WEBVTT - Nvidia, AMD Set to Resume Some AI Chip Sales to China 0:00:00.280 --> 0:00:13.640 Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is alive 0:00:13.720 --> 0:00:17.520 from coast to coast with Caroline Hyde in New York 0:00:17.800 --> 0:00:20.640 and Vla Lowe in San Francisco. 0:00:23.360 --> 0:00:26.400 This is Bloomberg Tech coming up a US reversal as 0:00:26.480 --> 0:00:30.160 Nvidia and AMD are set to resume some AI chip 0:00:30.200 --> 0:00:34.159 sales to China. Plus, we're live from the inaugural Pennsylvania 0:00:34.320 --> 0:00:38.040 Energy and Innovation Event. Our conversations with US Energy Secretary 0:00:38.120 --> 0:00:41.720 Chris Wright and White House AI and cryptos are David Sachs. 0:00:42.159 --> 0:00:45.199 An AI startup Commission has agreed to buy what remains 0:00:45.200 --> 0:00:49.400 of Windsor for an undisclosed sum. Both CEOs join us 0:00:49.720 --> 0:00:52.880 later this hour. Let's get back to our top story, 0:00:52.920 --> 0:00:56.200 and that is that Nvidia and AMD will start selling 0:00:56.360 --> 0:01:00.560 some AI chips back into China after the adminutetration and 0:01:00.680 --> 0:01:04.319 US government signaled that they would secure the licenses and 0:01:04.360 --> 0:01:07.399 approvals to do so. Nvidia continues to for hire a 0:01:07.440 --> 0:01:10.720 fresh record highs four point two trillion dollar market cap company. 0:01:11.200 --> 0:01:14.240 We know the story there, Jensen Wang right now is 0:01:14.280 --> 0:01:18.199 in China, AMD trading at its highest level since October. 0:01:18.240 --> 0:01:21.440 There are many questions about why now, Let's get out 0:01:21.440 --> 0:01:24.639 to Washington, DC, Bloomberg's Mike Sheppard, and that's where I start. 0:01:25.000 --> 0:01:27.520 The timing of this mic. Very interesting. What do you 0:01:27.560 --> 0:01:28.000 make of it? 0:01:29.040 --> 0:01:29.959 Well, it's fascinating. 0:01:30.240 --> 0:01:34.240 This announcement today from in video in the overnight hours 0:01:34.560 --> 0:01:37.280 comes less than a week after Jensen Wang sat down 0:01:37.319 --> 0:01:40.520 with President Donald Trump in Washington and the White House 0:01:40.840 --> 0:01:43.520 for a closed door meeting. Now we don't know what 0:01:43.680 --> 0:01:46.240 was said in private between the two men, but one 0:01:46.280 --> 0:01:48.400 thing we do know is that Jensen Wang has been 0:01:48.520 --> 0:01:52.520 clear in his message that US export controls that have 0:01:52.600 --> 0:01:55.680 hit his company particularly hard had been a failure and 0:01:55.680 --> 0:01:59.160 that put US competitiveness at risk. His vision is that 0:01:59.280 --> 0:02:03.800 if is unable to sell a modified and slowed down 0:02:03.920 --> 0:02:06.840 version of its AI chip into China, the US will 0:02:06.840 --> 0:02:11.519 be seeding that market in essence to Nvidia's chief Chinese rival, 0:02:11.840 --> 0:02:14.840 Huawei Technologies, and that would set the stage, potentially ed 0:02:14.960 --> 0:02:18.120 for Huawei to then start exporting some of that AI 0:02:18.280 --> 0:02:21.920 technology into other countries where in Vidio would also like 0:02:22.000 --> 0:02:25.560 to have a toe hold and bigger footprint. For Jensen Wong, 0:02:25.600 --> 0:02:29.160 he really wants the global rollout of AI to be 0:02:29.280 --> 0:02:32.520 defined by what he calls the American stack of technology 0:02:32.639 --> 0:02:34.079 rather than the Chinese one ad. 0:02:34.960 --> 0:02:37.240 I think we need to talk about Nvidia's business here 0:02:37.280 --> 0:02:39.640 as well. Right, this is the H twenty chip, and 0:02:39.680 --> 0:02:42.720 when they stopped shipping the H Chinese to China, we 0:02:42.720 --> 0:02:45.440 were able to quantify the impact at least to the 0:02:45.440 --> 0:02:48.760 top line of Nvidia's business. What do we know will 0:02:48.840 --> 0:02:51.320 happen in the second half of this year in terms 0:02:51.320 --> 0:02:53.240 of sales and what business they can claw back. 0:02:54.680 --> 0:02:57.560 