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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the Chinese artificial intelligence startup that

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Speaker 3: royal the global markets and led to the biggest one

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Speaker 3: day individual stock sell off in history. For the latest

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Speaker 3: on Deep Seek, let's bring in Bloomberg's John Tucker.

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Speaker 4: John Nathan, the Deep Seek frenzy e raised five hundred

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Speaker 4: and eighty nine billion dollars from Invidious market cap, the

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Speaker 4: largest route in market history. The stock plunge seventeen percent.

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Speaker 4: The techa A Nastak tumbled nearly three percent. Jordan Klin

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Speaker 4: is managing director at Mazouoho Securities.

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Speaker 3: It's a beginning of probably a consolidation phase and some

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Speaker 3: profit taking.

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Speaker 5: For sure.

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Speaker 4: Deep Seek is sparking fear over US tech dominance. Aaron

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Speaker 4: Kennon of Clear Harbor Asset Management sees it this way.

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Speaker 6: We're seeing what I would call sort of the gradual

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Speaker 6: commoditizing of artificial intelligence.

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Speaker 4: Deep Seek's low cost approach has reignited concerns that big

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Speaker 4: US companies have poured too much money into developing artificial

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Speaker 4: intelligence and Victoria Fernandez of Crossmarked Global Investment weigh in.

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Speaker 5: Obviously, the tech game can turn on a dime.

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Speaker 2: We've seen it over the last twenty four hours. I

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Speaker 2: do think that the US is probably still a little

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Speaker 2: bit of head.

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Speaker 4: Deep Seek even drew praise from Nvidia. In Vidia set

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Speaker 4: in a statement that deep Sex model is an excellent

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Speaker 4: AI advancement, and deep See's progress suggests Chinese AI engineers

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Speaker 4: have found a way to work around US semiconductor export bands,

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Speaker 4: focusing on greater efficiency with limited resources. The latest AI

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Speaker 4: model of deep Seek, it's called Uri, is now at

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Speaker 4: the top of Apple's App Store rankings, and being in

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Speaker 4: the spotlight all of a sudden also does bring problems.

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Speaker 4: The companies had to limit signups due to large scale

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Speaker 4: malicious attacks on its services, and even this morning the

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Speaker 4: company reports degraded performance. In this morning, Nathan and Karen

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Speaker 4: in videos shares we should point out they're up five percent.

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Speaker 2: All right, John, thank you well. The Deepseak sell off

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Speaker 2: on Wall Street also hit the world's elite, and we

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Speaker 2: get that story with Bloomberg's Gino Cervetti.

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Speaker 7: The world's five hundred richest people lost to combined one

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Speaker 7: hundred eight billion on Monday. Billionaires whose fortunes are linked

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Speaker 7: to artificial intelligence were the biggest losers, and Vidio's CEO

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Speaker 7: Jensen Wang saw his fortune fall more than twenty billion dollars,

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Speaker 7: or a twenty percent drop. Oracle co founder Larry Ellison's

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Speaker 7: twenty two point six billion dollar loss was larger in

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Speaker 7: absolute terms, but represented twelve percent of his fortune. Dell's

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Speaker 7: Michael Dell lost at thirteen billion. Soaring valuations for so

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Speaker 7: called AI hyperscalers including Meta, Alphabet and Microsoft have generated

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Speaker 7: billions in wealth for their owners since open Ai unveiled

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Speaker 7: chat GPT in November of twenty twenty two. These companies

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Speaker 7: have spent huge sums to develop and run AI systems

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Speaker 7: by hoarding top of the line semiconductors and the energy

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Speaker 7: supplies needed to run them. Gina Cervetti Bloomberg Radio.

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Speaker 5: All right, Gina, thank you.

