4: some eighteen percent on that particular stop is outperformed even 621 00:32:31,480 --> 00:32:35,000 Speaker 4: in Vidia since the start of twenty twenty an absolutely 622 00:32:35,080 --> 00:32:38,760 Speaker 4: phenomenal run for that particular stop. And what's also interesting, 623 00:32:38,800 --> 00:32:41,320 Speaker 4: we got news when it comes to crypto FTX that 624 00:32:41,400 --> 00:32:45,040 Speaker 4: old chestnut filed a lawsuit against Binance and its former 625 00:32:45,120 --> 00:32:48,160 Speaker 4: CEO to recover one point eight billion dollars which is 626 00:32:48,200 --> 00:32:52,239 Speaker 4: allegedly forudulately transferred by Sam Bangmanfreed then also claims that 627 00:32:52,280 --> 00:32:56,040 Speaker 4: Baguan Freed used ftx's exchange token and Binance branded coins 628 00:32:56,440 --> 00:32:58,920 Speaker 4: to pay for a share repurchase steal in twenty twenty one, 629 00:32:58,920 --> 00:33:02,840 Speaker 4: which was made fraudulent since FTX was allegedly insolvent at 630 00:33:02,840 --> 00:33:03,200 Speaker 4: the time. 631 00:33:03,720 --> 00:33:05,640 Speaker 5: Ed okay, a lot more to come up on the show. 632 00:33:05,640 --> 00:33:08,280 Speaker 5: We're going to discuss how AI is transforming solutions in 633 00:33:08,320 --> 00:33:12,080 Speaker 5: the climate tech space with James Jaquin from Obvious Ventures. 634 00:33:12,080 --> 00:33:14,080 Speaker 3: That's next. This is Bloomberg. 635 00:33:13,680 --> 00:33:34,080 Speaker 5: Technology time for the VC Roundup. First stup, Talabat says 636 00:33:34,120 --> 00:33:38,360 Speaker 5: they're eyeing ways to diversify beyond food and grocery deliveries, 637 00:33:38,400 --> 00:33:42,720 Speaker 5: with a possible expansion to healthcare, beauty, and fintech. This 638 00:33:43,040 --> 00:33:46,479 Speaker 5: is the Middle Eastern subsidiary of delivery hero Tease up 639 00:33:46,480 --> 00:33:49,480 Speaker 5: a share sale that could value it at fourteen point 640 00:33:49,480 --> 00:33:53,520 Speaker 5: four billion dollars plus. Indian food delivery platform Swiggy Sorry, 641 00:33:53,520 --> 00:33:56,800 Speaker 5: it's one point three billion dollar IPO subscribe more than 642 00:33:56,880 --> 00:33:59,840 Speaker 5: three times on Friday, driven in part by a late 643 00:34:00,040 --> 00:34:02,760 Speaker 5: surge in demand. One of the few one billion dollar 644 00:34:02,800 --> 00:34:05,680 Speaker 5: plus listings in India this year, it drew bids for 645 00:34:05,760 --> 00:34:09,920 Speaker 5: six times the shares kept for foreigners and domestic money managers, 646 00:34:10,280 --> 00:34:13,400 Speaker 5: and LG has added access capital to its roster of 647 00:34:13,480 --> 00:34:17,120 Speaker 5: banks for a potential IPO of its Indian unit. That's 648 00:34:17,120 --> 00:34:20,400 Speaker 5: according to sources. The South Korean company selected the Indian 649 00:34:20,440 --> 00:34:22,640 Speaker 5: bank as it moves forward with a share sale in 650 00:34:22,719 --> 00:34:27,560 Speaker 5: Mumbai seeking to raise one to one point five billion dollars. Caroline, 651 00:34:27,840 --> 00:34:28,399 Speaker 5: and let's just. 652 00:34:28,320 --> 00:34:30,719 Speaker 4: Talk about the US and how it will continue its 653 00:34:30,760 --> 00:34:33,960 Speaker 4: fight against climate change as even with Donald Trump in 654 00:34:33,960 --> 00:34:36,200 Speaker 4: the White House. Those are the words of Biden's top 655 00:34:36,200 --> 00:34:39,560 Speaker 4: climate negotiator John Pedesta earlier today at COP twenty nine. 656 00:34:40,040 --> 00:34:43,560 Speaker 4: Let's discuss this and how perhaps artificial intelligence can be 657 