Well, when they released their results for the first quarter, 0:02:57.639 --> 0:03:00.400 they did report a four point five billion dollars write 0:03:00.440 --> 0:03:03.920 down related to those export curbs on the AGE twenty chip. 0:03:04.080 --> 0:03:08.120 And remember the H twenty chip have been redesigned specifically 0:03:08.160 --> 0:03:11.040 for the Chinese market to meet earlier rounds of US 0:03:11.160 --> 0:03:15.320 export curbs that were enacted on national security grounds. Now 0:03:15.520 --> 0:03:19.640 they should they stay in place, would have hit the 0:03:19.680 --> 0:03:22.560 bottom line even further. This coming quarter. They were projecting 0:03:22.600 --> 0:03:25.760 law sales up to eight billion dollars, but that could 0:03:25.800 --> 0:03:26.320 all change. 0:03:26.320 --> 0:03:29.360 Here ed there's the trade and business case, and then 0:03:29.400 --> 0:03:33.000 there's the politics. This was Treasury Secretary Scott Besson speaking 0:03:33.000 --> 0:03:34.560 on Bloomberg Television earlier today. 0:03:35.920 --> 0:03:40.880 You might say that that was a negotiating chip that 0:03:40.960 --> 0:03:43.840 we used in Geneva and in London. 0:03:43.960 --> 0:03:45.840 It was all part of a mosaic. 0:03:46.920 --> 0:03:50.440 They had things we wanted, we have things they wanted, and. 0:03:50.600 --> 0:03:52.000 We're in a very good place. 0:03:52.120 --> 0:03:55.920 I expect to meet my Chinese counterpart, the Vice premiere 0:03:56.320 --> 0:03:57.400 in the next few weeks. 0:03:58.840 --> 0:04:01.920 Was this a boggaining chip literally that played into trade 0:04:01.920 --> 0:04:04.600 talks between the US and China. 0:04:04.680 --> 0:04:07.600 Well, it certainly is something that Chinese officials would have 0:04:07.640 --> 0:04:09.560 raised during the talks, and for the first time, US 0:04:09.600 --> 0:04:13.960 officials are indicating that the chip export curbs actually emerged 0:04:14.040 --> 0:04:17.640 as something in the negotiation. So it's unclear where they rank, 0:04:17.960 --> 0:04:21.120 but certainly it helped the US gain access to those 0:04:21.240 --> 0:04:25.480 rare earth exports from China that American customers had suddenly 0:04:25.480 --> 0:04:29.640 found difficulty buying as China began to slow down its 0:04:29.720 --> 0:04:32.880 sales of those crucial products to automakers and other buyers. 0:04:32.880 --> 0:04:36.400 Here bloombergs Mike Shepherd in Washington, d C. Thank you 0:04:36.480 --> 0:04:38.719 very much. We have some breaking news crossing the Bloomberg 0:04:38.800 --> 0:04:42.880 terminal and it involves poly Market. According to Bloomberg's reporting, 0:04:43.240 --> 0:04:47.719 both a DOJ and a CFTC investigation into where the 0:04:47.720 --> 0:04:51.480 polymarket was accepting trades from US based users that were 0:04:51.480 --> 0:04:54.840 in violation of its previous settlement agreements with the federal 0:04:55.120 --> 0:04:59.159 regulatory bodies have been dismissed. That's according to a Bloomberg source, 0:04:59.160 --> 0:05:01.960 who says that these two investigations from the BIDE era 0:05:02.200 --> 0:05:04.320 are now being terminated. We'll bring you more on that 0:05:04.400 --> 0:05:07.640 story as we get it, but it's just broken across Bloomberg. 0:05:07.920 --> 0:05:10.919 The sick were Crypto. It's been an eventful week in markets. 0:05:11.000 --> 0:05:13.640 We had tech earnings, but it's also Crypto week, which 0:05:13.680 --> 0:05:16.680 is underway. Joining us now to discuss is Catherine Dowling 0:05:16.680 --> 0:05:20.320 Bitwise Asset Management, General Counsel and Chief Compliance Office. And 0:05:20.360 --> 0:05:21.960 I've got to Katain. I want to ask you for 0:05:22.000 --> 0:05:25.160 your reaction to that story we just broke. I'll go 0:05:25.200 --> 0:05:29.080 over the reporting. There were two investigations into Polymarket, the 0:05:29.160 --> 0:05:32.640 US Justice Department and also the CFTC looking at where 0:05:32.640 --> 0:05:36.320 the polymarket was accepting trades, but that was a bid 0:05:36.360 --> 0:05:39.080 near investigation that our reporting says is over. What do 0:05:39.120 --> 0:05:39.720 you make of that? 0:05:40.279 --> 0:05:40.440 You know? 0:05:40.600 --> 0:05:40.680 Ed? 0:05:40.720 --> 0:05:42.920 Thanks for having me, And it's funny. I spent some 0:05:43.320 --> 0:05:45.760 hours on the plane last night and I looked at 0:05:46.160 --> 0:05:50.520 the number of hours spent on Biden and Error lawsuits. 