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Speaker 3: One of deep Seek's biggest competitors in the US could

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Speaker 3: be open Ai, and in a post on x the

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Speaker 3: company CEO Sam Aldman said deep seeks are one is

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Speaker 3: an impressive model. He added quote we will obviously deliver

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Speaker 3: much better models, and also it's legit invigorating to have

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Speaker 3: a new competitor end quote. Meanwhile, we caught up with

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Speaker 3: tech investor Cathy Wood to get her reaction about Deep Seek.

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Speaker 1: I think what it's telling us is the cost of

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Speaker 1: innovation is collapsing, which it has been doing. I mean,

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Speaker 1: the cost of AI training is dropping before this seventy

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Speaker 1: five percent per year, the cost for inference eighty five

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Speaker 1: to ninety percent. I think it throws the weight more

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Speaker 1: towards inference chips from training chips, and so in Vidia's

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Speaker 1: highly exalted and deservedly so in the training chip space.

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Speaker 3: Our Investments CEO Kathy Would made the comments in an

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Speaker 3: interview with Bloomberg earlier this morning in London.

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Speaker 5: On Nathan.

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Speaker 2: President Trump also weighing in on deep Seek.

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Speaker 8: The release of Deepseek AI from a Chinese company should

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Speaker 8: be a wake up call for our industries that we

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Speaker 8: need to be laser focused on competing to win because

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Speaker 8: we have the greatest scientists in the world.

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Speaker 2: And Trump also sees deep Seek's apparent breakthrough as good

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Speaker 2: because quote, you don't have to spend as much money.

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Speaker 9: Thank care.

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Speaker 3: And the President's also weighing in on the future of

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Speaker 3: another Chinese company, TikTok, he told reporters on air Force

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Speaker 3: one that Microsoft is in talks to acquire the hugely

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Speaker 3: popular app.

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Speaker 8: I think somebody's going to buy it, pay a lot

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Speaker 8: of money, have a lot of jobs, keep a platform.

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Speaker 1: Open, and having to be very secure.

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Speaker 2: If I don't sign that, it closes.

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Speaker 3: Following the President's comments, Microsoft declined to comment on the

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Speaker 3: company's involvement in any possible deal Well Nathan.

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Speaker 2: President Trump is also laying out more details on his

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Speaker 2: tariff plans. At a speech to House Republicans at his

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Speaker 2: direlt golf club, the President said he plans to impose

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Speaker 2: duties on computer chips, pharmaceuticals, and metals to encourage foreign

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Speaker 2: production in the US.

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Speaker 8: We want them to come back, and we don't want

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Speaker 8: to give them billions of dollars, like this ridiculous program

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Speaker 8: that Biden has give everybody billions of dollars. They already

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Speaker 8: have billions of dollars. They've got nothing but money.

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Speaker 9: Joe.

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Speaker 2: Later, the President told reporters he wants to enact across

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Speaker 2: the board tariffs that are quote much bigger than two

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Speaker 2: and a half percent. Trump was responding to a Financial

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Speaker 2: Times report that is newly confirmed Treasury Secretary Scott Besant

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Speaker 2: supports starting with a global two and a half percent

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Speaker 2: tariff rate, then raising it by the same amount each

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Speaker 2: month and Karen.

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Speaker 3: President Trump also says he hopes House Republicans will pass

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Speaker 3: legislation to complete the border wall and step up deportation efforts,

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Speaker 3: while also extending his twenty seventeen tax cuts and boosting

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Speaker 3: oil and gas production. But the President's leaving the details

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Speaker 3: up to them.

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Speaker 8: Whether it's one bill, two bills, I don't care. Let

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Speaker 8: these guys are going to work it out. They're going

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Speaker 8: to work it out one way or the other. But

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Speaker 8: the bottom line, the result is going to be the same.

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Speaker 8: We want to have all of those benefits, and we

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Speaker 8: want to keep people's taxes low and actually make them lower.

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Speaker 3: Following President Trump's speech, one GOP lawmaker called it not

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Speaker 3: helpful that the President wouldn't be more specific. House Speaker

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Speaker 3: Mike Johnson says lawmakers will spend much of their two

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Speaker 3: day retreat behind closed doors to come up with a strategy.

