Speaker 1: From the heart where Innovation of Money and power Collie
Speaker 1: in Silicon Valley, NBN.
Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed.
Speaker 3: Ludlove live from New York.
Speaker 4: This is Bloomberg Technology coming up.
Speaker 5: Political anxiety hits tech, China dials up trade tensions with
Speaker 5: the US, and we bring you the latest on South
Speaker 5: Korea's move to martial law. Plus SpaceX weighs a tender
Speaker 5: offer which could boost its valuation to a whopping three
Speaker 5: hundred and fifty billion dollars, and we sit down with
Speaker 5: the CEO of AT and T as the company predicts
Speaker 5: double digit profit games in twenty twenty seven.
Speaker 4: But first we check in on these markets.
Speaker 5: We're off just slightly on the NASAQ one hundred on
Speaker 5: a day where Apple is that it had a new
Speaker 5: record high in video and the Green We've got a
Speaker 5: lot tugging us into the red in terms of key
Speaker 5: points moves. On the downside, Intel we'll get to, but
Speaker 5: I also want to shine a light on what's happening
Speaker 5: over in South Korea. Keystocks there from the technology perspective,
Speaker 5: sk Heiniz, Chip Focus, Samsung chip Phones, Everything technology key
Speaker 5: exporter for this particular country, We're off significantly when you're
Speaker 5: looking at those shares that are traded abroad, those in London,
Speaker 5: those in Germany for sk Heinex all as we understand
Speaker 5: that the leadership in South Korea moves to martial law,
Speaker 5: but of course members of the own party of the
Speaker 5: president are not agreeing with the move that's has been made.
Speaker 5: You've got to get up to the moment news with us.
Speaker 5: You can also do that if you're lucky enough to
Speaker 5: have a Blomberg terminal.
Speaker 4: Check out top Live.
Speaker 5: There's a blog there with the latest on what is
Speaker 5: occurring in South Korea.
Speaker 4: Just type in tliv go.
Speaker 5: But we want to bring you what is the up
Speaker 5: to the moment reporting from Mike Shepherd, who joins us
Speaker 5: from Washington. So much to be debating when it comes
Speaker 5: to geopolitics today. Mike, can you start with us for
Speaker 5: us in South Korea and just how extraordinary the movements
Speaker 5: are being made?
Speaker 6: Well, you know, as you said, Carolina, it even caught
Speaker 6: members of President Yun's own party and aids off guard.
Speaker 6: They weren't expecting this. It was born of perhaps frustration
Speaker 6: out of a deadlock over the budget between his minority
Speaker 6: party and the majority Democratic party in the nation's parliament,
Speaker 6: and that standoff really has bubbled over into the country's
Speaker 6: first declaration of martial law in forty four years. But
Speaker 6: it's uncertain where things are going from here. Troops are
Speaker 6: reported to be in the National Assembly building and some
Speaker 6: members of parliament may be moving.
Speaker 4: To try to block this.
Speaker 6: They have the authority to do so, but they need
Speaker 6: a majority present, which would be at least one hundred
Speaker 6: and fifty lawmakers. And as I said, this is a
Speaker 6: fast moving story, so we will have to keep close
Speaker 6: watch where this standoff between President Yun and his own
Speaker 6: lawmakers ends up.
Speaker 5: Heading we have actually got reggy news saying that the
Speaker 5: South Korean Parliament has a request of the marshal law
Speaker 5: to be lifted, and they say that South Korean lawmakers
Speaker 5: are going to vote on the marshal law lift noting
Speaker 5: as you say, and according to the latest blog that
Speaker 5: dozens of lawmakers might have managed to enter the main
Speaker 5: hall of the National Assembly according to footage of KBS
Speaker 5: locally there, and they need, as you say, one hundred
Speaker 5: and fifty law makers to be present. From a constitutional perspective,
Speaker 5: this does have an effect on liquidity. We know that
Speaker 5: they've made a move to ensure that liquidity is there
Speaker 5: for the markets. But we think from a technology perspective
Speaker 5: of Samsung, of sk Heinex, and of these companies that
Speaker 5: are currently worrying about the new US administration and what
Speaker 5: that means for tariffs and their own exports falling.
Speaker 6: There is so much happening for these companies right now
Speaker 6: between the US chip export curbs announced yesterday and then
Speaker 6: the cross currents with the incoming administration where the relationship
Speaker 6: between South Korea and the US and all the rest
Speaker 6: of the world with the President elect threatening tariffs on
Speaker 6: imports to the US. So adding this to the mix
Speaker 6: is just another bit of volatility for key companies like
Speaker 6: sk Heinex and Samsung Electronics. As you highlighted at the.
Speaker 5: Intro, YTNTV is currently reporting that some certain whether South
Speaker 5: Korean stock markets will indeed open on Wednesday. Just shifting gears, Mike,
Speaker 5: because we really want to talk to you about what's
Speaker 5: happening with the China US tip for tab as well
Speaker 5: concerns they're limitations on key metals for technology use.
Speaker 6: Well, I'm glad you brought this up because this is
Speaker 6: something that is not to be overlooked in all the
Speaker 6: global conversation about turmoil here and even in Paris. The
Speaker 6: Chinese took a significant move in the overnight hours to
Speaker 6: counter the Chips curbs that the Biden administration announced yesterday,
Speaker 6: and this would limit imports exports to the US from
Speaker 6: China of key minerals. These would include gallium and germanium
Speaker 6: and antimony. And these are look not something that's traded
Speaker 6: very heavily the way you might think of oil with
Speaker 6: a trillion dollar market. These are tiny amounts that are
Speaker 6: exported each year, but they are significant. They end up
Speaker 6: in semiconductors with military use, They end up in satellites,
Speaker 6: and these materials also show up in night vision goggles.
Speaker 6: So it is hitting the US in a way that
Speaker 6: is aimed at the defense industrial base and the tech
Speaker 6: industrial base as well. Now for the moment, the US
Speaker 6: is taking this and stride. The White House hasn't really
Speaker 6: responded in full to this, and the industry has been
Speaker 6: able to adapt so far to earlier restrictions that China
Speaker 6: had already imposed about a year ago. They've been able
Speaker 6: to find alternate sources of supply from their own inventories,
Speaker 6: and there are other places outside China where these minerals
Speaker 6: can be produced and found. It's just that the world
Speaker 6: has grown so dependent on China as the top supplier
Speaker 6: because it could be made so cheaply there and in
Speaker 6: such great abundance.
