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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live

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

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Speaker 1: and Ed lave Lowe into San Francisco.

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Speaker 2: This is Bloomberg Tech coming up.

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Speaker 3: Broadcom surges as it signs a multi year agreement with

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Speaker 3: OPENINGI to design.

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Speaker 2: Custom chips and networking equipment.

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Speaker 3: Plus market spouts back as President Trump signaled open US

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Speaker 3: to a deal with China. Amid the latest trade showdown

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Speaker 3: what it means Tech.

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Speaker 2: And Rare Earth and Warner Brothers.

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Speaker 3: Discovery has read buffed Paramounts Guide Dancer's initial takeover approach

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Speaker 3: for being too low according to sources. We'll have the latest,

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Speaker 3: but first we go out to the Middle East, where

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Speaker 3: President Trump is in the middle of a visit in

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Speaker 3: recognition of the end of the war in Gaza, with

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Speaker 3: both Hamas and Israel releasing hostages and prisoners. Today, let's

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Speaker 3: go live now to Bloomberg's Oliver Crok, who's injury for

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Speaker 3: the latest sun setting with you. We understand now President

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Speaker 3: Trump has arrived in Egypt.

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Speaker 4: Yeah, that's right.

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Speaker 5: Really the sun setting here and closing what is a

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Speaker 5: truly historic day for the region and certainly for the Israelis.

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Speaker 5: Where we've see, as you said to Caroline, the release

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Speaker 5: of the last twenty living hostages into Israeli custody there

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Speaker 5: now back on Israeli soil, the release of those prisoners

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Speaker 5: from the jails and being held by the Israelis, back

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Speaker 5: to the West Bank, back to Gaza, back to a

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Speaker 5: number of other places. A deal that was struck by

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Speaker 5: President Trump through his sort of unorthodox foreign policy, and

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Speaker 5: something that really was inconceivable two weeks ago. The next step, now,

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Speaker 5: the next chapter is beginning in Egypt. As you can

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Speaker 5: see Donald Trump sitting next to LCCI, the President of Egypt,

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Speaker 5: to try to figure out the sort of very difficult

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Speaker 5: phase two of this, which is what do security conditions

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Speaker 5: look like going forward? In Gaza. Hamas is still armed.

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Speaker 5: They have not agreed to put down their arms. That

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Speaker 5: is really a precondition to make any of the sort

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Speaker 5: of US plans of the Trump twenty point plan come

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Speaker 5: into being. That is a requirement. And of course the

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Speaker 5: question long term of governance of Goza and this so

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Speaker 5: called Board of Peace that will be chaired by Donald

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Speaker 5: Trump and potentially other leaders. Those are the conversations that

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Speaker 5: will beginning be beginning right now in Egypt.

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Speaker 3: Bloomberg's Oliver Crook A long day. Let's now listen in

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Speaker 3: to President Trump as he speaks in Egypt.

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Speaker 6: And it continues till today. So I want to thank

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Speaker 6: you all very much. I appreciate the way you covered

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Speaker 6: this really momentous. I've never seen anything like it, the

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Speaker 6: level of love, the level of respect for what it is,

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Speaker 6: and it's you know, it's pieces of the Middle East,

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Speaker 6: and everybody said it's not impossible to do, and it's

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Speaker 6: going to happen, and it is happening, is before you

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Speaker 6: very eyes, and that's why it's become so fascinating.

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Speaker 7: Marco, do you have anything to.

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Speaker 8: Say to Egypt's been a phenomenal participant. I think Golo,

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Speaker 8: Steven Jerry will tell you the critical role they played,

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Speaker 8: and they can tell you themselves. They hosted the talks

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Speaker 8: here and they're going to play a very important role

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Speaker 8: now in the follow up implementation of this, which is

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Speaker 8: really it's not simply about restoring Gaza, it's about transforming

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Speaker 8: the region. So we have an incredible partner along the Alliance,

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Speaker 8: very capable partner here and a tremendous collection of leaders.

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Speaker 9: This is clearly in my mind.

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Speaker 8: I think, in the mind of everyone in this room,

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Speaker 8: probably one of the most important days for world peace

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Speaker 8: in fifty years. That's not an exaggeration, only fifty, maybe one.

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Speaker 9: Hundred in the World War two.

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Speaker 3: Mister Wickcof and mister Kushner, I'm curious you've played such

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Speaker 3: an important role in the tactical negotiations here.

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Speaker 10: Or its as a lot more has to be brought

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Speaker 10: to the table here.

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Speaker 8: Oh, the minute, the minute we at ink the deal,

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Speaker 8: Jared and I were already working on the implementation side

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Speaker 8: of the deal, so we've dug in.

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Speaker 9: We'll be here quite a bit. That's at the direction

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Speaker 9: of the President.

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Speaker 6: That's probably when it's going to be one of the

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Speaker 6: most important pass here.

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Speaker 9: Jared is remarkable to work with.

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Speaker 6: I talk about it all the time, and of course

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Speaker 6: we both love working for the president.

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Speaker 7: So I would say, uh, feels like.

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Speaker 9: A very honorable job.

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Speaker 6: Mister President, Would you like to say something would be

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Speaker 6: a bit better?

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Speaker 1: I guess.

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Speaker 11: So, what do you if the bead in a a

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Speaker 11: hub of a coup of dice and that's hanged with putty,

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Speaker 11: shot out this shotting shit, it's.

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Speaker 12: It's wickyser this way this way they put in the sweet.

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Speaker 4: When we can had the but wouldn't have you.

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Speaker 7: Set out and look at like.

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Speaker 13: The hanger type.

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Speaker 4: I had to hang it as at right as a rounds. Well.

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Speaker 7: First of all re elections say I welcome to you

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Speaker 7: between each other. It's a great pleasure and the honor

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Speaker 7: to have you with us here in the city of

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Speaker 7: peast tram Shaknus would extend uh on behalf of all

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Speaker 7: reluctions and the beasts lovers around your elds, so you

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Speaker 7: your appreciation. I never facts as I'm president and momentus

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Speaker 7: accomplished by your hands.

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Speaker 4: And they're going to do the hypercundaries and they can

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Speaker 4: hate the cold.

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Speaker 9: Where ahead.

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Speaker 7: I'm very confident that your Excellency is the only one

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Speaker 7: who's killed of bringing this about and bringing them to

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Speaker 7: this war, whether you're been.

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Speaker 6: To start the counties, because that was the bitter counties.

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Speaker 9: And then I had a conclusion. I had a pers people.

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Speaker 14: Contin are you even said that very precisely during my

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Speaker 14: communication with your excess, that you are the only one

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Speaker 14: who is able to bring about peace and to achieve.

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Speaker 4: Peace in this moment.

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Speaker 3: We head back now to Juristen and Bloomberg's Oliver Crook

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Speaker 3: stands by to interpret what is currently momentous occasion in Egypt,

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Speaker 3: President Trump, alongside the leader of Egypt, of just interpret

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Speaker 3: the next steps that everyone.

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Speaker 2: Now focuses on.

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Speaker 5: Yeah, I mean, what is going to be the next

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Speaker 5: step is really marking the moment for which we shouldn't

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Speaker 5: sort of undervalue how significant it is, and that is

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Speaker 5: going to be the signing of the sort of peace document,

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Speaker 5: sort of ceremonial moment by presumably Donald Trump and a

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Speaker 5: number of others who have been very active in the

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Speaker 5: negotiations here. I mean there have been a few nations

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Speaker 5: that Trump has talked about a lot being very actively

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Speaker 5: involved in the negotiations. Of course, the Egyptians having played

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Speaker 5: a crucial role, the Kataris of course, as we know,

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Speaker 5: but then quite unexpectedly and quite significantly, the Turks and

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Speaker 5: President Erduwan who really came in and put a lot

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Speaker 5: of pressure to bear on Hamas, which we understand it

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Speaker 5: was really the Kataris and Turkey that put that pressure

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Speaker 5: onto Hamas that got them really over the line to

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Speaker 5: come to this agreement and finally release those last twenty hostages.

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Speaker 5: That has been the sort of one of the main

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Speaker 5: war aims of the Israelis. One was to destroy Hamas.

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Speaker 5: The other was the release of the hostages. And as

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Speaker 5: far as Hamas will be viewing, the situation really relinked

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Speaker 5: puishing their last sort of piece of leverage that they

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Speaker 5: have against the Israelis, so absolutely significant. So bringing all

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Speaker 5: of these nations together to start to discuss what the

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Speaker 5: sort of posts war the day after Architecture looks like

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Speaker 5: is I think has gone. It was always going to

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Speaker 5: be the most difficult part of this conversation, and that

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Speaker 5: is a conversation that begins now with President Trump sitting

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Speaker 5: alongside President Cci and Charmel Shaik and starting to begin

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Speaker 5: to build those coalitions of trying to build a security

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Speaker 5: apparatus within Gaza, one that is both credible to the

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Speaker 5: Israelis and to the Palestinian people, in order to bring

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Speaker 5: in this sort of technocratic, Palestinian led governance structure that

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Speaker 5: can sit a top of Gaza in order to facilitate

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Speaker 5: the rebuilding and of course getting aid and ultimately potentially

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Speaker 5: and this is a provision theoretically that is possible with

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Speaker 5: this twenty point plan, a Palestinian state.

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Speaker 2: Oliver Krook life from Jerusalem. We thank you very much.

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Speaker 3: Indeed, now let's turn out attentions to the broader markets

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Speaker 3: right now. It has been a risk on mood to

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Speaker 3: those that are participating one and a half percent on

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Speaker 3: the Nasdaq one hundred a bounce back from Friday when

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Speaker 3: the anxiety around US China relationship du back risk taking.

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Speaker 3: We now see one and a half points added. It's

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Speaker 3: interesting that, of course we've got to dive into the

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Speaker 3: Ai side of the story.