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Speaker 2: Well. Nathan returned now to the latest developments in the

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Speaker 2: Middle East. To Bloomberg News has learned Israeli Prime Minister

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Speaker 2: Benjamin nettan Yahoo, is planning to visit Washington next week

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Speaker 2: to meet with President Trump. The sit down would come

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Speaker 2: at a critical time, just weeks until the end of

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Speaker 2: the first phase of the pause in fighting in Gaza.

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Speaker 2: Skeptics have questioned whether the deal will hold through its

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Speaker 2: second phase, which could ultimately lead to a permanent end

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Speaker 2: to the war in Gaza. Time now for a look

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Speaker 2: at some of the other stories making news in New

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Speaker 2: York and around the world. And for that we're joined

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Speaker 2: by Bloomberg's Michael Barr. Michael, Good Morning, Good morning, Karen.

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Speaker 9: After rain extinguished the last of the big Palisades fire

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Speaker 9: in Los Angeles, the city is now allowing everybody to

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Speaker 9: go back in to see what remains of their homes

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Speaker 9: for the first time since the Palisades fire started in

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Speaker 9: days after President Trump visited, Los Angeles, Mayor Karen Bass

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Speaker 9: announced all evacuees can return.

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Speaker 4: Today is really about focusing on the recovery and getting

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Speaker 4: people back home.

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Speaker 9: This woman says some residents advised there not to go

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Speaker 9: back because there's nothing left.

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Speaker 5: It's a lot to lose everything that you've collected. I

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Speaker 5: think over the last you know, your adult life and

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Speaker 5: even your childhood.

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Speaker 9: The neighborhoods are only open to residents from six am

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Speaker 9: to six pm because there is no power and some

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Speaker 9: areas require a police escort to get in. The Centers

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Speaker 9: for Disease Control and Prevention staff have been ordered to

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Speaker 9: cut off all communications with the World Health Organization. This

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Speaker 9: comes following an executive order from President Trump last week.

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Speaker 9: A CDC's deputy director sent the directive in an email,

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Speaker 9: which which also said CDC staff to sign to work

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Speaker 9: for the who are also being told not to come

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Speaker 9: into the office. Peter Mayberduke is Access to Medicine's director

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Speaker 9: at Public Citizen.

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Speaker 6: It's sometimes underappreciated how deeply the United States is involved

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Speaker 6: in scientific collaboration internationally. There are more than seventy who

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Speaker 6: collaborating centers in the United States. The United States pulls out,

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Speaker 6: our new political competitors are waiting to fill that gap.

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Speaker 9: Maybordew Can Other experts say the sudden stoppage is a

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Speaker 9: surprise and will set back work on investigating and trying

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Speaker 9: to stop outbreaks of certain viruses in Africa. The MTA

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Speaker 9: next month will begin releasing monthly review collection figures from

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Speaker 9: New York City's new congestion pricing toll as. The transit

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Speaker 9: agency plans to borrow five hundred million dollars of short

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Speaker 9: term debt that the tolling program will ultimately repay. ZIPATL,

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Speaker 9: the MTA's deputy Chief Financial officers said the authority will

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Speaker 9: release at its Finance Committee meeting that it is so

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Speaker 9: much collected so far in pricing revenue that the agency

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Speaker 9: collected in January. New York City's congestion pricing program is

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Speaker 9: the first in the nation in charges most motorist nine

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Speaker 9: dollars when they interparts in Manhattan Global News twenty four

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Speaker 9: hours a day and whenever you want it with Bloomberg

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Speaker 9: News Now, Michael Barn, this is Bloomberg, Karen.

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Speaker 5: Sorry, Malcolm Barr, thank you.

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Speaker 2: Time now for the Bloomberg Sports Update brought to you

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Speaker 2: if I try stayed out. Eagre's John stash Hour, John

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Speaker 2: good Nortek.

