WEBVTT - Softbank's $100B Pledge 0:00:01.560 --> 0:00:06.360 From the heart where innovation, money and power Collie in Silicon. 0:00:05.960 --> 0:00:10.399 Valley, NBN. This is Bloomberg Technology with Caroline Hyde and 0:00:10.600 --> 0:00:11.680 Ed Ludlow. 0:00:25.480 --> 0:00:27.960 Live from New York. This is Bloomberg Technology coming up. 0:00:27.960 --> 0:00:31.319 Soft Bank CEO Masiyoshi's son set to announce plans to 0:00:31.400 --> 0:00:34.159 invest one hundred billion dollars in the US during a 0:00:34.200 --> 0:00:36.600 visit with President elect Donald Trump. We're bringing the news 0:00:36.800 --> 0:00:39.720 plus Bitcoin rises to a record high. I'm in microstrategies 0:00:39.760 --> 0:00:43.760 inclusion in the Nasdaq, and Apple's got plans for a 0:00:43.800 --> 0:00:46.720 new foldable iPad and aims to bring it to market 0:00:46.720 --> 0:00:47.920 by twenty twenty eight. 0:00:48.600 --> 0:00:49.360 A first we. 0:00:49.520 --> 0:00:51.240 Check in on these markets which have a risk on 0:00:51.320 --> 0:00:55.360 attitude to the day, as we anticipate key Fed decision 0:00:55.400 --> 0:00:57.959 come Wednesday. Ahead of that, and as that one hundred 0:00:58.000 --> 0:01:00.000 a new record high. We're up nine tenths of there, 0:01:00.000 --> 0:01:02.920 and chip maker is managing to drive higher Micron broadcon. 0:01:03.320 --> 0:01:05.720 But also we're seeing Bitcoin up three point four percent. 0:01:05.800 --> 0:01:08.960 We are once again escalating to new levels. We dig 0:01:09.000 --> 0:01:11.080 into the reasons why, but of course trumping one of 0:01:11.080 --> 0:01:13.960 them the focus on the new administration, but also micro 0:01:14.040 --> 0:01:16.120 strategy like to be added to the Nasdaq. And what 0:01:16.200 --> 0:01:18.080 that means for its own purchases of bitcoin. We're up 0:01:18.080 --> 0:01:22.000 at one hundred and six thousand dollars per token. But 0:01:22.160 --> 0:01:24.240 the big breaking news of the day when it comes 0:01:24.280 --> 0:01:27.480 to technology is, of course, according to the people familiar 0:01:27.520 --> 0:01:30.320 that SoftBank CEO mas Yoshi Son is set to announce 0:01:30.319 --> 0:01:33.480 plans to invest a whopping one hundred billion dollars in 0:01:33.520 --> 0:01:36.120 the United States over the next four years. It's all 0:01:36.120 --> 0:01:38.319 according to sources, as we say, and this is as 0:01:38.360 --> 0:01:41.120 he's planning to be meeting with President elect Trump today 0:01:41.400 --> 0:01:44.200 and mar Lago. We're expecting Donald Trump to speak in 0:01:44.240 --> 0:01:46.880 a few moments. Time for more, let's bring in Bloomberg's 0:01:46.880 --> 0:01:50.840 Peter Elstrom and for while. Back in twenty sixteen, we 0:01:50.880 --> 0:01:53.840 saw big promises made by Massa and this time he's 0:01:53.840 --> 0:01:55.600 doubling them. 0:01:55.960 --> 0:01:58.560 Yeah, you'd be forgiven if you thought this was deja vus. 0:01:58.640 --> 0:02:00.600 It was eight years ago, in fact, eight years ago 0:02:00.680 --> 0:02:03.680 December when masiosche Son went and met with Trump and 0:02:03.720 --> 0:02:07.320 he talked about investing fifty billion dollars. Now he's doubling 0:02:07.360 --> 0:02:09.880 that pledge. It's one hundred billion dollars that he's planning 0:02:09.919 --> 0:02:12.600 to invest. According to our sources, and also he's planning 0:02:12.680 --> 0:02:16.160 on creating and estimated one hundred thousand jobs in the 0:02:16.240 --> 0:02:19.520 United States. So this is the first major investment that 0:02:19.560 --> 0:02:23.120 we've seen after