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Speaker 2: The key deal that you've got to keep.

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Speaker 3: An eye on is that between Broadcom and open Ai,

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Speaker 3: absolute surge in this particular chip stock. It's going to

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Speaker 3: design not only chips, we're also networking equipment. We're up

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Speaker 3: nine one hundred and fifty billion dollars being added to

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Speaker 3: the market capitalization of Broadcom. We're going to dig into

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Speaker 3: that exact story right now because Bloomberg, Seth Spiegerman joins us.

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Speaker 2: And this is interesting because and.

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Speaker 3: Video and AMD seemed to be able to get deals

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Speaker 3: but had to sweeten them for open Ai. This time

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Speaker 3: it's just plain old ten billion dollars to ten giga

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Speaker 3: what's it feeans Seth.

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Speaker 15: Yeah, I mean, we're still trying to figure out the

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Speaker 15: exact financial contours of this deal book. It's also a

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Speaker 15: bit different than some of the other deals that we've

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Speaker 15: seen Opening Idea recently. I mean, they're trying not only

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Speaker 15: to pave the way for more computing capacity, but also

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Speaker 15: to play a more central role in sort of the

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Speaker 15: stack that supports AI by working with Broadcom to begin

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Speaker 15: customs designing their own chips. And I think we should

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Speaker 15: expect to see more of this from open Ai in

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Speaker 15: the next couple of years, as they want to be,

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Speaker 15: you know, kind of simultaneously owning the AI models but

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Speaker 15: also having startain to have some proprietary intelligence into how

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Speaker 15: to best set up data centers and chips to facilitate

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Speaker 15: those models.

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Speaker 3: And it's interesting Braallcom of course doesn't supply the data centers,

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Speaker 3: but it provides a lot of the equipment that's going.

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Speaker 2: To be going into them.

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Speaker 3: Seth, what is the argument, how much more efficient can

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Speaker 3: your own design chips be? Alphabet already does it for

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Speaker 3: example with will come.

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Speaker 15: Yeah, I mean it remains to be seen, but I

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Speaker 15: think for OpenAI, there's a couple of clear incentives here. One,

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Speaker 15: it doesn't have to you know, it's at the front

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Speaker 15: of the line for these chips. Two, as it is

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Speaker 15: closest to its own AI models, its own needs, and

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Speaker 15: the future of AI development, the company might be the

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Speaker 15: best position to figure out what it most needs from

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Speaker 15: the chips out there. And three, Opening has a lot

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Speaker 15: of experience now and setting up these data centers. When

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Speaker 15: you think about the chips, rats and servers like, it

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Speaker 15: has a unique proprietary perspective on how to best design

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Speaker 15: these data centers. All that combined might help Opening I

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Speaker 15: cut costs and also build more efficient.

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Speaker 3: System berg Seth Figerman. We so appreciate you joining. Let's

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Speaker 3: get a portfolio management perspective right now. Ude Charuvu is

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Speaker 3: portfolio manager Harding Lovner, and I'm really interested in the

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Speaker 3: fact that you've got holdings in VideA. You're clearly a

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Speaker 3: supporter of the AI theory. But are we looking at

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Speaker 3: a bubble and you get these sorts.

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Speaker 12: Of deals, Well, go to look at a cho race

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Speaker 12: one in terms of timing of the deals. If it

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Speaker 12: is a bubble, it's potentially an MPV issue. Is it

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Speaker 12: Are we going to get all this revenue.

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Speaker 4: In ten years time?

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Speaker 12: For five years time? And that's what the market is

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Speaker 12: trying to figure out right now. People try to compare

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Speaker 12: this to the dot com bubble, et cetera. But there's

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Speaker 12: a difference here. A lot of the companies who are

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Speaker 12: buying a lot of these products are supported by strong

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Speaker 12: cash flows, free cash flows, which means that there is

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Speaker 12: potential for these revenues to come through, especially if AI

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Speaker 12: demand take up goes along the lines of what we're

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Speaker 12: seeing in the last two three years.

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Speaker 2: I mean, none more so have the financial flex than

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Speaker 2: in video.

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Speaker 3: And it's interesting that in Vidia when signing that ten

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Speaker 3: gig or what compute capacity with open Ai, did give

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Speaker 3: one hundred million dollars in terms of support buying equity.

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Speaker 3: Is those sort of circular financing deals something that gives

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Speaker 3: you pause or do you think that that's part.

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Speaker 2: Of what the deal needs to be?

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Speaker 4: No, that does give us posts.

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Speaker 12: You do look at that and say, hang on, this

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Speaker 12: is not clear blue sky. There are some things need

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Speaker 12: we need to think of. So that's why the next

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Speaker 12: two three is are going to be really important because

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Speaker 12: what we want to see is the return on the

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Speaker 12: capis that companies like Alphabet Meta, a lot of these

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Speaker 12: big companies are spending to show up. If it shows up,

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Speaker 12: then what you realize is that this hundred billion dollars

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Speaker 12: is not circular but just the kickstart. So that's what

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Speaker 12: that's what we want to try and see.

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Speaker 2: I mean, you own meta.

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Speaker 3: A meta has shown up in terms of generative AI

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Speaker 3: being folded into the advertising model being able to be

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Speaker 3: built in and bring real revenue to bear right here

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Speaker 3: right now.

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Speaker 2: But how long you're.

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Speaker 3: Going to have to weigh for Alphabet's bet to really

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Speaker 3: pay off? For we already see a nvideo, but do

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Speaker 3: you think more broadly opening eye eventually really showing that

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Speaker 3: productivity is going to gain them in terms of revenue.

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Speaker 12: So from an Alphabet from the software companies perpective, we

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Speaker 12: do think that the next twelve months are going to

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Speaker 12: be really important. What you do need to see is

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Speaker 12: not just the return on capex going through, but the

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Speaker 12: revenue growth coming through to support that in twenty seven

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Speaker 12: twenty eight that we are going to see a continued

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Speaker 12: acceleration or at least stability in revenue growth. Without that,

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Speaker 12: it's very hard to see how the market gets really

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Speaker 12: comfortable with the amount of capics that's being spent right now.

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Speaker 3: I mean, you just said it does give you pause,

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Speaker 3: and there isn't just blue sky when it comes to

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Speaker 3: in video.

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Speaker 2: So have you just been trimming some of the exposure.

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Speaker 3: Has now been the time to just stay holding pat

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Speaker 3: and not adding to some of the overall portfolio exposure.

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Speaker 2: To some of these names.

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Speaker 12: So we tend to think of in terms of longer terms.

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Speaker 12: So what does this look like in the next five years?

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Speaker 12: When we look at from that perspective, the evaluation doesn't

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Speaker 12: look extreme at this.

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Speaker 4: Point in time.

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Speaker 12: It does look at a point give us a pause

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Speaker 12: in terms of, look, what else do we need to

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Speaker 12: factor in to keep buying more? But at the same time,

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Speaker 12: it doesn't give us any fear that, hey, this is

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Speaker 12: an imminent bubble as you want, As.

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Speaker 3: You asked at the start well on Friday, there was

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Speaker 3: a lot of pause between US and China and particularly

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Speaker 3: access with some of these companies to rare earth that

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Speaker 3: ultimately are very dependent on China. How much have you

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Speaker 3: been making that into a supply chain headache for some

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Speaker 3: of the companies you own.

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Speaker 12: So that's again it's a timing issue.

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Speaker 4: So there's two parts.

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Speaker 12: The first part is is this has become a prolonged

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Speaker 12: issue due a political issue. Then there's a lot of

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Speaker 12: other things that you think of, not just the semiconductor companies,

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Speaker 12: with all the FMCG companies, all the other companies that

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Speaker 12: sell into emerging markets, and all global treats.

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Speaker 4: So let's set that aside, that this is.

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Speaker 12: A solvable problem that gets solved at some point in

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Speaker 12: the time, then it's a timing issue already. What the

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Speaker 12: companies are telling us is there's a real supply issue

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Speaker 12: that they don't have enough computing power. So that means

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Speaker 12: that people who make these chips benefit from any of

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Speaker 12: these supply chain issues because to them they get pricing

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Speaker 12: power in the short term, but in the long term

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Speaker 12: this gets solved, so it's a temporary issue. So if anything,

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Speaker 12: these sort of market dips is an opportunity that you

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Speaker 12: look at saying, what are the good quality companies that

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Speaker 12: you do know have pricing power that you want to

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Speaker 12: buy into right now.

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Speaker 3: And what are they If it's not the obvious AI

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Speaker 3: winners and darlings who've already seen hit are trillion dollars.

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Speaker 12: No, No, they still remain as I said, they still

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Speaker 12: remain attractive.

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Speaker 4: But there's there's a broader spectrum out there.

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Speaker 12: If you look at companies like Delta Electronics, which provides

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Speaker 12: electronics and cooling, coqruitment to data centers. You look at Schneider,

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Speaker 12: you look at SAP, which is going to benefit from

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Speaker 12: the fact that AI gets taken up by more and

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Speaker 12: more enterprise. So there's a bigger ecosystem than just the

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Speaker 12: semiconducted companies or just the cloud companies, and.

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Speaker 3: A global ecosystem. Your name and a couple of Europeans.

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Speaker 3: Then Ude Charuva is so good to have him in

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Speaker 3: Harding Lovner. We have come back soon. Meanwhile, coming up

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Speaker 3: rare earth stocks, they've been surging. We've just been talking

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Speaker 3: about them. US trying to trade spats have reignited. We're

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Speaker 3: going to dig into that next. This has been bad tech.

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Speaker 2: Rare ear and.

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Speaker 3: Critical minerals producers surged after President Trump and China reignited

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Speaker 3: fears of a potential trade spat between the two countries.