Speaker 5: Mike Shepherd, we bring this the need to know, Thank you,
Speaker 5: and let's just talk about some of the ramifications of
Speaker 5: the US limitations on exports of significant technology to China.
Speaker 5: We shine a light on an ASML of course chip
Speaker 5: equipment makeover in Europe. The company is stating that US
Speaker 5: authorities are imposing additional restrictions on suppliers for the export
Speaker 5: of chip manufacturing technology, and the regulations will become effective immediately,
Speaker 5: but they stay it doesn't expect long term demand to
Speaker 5: be impacted by these new regulations. Up two and a
Speaker 5: half percent over the last couple of training days. Let's
Speaker 5: stick with all things chips. Let's just take a look
Speaker 5: at Intel shares, actually one of the key drags on
Speaker 5: the benchmarks today. We're off by four percent again after
Speaker 5: yesterday's surprise departure a CEO Pat Gelsinger, opening the door
Speaker 5: potentially for the troubled company to consider maybe more deal
Speaker 5: options in the future, scenarios that, of course, he rejected
Speaker 5: during his time running the chip maker, Willimberg's Peter Elstrom
Speaker 5: joins us for more we think of m and A
Speaker 5: of course, plenty of reporting around what could be spun
Speaker 5: off and who would be buyers. What are you thinking
Speaker 5: about that being reignited, Peter.
Speaker 7: Yeah, Well, Intel has been at the heart of deal
Speaker 7: talks for a number of months. At this point, they've
Speaker 7: lost a lot of ground in the chip industry to
Speaker 7: a few of their competitors, notably in Vidia and TSMC
Speaker 7: in particular, and so there have been these discussions of deals.
Speaker 7: But Pat Keelsinger had been an advocate for keeping the
Speaker 7: company together, trying to get this money from the chipsack
Speaker 7: in the US, making investments in big companies in big
Speaker 7: fabs that they wanted to build out. And in particular,
Speaker 7: he wanted to move into the foundry business, that is,
Speaker 7: making bespoke chips for other players in the market like
Speaker 7: in Vidia. That's where TSMC is really excelled. So it
Speaker 7: invested billions of dollars into that initiative. He wanted to
Speaker 7: keep the manufacturing and the product designed together. Now that
Speaker 7: he's gone, you could see some changes in that attitude
Speaker 7: towards deals in particular, you could see them look at
Speaker 7: breaking up the manufacturing and the design. You could look
Speaker 7: at some alternates too. We know that Qualcom looked at
Speaker 7: trying to buy the company in the past. Intel has
Speaker 7: a couple of subsidiaries too that may be ripe for
Speaker 7: spin offs, including Alterra and Mobilize. Those are possible deals
Speaker 7: that you could look at now. But first and foremost,
Speaker 7: the board has to find a new CEO for this company.
Speaker 5: Certainly does, and they're paying a lot to the exiting
Speaker 5: CEO as well, at least a golden goodbye, it would
Speaker 5: seem that's right.
Speaker 7: Yeah, Gelsinger is collecting his pay package on the way out.
Speaker 7: He departed last weekend after this decision was made. He
Speaker 7: was not going to stick around to help find that
Speaker 7: new CEO or train that new CEO. So now the
Speaker 7: board took a dramatic step here. They pushed out somebody
Speaker 7: who had been well respected when he came in to
Speaker 7: the company, was expected to be the savior of the company.
Speaker 7: Now they need to find somebody else that's going to
Speaker 7: take the helm, and then they can set a strategy
Speaker 7: going forward, whether it's going to be deals or whether
Speaker 7: it's going to be doubling down in this idea that
Speaker 7: Intel can go back to its roots and really establish
Speaker 7: the industry leading manufacturing that it used to have.
Speaker 5: Peter Alstrom, thanks so much for the latest on Intel. Meanwhile,
Speaker 5: coming up more corporate news for you, AT and T
Speaker 5: seeing sustained profit growth for the next three years. We're
Speaker 5: going to be talking with the CEO, John Stankey join us.
Speaker 5: This is Bloue meg Technology. AT and T trading higher
Speaker 5: today as it says they see sustained profit growth over
Speaker 5: the next three years, including double digit games in twenty
Speaker 5: twenty seven. This is the company is really doubling down
Speaker 5: on its fiber rollout as well.
Speaker 4: I'm pleased to say.
Speaker 5: For more the AT and T CEO John Stankey joins us.
Speaker 5: Now from your own named stadium, John, let's talk a
Speaker 5: little bit about twenty twenty nine. You're expecting to have
Speaker 5: fifty million plus total locations with fiber. Why this big
Speaker 5: fiber focus?
Speaker 4: How do you get there?
Speaker 2: We look, we've had great success with what we've built
Speaker 2: thus far, and we see customer first of all, love
Speaker 2: the product, they stay with us longer, they drive better
Speaker 2: value into the business. We're having great success at selling
Speaker 2: multiple products into fiber households. Four out of every ten
Speaker 2: of our fiber subscribers also subscribe to our wireless service
Speaker 2: today and that's getting higher. And when you think about
Speaker 2: where technology is going in the future, workloads are only
Speaker 2: going to go up. We expect data consumption is going
Speaker 2: to increase about eighty percent over the next five years,
Speaker 2: and fiber is the one that can do that. It's
Speaker 2: the one that has the symmetrical bandwidth characteristics that will
Speaker 2: facilitate AI and sending more data up into a network
Speaker 2: than what comes down, which is traditionally how broadband networks
Speaker 2: are built today. And we think that's a great investment
Speaker 2: for the long haul.
Speaker 5: John, Just as you speak, we've got some breaking international news.
Speaker 5: We've just got to bring our viewers of South Korean
Speaker 5: lawmakers voting to request lifting martial law.
Speaker 4: We will bring you up to the moment news.
Speaker 5: But at South Korean National Assembly, Speaker Wo is saying
Speaker 5: they will protect democracy. Turn to you and a US
Speaker 5: focus and a business that you are currently wanting to see.
Speaker 5: Really the bandwidth and the broadband and the.
Speaker 4: Infrastructure play that you're offering.
Speaker 5: What's interesting is the way that you're fueling investment in
Speaker 5: fiber in particular is by doing innovative partnerships like the
Speaker 5: one with Blackrock. Do you need outside investment to commit
Speaker 5: to this sort of infrastructure rollout.
