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Speaker 1: From the heart where innovation, money and power Collie in Silicon.

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Speaker 2: Valley, NBN. This is Bloomberg Technology with Caroline Hyde and

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Speaker 2: Ed Ludlow.

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Speaker 3: Live from New York. This is Bloomberg Technology coming up.

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Speaker 4: Soft Bank CEO Masiyoshi's son set to announce plans to

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Speaker 4: invest one hundred billion dollars in the US during a

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Speaker 4: visit with President elect Donald Trump. We're bringing the news

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Speaker 4: plus Bitcoin rises to a record high. I'm in microstrategies

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Speaker 4: inclusion in the Nasdaq, and Apple's got plans for a

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Speaker 4: new foldable iPad and aims to bring it to market

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Speaker 4: by twenty twenty eight.

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Speaker 3: A first we.

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Speaker 4: Check in on these markets which have a risk on

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Speaker 4: attitude to the day, as we anticipate key Fed decision

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Speaker 4: come Wednesday. Ahead of that, and as that one hundred

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Speaker 4: a new record high. We're up nine tenths of there,

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Speaker 4: and chip maker is managing to drive higher Micron broadcon.

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Speaker 4: But also we're seeing Bitcoin up three point four percent.

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Speaker 4: We are once again escalating to new levels. We dig

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Speaker 4: into the reasons why, but of course trumping one of

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Speaker 4: them the focus on the new administration, but also micro

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Speaker 4: strategy like to be added to the Nasdaq. And what

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Speaker 4: that means for its own purchases of bitcoin. We're up

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Speaker 4: at one hundred and six thousand dollars per token. But

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Speaker 4: the big breaking news of the day when it comes

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Speaker 4: to technology is, of course, according to the people familiar

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Speaker 4: that SoftBank CEO mas Yoshi Son is set to announce

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Speaker 4: plans to invest a whopping one hundred billion dollars in

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Speaker 4: the United States over the next four years. It's all

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Speaker 4: according to sources, as we say, and this is as

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Speaker 4: he's planning to be meeting with President elect Trump today

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Speaker 4: and mar Lago. We're expecting Donald Trump to speak in

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Speaker 4: a few moments. Time for more, let's bring in Bloomberg's

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Speaker 4: Peter Elstrom and for while. Back in twenty sixteen, we

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Speaker 4: saw big promises made by Massa and this time he's

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Speaker 4: doubling them.

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Speaker 5: Yeah, you'd be forgiven if you thought this was deja vus.

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Speaker 5: It was eight years ago, in fact, eight years ago

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Speaker 5: December when masiosche Son went and met with Trump and

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Speaker 5: he talked about investing fifty billion dollars. Now he's doubling

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Speaker 5: that pledge. It's one hundred billion dollars that he's planning

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Speaker 5: to invest. According to our sources, and also he's planning

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Speaker 5: on creating and estimated one hundred thousand jobs in the

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Speaker 5: United States. So this is the first major investment that

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Speaker 5: we've seen after Trump's win. It's certainly a pledge towards

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Speaker 5: what Trump has been trying to do in terms of

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Speaker 5: reinvigorating the economy. For SoftBank, it's also a pretty big

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Speaker 5: push into the United States. Last time when they pledged

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Speaker 5: fifty billion dollars, MASA had just raised this vision fund.

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Speaker 5: He had plenty of capital. He put investments into companies

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Speaker 5: like we work in Door Dash and plenty of others.

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Speaker 5: But right now he doesn't have that kind of cash anymore.

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Speaker 5: He only has about twenty five billion dollars in cash

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Speaker 5: on the balance sheet, and yet he's doubling that pledge.

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Speaker 3: So we had some work to do here, had some work.

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Speaker 4: We're also wanting to know the finer details of where

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Speaker 4: exactly he allocates. He's been all in on AI saw

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Speaker 4: this curve coming before many others, of course as evidence

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Speaker 4: his arm holding's acquisition and then taking that to market.

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Speaker 4: But where else do you think he'll be investing in

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Speaker 4: the United States?

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Speaker 5: Yeah, well, more recently, including at SoftBank World this summer

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Speaker 5: He's talked a lot about artificial intelligence and how he

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Speaker 5: wants to invest even more and more kinds of companies.

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Speaker 5: So he is putting money into open Ai, in particular

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Speaker 5: to Pioneer of course behind chat GPT. He's put in

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Speaker 5: five hundred million so far, and he's right in the

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Speaker 5: process of a tender offer now where he's offering open

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Speaker 5: Ai investors the ability to sell him their share so

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Speaker 5: he can get another one point five billion dollars. But

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Speaker 5: his ambitions go far beyond that. He's talked about the

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Speaker 5: need to have more alternatives to in vidio chips in particular.

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Speaker 5: He knows that energy is a huge issue for AI

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Speaker 5: right now, so he wants to make investments there. He's

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Speaker 5: also been investing quite a bit in autonomous driving, so

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Speaker 5: he's a lot of ambitions. He always has a long

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Speaker 5: list of deals and investments that he wants to make,

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Speaker 5: so we're going to see where exactly he puts that money.

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Speaker 5: But it is a lot of money right now, and

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Speaker 5: again he doesn't have that cash on his balance sheet.

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Speaker 3: He has to be able to go out and get

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Speaker 3: that close.

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Speaker 4: Peter, that's from we thank you so much, bringing us

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Speaker 4: up to speed on the anticipated announcement. Now, let's keep

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Speaker 4: discussing trends in tech markets more broadly, what this influx

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Speaker 4: of money into AI really means for the US at

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Speaker 4: least densisms with US directoral quantitative market strategy. Over at Fidelity,

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Speaker 4: we love having you on because of the historical context

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Speaker 4: you can put today's investment advice. But I mean we

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Speaker 4: look at what's happening in the market. When you're thinking

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Speaker 4: of a juggernaut of one hundred billion dollars coming into

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Speaker 4: USAI and energy, where it feels.

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Speaker 3: Like a lot of money has already gone that direction.

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Speaker 6: Yeah, Well, when you readbase it relative to sales or

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Speaker 6: relative to market cap, I mean you haven't really seen

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Speaker 6: that much of a move.

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Speaker 3: I think we talk about this all the time with.

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Speaker 6: Money funds on sitting on the sidelines, how much cash

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Speaker 6: is on the sidelines, or how much cash in terms

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Speaker 6: of nominal capacs.

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Speaker 1: But when you actually.

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Speaker 6: Renormalize it, given the move that we've seen in the

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Speaker 6: marketplace over the last five years, it's a much lower

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Speaker 6: percentage than you would think. Interestingly enough, specifically for tech stocks,

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Speaker 6: and I would say more specifically for software stocks, cap

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Speaker 6: BAX is very much an alpha fact, meaning that that

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Speaker 6: spending is usually a good thing for stocks because it's

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Speaker 6: very correlated to earnings growth.

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Speaker 4: Okay, so I'm not going to ask you is to

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Speaker 4: opine as to where exactly a Masayoshi Son is going

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Speaker 4: to be putting his investment. But if you're looking at

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Speaker 4: an every day, whether it's retail or it's chootion investor

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Speaker 4: right now allocating to opportunities, do you have to be

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Speaker 4: put off by some of the valuations right now or

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Speaker 4: actually do you keep chasing the momentum, keep chasing the

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Speaker 4: names that have.

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Speaker 3: Done well well.

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Speaker 6: It's interesting. So technology has had a little bit of

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Speaker 6: underperformance over the course of the last six months, and

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Speaker 6: because earnings growth and free cashulow has been so strong,

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Speaker 6: you're actually out of anomalist valuation situation. So I define

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Speaker 6: anomalist valuation as top quartile. So we have fallen out

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Speaker 6: of top quartile levels, which is where you see the

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Speaker 6: risk reward become fairly negative for tech. Now as we

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Speaker 6: enter twenty twenty five, coming out of that top quartile

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Speaker 6: valuation zone, I actually think it sets up for a

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Speaker 6: pretty positive risk reward. And for all the talk about

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Speaker 6: momentum stocks on our day, when you look at it

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Speaker 6: specifically within technology, I'm not seeing any anomalous behavior, meaning

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Speaker 6: I'm not seeing top quartile road to performance over the

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Speaker 6: last year, and I'm not seeing top quartile valuation on

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Speaker 6: that top quartile of momentum, meaning that because earnings in

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Speaker 6: free cash flow are so strong, there's no valuation situation

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Speaker 6: where you're saying you're overpaying on a consistent basis for

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Speaker 6: technology stocks that have been leaders in the S and

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Speaker 6: P five hundred Wow.

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Speaker 4: So it still feels like there's basically opportunities in the

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Speaker 4: mag seven.

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Speaker 3: What about the next tay down?

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Speaker 4: We started to see software names really come to the

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Speaker 4: rise as people started to reallocate perhaps from the semiconductor

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Speaker 4: trade out to the Kila applications being born out.

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Speaker 3: Is that something that you'd like to see moral No, that's.

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Speaker 6: A great question and a great point because of the

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Speaker 6: three big areas within technology, if you say hardware, software,

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Speaker 6: or semis, where are the opportunities. It looks very interesting

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Speaker 6: on the data and software to me, given the strength

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Speaker 6: and free cash flow and earnings valuations, we're actually in

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Speaker 6: the bottom half of the distribution a valuation perspective when

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Speaker 6: you look at all the data back to nineteen sixty two.

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Speaker 6: And what you see is that very much empirically skews

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Speaker 6: your risk rewards on odds for the software sector specifically,

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Speaker 6: so when you have strong growth and valuation support, it's

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Speaker 6: a very positive risk reward for the sector. Of those three,

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Speaker 6: hardware software and Semis software is the only one of

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Speaker 6: those three industries that looks like that. So I think

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Speaker 6: as we enter twenty twenty five, that's where it looks

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Speaker 6: like the opportunities are to me.

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Speaker 3: And in the US todays, yes, in the US.

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Speaker 4: What of the US exceptionalism on this trade that we

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Speaker 4: all keep talking about, I mean, is it going to

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Speaker 4: dominate for twenty twenty five?

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Speaker 3: It looked to me it does look like that.

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Speaker 6: So everything outside the US, whether you want to talk

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Speaker 6: about EFA EM or AQUI X THEUS, what you find

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Speaker 6: is that valuation screen looks like a quantitative value trapped

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Speaker 6: to me, meaning that when you've bought in that bottom

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Speaker 6: quartile relative valuation on earnings are free cash flow, you

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Speaker 6: only have thirty percent odds about perform. It's like thirty

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Speaker 6: percent is not zero. But at the same time, it's

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Speaker 6: hard to say that that valuation is a critical driver

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Speaker 6: and the reason why it's not a driver is because

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Speaker 6: often international stocks are cheap for a reason. Even on

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Speaker 6: a sector neutral basis, taking out technology medium stock to

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Speaker 6: median stock, the S and P five hundred outgrows their

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Speaker 6: international peers by about three to four hundred basis points

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Speaker 6: a year on earnings, and it's growing every cycle. So

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Speaker 6: unless you think something is going to change, that hasn't

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Speaker 6: been the case over the last fifteen years. I think

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Speaker 6: the risk reward is still more favorable.