0:05:50.520 --> 0:05:53.640 And investigations, and it was over ten years combined of 0:05:53.720 --> 0:05:57.560 man and woman hours spent on these various investigations. What 0:05:57.680 --> 0:05:59.880 I make of that is part of what we've seen 0:06:00.040 --> 0:06:03.919 as this tectonic shift of let's get back to fundamentals 0:06:04.200 --> 0:06:07.760 and let's make sure that if we're investigating different businesses 0:06:08.000 --> 0:06:09.599 that there's really some there there. 0:06:09.680 --> 0:06:10.560 And that really. 0:06:10.320 --> 0:06:13.680 Plays into the whole theme of Crypto Week, which is 0:06:13.720 --> 0:06:16.200 getting to the clarity that the industry has been asking 0:06:16.240 --> 0:06:17.400 for for years. 0:06:19.279 --> 0:06:22.160 You're a former assistant U attorney in the Economics Crime Unit, 0:06:22.200 --> 0:06:24.240 so it's great timing to have you on the program. 0:06:24.880 --> 0:06:27.200 It is crypto week, and what's so interesting on the 0:06:27.240 --> 0:06:30.920 Bloomberg terminal, there's a lot of contradicting reports right There 0:06:30.920 --> 0:06:32.800 was a report last night that bitcoin has a lot 0:06:32.839 --> 0:06:34.919 of room to run because it is Crypto Week and 0:06:34.960 --> 0:06:38.200 everyone's sort of enthusiastic and talking about it. Actually there's 0:06:38.200 --> 0:06:40.320 a bit of profit taking this morning. What is the 0:06:40.320 --> 0:06:43.560 main tailwind right now that you're seeing for this industry. 0:06:43.839 --> 0:06:48.279 The main tailwind is having this basis for institutional capital 0:06:48.400 --> 0:06:51.960 to enter. When you're looking at from the sidelines, there's 0:06:52.000 --> 0:06:55.000 still a ton of institutional capital on the sidelines. Why 0:06:55.440 --> 0:06:57.880 Because although there's been talk for years, as I just said, 0:06:57.920 --> 0:07:02.080 about getting to this clarity, we're really finally seeing that 0:07:02.160 --> 0:07:05.960 momentum actually happen. We're seeing that momentum happen in legislation. 0:07:06.040 --> 0:07:10.200 We're seeing that momentum happen in bipartisan support and voting 0:07:10.560 --> 0:07:13.240 behind these key legislative initiatives. 0:07:13.600 --> 0:07:14.400 And that's key. 0:07:14.840 --> 0:07:17.440 All of the complexity that we saw behind some of 0:07:17.440 --> 0:07:19.760 these cases that have been dismissed that we've just been 0:07:19.760 --> 0:07:24.280 talking about. That complexity is what breeds the insecurity is 0:07:24.280 --> 0:07:27.400 what keeps capital out. They're looking in, they're waiting for 0:07:27.480 --> 0:07:30.920 that moment. They see the promise of the technology, but 0:07:31.000 --> 0:07:34.160 they just can't get their arms around the regulatory insecurity 0:07:34.200 --> 0:07:37.320 they see and they sense. So now we're heading in 0:07:37.320 --> 0:07:40.640 that direction. You know, someone asked me yesterday Crypto Week, 0:07:40.680 --> 0:07:44.000 is this just the crypto industry being loud, And I said, no, 0:07:44.320 --> 0:07:48.920 this is actually coming from Congress. That is a huge difference, 0:07:48.960 --> 0:07:51.800 and that's the momentum shift we're seeing. We have bipartisan 0:07:51.880 --> 0:07:55.520 support with the realization knowing from you know, years of 0:07:55.560 --> 0:07:57.880 work for many in the industry that we need to 0:07:57.880 --> 0:08:01.640 get that clarity and we're heading finally in that correct. 