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Speaker 3: But just today JP Morgan articulating it will funnel one

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Speaker 3: and a half trillion dollars into companies that will US

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Speaker 3: security and resiliency, including earth minerals from all.

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Speaker 2: Bloomberg Senior Tech.

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Speaker 3: Editor Mike Shepper joins us on what is a geopolitical

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Speaker 3: story that is really affecting some of these stocks.

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Speaker 2: What's your key takeaway today, Well.

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Speaker 11: The key takeaway is that the ball is still moving

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Speaker 11: between the two sides.

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Speaker 4: We are seeing JD.

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Speaker 11: Van's playing bad cop in the discussions. Right after Donald

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Speaker 11: Trump signals some openness to trying to back away from

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Speaker 11: this standoff that just erupted over the past several days,

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Speaker 11: Jdvan saying, look, it is up to China now to

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Speaker 11: make the next move. Beijing in turn responding with the

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Speaker 11: same saying, look, it is Washington that now needs to

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Speaker 11: make some sort of concession for US to relax.

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Speaker 4: Some of these newly imposed export controls.

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Speaker 11: And what is really hitting a nerve here in Washington

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Speaker 11: is that it is a reimposition of export controls on

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Speaker 11: rareerads that are critical to so many industries here in

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Speaker 11: the US, everything from consumer electronics to defense. It is

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Speaker 11: also the imposition of controls and the technology used to

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Speaker 11: extract it, and that poses a complication for US efforts

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Speaker 11: potentially to try to do more of this at home.

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Speaker 11: China is exerting what it sees as leverage in rare

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Speaker 11: roots because it holds roughly half of the world's reserves

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Speaker 11: in rare orts and It dominates production and refining of

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Speaker 11: these materials which are used, as I said, across the economy,

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Speaker 11: and iPhones in consumer electronics, even smart vision goggles, night

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Speaker 11: vision goggles used by the military. So we are seeing

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Speaker 11: something crucial for the US. But China is also trying

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Speaker 11: to exert this leverage to perhaps get some concessions from

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Speaker 11: the US on export controls governing things such as semiconductor

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Speaker 11: manufacturing equipment and AI chips as well, and so this

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Speaker 11: will be playing out rapidly. They don't have a lot

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Speaker 11: of time to solve this before those tarifts that Donald

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Speaker 11: Trump threatened take effect on November first.

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Speaker 4: Now, the key thing Caro to watch this week.

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Speaker 11: Later this week will be that there will be a

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Speaker 11: Chinese delegation here in DC for the IMF World Bank

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Speaker 11: Annual semi annual meetings. We'll want to see what may

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Speaker 11: emerge in terms of first steps toward a rap Rochemont.

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Speaker 3: Mike Shephard, we appreciate the breakdown and let's stick with

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Speaker 3: China and joining us as Michelle Guide, our CEO of

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Speaker 3: the CROC Institute for Tech Topomacy and Purdue. Are we

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Speaker 3: expecting a dayton? Are we expecting a pullback? From the brink,

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Speaker 3: because Friday it.

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Speaker 2: Felt very much live and well when it comes to anxiety, well.

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Speaker 10: I think what we're seeing is that this type of

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Speaker 10: volatility is just the cost of doing business with a

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Speaker 10: totalitarian state, and as long as it involves China, volatility

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Speaker 10: and uncertainty in the market is really going to be

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Speaker 10: a fat rather than a problem.

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Speaker 9: And so there's two really important.

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Speaker 10: Things here for business leaders to understand as we watch

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Speaker 10: these negotiations continue. First is that every time that there's

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Speaker 10: a ninety day extension here, it's not really a pause.

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Speaker 10: We're just entering an other inning of negotiations, and so

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Speaker 10: this type of posturing is going to continue to happen,

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Speaker 10: and markets need to bake that in. So it's like

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Speaker 10: make a note for February, because if we get to

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Speaker 10: November and then we get another extension, then this is

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Speaker 10: all going to happen again.

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Speaker 9: So it's peace number one.

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Speaker 2: Second, and even more importantly.

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Speaker 10: Is even when we have an agreement, we are doing

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Speaker 10: business with a totalitarian state in the Chinese Communist Party,

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Speaker 10: So we still can't relax because they aren't in the

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Speaker 10: business of honoring agreements until the point that it becomes

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Speaker 10: inconvenient for them, and so real stability here in the

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Speaker 10: long term isn't going to happen until not just when

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Speaker 10: there's another agreement, but real stability is going to come

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Speaker 10: from when there's total American dominance in the next generation

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Speaker 10: of industry. So it China becomes a non issue.

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Speaker 2: Well, let's talk about rare US. For example.

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Speaker 3: We had the CTO of Palanteer Michelle on the show

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Speaker 3: on Friday, and really sham Sanka was saying he thinks

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Speaker 3: the leverage is being exerted by China and right here

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Speaker 3: right now because of the independence starting to be shown

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Speaker 3: with MP materials in the state being built there. The

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Speaker 3: idea that the US has got the memo that they

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Speaker 3: need to be more dependent on themselves for rare US.

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Speaker 2: Is that the reality here? And how quickly can that unfold?

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Speaker 4: Yeah?

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Speaker 10: I think all of this is going to be a

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Speaker 10: tit for tat and a grinding, incremental struggle until the

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Speaker 10: United States pulls away. And you know you mentioned Palentier.

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Speaker 10: I know you were also talking to Palmer Lucky at

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Speaker 10: and Roll last week. When you think about total American

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Speaker 10: dominance in the next generation of industries that's going to

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Speaker 10: come from the private sector and so what we're watching

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Speaker 10: on a day by day basis is the governments go

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Speaker 10: back and forth, and our government in the United States

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Speaker 10: plays a really important role when it comes to defense

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Speaker 10: export controls, leveling the playing field like with tariffs. But

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Speaker 10: when it comes to offense, that is going to be

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Speaker 10: a private sector role. We have to build new technologies,

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Speaker 10: we have to manufacture them here at home. We have

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Speaker 10: to create new categories. We have to regain control over

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Speaker 10: materials over all of our supply chains. We have to

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Speaker 10: move really fast. And so you mentioned the investment at

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Speaker 10: JP Morgan now pumping billions or trillion and a half

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Speaker 10: dollars into really important national security industries you talked about

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Speaker 10: palanteer anderl I was in Austin last week with the

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Speaker 10: team at Saronic doing really amazing things with the next

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Speaker 10: generation of autonomous vessels, building them here at home with

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Speaker 10: speed and scale.

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Speaker 16: That is what victory looks like, the.

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Speaker 3: JP and Morgan event and well signaling it's five hundred

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Speaker 3: billion dollars more than perhaps would have been down anticipated

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Speaker 3: one and a half trillion. What really can they do

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Speaker 3: in terms of funneling channeling money to these sorts of

444
00:20:35,000 --> 00:20:37,000
Speaker 3: key industries because many would say, look, this is just

445
00:20:37,080 --> 00:20:38,720
Speaker 3: the right sort of lip service you need to pay

446
00:20:39,160 --> 00:20:40,280
Speaker 3: to the current administration.

447
00:20:41,880 --> 00:20:45,000
Speaker 10: Well, I think when they're pumping capital into really important

448
00:20:45,040 --> 00:20:47,080
Speaker 10: businesses and industries, what they're allowing them to do is

449
00:20:47,119 --> 00:20:49,080
Speaker 10: go faster. And I think that's been the name of

450
00:20:49,119 --> 00:20:51,639
Speaker 10: the game here. China has a competitive edge because they

451
00:20:51,680 --> 00:20:56,000
Speaker 10: can move fast. Since they're a very top down totalitarian state.

452
00:20:56,040 --> 00:20:59,719
Speaker 10: Here in the United States, speed has to be our

453
00:21:00,000 --> 00:21:02,840
Speaker 10: next weapon, and so pumping capital into these really important

454
00:21:02,840 --> 00:21:05,160
Speaker 10: industries are just going to enable us to move faster,

455
00:21:05,320 --> 00:21:09,160
Speaker 10: to build, to rebuild, and to dominate these important sectors

456
00:21:09,600 --> 00:21:11,320
Speaker 10: in order for us to leave the twenty first century

457
00:21:11,880 --> 00:21:12,479
Speaker 10: shell geide.

458
00:21:12,680 --> 00:21:15,000
Speaker 3: At Psoronic two, I've had them on the show and

459
00:21:15,040 --> 00:21:17,040
Speaker 3: can't wait to talk more a little bit about autonomous

460
00:21:17,119 --> 00:21:18,600
Speaker 3: vessels from the Kruck Institute.

461
00:21:18,640 --> 00:21:19,600
Speaker 2: We so appreciate your time.

462
00:21:19,680 --> 00:21:22,920
Speaker 3: Meanwhile, coming up, elol Musk's Dubai loop set to open

463
00:21:22,960 --> 00:21:25,160
Speaker 3: in twenty twenty six, according to Amorati official.

464
00:21:25,359 --> 00:21:27,920
Speaker 2: We'll talk about that plan next. This has been bed tech.