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Speaker 3: In the US. This is why your historical context so important. Dennis.

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Speaker 3: I go therefore to the macro picture.

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Speaker 4: We are, of course seeing the micro news on an

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Speaker 4: investment coming from Massa, but we're also seeing the macro

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Speaker 4: news of we're waiting on rates to go down. What

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Speaker 4: does that mean for that cash on the sidelines that

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Speaker 4: still perhaps is waiting to enter.

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Speaker 6: Yeah, so rates, let's talk about rates being an alpha

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Speaker 6: factor for the market. I think people get a little

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Speaker 6: confused in terms of thinking about whether or not the

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Speaker 6: playbook is a good thing or a bad thing, saying

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Speaker 6: rates are not the critical driver. Earnings growth is the

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Speaker 6: critical driver. So when you look at the FED from

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Speaker 6: a playbook perspective, sometimes the fed's cutting because they have to.

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Speaker 6: That's not good for the market. Sometimes the Fed's cutting

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Speaker 6: because they can. And what you see from a quantitative

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Speaker 6: differential from those like trying to divide those two is

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Speaker 6: your starting point on earnings growth matters a lot. Our

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Speaker 6: starting point of positive earnings growth usually predicts a more

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Speaker 6: bullish situation for.

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Speaker 3: The s and P.

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Speaker 6: Five hundred. You're starting level of the Federal Reserve matters

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Speaker 6: a lot as well, because that's essentially a mathematical definition

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Speaker 6: of the FED put meaning if the FED is high

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Speaker 6: relative to inflation, they can do something to the extent

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Speaker 6: that the economy is hit with a shock. That's a

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Speaker 6: good thing. That's our situation as we enter twenty twenty four.

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Speaker 6: And most importantly, the FED can definitively change willingness to

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Speaker 6: lend of banks because that's been in contractionary territory and

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Speaker 6: because that's likely improving earnings growth is likely to broaden

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Speaker 6: out in twenty twenty five, include those small businesses and lagging,

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Speaker 6: and that skews your risk reward being pretty positive as

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Speaker 6: we under twenty twenty five.

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Speaker 4: But then, how risk hungry did the edges of the

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Speaker 4: market become. I mean, we look at a day where

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Speaker 4: micro strategy, which has basically been a leverage bet on

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Speaker 4: bitcoin hugely outperformed Bitcoin in and of itself, is not

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Speaker 4: going to be added to the NASDAC. I mean, are

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Speaker 4: we going to see more money flow to those sorts

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Speaker 4: of risky ridges.

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Speaker 6: Now that's a great question. So I mean, without the

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Speaker 6: talking about the idiosyncratic names. When I look at quality,

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Speaker 6: which is sort of the opposite of the factor that

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Speaker 6: you're talking about, it's been a darling of a factor,

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Speaker 6: much like Lovall was only underperforming I think three in

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Speaker 6: the last twenty years. Well, that's left quality stocks fairly expensive.

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Speaker 6: And that doesn't necessarily mean those high quality stocks need

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Speaker 6: to underperform by a lot, but to the extent relative

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Speaker 6: earnings or those relative returns start to inflect lower, that

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Speaker 6: usually does lead to underperformance in the factor. So for

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Speaker 6: anybody with a quality bias, I think about scrubbing your

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Speaker 6: portfoli oh yea and thinking about better risk rewards in

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Speaker 6: what have been historically risky your names.

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Speaker 3: Tenny's unbeatable, thanks for coming on. Tiny's s tism Happy.

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Speaker 4: Holiday's director of quantitive market strategy at Fidelity. Coming up,

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Speaker 4: we're going to focus a bit more on Bitcoin and MicroStrategy.

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Speaker 3: Of course, crypto bitcoin himself.

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Speaker 4: And a new record high throughout the weekend and now

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Speaker 4: longest weekly winning runs is twenty twenty one.

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Speaker 3: Will dig in.

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Speaker 4: Also, we're going to be focusing on later in the

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Speaker 4: show a bit more about Vivendi.

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Speaker 3: But look at it.

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Speaker 4: It's currently don't look at Vivendi stock today because it's

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Speaker 4: currently distributing itself up and is breaking itself into three

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Speaker 4: different companies. But what I want you to focus on

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Speaker 4: is what CBC is up to at the moment, exploring

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Speaker 4: a potential purchase of a Vendi's Telecom Italia stake. This

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Speaker 4: is as we know that Vincenbalaure, the billionaire in charge

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Speaker 4: of Vivendi, is trying to make his assets work for him.

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Speaker 4: This is broomeg Technology and we are expecting President elect

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Speaker 4: Trump to speak live from our alago in a few

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Speaker 4: moments time. All eyes on that reported one hundred billion

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Speaker 4: dollar investment coming from Masayoshi's son into the United States

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Speaker 4: and one hundred thousand jobs to be created too.

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Speaker 3: We'll bring you that as and when.

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Speaker 4: It occurs, but for now, let's just focus on another

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Speaker 4: area that Trump has helped rally, and that is Bitcoin

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Speaker 4: rising to a record high, large part because of the

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Speaker 4: next administration supported digital assets, but also there's this optimism

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Speaker 4: about the upcoming inclusion of micro Strategy in the NAZAK

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Speaker 4: one hundred and what that means for future purposes and

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Speaker 4: purchases Isabelle Lee is here with more and mstr gets

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Speaker 4: into and as that one hundred, it means technically that

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Speaker 4: more funds will have to allocate to it.

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Speaker 3: Right, It really is a big deal. It's really it.

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Speaker 7: Represents kind of like this institutional acceptance of bitcoin, which

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Speaker 7: is interesting because micro Strategy, and it's called founder Michael

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Speaker 7: Salor has long been ridiculed by Wall Street a specialist

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Speaker 7: since they started just in bitcoin in twenty twenty and

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Speaker 7: today again for the six straight Monday, they bought one

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Speaker 7: point five billion worth. Their total cache is forty five billion.

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Speaker 7: But it's really that the stock has rallied five hundred percent.

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Speaker 7: But you're right around four hundred fifty one billion dollars

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Speaker 7: worth of ets track the NASTAC one hundred, so they

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Speaker 7: will all have to rebalance, ISABALLEI.

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Speaker 3: We thank you.

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Speaker 4: We'll have to cut it short there because we do

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Speaker 4: understand that President ect Donald Trump is now starting his

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Speaker 4: press conference in mar Logo.

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Speaker 3: We're listening.

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Speaker 8: We'll discuss a couple of points. We'll take some questions

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Speaker 8: later if you'd like. I'm sure you might have one

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Speaker 8: or two. I'd be shocked if you didn't, I'd be

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Speaker 8: very impressed. But I'm honored to welcome one of the

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Speaker 8: most accomplished business leaders of our time, the founder and

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Speaker 8: CEO of soft Bank. Everybody knows Masa Yoshi San. Masa

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Speaker 8: runs one of the largest companies in Japan and among

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Speaker 8: the most successful investment and technology companies anywhere in the world,

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Speaker 8: one of the most successful investors in the world. And

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Speaker 8: we've just included a very productive meeting, and today I'm

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Speaker 8: thrilled to announce that SoftBank will be investing one hundred

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Speaker 8: billion dollars in America, creating one hundred thousand American jobs

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Speaker 8: at a minimum. And he's doing this because he feels

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Speaker 8: very optimistic about our country since the election, and many

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Speaker 8: other people are also coming in with tremendous amounts of money.

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Speaker 2: You probably noticed that the poll was just taken.

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Speaker 8: Its business is literally in thirty nine years, has been

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Speaker 8: nothing like it. It's been the biggest increased small business

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Speaker 8: owners gave it a forty one percent jump.

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Speaker 2: It's the biggest jump that we've.

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Speaker 8: Had in thirty nine years, and nobody's ever seen anything

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Speaker 8: like it, and it's just they're very optimistic. This historic

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Speaker 8: investment is a monumental demonstration and confidence in America's future,

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Speaker 8: and it will help ensure that artificial intelligence, emerging technologies,

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Speaker 8: and other industries of tomorrow are built, created and grown

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Speaker 8: right here in the USA.

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Speaker 2: One of the beautiful things about Massa is he's.

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Speaker 8: Very much involved with emerging technology, probably knows it may

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Speaker 8: be better than almost anybody.

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Speaker 2: So it's a great honor.

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Speaker 8: And some of you remember after the twenty sixteen election,

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Speaker 8: also SoftBank committed to invest fifty billion dollars in our country,

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Speaker 8: and they did in a very place to say that

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Speaker 8: they kept that promise.

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Speaker 2: In every way, shape and form.

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Speaker 8: And now they're looking to do one hundred and I've

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Speaker 8: looked at their books. They do have the possibility of

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Speaker 8: doing more. I'm going to ask them to do a

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Speaker 8: little bit more. But first I'm going to ask him.

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Speaker 2: To speak, and just to say a few words. Massa. Please,

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Speaker 2: thank you, thank you, please.

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Speaker 8: You think, thank you very much, appreciate it, thank you, Helm.

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Speaker 2: Thank you so much. I'm very, very excited.

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Speaker 9: I would really like to celebrate the great victory President Trump.

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Speaker 9: And my confidence level to the economy of the United

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Speaker 9: States has tremendously increased with his victory. So because of that,

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Speaker 9: I'm now excited to commit this one hundred billion dollars

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Speaker 9: and one hundred thousand jobs into the United States. This

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Speaker 9: is double of last time, as President Trump said, because

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Speaker 9: I say, oh, President Trump is a double down present,

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Speaker 9: I'm gonna have to double down, you know, one hundred

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Speaker 9: billion dollars and one hundred thousand jobs. This is you know,

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Speaker 9: my confidence level because that has doubled down. So I

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Speaker 9: am truly excited to make this happen. And of course

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Speaker 9: business is important, technology is important. But one more thing

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Speaker 9: I'm really hoping is that this President Trump would make

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Speaker 9: the world, bring the world into peace again. That's my

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Speaker 9: additional hope and and I think he will actually make

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Speaker 9: it happen. So anyway, I'm excited to go. And we

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Speaker 9: were discussing and President Trump said, Marsa, you know, double doll.