0:08:01.240 --> 0:08:04.880 Direction, Catherine. This week, the House will vote on bills 0:08:04.920 --> 0:08:09.480 to regulate stable coins during Crypto Week. Your expectation quickly 0:08:09.520 --> 0:08:10.400 of what's going to happen. 0:08:10.840 --> 0:08:14.520 Expectation is that stable coin is heading towards signature, that 0:08:14.680 --> 0:08:17.760 momentum has been there. It's you know, it's something, it's 0:08:17.960 --> 0:08:21.720 it's a piece that you can understand. These are you know, 0:08:21.880 --> 0:08:27.040 centralized intermediaries that should be regulated. It's hard to have, 0:08:27.160 --> 0:08:31.080 you know, bipartisan disagreement about that fact. Yes, you can, 0:08:31.280 --> 0:08:34.960 you know, quibble about the language and you know how 0:08:35.000 --> 0:08:37.320 we how we write it up. But I think there's 0:08:37.360 --> 0:08:40.720 no disagreement that this is an area that should be regulated, 0:08:41.000 --> 0:08:42.360 you know, and this is all on the heels of 0:08:42.400 --> 0:08:45.959 the circle IPO. So we can see that moving forward. 0:08:46.280 --> 0:08:50.120 Clarity that'll that hopefully will we'll get through the House, 0:08:50.200 --> 0:08:52.080 and then we'll see what the Senate does with that. 0:08:52.160 --> 0:08:53.640 Will they take clarity. 0:08:53.600 --> 0:08:56.520 Will they create their their own where we've been hearing 0:08:56.520 --> 0:08:58.880 about the Senate version that's going to come out, So 0:08:58.920 --> 0:09:02.120 we'll see whether those two get squashed together or whether 0:09:02.200 --> 0:09:03.760 the Senate will book at clarity. And some of that 0:09:03.800 --> 0:09:06.880 will just depend on the politics that plays out over 0:09:06.920 --> 0:09:09.960 the next few days during the Crypto Week. 0:09:10.920 --> 0:09:13.160 Catherine Dowling a bit wise asset management. Great to have 0:09:13.200 --> 0:09:15.520 you back on the show, Thank you very much. Coming up, 0:09:15.760 --> 0:09:17.800 we go live from Pittsburgh where we speak with the 0:09:17.880 --> 0:09:21.319 US Energy Secretary Chris Wright. That conversation you do not 0:09:21.400 --> 0:09:23.880 want to miss, and it's coming up next. This is 0:09:23.880 --> 0:09:41.439 Bloomberg Tech. Pittsburgh is host to the inaugural Pennsylvania Energy 0:09:41.600 --> 0:09:44.160 and Innovation Summit. The event kicks off today with President 0:09:44.240 --> 0:09:46.680 Trump set to attend in just a few hours. For 0:09:46.720 --> 0:09:49.400 a look at the future of US energy and tech. 0:09:49.640 --> 0:09:55.600 Bloomberg's Tyler Kendall is standing by Tyler, Thanks so much, Ed. 0:09:55.559 --> 0:09:57.280 And I'm pleased to say that I'm joined by the 0:09:57.440 --> 0:09:59.520 US Energy Secretary, Christopher Wright. 0:09:59.559 --> 0:10:00.880 Secretary right, thank you. 0:10:01.120 --> 0:10:03.760 So much for joining Bloomberg. And I want to start 0:10:03.760 --> 0:10:06.679 with one of the main reasons why we're here in Pittsburgh. 0:10:06.720 --> 0:10:10.080 There is this surging demand for energy to help power 0:10:10.520 --> 0:10:14.079 artificial intelligence, and the administration focuses a lot on its 0:10:14.160 --> 0:10:18.000 deregulation agenda. Do you think that you can accomplish your 0:10:18.040 --> 0:10:20.880 goals fast enough to keep up with what has been 0:10:20.960 --> 0:10:22.560 a surge and energy consumption. 0:10:23.240 --> 0:10:24.000 I think we will. 0:10:24.120 --> 0:10:26.360 You're right, it's a challenge. I mean, our the agenda 0:10:26.480 --> 0:10:30.080 of President Trump is to unleash American energy. The last 0:10:30.120 --> 0:10:34.000 four years the Biden administration was more to shackle American energy. 