Speaker 2: Look, we have a great portfolio of options. We primary
Speaker 2: portfolio play is owned and operated where we take one
Speaker 2: hundred percent of the economics, We fund it, build it,
Speaker 2: and operate it ourselves. But we also realize we're in
Speaker 2: kind of a constrained window right now. Fiber is needed now.
Speaker 2: There isn't going to be a window that's open for
Speaker 2: a long period of time to do this work. Capital markets,
Speaker 2: of course, private capital markets sometimes provide a little bit
Speaker 2: of insulation that public markets won't, and in order to
Speaker 2: make sure we keep our lead, will balance that portfolio
Speaker 2: out and our relationship with Blackrock and our gigapower work
Speaker 2: has been really effective. What we've proven in the market
Speaker 2: is that we can operate outside of our traditional operating
Speaker 2: territory just as effectively as we have in our home territory.
Speaker 2: I think Blackrock, as a partner, has viewed it as
Speaker 2: being a really successful investment. They've been willing to put
Speaker 2: more into it, and we expect we're going to continue
Speaker 2: to use that as one of the tools to grow
Speaker 2: our footprint over time to get past that fifty million
Speaker 2: we're talking about.
Speaker 5: And it's really interesting you brought up, of course, AI
Speaker 5: and the demands there. In many ways, everyone's been ringing
Speaker 5: the hands of the energy infrastructure needs and black crocs
Speaker 5: sort of funding that infrastructure build out. But how significant
Speaker 5: is the AI demand and the strains on what you provide.
Speaker 2: It's an interesting issue. I think actually power consumption is
Speaker 2: going to be really important moving forward. That's one of
Speaker 2: the things we're talking about today with our analysts and investors,
Speaker 2: which is how do we shut down our century old
Speaker 2: copper infrastructure and all the electronics and equipment that support
Speaker 2: it that are really power hungry. And that's one of
Speaker 2: the ways that getting more this traffic over to fiber,
Speaker 2: which is passive and uses a lot less power, that
Speaker 2: we can actually help to offset some of the increase
Speaker 2: of what data demand and AI will drive moving forward.
Speaker 2: And we think that's a really important policy dynamic on
Speaker 2: this look. I think there's going to be a lot
Speaker 2: of issues that the country has to work through on
Speaker 2: getting the power grid to support leadership and AI. It's
Speaker 2: going to happen, maybe it gets slowed down a little bit.
Speaker 2: Maybe there's a few bumps in the road, but what
Speaker 2: we do know is that demand's going to be continuing
Speaker 2: to go up.
Speaker 5: Well, you're also talking to analysts and investors about today,
Speaker 5: is how you're giving money back big returns invests, whether
Speaker 5: you're doing it through driven in but also through buybacks
Speaker 5: as well. Why have you chosen that angle Now you've
Speaker 5: paid down debt.
Speaker 2: It's a good day when you're giving more back to shareholders. Look,
Speaker 2: we feel very comfortable with our debt position that we're
Speaker 2: going to arrive at in the middle of next year,
Speaker 2: and that's why we're making this announcement today. First of all,
Speaker 2: we did a really nice job of structuring our balance
Speaker 2: sheet properly, so we've got really attractive interest rates on
Speaker 2: our portfolio of debt. We've got it termed out. That's
Speaker 2: a really, frankly, a strategic asset. And the way it's
Speaker 2: set up right now, and given that we're largely investing
Speaker 2: organically in the business, reinvesting in our business like this
Speaker 2: and getting our leverage structure the way it is, feels
Speaker 2: very comfortable to us. Because every year we're reinvesting in capital,
Speaker 2: reinvesting in assets that we hold, and Frankly, when you
Speaker 2: kind of look at some of the m and A
Speaker 2: work we've done as we've restructured the business, we spun
Speaker 2: out certain non strategic assets. We haven't really gone back
Speaker 2: after the equity structure and reducing the share count outstanding,
Speaker 2: and when the dividend yield is still over five percent,
Speaker 2: we've got fantastic dividends coverage. This is an opportunity for
Speaker 2: us to maybe balance that out a little bit and
Speaker 2: bring a little bit of equity back in house.
Speaker 5: Okay, let's talk about that changing of your own portfolio
Speaker 5: of the assets you hold.
Speaker 4: DirecTV moving away mean.
Speaker 5: Will we see that being integral to these financial forecasts.
Speaker 2: No, we've actually today as we sit down and talk
Speaker 2: with the investment community, we'll be providing restated constructs under
Speaker 2: x direct TV. Assuming that we're going to close up
Speaker 2: by the middle of next year. We still see great
Speaker 2: improvements in our cash flow. We'll expect that we'll probably
Speaker 2: grow cash flow by about a billion dollars a year
Speaker 2: even without direct TV. As we move through this planning process,
Speaker 2: we see acceleration in our EPs, our ebit is going
Speaker 2: to continue to grow. So you know, Direct TV has
Speaker 2: been really good it's provided us a lot of cash coverage.
Speaker 2: We did a really nice job of managing the asset
Speaker 2: down to this point. It's time to focus on what
Speaker 2: we're going to do moving forward, which is build a
Speaker 2: world class connectivity business. And it's the right decision to
Speaker 2: make at this point.
Speaker 1: Now.
Speaker 5: A lot of analysts are echoing that, and we are,
Speaker 5: of course with John Sanky the AT and TCO to
Speaker 5: our worldwide radio and TV audiences. Many relieve that you're
Speaker 5: getting back to what you do best, which is telecoms.
Speaker 5: Within that though, is you know, some really clear clarity
Speaker 5: being given on the numbers. You're getting forty billion dollar
Speaker 5: plus of an anticipated shareholder returns, fifty billion dollars plus
Speaker 5: of financial capacity over.
Speaker 4: The next three years. What are the risks we're.
Speaker 5: At this time of a new administration coming in. There
Speaker 5: are macro headwinds, global headwinds.
Speaker 4: Are there risks to these numbers?
Speaker 2: Well, I think every time there's an administration change, there's
Speaker 2: usually a discussion about boy could change his negatively impacted business.