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Speaker 2: Is not enough. Maybe you know, go for more. Right,

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Speaker 2: That's what.

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Speaker 8: I'm going to ask him right now. Would you make

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Speaker 8: it two hundred million dollars he can, would you do that?

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Speaker 2: Well, my promise is hungry. But you know he's now

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Speaker 2: asking to do more.

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Speaker 9: I think you know with your leadership, my pop messive

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Speaker 9: is you is your support.

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Speaker 2: I will, I will try to make it happen. That's good.

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Speaker 2: Five two hundred kill make it two hundred. Sh He

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Speaker 2: is a great nego say that he's a brilliant guy

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Speaker 2: and an unbelievable job.

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Speaker 8: And the people of Japan and all over the world

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Speaker 8: are very proud of and a uh tremendous respect for

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Speaker 8: himself what he does, what he just did, and and

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Speaker 8: I would be surprised if if what didn't go to

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Speaker 8: do And when you say you'll try, uh.

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Speaker 2: I know you'll do it. I will. I will really

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Speaker 2: try it.

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Speaker 9: Yeah, And and I need your support though you'll have

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Speaker 9: my support alright, we have our country support all fantastic,

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Speaker 9: Thank you, my sport, fantastic, thank you, thank you.

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Speaker 2: Where are saying legend the people of Japan who were all.

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Speaker 9: Watching, well, uh, I'm sure uh our people in Japan

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Speaker 9: uh proud to uh make the pop muss of US

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Speaker 9: and Japan be stronger. And I'm very excited to make

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Speaker 9: this happen.

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Speaker 2: Thank you very much. Thank you, thank you, thank you,

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Speaker 2: thank you. That's a good job.

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Speaker 10: Thank you.

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Speaker 2: It's amazing.

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Speaker 8: It's a great gentleman at a great leader and a

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Speaker 8: great investor.

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Speaker 2: So to have that offerm it.

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Speaker 8: And we have so many companies coming in now where

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Speaker 8: that will be announcing or they will announce themselves. We'll

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Speaker 8: not have to be with them to do it, but

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Speaker 8: they'll be announcing. And as I said, small business optimism

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Speaker 8: took a forty one points jump forty one points.

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Speaker 2: It went up forty one points.

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Speaker 8: That's unheard of, and that's the biggest they think in

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Speaker 8: recorded history.

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Speaker 2: But they know at least a minimum of thirty nine years.

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Speaker 2: So that's great.

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Speaker 8: But on behalf of the American people, I want to

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Speaker 8: thank Massa for his faith and what's happening with our

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Speaker 8: country and what's happening with the world. There's a whole

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Speaker 8: light over the entire world. Many people, some reporters, and

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Speaker 8: speaking to them, they said, you know, it actually is true.

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Speaker 8: A couple of them are not necessarily friends of mine,

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Speaker 8: but they said, it is actually true that there's a

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Speaker 8: light shining over the world. We're trying to help very

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Speaker 8: strongly and getting the hostages back as you know, with

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Speaker 8: Israel and the Middle East, we're working very much on that.

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Speaker 8: We're trying to get the war, stop that horrible, horrible

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Speaker 8: war that's going on in Ukraine with Russia. Ukraine. We're

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Speaker 8: going to We've got a little progress. It's a tough one.

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Speaker 2: It's a nasty one. It's nasty.

400
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Speaker 8: People are being killed at levels that nobody's ever seen,

401
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Speaker 8: you know. It's very level fields and the only thing

402
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Speaker 8: that stops a bullet is.

403
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Speaker 2: A body, a human body, and the number of.

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Speaker 8: Soldiers that are being killed on both sides is astronomical.

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Speaker 8: I've never seen anything like it, and rapidly I get

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Speaker 8: reports every week and it's not even you know, it's

407
00:20:52,800 --> 00:20:56,840
Speaker 8: like just going down. Nobody's seen anything like it. It's

408
00:20:56,840 --> 00:20:59,080
Speaker 8: a very flat surface, a very flat land. That's why

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Speaker 8: it's great farming land. It's the it's the bread basket

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Speaker 8: for the world actually, but it's very flat and there's

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Speaker 8: nothing to stop a bullet but a body. There's no protection,

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Speaker 8: no nothing, and it's what's happening there is far worse

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Speaker 8: than people are reporting for both sides. So we're going

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Speaker 8: to do our best that we've been doing our best,

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Speaker 8: and we'll see what happens. But since the election, I've

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Speaker 8: been working every day to put the world at ease

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Speaker 8: a little bit, to get rid of the wars. We

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Speaker 8: had no wars when I left office, and now the whole.

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Speaker 2: World is blowing up.

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Speaker 8: But there's great optimism, and you saw that by soft bank.

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Speaker 2: Starting on day one, we'll implement.

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Speaker 8: The rapid series of bold reforms to restore our nation

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Speaker 8: to fold prosperity. We're going to go full prosperity and

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Speaker 8: to build the greatest economy the world has ever seen,

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Speaker 8: just as we had just a short time ago. We

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Speaker 8: had it in my turn, with the greatest economy that

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Speaker 8: the world had seen.

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Speaker 2: We were blue owing away everybody.

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Speaker 8: Our country was doubling up on China, doubling up on everybody,

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Speaker 8: and everybody knows it. And then we had to slow

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Speaker 8: it down with COVID, unfortunately at the end. But even

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Speaker 8: then I gave it back with a substantial increase of

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Speaker 8: the stock market.

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Speaker 2: Bigger than it was pre COVID, So it was pretty amazing.

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00:22:19,840 --> 00:22:23,400
Speaker 8: Already, preparations are underway to slash massive numbers of job

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00:22:23,480 --> 00:22:29,040
Speaker 8: killing regulationsing eliminating ten old regulations for every new one.

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Speaker 8: You put a new regulation on.

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Speaker 2: You have to get rid of ten and we'll be

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Speaker 2: able to do it. And that was about the percentage

440
00:22:34,800 --> 00:22:35,160
Speaker 2: we had.

441
00:22:35,240 --> 00:22:40,080
Speaker 8: We cut more regulations than any president has ever cut

442
00:22:40,119 --> 00:22:46,359
Speaker 8: by far, actually by approximately five times. Some of those regulations, unfortunately,

443
00:22:46,400 --> 00:22:47,199
Speaker 8: were put back on.

444
00:22:47,440 --> 00:22:51,320
Speaker 2: But we'll catch up very quickly. We'll catch up with it.

445
00:22:52,280 --> 00:22:55,160
Speaker 8: One of the things I'd like to ask the Biden administration,

446
00:22:55,240 --> 00:22:58,879
Speaker 8: as you probably heard, there are two events that took place.

447
00:22:58,880 --> 00:23:00,080
Speaker 2: We're talking about.

448
00:23:00,560 --> 00:23:06,320
Speaker 8: A friendly takeover, a friendly transition, as they like to say,

449
00:23:06,320 --> 00:23:09,200
Speaker 8: this is a friendly transition, and it is, but there

450
00:23:09,200 --> 00:23:10,040
Speaker 8: are two events.

451
00:23:09,800 --> 00:23:11,840
Speaker 2: That took place that I think are very terrible.

452
00:23:12,359 --> 00:23:14,280
Speaker 8: One is that if people don't come back to work,

453
00:23:14,320 --> 00:23:16,480
Speaker 8: come back into the office, they're going to be dismissed.

454
00:23:16,480 --> 00:23:20,120
Speaker 8: And somebody in the Biden administration gave a five year

455
00:23:20,200 --> 00:23:23,280
Speaker 8: waiver of that so that for five years people don't

456
00:23:23,320 --> 00:23:26,159
Speaker 8: have to come back into the office. It involved forty

457
00:23:26,240 --> 00:23:29,400
Speaker 8: nine thousand people for five years, they don't.

458
00:23:29,160 --> 00:23:31,880
Speaker 2: Have to go. They just signed this thing. It's ridiculous.

459
00:23:32,760 --> 00:23:36,080
Speaker 8: So it was like a gift to a union and

460
00:23:36,119 --> 00:23:38,040
Speaker 8: we're going to obviously be in court to stop. And

461
00:23:38,119 --> 00:23:42,520
Speaker 8: the other thing is really terrible. We spent a tremendous

462
00:23:42,560 --> 00:23:44,040
Speaker 8: amount of money in building the wall.

463
00:23:44,080 --> 00:23:44,720
Speaker 2: The wall was.

464
00:23:44,680 --> 00:23:48,240
Speaker 8: Designed specifically by the Border Patrol because it's very hard

465
00:23:48,280 --> 00:23:52,159
Speaker 8: to climb. They need to have see through They needed

466
00:23:52,320 --> 00:23:55,200
Speaker 8: to be steeled because you can't get it's very powerful steel.

467
00:23:55,200 --> 00:23:59,000
Speaker 8: It's very hard steal. It's a special type of steel,

468
00:23:59,040 --> 00:24:02,400
Speaker 8: but very very hard to cut. Inside the steel. As

469
00:24:02,440 --> 00:24:06,480
Speaker 8: you know, we pour concrete and that's a Grade ten concrete,

470
00:24:06,480 --> 00:24:10,320
Speaker 8: which is a very strong concrete, very as though you

471
00:24:10,359 --> 00:24:12,359
Speaker 8: were building about a sixty story building.

472
00:24:12,480 --> 00:24:14,040
Speaker 2: It's very powerful concrete.

473
00:24:14,359 --> 00:24:19,639
Speaker 8: They've made tremendous technology advances in the word concrete. Who

474
00:24:19,640 --> 00:24:21,640
Speaker 8: would think that, but I know that from the construction

475
00:24:21,760 --> 00:24:25,199
Speaker 8: industry today. What you can do with concrete is incredible.

476
00:24:25,280 --> 00:24:27,480
Speaker 8: So we have a very strong concrete and then we

477
00:24:27,560 --> 00:24:32,360
Speaker 8: have a rebar. We put rebar inside the concrete and

478
00:24:32,440 --> 00:24:34,560
Speaker 8: the rebar, likewise, is very hard to cut. So it's

479
00:24:34,600 --> 00:24:38,600
Speaker 8: a very expensive process, very expensive wall. And then we

480
00:24:38,640 --> 00:24:41,920
Speaker 8: put a anti climb plate on the top. You saw

481
00:24:41,960 --> 00:24:43,800
Speaker 8: that and I didn't like the look of it, But

482
00:24:43,840 --> 00:24:46,280
Speaker 8: then when I watched we had people testing, We had

483
00:24:46,280 --> 00:24:49,399
Speaker 8: mountain climbers actually testing, and they were not able to

484
00:24:49,400 --> 00:24:51,000
Speaker 8: get over the anti climb plate.