0:10:34.720 --> 0:10:37.320 But you're right, there's rapidly rising demand and what we 0:10:37.360 --> 0:10:41.040 as the government need to do is enable private businesses 0:10:41.160 --> 0:10:43.480 to build the things they want to build and invest 0:10:43.520 --> 0:10:45.600 in the things they want to build. We're not going 0:10:45.640 --> 0:10:47.840 to do this building ourselves, but we're going to enable 0:10:47.880 --> 0:10:49.360 private businesses to do it. 0:10:49.559 --> 0:10:52.040 Well, I'm glad that you brought up private businesses and 0:10:52.160 --> 0:10:54.120 to kind of put a finer point on this idea 0:10:54.120 --> 0:10:57.160 of urgency. We actually heard from Mark Zuckerberg yesterday pledging 0:10:57.200 --> 0:11:00.520 billions that Meta is going to invest in data, but 0:11:00.559 --> 0:11:04.040 it is raising concerns about an energy crisis. 0:11:03.559 --> 0:11:04.439 To fuel it. 0:11:04.679 --> 0:11:08.439 I'm wondering, have you spoken to Zuckerberg or Meta about 0:11:08.440 --> 0:11:09.000 their plans. 0:11:09.400 --> 0:11:12.480 Oh, we speak Meta extensively about their plans, and yeah, 0:11:12.480 --> 0:11:16.160 there's a number of the hyperscalers that have huge investment opportunities. 0:11:16.360 --> 0:11:17.400 We're excited about that. 0:11:17.920 --> 0:11:18.440 This is the. 0:11:18.960 --> 0:11:23.400 Newest energy intensive industry to arise. That's what artificial intelligence 0:11:23.480 --> 0:11:27.800 is energy intensive industry, taking the most sophisticated, most expensive 0:11:27.800 --> 0:11:31.360 form of energy electricity and turning it into intelligence to 0:11:31.440 --> 0:11:34.920 transform more world and protect our nation. So yeah, Meta 0:11:34.960 --> 0:11:37.800 has huge investment plans, as does Amazon and Microsoft and 0:11:37.880 --> 0:11:40.920 Google and the other players in that space, and we 0:11:41.000 --> 0:11:42.679 need all of them will invest. 0:11:43.280 --> 0:11:46.480 It's a few hundred billion dollars this year. In fact, 0:11:46.480 --> 0:11:47.120 you'll hear at the. 0:11:47.040 --> 0:11:50.160 Conference today announcements it was seventy and I think now 0:11:50.320 --> 0:11:53.760 ninety billion dollars just in the state of Pennsylvania. 0:11:53.840 --> 0:11:56.440 When you hear big investments though, and how much energy 0:11:56.440 --> 0:11:59.160 that is going to take, what's your level of concern 0:11:59.320 --> 0:12:02.280 though that there is going to perhaps be such a 0:12:02.280 --> 0:12:04.400 great demand, Can the US really. 0:12:04.240 --> 0:12:04.959 Keep up with it? 0:12:05.600 --> 0:12:06.320 Absolutely? 0:12:07.360 --> 0:12:11.280 United States energy production because of the shale revolution just 0:12:11.360 --> 0:12:12.880 exploded in the last ten. 0:12:12.880 --> 0:12:13.640 Or twelve years. 0:12:13.960 --> 0:12:18.720 Pennsylvania is a massive energy producer today. Pennsylvania exports more 0:12:18.840 --> 0:12:20.880 energy out of its state than any other. 0:12:20.760 --> 0:12:22.280 State except for Texas. 0:12:22.559 --> 0:12:26.439 And Pennsylvania could massively grow its energy production, just doesn't 0:12:26.480 --> 0:12:29.280 have enough pipeline capacity to move that natural gas out 0:12:29.280 --> 0:12:31.800 of the state. So what's going to happen is more 0:12:31.840 --> 0:12:34.600 of that gas or additional gas will be consumed in 0:12:34.640 --> 0:12:39.640 Pennsylvania turned into electricity generated intelligence and keep the United 0:12:39.640 --> 0:12:42.240 States ahead of China in the AI race. 0:12:42.480 --> 0:12:44.440 So I want to talk about oil, and I also 0:12:44.440 --> 0:12:46.640 want to welcome in our audience that has just joined us. 0:12:46.679 --> 0:12:49.520 We are talking to the US Energy Secretary, Christopher Wright. 0:12:49.559 --> 0:12:51.679 I'm Tyler Kendall. I want to show you some of 0:12:51.720 --> 0:12:54.080 these statistics that our analysts have. Bloomberg pulled that the 0:12:54.200 --> 0:12:58.440 US oil rig account has dropped thirteen percent since late February. 0:12:58.440 --> 0:13:02.040 It's in the midst of its longest traction since twenty twenty. 0:13:02.280 --> 0:13:05.600 I know that there were some incentives in the reconciliation package, 0:13:05.600 --> 0:13:09.680 but what further incentives is the administration considering to help 0:13:11.520 --> 0:13:14.880 get forward these oil breaks to continue drilling. 