WEBVTT - Tesla's Strong Earnings, Nvidia's Partnership in India 0:00:01.440 --> 0:00:05.760 From Mahard where Innovation, Money and power Collie in Silicon 0:00:05.840 --> 0:00:06.760 Vallet NBN. 0:00:07.080 --> 0:00:11.360 This is Bloomberg Technology with Caroline Hyde and Ed loved Love. 0:00:26.480 --> 0:00:28.760 Live from New York and San Francisco. This is Bloomberg 0:00:28.800 --> 0:00:32.800 Technology coming up. Tesla shares spike on surprisingly strong earnings 0:00:32.840 --> 0:00:36.000 and lofty sales goals on twenty twenty five, and. 0:00:36.040 --> 0:00:39.159 Nvidia announces a new partnership in India. More on its 0:00:39.159 --> 0:00:41.120 plans in the new massive market. 0:00:41.280 --> 0:00:45.600 That's an exclusive interview with Greenlight Capital's David Einhorn. The 0:00:45.720 --> 0:00:47.519 first a focus on our top story, Ed. 0:00:48.320 --> 0:00:52.400 Yeah, Tesla shares of the ev maker absolutely surgeon. In fact, 0:00:52.479 --> 0:00:56.200 if this seventeen percent gain holds, it puts Tesla on 0:00:56.240 --> 0:00:58.680 track for its biggest single day jump. Going back to 0:00:58.720 --> 0:01:01.319 March of twenty twenty one, So in the quarter there 0:01:01.360 --> 0:01:05.080 was a lot that investors liked. Profit was ahead of expectations. 0:01:05.120 --> 0:01:07.920 Part of that was sales of FSD software, part of 0:01:07.959 --> 0:01:10.840 it was regulatory credits. But they're also just lowering the 0:01:10.880 --> 0:01:13.800 costs of production. And then Caro, as you know, there's 0:01:13.880 --> 0:01:16.559 the quarter that's gone, and then Elon Musk's best skill, 0:01:16.959 --> 0:01:19.800 which is the outlook and keeping investors look into the 0:01:19.840 --> 0:01:20.920 horizon and. 0:01:20.840 --> 0:01:23.680 His best guess is ed his testa CEO El Musk 0:01:23.800 --> 0:01:25.680 on his growth expectations in the next year. 0:01:27.160 --> 0:01:30.400 I do want to give some some rough estimate, which 0:01:30.480 --> 0:01:34.399 they think twenty to thirty percent vehicle growth next year, 0:01:37.000 --> 0:01:39.840 you know, notwithstanding negative external events. 0:01:41.080 --> 0:01:44.399 Craigs Truell joins us Now from London, tell us are 0:01:44.440 --> 0:01:47.560 these estimates lofty goals likely to be achieved? 0:01:49.120 --> 0:01:49.960 They're very lafty. 0:01:49.960 --> 0:01:51.920 I would agree with that assessment. 0:01:52.200 --> 0:01:56.120 I think, you know, we can't necessarily rule out the 0:01:56.160 --> 0:01:59.320 possibility that this is a company that won't actually increase 0:01:59.480 --> 0:02:04.040 deliveries this year, so you know, I think part of 0:02:04.160 --> 0:02:07.760 part of the reason for this rally was Musk's optimism 0:02:07.880 --> 0:02:12.280 that they will have a slight increase and this twenty 0:02:12.320 --> 0:02:16.120 to thirty percent outlook for next year. I guess I 0:02:16.240 --> 0:02:18.120 just would like to have a better sense, if I'm 0:02:18.120 --> 0:02:20.639 a Tesla investor, of how exactly they're going to get there, 0:02:21.240 --> 0:02:23.720 because you know, we do know that this is a 0:02:23.720 --> 0:02:26.760 company that has been talking for months now about more 0:02:26.800 --> 0:02:29.600 affordable vehicles coming in the first half of next year, 0:02:29.800 --> 0:02:32.520 but we don't know what those are. We have very 0:02:32.600 --> 0:02:36.640 little indication from the company of any specifics around there. 0:02:36.680 --> 0:02:40.280 Even last night during the conference call. 0:02:39.760 --> 0:02:42.240 You know, slight growth was the call for twenty twenty four. 0:02:42.280 --> 0:02:44.120 And if you do the math, like our colleagues at 0:02:44.120 --> 0:02:46.160 Bloomberg and he F did, they're going to have to 0:02:46.200 --> 0:02:49.040 deliver five hundred and fourteen thousand vehicles ish in the 0:02:49.120 --> 0:02:51.680 last three months of this year, which would be a record. 