485
00:24:51,080 --> 00:24:52,280
Speaker 2: So I said, all right, I guess we're going to

486
00:24:52,359 --> 00:24:54,080
Speaker 2: put it on that.

487
00:24:54,000 --> 00:24:57,359
Speaker 8: Plate on top, which I never loved the look of it,

488
00:24:57,440 --> 00:25:00,000
Speaker 8: but it works so unbelievable.

489
00:25:00,240 --> 00:25:01,600
Speaker 2: Well, you have to do it.

490
00:25:01,680 --> 00:25:03,679
Speaker 8: So we spent a lot of money in building it,

491
00:25:03,680 --> 00:25:05,919
Speaker 8: and we have hundreds of miles that we put up.

492
00:25:05,960 --> 00:25:07,640
Speaker 8: A lot of people don't realize, but we did five

493
00:25:07,720 --> 00:25:10,320
Speaker 8: hundred and seventy one miles of wall. That's why we

494
00:25:10,359 --> 00:25:13,000
Speaker 8: had such good records, in addition to the fact that

495
00:25:13,080 --> 00:25:16,960
Speaker 8: Mexico helped us with their military. They kept people out

496
00:25:17,720 --> 00:25:20,439
Speaker 8: and they were actually very good under the past leader.

497
00:25:21,160 --> 00:25:25,920
Speaker 8: But now had we ordered an additional two hundred miles

498
00:25:25,960 --> 00:25:29,720
Speaker 8: of wall, it's very expensive, and now it's about double

499
00:25:29,760 --> 00:25:32,040
Speaker 8: the price of what it would have been six years ago,

500
00:25:32,920 --> 00:25:36,640
Speaker 8: and the administration is trying to sell it for five

501
00:25:36,680 --> 00:25:39,520
Speaker 8: cents on the dollar, knowing that we're getting ready to

502
00:25:39,520 --> 00:25:43,280
Speaker 8: put it up, and what they're doing is really an act.

503
00:25:43,560 --> 00:25:46,920
Speaker 8: It's almost it's almost a criminal act. They know we're

504
00:25:46,920 --> 00:25:49,800
Speaker 8: going to use it, and if we don't have it,

505
00:25:49,800 --> 00:25:52,600
Speaker 8: we're going to have to rebuild it, and it'll cost

506
00:25:52,960 --> 00:25:55,479
Speaker 8: double what it costs years ago, and that's hundreds of

507
00:25:55,520 --> 00:26:00,600
Speaker 8: millions of dollars because you're talking about a lot of wall. Well,

508
00:26:00,680 --> 00:26:02,439
Speaker 8: I built much more than I said I was going

509
00:26:02,520 --> 00:26:05,520
Speaker 8: to build. But then after it was built, I said,

510
00:26:05,560 --> 00:26:08,480
Speaker 8: you know, we can do some more because it's sort

511
00:26:08,520 --> 00:26:11,920
Speaker 8: of like water people flow through and that will pretty

512
00:26:11,960 --> 00:26:14,359
Speaker 8: much really take care of it. And what happened is

513
00:26:14,440 --> 00:26:17,040
Speaker 8: they just as you see, they're trying to sell it

514
00:26:17,080 --> 00:26:21,320
Speaker 8: for five cents of the dollar. And that's really that

515
00:26:21,359 --> 00:26:24,920
Speaker 8: has nothing to do with a smooth transition. That has

516
00:26:24,960 --> 00:26:28,600
Speaker 8: to do with people really trying to stop our nation.

517
00:26:29,440 --> 00:26:31,760
Speaker 8: And all it means really is that we're going to

518
00:26:31,800 --> 00:26:36,200
Speaker 8: spend hundreds of millions of dollars more, not even talking

519
00:26:36,240 --> 00:26:40,200
Speaker 8: about the time. Time would be pretty long, but we'll

520
00:26:40,240 --> 00:26:44,120
Speaker 8: spend hundreds of millions of dollars more on.

521
00:26:44,240 --> 00:26:45,879
Speaker 2: Building the same wall that we already have.

522
00:26:46,680 --> 00:26:50,760
Speaker 8: And people have already come back to us that have

523
00:26:50,880 --> 00:26:53,400
Speaker 8: deals at five cents and four cents, and one guy

524
00:26:53,440 --> 00:26:57,199
Speaker 8: at three cents on the dollar, and they offered to

525
00:26:57,240 --> 00:27:00,439
Speaker 8: sell it back to us at more money then it

526
00:27:00,560 --> 00:27:03,840
Speaker 8: costs us to build substantially, can you believe it. So

527
00:27:03,880 --> 00:27:05,800
Speaker 8: they make a deal with the United States to buy

528
00:27:05,800 --> 00:27:08,760
Speaker 8: it for pennies and then they call us, and they say,

529
00:27:08,800 --> 00:27:11,399
Speaker 8: do you want to buy it back? We'll sell it

530
00:27:11,480 --> 00:27:15,640
Speaker 8: back to you for hundreds of dollars a foot, hundreds

531
00:27:15,680 --> 00:27:18,240
Speaker 8: of dollars from pennies to hundreds of dollars a foot.

532
00:27:19,640 --> 00:27:22,000
Speaker 2: And we can't let this take place. Now, we're going

533
00:27:22,080 --> 00:27:22,280
Speaker 2: to go.

534
00:27:22,320 --> 00:27:24,760
Speaker 8: I spoke with the Attorney General of Texas. I spoke

535
00:27:24,800 --> 00:27:27,640
Speaker 8: to the Senators of Texas. I spoke to a lot

536
00:27:27,680 --> 00:27:30,399
Speaker 8: of people, and hopefully they'll be able to stop. We're

537
00:27:30,400 --> 00:27:33,440
Speaker 8: going to be having a restraining order. But just think

538
00:27:33,480 --> 00:27:36,480
Speaker 8: about how ridiculous it is. And this is just people

539
00:27:36,520 --> 00:27:39,160
Speaker 8: that don't want this country to succeed. And this has

540
00:27:39,200 --> 00:27:42,399
Speaker 8: nothing to do with Democrat or Republican. This has to

541
00:27:42,400 --> 00:27:46,280
Speaker 8: do with common sense. We won on common sense, and

542
00:27:46,359 --> 00:27:50,400
Speaker 8: this is maybe one of the most egregious examples I've seen.

543
00:27:50,520 --> 00:27:52,960
Speaker 8: So the people that are buying it, are trying to

544
00:27:52,960 --> 00:27:54,520
Speaker 8: buy it, are trying to make a deal with us

545
00:27:54,520 --> 00:27:58,240
Speaker 8: to sell it back at hundreds of times more, hundreds

546
00:27:58,280 --> 00:28:03,480
Speaker 8: of times more then we paid. And this is all

547
00:28:03,520 --> 00:28:07,440
Speaker 8: because the deb So I'm asking today Joe Biden to

548
00:28:07,480 --> 00:28:09,360
Speaker 8: please stop selling the world.

549
00:28:09,400 --> 00:28:10,200
Speaker 2: We're going to use that.

550
00:28:10,880 --> 00:28:13,240
Speaker 8: To create a strong barrier.

551
00:28:14,400 --> 00:28:15,520
Speaker 2: And it worked.

552
00:28:15,560 --> 00:28:18,280
Speaker 8: That's why our numbers were so good. It really worked,

553
00:28:18,320 --> 00:28:21,399
Speaker 8: and it worked well, and it's very expensive to do,

554
00:28:21,720 --> 00:28:24,919
Speaker 8: and I'm asking Joe Biden to stop his people from

555
00:28:25,160 --> 00:28:30,720
Speaker 8: giving it away. It's something that people can't even believe

556
00:28:30,800 --> 00:28:34,560
Speaker 8: is happening. So hopefully Joe will be able to stop it.

557
00:28:35,400 --> 00:28:38,680
Speaker 8: We'll soon unleash American energy and this will be done

558
00:28:38,680 --> 00:28:42,200
Speaker 8: at the levels not seen before, issuing quick approvals for pipelines,

559
00:28:42,280 --> 00:28:46,720
Speaker 8: drilling another infrastructure. It'll be clean energy, and we'll bring

560
00:28:46,760 --> 00:28:49,040
Speaker 8: in the price of electricity and we're going to bring

561
00:28:49,080 --> 00:28:51,920
Speaker 8: it down fast. We're also going to create clean coal.

562
00:28:52,040 --> 00:28:57,200
Speaker 8: Clean coal is something that has really taken over. We

563
00:28:57,280 --> 00:29:00,520
Speaker 8: have coal that will last for over a thousand years.

564
00:29:00,600 --> 00:29:03,640
Speaker 8: We have so much call, and with a process, it

565
00:29:03,720 --> 00:29:08,040
Speaker 8: becomes clean call. It's very powerful energy. Unlike wind. It's

566
00:29:08,160 --> 00:29:10,440
Speaker 8: very very powerful. And we're going to be doing a

567
00:29:10,440 --> 00:29:14,280
Speaker 8: lot of clean call for the people of West Virginia

568
00:29:14,360 --> 00:29:17,800
Speaker 8: and others, Wyoming, so many states. We have great states,

569
00:29:18,560 --> 00:29:20,760
Speaker 8: and they'll be happy to hear it. But we're going

570
00:29:20,800 --> 00:29:24,160
Speaker 8: to be very much into clean call. I don't ever

571
00:29:24,240 --> 00:29:26,160
Speaker 8: use the word call. I use the word clean call.

572
00:29:26,960 --> 00:29:30,160
Speaker 8: And I'll keep my promise to pass historic tax cuts

573
00:29:30,160 --> 00:29:34,680
Speaker 8: for American families, workers, and businesses that create jobs in America.

574
00:29:35,240 --> 00:29:38,120
Speaker 8: As you know, we're giving tax cuts if they do it.

575
00:29:38,160 --> 00:29:38,360
Speaker 2: Here.

576
00:29:38,400 --> 00:29:41,680
Speaker 8: We brought it down from forty four percent forty two percent.

577
00:29:42,560 --> 00:29:45,520
Speaker 8: In some cases it was thirty nine. We brought it

578
00:29:45,560 --> 00:29:48,720
Speaker 8: all the way down to twenty one percent, and now

579
00:29:48,720 --> 00:29:50,800
Speaker 8: we're bringing it down to fifteen but only if they

580
00:29:50,800 --> 00:29:53,520
Speaker 8: make their product, their car or whatever they're doing in

581
00:29:53,560 --> 00:29:56,960
Speaker 8: the United States in the US and people are thrilled.

582
00:29:56,960 --> 00:29:59,560
Speaker 8: I've had the smartest people on Walston called me. They said,

583
00:29:59,560 --> 00:30:02,000
Speaker 8: when do you get that idea? And it doesn't seem

584
00:30:02,040 --> 00:30:04,600
Speaker 8: that complicated, right, but it's nobody else.