00:34:43,640 --> 00:34:46,160 Speaker 4: helping with that. James Jaquin is with US today's VC 658 00:34:46,280 --> 00:34:49,040 Speaker 4: Spotlight co founder managing director at Obvious Ventures, which was 659 00:34:49,040 --> 00:34:52,880 Speaker 4: founded more than a decade ago. And James, when you 660 00:34:52,920 --> 00:34:55,640 Speaker 4: do see potentially a new administration coming in that doesn't 661 00:34:55,680 --> 00:34:59,279 Speaker 4: seem to be as pro climate change avoidance as the 662 00:34:59,320 --> 00:35:01,200 Speaker 4: current administry, what does that mean in terms of your 663 00:35:01,239 --> 00:35:03,840 Speaker 4: thesis in termes you're investing in this space, Well. 664 00:35:03,719 --> 00:35:06,480 Speaker 12: First and foremost, we're long term investors. I think all 665 00:35:06,520 --> 00:35:09,920 Speaker 12: of venture capital is an industry where we'll spend sometimes 666 00:35:09,960 --> 00:35:13,200 Speaker 12: twelve or fifteen years building a company before it reaches. 667 00:35:12,880 --> 00:35:13,800 Speaker 3: The public markets. 668 00:35:14,280 --> 00:35:18,640 Speaker 12: That's three presidential administrations, so we worry less about what's 669 00:35:18,680 --> 00:35:21,239 Speaker 12: going to happen in one administration or another. We try 670 00:35:21,239 --> 00:35:24,920 Speaker 12: to focus more on bringing these breakthrough technologies to market, 671 00:35:25,320 --> 00:35:26,120 Speaker 12: some of the ones. 672 00:35:25,920 --> 00:35:27,960 Speaker 4: That you've backed that we all know about beyond meat 673 00:35:28,040 --> 00:35:31,480 Speaker 4: for example, you know multiple rounds there. What is the 674 00:35:31,560 --> 00:35:34,480 Speaker 4: new area of innovation in climate change and how is 675 00:35:34,520 --> 00:35:37,960 Speaker 4: it being how spearheaded from a generative AI perspective. 676 00:35:37,520 --> 00:35:41,760 Speaker 12: For example, Well, with climate there's a lot of unsolved problems. 677 00:35:41,800 --> 00:35:45,520 Speaker 12: We need better battery technologies, we need more renewable energy 678 00:35:45,560 --> 00:35:49,560 Speaker 12: to power all of our AI data centers, and the 679 00:35:49,719 --> 00:35:52,520 Speaker 12: thing that we're excited about is using AI to solve 680 00:35:52,560 --> 00:35:56,239 Speaker 12: these unsolvable problems. We call it generative science, and it's 681 00:35:56,280 --> 00:35:59,720 Speaker 12: an idea of instead of using large language models trained 682 00:35:59,719 --> 00:36:02,560 Speaker 12: on the Internet, we're backing teams that are building large 683 00:36:02,600 --> 00:36:06,759 Speaker 12: science models trained in areas like chemistry, biology, and physics, 684 00:36:07,320 --> 00:36:10,840 Speaker 12: and those generative science AI systems can actually output or 685 00:36:10,960 --> 00:36:12,880 Speaker 12: generate new scientific breakthroughs. 686 00:36:14,160 --> 00:36:17,000 Speaker 5: James I was writing this morning in the Tech Daily 687 00:36:17,040 --> 00:36:20,319 Speaker 5: newsletter about the idea that there are lots of vench 688 00:36:20,360 --> 00:36:23,319 Speaker 5: capses that backed Harris because they felt she was the 689 00:36:23,320 --> 00:36:25,680 Speaker 5: better candidate in the context of climate, the work of 690 00:36:25,719 --> 00:36:28,799 Speaker 5: the Inflation Reduction Act, but there are others out there 691 00:36:28,840 --> 00:36:32,080 Speaker 5: that basically see staying power. They would cite data on 692 00:36:32,880 --> 00:36:36,560 Speaker 5: install stalled capacity of renewable energy sources, the hiring in 693 00:36:36,600 --> 00:36:40,520 Speaker 5: those fields. You said you're a long term investor. How 694 00:36:40,640 --> 00:36:43,080 Speaker 5: closely would you track those data sets over the next 695 00:36:43,080 --> 00:36:43,640 Speaker 5: four years. 