0:02:52.440 --> 0:02:54.840 Then there's the everything else bit. I mean, Musk was 0:02:54.960 --> 0:02:58.799 very clear about autonomous driving, but I felt that we 0:02:58.919 --> 0:03:03.320 got details or lease claims and plans about ride hailing 0:03:03.360 --> 0:03:06.400 more than we got at the Robotaxi event in the 0:03:06.440 --> 0:03:07.320 last two weeks. 0:03:07.320 --> 0:03:11.560 What do we learn Craig, Yeah, the robo taxi event 0:03:11.680 --> 0:03:13.560 was sort of concepts of a plan, and this was 0:03:13.600 --> 0:03:16.400 a plan plan right where we we got a better 0:03:16.440 --> 0:03:21.200 indication of of, you know, plans for putting together a 0:03:21.320 --> 0:03:25.679 ride hailing offering that would actually deploy next year in 0:03:26.200 --> 0:03:29.840 California and Texas. It was a little unclear to me 0:03:30.040 --> 0:03:33.240 what exactly, you know, Tesla needs from the state of 0:03:33.240 --> 0:03:37.040 California to offer that service. You know, obviously if if 0:03:37.080 --> 0:03:39.800 he wants to offer it with the ability for people 0:03:39.840 --> 0:03:44.200 to not supervise, uh, you know, the wheel, it's not 0:03:44.480 --> 0:03:48.880 really it's not really clear that that they need approval 0:03:49.040 --> 0:03:52.800 other than because of the fact that that they need 0:03:54.000 --> 0:03:56.600 you know, I guess, I guess they do need state 0:03:56.840 --> 0:04:00.320 approval for that. But but you know, in tex I 0:04:00.360 --> 0:04:03.240 think he's sounded pretty assure that that's on the way. 0:04:03.960 --> 0:04:07.760 Whether or not though this company has the technology to 0:04:07.840 --> 0:04:10.440 offer that safely, I think remains an open question. 0:04:11.440 --> 0:04:13.600 Must said he'd be shocked if he didn't get those 0:04:13.600 --> 0:04:15.840 state regulatory approvals. And as you can see on the 0:04:15.880 --> 0:04:18.839 screen when we sent those headlines, Uber and lift stock 0:04:18.880 --> 0:04:21.560 fell in after hours. They continue to be under pressure 0:04:21.560 --> 0:04:25.279 in the context of some competition in Ryde hailing to 0:04:25.320 --> 0:04:28.440 come Bloombo's creatudow in London, thank you very much. Let's 0:04:28.440 --> 0:04:31.279 get this cell side reaction and bring in William Stein. 0:04:31.320 --> 0:04:35.200 He's the managing director and senior analystitorist Securities. You actually 0:04:35.279 --> 0:04:39.040 largely cover semiconductors, and you're sort of focused on this work. 0:04:38.800 --> 0:04:40.520 Around AI that Tesla's doing. 0:04:40.960 --> 0:04:42.680 There was something that jumped out at me in the 0:04:42.760 --> 0:04:45.839 ten Q that the CFO also mentioned, which was in 0:04:45.880 --> 0:04:49.960 the quarter gone and Tesla recognized more than three hundred 0:04:49.960 --> 0:04:53.160 million dollars worth of FSD revenues now take that and 0:04:53.200 --> 0:04:54.680 tell me the story it gives you. 0:04:56.440 --> 0:04:59.040 Yeah, the story gives me is that they released FSD 0:04:59.520 --> 0:05:02.640 on the cyber truck, So for cars that they've been 0:05:02.640 --> 0:05:07.120 selling for a little while, they can suddenly recognize the 0:05:07.160 --> 0:05:11.880 revenue that they've already been paid for that technology that 0:05:11.920 --> 0:05:15.760 they've already delivered and continued to deliver. So that's great, 0:05:16.040 --> 0:05:19.720 And you know, look, I think FSD is an amazing technology. 0:05:20.200 --> 0:05:23.160 But you know, if you've read my reviews, or if 0:05:23.200 --> 0:05:26.640 you look at any of the many reviews on YouTube 0:05:26.680 --> 0:05:30.040 or other platforms, you could see that there are known 0:05:30.160 --> 0:05:31.919 failure modes for this technology. 0:05:32.000 --> 0:05:34.039 It does not work in the sense. 