585
00:30:04,600 --> 00:30:07,280
Speaker 2: It's like the paper clip. Nobody ever thought of it.

586
00:30:07,520 --> 00:30:08,400
Speaker 2: One guy thought of it.

587
00:30:08,520 --> 00:30:11,760
Speaker 8: Everybody looked at it, and they said, Wow, that was

588
00:30:11,800 --> 00:30:12,320
Speaker 8: a good idea.

589
00:30:12,360 --> 00:30:13,400
Speaker 2: Why didn't I think of it?

590
00:30:14,000 --> 00:30:16,520
Speaker 8: But we're bringing it down six more points and that

591
00:30:16,600 --> 00:30:21,520
Speaker 8: will put us really at the UH the best level

592
00:30:21,640 --> 00:30:24,760
Speaker 8: we've ever had for bringing in business. We've never been

593
00:30:24,800 --> 00:30:29,400
Speaker 8: down to. That level will be among the lowest tax states,

594
00:30:29,440 --> 00:30:31,040
Speaker 8: and a lot of businesses are going to come in

595
00:30:31,080 --> 00:30:34,400
Speaker 8: Between that and our taxing and tariff policies, We're going

596
00:30:34,480 --> 00:30:37,440
Speaker 8: to have business like nobody's ever seen in this country before.

597
00:30:37,800 --> 00:30:40,080
Speaker 8: That's why we're, you know, having a forty one year

598
00:30:40,160 --> 00:30:43,800
Speaker 8: record in optimism from small businesses and big businesses.

599
00:30:44,640 --> 00:30:45,360
Speaker 2: And I'll keep my.

600
00:30:45,640 --> 00:30:49,240
Speaker 8: Promise to pass historic tax cuts for families, workers, and

601
00:30:49,320 --> 00:30:53,240
Speaker 8: businesses that create jobs in America. Any business that invests

602
00:30:53,240 --> 00:30:55,720
Speaker 8: one billion dollars or more in the United States will

603
00:30:55,760 --> 00:31:01,320
Speaker 8: be eligible for fully expedited permits and approvals, including environmental approvals,

604
00:31:01,800 --> 00:31:05,160
Speaker 8: from the federal government. So when companies come in, if

605
00:31:05,160 --> 00:31:07,440
Speaker 8: they're going to invest a billion dollars and more, there'll

606
00:31:07,480 --> 00:31:10,280
Speaker 8: be many of them, and they'll go into Detroit, and

607
00:31:10,280 --> 00:31:12,600
Speaker 8: they're going to a lot of places where we want them.

608
00:31:13,400 --> 00:31:15,400
Speaker 8: You saw how well I did with the auto workers.

609
00:31:15,440 --> 00:31:17,600
Speaker 8: We did unbelievably well. You saw how well we did

610
00:31:17,640 --> 00:31:22,520
Speaker 8: with the teamsters, and also the non union were record

611
00:31:22,600 --> 00:31:26,120
Speaker 8: ninety eight percent, ninety seven percent. Nobody's ever got numbers

612
00:31:26,160 --> 00:31:28,880
Speaker 8: like that. Because we're bringing business back and they're all

613
00:31:28,880 --> 00:31:33,120
Speaker 8: coming back. We lost them over years of stupidity. I

614
00:31:33,920 --> 00:31:36,840
Speaker 8: call it the years of stupidity, the decades of stupidity.

615
00:31:37,560 --> 00:31:41,600
Speaker 8: Through the Department of Government Efficiency, Elon Musk has been

616
00:31:41,640 --> 00:31:46,920
Speaker 8: working very hard with various people including Vivek will go

617
00:31:47,040 --> 00:31:50,680
Speaker 8: to eliminate hundreds of billions of dollars of wasting fraud,

618
00:31:50,720 --> 00:31:52,240
Speaker 8: and I can only tell you, I'll give you a

619
00:31:52,280 --> 00:31:55,120
Speaker 8: little early report. They're finding things that you wouldn't even believe.

620
00:31:56,080 --> 00:32:00,200
Speaker 8: So we're looking to say, maybe two trillion dollars will

621
00:32:00,200 --> 00:32:00,960
Speaker 8: have no impact.

622
00:32:01,000 --> 00:32:03,480
Speaker 2: Actually it'll make life better, but it'll have no impact

623
00:32:03,520 --> 00:32:03,920
Speaker 2: on people.

624
00:32:04,040 --> 00:32:07,000
Speaker 8: It's not like we're we will never cut social security

625
00:32:07,160 --> 00:32:11,160
Speaker 8: things like that. It's just waste, fraud and abuse. And

626
00:32:11,200 --> 00:32:15,120
Speaker 8: we'll immediately restore the sovereign borders of the United States

627
00:32:15,120 --> 00:32:18,560
Speaker 8: and stop illegal immigration, which is costing US I believe

628
00:32:18,640 --> 00:32:21,560
Speaker 8: trillions of dollars a year. I think it's a cost

629
00:32:21,640 --> 00:32:24,840
Speaker 8: that nobody's ever seen anything like it. I don't know

630
00:32:25,160 --> 00:32:30,360
Speaker 8: how can you be satisfied releasing prisoners into the Uniteds.

631
00:32:30,400 --> 00:32:34,000
Speaker 8: To think of this, you're releasing prisoners from jails all

632
00:32:34,000 --> 00:32:37,120
Speaker 8: over the world, not just in South America, from the Congo.

633
00:32:37,200 --> 00:32:38,600
Speaker 2: I would talk about it all the time.

634
00:32:38,600 --> 00:32:42,240
Speaker 8: They're a very big sender of people, but from all

635
00:32:42,240 --> 00:32:45,240
Speaker 8: over the world. They're sending prisoners out of their jails.

636
00:32:45,560 --> 00:32:47,920
Speaker 8: Some of their jails are empty, and they will be

637
00:32:47,960 --> 00:32:51,160
Speaker 8: empty soon. If this ever continued, I spoke with a

638
00:32:51,240 --> 00:32:53,480
Speaker 8: president of Mexico, and as you know, I spoke with

639
00:32:54,520 --> 00:33:00,240
Speaker 8: Justin Trudeau of Canada, and we told them, not fair,

640
00:33:00,440 --> 00:33:02,960
Speaker 8: not right. Can't let these people come into our country.

641
00:33:03,240 --> 00:33:06,680
Speaker 8: And they understand they're very much unnoticed and they're going

642
00:33:06,760 --> 00:33:10,120
Speaker 8: to have to stop this from happening. They're going to

643
00:33:10,160 --> 00:33:12,080
Speaker 8: have to stop it. We lose a lot of money

644
00:33:12,080 --> 00:33:14,440
Speaker 8: to Mexico, We lose a lot of money to Canada,

645
00:33:14,560 --> 00:33:18,120
Speaker 8: tremendous money. We're subsidizing Canada with subsidizing Mexico.

646
00:33:18,200 --> 00:33:18,880
Speaker 2: That can't go wrong.

647
00:33:19,640 --> 00:33:21,640
Speaker 8: Then I get along with the people of Mexico and

648
00:33:21,680 --> 00:33:26,480
Speaker 8: Canada very well, but we can't let that happen. Why

649
00:33:26,520 --> 00:33:31,240
Speaker 8: are we supporting and giving other countries hundreds of billions

650
00:33:31,280 --> 00:33:34,800
Speaker 8: of dollars. It's not fair, it's not right, and the

651
00:33:34,880 --> 00:33:38,520
Speaker 8: people of Mexico and Canada fully understand that. We've talked

652
00:33:38,520 --> 00:33:40,760
Speaker 8: about it before, but now we're doing something about it.

653
00:33:40,800 --> 00:33:44,440
Speaker 8: We started and then we had to fix the COVID situation,

654
00:33:44,760 --> 00:33:47,479
Speaker 8: and that's what we did. But now we're doing it.

655
00:33:47,560 --> 00:33:50,360
Speaker 8: We're doing it from the beginning. Howard will be largely

656
00:33:50,400 --> 00:33:53,480
Speaker 8: in charge. We'll be working on her together. Howard's terrific

657
00:33:53,520 --> 00:33:56,520
Speaker 8: he's done a fantastic job, and he's now we leave.

658
00:33:56,600 --> 00:33:59,200
Speaker 3: President elect Donald Trump was discussing.

659
00:33:59,040 --> 00:34:03,680
Speaker 4: How Lonk, of course, and he's been discussing tax cuts

660
00:34:04,120 --> 00:34:08,920
Speaker 4: being promised, also asking on the current president Biden to.

661
00:34:08,920 --> 00:34:10,400
Speaker 3: Stop selling the border wall parts.

662
00:34:10,480 --> 00:34:13,000
Speaker 4: Is seeking a restraining order for border wall parts sales,

663
00:34:13,040 --> 00:34:17,480
Speaker 4: he says, criticizing basically the administration's.

664
00:34:16,120 --> 00:34:19,359
Speaker 3: Selling of border war parts. He says, they're going to be.

665
00:34:19,320 --> 00:34:22,319
Speaker 4: Fighting as well what they call federal workers return to

666
00:34:22,360 --> 00:34:26,760
Speaker 4: office waiver, and there's work underway to slash regulation more broadly.

667
00:34:26,800 --> 00:34:29,239
Speaker 4: He named checks FIVEK and of course Elon Musk there

668
00:34:29,680 --> 00:34:31,960
Speaker 4: and they made some progress as well in stopping the

669
00:34:32,000 --> 00:34:32,800
Speaker 4: war in Ukraine.

670
00:34:33,280 --> 00:34:34,080
Speaker 3: You want to go back to.

671
00:34:34,160 --> 00:34:38,640
Speaker 4: Also, though, the business being announced by, of course, the

672
00:34:38,680 --> 00:34:42,399
Speaker 4: CEO of SoftBank, Massioshi's son. He's the founder who's coming

673
00:34:42,440 --> 00:34:44,919
Speaker 4: on to talk about the one hundred billion dollars that's

674
00:34:44,920 --> 00:34:46,719
Speaker 4: going to be invested by soft Bank into the United

675
00:34:46,760 --> 00:34:48,800
Speaker 4: States over the next four years, the one hundred thousand

676
00:34:48,880 --> 00:34:50,880
Speaker 4: jobs made, and in fact, he was saying he's going

677
00:34:50,960 --> 00:34:54,120
Speaker 4: to try and make it even bigger two hundred thousand potentially.

678
00:34:54,200 --> 00:34:57,640
Speaker 4: Let's get to Mike Shephard and just let's focus first

679
00:34:57,719 --> 00:35:00,239
Speaker 4: on the tech side of all of this, because.