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Speaker 10: Good morning, Karen. If you score one hundred and forty

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Speaker 10: three points in an NBA game, you're going to win

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Speaker 10: the next did that Saturday. It was the most points

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Speaker 10: they had scored in a non overtime game in forty

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Speaker 10: five years. Two nights later, again at the Garden, they

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Speaker 10: scored one hundred and forty three points, again beat Memphis

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Speaker 10: by thirty seven, seven nicks and double figures. Michael Bridges

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Speaker 10: the high mand with twenty eight nixt rolling four straight

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Speaker 10: wins sixteen to the last twenty two, and the Celtics

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Speaker 10: lost at home to Houston. Amen Thompson thirty three points

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Speaker 10: for the Rockets at a game when he shot out

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Speaker 10: the buzzer niterion, only a game behind Boston first second

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Speaker 10: place in the East. Cleveland's in first cans for thirty

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Speaker 10: seven and nine. They beat Detroit. The Nets lost at

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Speaker 10: Barkleys to Sacramento one ten to ninety six for Brooklyn.

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Speaker 10: That's seven losses in a row, twelve the last thirteen.

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Speaker 10: Miami won in double overtime without Jimmy Butler, suspended for

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Speaker 10: a third time. He walked out of practice after learning

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Speaker 10: he wasn't going to start the game. Certainly appears Butler's

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Speaker 10: gonna get traded before the deadline. Devils lost four to

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Speaker 10: at Philadelphia. Nothing like overtime in indoor partially simulated golf

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Speaker 10: Tiger Woods. His team beat Rory McElroy's team in TGL.

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Speaker 10: Aaron Glenn introduced as the new coach of the Jets.

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Speaker 10: Here was his message to his team to any players.

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Speaker 2: That's here.

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Speaker 9: Now put your seatbelts on and get ready for the ride.

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Speaker 11: Put your seatbelt zone and get ready for the ride.

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Speaker 9: Listen.

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Speaker 7: There are going to be some challenges, but what challenges

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Speaker 7: this becomes opportunity gets opportunity.

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Speaker 9: But here's what I do know. We're the freaking New

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Speaker 9: York jit so.

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Speaker 10: Who haven't made the playoffs in fifteen years. Gland was

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Speaker 10: vague when asked about whether Aaron Rodgers will return. John

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Speaker 10: stashiell Er Bloomberg Sports, Kearny Meek.

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Speaker 7: Coast to Coast on Bloomberg Radio nationwide on Serious Exam and.

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Speaker 1: Around the world on Bloomberg dot Com and the Bloomberg

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Speaker 1: Business app.

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Speaker 5: This is Bloomberg Daybreak.

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Speaker 4: Good morning.

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Speaker 3: I'm Nathan Hager. It was the biggest single day drop

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Speaker 3: for one American company and it is thanks to an

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Speaker 3: AI startup in China. Nvidia plunged seventeen percent yesterday, wiping

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Speaker 3: away five hundred and eighty nine billion dollars in market

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Speaker 3: value on concern about deep seek and it's in competitive

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Speaker 3: AI model with less advanced chips for more. Ark Investment

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Speaker 3: Management CEO Kathy Wood joined Bloomberg Stephen, Carol and Lizzie

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Speaker 3: burden in our London bureau. Let's listen to that conversation.

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Speaker 5: Now, big question, you buying the dip.

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Speaker 1: Well, we're fully invested and we're very comfortable being fully invaded.

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Speaker 5: I think our confidence in the.

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Speaker 1: Bull market broadening out has increased in the last few days.

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Speaker 1: So sure the megacaps we think will continue to do well.

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Speaker 1: Maybe in Vidia there are some questions about its exalted position.

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Speaker 5: In the training chip market.

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Speaker 1: We think inference is going to become more important with

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Speaker 1: these new reasoning models, and that is a more competitive

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Speaker 1: part of the market.