465
00:21:39,520 --> 00:21:43,000
Speaker 3: Commuters in Dubai could travel along Elon Musk's underground transit

466
00:21:43,080 --> 00:21:45,600
Speaker 3: system as soon as next year, as according to an

467
00:21:45,680 --> 00:21:48,560
Speaker 3: Emarati official now. The project, announced back in February by

468
00:21:48,640 --> 00:21:51,440
Speaker 3: Musk's boring company, would be a rare success for the

469
00:21:51,440 --> 00:21:53,840
Speaker 3: tunneling startup. The first phase is set to span ten

470
00:21:53,880 --> 00:21:56,680
Speaker 3: point six miles and carry twenty thousand passengers an hour,

471
00:21:57,000 --> 00:21:59,119
Speaker 3: and it is part of the UAE's broader push to

472
00:21:59,200 --> 00:22:03,159
Speaker 3: ease congestion from its growing population. Let's put it now

473
00:22:03,200 --> 00:22:07,000
Speaker 3: and look at what's happening in the crypto markets, because Bitcoin, boy,

474
00:22:07,119 --> 00:22:09,080
Speaker 3: did we have a significant sell off in the last

475
00:22:09,119 --> 00:22:11,200
Speaker 3: three days. We want to push back to what happened

476
00:22:11,240 --> 00:22:14,480
Speaker 3: on Friday evening. It crypto marketing experience a brief but

477
00:22:14,640 --> 00:22:17,080
Speaker 3: so is the intense crash that was particularly felt in

478
00:22:17,119 --> 00:22:19,480
Speaker 3: the old coins at one point, using much as forty

479
00:22:19,680 --> 00:22:22,920
Speaker 3: percent within minutes as the one hundred percent tariff on

480
00:22:23,040 --> 00:22:26,160
Speaker 3: Chinese imputs came from President Trump. Critics really talking about

481
00:22:26,200 --> 00:22:29,760
Speaker 3: crypto market structure here, a lack of liquidity, excesses, leverage

482
00:22:29,800 --> 00:22:32,640
Speaker 3: and particular some glitches that seem to occur and autoly

483
00:22:32,720 --> 00:22:36,440
Speaker 3: leveraging control mechanisms over in exchanges like finance. But we

484
00:22:36,600 --> 00:22:38,760
Speaker 3: keep an eye Bitcoin now up and flat over the

485
00:22:38,840 --> 00:22:41,879
Speaker 3: course of three days. We're coming up plenty more on

486
00:22:42,000 --> 00:22:45,640
Speaker 3: Open AIM Broadcom a multi year arrangement for custom chips

487
00:22:45,680 --> 00:22:49,440
Speaker 3: and networking equipment. Then is sent broad comstock soaring from

488
00:22:49,520 --> 00:23:04,960
Speaker 3: New York. That's a Bloomberg Tech. Welcome back to Blomberg Tech.

489
00:23:05,000 --> 00:23:06,399
Speaker 3: We check in on these markets that are back in

490
00:23:06,520 --> 00:23:10,280
Speaker 3: rally mode after Friday's anxiety China US dialing up once

491
00:23:10,320 --> 00:23:13,960
Speaker 3: again the trade tensions. We bounced back as both seem

492
00:23:14,040 --> 00:23:16,800
Speaker 3: to calm rhetoric on the day. We are almost two

493
00:23:16,840 --> 00:23:20,440
Speaker 3: percentage points, particularly chip stocks. Let's just dive in and

494
00:23:20,520 --> 00:23:23,120
Speaker 3: see what's happening in terms of the Semiconductor Index, which

495
00:23:23,160 --> 00:23:25,320
Speaker 3: is basically got every single member in the green.

496
00:23:25,119 --> 00:23:27,359
Speaker 2: All bar one in video up two point eight percent.

497
00:23:27,440 --> 00:23:30,240
Speaker 3: As we continue to dial in on the AI opportunity,

498
00:23:30,359 --> 00:23:33,359
Speaker 3: AMD is at one point six percent, but Broadcom it

499
00:23:33,520 --> 00:23:35,960
Speaker 3: leads the charge more than nine percent one hundred and

500
00:23:36,040 --> 00:23:39,400
Speaker 3: fifty billion dollars added in market capitalization, as we see

501
00:23:39,680 --> 00:23:42,960
Speaker 3: a deal to be helping with custom chips and indie

502
00:23:43,080 --> 00:23:45,880
Speaker 3: networking gear for Open AI, and they don't you even

503
00:23:45,960 --> 00:23:47,919
Speaker 3: have to spend their own equity, it seems. Let's get

504
00:23:47,960 --> 00:23:49,960
Speaker 3: to that key story of the day between Broadcom and

505
00:23:50,000 --> 00:23:52,600
Speaker 3: Open AI. We Mandat seeing his BlueBag Intelligence, Global head

506
00:23:52,680 --> 00:23:55,280
Speaker 3: of tech Research. And what's been so interesting about these

507
00:23:55,960 --> 00:23:58,280
Speaker 3: golden touches from open ai for some of the big

508
00:23:58,359 --> 00:24:01,800
Speaker 3: publicly traded companies is usual. Open ai has been given

509
00:24:01,800 --> 00:24:04,040
Speaker 3: a sweetename buying video by IMD Broadcom.

510
00:24:04,200 --> 00:24:06,159
Speaker 2: It just seems to be independence that they give to

511
00:24:06,240 --> 00:24:06,680
Speaker 2: open Ai.

512
00:24:07,119 --> 00:24:09,800
Speaker 17: Yeah, and I think the model here is the Google

513
00:24:09,920 --> 00:24:13,119
Speaker 17: GPU model. I mean, when you think about Broadcom's almost

514
00:24:13,200 --> 00:24:15,919
Speaker 17: twenty billion dollars rund rate for AI chips, more than

515
00:24:16,040 --> 00:24:16,600
Speaker 17: half of that.

516
00:24:17,160 --> 00:24:18,480
Speaker 4: Is from Google GPUs.

517
00:24:19,080 --> 00:24:22,359
Speaker 17: So what open ai is saying is you help us

518
00:24:22,480 --> 00:24:26,040
Speaker 17: get there in terms of the ramp up like Google TPUs,

519
00:24:26,080 --> 00:24:29,919
Speaker 17: which is in their seventh version of chips.

520
00:24:30,160 --> 00:24:32,160
Speaker 4: I mean, and they've done it at a very quick pace.

521
00:24:32,280 --> 00:24:36,600
Speaker 17: So from that perspective, it will help open ai produce

522
00:24:36,680 --> 00:24:40,119
Speaker 17: costs of up to thirty to forty percent per gigawat.

523
00:24:40,240 --> 00:24:42,760
Speaker 17: If you think about, you know, one gigawatt takes forty

524
00:24:42,800 --> 00:24:47,680
Speaker 17: to fifty billion. One gigawat with Broadcom chips would be

525
00:24:47,920 --> 00:24:50,879
Speaker 17: at least thirty to forty percent cheaper because the cost

526
00:24:51,000 --> 00:24:55,400
Speaker 17: of those chips is the highest component in that gigawat buildout.

527
00:24:55,800 --> 00:24:58,879
Speaker 17: So Broadcom helps you lower that cost of chips, and

528
00:24:59,080 --> 00:25:02,800
Speaker 17: I think that's some here that yes, we want merchant silicon,

529
00:25:03,160 --> 00:25:06,600
Speaker 17: but we also want custom silicon with Broadcom because that's

530
00:25:06,680 --> 00:25:09,880
Speaker 17: the kind of diversification Google has and that's why their

531
00:25:10,000 --> 00:25:13,320
Speaker 17: cost of infrastructure is the lowest among all the hyperscalites.

532
00:25:13,400 --> 00:25:15,840
Speaker 3: Well, do the read a cross for the TPUs from

533
00:25:15,920 --> 00:25:18,040
Speaker 3: and from Google? Who else is in the mix there?

534
00:25:18,119 --> 00:25:21,520
Speaker 3: Because hair Broadcom says I'll help you custom designer chip,

535
00:25:21,520 --> 00:25:23,800
Speaker 3: I'll help you with networking gear. But there's a lot

536
00:25:23,840 --> 00:25:25,439
Speaker 3: more to an AI data center than all of that.

537
00:25:25,760 --> 00:25:28,360
Speaker 17: Absolutely, and you need to source the power you need.

538
00:25:28,520 --> 00:25:31,240
Speaker 17: All the other deals fit in the end when you

539
00:25:31,359 --> 00:25:33,680
Speaker 17: look at you know what Amazon is trying to do

540
00:25:33,800 --> 00:25:37,360
Speaker 17: with Tranium, they're doing that with Marvel. Microsoft is doing

541
00:25:37,480 --> 00:25:40,520
Speaker 17: that with Marvel as well, and they haven't had the

542
00:25:40,600 --> 00:25:43,919
Speaker 17: same kind of success that Google has had with TPUs

543
00:25:44,000 --> 00:25:46,720
Speaker 17: with Broadcom. So to my mind, you know, it was

544
00:25:46,880 --> 00:25:50,520
Speaker 17: natural for open AI to try with Broadcom given the

545
00:25:50,600 --> 00:25:53,880
Speaker 17: success that again Google has had compared to everyone else

546
00:25:53,920 --> 00:25:55,560
Speaker 17: who is trying to do custom silicon.

547
00:25:56,080 --> 00:25:58,359
Speaker 4: And yeah, they will do deals for power.

548
00:25:58,520 --> 00:26:00,639
Speaker 17: That's what open EI is good at in terms of

549
00:26:00,720 --> 00:26:04,200
Speaker 17: sourcing different providers. That's what Sam Altman has shown. But

550
00:26:04,359 --> 00:26:07,879
Speaker 17: clearly chips is the component that costs sixty to seventy

551
00:26:07,960 --> 00:26:10,720
Speaker 17: percent of the data center, so you want to make

552
00:26:10,760 --> 00:26:12,800
Speaker 17: sure you get that at the lowest cost.

553
00:26:13,119 --> 00:26:14,840
Speaker 4: You won't be able to do that with Nvidia.

554
00:26:15,320 --> 00:26:18,960
Speaker 17: Vidia will still be the highest cost chip provider, even

555
00:26:19,000 --> 00:26:22,640
Speaker 17: though they are making an investment. AMD has will likely

556
00:26:22,720 --> 00:26:25,000
Speaker 17: cut its cost, but it won't be the same performance

557
00:26:25,080 --> 00:26:28,600
Speaker 17: per What Broadcom will do it custom specs for you,

558
00:26:29,080 --> 00:26:31,240
Speaker 17: and then they can do it at scale that Google

559
00:26:31,320 --> 00:26:31,640
Speaker 17: is doing.