680
00:35:00,120 --> 00:35:01,359
Speaker 3: It's deja vous.

681
00:35:01,520 --> 00:35:05,239
Speaker 4: We saw half the amount promised, and they are said

682
00:35:05,280 --> 00:35:08,000
Speaker 4: to have been delivered by Massa back in twenty sixteen.

683
00:35:10,000 --> 00:35:12,919
Speaker 1: This is an echo of what we saw eight years ago,

684
00:35:13,120 --> 00:35:15,800
Speaker 1: almost to the day, when Masa Isshu saw him made

685
00:35:15,840 --> 00:35:19,880
Speaker 1: this promise at Trump Tower of a fifty billion dollar

686
00:35:19,960 --> 00:35:23,800
Speaker 1: investment with fifty thousand jobs. And as Peter our colleague

687
00:35:24,200 --> 00:35:28,759
Speaker 1: discussed earlier in the program, he largely made good on that.

688
00:35:29,360 --> 00:35:31,880
Speaker 1: Trump is putting him on the spot today a little

689
00:35:31,880 --> 00:35:37,080
Speaker 1: bit already inking this one hundred billion dollar promise one

690
00:35:37,160 --> 00:35:40,120
Speaker 1: hundred thousand jobs and trying to get him to double

691
00:35:40,320 --> 00:35:44,319
Speaker 1: even that. And we heard Peter talk about how Masa

692
00:35:44,400 --> 00:35:47,279
Speaker 1: issue Saw may not have all that much in the

693
00:35:47,320 --> 00:35:50,000
Speaker 1: tank to be able to pull it off. But at

694
00:35:50,000 --> 00:35:52,799
Speaker 1: the same time we heard Son talk about how he

695
00:35:52,880 --> 00:35:57,040
Speaker 1: has such confidence in the incoming administration that maybe this

696
00:35:57,080 --> 00:35:59,680
Speaker 1: will be a way to help him gain some of

697
00:35:59,680 --> 00:36:02,400
Speaker 1: those investments and gain that capital needs.

698
00:36:02,120 --> 00:36:05,200
Speaker 4: And the support of the next administration. The support of

699
00:36:05,400 --> 00:36:08,920
Speaker 4: Donald Trump as president shouldn't come as a surprise, Mike.

700
00:36:10,160 --> 00:36:10,879
Speaker 2: No, not at all.

701
00:36:10,960 --> 00:36:13,720
Speaker 1: And what was interesting also is how the president After

702
00:36:14,400 --> 00:36:17,799
Speaker 1: Somem left the stage, he talked about his commitment to

703
00:36:18,120 --> 00:36:22,480
Speaker 1: trying to I guess, revive and reinvigorate the economy from

704
00:36:22,560 --> 00:36:26,200
Speaker 1: the business perspective, not only by cutting corporate tax rates,

705
00:36:26,320 --> 00:36:28,759
Speaker 1: but by trying to cut red tape. And just last

706
00:36:28,760 --> 00:36:32,080
Speaker 1: week we heard him make the pledge that he reiterated

707
00:36:32,120 --> 00:36:35,520
Speaker 1: today that anyone investing a billion dollars or more in

708
00:36:35,600 --> 00:36:39,160
Speaker 1: the US would get speedier permit review. And that has

709
00:36:39,200 --> 00:36:42,319
Speaker 1: been an issue that we've heard energy companies and even

710
00:36:42,400 --> 00:36:45,040
Speaker 1: tech companies bring up. The tech companies that are getting

711
00:36:45,080 --> 00:36:48,239
Speaker 1: into AI have such energy demands that they need for

712
00:36:48,280 --> 00:36:51,840
Speaker 1: their data centers, and without that kind of support to

713
00:36:51,920 --> 00:36:55,359
Speaker 1: speed those projects, they see their AI ambitions at risk

714
00:36:55,400 --> 00:36:56,160
Speaker 1: of being slowed.

715
00:36:56,760 --> 00:37:00,839
Speaker 4: We can indeed see onto social web. Presidentelect Trump had

716
00:37:00,840 --> 00:37:04,600
Speaker 4: to discuss the one billion dollars or more that can

717
00:37:04,640 --> 00:37:06,719
Speaker 4: be allocated to the United States and therefore getting that

718
00:37:06,800 --> 00:37:11,640
Speaker 4: expedited approval and permitting. Mike, it is seemingly all about AI,

719
00:37:11,800 --> 00:37:15,760
Speaker 4: all about energy when it comes to Mass's investment. Last time,

720
00:37:15,920 --> 00:37:18,359
Speaker 4: it seemed to be a whole host of I mean

721
00:37:18,480 --> 00:37:21,759
Speaker 4: people talking to the hundreds of companies that Soft Bank

722
00:37:21,800 --> 00:37:24,760
Speaker 4: put money into it via the Vision Fund and indeed buys.

723
00:37:24,600 --> 00:37:25,560
Speaker 3: Soft Bank directly.

724
00:37:25,840 --> 00:37:29,000
Speaker 4: We already see this money being allocated to Open AI,

725
00:37:29,120 --> 00:37:31,920
Speaker 4: for example. Are we expecting a mixture of startups and

726
00:37:31,960 --> 00:37:34,960
Speaker 4: publicly traded companies? Is there anything discerning as to the

727
00:37:35,000 --> 00:37:37,240
Speaker 4: direction of travel of which companies are going to be backed?

728
00:37:38,520 --> 00:37:41,320
Speaker 1: You know, it's really tough to say right now exactly

729
00:37:41,400 --> 00:37:45,120
Speaker 1: how this money would be applied if it refers back

730
00:37:45,120 --> 00:37:49,960
Speaker 1: to already planned investments by soft Bank in other ventures

731
00:37:49,960 --> 00:37:52,600
Speaker 1: and vehicles, we just don't have those details. And in

732
00:37:52,600 --> 00:37:55,560
Speaker 1: a way, just like Trump's truth social post on cutting

733
00:37:55,600 --> 00:37:59,000
Speaker 1: red tape and regulation, we really don't know exactly how

734
00:37:59,040 --> 00:38:01,480
Speaker 1: he intends to do that either. So we're going to

735
00:38:01,560 --> 00:38:04,239
Speaker 1: have to see how this unfolds. And there will be

736
00:38:04,280 --> 00:38:07,719
Speaker 1: more to come from masseoshusan how much of this money

737
00:38:07,800 --> 00:38:11,200
Speaker 1: gets deployed into the US, how quickly and toward whom?

738
00:38:11,280 --> 00:38:13,440
Speaker 1: And I think there are a lot of startups, including

739
00:38:13,480 --> 00:38:16,440
Speaker 1: people who have ties into the administration, who will be

740
00:38:16,719 --> 00:38:18,879
Speaker 1: very interested in that kind of a partnership.

741
00:38:19,640 --> 00:38:22,279
Speaker 4: Mike Shepherd always a joy. Thank you for breaking it

742
00:38:22,320 --> 00:38:24,759
Speaker 4: all down. Meanwhile, coming up, we'll have plenty more on

743
00:38:24,800 --> 00:38:27,240
Speaker 4: the future of the media landscape as well as costs

744
00:38:27,239 --> 00:38:40,800
Speaker 4: of AI's power hungry features. More next this bloombag technology.

745
00:38:43,800 --> 00:38:47,120
Speaker 4: We are watching bloombag technology right now and we're bringing

746
00:38:47,160 --> 00:38:49,839
Speaker 4: you the latest out. Of course, Trump speaking in Mara

747
00:38:49,960 --> 00:38:53,800
Speaker 4: Lago at a press conference discussing the future of TikTok

748
00:38:53,920 --> 00:38:55,960
Speaker 4: at the moment, so keep a close eye. They said

749
00:38:55,960 --> 00:38:58,160
Speaker 4: they're going to be taking a look at TikTok. We

750
00:38:58,200 --> 00:39:00,520
Speaker 4: know at the moment that the TikTok it's elf did

751
00:39:00,560 --> 00:39:02,560
Speaker 4: not get the pause that had wanted to see on

752
00:39:02,600 --> 00:39:05,600
Speaker 4: the potential divestment or ban that is likely to come

753
00:39:05,600 --> 00:39:09,239
Speaker 4: intoffect on January the nineteenth, the day before Trump is inaugurated.

754
00:39:09,400 --> 00:39:12,360
Speaker 4: So taking a look at the social media platform TikTok

755
00:39:12,640 --> 00:39:14,719
Speaker 4: will bring you any more breaking news coming from that

756
00:39:14,719 --> 00:39:16,319
Speaker 4: press conference. But we want to check in on the

757
00:39:16,320 --> 00:39:18,600
Speaker 4: markets because we are currently on the risk on attitude.

758
00:39:18,600 --> 00:39:21,160
Speaker 4: We're up NASA one hundred almost a percentage point higher.

759
00:39:21,200 --> 00:39:23,319
Speaker 4: Chip Make is Broadcom leading us on the higher side

760
00:39:23,320 --> 00:39:26,440
Speaker 4: as well. We're seeing Bitcoin up some three four percent,

761
00:39:26,480 --> 00:39:28,840
Speaker 4: a new record high. Once again, is MicroStrategy going to

762
00:39:28,840 --> 00:39:31,960
Speaker 4: be inducted into the NASA one hundred More money therefore

763
00:39:31,960 --> 00:39:34,960
Speaker 4: going there from allocated funds and what does that mean

764
00:39:35,000 --> 00:39:37,680
Speaker 4: more money probably likely to be spent on bitcoin by

765
00:39:37,680 --> 00:39:40,080
Speaker 4: that particular name. Meanwhile, we want to go back to

766
00:39:40,080 --> 00:39:41,799
Speaker 4: what has been the story of the day, and it's

767
00:39:41,960 --> 00:39:44,880
Speaker 4: investment into the United States as well, coming from SoftBank.

768
00:39:44,920 --> 00:39:48,000
Speaker 4: Massa was just at that press conference in Marinaco, massasun

769
00:39:48,120 --> 00:39:50,759
Speaker 4: of course CEO of soft Bank committing is going to

770
00:39:50,800 --> 00:39:53,400
Speaker 4: try two hundred billion dollars, but he has committed to

771
00:39:53,440 --> 00:39:55,800
Speaker 4: one hundred billion dollars of investment in AI and energy

772
00:39:55,800 --> 00:39:56,600
Speaker 4: and infrastructure.

773
00:39:56,880 --> 00:39:58,560
Speaker 3: That following on, of course, for the.