0:05:33.800 --> 0:05:36.760 That you can actually run it without a driver, and 0:05:36.760 --> 0:05:38.919 that continues to be a problem no matter what the 0:05:38.960 --> 0:05:39.960 ten Q says. 0:05:40.440 --> 0:05:42.160 This is a real problem for the company. 0:05:42.880 --> 0:05:46.280 Have you seen any improvements, William since last ye were 0:05:46.320 --> 0:05:48.600 on to talk about some of those failings within FSD. 0:05:49.839 --> 0:05:50.039 Yeah. 0:05:50.040 --> 0:05:52.360 So we've reviewed three different versions of this. 0:05:53.080 --> 0:05:55.560 I think the I Forget, which was the last time 0:05:55.600 --> 0:05:57.760 I was on your show to discuss it, but certainly 0:05:58.720 --> 0:06:00.640 this version twelve dot five, which is I think the 0:06:00.720 --> 0:06:07.200 latest one that's broadly available to consumers, this is still 0:06:07.240 --> 0:06:08.320 one that doesn't work. 0:06:08.839 --> 0:06:10.120 Have there been improvements? 0:06:10.400 --> 0:06:15.560 Certainly they mostly relate to the feel of the car 0:06:15.760 --> 0:06:19.560 in that it feels more human like, less herky jerky. 0:06:20.040 --> 0:06:22.240 But along with that, I think there have been some 0:06:22.360 --> 0:06:27.880 documented cases of rolling through stop signs, another let's say, 0:06:27.920 --> 0:06:33.599 minor driving infractions that are more human like, but maybe 0:06:33.680 --> 0:06:37.120 not exactly what one is shooting for for a driverless 0:06:37.160 --> 0:06:39.480 car in terms of trying to maximize the safety. 0:06:39.520 --> 0:06:43.760 Okay, not only William, does he need to improve on 0:06:43.800 --> 0:06:46.360 the technology. Therefore, it seems like you're still saying despite 0:06:46.360 --> 0:06:48.920 the improvements, and what's so notable is they need the 0:06:48.960 --> 0:06:50.040 regulatory approvals. 0:06:50.080 --> 0:06:52.720 This is where you drill in the extraordinary nature. 0:06:52.520 --> 0:06:55.080 Of one Elon Musk, because he's not only the CEO 0:06:55.120 --> 0:06:56.880 of Tesla, but he's also potentially going to have a 0:06:56.880 --> 0:07:00.560 political role and FSD regulation coming ed. 0:07:00.680 --> 0:07:02.800 Yeah, So, William, what I wrote about last night was 0:07:02.960 --> 0:07:05.920 Musk did not cite the election directly, and he did 0:07:05.960 --> 0:07:08.719 not name Donald Trump. But what he did say was 0:07:08.760 --> 0:07:11.640 that if there's going to be a Department of Government efficiency, 0:07:12.240 --> 0:07:15.840 he would like to work on nationwide or federal level 0:07:15.920 --> 0:07:20.160 rules for the deployment of autonomous technology on US roads, 0:07:20.760 --> 0:07:22.840 which is as close to commenting on the election as 0:07:22.880 --> 0:07:24.520 I think you could get in the context of an 0:07:24.520 --> 0:07:27.920 earnings call. What did you make of those comments? 0:07:28.600 --> 0:07:30.400 Well, I think he's just. 0:07:31.920 --> 0:07:36.840 Making some fairly logical comments about what would be the simplest, 0:07:37.000 --> 0:07:42.400 most logical way to pardon me, to regulate this technology, 0:07:42.440 --> 0:07:45.680 and at the federal level means you have one hurdl 0:07:45.720 --> 0:07:49.000 to clear instead of fifty individual ones. I don't interpret 0:07:49.080 --> 0:07:52.800 that as some super partisan view of the world. It's 0:07:52.920 --> 0:07:55.560 just something that would make his life easier, in the 0:07:55.600 --> 0:07:57.120 life of Tesla easier. 0:07:57.240 --> 0:07:58.640 That's that's all I take. 0:07:58.480 --> 0:08:02.400 That at worth looking at chez uber and Lyft again right, 0:08:02.440 --> 0:08:04.840 because the news for me that jumped out was this 0:08:05.480 --> 0:08:08.840 confidence that next year Tesla will offer some form of 0:08:08.920 --> 0:08:13.720 ride hailing in Texas and California. You've critiqued FSD. My 0:08:13.880 --> 0:08:16.480 question to you is, based on those headlines that came 0:08:16.520 --> 0:08:20.239 out on ride hailing, are you better understanding the jump 0:08:20.280 --> 0:08:23.920 from FSD in consumer cars to this proprietary ride haling 0:08:23.960 --> 0:08:24.920 service in the future. 