560
00:26:31,840 --> 00:26:32,800
Speaker 2: And it's for inference.

561
00:26:33,200 --> 00:26:35,720
Speaker 3: And I'm interested if you can interpret when open Ai,

562
00:26:35,960 --> 00:26:38,440
Speaker 3: Sam and hop Tan get together on a podcast and

563
00:26:38,440 --> 00:26:40,919
Speaker 3: announce this sort of a deal. What is it by

564
00:26:41,080 --> 00:26:44,200
Speaker 3: understanding your own large language model and the needs of

565
00:26:44,240 --> 00:26:46,600
Speaker 3: it that can really be built into the custom silicon.

566
00:26:46,800 --> 00:26:49,439
Speaker 17: I mean, just this past weekend I read about tiny

567
00:26:49,560 --> 00:26:54,359
Speaker 17: recursive models. So everyone is looking at how these large

568
00:26:54,440 --> 00:26:57,920
Speaker 17: models can be run more efficiently in terms of inferencing costs.

569
00:26:58,320 --> 00:27:00,760
Speaker 17: And you know, whether it's tiny recursive models or some

570
00:27:00,920 --> 00:27:05,040
Speaker 17: other farm, you want minimum latency as well as you

571
00:27:05,119 --> 00:27:07,840
Speaker 17: know power is your real constraints, so you want maximum

572
00:27:07,920 --> 00:27:11,720
Speaker 17: performance per Why so if you're optimizing for those two,

573
00:27:12,280 --> 00:27:15,240
Speaker 17: you are going to go with custom silicon because that's

574
00:27:15,280 --> 00:27:18,360
Speaker 17: what Google has shown us. They can run YouTube videos

575
00:27:18,440 --> 00:27:22,080
Speaker 17: best because it's their custom silicon. No other merchant silicon

576
00:27:22,160 --> 00:27:24,040
Speaker 17: can give you that kind of performance, and I think

577
00:27:24,080 --> 00:27:25,119
Speaker 17: that's what Open Eye is.

578
00:27:25,119 --> 00:27:27,280
Speaker 2: Going after multi year deal.

579
00:27:27,440 --> 00:27:29,159
Speaker 3: Ten million dollars is what they signal back on their

580
00:27:29,160 --> 00:27:31,880
Speaker 3: earnings of the villion. In September, mandep seeing BlueBag Intelligence

581
00:27:31,960 --> 00:27:35,119
Speaker 3: really breaking down the why. Now let's go to Bluemoe's

582
00:27:35,119 --> 00:27:37,960
Speaker 3: tech equity reporter round Blastelica. Now, who can help talk

583
00:27:38,040 --> 00:27:40,280
Speaker 3: through the US tech stocks, the rebound that we're seeing

584
00:27:40,280 --> 00:27:42,520
Speaker 3: at the moment, and indeed what Oracle is up to

585
00:27:42,640 --> 00:27:44,800
Speaker 3: on the day. But first Rhyn, we talk about the

586
00:27:44,920 --> 00:27:47,280
Speaker 3: rally we're seeing in tech stoks. How much is that

587
00:27:47,359 --> 00:27:49,320
Speaker 3: a relief from some of the talk between US and

588
00:27:49,400 --> 00:27:51,840
Speaker 3: China of the weekend or indeed this latest bro Con deal.

589
00:27:53,080 --> 00:27:53,680
Speaker 4: Hey, good morning.

590
00:27:53,760 --> 00:27:55,400
Speaker 16: So when I came in this morning, everything was pretty

591
00:27:55,440 --> 00:27:58,120
Speaker 16: broadly higher, which did seem to be some relief over

592
00:27:58,160 --> 00:28:01,040
Speaker 16: the latest developments with respected China. But certainly when we

593
00:28:01,119 --> 00:28:03,520
Speaker 16: got the news about Broadcom and open Ai, that' stock

594
00:28:03,640 --> 00:28:06,800
Speaker 16: absolutely skyrocket. I think you mentioned before one hundred and

595
00:28:06,880 --> 00:28:09,440
Speaker 16: forty or so billion dollars in added market cap really

596
00:28:09,560 --> 00:28:12,159
Speaker 16: helped augment the moves that we are seeing in the

597
00:28:12,280 --> 00:28:14,640
Speaker 16: chip space today. And obviously this comes in the week

598
00:28:14,720 --> 00:28:19,639
Speaker 16: of several other deals involving open Ai, AMD, Oracle and Video,

599
00:28:19,720 --> 00:28:21,760
Speaker 16: so on and so forth. Obviously this has become an

600
00:28:21,800 --> 00:28:25,720
Speaker 16: incredibly influential company that is really destriving massive gains across

601
00:28:25,800 --> 00:28:26,160
Speaker 16: the space.

602
00:28:26,280 --> 00:28:28,560
Speaker 3: I'm talking of massive gains throughout the year, but now

603
00:28:28,640 --> 00:28:31,000
Speaker 3: perhaps also rallying on the day is Oracle. We've had

604
00:28:31,040 --> 00:28:35,800
Speaker 3: an interesting narrative come back to a really realization last

605
00:28:35,840 --> 00:28:38,280
Speaker 3: week that maybe Oracle doesn't make that much margin every

606
00:28:38,320 --> 00:28:42,160
Speaker 3: time that it's selling compute to open Ai. What has

607
00:28:42,240 --> 00:28:44,280
Speaker 3: Oracle got on the agenda this week and the time

608
00:28:44,320 --> 00:28:44,800
Speaker 3: that they need.

609
00:28:44,720 --> 00:28:46,120
Speaker 4: To prove it well.

610
00:28:46,160 --> 00:28:49,080
Speaker 16: They have their Ai World conference this week. I believe

611
00:28:49,120 --> 00:28:51,000
Speaker 16: it starts today and goes all the way to a Thursday.

612
00:28:51,240 --> 00:28:52,840
Speaker 16: A lot of highlights. There's going to be a couple

613
00:28:52,880 --> 00:28:55,520
Speaker 16: of keynotes tomorrow, including from Larry Elson and the new

614
00:28:55,600 --> 00:28:58,000
Speaker 16: co CEO. There's going to be an analyst day on

615
00:28:58,160 --> 00:29:01,640
Speaker 16: Thursday where they people are expecting some updated financial targets.

616
00:29:01,800 --> 00:29:03,640
Speaker 16: So there is a lot that's going on this week

617
00:29:03,720 --> 00:29:05,000
Speaker 16: and there's going to be a lot that people are

618
00:29:05,040 --> 00:29:07,280
Speaker 16: going to be paying attention to. One person I spoke

619
00:29:07,320 --> 00:29:10,720
Speaker 16: to said he's actually hoping Oracle increases its CAPEX guidance

620
00:29:10,760 --> 00:29:13,000
Speaker 16: here at the conference, because that would be an indication

621
00:29:13,080 --> 00:29:15,760
Speaker 16: that people are feeling pretty confident that the recent deal

622
00:29:15,800 --> 00:29:18,000
Speaker 16: they announced with open Ai, which was I think for

623
00:29:18,120 --> 00:29:20,520
Speaker 16: three hundred billion over five years, that that money is

624
00:29:20,560 --> 00:29:22,560
Speaker 16: going to be a pretty reliable driver for them. There

625
00:29:22,640 --> 00:29:24,920
Speaker 16: is some concern right now about, you know, where's all

626
00:29:24,920 --> 00:29:26,720
Speaker 16: this money coming from. How is open ai going to

627
00:29:26,800 --> 00:29:28,960
Speaker 16: finance all these massive deals it's doing right now? So

628
00:29:29,280 --> 00:29:31,480
Speaker 16: maybe getting some more CAPEX erg is there. That's something

629
00:29:31,520 --> 00:29:33,880
Speaker 16: people are watching out for to maybe justify some of

630
00:29:33,920 --> 00:29:34,920
Speaker 16: the moves that we've been seeing.

631
00:29:35,120 --> 00:29:37,480
Speaker 3: I mean, and thirty five billion was where capex was

632
00:29:37,480 --> 00:29:39,480
Speaker 3: meant to be hitting in fiscal twenty twenty six.

633
00:29:39,560 --> 00:29:40,840
Speaker 2: They see that that was at more than.

634
00:29:40,800 --> 00:29:44,400
Speaker 3: Sixty percent year on years, So Ryan talk to some

635
00:29:44,480 --> 00:29:46,960
Speaker 3: of that anxiety about where money is ultimately coming from.

636
00:29:47,120 --> 00:29:48,880
Speaker 3: Do you think this week we will still see the

637
00:29:49,000 --> 00:29:50,440
Speaker 3: concerns around an AI bubble.

638
00:29:51,120 --> 00:29:52,760
Speaker 16: I think it's going to be hard to ease those

639
00:29:52,880 --> 00:29:55,920
Speaker 16: concerns completely unless we get some real sort of updated

640
00:29:56,040 --> 00:29:57,840
Speaker 16: numbers out of some of these companies. I know a

641
00:29:57,840 --> 00:29:59,800
Speaker 16: lot of people are really looking ahead to the upcoming

642
00:29:59,800 --> 00:30:02,400
Speaker 16: Earth Earning season and see what we get out of

643
00:30:02,640 --> 00:30:05,440
Speaker 16: Microsoft and Amazon and Alphabet and Meta, you know, all

644
00:30:05,480 --> 00:30:08,400
Speaker 16: the major cloud companies, all the major customers to Nvidia

645
00:30:08,640 --> 00:30:11,160
Speaker 16: and the other AI infrastructure stocks. That's going to be

646
00:30:11,280 --> 00:30:14,840
Speaker 16: really key for people to feel like that the spending

647
00:30:14,920 --> 00:30:17,440
Speaker 16: train continues to move on. And of course anything we

648
00:30:17,560 --> 00:30:19,520
Speaker 16: get that sort of speaks to the ROI that these

649
00:30:19,560 --> 00:30:21,960
Speaker 16: companies are seen from AI, that's going to help ease

650
00:30:22,000 --> 00:30:22,720
Speaker 16: concerns as well.