0:13:15.559 --> 0:13:17.080 Mostly it's get out of the way. 0:13:17.360 --> 0:13:20.200 You know, we had the Biden administration had four years 0:13:20.320 --> 0:13:23.240 all of government approach to try to, as they said, 0:13:23.640 --> 0:13:26.640 end fossil fuels. Now, that didn't work very well. We 0:13:26.679 --> 0:13:29.880 went from eighty two percent of American energy coming from 0:13:29.960 --> 0:13:33.600 fossil fuels before Biden took office to eighty two percent 0:13:33.800 --> 0:13:36.719 exactly the same when he left office. Those are just 0:13:36.800 --> 0:13:39.480 simply the energy sources that power our country and our 0:13:39.520 --> 0:13:41.800 world today, but it's get out of the way of 0:13:41.840 --> 0:13:46.000 the marketplace right now. US production has grown so fast 0:13:46.120 --> 0:13:48.840 as has other places in the world that prices are 0:13:48.880 --> 0:13:51.640 maybe at the low end of profitability for producers here, 0:13:51.880 --> 0:13:53.760 so you see a pullback and activity. 0:13:54.040 --> 0:13:56.040 You're going to see with these new. 0:13:55.880 --> 0:13:58.400 Investments and economic growth in the United States, We're going 0:13:58.440 --> 0:14:00.400 to see growth in demand for oil and of course 0:14:00.440 --> 0:14:02.959 that'll probably bump prices back up a little bit keep 0:14:03.040 --> 0:14:03.800 drillers active. 0:14:03.960 --> 0:14:07.040 Well, you mentioned there perhaps a lower price environment. And 0:14:07.080 --> 0:14:09.040 part of this also when we're talking about costs that 0:14:09.080 --> 0:14:11.680 these companies are facing, has to do with tariffs. And 0:14:11.720 --> 0:14:14.120 I wanted to ask you about copper in particular, which 0:14:14.160 --> 0:14:17.880 is essential to data centers and getting energy to help 0:14:18.000 --> 0:14:21.400 power AI. What sort of impact is a fifty percent 0:14:21.520 --> 0:14:24.400 copper terraff set to go into effect on August first, 0:14:24.520 --> 0:14:26.440 going to have when we're talking about the cost for 0:14:26.680 --> 0:14:27.720 energy infrastructure. 0:14:28.200 --> 0:14:30.560 Well, I think the biggest impact of that fifty percent 0:14:30.640 --> 0:14:33.440 terra fund coffer is going to speed up copper mining 0:14:33.600 --> 0:14:36.880 in the United States. We have enormous copper resources here. 0:14:37.280 --> 0:14:39.520 We have some huge minds that have been trying to 0:14:39.560 --> 0:14:42.600 get going for years. We want to get copper production 0:14:42.720 --> 0:14:45.920 growing rapidly in this country. Copper, like steel, is just 0:14:46.080 --> 0:14:48.200 essential to everything that happens in the world. 0:14:48.680 --> 0:14:51.920 Should we expect the energy industry to get some sort 0:14:51.960 --> 0:14:53.880 of tariff car vouts moving forward? 0:14:54.760 --> 0:14:58.840 I believe the President plans no special carveouts. He wants 0:14:58.880 --> 0:15:01.800 to reindust the United States of America. 0:15:01.840 --> 0:15:03.480 There's a lot of tools to do that. 0:15:03.680 --> 0:15:05.600 Make it easy to invest in the United States, make 0:15:05.640 --> 0:15:08.160 it attractive to invest the United States, and tariffs are 0:15:08.200 --> 0:15:10.920 an additional element of that toolbox. 0:15:11.280 --> 0:15:14.040 I'm sure you're talking to industry, though. Is a carve 0:15:14.080 --> 0:15:17.440 out on the table? Are there any negotiations underway for say, 0:15:17.480 --> 0:15:19.720 the oil industry to get a carve out when it 0:15:19.720 --> 0:15:21.600 comes to the equipment that they use in the field, 0:15:21.720 --> 0:15:23.720 like copper or steal for example. 0:15:24.440 --> 0:15:27.480 No discussions right now. We are hearing from the industry, 0:15:27.480 --> 0:15:30.360 and of course this is true. If you incrementally raise 0:15:30.440 --> 0:15:33.440 the cost of projects, that hurts the economics of them. 0:15:33.880 --> 0:15:37.280 We want to do everything we possibly can to maximize 0:15:37.320 --> 0:15:40.440 investments in the United States so jobs and opportunity come 0:15:40.440 --> 0:15:41.360 here to our country. 