Trump's win. It's certainly a pledge towards 0:02:23.200 --> 0:02:25.200 what Trump has been trying to do in terms of 0:02:25.240 --> 0:02:28.720 reinvigorating the economy. For SoftBank, it's also a pretty big 0:02:28.720 --> 0:02:31.320 push into the United States. Last time when they pledged 0:02:31.360 --> 0:02:34.760 fifty billion dollars, MASA had just raised this vision fund. 0:02:34.960 --> 0:02:37.760 He had plenty of capital. He put investments into companies 0:02:37.840 --> 0:02:40.480 like we work in Door Dash and plenty of others. 0:02:40.639 --> 0:02:42.840 But right now he doesn't have that kind of cash anymore. 0:02:42.880 --> 0:02:44.960 He only has about twenty five billion dollars in cash 0:02:44.960 --> 0:02:47.400 on the balance sheet, and yet he's doubling that pledge. 0:02:47.400 --> 0:02:49.760 So we had some work to do here, had some work. 0:02:49.800 --> 0:02:52.920 We're also wanting to know the finer details of where 0:02:52.960 --> 0:02:56.080 exactly he allocates. He's been all in on AI saw 0:02:56.120 --> 0:02:59.760 this curve coming before many others, of course as evidence 0:03:00.240 --> 0:03:04.639 his arm holding's acquisition and then taking that to market. 0:03:04.720 --> 0:03:06.960 But where else do you think he'll be investing in 0:03:06.960 --> 0:03:07.720 the United States? 0:03:08.480 --> 0:03:11.720 Yeah, well, more recently, including at SoftBank World this summer 0:03:11.760 --> 0:03:14.720 He's talked a lot about artificial intelligence and how he 0:03:14.760 --> 0:03:17.440 wants to invest even more and more kinds of companies. 0:03:17.720 --> 0:03:20.280 So he is putting money into open Ai, in particular 0:03:20.320 --> 0:03:23.040 to Pioneer of course behind chat GPT. He's put in 0:03:23.080 --> 0:03:25.400 five hundred million so far, and he's right in the 0:03:25.440 --> 0:03:28.080 process of a tender offer now where he's offering open 0:03:28.120 --> 0:03:31.400 Ai investors the ability to sell him their share so 0:03:31.400 --> 0:03:33.760 he can get another one point five billion dollars. But 0:03:33.840 --> 0:03:36.320 his ambitions go far beyond that. He's talked about the 0:03:36.400 --> 0:03:39.720 need to have more alternatives to in vidio chips in particular. 0:03:39.840 --> 0:03:42.120 He knows that energy is a huge issue for AI 0:03:42.240 --> 0:03:44.600 right now, so he wants to make investments there. He's 0:03:44.600 --> 0:03:47.320 also been investing quite a bit in autonomous driving, so 0:03:47.360 --> 0:03:49.400 he's a lot of ambitions. He always has a long 0:03:49.440 --> 0:03:52.560 list of deals and investments that he wants to make, 0:03:52.640 --> 0:03:54.600 so we're going to see where exactly he puts that money. 0:03:54.600 --> 0:03:55.880 But it is a lot of money right now, and 0:03:55.920 --> 0:03:58.400 again he doesn't have that cash on his balance sheet. 0:03:58.480 --> 0:03:59.760 He has to be able to go out and get 0:03:59.760 --> 0:04:00.560 that close. 0:04:01.000 --> 0:04:03.240 Peter, that's from we thank you so much, bringing us 0:04:03.280 --> 0:04:06.640 up to speed on the anticipated announcement. Now, let's keep 0:04:06.640 --> 0:04:09.960 discussing trends in tech markets more broadly, what this influx 0:04:10.000 --> 0:04:11.920 of money into AI really means for the US at 0:04:11.960 --> 0:04:15.880 least densisms with US directoral quantitative market strategy. Over at Fidelity, 0:04:16.200 --> 0:04:18.640 we love having you on because of the historical context 0:04:18.640 --> 0:04:21.440 you can put today's investment advice. But I mean we 0:04:21.480 --> 0:04:23.559 look at what's happening in the market. When you're thinking 0:04:23.600 --> 0:04:25.760 of a juggernaut of one hundred billion dollars coming into 0:04:25.920 --> 0:04:28.440 USAI and energy, where it feels. 