651
00:30:23,280 --> 00:30:26,120
Speaker 2: Make Sure and Vasilica thank you very much indeed for joining.

652
00:30:26,680 --> 00:30:30,000
Speaker 3: While coming up Warner Brothers Robusts to takeover approach from

653
00:30:30,040 --> 00:30:32,840
Speaker 3: Paramount Skydunce. While on that next in the future of

654
00:30:32,880 --> 00:30:34,600
Speaker 3: the companies, this will be back tech.

655
00:30:46,920 --> 00:30:50,200
Speaker 13: You actually need more content to yield more engagement, and

656
00:30:50,320 --> 00:30:52,160
Speaker 13: so we would actually want to be in the business

657
00:30:52,600 --> 00:30:56,760
Speaker 13: throughout whatever lens we're looking at of actually producing more

658
00:30:57,240 --> 00:31:00,240
Speaker 13: you know, more movies, more television series, more at the

659
00:31:00,280 --> 00:31:03,320
Speaker 13: scale because you need that content, you need that great

660
00:31:03,360 --> 00:31:08,040
Speaker 13: storytelling to yield engagement. And from that standpoint, we're also

661
00:31:08,120 --> 00:31:10,800
Speaker 13: in the business first and foremost of creating long term

662
00:31:10,960 --> 00:31:11,560
Speaker 13: value creation.

663
00:31:13,000 --> 00:31:16,719
Speaker 3: David Ellison, their CEO of Paramount Skuidance of course our

664
00:31:16,760 --> 00:31:20,080
Speaker 3: screen Time summit last week for a moment, his company

665
00:31:20,400 --> 00:31:22,720
Speaker 3: seems won't be getting more content from a takeover of

666
00:31:22,760 --> 00:31:26,320
Speaker 3: Warner brother Discovery. According to sources, Warner Brothers rejected Paramount's

667
00:31:26,320 --> 00:31:27,640
Speaker 3: offer for being too low.

668
00:31:28,080 --> 00:31:29,480
Speaker 2: Let's get more on this from LEITHA.

669
00:31:29,520 --> 00:31:32,600
Speaker 3: Wraganath, and she's a US media analyst from Bloomberg Intelligence.

670
00:31:32,960 --> 00:31:36,840
Speaker 3: And it seemed from your analysis that really Paramount needs

671
00:31:36,880 --> 00:31:39,400
Speaker 3: the content, perhaps more than Warner Brothers needs the price point.

672
00:31:40,680 --> 00:31:43,960
Speaker 18: Absolutely, Paramount really needs a strategy, Caroline.

673
00:31:44,240 --> 00:31:46,640
Speaker 4: So yes, they have skydanced that deal.

674
00:31:46,760 --> 00:31:49,280
Speaker 18: It took, as you well not, it took months, played

675
00:31:49,320 --> 00:31:51,680
Speaker 18: out for months, but finally everything was done and dusted

676
00:31:52,320 --> 00:31:54,920
Speaker 18: in early August. But really, I mean, as you kind

677
00:31:54,920 --> 00:31:56,840
Speaker 18: of look at Paramount, you kind of look at the assets,

678
00:31:56,880 --> 00:31:59,600
Speaker 18: you look at the business, there's really not a whole

679
00:31:59,680 --> 00:32:02,400
Speaker 18: lot get excited about. You know, you have the linear

680
00:32:02,480 --> 00:32:05,800
Speaker 18: TV networks they bring in majority of the profits, but

681
00:32:05,960 --> 00:32:09,160
Speaker 18: remember that's a declining business. We've seen profits almost being

682
00:32:09,320 --> 00:32:12,360
Speaker 18: halved over the past you know four to five years.

683
00:32:12,640 --> 00:32:14,880
Speaker 18: You have streaming, which is the way of the future.

684
00:32:14,920 --> 00:32:18,080
Speaker 18: But it's really not generating profits yet, and it's a

685
00:32:18,120 --> 00:32:19,960
Speaker 18: subscale business when you compare it to the likes of

686
00:32:20,080 --> 00:32:22,960
Speaker 18: Netflix or Amazon or even Disney. Plus they have only

687
00:32:22,960 --> 00:32:26,320
Speaker 18: about seventy million subscribers, so they absolutely need content. There's

688
00:32:26,440 --> 00:32:29,400
Speaker 18: no doubt about it. Warner Brothers arguably one of the

689
00:32:29,560 --> 00:32:32,240
Speaker 18: best businesses out there in the media ecosystem. You just

690
00:32:32,320 --> 00:32:34,800
Speaker 18: look at some of the you know the IP. It's

691
00:32:34,880 --> 00:32:36,760
Speaker 18: top tier IP. I mean, whether you're thinking of Game

692
00:32:36,840 --> 00:32:39,760
Speaker 18: of Thrones or you know, Harry Potter or DC Comics,

693
00:32:39,960 --> 00:32:43,200
Speaker 18: they have it all. So I think definitely that you know,

694
00:32:43,320 --> 00:32:45,000
Speaker 18: Paramount needs them pretty badly.

695
00:32:45,520 --> 00:32:49,160
Speaker 3: Let's talk about what Warner Brothers Discovery is currently up to.

696
00:32:49,240 --> 00:32:52,480
Speaker 3: Though they're splitting in two feeling that more or certain

697
00:32:52,520 --> 00:32:55,160
Speaker 3: more value can be accreted to the streaming and the

698
00:32:55,280 --> 00:32:59,240
Speaker 3: movie side, what then happens to your average cable that

699
00:32:59,360 --> 00:33:01,640
Speaker 3: they continue to have as a separate part of the company.

700
00:33:02,840 --> 00:33:05,880
Speaker 18: Yeah, So that really, I think is the major dilemma

701
00:33:06,040 --> 00:33:08,240
Speaker 18: right now for david'sazz Loave and his team at Warner

702
00:33:08,280 --> 00:33:10,760
Speaker 18: Brothers Discovery, because they know very well that once they

703
00:33:10,800 --> 00:33:13,160
Speaker 18: split the company, I mean streaming and studios will be

704
00:33:13,280 --> 00:33:15,560
Speaker 18: off to a fabulous start. There's going to be a

705
00:33:15,640 --> 00:33:18,200
Speaker 18: lot of demand of you know, in terms of content.

706
00:33:18,400 --> 00:33:22,160
Speaker 18: The profitability looks good. The real problem is with what

707
00:33:22,320 --> 00:33:24,200
Speaker 18: is called the global networks business in which is being

708
00:33:24,240 --> 00:33:27,440
Speaker 18: called Discovery Global just to kind of reflect all of

709
00:33:27,520 --> 00:33:31,239
Speaker 18: the cable networks. So the problem here again is right now,

710
00:33:31,320 --> 00:33:34,160
Speaker 18: actually it brings in majority of the company's profits, so

711
00:33:34,200 --> 00:33:36,920
Speaker 18: it's about seventy five to eighty percent of the company's profit.

712
00:33:37,160 --> 00:33:39,400
Speaker 18: But again here it's the same old story, which is,

713
00:33:39,760 --> 00:33:43,360
Speaker 18: you know, advertising revenue, affiliate revenue in decline, so we're

714
00:33:43,440 --> 00:33:47,240
Speaker 18: going to see you know, EBITDA fall and so that's

715
00:33:47,360 --> 00:33:49,960
Speaker 18: kind of where really the big head scratcher is for

716
00:33:50,040 --> 00:33:52,320
Speaker 18: David's as love because the offer that Paramount is giving

717
00:33:52,360 --> 00:33:54,320
Speaker 18: now is for the entire company, so he's also kind

718
00:33:54,360 --> 00:33:57,080
Speaker 18: of he can get to offload the TV networks basically

719
00:33:57,200 --> 00:33:59,120
Speaker 18: kind of say bye bye and not have to worry

720
00:33:59,160 --> 00:34:01,520
Speaker 18: about it if you go through with the split. The

721
00:34:01,600 --> 00:34:03,920
Speaker 18: problem is what happens to the TV networks. There's not

722
00:34:03,960 --> 00:34:06,920
Speaker 18: a whole lot of bright prospects in terms of growth,

723
00:34:07,200 --> 00:34:09,040
Speaker 18: and the bigger problem is that it will also have.

724
00:34:09,120 --> 00:34:09,839
Speaker 2: A lot of the debt.

725
00:34:10,000 --> 00:34:12,319
Speaker 18: Remember Warner Brothers right now has about thirty to thirty

726
00:34:12,360 --> 00:34:15,040
Speaker 18: five billion dollars in debt, majority of which will travel

727
00:34:15,160 --> 00:34:17,360
Speaker 18: with that Global Networks segment.

728
00:34:17,840 --> 00:34:19,080
Speaker 2: The story will keep on folding.