774
00:39:58,480 --> 00:40:01,839
Speaker 4: Fifty billion dollars he promised back in twenty sixteen. ARM

775
00:40:01,880 --> 00:40:04,040
Speaker 4: holding is interestingly down on the news. We're off by

776
00:40:04,280 --> 00:40:06,480
Speaker 4: five percent. It happens to me having its day in court.

777
00:40:06,520 --> 00:40:08,880
Speaker 4: We understand being reported that ARM and Qualcom had their

778
00:40:08,880 --> 00:40:10,879
Speaker 4: first day in court. Of course ARM and qual Com

779
00:40:10,880 --> 00:40:13,759
Speaker 4: buying over the future of their relationship. But maybe some

780
00:40:13,920 --> 00:40:16,320
Speaker 4: hypotheticals as to what ARM would mean in terms of

781
00:40:16,360 --> 00:40:19,200
Speaker 4: the ninety percent holding that SoftBank has in it if

782
00:40:19,200 --> 00:40:22,640
Speaker 4: he's going to be raising more funds. Let's also discuss

783
00:40:22,880 --> 00:40:24,759
Speaker 4: what it means to the investment landscape more broadly here

784
00:40:24,760 --> 00:40:28,040
Speaker 4: in the United States at the moment from a VC perspective, Look,

785
00:40:28,120 --> 00:40:31,279
Speaker 4: there's plenty of news when we're thinking about American AI startups,

786
00:40:31,600 --> 00:40:34,000
Speaker 4: and we've got a perfect voice on the Excel partner.

787
00:40:34,320 --> 00:40:36,920
Speaker 4: Mark Whiteground is with us today's VC spotlight.

788
00:40:37,239 --> 00:40:38,440
Speaker 3: Matt, you are.

789
00:40:38,320 --> 00:40:41,880
Speaker 4: Someone who's just been allocating interestingly to a public company

790
00:40:42,200 --> 00:40:44,960
Speaker 4: is of course based in Europe, but thinking about AI infrastructure,

791
00:40:45,000 --> 00:40:47,520
Speaker 4: about access to the cloud. Nimbus is the name of

792
00:40:47,520 --> 00:40:49,279
Speaker 4: the company you're looking at, But you're also just thinking

793
00:40:49,280 --> 00:40:51,360
Speaker 4: of the turf warfare that's out there to allocate money

794
00:40:51,600 --> 00:40:53,160
Speaker 4: to generator AIAI.

795
00:40:53,719 --> 00:40:55,799
Speaker 3: This is just going to add to the party.

796
00:40:55,520 --> 00:40:58,200
Speaker 10: Right, Yeah, absolutely, Well, first, thanks for having me on.

797
00:40:58,320 --> 00:41:00,640
Speaker 10: But we had Excel our big believers that we're only

798
00:41:00,640 --> 00:41:03,160
Speaker 10: in the early innings of laying down the infrastructure that's

799
00:41:03,160 --> 00:41:06,680
Speaker 10: going to be required to actually support this massive technological

800
00:41:06,719 --> 00:41:10,279
Speaker 10: wave of AI. So this committed investment doesn't surprise me

801
00:41:10,320 --> 00:41:12,000
Speaker 10: at all to see it coming in because we do

802
00:41:12,040 --> 00:41:14,759
Speaker 10: need that infrastructure. So I'm excited to see more infrastructure

803
00:41:14,760 --> 00:41:15,760
Speaker 10: being laid down for AI.

804
00:41:15,920 --> 00:41:18,160
Speaker 4: Okay, where are you seeing the biggest opportunities. You've just

805
00:41:18,200 --> 00:41:21,680
Speaker 4: made this allocation of funds into a publicly traded allocator

806
00:41:21,719 --> 00:41:24,480
Speaker 4: of cloud. We've got Core, We've already out there as

807
00:41:24,520 --> 00:41:27,320
Speaker 4: a big pivot from all these companies that we're looking

808
00:41:27,360 --> 00:41:29,600
Speaker 4: at bitcoin mining and now getting into the world at

809
00:41:29,600 --> 00:41:33,560
Speaker 4: cloud computing. But what next in terms of areas that

810
00:41:33,640 --> 00:41:34,440
Speaker 4: you think are fruitful?

811
00:41:34,760 --> 00:41:35,480
Speaker 7: Yeah, absolutely so.

812
00:41:35,480 --> 00:41:38,200
Speaker 10: At Excel we broadly invest across two different facets of AI.

813
00:41:38,560 --> 00:41:41,120
Speaker 10: We think about infrastructure, which ATBs is very much an

814
00:41:41,120 --> 00:41:43,759
Speaker 10: example of that, also investing in companies like Scale AI

815
00:41:43,840 --> 00:41:46,840
Speaker 10: in the infrastructure layer helping build the data engine for AI.

816
00:41:47,160 --> 00:41:49,160
Speaker 10: But then we can't forget about the applications that are

817
00:41:49,160 --> 00:41:51,399
Speaker 10: going to run on that infrastructure. So we see great

818
00:41:51,440 --> 00:41:55,720
Speaker 10: opportunities in both enterprise and consumer applications. Our most recent

819
00:41:55,800 --> 00:41:58,279
Speaker 10: investment in the consumer side of things was into a

820
00:41:58,280 --> 00:42:01,360
Speaker 10: company called Speak, supporting language learning for AI.

821
00:42:02,920 --> 00:42:05,839
Speaker 4: So that is the tussle right at the moment. There

822
00:42:05,920 --> 00:42:08,720
Speaker 4: is an awful lot of money being allocated to building

823
00:42:09,680 --> 00:42:13,200
Speaker 4: picks and shovels infrastructure, and many feel the valuations potentially

824
00:42:13,239 --> 00:42:14,959
Speaker 4: have gone out of whack. There we now go into

825
00:42:14,960 --> 00:42:17,480
Speaker 4: the killer applications that many are still waiting on. Do

826
00:42:17,520 --> 00:42:20,000
Speaker 4: you think we're actually there and people aren't seeing the

827
00:42:20,040 --> 00:42:21,680
Speaker 4: application and generator of AI right now?

828
00:42:21,719 --> 00:42:22,960
Speaker 3: The real productivity games.

829
00:42:23,840 --> 00:42:25,759
Speaker 10: Absolutely, we see it from the ground up, and we

830
00:42:25,800 --> 00:42:28,359
Speaker 10: see companies that are gaining real traction and driving real

831
00:42:28,440 --> 00:42:31,239
Speaker 10: value both in enterprise and consumer. So, although it is

832
00:42:31,280 --> 00:42:33,120
Speaker 10: still the early innings and a lot of the emphasis

833
00:42:33,160 --> 00:42:35,400
Speaker 10: has been on that infrastructure the training to get us

834
00:42:35,440 --> 00:42:37,719
Speaker 10: to the point where we can actually run inference on

835
00:42:37,760 --> 00:42:39,840
Speaker 10: these models and get the value out of them, I

836
00:42:39,840 --> 00:42:41,880
Speaker 10: think you're going to start to see, particularly across twenty

837
00:42:41,880 --> 00:42:44,759
Speaker 10: twenty five and twenty twenty six, applications spring up both

838
00:42:44,800 --> 00:42:47,600
Speaker 10: in enterprise and consumer that drive real value.

839
00:42:47,280 --> 00:42:48,319
Speaker 2: To the end user.

840
00:42:48,960 --> 00:42:52,239
Speaker 4: But then when I think of enterprise, you've got salesforce

841
00:42:52,280 --> 00:42:55,239
Speaker 4: all in on agent force, Who've got Microsoft trying to

842
00:42:55,239 --> 00:42:58,319
Speaker 4: offerate so copilots. Where is the space or is it

843
00:42:58,360 --> 00:43:00,600
Speaker 4: actually the all of these startups will end up being

844
00:43:00,719 --> 00:43:02,520
Speaker 4: eaten up by these bigger enterprise companies.

845
00:43:02,520 --> 00:43:03,520
Speaker 3: That's the EXO strategy.

846
00:43:03,880 --> 00:43:06,080
Speaker 10: Yeah, it's a really good question. So speaking on the

847
00:43:06,080 --> 00:43:09,400
Speaker 10: infrastructure layer with Nebus, what we actually see is that

848
00:43:09,440 --> 00:43:13,040
Speaker 10: by pairing their four hundred software and hardware engineers against

849
00:43:13,080 --> 00:43:15,799
Speaker 10: the problem of standing up infrastructure, but doing it with

850
00:43:15,880 --> 00:43:19,319
Speaker 10: an AI specific approach, we're able to offer a level

851
00:43:19,320 --> 00:43:22,800
Speaker 10: of flexibility that the large incumbents offering generalized clouds just

852
00:43:22,880 --> 00:43:25,239
Speaker 10: don't have in the ecosystem today. So that means that

853
00:43:25,280 --> 00:43:28,240
Speaker 10: people can come to us that need large amounts of compute,

854
00:43:28,239 --> 00:43:30,160
Speaker 10: that want bare metal, and people can also come to

855
00:43:30,239 --> 00:43:32,880
Speaker 10: us that just want an on demand, flexible experience with

856
00:43:32,920 --> 00:43:33,719
Speaker 10: their infrastructure.

857
00:43:33,760 --> 00:43:35,560
Speaker 3: So as always, you see.

858
00:43:35,360 --> 00:43:37,680
Speaker 10: The innovation in their early startups tackling some of the

859
00:43:37,719 --> 00:43:40,600
Speaker 10: holes and open opportunities in the large incumbents, and I

860
00:43:40,640 --> 00:43:44,440
Speaker 10: expect to see the same thing. Salesforce obviously defending its territory,

861
00:43:44,520 --> 00:43:47,080
Speaker 10: but we see a ton of activity and agentic approaches

862
00:43:47,120 --> 00:43:50,360
Speaker 10: and apps going after their exact market, so we'll continue

863
00:43:50,360 --> 00:43:50,840
Speaker 10: to see.

864
00:43:50,640 --> 00:43:54,919
Speaker 4: It is a gentaki going to be the next sort

865
00:43:54,960 --> 00:43:56,440
Speaker 4: of over allocated area.

866
00:43:56,480 --> 00:43:58,160
Speaker 3: I mean, we've all got way too.

867
00:43:58,080 --> 00:43:59,919
Speaker 4: In the weeds when it came to chip and semi

868
00:44:00,000 --> 00:44:01,919
Speaker 4: conductors for twenty twenty four. When it comes to twenty

869
00:44:01,960 --> 00:44:04,480
Speaker 4: twenty five, we're all going to be parlaying and ergentic AI.