0:08:26.360 --> 0:08:28.440 Oh so, a couple of things. 0:08:28.440 --> 0:08:30.280 First of all, I have a colleague that covers those 0:08:30.400 --> 0:08:33.920 ride healing stocks. I don't, but you know, I think 0:08:34.440 --> 0:08:37.680 what should be relatively clear is these issues. A ride 0:08:37.679 --> 0:08:41.880 healing service and full autonomy are not the same thing. 0:08:42.040 --> 0:08:46.080 They are fairly separate. You know, this company could turn 0:08:46.080 --> 0:08:48.360 on this ride healing service, you know, assuming they get 0:08:48.360 --> 0:08:52.360 regulatory approval for it without having FSD at all. And 0:08:52.520 --> 0:08:55.880 FSD is something that could come later and really has 0:08:57.240 --> 0:09:00.719 in a way that they're certainly complementary, and having both 0:09:00.800 --> 0:09:05.040 of them together could result in significant earnings growth for 0:09:05.080 --> 0:09:10.440 the company. But they're not perfectly linked. Ideas they are separate. 0:09:12.200 --> 0:09:15.200 With William the amount that they need to spend, I 0:09:15.200 --> 0:09:17.320 mean whether or not they ten on that switch or not, 0:09:17.360 --> 0:09:19.080 and of course that ultimately means whether you have a 0:09:19.160 --> 0:09:21.760 driver at the wheel or not. I'm interested as to 0:09:21.840 --> 0:09:23.800 whether you think the upgrade what is it to an 0:09:23.800 --> 0:09:27.240 eleven billion capex spend is what needs to be invested 0:09:27.320 --> 0:09:27.800 right now. 0:09:27.640 --> 0:09:28.319 By the business. 0:09:30.000 --> 0:09:32.800 Oh well, this is not a huge difference. Right in 0:09:32.840 --> 0:09:36.320 the prior quarter they guided this number to ten billion. 0:09:36.960 --> 0:09:40.120 Now he's saying eleven wasn't a whole lot different from 0:09:40.120 --> 0:09:43.040 our model. We have a similar capex number next year. 0:09:43.200 --> 0:09:46.520 I think in a way, the you know, this might 0:09:46.600 --> 0:09:49.360 be a sort of off the run remark, but I 0:09:49.360 --> 0:09:53.199 think The biggest winner out of this topic is in Nvidia. 0:09:54.320 --> 0:09:59.120 You know, he Musk emphasized how much they're spending on 0:09:59.679 --> 0:10:02.640 h one one hundred, h one hundred those are Hopper 0:10:02.679 --> 0:10:07.479 generation GPUs from Nvidia equivalent GPUs and what they anticipate 0:10:07.520 --> 0:10:08.560 doing over the next year. 0:10:09.720 --> 0:10:11.960 This is a big investment in Vidia. 0:10:12.840 --> 0:10:16.120 These are that this training capability does not come from 0:10:16.200 --> 0:10:20.079 their internal D one chip or their Dojo computer. It's 0:10:20.120 --> 0:10:22.640 going to be spent at least in the near term, 0:10:22.880 --> 0:10:25.559 at least for the next year, more spending within video. 0:10:26.240 --> 0:10:27.839 Wellenstein great to have your take. 0:10:27.880 --> 0:10:31.480 Managing director and Senia analyst at Trust Securities has turned 0:10:31.520 --> 0:10:35.120 our attention to a different set of earnings. IBM shares, 0:10:35.120 --> 0:10:37.439 as you'll see now off by six percent, having its 0:10:37.440 --> 0:10:40.520 worst day since April twenty twenty four, show to slow 0:10:40.559 --> 0:10:43.480 down in the numbers in consulting revenue that came out 0:10:43.520 --> 0:10:46.080 after the bell Wednesday, even though software sales look they 0:10:46.080 --> 0:10:49.360 did rise nine percent now. The CEO Arvin Krishna told 0:10:49.360 --> 0:10:52.000 me a little bit earlier that clients are facing several 0:10:52.040 --> 0:10:56.480 headwinds geopolitical, political interest rate uncertainties that should aase actually 0:10:56.520 --> 0:10:58.160 in the next six to twelve months. He also was 0:10:58.200 --> 0:11:01.480 talking about AI demand saying it's solid, but the enterprise 0:11:01.520 --> 0:11:03.000 adoption is actually kind of being. 