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Speaker 5: But we think that what's happening here is the.

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Speaker 1: Collapse in the cost of innovation.

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Speaker 5: Deep seek is adding to it. It has been happening though.

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Speaker 1: AI training costs have been dropping, led by Nvidia seventy

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Speaker 1: five percent per year, and AI inference costs have been

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Speaker 1: dropping eighty five to ninety percent per year. Deep seek

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Speaker 1: is just putting those very rapid declines into.

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Speaker 5: A bit of overdrive here.

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Speaker 12: So I wonder, if you see in Vidia falling much further,

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Speaker 12: is this an attractive price to be buying it?

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Speaker 9: Do you think?

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Speaker 5: Well, we own it in some of our portfolios. We

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Speaker 5: are not buying the dip yet.

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Speaker 1: We do want to learn more about deep seek and

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Speaker 1: more about how the market or the demand for inference

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Speaker 1: chips might outpace those for training chips. We think the

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Speaker 1: whole area is going to be vibrant. We just think

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Speaker 1: there might be a little bit more of an adjustment

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Speaker 1: to this new reality.

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Speaker 11: Where you say that what deep seek shows is kind

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Speaker 11: of that you can do more with less kap X.

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Speaker 11: Who do you think that's going to motivate in the

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Speaker 11: US most as Donald Trump is kind of saying, who's

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Speaker 11: going to be best.

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Speaker 5: At doing more with less?

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Speaker 1: Well, anyone using AI. We are focused on the productivity

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Speaker 1: gains for knowledge workers, which are going to be mass

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Speaker 1: that's the biggest impact of AI. But if we're looking

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Speaker 1: at sectors and spaces generally where this acceleration and innovation

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Speaker 1: is going to be meaningful, we think autonomous mobility, so robotaxis.

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Speaker 1: We think that's going to scale from essentially nothing now

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Speaker 1: to an eight to ten trillion dollar global opportunity including China.

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Speaker 1: But the sleeper here is healthcare, and we're seeing the

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Speaker 1: convergence of sequencing technologies, all kinds of sequencing technologies, artificial intelligence,

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Speaker 1: and then gene editing technologies like Crisper cast nine.

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Speaker 5: That combination we believe is going to cure disease.

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Speaker 1: It's already curing disease, sickle cell disease and beta thlocemia.

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Speaker 1: That's Chrisper therapeutics. But we think they're aiming now for

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Speaker 1: type one and type two diabetes. That would be a

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Speaker 1: category killer, you know, So think about that curing disease,

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Speaker 1: AI helping us decode the secrets of life, death health.

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Speaker 12: Those are two areas where regulation plays a big part.

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Speaker 12: You've spoken about your optimism about deregulation under Donald Trump.

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Speaker 12: Do you think those are two areas we should expect

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Speaker 12: to see big deregulation about what technology can get involved in.

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Speaker 1: Yes, I think in both safety first and I think

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Speaker 1: anyone moving into this market or these markets would agree

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Speaker 1: with that. So sensible regulation. But in the US, the

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Speaker 1: robotaxi field is regulated by fifty states. We think that

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Speaker 1: will change to one regulator, the federal government. After all,

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Speaker 1: transportation does cross states, so that makes sense. In the

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Speaker 1: healthcare realm, that is where the thicket of regulations has

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Speaker 1: really strangled the industry. And even more than the outright regulations,

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Speaker 1: it was the FTC, the Federal Trade Commission not allowing

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Speaker 1: mergers and acquisitions and therefore not allowing strategic buyers, big

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Speaker 1: biotech companies, not allowing them to buy the smaller companies,

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Speaker 1: so that we had price discovery. Now we're going to

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Speaker 1: see price discovery. How much are these companies that are

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Speaker 1: curing disease worth to these large strategic buyers now and

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Speaker 1: saying that I don't necessarily want our companies to be

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Speaker 1: taken out. We think they have miles to go, but

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Speaker 1: we do want price discovery back in the market.