729
00:34:19,719 --> 00:34:22,160
Speaker 3: We thank you Ethan Ranganath and US Media and analyst

730
00:34:22,280 --> 00:34:26,200
Speaker 3: for Bloomberg Intelligence. Sticking on entertainment, jares A Disney. They

731
00:34:26,239 --> 00:34:29,600
Speaker 3: spiked earlier this morning after Taylor Swift announced new content,

732
00:34:29,920 --> 00:34:33,040
Speaker 3: including a docu series that were premiere on Disney Plus

733
00:34:33,120 --> 00:34:35,920
Speaker 3: in December. Company, as you see, shares at one and

734
00:34:35,960 --> 00:34:37,880
Speaker 3: a half percent at one point up three and a

735
00:34:37,920 --> 00:34:41,239
Speaker 3: half percent in pre market training. Really another sign of

736
00:34:41,320 --> 00:34:45,880
Speaker 3: the economic power of Taylor Swift. Meanwhile, President Trump's proposed

737
00:34:45,920 --> 00:34:49,640
Speaker 3: TikTok transfer plan will give Washington greater oversight over the

738
00:34:49,680 --> 00:34:52,960
Speaker 3: apps safety and data security, and could allow US authorities

739
00:34:53,080 --> 00:34:55,920
Speaker 3: access to use a data For more on the future

740
00:34:55,920 --> 00:34:58,439
Speaker 3: of TikTok, Bloomberg's Alex Ravine, who covers the platform, joins

741
00:34:58,520 --> 00:35:00,719
Speaker 3: US now and we we've got to put us in

742
00:35:00,760 --> 00:35:04,160
Speaker 3: the context of US China diplomacy or lack there of

743
00:35:04,320 --> 00:35:06,600
Speaker 3: at the moment, and the worries about dining up of

744
00:35:06,640 --> 00:35:07,680
Speaker 3: trade tensions.

745
00:35:07,320 --> 00:35:10,400
Speaker 2: And what that means. A TikTok But Alex, what's really.

746
00:35:10,239 --> 00:35:12,680
Speaker 3: Important about your BusinessWeek's story is it shows how much

747
00:35:12,800 --> 00:35:13,400
Speaker 3: control the.

748
00:35:13,440 --> 00:35:15,960
Speaker 2: US government can have over data, not just the Chinese government.

749
00:35:16,040 --> 00:35:20,919
Speaker 19: Now, absolutely, you know, there's still lots of details around

750
00:35:20,920 --> 00:35:22,799
Speaker 19: the steal that are being worked out, and as you've said,

751
00:35:23,280 --> 00:35:26,399
Speaker 19: there's questions about US China relations and how things could

752
00:35:26,440 --> 00:35:28,759
Speaker 19: really change as they have over the last couple of

753
00:35:28,840 --> 00:35:31,080
Speaker 19: days that could affect how this steal plays out. But

754
00:35:31,320 --> 00:35:33,719
Speaker 19: one thing we've been very interested in focusing on is

755
00:35:33,800 --> 00:35:36,600
Speaker 19: the role that the US government could play, really raising

756
00:35:36,680 --> 00:35:39,640
Speaker 19: the question that the US government may be able to

757
00:35:39,760 --> 00:35:43,440
Speaker 19: do some things on TikTok here that Americans have for

758
00:35:43,560 --> 00:35:46,000
Speaker 19: many years been concerned China is doing on its own

759
00:35:46,080 --> 00:35:51,720
Speaker 19: version of TikTok there in potentially determining, you know, inspecting

760
00:35:51,800 --> 00:35:54,800
Speaker 19: code on the app, and in potentially determining how the

761
00:35:54,880 --> 00:35:58,600
Speaker 19: algorithm is retrained. There's some sort of reading between the

762
00:35:58,640 --> 00:36:01,440
Speaker 19: lines in the executive order that President Trump signed on

763
00:36:01,560 --> 00:36:04,680
Speaker 19: TikTok and some briefing that the White House put out

764
00:36:04,680 --> 00:36:07,440
Speaker 19: with reporters that can suggest that the White House may

765
00:36:07,520 --> 00:36:10,759
Speaker 19: actually have more sway over a future TikTok than people

766
00:36:11,200 --> 00:36:12,480
Speaker 19: may be aware of.

767
00:36:13,120 --> 00:36:16,600
Speaker 3: Yet there's a line in your story when President Trump

768
00:36:16,680 --> 00:36:19,240
Speaker 3: was quoted as saying, if I can make it one percent, Magga,

769
00:36:19,320 --> 00:36:21,440
Speaker 3: I would, he said from the Oval Office, set Tom

770
00:36:21,440 --> 00:36:22,040
Speaker 3: and the twenty fifth.

771
00:36:22,080 --> 00:36:23,879
Speaker 2: But I'm not going it's not going to work out

772
00:36:23,960 --> 00:36:24,319
Speaker 2: that way.

773
00:36:25,000 --> 00:36:28,920
Speaker 3: Just Alex, we have so many questions around ensuring that

774
00:36:29,000 --> 00:36:31,759
Speaker 3: these social media companies aren't biased in any way. So

775
00:36:31,920 --> 00:36:34,440
Speaker 3: what do you think ultimately will become of trying to

776
00:36:34,480 --> 00:36:37,400
Speaker 3: signal that lack of bias or not in the future

777
00:36:37,440 --> 00:36:38,360
Speaker 3: for TikTok.

778
00:36:39,239 --> 00:36:41,520
Speaker 19: Well, I think what Trump's you know, the rest of

779
00:36:41,560 --> 00:36:43,400
Speaker 19: that quote is that Trump really wants to ensure that

780
00:36:43,480 --> 00:36:45,919
Speaker 19: there is no bias on the platform. But I think

781
00:36:46,000 --> 00:36:48,400
Speaker 19: that based on what we have seen with other social

782
00:36:48,440 --> 00:36:50,760
Speaker 19: media platforms and the way that they have gone, especially

783
00:36:50,920 --> 00:36:53,920
Speaker 19: since since President Trump has taken office again, we know

784
00:36:54,040 --> 00:36:54,800
Speaker 19: that there are really.

785
00:36:54,680 --> 00:36:57,840
Speaker 9: No guarantees and also that ownership of these platforms really matters.

786
00:36:58,120 --> 00:37:01,120
Speaker 19: When Elon Musk took over took over Twitter, which he

787
00:37:01,200 --> 00:37:04,480
Speaker 19: now renamed to X, it became a very political platform.

788
00:37:04,800 --> 00:37:06,040
Speaker 9: Even though he allowed a lot more.

789
00:37:05,920 --> 00:37:08,200
Speaker 19: Speech to flourish on the platform than previously, it really

790
00:37:08,239 --> 00:37:11,480
Speaker 19: became a bullhorn for his own politics. Similarly, since Trump

791
00:37:11,560 --> 00:37:15,000
Speaker 19: took office. We saw that Mark Zuckerberg has made meta

792
00:37:15,640 --> 00:37:18,400
Speaker 19: platforms more in line with the Trump administration's policies and

793
00:37:18,480 --> 00:37:21,160
Speaker 19: allowing more speech. So I think even though Trump, you know,

794
00:37:21,280 --> 00:37:23,800
Speaker 19: reassured everybody in the Oval office and that statement that

795
00:37:23,880 --> 00:37:26,600
Speaker 19: you that you just pointed to, that he does want

796
00:37:26,680 --> 00:37:28,600
Speaker 19: this to be a platform that's not just one hundred

797
00:37:28,600 --> 00:37:31,680
Speaker 19: percent MAGA, but that does include, you know, perspectives and

798
00:37:31,800 --> 00:37:35,400
Speaker 19: philosophies and ideologies from across the spectrum. There is always

799
00:37:35,480 --> 00:37:39,040
Speaker 19: the chance that the ownership could have some sort of

800
00:37:39,120 --> 00:37:41,840
Speaker 19: a role in what people ultimately see on the platform.

801
00:37:42,280 --> 00:37:44,520
Speaker 3: And talking of that platform, TikTok has not been pulled

802
00:37:44,560 --> 00:37:47,040
Speaker 3: off the table at this point, according to James Singwere,

803
00:37:47,360 --> 00:37:49,600
Speaker 3: he's negotiating with China Lumbags.

804
00:37:49,600 --> 00:37:51,240
Speaker 2: Alex Slovene, thanks for the update.

805
00:37:51,600 --> 00:37:54,640
Speaker 3: Coming up, we'll discuss the business of space and growing

806
00:37:54,680 --> 00:37:57,920
Speaker 3: space tourism industry ESNE. It was Okoro from that Harvard

807
00:37:57,960 --> 00:38:13,200
Speaker 3: Belfa Center as a brute meg Tech SpaceX plans to

808
00:38:13,239 --> 00:38:16,440
Speaker 3: launch flight eleven of its Starship Mega Rocket tonight, the

809
00:38:16,520 --> 00:38:19,160
Speaker 3: last one using Starship version two. This is the company

810
00:38:19,200 --> 00:38:22,200
Speaker 3: prepares to transition to Starship Version three, which is expected

811
00:38:22,239 --> 00:38:25,200
Speaker 3: to perform orbital launches and recoveries. Joining us now is

812
00:38:25,360 --> 00:38:28,520
Speaker 3: Sna Zookoro, senior fellow at the Harvard Belfer Center. You

813
00:38:28,719 --> 00:38:31,279
Speaker 3: used to be serving as a NASA executive and a

814
00:38:31,360 --> 00:38:33,719
Speaker 3: former assistant director of Space Policy at the White House,

815
00:38:33,760 --> 00:38:36,160
Speaker 3: so you are in the know. Just how crucial is

816
00:38:36,200 --> 00:38:37,400
Speaker 3: this test later this evening.

817
00:38:38,960 --> 00:38:43,040
Speaker 9: Oh, it's critically important because what we're going to see.

818
00:38:43,080 --> 00:38:47,440
Speaker 20: Are thermal tests, some stress tests, some flight maneuvers as

819
00:38:47,480 --> 00:38:50,800
Speaker 20: they prepare for the next version, as you indicated, and

820
00:38:50,920 --> 00:38:53,480
Speaker 20: it's going to take them several months because they are

821
00:38:54,080 --> 00:38:58,920
Speaker 20: going to ensure that Starship version three will go into orbit,

822
00:38:59,360 --> 00:39:02,800
Speaker 20: conduct some recoveries, and it will be very exciting to

823
00:39:02,880 --> 00:39:06,120
Speaker 20: see what's coming down from SpaceX After that. I think

824
00:39:06,200 --> 00:39:10,360
Speaker 20: that the market will be very interested in where this

825
00:39:11,280 --> 00:39:13,160
Speaker 20: unstoppable company is headed.