0:11:02.840 --> 0:11:04.800 Held back by that right now because of what. 0:11:04.679 --> 0:11:08.040 William was just saying, costs, costs and ensuring that data 0:11:08.080 --> 0:11:10.640 and security is ready. However, here's what he said about 0:11:10.679 --> 0:11:12.720 optimism for next year. Twenty twenty five is going to 0:11:12.720 --> 0:11:15.960 be a good year despite headwinds. People want to scale 0:11:16.000 --> 0:11:19.120 and adapt their technology. Quite bullish and what twenty twenty 0:11:19.120 --> 0:11:21.319 five will look like for enterprise. 0:11:21.040 --> 0:11:24.959 Tech ed Okay, coming up on the program from Elon 0:11:25.080 --> 0:11:29.160 Musk influence on Technology to some more about his impact 0:11:29.200 --> 0:11:32.600 on politics. An important conversation and piece of reporting coming 0:11:32.679 --> 0:11:43.600 up next. This has been bog technology. 0:11:49.320 --> 0:11:50.960 We just want to check on some other earnings for 0:11:51.000 --> 0:11:53.560 you because shares are moving to the higher side significantly, 0:11:53.559 --> 0:11:56.560 so if T Mobile service now both at record highs. 0:11:56.600 --> 0:11:58.160 Of course, these are stories that we get on the 0:11:58.160 --> 0:12:01.559 back of T Mobile seeing strong results hit its highest 0:12:01.559 --> 0:12:03.880 interday level on record, because basically they are one of 0:12:03.880 --> 0:12:05.439 third collar results that beat expectations. 0:12:05.480 --> 0:12:07.480 They're raising their full year subscribers as well. 0:12:07.520 --> 0:12:09.520 Service now this is a story of AI out of 0:12:09.760 --> 0:12:10.880 intelligence adoption as well. 0:12:10.920 --> 0:12:12.760 They're rallying to record on yet. 0:12:12.559 --> 0:12:16.520 Also strong results after the bell and they're seeing a 0:12:16.520 --> 0:12:19.120 third called results that beat expectations, and they're giving a 0:12:19.120 --> 0:12:20.679 pretty strong outlook as well. 0:12:21.320 --> 0:12:22.040 And what have we got. 0:12:23.200 --> 0:12:25.760 We're going to go to a Bloomberg data deep dive 0:12:25.920 --> 0:12:29.560 into Elon Musk's online presence ahead of the US election. 0:12:29.720 --> 0:12:34.280 According to a large scale Bloomberg analysis, the billionaire owner 0:12:34.600 --> 0:12:39.280 has been spreading debunped theories of undocumented voters, swaying the 0:12:39.360 --> 0:12:42.920 US election and growing his influence in the process, making 0:12:43.000 --> 0:12:47.840 him the biggest promoter of anti immigrant conspiracies on X, 0:12:48.200 --> 0:12:50.640 the social media platform he owns. I want to bring 0:12:50.679 --> 0:12:53.640 in Bloomberg Sarah Fryar, who's the editor that leads our 0:12:53.679 --> 0:12:56.600 coverage of big tech. And this was a team effort 0:12:56.720 --> 0:13:00.400 of journalists and data experts, But I I think the 0:13:00.400 --> 0:13:03.400 best place to start, Sarah is what's the top line 0:13:03.440 --> 0:13:04.200 of the story. 0:13:04.520 --> 0:13:06.480 What is it that we report through. 0:13:06.320 --> 0:13:09.160 That dense body of data. 0:13:09.360 --> 0:13:12.920 Well, it was really interesting finding actually that we have 0:13:13.080 --> 0:13:16.160 seen mus on the campaign trail with Trump talk about 0:13:16.200 --> 0:13:20.560 these anti immigrant theories he has he's been promoting the 0:13:20.640 --> 0:13:26.160 idea that Democrats are shipping in immigrants to vote for them. 0:13:26.360 --> 0:13:29.960 So this idea of math election fraud that he has 0:13:30.559 --> 0:13:33.520 been talking about on the campaign trail, and you know, 0:13:33.600 --> 0:13:36.400 that seems like sort of a fringe thing until we 0:13:36.480 --> 0:13:41.200 looked into the data and it showed that immigration and 0:13:42.000 --> 0:13:45.360 election fraud and voter fraud is his top policy