870
00:44:05,600 --> 00:44:07,120
Speaker 10: I don't think it's over hyped at all. I think

871
00:44:07,160 --> 00:44:09,120
Speaker 10: in the reality is we're still in the early innings

872
00:44:09,120 --> 00:44:11,719
Speaker 10: and the expectations are quite high on what agents are

873
00:44:11,760 --> 00:44:14,319
Speaker 10: going to do within the enterprise. Application arena, and so

874
00:44:14,480 --> 00:44:16,960
Speaker 10: it's easy to point at the flaws and agents today,

875
00:44:17,200 --> 00:44:19,560
Speaker 10: but I tend to look at the progress of agents,

876
00:44:19,600 --> 00:44:21,440
Speaker 10: and as an investor, I look at where value is

877
00:44:21,440 --> 00:44:23,400
Speaker 10: going to be created over the next decade.

878
00:44:23,440 --> 00:44:24,360
Speaker 3: And over the next.

879
00:44:24,160 --> 00:44:26,080
Speaker 10: Decade, I think you're going to see really mature agents

880
00:44:26,160 --> 00:44:28,160
Speaker 10: hit the market and scale in a meaningful way.

881
00:44:28,600 --> 00:44:30,839
Speaker 4: Come when they're ready and fit for purpose and can

882
00:44:30,840 --> 00:44:32,960
Speaker 4: talk to us a little bit more. Accel partner Matt

883
00:44:33,000 --> 00:44:36,200
Speaker 4: Wagan fascinating across the infrastructure and now of course the

884
00:44:36,239 --> 00:44:39,520
Speaker 4: application layer too. Let's just move to public markets for

885
00:44:39,560 --> 00:44:43,240
Speaker 4: a moment, because the Nastik debut for tech startup service Titan,

886
00:44:43,640 --> 00:44:47,520
Speaker 4: bringing big windfalls for early investors, includes more than one

887
00:44:47,520 --> 00:44:50,120
Speaker 4: million dollars going to Iconic Growth for example, over eight

888
00:44:50,280 --> 00:44:52,400
Speaker 4: hundred million going to best in my mention partners.

889
00:44:52,880 --> 00:44:55,640
Speaker 3: This is all according to sources, and they told Katie Roof.

890
00:44:56,440 --> 00:44:58,680
Speaker 4: Katie bring us the breakdown on who the big winners

891
00:44:58,680 --> 00:45:02,480
Speaker 4: were on this a well, it was culse enlisting that

892
00:45:02,680 --> 00:45:04,640
Speaker 4: popped so much that many would say that some money

893
00:45:04,640 --> 00:45:05,440
Speaker 4: was left on the table.

894
00:45:06,960 --> 00:45:09,919
Speaker 11: Sure, absolutely, so there's a few things to get at here.

895
00:45:09,960 --> 00:45:13,520
Speaker 11: But so a service Titan, you know, they're an LA

896
00:45:13,640 --> 00:45:18,520
Speaker 11: based software provider for like the plumbing industry, other home

897
00:45:18,600 --> 00:45:21,799
Speaker 11: service providers. They've been around for a while, and so

898
00:45:21,960 --> 00:45:25,840
Speaker 11: even though you know, they were valued pretty highly in

899
00:45:25,880 --> 00:45:28,960
Speaker 11: some recent rounds, like you know, almost ten billion dollars

900
00:45:29,320 --> 00:45:33,560
Speaker 11: because Iconic and Bessemer and Battery Ventures bought so many

901
00:45:33,600 --> 00:45:36,520
Speaker 11: shares when it was such a young startup at a

902
00:45:36,520 --> 00:45:40,640
Speaker 11: small price that you know, Iconic stands to gain over

903
00:45:40,719 --> 00:45:45,120
Speaker 11: a billion dollars from this investment. I've confirmed Bessemers stands

904
00:45:45,160 --> 00:45:48,080
Speaker 11: to gain over eight hundred million dollars because even though

905
00:45:48,120 --> 00:45:50,960
Speaker 11: they have about nine hundred million dollars worth of shares,

906
00:45:51,000 --> 00:45:54,759
Speaker 11: it cost roughly maybe sixty million to acquire those shares.

907
00:45:54,440 --> 00:45:55,480
Speaker 3: For Bessemer.

908
00:45:56,600 --> 00:46:01,239
Speaker 4: Kh ruth all things on some of the allocations and

909
00:46:01,280 --> 00:46:03,080
Speaker 4: those that are reaping the rewards when it comes to

910
00:46:03,080 --> 00:46:04,880
Speaker 4: the latest IPOs, we really appreciate it.

911
00:46:04,920 --> 00:46:05,920
Speaker 3: Thank you coming out from LA.

912
00:46:05,960 --> 00:46:08,719
Speaker 4: I mean, while coming up AI's energy demand shock more

913
00:46:08,719 --> 00:46:11,360
Speaker 4: on how businesses are preparing for a future that requires

914
00:46:11,840 --> 00:46:12,960
Speaker 4: more resources as of.

915
00:46:12,960 --> 00:46:13,840
Speaker 3: Blue meg technology.

916
00:46:25,280 --> 00:46:30,239
Speaker 4: The AI boom has caused one unintended consequence. Businesses, investors

917
00:46:30,239 --> 00:46:32,719
Speaker 4: in society are now bracing for an energy demand shock

918
00:46:32,960 --> 00:46:36,240
Speaker 4: that comes with utilizing the resource intensive features bluem excellent

919
00:46:36,280 --> 00:46:38,560
Speaker 4: dwe joins US now for is a real deep dive

920
00:46:38,600 --> 00:46:41,759
Speaker 4: into the implications of artificial intelligence, one that perhaps one

921
00:46:41,760 --> 00:46:44,320
Speaker 4: MASSIVEUSI soun is looking to help finance some of the

922
00:46:44,360 --> 00:46:45,440
Speaker 4: issues in these issues.

923
00:46:45,840 --> 00:46:49,759
Speaker 12: Yeah, what a coincidental timing for US to have just

924
00:46:49,760 --> 00:46:53,360
Speaker 12: put out this piece on the massive infrastructure demands of AI,

925
00:46:53,560 --> 00:46:56,040
Speaker 12: and not just energy, right, we were talking about the

926
00:46:56,080 --> 00:46:59,320
Speaker 12: demand on metals and mining, on land and real estate,

927
00:46:59,680 --> 00:47:06,640
Speaker 12: on human beings, on data, on data centers, on steel, copper, gold, aluminum,

928
00:47:06,960 --> 00:47:09,319
Speaker 12: and so if you put all of those together like

929
00:47:09,400 --> 00:47:11,920
Speaker 12: we did in that massive AI supply chain piece that

930
00:47:12,000 --> 00:47:14,920
Speaker 12: we did on Friday, you can understand and it's almost

931
00:47:15,000 --> 00:47:18,120
Speaker 12: not surprising for someone like Massa to say, yeah, we'll

932
00:47:18,160 --> 00:47:20,160
Speaker 12: drop one hundred million dollars in the US because they're

933
00:47:20,200 --> 00:47:22,040
Speaker 12: going to need it. The whole industry is the whole

934
00:47:22,040 --> 00:47:23,480
Speaker 12: industry is going to be a lot more than one

935
00:47:23,520 --> 00:47:26,440
Speaker 12: hundred billion dollars. So one might argue that these plans

936
00:47:26,480 --> 00:47:28,080
Speaker 12: have already been quite in the making.

937
00:47:28,560 --> 00:47:29,160
Speaker 3: To that point.

938
00:47:29,200 --> 00:47:31,920
Speaker 4: We've reported long and hard about Sam Altman trying to

939
00:47:31,960 --> 00:47:36,600
Speaker 4: gather sort of a table of international investors wanting to

940
00:47:36,640 --> 00:47:39,399
Speaker 4: bring on Yeah, coalition exactly, but how much are they

941
00:47:39,400 --> 00:47:41,720
Speaker 4: looking on this being built in the United States?

942
00:47:41,760 --> 00:47:44,880
Speaker 3: So how geopolitically expose can you still be? You know,

943
00:47:45,120 --> 00:47:46,320
Speaker 3: that's a really good question.

944
00:47:46,400 --> 00:47:48,279
Speaker 12: And I think that there is a narrative that is

945
00:47:48,320 --> 00:47:52,879
Speaker 12: playing out in the tech community right now that acknowledges

946
00:47:53,400 --> 00:47:56,600
Speaker 12: no specific country has all of the resources that are

947
00:47:56,640 --> 00:48:00,759
Speaker 12: necessary to build and dominate AI as a hub, and

948
00:48:00,840 --> 00:48:03,640
Speaker 12: so we will have to look for allies, We will

949
00:48:03,680 --> 00:48:08,400
Speaker 12: have to look for coalitions among like minded countries. That

950
00:48:08,520 --> 00:48:12,000
Speaker 12: is what the tech community and executives like open ai

951
00:48:12,080 --> 00:48:15,560
Speaker 12: and Nvidia are telling the administration in DC that it's

952
00:48:15,600 --> 00:48:17,719
Speaker 12: time to be thinking about how we can pull our

953
00:48:17,760 --> 00:48:20,640
Speaker 12: resources to own this technology but also control it in

954
00:48:20,680 --> 00:48:21,360
Speaker 12: the proper ways.

955
00:48:21,600 --> 00:48:23,040
Speaker 3: Do you think your story is shocked anyone?

956
00:48:23,440 --> 00:48:26,080
Speaker 12: Which, sorry, oh, I would hope So, I mean, I

957
00:48:26,360 --> 00:48:30,600
Speaker 12: would hope that it's a wake up call that I think.

958
00:48:30,640 --> 00:48:32,480
Speaker 12: If there is one message that I'd like to send

959
00:48:32,520 --> 00:48:35,640
Speaker 12: out of that AI supply chain data visualization, it is

960
00:48:35,680 --> 00:48:38,720
Speaker 12: that for all the talk of AI making the world

961
00:48:38,760 --> 00:48:43,880
Speaker 12: more efficient, quicker, less human resources intensive, it is actually

962
00:48:43,920 --> 00:48:47,200
Speaker 12: an incredibly resource intensive, inefficient technology.

963
00:48:47,880 --> 00:48:50,919
Speaker 4: For now, at least Injuan. It's a great story, go

964
00:48:50,960 --> 00:48:53,000
Speaker 4: read it. Meanwhile, that does it for this edition of

965
00:48:53,120 --> 00:48:54,520
Speaker 4: New bag Technology you do not want to.

966
00:48:54,440 --> 00:48:55,640
Speaker 3: Forget on podcast.

967
00:48:55,920 --> 00:48:57,640
Speaker 4: You'll find out on the terminal, as well as online

968
00:48:57,640 --> 00:48:58,880
Speaker 4: on Apple, Spotify, and iHeart.

969
00:49:00,000 --> 00:49:02,040
Speaker 3: This is brumbag Technology