0:15:41.560 --> 0:15:44.240 Lastly, I just want to ask you a geopolitical question, 0:15:44.280 --> 0:15:46.880 because we did hear from President Trump yesterday threatening one 0:15:47.000 --> 0:15:51.640 hundred percent so called secondary tariff on countries that import 0:15:51.720 --> 0:15:54.880 Russian energy supplies. If that were to go into effect, 0:15:54.960 --> 0:15:58.040 what would that do to prices in the global energy market? 0:15:59.200 --> 0:16:02.600 Something like that would likely drive oil prices up. I 0:16:02.640 --> 0:16:05.560 think President Trump's strong agenda there is to end the 0:16:05.600 --> 0:16:09.120 war in Ukraine. Our hope is that that large pressure 0:16:09.400 --> 0:16:11.960 will have an impact on Russia and we can bring 0:16:12.120 --> 0:16:15.560 just a brutal war in Eastern Europe to an end. 0:16:16.040 --> 0:16:20.080 That's President Trump's goal is prosperity at home and piece abroad, 0:16:20.520 --> 0:16:23.600 and the old formulas weren't working very well in that respect. 0:16:23.800 --> 0:16:27.480 So yeah, President Trump has very different tools, very different 0:16:27.520 --> 0:16:30.880 negotiating skills, and very different level of boldness. I think 0:16:30.920 --> 0:16:33.840 we're going to see tremendous growth in piece abroad and 0:16:33.960 --> 0:16:34.920 prosperity at home. 0:16:35.200 --> 0:16:37.000 All Right, we have to leave it there. US Energy 0:16:37.040 --> 0:16:40.080 Secretary Christopher Wright, thank you so much for your time. 0:16:40.120 --> 0:16:42.440 This has been a conversation here in Pittsburgh on the 0:16:42.440 --> 0:16:45.200 sidelines of the Pennsylvania Energy and Innovation Summit. 0:16:45.440 --> 0:16:46.320 I'll toss it back to you. 0:16:47.240 --> 0:16:51.160 Blue Bogs Tyler Kendo with US Energy Secretary Chris Wright. Okay, 0:16:51.160 --> 0:16:54.080 coming up on the program. We're speaking with Niraptalia, co 0:16:54.160 --> 0:16:58.680 founder and CEO next Tool. That conversation is up next 0:17:00.000 --> 0:17:18.840 Bloomberg Tech. The neighborhood networking service next Door, has launched 0:17:19.119 --> 0:17:22.119 a redesigned app with features aimed at making the platform 0:17:22.240 --> 0:17:27.280 more useful, including safety, local news, and service recommendations. Nextdoor 0:17:27.400 --> 0:17:31.400 CEO president and co founder Nera Avtalia joins us, Now, now, look, 0:17:31.480 --> 0:17:33.600 let's be honest about this. I have a sense of 0:17:33.640 --> 0:17:36.400 deja vu because I think we've done a Nextdoor two 0:17:36.440 --> 0:17:39.160 point oh before, so I'd say this is maybe next 0:17:39.200 --> 0:17:41.639 Door three point zero, But give me the basics of 0:17:41.680 --> 0:17:43.840 why you've done it and what you've done well. 0:17:43.880 --> 0:17:45.680 This is an entirely new Nextdoor. 0:17:45.680 --> 0:17:47.520 So whether we call it two point oh three point 0:17:47.560 --> 0:17:51.040 zero or a ten point zero doesn't matter, because for consumers, 0:17:51.359 --> 0:17:54.040 this is going to feel and operate like a completely 0:17:54.080 --> 0:17:58.000 new app, but grounded in what Nextdoor has always cared about, 0:17:58.040 --> 0:18:02.400 and that is safety, alerts, local and recommendations from trusted neighbors. 0:18:02.440 --> 0:18:03.600 The thing that you and I have discussed a lot 0:18:03.640 --> 0:18:05.879 in the past is the scale of Nextdoor, so forty 0:18:05.920 --> 0:18:11.000 six million active users going forward with this new focus, 0:18:11.080 --> 0:18:14.199 what's the metric that you judge success by, is it 0:18:14.280 --> 0:18:15.600 the user base or something else? 0:18:15.680 --> 0:18:17.440 Well, it is engagement, and you're right. 0:18:17.560 --> 0:18:21.240 We have over one hundred million verified neighbors who've joined Nextdoor, 0:18:21.600 --> 0:18:24.879 but the potential for Nextdoor, we believe, is much greater. 