826
00:39:13,520 --> 00:39:16,320
Speaker 3: And put into the context of how unstoppable it is.

827
00:39:16,440 --> 00:39:19,680
Speaker 3: Because we've had a slight delay on delivering Amazon's Kaiper

828
00:39:19,800 --> 00:39:23,560
Speaker 3: satellites into low mid Earth orbit, but that's still on track.

829
00:39:23,640 --> 00:39:24,120
Speaker 2: And the fact that.

830
00:39:24,239 --> 00:39:27,640
Speaker 3: Basically SpaceX is helping other competitors enter and get into space,

831
00:39:28,239 --> 00:39:29,880
Speaker 3: what does that signal about its dominance?

832
00:39:29,920 --> 00:39:33,720
Speaker 2: Still any lamsques, I think that it's.

833
00:39:33,719 --> 00:39:37,200
Speaker 20: Just clear how important this company is as a whole,

834
00:39:37,800 --> 00:39:41,360
Speaker 20: not just as a competitor, but as a leader in

835
00:39:41,960 --> 00:39:42,440
Speaker 20: the sector.

836
00:39:43,000 --> 00:39:44,279
Speaker 9: So as a leader in.

837
00:39:44,440 --> 00:39:49,040
Speaker 20: Space at launch, they are able to help competitors get

838
00:39:49,120 --> 00:39:54,080
Speaker 20: up to space, and as a leader in broadband communications

839
00:39:54,360 --> 00:39:57,840
Speaker 20: and in the space sector writ large, they are able

840
00:39:57,920 --> 00:40:02,160
Speaker 20: to continue to accelerate their progress. So this is very

841
00:40:02,239 --> 00:40:06,520
Speaker 20: big and with Kuper, we also have to acknowledge that

842
00:40:06,640 --> 00:40:08,960
Speaker 20: what this does is it's great news for the US

843
00:40:09,040 --> 00:40:11,759
Speaker 20: to use strategically, since that we will now have two

844
00:40:11,920 --> 00:40:16,160
Speaker 20: major at least two major players in the broadband from

845
00:40:16,320 --> 00:40:21,319
Speaker 20: space ecosystem, as other countries you know, continue to build

846
00:40:21,360 --> 00:40:23,880
Speaker 20: their satellite constellations to provide the same service.

847
00:40:24,719 --> 00:40:27,560
Speaker 3: When we think about dominance not only in the provision

848
00:40:27,840 --> 00:40:32,520
Speaker 3: of satellite communication but just in rockets full blown, how

849
00:40:32,600 --> 00:40:34,840
Speaker 3: are we seeing other companies perform? I mean, Blue Origin

850
00:40:34,880 --> 00:40:36,080
Speaker 3: has been active in the last month.

851
00:40:38,120 --> 00:40:40,759
Speaker 9: They have been and they have been doing quite well.

852
00:40:40,840 --> 00:40:45,000
Speaker 20: So you see New Shepherd, which was designed for commercial purposes,

853
00:40:45,600 --> 00:40:50,080
Speaker 20: has taken six additional people up to space and their numbers.

854
00:40:49,760 --> 00:40:52,960
Speaker 9: Are totally at about eighty six, which is exciting for

855
00:40:53,080 --> 00:40:55,520
Speaker 9: space tourism. You know, you and I should be able to.

856
00:40:55,560 --> 00:40:55,840
Speaker 11: Get on.

857
00:40:57,320 --> 00:41:02,560
Speaker 20: Their backlog of space, the tourist tickets, you know, perhaps

858
00:41:02,680 --> 00:41:06,360
Speaker 20: soon as they continue to complete these these launches. So

859
00:41:06,960 --> 00:41:13,640
Speaker 20: it's really important to see the companies continue to show consistency.

860
00:41:14,000 --> 00:41:18,200
Speaker 9: You know, when you particularly in a business, it's so complex.

861
00:41:18,320 --> 00:41:23,040
Speaker 20: And that consistency really helps to ensure that, you know,

862
00:41:23,239 --> 00:41:26,360
Speaker 20: the market keeps moving, the space economy keeps growing bigger

863
00:41:26,400 --> 00:41:26,760
Speaker 20: and bigger.

864
00:41:26,920 --> 00:41:29,560
Speaker 3: Are they getting consistency from NASA at the moment? I

865
00:41:30,719 --> 00:41:33,000
Speaker 3: put a pointed question to you, because our own ed

866
00:41:33,080 --> 00:41:35,840
Speaker 3: Ludlow has been breaking extraordinary stories here at Bloomberg, and

867
00:41:35,880 --> 00:41:39,280
Speaker 3: really one of them being that Jared Isaacman is perhaps

868
00:41:39,440 --> 00:41:42,600
Speaker 3: back back in the mixed discussions with President Trump to

869
00:41:42,640 --> 00:41:45,640
Speaker 3: potentially lead NASA him of course of shift for payments

870
00:41:45,760 --> 00:41:49,879
Speaker 3: and close relationship with himself being an astronaut and having

871
00:41:49,960 --> 00:41:54,239
Speaker 3: relationship with with of course Elon Musk. Is there need

872
00:41:54,360 --> 00:41:57,719
Speaker 3: to avoid felt in NASA right now without someone at

873
00:41:57,760 --> 00:41:58,240
Speaker 3: the helm.

874
00:41:59,640 --> 00:42:03,440
Speaker 20: The agencies closed at the moment given the government shutdowns?

875
00:42:03,600 --> 00:42:06,360
Speaker 2: So true is that political.

876
00:42:08,080 --> 00:42:11,960
Speaker 9: Political pause? And secondly, you have to think of this

877
00:42:12,080 --> 00:42:13,839
Speaker 9: technically as well as economically.

878
00:42:14,000 --> 00:42:17,839
Speaker 20: So technically, while NASA's needed, these companies are mature enough

879
00:42:17,920 --> 00:42:21,920
Speaker 20: that they can continue to show consistency and their products

880
00:42:22,320 --> 00:42:27,160
Speaker 20: without NASA conducting reviews, which is fantastic news. And then economically,

881
00:42:27,600 --> 00:42:33,160
Speaker 20: quite like with space tourism and with SpaceX's starship tests,

882
00:42:34,000 --> 00:42:37,120
Speaker 20: you don't really need the agency around as these companies

883
00:42:37,160 --> 00:42:41,319
Speaker 20: continue to show the commercial space sector continues to grow,

884
00:42:42,160 --> 00:42:46,880
Speaker 20: so we do need them politically and strategically for the future.

885
00:42:47,640 --> 00:42:50,000
Speaker 9: But the companies are showing that they are part of

886
00:42:50,080 --> 00:42:51,080
Speaker 9: a growing.

887
00:42:50,800 --> 00:42:53,400
Speaker 20: Asset class, and they're part of a mature sector, and

888
00:42:53,920 --> 00:42:56,480
Speaker 20: they are not completely reliant on an agency that is

889
00:42:56,560 --> 00:42:57,320
Speaker 20: currently closed.

890
00:42:58,320 --> 00:43:00,799
Speaker 3: What it seems though, is that perhaps miss operations over

891
00:43:00,960 --> 00:43:03,719
Speaker 3: NASA have been saying perhaps look, then will still be

892
00:43:03,760 --> 00:43:05,680
Speaker 3: stop start when it comes to getting to the Moon

893
00:43:05,800 --> 00:43:08,120
Speaker 3: or getting to Mars. Just update us on what the

894
00:43:08,280 --> 00:43:11,160
Speaker 3: longer term goals are for NASA and for US space

895
00:43:11,280 --> 00:43:12,640
Speaker 3: more poorly briefly.

896
00:43:14,360 --> 00:43:19,000
Speaker 9: So, currently the Trump administration is supportive of US.

897
00:43:19,040 --> 00:43:21,840
Speaker 20: Returning to the Moon and then moving on to Mars.

898
00:43:22,320 --> 00:43:25,279
Speaker 20: They are interested in moving that timeline closer so that

899
00:43:25,440 --> 00:43:26,280
Speaker 20: we get there.

900
00:43:27,680 --> 00:43:31,560
Speaker 9: Sooner than probably twenty twenty eight.

901
00:43:32,280 --> 00:43:37,560
Speaker 20: And at the intersection of all those timelines is SpaceX,

902
00:43:38,000 --> 00:43:41,840
Speaker 20: and not a surprise, they are going to supply some

903
00:43:42,160 --> 00:43:47,120
Speaker 20: of the critical transportation, and there are some NASA vehicles

904
00:43:47,200 --> 00:43:50,960
Speaker 20: that are going to also conduct these transportation to the

905
00:43:51,040 --> 00:43:54,120
Speaker 20: Moon and elsewhere. But we do stand a good chance

906
00:43:54,280 --> 00:43:59,719
Speaker 20: to meet both the administration's goals and NASA's goals of exploration,

907
00:44:00,360 --> 00:44:02,520
Speaker 20: given how mature.

908
00:44:02,560 --> 00:44:05,040
Speaker 9: As the technical team are.

909
00:44:05,480 --> 00:44:07,759
Speaker 3: As the name of OCORRA, we appreciate your time at

910
00:44:07,760 --> 00:44:08,799
Speaker 3: the Harvard Belfare Center.

911
00:44:09,000 --> 00:44:09,320
Speaker 2: Thank you.

912
00:44:09,920 --> 00:44:12,680
Speaker 3: That does it for this edition of Bloomberg Tech Markets

913
00:44:12,880 --> 00:44:13,520
Speaker 3: Rally Today.

914
00:44:13,680 --> 00:44:15,480
Speaker 2: Don't forget our podcast. This is Bloomberg