Speaker 2: I mean a call four years ago there was a
Speaker 2: little bit of that narrative going on, and I think
Speaker 2: we've done just fine for the last four years. And frankly,
Speaker 2: some of the things that I hear right now, tax policy,
Speaker 2: possibly reinstituting accelerated depreciation, those things could be very very
Speaker 2: good for our business. And in fact, when they were
Speaker 2: in place and they weren't lapsing, we were investing at
Speaker 2: a higher level. And so I think if this administration,
Speaker 2: incoming administration, follows through on what they'd like to do,
Speaker 2: which is to put pro investment policies in place for
Speaker 2: the nations one of the nation's largest capital investors, that's
Speaker 2: going to be a really good thing for us. So
Speaker 2: we watch that carefully, certainly like everybody else. There's other
Speaker 2: policies up in the air around tariffs and a few
Speaker 2: other things that we're all kind of wondering what might
Speaker 2: occur with that. I think sane minds will prevail. I
Speaker 2: think some of what we're hearing right now is directed
Speaker 2: to make sure that we negotiate from a position of strength,
Speaker 2: and we make sure that we respect the US market
Speaker 2: as strong and as meaningful as it is, that people
Speaker 2: should play on a fair and level playing field when
Speaker 2: they gain access to it. And I'm hopeful that we'll
Speaker 2: see good policy comes out that drives good investment and
Speaker 2: good economic returns As.
Speaker 5: A result, well, returns are up on your shares. You're
Speaker 5: currently training at the highest since twenty twenty one. More broadly,
Speaker 5: do you think that you can sustain this sort of growth?
Speaker 2: We do, Otherwise we wouldn't be out giving the three
Speaker 2: year guidance that we're giving. We feel, first of all
Speaker 2: strong and the fundamentals. Consumers need to use more Internet,
Speaker 2: they need to get higher performance networks to support that.
Speaker 2: That's the business we're in, and we're going to talk
Speaker 2: a little bit this afternoon with our investors about our
Speaker 2: ability to manage the cost structure in dealing with that
Speaker 2: accelerating and increased growth so that as customers use more
Speaker 2: that we can ultimately drop more cash to the bottom line.
Speaker 2: And that growth dynamic of us getting more efficient people
Speaker 2: using more of the product, We think that's going to
Speaker 2: sustain itself over the next three years, and that's why
Speaker 2: we gave the guidance that we gave.
Speaker 5: We so appreciate you coming live at and T Stadium
Speaker 5: over in Texas, John Stanky at and.
Speaker 4: T C Stay WI.
Speaker 2: Thanks for having me in.
Speaker 5: Meanwhile, let's talk about a whopping valuation going on three
Speaker 5: hundred and fifty billion dollars as how much SpaceX is
Speaker 5: now aiming at the company now in talks to sell
Speaker 5: insider shares that can make you know, Musks Rocket and
Speaker 5: satellite company the most valuable startup if it got that
Speaker 5: valuation to sources, Katie Ruth joins us now and this
Speaker 5: is once again secondary market activity, a tender offer.
Speaker 4: Who will be selling to who? Katie? That's right.
Speaker 8: Well, so insiders such as employees and in theory existing
Speaker 8: venture capitalists can sell their shares to new investors. The
Speaker 8: three hundred and fifty billion dollar valuation is a huge jump.
Speaker 8: Even just last month they were discussing two hundred and
Speaker 8: fifty five billion valuation. But the recent success of the
Speaker 8: Saddle Starship launch and then also Elon's ties to Trump
Speaker 8: and Trump's when I guess, created more investor enthusiasm. So
Speaker 8: it's now a record for most valuable startup in the world.
Speaker 5: Extraordinary And many then say, well when they exit, when
Speaker 5: might some of these secondary shares be sold on an
Speaker 5: open market in an IPO. Do you think this sort
Speaker 5: of activity in the secondary market puts off such a
Speaker 5: liquidity event, Katie.
Speaker 8: Sure, And so you know they wouldn't do this. Most
Speaker 8: likely if they were on the verge of IPO, because
Speaker 8: you wouldn't want to dilute. Uh, you wouldn't want to
Speaker 8: reduce the demand from the institutional investors, and so you
Speaker 8: wouldn't do this kind of thing on the eve of
Speaker 8: an IPO. But uh, you know it has been reported
Speaker 8: and it is known that at some point in time
Speaker 8: they want to spin out Starlink, their satellite internet provider,
Speaker 8: and create the whole separate business with that, and that
Speaker 8: Starlink could go public. But nothing immin it.
Speaker 5: Katie, We thank you, Katie Ruth there in La. Meanwhile,
Speaker 5: staying in Musk's world, deliveries from Tesla's Shanghai factory fell
Speaker 5: for a second month in November, down four point three
Speaker 5: percent year on year, according to data from the China
Speaker 5: Passenger Car Association. This comes even as the Chinese government
Speaker 5: increased subsidies to entice more consumers to.
Speaker 4: Buy an electric vehicle.
Speaker 5: But let's stick with all things Elon Musk, because it's
Speaker 5: been denied again. Elon mus record setting Tesla pay package
Speaker 5: was struck down again by a Delaware judge ruling that
Speaker 5: Tesla's board was improperly influenced by Elon Musk when adopting
Speaker 5: his pay package back in twenty eighteen, avoiding the deal.
Speaker 4: Elon Musk reacted.
Speaker 5: To the news on X with a post saying, quote
Speaker 5: absolute corruption.
Speaker 4: Limberg's Bailey Lipschaltz joins us some more so.
Speaker 5: Once again the judge is like, no, I don't care
Speaker 5: what your shareholders think.
Speaker 4: This is too much and they plan on appealing again.
Speaker 9: According to Tesla on the platform owned by Elon Musk X,
Speaker 9: so it does seem like this is going to be
Speaker 9: a dance that we can continue to keep an eye on.
Speaker 9: As you mentioned, was worth about fifty six billion dollars
Speaker 9: at the time the last time the judge canceled this
Speaker 9: plan right now based on the closing on Monday, worth
Speaker 9: one hundred and one point five billion dollars. So if
Speaker 9: this does end up being kind of stood by, if
Speaker 9: Tesla is not effectively successful in pushing back on the ruling,
Speaker 9: then the board would kind of be back to the
Speaker 9: drawing board and have to come up with a new proposal.
Speaker 5: That's interesting, Tesla is the biggest points contribute to the
Speaker 5: downside on the NASDAC today. Maybe that's more about the
Speaker 5: sales in China, but also there was this worry that
Speaker 5: if he doesn't get this pay package, Elon Musk is out,
Speaker 5: He's going to focus more on his AI project, maybe
Speaker 5: even more on the government side of things.
Speaker 4: Is that still a risk to investors?
Speaker 9: It still is just an unknown, and I think that's
Speaker 9: the big thing when you talk to investors or Tesla bulls.