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Speaker 11: Where you talk about your excitement about autonomous vehicles. Of

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Speaker 11: course your biggest holding is Tesla, I think yes, And

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Speaker 11: we've callt elon Musk's first earnings call tomorrow since Trump's

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Speaker 11: returned to the White House January.

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Speaker 5: Typically a call that's a look ahead. What do you

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Speaker 5: need to hear from Mosque?

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Speaker 1: We need to hear a continuation of we're about to

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Speaker 1: launch our autonomous driving system. I mean, in effect, they've

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Speaker 1: launched it. I have a full self driving I know

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Speaker 1: it's not allowed here in the UK or in Europe.

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Speaker 1: But the improvements you feel safe, oh yes, yes, yes, yes,

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Speaker 1: way more really has broken through a lot of barriers.

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Speaker 1: I feel even though a Waymo vehicle is not safer

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Speaker 1: than a human driven vehicle, it.

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Speaker 5: Knows its roads.

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Speaker 1: It's narrow roads, meaning there are narrow territories.

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Speaker 5: I think Tesla is going to go national. That's going

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Speaker 5: to be and we'll.

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Speaker 1: Be able to do so because it has effectively seven.

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Speaker 5: Million robots roaming the roads.

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Speaker 1: Right now, I have two of them, a Y and

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Speaker 1: A three, and they're learning all about Connecticut and Florida

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Speaker 1: worlddes So it has a huge competitive advantage in terms

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Speaker 1: of proprietary data that nobody else has about the roads,

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Speaker 1: not only in the US, but in many places around

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Speaker 1: the world.

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Speaker 12: Do you worry that Elon Musk is taking on too much?

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Speaker 12: If he's got his new job in the US government,

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Speaker 12: he's got sharp developments coming in Tesla, lots going on

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Speaker 12: with US other businesses as well. Is he spreading himself

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Speaker 12: too thin?

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Speaker 1: If you look at the way Elon Musk behaves as

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Speaker 1: a CEO, he's a sharpshooter.

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Speaker 5: He looks for pain points and he solves those right.

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Speaker 1: And he's for example, right now, where was in twenty eighteen,

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Speaker 1: where was the biggest pain point? It was manufacturing the

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Speaker 1: Model three, Scaling the Model three. He slept famously on

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Speaker 1: the factory floor. He's not doing that anymore. He's not

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Speaker 1: on the factory floor now, it's all about autonomous. He

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Speaker 1: is the first what we would call CEO who really

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Speaker 1: understands the convergence among technologies taking place right now, really

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Speaker 1: catalyzed by artificial intelligence each one of his businesses. And

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Speaker 1: he also understands how critically important proprietary data is. And

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Speaker 1: think about this, Each of those companies is generating proprietary

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Speaker 1: data that no one else has.

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Speaker 5: Well, maybe you should out to his plate. Should he

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Speaker 5: buy us TikTok Ah?

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Speaker 2: Yes?

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Speaker 1: I mean, I know there have been rumors about that

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Speaker 1: and about the government.

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Speaker 5: Sharing half, and that's kind.

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Speaker 1: Of anathema to the United States, you know, the government

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Speaker 1: getting involved like this.

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Speaker 5: I'd be surprised if that happens.

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Speaker 1: But I will also say the Trump administration is full

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Speaker 1: of surprises.

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Speaker 12: It certainly is, and we're only a weekend to it.

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Speaker 12: You're here with us in London and we're delighted to

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Speaker 12: see you.

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Speaker 5: What has you in London?

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Speaker 12: What opportunities are you excited about when you come to

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Speaker 12: the UK? Is this a good place to put your money?

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Speaker 1: Well, we have launched three funds. Our Europe has launched

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Speaker 1: three funds here.

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Speaker 5: One is our.