topic 0:13:45.800 --> 0:13:49.920 on x He actually gets more engagement on that topic 0:13:49.960 --> 0:13:52.560 than anything else that he talks about, and it has 0:13:52.640 --> 0:13:56.800 become this driver of his speed, something that he talks 0:13:56.840 --> 0:14:00.000 about ever more frequently over the past year, ever since 0:14:00.200 --> 0:14:03.679 he visited visited the border and got more involved in 0:14:03.720 --> 0:14:08.040 the state of Texas, and he has really become enmeshed 0:14:08.080 --> 0:14:11.839 with this idea of immigration leading to fraud. And what 0:14:11.920 --> 0:14:16.000 experts have told us is this narrative and the way 0:14:16.080 --> 0:14:20.840 that Musk is really laundering it for the masters is 0:14:21.080 --> 0:14:24.480 going to help Trump dispute the result of the election 0:14:24.640 --> 0:14:25.520 should he not win. 0:14:25.960 --> 0:14:29.840 So this is a very serious finding in my opinion. 0:14:29.680 --> 0:14:31.920 And the findings are serious in the nature in which 0:14:31.960 --> 0:14:35.280 you got them. You ran machine learning model basically on 0:14:35.400 --> 0:14:38.400 posts to identify the subjects he was most often citing 0:14:38.440 --> 0:14:42.360 and talking about. Thirteen hundred of Musk posts in twenty 0:14:42.440 --> 0:14:44.720 twenty four really revolving around this issue, and I just 0:14:44.760 --> 0:14:47.240 want to get to the facts, therefore, Sarah, of what 0:14:47.400 --> 0:14:50.840 actually happens, because the facts are that non citizen voting 0:14:50.960 --> 0:14:52.360 is incredibly rare. 0:14:53.520 --> 0:14:57.080 It's incredibly rarre. Non citizens cannot vote for president, that 0:14:57.400 --> 0:15:00.640 is not a thing. There is a very diffficult path 0:15:00.720 --> 0:15:05.400 to citizenship in the US. So this idea that he 0:15:05.440 --> 0:15:08.840 has been talking about is just not based in reality 0:15:08.920 --> 0:15:13.240 or any history that we know of. And this is 0:15:13.520 --> 0:15:17.240 this is something that we didn't just talk about in 0:15:17.280 --> 0:15:20.680 terms of the data. Our reporters went on the ground 0:15:21.160 --> 0:15:25.120 to aara of Colorado. Julia Luf was an Aurora, Colorado 0:15:25.160 --> 0:15:27.880 talking to immigrants who feel like their lives are unsafe 0:15:27.880 --> 0:15:32.280 now because Musk and Trump have talked publicly about the. 0:15:32.280 --> 0:15:33.600 Danger of those immigrants. 0:15:34.360 --> 0:15:38.560 They went to Butler, Pennsylvania during a rally where Trump 0:15:38.600 --> 0:15:42.520 and Muck were speaking together and talked to a different 0:15:42.560 --> 0:15:45.920 kind of victim, those who believe the misinformation that they 0:15:45.920 --> 0:15:48.720 are being told. So this is this is something that 0:15:48.800 --> 0:15:51.360 isn't just happening on the Internet. It isn't just happening 0:15:51.360 --> 0:15:53.840 on x It is happening in the daily lives of 0:15:53.880 --> 0:15:57.480 Americans right now with election just a few days away. 0:15:58.640 --> 0:16:01.080 This is dates of journalism, and the team does a 0:16:01.080 --> 0:16:04.240 great job in explaining the methodology and also chronology of 0:16:04.280 --> 0:16:06.960 what happened. But I have to ask Sarah if have 0:16:07.080 --> 0:16:10.720 we heard from Elon Musk or X actually about our 0:16:10.760 --> 0:16:12.880 reporting and how they feel about it. 0:16:14.400 --> 0:16:17.000 We haven't heard from USK X or Elon Musk, but 0:16:17.040 --> 0:16:20.200 we did hear from the Trump campaign and they doubled down. 0:16:20.680 --> 0:16:22.880 They said Elon Musk is not wrong. 