Speaker 9: The big question is the stock going back to twenty
Speaker 9: eighteen is up almost fourteen hundred percent. This is a
Speaker 9: huge rally. This is a big company and there is
Speaker 9: such a big key man risk in Elon Musk. If
Speaker 9: there even is a thought that he steps away from
Speaker 9: the company, what does that mean for Tesla? What does
Speaker 9: that mean for the self driving ambitions, especially, as you mentioned,
Speaker 9: if he leans into his doze role with the government.
Speaker 9: There's so many unknowns, and I think that's been kind
Speaker 9: of the big bullbear debate. Even if you go back
Speaker 9: to again twenty eighteen, when Elon was potentially looking at
Speaker 9: what this company could do and has launched XAI to
Speaker 9: your point, has done what he's doing with SpaceX and
Speaker 9: now is wearing a government hat.
Speaker 5: All of this, of course sparked by one key shareholder lawsuit,
Speaker 5: and those lawyer's got a huge payout the privilege of
Speaker 5: having represented this person. But I'm interested as to the
Speaker 5: future of Delaware as well. Elon on the back of
Speaker 5: this up and left saying and the companies should follow him.
Speaker 5: Is that something that's going to carry on if we
Speaker 5: see these sorts of legal tip for taps.
Speaker 9: If you go on X again, it does seem to
Speaker 9: be very much a platform that is pro Elon. But
Speaker 9: you look at a number of investors, prominent investors, prominent vcs,
Speaker 9: prominent executives talking about what this could mean for being
Speaker 9: domiciled in Delaware. What the uncertainty is if a judge
Speaker 9: can push back on something that from a company's perspective,
Speaker 9: your shareholders voted by a super majority to back your
Speaker 9: board members stood by. So it does create a bit
Speaker 9: of a cloud if you will over domiciling in Delaware
Speaker 9: and what that can mean. Again, Elon did move out
Speaker 9: of there quite quickly, so it will be interesting to
Speaker 9: see if others think about following suit in the wake
Speaker 9: of this second pushback.
Speaker 5: I mean not so many have one hundred billion dollars
Speaker 5: on the line in terms of a pay package. Bailey
Speaker 5: Lipsill's great to get him on all things Elon welcome
Speaker 5: back to Bluemog Technology and Karen Hide in New York
Speaker 5: quick check on these markets for you, and the Nasdaq
Speaker 5: had been being pulled a little bit lower, now currently
Speaker 5: up by a tenth four percent Whipsword as we see
Speaker 5: in video, and apples At indeed an a new record
Speaker 5: high today. On the downside, Tesla proving us lower. But
Speaker 5: also we want to dive into some of the individual
Speaker 5: names after they've had some earnings and indeed news coming
Speaker 5: from certain companies. Panenteer once again managing to soar ever higher,
Speaker 5: this as they get a particular new deal lifted for
Speaker 5: how they can sell their products. So Palenteer currently up
Speaker 5: five point five percent. Z Scaler, It's currently down by
Speaker 5: five percent as its earnings seem to be underwhelming, shares
Speaker 5: falling at the one point more than seven percent. Morgan
Speaker 5: instantly saying first called results were fine, but the billing
Speaker 5: beat was lighter than expected. In some worries about the
Speaker 5: second quarter forecast meta up to and a half percent.
Speaker 5: Some reports coming from the Financial Times that Mark Zuckerberg
Speaker 5: himself wouldn't mind being part of contributing to tech knowology
Speaker 5: lawmaking under the next administration, of course, having been reports
Speaker 5: that he met with Donald Trump oramar Lago last week.
Speaker 5: We're currently trading up by two and a half percent.
Speaker 5: But following Donald Trump's election, of course, the social media
Speaker 5: platforms like Threads and blue Sky or an influx of
Speaker 5: new users as people search for alternatives, enol Musk's pretty
Speaker 5: right leaning platform X joining us. How to discuss all
Speaker 5: of this, Rose Wang Blue Sky COO alongside our very
Speaker 5: own Kurt Wagner.
Speaker 4: We welcome you to the show.
Speaker 5: Rose and Kirk, thank you, And just first and foremost,
Speaker 5: let's just dig in Rose a little bit as to
Speaker 5: what it's been like since the election. How have you
Speaker 5: found blue Sky, the numbers racking up of people using it,
Speaker 5: how your infrastructure has been slightly taxed?
Speaker 10: Thanks for having me, Caroline. Since the election, we've seen
Speaker 10: more than ten million US users join blue Sky, and
Speaker 10: it's been very exciting for us because up until now
Speaker 10: we've seen global growth from Japan in February, from Brazil
Speaker 10: in April and August, and now we're seeing the growth
Speaker 10: happening in the US, UK, Canada. Because I think people
Speaker 10: are tired of a platform that controls what they see,
Speaker 10: and they don't like a platform that's partisan.
Speaker 4: Don't like partisanship. But let's talk about infrastructure.
Speaker 5: And with that sudden growth of users internationally Anahem in
Speaker 5: the US, some of has happen strained a little bit.
Speaker 4: How much have you had to boost your own support systems?
Speaker 10: The engineers have been working around the clock to make
Speaker 10: sure that the app stays online. And what we're very
Speaker 10: proud of is that the infrastructure has not had significant
Speaker 10: downtime in the time that we've had all this influx
Speaker 10: of new users because our protocol was built for scale.
Speaker 10: When we first built our protocol, we were actually building
Speaker 10: it for Twitter as our customer, because back then Jack
Speaker 10: wanted to open up Twitter so that others could build
Speaker 10: on it, users could have choice. That was the promise.
Speaker 10: Of course, things changed when X changed hands, and so
Speaker 10: we went and built our own app to showcase what
Speaker 10: we believe that social should look like.
Speaker 11: Ros I'm wondering what all of this influx of new
Speaker 11: users has done for you financially. You just close the
Speaker 11: series A, I believe in October. There was a report
Speaker 11: last month that there's spent a lot of interest in
Speaker 11: maybe more investors coming in to Blue Sky. Have you
Speaker 11: started looking at possibly raising even more money to keep
Speaker 11: up with this growth.
Speaker 4: Right now, we're focused on our end user.
Speaker 10: We have so many new people coming to the platform
Speaker 10: and what they care about is are we having fun,
Speaker 10: are we making friends again? And do we feel safe?
Speaker 10: And so that is what the team is focused on.