696 00:36:44,880 --> 00:36:47,360 Speaker 12: Well, there's a lot to be optimistic about ed with 697 00:36:47,520 --> 00:36:51,000 Speaker 12: climate and particularly with the Inflation Reduction Act. There's a 698 00:36:51,000 --> 00:36:54,120 Speaker 12: lot of fear and uncertainty that Trump two point zero 699 00:36:54,120 --> 00:36:57,480 Speaker 12: administration is going to somehow repeal that, and I share 700 00:36:57,520 --> 00:37:01,440 Speaker 12: those concerns. However, there's data to be optimistic. If we 701 00:37:01,480 --> 00:37:04,560 Speaker 12: look at the two hundred plus billion that has already 702 00:37:04,560 --> 00:37:08,560 Speaker 12: been deployed out to states. One hundred and sixty five 703 00:37:08,560 --> 00:37:11,520 Speaker 12: billion have gone to Red states, so more than three 704 00:37:11,560 --> 00:37:15,400 Speaker 12: times what Blue states have received. That means in states 705 00:37:15,560 --> 00:37:18,880 Speaker 12: like Georgia and North Carolina and Tennessee, we have new 706 00:37:19,120 --> 00:37:23,359 Speaker 12: electric battery and electric vehicle plants coming online. That's good 707 00:37:23,400 --> 00:37:27,160 Speaker 12: green jobs in red states. That's Christmas for climate tech. 708 00:37:28,360 --> 00:37:31,640 Speaker 5: James, how focus should everyone be on nuclear and how 709 00:37:31,640 --> 00:37:32,440 Speaker 5: important is it for you? 710 00:37:33,880 --> 00:37:36,959 Speaker 12: It's funny nuclear has really had a change of heart. 711 00:37:37,080 --> 00:37:40,120 Speaker 12: I think with investors and with environmentalists as we look 712 00:37:40,160 --> 00:37:43,160 Speaker 12: at the needs of our energy grid. We're going to 713 00:37:43,200 --> 00:37:45,399 Speaker 12: have to double the number of electrons on the US 714 00:37:45,520 --> 00:37:50,120 Speaker 12: grid to power electric vehicles and bitcoin mining and AI 715 00:37:50,280 --> 00:37:53,920 Speaker 12: data centers. At Obvious we want those electrons to be green. 716 00:37:54,120 --> 00:37:56,440 Speaker 12: We don't want more coal plants, we don't want more 717 00:37:56,520 --> 00:37:59,840 Speaker 12: natural gas plants, and so to deliver that much power 718 00:38:00,120 --> 00:38:03,200 Speaker 12: need I think two big areas. One is geothermal, which 719 00:38:03,200 --> 00:38:05,320 Speaker 12: we're investing in, and the other is nuclear. 720 00:38:06,760 --> 00:38:10,239 Speaker 5: James fucking co founder and managing director Obvious Ventures, thank 721 00:38:10,280 --> 00:38:22,520 Speaker 5: you very much. For years, Apple Watches customers and investors 722 00:38:22,600 --> 00:38:25,799 Speaker 5: have been fixated on the same question, what is the 723 00:38:25,840 --> 00:38:29,560 Speaker 5: company's next blockbuster products? Bloombos Mark Goman wrote about it 724 00:38:29,560 --> 00:38:33,360 Speaker 5: in this week's Power On and joins us. Now, beyond 725 00:38:33,360 --> 00:38:36,359 Speaker 5: the iPhone, what is it? What is the next thing 726 00:38:36,600 --> 00:38:38,360 Speaker 5: that is going to be the driver of growth? 727 00:38:39,280 --> 00:38:41,480 Speaker 13: Well, let's just take a step back and talk about 728 00:38:41,520 --> 00:38:42,640 Speaker 13: the iPhone for a second. 729 00:38:42,680 --> 00:38:42,879 Speaker 9: Rate. 730 00:38:43,200 --> 00:38:46,800 Speaker 13: It generates over half of the company's revenue as a standbone. 