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Speaker 1: Flagship that is focused on all five innovation platforms, so robotics,

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Speaker 1: energy storage, artificial intelligence, multiomic sequencing and blockchain technology. So

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Speaker 1: that's the flagship AARKK a special one for Europe which

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Speaker 1: we do not have in the US because of overlaps

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Speaker 1: with other funds, but we have an AI and robotics

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Speaker 1: fund and that is ARKI. We think this convergence of

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Speaker 1: robotics and AI is going to lead to humanoid robots

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Speaker 1: and not just millions of them, but perhaps billions of

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Speaker 1: them longer term, which is going to be a key

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Speaker 1: productivity driver in both the home right now, we're not

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Speaker 1: paid for house cleaning, Let's get a robot. Let's pay

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Speaker 1: a robot to do it. And in the manufacturing plants

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Speaker 1: around the world.

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Speaker 12: Kathy, the Prime Minister was in the building earlier. Kris Starmer,

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Speaker 12: you're exactly the sort of person that he wants to

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Speaker 12: meet because he wants investments going into those sorts of

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Speaker 12: businesses in this country. Have you spoken to him, what

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Speaker 12: sort of device would you be giving him if he's

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Speaker 12: trying to grow the economy.

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Speaker 1: Well, half the solution is understanding the problem and just

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Speaker 1: making that statement suggests to me that he's saying, why

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Speaker 1: hasn't this happened? And I also over the weekend heard

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Speaker 1: one of the finance ministers, or maybe the Finance Minister

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Speaker 1: say the same thing. This is a mantra, and I

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Speaker 1: think it has been catalyzed by artificial intelligence as well.

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Speaker 5: If you think about the UK, you produced two.

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Speaker 1: Of the most important AI companies in the world, Deep Mind,

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Speaker 1: which Alphabet now owns, an arm which off Bank primarily owns.

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Speaker 5: By all rights, you should.

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Speaker 1: Be developing a deep venture capital pool here, feeding startups

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Speaker 1: and nourishing them and deepening your listed equity markets. And

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Speaker 1: so I think that's what they're going to do, which

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Speaker 1: is fantastic. It's fantastic for the UK.

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Speaker 11: Absolutely, they taught very ambitiously the UK leadership, but so

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Speaker 11: too do the European government's leadership, and Donald Trump, as

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Speaker 11: you say, is very passionate about deregulation. So yes, everybody's

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Speaker 11: on the same page, but it is a race. Is

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Speaker 11: the UK keeping up enough with the EU and the

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Speaker 11: US when it comes to deregulation for you to be

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Speaker 11: really confident, Kathy putting your money here.

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Speaker 5: I think that.

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Speaker 1: Europe is more tied up in regulatory nuts than the

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Speaker 1: UK is, and in fact, some of our companies Palenteer

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Speaker 1: has been very vocal, for example, and we think that's

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Speaker 1: one of the most important AI platform companies out there.

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Speaker 1: Alex Krp, the CEO, has said, I am pulling employees

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Speaker 1: out of Europe because you know, we're running into all

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Speaker 1: of these obstacles that could really harm us. You know,

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Speaker 1: being hit by a four percent fine four percent of

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Speaker 1: revenue and that's global revenue or seven percent of revenue

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Speaker 1: I heard recently.

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Speaker 5: That's crazy.

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Speaker 1: So I think Europe is going to be held back

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Speaker 1: until it gets its regulatory act together. I think the

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Speaker 1: UK is more more progressive from a regulatory point of view.

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Speaker 5: And as I said, I really believe that half the solution.

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Speaker 5: The fact that your.

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Speaker 1: Prime Minister, your Finance Minister in the same week are saying,

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Speaker 1: you know, we've got to figure this out. I think

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Speaker 1: that's a very good thing for the UK.

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Speaker 5: And I'm Nathan Hager.

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Speaker 3: Join us again tomorrow morning for all the news you

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Speaker 3: need to start your day right here on Bloomberg Day

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Speaker 3: Ray