Speaker 10: We're also launching subscriptions at the end of this year
Speaker 10: because we see so many people who want to support
Speaker 10: us and we want to give users tools to help
Speaker 10: them self express more. So that's like more custom icons
Speaker 10: and longer video uploads. But we would never put speech
Speaker 10: behind a paywall, so nothing that is a core functionality
Speaker 10: you would have to pay for.
Speaker 11: And speaking of those core users, you have benefited, as
Speaker 11: Caroline pointed out from the election from I think a
Speaker 11: lot of people leaving X. They're no longer feeling like
Speaker 11: they are getting what they want from X. It's kind
Speaker 11: of created this label of blue Skies, as you know,
Speaker 11: the anti Elon network or maybe a more left leaning network.
Speaker 11: How do you feel about that label? Do you feel
Speaker 11: like that's sort of what you're going for or is
Speaker 11: that just people sort of projecting onto you guys.
Speaker 10: I think that there's always a reaction when something happens
Speaker 10: an event, but we'll see the narrative change over time, because,
Speaker 10: like I said beforehand, we've had Japanese users, Brazilian users,
Speaker 10: Korean users, people from all over the world come to
Speaker 10: Blue Skype, So to say that it's a US centric,
Speaker 10: left leaning app is not correct. We're also not building
Speaker 10: an app for one voice or one type of political viewpoint. Well,
Speaker 10: we've built is an open infrastructure for any person who
Speaker 10: has interesting viewpoints, who wants to have engaging conversation to
Speaker 10: to Blue Sky and then go build their own space,
Speaker 10: whether that's their own feed or their own political labeler
Speaker 10: that users can subscribe to to either turn off political
Speaker 10: content or to turn it back on, depending on their mood.
Speaker 3: Rose.
Speaker 5: I know this is really real time, but you mentioned
Speaker 5: Korean newss. Are you seeing an awful lot of activity
Speaker 5: today given the news on martial law, how much she's
Speaker 5: seeing journalists float to the platform and and people wanting
Speaker 5: to know.
Speaker 10: I believe we had our first breaking news happen on
Speaker 10: Blue Sky where one of the reporter, Sarah Jong, is
Speaker 10: reporting live from Korea and she's only posting on Blue Sky,
Speaker 10: and so I think we're starting to see that Blue
Speaker 10: Sky is the place for things that are happening currently,
Speaker 10: where do you talk about it on blue Sky because
Speaker 10: people feel safe. There's all sorts of guards against not
Speaker 10: only misinformation but also speculative information because users can go
Speaker 10: and label that piece of post without waiting on the
Speaker 10: central authority or a parent company like US.
Speaker 11: I'm wondering, as you see, you know, state affiliated media
Speaker 11: for example in Russia, North Korea, China start to come
Speaker 11: on to blue Sky. Historically platforms have labeled those media
Speaker 11: right has sort of in some cases cut down on
Speaker 11: their ability to advertise or things like that. Have you
Speaker 11: thought about how you're going to deal with state affiliated
Speaker 11: media organizations in some of these more controversial countries.
Speaker 10: The way that we've built social is that we've given
Speaker 10: the toolbox to users to go and decide how they
Speaker 10: want to experience content and how they want to interact
Speaker 10: with other people. And so currently, the way that we
Speaker 10: care about the end user is that they're primary citizens.
Speaker 10: So we're not so worried about heads of states or
Speaker 10: brands in terms of trying to serve them first. We're
Speaker 10: really trying to serve the end user first, which means
Speaker 10: that we're giving end users the tools to go and
Speaker 10: decide how they want to take in the news or
Speaker 10: how they want to interact with different accounts when it
Speaker 10: comes to different heads of states. What we care about
Speaker 10: is that they want to follow the rules of our
Speaker 10: terms of service and community guidelines, and then we also
Speaker 10: have different jurisdictions geo fencing for different countries, much like
Speaker 10: other social media platforms.
Speaker 5: Let's talk about those rules and the way in which
Speaker 5: you interact on Blue Sky because you're having to think
Speaker 5: about moderation, you're having to think about trust and safety.
Speaker 5: In fact, some of the money the fifteen million dollar
Speaker 5: raises amarked for that rose. How are you managing to
Speaker 5: crack down on content that you don't want to see
Speaker 5: on the platform?
Speaker 10: First of all, I think it's important that you just
Speaker 10: put trust in safety as a priority. Most social media
Speaker 10: platforms put growth ahead of trust and safety, and trust
Speaker 10: and safety is just something that they have to do.
Speaker 4: It's a checkbox.
Speaker 10: That's totally different on Blue Sky. When you have a
Speaker 10: network that's run by two women who've been on the
Speaker 10: Internet for decades and experience the Internet as women.
Speaker 4: We've prioritized safety. What does that look like.
Speaker 10: It looks like we didn't have invite codes, or we
Speaker 10: had invite codes last year because we weren't ready to
Speaker 10: open up a network, so before we had a modelation team.
Speaker 10: The other way that we've thought about moderation is we
Speaker 10: thought about it in terms of stackable moderation, which only
Speaker 10: the parent or the central company only has a certain
Speaker 10: amount of controls that they can go do to help
Speaker 10: diverse communities, and central authorities tend to act very slowly.
Speaker 10: And like I said, there's so much information between toxic
Speaker 10: misinformation or hate speech and things that make people unhappy
Speaker 10: on Social and so what we've done is give those
Speaker 10: controls back to users so they can either go label
Speaker 10: root post speculative information, and other users can subscribe to
Speaker 10: those labels and not wait for us to make those decisions.
Speaker 10: And that's what we mean by opening up social and
Speaker 10: making it more democratic, where you don't have to wait
Speaker 10: for us, you can build.
Speaker 3: Rose.
Speaker 11: We spent a lot of the conversation talking about how
Speaker 11: global this network is. Right now, I believe you know
Speaker 11: you are in San Francisco, headquarter in San Francisco. Is
Speaker 11: that the long term plan for you? Is there any
Speaker 11: world in which which Blue Sky would actually you know, relocate,
Speaker 11: maybe move to Europe or somewhere else. For headquarters for
Speaker 11: either regulatory reasons or even you know, to avoid a
Speaker 11: confrontation with the Elon Musk or Donald Trump or someone
Speaker 11: like that.
Speaker 10: Well, Blue Sky is actually remote, and so the team
Speaker 10: is quite global. We have people in Europe, in Asia,
Speaker 10: in the US, and so I think it's really important
Speaker 10: that the team looks like the users, and so we
Speaker 10: want to continue to be a remote team and to
Speaker 10: be able to be reactive to the different needs of
Speaker 10: our global audience.