0:16:23.040 --> 0:16:23.640 You know, they. 0:16:23.600 --> 0:16:27.360 Repeated some of the mids information that Musk has endorsed 0:16:27.400 --> 0:16:27.960 on X. 0:16:27.960 --> 0:16:30.000 And one more thing I'd point out from the data 0:16:30.200 --> 0:16:34.080 often it's not Musk himself saying these things. He will 0:16:34.120 --> 0:16:39.120 often quote, tweet or just put a little emoji response 0:16:39.240 --> 0:16:42.120 to something. But with his following that upwards of two 0:16:42.200 --> 0:16:45.800 hundred million strong, he has incredible influence. He's actually the 0:16:45.840 --> 0:16:50.080 top influencer on the platform that he owns and has 0:16:50.120 --> 0:16:53.760 a lot of influence over the algorithm thereof. We also 0:16:53.840 --> 0:16:57.320 found that often his posts do not get backcheck from 0:16:57.360 --> 0:17:00.680 the system that X uses to FactCheck. So very interesting 0:17:00.680 --> 0:17:02.359 findings here from our data investigation. 0:17:02.840 --> 0:17:06.040 Go read the full piece. Extraordinary, Sarah Frar, We thank 0:17:06.080 --> 0:17:09.560 you now. Microsoft co founder Bill Gates also has his 0:17:09.640 --> 0:17:11.880 eyes on the approaching US election. He spoke with Bloomberg 0:17:11.960 --> 0:17:14.680 editor in chief John Micklethwaite about the role of innovation 0:17:14.720 --> 0:17:17.119 in addressing the world's most pressing challenges. That was over 0:17:17.119 --> 0:17:20.280 at Bloomberg and New Economy at E twenty in South 0:17:20.280 --> 0:17:23.199 Paolo in Brazil yesterday. He also weighed in on what 0:17:23.280 --> 0:17:26.680 Republican candidate Donald Trump's proposed tarras will mean for American 0:17:26.720 --> 0:17:28.440 businesses and the global economy. 0:17:28.440 --> 0:17:28.960 Just take a listen. 0:17:29.840 --> 0:17:35.880 We will suffer overall, welfare will improve lass as. Not 0:17:35.920 --> 0:17:38.160 only will if you have put teiff on, of course, 0:17:38.200 --> 0:17:39.800 other people will put tariff. 0:17:39.560 --> 0:17:40.000 On as well. 0:17:40.040 --> 0:17:45.440 And the economic dynamism and speed of innovation will be significant, 0:17:45.880 --> 0:17:46.920 significantly slow. 0:17:47.400 --> 0:17:49.359 Just to push you on that dynamism point. You know, 0:17:49.400 --> 0:17:51.840 it's very easy to make the argument that this means 0:17:51.920 --> 0:17:55.399 higher prices for consumers. But this issue of dynamism, the 0:17:55.480 --> 0:17:58.280 sort of you've been involved in entrepreneurship, these things most 0:17:58.280 --> 0:18:03.240 of your life have less foreign competition, less foreign goods 0:18:03.320 --> 0:18:05.880 that must have an impact on it. I know it's 0:18:05.920 --> 0:18:09.639 back to a creed you've believed in, but in practice 0:18:09.960 --> 0:18:12.840 is that argument possible to make devices? 0:18:14.400 --> 0:18:20.159 Well, we should find articulate politicians who can make the 0:18:20.240 --> 0:18:23.640 case if you take most of the industries I think about, 0:18:23.680 --> 0:18:26.520 like you know, inventing a new drug, or writing a 0:18:26.520 --> 0:18:30.560 new piece of software, or birthing a new climate technology, 0:18:31.000 --> 0:18:34.679 you have these gigantic fixed costs, and the fact that 0:18:34.720 --> 0:18:37.919 you can do that work and then sell it on 0:18:37.960 --> 0:18:42.600 a global basis means that everybody's getting you faster innovation 0:18:43.040 --> 0:18:46.320 and lower prices. And if you start to fragmant markets 0:18:46.840 --> 0:18:52.840 because of either tariffs or regulatory barriers to that trade, 0:18:52.920 --> 0:19:00.320 it absolutely takes away the lower prices and high speed innovation. 0:19:01.560 --> 0:19:04.440 That was Microsoft co founder Bill Gates along with Bloomberg 0:19:04.520 --> 0:19:14.639 editor in chief John Mechlfwaite, it's. 0:19:14.520 --> 0:19:16.080 Time for talking tech and first start. 