731 00:38:46,320 --> 00:38:48,919 Speaker 3: Product, but almost the rest of all. 732 00:38:48,800 --> 00:38:52,359 Speaker 13: Of Apple's revenue from services to things like Apple Care, 733 00:38:52,480 --> 00:38:56,720 Speaker 13: to AirPods, to Apple watches, even iPads marixx Apple TVs 734 00:38:56,719 --> 00:38:59,960 Speaker 13: flon pods. All of these things are bought by customers 735 00:39:00,080 --> 00:39:02,160 Speaker 13: because they have an iPhone, or because they're in the 736 00:39:02,160 --> 00:39:05,239 Speaker 13: Apple ecosystem, because they fall in love with the iPhone. 737 00:39:05,400 --> 00:39:08,200 Speaker 13: There will never be another Apple product like the iPhone, 738 00:39:08,239 --> 00:39:10,719 Speaker 13: something that sits at the center of the company and 739 00:39:10,960 --> 00:39:13,960 Speaker 13: generates half of the revenue from a hardware standpoint and 740 00:39:14,000 --> 00:39:17,000 Speaker 13: the other half from an attachment and services standpoint. Right, 741 00:39:17,239 --> 00:39:20,960 Speaker 13: So investors have to understand that and come to that realization. 742 00:39:21,640 --> 00:39:24,560 Speaker 13: But there are little beats, more modest things that Apple 743 00:39:24,600 --> 00:39:27,839 Speaker 13: will bring to market, some built around the iPhone, some 744 00:39:27,880 --> 00:39:31,480 Speaker 13: completely standalone, and the hope for Apple investors is that 745 00:39:31,520 --> 00:39:34,000 Speaker 13: you can stack up a bunch of twenty to fifty 746 00:39:34,000 --> 00:39:36,920 Speaker 13: billion dollars a year businesses, things about the size of 747 00:39:36,920 --> 00:39:40,200 Speaker 13: the AirPods, Apple Watch, and iPad. So to answer your question, 748 00:39:40,280 --> 00:39:44,560 Speaker 13: the areas that Apple is exploring and moving into obviously headsets, 749 00:39:44,640 --> 00:39:48,600 Speaker 13: but beyond mixed reality, going into pure augmented reality glasses 750 00:39:49,000 --> 00:39:53,279 Speaker 13: or standalone glasses without displays, things like expanded versions of 751 00:39:53,320 --> 00:39:54,839 Speaker 13: AirPods that tap into AI. 752 00:39:55,360 --> 00:39:55,920 Speaker 3: There have been. 753 00:39:55,800 --> 00:40:00,359 Speaker 13: Explorations into home robotics, explorations into home energy, a way 754 00:40:00,400 --> 00:40:04,000 Speaker 13: to monetize the health products into a subscription service. Right. 755 00:40:04,400 --> 00:40:06,719 Speaker 13: The big thing coming next year is a push into 756 00:40:06,719 --> 00:40:07,399 Speaker 13: the smart home. 757 00:40:07,640 --> 00:40:09,520 Speaker 3: So for the first time, Apple's really. 758 00:40:09,360 --> 00:40:12,480 Speaker 13: Going to dive two feet first into smart home appliances. 759 00:40:12,480 --> 00:40:14,560 Speaker 13: So in the first half of next year, you'll see 760 00:40:14,560 --> 00:40:17,200 Speaker 13: a push into smart home displays. Right, a couple of 761 00:40:17,239 --> 00:40:19,719 Speaker 13: years after that, you'll see a new smart display with 762 00:40:19,800 --> 00:40:22,640 Speaker 13: the robotic limb. So definitely a bunch of these little 763 00:40:22,680 --> 00:40:25,320 Speaker 13: categories that they hope will add up into something bigger. 