Speaker 4: No technical HSQ, then, is that the answer?
Speaker 5: No hqsewin a Bruskay Brimbo's Kat Wagner, thank you for
Speaker 5: helping bring us to that interview.
Speaker 4: A great conversation now coming up.
Speaker 5: Sequoia Capital partner Kasatin Bula is going to be joining
Speaker 5: us to discuss where AI investment is heading at the moment.
Speaker 4: What he actually deems to be AI.
Speaker 5: This is bring my technology, technological advances in AI expecting
Speaker 5: to boom in the next year, drawing significant interest and
Speaker 5: of course investment. And the forefront is to que A
Speaker 5: Capital partner, Constantine Vula, who's been involved in AI investment
Speaker 5: for more than a decade, joining us now to just
Speaker 5: talk about well, where we are in the AI hype cycle.
Speaker 5: Where we are in terms of identifying what artificial intelligence
Speaker 5: really is?
Speaker 4: Are we still hyped Constantine.
Speaker 12: Good morning, Caroline, and great to see you. We are
Speaker 12: definitely in an AI hype cycle, and yet we're not
Speaker 12: really focused on the twenty twenty four hype cycle or
Speaker 12: even twenty twenty five. We're focused on the very long term,
Speaker 12: and artificial intelligence is a very big and very important
Speaker 12: macro trend akin really to the Industrial Revolution. And so
Speaker 12: that's the trend we have been investing in for decades
Speaker 12: and are going to continue investing in for decades to come,
Speaker 12: regardless of where hype lands.
Speaker 5: We wrote a piece a year or so ago really
Speaker 5: identifying how Gartner, for example, these hype cycles and this
Speaker 5: wild enthusiasm, and then suddenly you get into this disappointment,
Speaker 5: sort of a trough of disillusionment. Where are we in
Speaker 5: terms of consumer adoption, in terms of people actually putting
Speaker 5: return on investment AI investment?
Speaker 4: First, you're exactly right.
Speaker 12: Let me give a couple examples AI changes over time.
Speaker 12: When I was an AI researcher a long time ago,
Speaker 12: we were barely scratching the surface of natural language processing
Speaker 12: and natural language understanding, and the beginnings of computer vision
Speaker 12: twenty twenty two twenty twenty three were really about large
Speaker 12: language models and answering questions, and really the advent of
Speaker 12: modern AI twenty twenty four has been the year of agents.
Speaker 12: And what an agent is an AI that actually completes
Speaker 12: a task. You ask it to do something, and it
Speaker 12: doesn't just tell you how to do it, It does
Speaker 12: it for you. An example of an AI agent company
Speaker 12: is our own portfolio company Expo.
Speaker 2: Xpo was founded by the.
Speaker 12: Creator of GitHub copilot, and they set out to create
Speaker 12: an agent for cybersecurity, extremely challenging an important space, and
Speaker 12: in a few months they were able to develop an
Speaker 12: AI that can actually outperform some of the best penetration
Speaker 12: testers in the world. So this AI goes in and
Speaker 12: it attacks a website with the permission of the website provider,
Speaker 12: finds vulnerabilities and actually reports it back and says, we
Speaker 12: have found these vulnerabilities. We've completed this entire task. That
Speaker 12: was twenty twenty four for AI. It was all about
Speaker 12: agents twenty twenty five and beyond likely will be about
Speaker 12: swarms of AI agents, networks of AI agents, them working
Speaker 12: together and maybe even against each other. To some result.
Speaker 5: Kazantin the swarm of AI agents, I feel there's a
Speaker 5: swarm of companies talking about AI agents that we're about
Speaker 5: to have salesforce numbers after the bell today, and they're
Speaker 5: all about agent force. At the same time, we recently
Speaker 5: had one of your port fodio companies on Rocks for example,
Speaker 5: which is also all about agents. How are we going
Speaker 5: to see them cross contaminate, work against each other, or
Speaker 5: and see some win and some lose.
Speaker 12: Absolutely the reason why people are so excited about agents
Speaker 12: is because the promise of AI completing tasks, not every task,
Speaker 12: but many tasks is so impactful. We really want AI
Speaker 12: to be able to do the work you just mentioned.
Speaker 12: Rocks and Rocks is a great example of a company
Speaker 12: that is an AI agent, but an AI agent that
Speaker 12: actually includes the human in the loop. Rocks is not
Speaker 12: trying to cut the person out. They're actually trying to say, Okay,
Speaker 12: you are a really good seller, you have really good
Speaker 12: human relationships with your buyers. Instead of trying to disintermediate that,
Speaker 12: we're going to empower you with an agent. This agent's
Speaker 12: going to do all the work and research for you.
Speaker 12: It's going to get you prepared for that next meeting.
Speaker 12: And an example of them actually putting that theory into
Speaker 12: practice is they originally developed a technology that would auto
Speaker 12: draft emails, and they actually had the ability to auto
Speaker 12: send those emails, but they took that out and they
Speaker 12: found that when they actually kept the human seller in
Speaker 12: the loop, performance was triple three times as high. So
Speaker 12: there are companies where the agent's going to do the
Speaker 12: entire task, likely in the cybersecurity space, like with Expo.
Speaker 12: There are companies where their AI agent's going to do
Speaker 12: work for the person in order to augment them, like
Speaker 12: in the case of Rocks.
Speaker 5: Constantine, you're a big thinker, and you put out of
Speaker 5: trends and forecasts, trend for us, how many agent offerings
Speaker 5: we really need? How many public and private companies, how
Speaker 5: many horses such as Rocks can you back?
Speaker 12: Well, it's just the beginning in early days for artificial intelligence.
Speaker 12: And look, the constraint is really our creativity. The amount
Speaker 12: of opportunity for artificial intelligence is huge. And I'll give
Speaker 12: an example. Two areas that are critical to all of
Speaker 12: us are healthcare and education. They have been areas where
Speaker 12: cost has gone up and up and up for decades
Speaker 12: and a lot of reason for that cost increase is
Speaker 12: because of the cost of services right now that AI
Speaker 12: can actually complete some tasks. I really think that AI
Speaker 12: can come in and in the coming decades, not just
Speaker 12: the coming year, but in the coming decades be a
Speaker 12: hero for those industries, drive down costs and actually help
Speaker 12: us have a better educated, healthier population. So really, the
Speaker 12: sky is the limit for artificial intelligence and for AI
Speaker 12: agents and for networks of AI.