0:19:16.119 --> 0:19:20.200 Troubled it company Atos said its financial restructuring plan has 0:19:20.280 --> 0:19:23.280 been approved by a French commercial court, paving the way 0:19:23.280 --> 0:19:25.959 for creditors to take control. Under the plan, Atos will 0:19:26.000 --> 0:19:28.800 receive one point six to one point eight billion dollars 0:19:28.800 --> 0:19:31.760 of new money beginning in twenty twenty five, plus Shares 0:19:31.800 --> 0:19:34.399 of sk Heinix clining to a two month high this 0:19:34.480 --> 0:19:38.320 after the company posted record quarterly profit and revenue, a 0:19:38.359 --> 0:19:41.520 reflection of strong demand for its memory chips used in 0:19:41.680 --> 0:19:45.400 Nvidia AI processors. Earnings also saw a boost from robust 0:19:45.400 --> 0:19:49.560 demand for enterprise solid state drives, and Nvidia expands its 0:19:49.600 --> 0:19:51.640 AI infrastructure in India. 0:19:51.760 --> 0:19:52.840 CEO Jensen One. 0:19:52.920 --> 0:19:56.679 Has struck a deal with Asia's richest man, Maukeshambani to 0:19:56.720 --> 0:19:59.920 build out a new data center using Nvidia's Blackworld. 0:20:00.640 --> 0:20:01.760 Here's CEO Jenson Wong. 0:20:02.680 --> 0:20:05.760 In order to lead an artificial intelligence you need to 0:20:05.800 --> 0:20:11.879 have AI model technology that India has. You need to 0:20:11.920 --> 0:20:19.040 have data, massive quantities of data and using the last 0:20:19.040 --> 0:20:25.480 thing you need is AI infrastructure. And we're announcing that 0:20:25.480 --> 0:20:29.160 that reliance and in video or partnering to build AI 0:20:29.280 --> 0:20:31.440 infrastructure here in India. 0:20:32.119 --> 0:20:33.879 Let's get more on that story New magazine. 0:20:33.920 --> 0:20:37.200 King joins us, how significant is in Video's presence already 0:20:37.240 --> 0:20:37.800 in India? 0:20:37.960 --> 0:20:41.920 In yeah, I mean they've had Obviously, India has been 0:20:41.920 --> 0:20:46.160 a long term source of very good engineering and math talent, 0:20:46.240 --> 0:20:48.480 so there's been a lot of software efforts that they've 0:20:48.480 --> 0:20:50.840 been there for decades. But in terms of it being 0:20:50.840 --> 0:20:53.280 an end business for them, an n market for them, 0:20:53.560 --> 0:20:55.720 it's not particularly significant yet. 0:20:56.240 --> 0:20:58.520 Just quickly, you and I've reported a lot. Jensen want 0:20:58.520 --> 0:21:00.280 to spend a lot of time in the last year 0:21:00.560 --> 0:21:02.600 trying to do deals at the nation state level. I 0:21:02.640 --> 0:21:04.359 know this one's kind of different, but talk to me 0:21:04.359 --> 0:21:07.120 about the strategy selling things outside of America. 0:21:07.280 --> 0:21:09.800 Yeah, I mean, this is part of his world tour, right. 0:21:09.920 --> 0:21:12.879 He's in India now, He's going to Japan next and 0:21:13.160 --> 0:21:15.120 I'm sure there are going to be other of these 0:21:15.160 --> 0:21:19.040 events scheduled around the world. He's trying to basically spread 0:21:19.040 --> 0:21:22.560 the use of his technology away from the concentration in 0:21:22.600 --> 0:21:25.640 the big cloud providers and get everybody involved. And this 0:21:25.720 --> 0:21:26.719 is the big push. 0:21:26.760 --> 0:21:31.240 It continues to be a wild week in semiconductors. TSMC 0:21:31.400 --> 0:21:34.359 is top of mind. They identified a client that was 0:21:34.359 --> 0:21:37.359 funding chips to Huawei and acted on it after a 0:21:37.359 --> 0:21:39.520 Bloomberg report. Any update, what do we know? 0:21:40.000 --> 0:21:42.320 Yeah, I mean, there's been a lot of speculation about 0:21:42.320 --> 0:21:44.919 what was going on, a lot of reports and that 0:21:44.960 --> 0:21:47.960 we've seen, and finally TSMC of command and said, Yep, 0:21:48.040 --> 0:21:51.120 we found a customer who wasn't the customer we thought 0:21:51.160 --> 0:21:54.040 they were. They were supplying to Uawei and obviously that's illegal, 0:21:54.080 --> 0:21:57.080 so we've cut them off. We don't know exactly how 0:21:57.119 --> 0:21:59.840 that happened. We have to assume that there will be 0:22:00.160 --> 0:22:02.919 their investigations of that that the US government will look 0:22:02.960 --> 0:22:05.840