764 00:40:25,760 --> 00:40:28,479 Speaker 4: One key category that was new, innovative and perhaps hasn't 765 00:40:28,520 --> 00:40:30,520 Speaker 4: taken off in the way they expected was Vision Pro. 766 00:40:30,960 --> 00:40:33,400 Speaker 4: But you're saying in the latest power on that we 767 00:40:33,560 --> 00:40:35,879 Speaker 4: finally got the color app. Just talk us through it. 768 00:40:36,960 --> 00:40:38,680 Speaker 13: If you have a vision Pro, and I know there's 769 00:40:38,719 --> 00:40:41,880 Speaker 13: not many of us out there you want to try. 770 00:40:42,160 --> 00:40:44,400 Speaker 13: Coming out in the beginning of next month is a 771 00:40:44,480 --> 00:40:47,640 Speaker 13: vision OS two point two update. It's available in beta now. 772 00:40:47,719 --> 00:40:51,439 Speaker 13: I've been using it. There's been this long lasting Mac 773 00:40:51,520 --> 00:40:54,160 Speaker 13: external monitor feature. You can put on the headset and 774 00:40:54,200 --> 00:40:56,439 Speaker 13: you can view your Mac display in there, and it's 775 00:40:56,440 --> 00:40:58,879 Speaker 13: basically an enlarged version of your what's on your Mac. 776 00:40:58,960 --> 00:41:01,520 Speaker 13: Right now, a lot of people vision pros use that. 777 00:41:01,760 --> 00:41:03,919 Speaker 13: They're adding a new feature that allows you to add 778 00:41:03,920 --> 00:41:07,120 Speaker 13: a wide monitor or an ultra wide monitor, and so 779 00:41:07,280 --> 00:41:09,520 Speaker 13: if you turn this feature on, you get a gigantic 780 00:41:09,760 --> 00:41:13,080 Speaker 13: curved display that can go almost three hundred and sixty 781 00:41:13,080 --> 00:41:15,200 Speaker 13: degrees and you can see what's on your Mac through that, 782 00:41:15,560 --> 00:41:18,680 Speaker 13: and it's a really powerful tool and a great productivity 783 00:41:18,760 --> 00:41:21,480 Speaker 13: use case for the vision Pro. The problem is is 784 00:41:21,480 --> 00:41:23,560 Speaker 13: that the vision Pro, if you're not laying down with 785 00:41:23,640 --> 00:41:25,640 Speaker 13: your head on the back of a pillow on your couch, 786 00:41:26,040 --> 00:41:28,840 Speaker 13: it's often hard to wear the vision Pro for extended 787 00:41:28,880 --> 00:41:32,080 Speaker 13: periods of time. And the bands that Apple include in 788 00:41:32,120 --> 00:41:34,400 Speaker 13: the box of the Vision pro are part of the reason. 789 00:41:34,680 --> 00:41:36,799 Speaker 13: There's a backup headband and then there's a band that 790 00:41:36,800 --> 00:41:38,719 Speaker 13: has a thin strap that goes behind the head on 791 00:41:38,760 --> 00:41:41,120 Speaker 13: top of the head. Neither are very good for long 792 00:41:41,200 --> 00:41:44,680 Speaker 13: term productivity. But Belkan, this is a company that's owned 793 00:41:44,760 --> 00:41:47,320 Speaker 13: by a fox Con subsidiary, so they work very closely 794 00:41:47,360 --> 00:41:50,400 Speaker 13: with Apple came out with a new overhead strap that 795 00:41:50,440 --> 00:41:53,040 Speaker 13: attaches to the back of head strap and combined you 796 00:41:53,040 --> 00:41:54,560 Speaker 13: can wear it for longer use cases. 797 00:41:55,520 --> 00:41:57,960 Speaker 4: Mark German. With all the latest and greater out of Apple, 798 00:41:58,000 --> 00:42:00,360 Speaker 4: we really appreciate. Meanwhile, let's do a quick check on 799 00:42:00,400 --> 00:42:02,400 Speaker 4: the rest of the tech sector for you, because ed 800 00:42:02,880 --> 00:42:04,840 Speaker 4: we are down on the NASDAK chip sector falls. But 801 00:42:04,880 --> 00:42:07,839 Speaker 4: Bitcoin above eighty four thousand Tesla you said it at 802 00:42:07,840 --> 00:42:09,160 Speaker 4: a higher since twenty twenty. 803 00:42:10,719 --> 00:42:14,320 Speaker 5: Yeah, astonishing momentum. That does it for this edition of 804 00:42:14,360 --> 00:42:16,520 Speaker 5: the show, check out the pod. You know where to 805 00:42:16,600 --> 00:42:18,520 Speaker 5: find it. Happy Monday. 806 00:42:18,680 --> 00:42:19,400 Speaker 1: This is Bloomberg