Speaker 4: That's the team. Sky's the limit.
Speaker 5: Partner at Sequa Capital, thanks so much for joining us.
Speaker 5: Amazon's cloud unit AWS, well, it's rolling out components. It says,
Speaker 5: we'll make data centers run more efficiently, more efficient cooling
Speaker 5: to renewable diesel, for example, to back up generators. These
Speaker 5: new designs could help address the growing strain on the
Speaker 5: electrical grid from power hungry server farms. Tend to another
Speaker 5: key company salesforce. With the company scheduling to report third
Speaker 5: quarter earnings later today, investors, of course, they're watching the
Speaker 5: company's new AI agent strategy. I'm waiting to see if
Speaker 5: actually this pivot that they're talking about is paying off
Speaker 5: in real time. Body Ford joins us, and look, the
Speaker 5: share price is very exuberant.
Speaker 4: Will the numbers bear it out.
Speaker 13: We will see last earnings, many investors of Salesforce hadn't
Speaker 13: heard the word AI agent, then the company said it
Speaker 13: one hundred times on the earnings call. Essentially, application software
Speaker 13: companies haven't made a bunch of money from AI yet.
Speaker 13: It's been the hardware companies or the software infrastructure companies.
Speaker 13: And so the Agent's pivot is all about kind of
Speaker 13: testing out a new generative AI type product that for
Speaker 13: now a lot of folks are much more optimistic about.
Speaker 13: We don't expect it to boost numbers tonight, but all
Speaker 13: attention is on what the company tells us about what
Speaker 13: agents can make money wise when it look at the
Speaker 13: six twelve month time horizon.
Speaker 5: Okay, going to get updated figures on adoption of this
Speaker 5: agent force. Are we going to see actual real time
Speaker 5: sales optick on the back of this push?
Speaker 13: If you ask me, it's gonna be a bit squishy.
Speaker 13: I expect to hear about a lot of proof of concepts.
Speaker 13: I expect to hear some big name customers that are
Speaker 13: using the agents. But remember agents are a kind of
Speaker 13: consumption based product. You're not gonna sign a massive billion
Speaker 13: dollar deal. You're gonna kind of pay as you go,
Speaker 13: meaning it's gonna take time for this revenue to ramp up.
Speaker 13: But right now, as we see in the share price,
Speaker 13: investors believe that it will.
Speaker 4: Ramp What about cost base as well.
Speaker 13: That's a really interesting question, right because every time you
Speaker 13: serve the product, you serve the LM. Yeah, that's an
Speaker 13: expense at Salesforce pays their initial cost here is about
Speaker 13: two dollars per use. You have to assume that their
Speaker 13: cost on that is, you know, quite a bit less
Speaker 13: than the two dollars they're charging.
Speaker 5: All eyes on four PM and what comes out after
Speaker 5: the bell boting forward? Thank you, We appreciate it. On
Speaker 5: all things CRM. Now let's get to the key geopolitical story.
Speaker 5: South Korea's president declaring martial law in an emergency national
Speaker 5: address earlier today. President Yun said the decision was made
Speaker 5: to protect freedom and constitutional order. He accused the opposition
Speaker 5: of trying to paralyze the administration with impeachment moves. Now,
Speaker 5: opposition lawmakers raced into parliament voted to request that the
Speaker 5: president withdraw martial law. Now the market waits to see
Speaker 5: if the president complies. Joining us now for more on
Speaker 5: the market reaction. Writ large Bloomberg's Maria Elena Vesquino and
Speaker 5: Maria what we're wandering, I mean, as technology show, we
Speaker 5: look at what's happening Samsung and sk Heinez, the share
Speaker 5: prices drop from FX perspective, South Korean one down a lot.
Speaker 4: What do we wait and wish for?
Speaker 3: At least?
Speaker 1: Well, I think the market right now is just waiting
Speaker 1: for the next announcements from authorities, whether it's a finance ministry,
Speaker 1: the Central Bank.
Speaker 4: A few minutes ago they put out a.
Speaker 1: Statement saying that they would provide unlimitedlyquidity if they need
Speaker 1: to write, and that was a big comfort for investors.
Speaker 1: There's a ton of assets, as you've said, that do
Speaker 1: trade during the US hours. Samsung shares listening London lost
Speaker 1: as much as seven point five percent after the headlines
Speaker 1: on the Marshall.
Speaker 4: Law came out. Then you know there's.
Speaker 1: An ETF listed in the US with South Korean stocks
Speaker 1: that also felt as much as seven percent. The one
Speaker 1: the ETFs the shares of Korean companies listed in London
Speaker 1: to have lost so much, but they've paired some of
Speaker 1: those losses in the last couple of hours since the
Speaker 1: statement came out, So I think they're just looking for details.
Speaker 1: I think they're just hoping for a lot of support
Speaker 1: because that's what you can expect in those in those situations, right.
Speaker 5: I mean, meanwhile, the mix of s k Heiinix, Samsung
Speaker 5: Electronics have been there's been this added concern about these
Speaker 5: are key exphoters for a nation very dependent on these
Speaker 5: technology companies and exports are going to be on the
Speaker 5: risk potentially of new tariffs coming from the United States.
Speaker 5: This is awful a lot for us for the Korean
Speaker 5: government to be trying to navigate.
Speaker 4: Is this what sparked it all?
Speaker 5: And ultimately is tarifs what you're hearing is a key
Speaker 5: concern for investors.
Speaker 4: Yeah, it has been.
Speaker 1: I mean, the one has been part of the so
Speaker 1: called Trump trade, right, Like you're bullish the US dollar
Speaker 1: and bearish Asian currencies, and of course the one is
Speaker 1: part of that. So even if it's not a direct
Speaker 1: thread off tariffs for Korea, because you know, we hear
Speaker 1: Trump mentioning China or Mexico more often than he does Korea.
Speaker 4: It would just cause the region to slow down economically
Speaker 4: and eventually hit the currency.
Speaker 1: So absolutely, I mean, obviously, the current political environment in
Speaker 1: the US foreign policy coming up with the next administration
Speaker 1: is going to be a big part of what happens
Speaker 1: in Korean markets.
Speaker 5: Blimberg's Maria Elena Viscano up to the moment on what's
Speaker 5: happening in South Korea across the markets that does it
Speaker 5: for this additional blue bag technology, do not forget to
Speaker 5: check out the podcast you can find on the terminal
Speaker 5: Apple Spotify, iHeart this is Bluemant and he