0:18:25.280 --> 0:18:28.280 We can and should be one of those social networks 0:18:28.480 --> 0:18:30.760 that has over a billion users, and so we have 0:18:30.840 --> 0:18:33.320 work to do, and over the last year, the work 0:18:33.359 --> 0:18:36.080 that we've done is to create a better product to 0:18:36.240 --> 0:18:39.640 enable more engagement, which will translate the more users translate 0:18:39.720 --> 0:18:41.760 in more revenue translate into profits, et cetera. 0:18:42.040 --> 0:18:43.480 The thing I hear a lot in the moment in 0:18:43.520 --> 0:18:47.040 the domain of social media is time spent actually including 0:18:47.160 --> 0:18:50.240 generative AI tools. So how do you do the conversion 0:18:50.480 --> 0:18:54.240 somebody that is a registered user or active user to 0:18:54.440 --> 0:18:57.560 somebody that spends a lot of time on the platform, 0:18:57.560 --> 0:18:59.720 but using the new offerings that you've put in place. 0:19:00.000 --> 0:19:03.439 Well, ultimately, the real ambition of any consumer application is 0:19:03.480 --> 0:19:06.080 to turn into a daily habit. And so whether you're 0:19:06.119 --> 0:19:08.360 coming every day for a few minutes or whether you're 0:19:08.359 --> 0:19:11.840 spending hours every single day, that's where we start. And 0:19:11.960 --> 0:19:15.439 today many of our users are only coming weekly or 0:19:15.480 --> 0:19:17.800 several times per week. So the first thing we do 0:19:17.880 --> 0:19:20.320 is we ask ourselves, how can we turn this into 0:19:20.359 --> 0:19:23.040 something that you check the minute that you wake up 0:19:23.040 --> 0:19:24.920 in the morning, and you check before you go to 0:19:24.960 --> 0:19:27.240 bed at night. Because there are so many things happening 0:19:27.320 --> 0:19:30.080 around us, and if things are happening on the neighborhood, 0:19:30.160 --> 0:19:32.600 they should be on next door. So that's been our 0:19:32.640 --> 0:19:34.840 focus and our ambition for the new next Door. 0:19:34.880 --> 0:19:38.119 That makes a very interesting, almost academic question, which is 0:19:38.160 --> 0:19:39.919 if you want next door to be the first thing 0:19:39.920 --> 0:19:41.480 someone looks at when they wake up and the last 0:19:41.520 --> 0:19:45.280 thing before they go to bed, who's next Door's closest competitor. 0:19:45.720 --> 0:19:48.040 Well, it's a great question, and I think our greatest 0:19:48.040 --> 0:19:49.919 competitor is really ourselves. 0:19:50.119 --> 0:19:51.000 When we talk. 0:19:50.840 --> 0:19:54.280 About next store competitive Well, it is, though, because we 0:19:54.359 --> 0:19:57.200 have an ambition and we have an expectation for what 0:19:57.240 --> 0:19:59.720 we can deliver to our users that we have not 0:20:00.320 --> 0:20:02.520 in the past, and so we need to do better. 0:20:02.560 --> 0:20:05.000 We need to build better product, We need to enable 0:20:05.080 --> 0:20:09.000 stronger local community. There is no one else today who's 0:20:09.000 --> 0:20:12.760 built an entire geospatial platform based on where people live. 0:20:13.040 --> 0:20:15.600 There are lots of local services sites, there are lots 0:20:15.600 --> 0:20:18.159 of local news sites, but there's no one who's bringing 0:20:18.200 --> 0:20:21.120 it all together. So if we can do so successfully, 0:20:21.440 --> 0:20:25.919 we can be that indispensable, essential neighborhood network that. 0:20:25.800 --> 0:20:29.240 Brings in the local news component. I found this fascinating. 0:20:31.680 --> 0:20:35.240 Why go into local news. We're in an environment where 0:20:35.520 --> 0:20:39.880 the big social platforms increasingly are pulling back from news 0:20:40.000 --> 0:20:44.160 on the platform by choice. That was something that you're 0:20:44.160 --> 0:20:45.639 sort of jumping into head first. 0:20:45.760 --> 0:20:48.520 Well, there's a great quote from the famous venture capitalist 0:20:48.520 --> 0:20:50.840 Michael Moritz that I just read a couple of weeks ago, 0:20:51.160 --> 0:20:54.520