0:04:28.160 --> 0:04:29.680 Like a lot of money has already gone that direction. 0:04:30.680 --> 0:04:33.040 Yeah, Well, when you readbase it relative to sales or 0:04:33.080 --> 0:04:35.240 relative to market cap, I mean you haven't really seen 0:04:35.279 --> 0:04:36.039 that much of a move. 0:04:36.120 --> 0:04:37.960 I think we talk about this all the time with. 0:04:38.000 --> 0:04:40.440 Money funds on sitting on the sidelines, how much cash 0:04:40.480 --> 0:04:42.200 is on the sidelines, or how much cash in terms 0:04:42.200 --> 0:04:43.160 of nominal capacs. 0:04:43.400 --> 0:04:44.600 But when you actually. 0:04:44.240 --> 0:04:46.839 Renormalize it, given the move that we've seen in the 0:04:46.880 --> 0:04:50.679 marketplace over the last five years, it's a much lower 0:04:50.720 --> 0:04:54.719 percentage than you would think. Interestingly enough, specifically for tech stocks, 0:04:54.720 --> 0:04:58.000 and I would say more specifically for software stocks, cap 0:04:58.000 --> 0:05:01.599 BAX is very much an alpha fact, meaning that that 0:05:01.800 --> 0:05:04.800 spending is usually a good thing for stocks because it's 0:05:05.000 --> 0:05:06.640 very correlated to earnings growth. 0:05:07.400 --> 0:05:09.520 Okay, so I'm not going to ask you is to 0:05:09.640 --> 0:05:12.000 opine as to where exactly a Masayoshi Son is going 0:05:12.000 --> 0:05:14.600 to be putting his investment. But if you're looking at 0:05:14.680 --> 0:05:18.239 an every day, whether it's retail or it's chootion investor 0:05:18.320 --> 0:05:21.520 right now allocating to opportunities, do you have to be 0:05:21.520 --> 0:05:23.359 put off by some of the valuations right now or 0:05:23.400 --> 0:05:25.680 actually do you keep chasing the momentum, keep chasing the 0:05:25.760 --> 0:05:26.200 names that have. 0:05:26.200 --> 0:05:27.520 Done well well. 0:05:27.520 --> 0:05:29.880 It's interesting. So technology has had a little bit of 0:05:29.960 --> 0:05:32.159 underperformance over the course of the last six months, and 0:05:32.240 --> 0:05:34.960 because earnings growth and free cashulow has been so strong, 0:05:35.240 --> 0:05:39.839 you're actually out of anomalist valuation situation. So I define 0:05:39.839 --> 0:05:43.360 anomalist valuation as top quartile. So we have fallen out 0:05:43.360 --> 0:05:45.640 of top quartile levels, which is where you see the 0:05:45.720 --> 0:05:49.800 risk reward become fairly negative for tech. Now as we 0:05:49.960 --> 0:05:52.640 enter twenty twenty five, coming out of that top quartile 0:05:52.760 --> 0:05:55.360 valuation zone, I actually think it sets up for a 0:05:55.400 --> 0:05:58.359 pretty positive risk reward. And for all the talk about 0:05:58.400 --> 0:06:00.920 momentum stocks on our day, when you look at it 0:06:00.960 --> 0:06:05.520 specifically within technology, I'm not seeing any anomalous behavior, meaning 0:06:05.560 --> 0:06:07.800 I'm not seeing top quartile road to performance over the 0:06:07.880 --> 0:06:11.880 last year, and I'm not seeing top quartile valuation on 0:06:11.960 --> 0:06:15.200 that top quartile of momentum, meaning that because earnings in 0:06:15.240 --> 0:06:19.479 free cash flow are so strong, there's no valuation situation 0:06:19.560 --> 0:06:22.600 where you're saying you're overpaying on a consistent basis for 0:06:22.800 --> 0:06:25.719 technology stocks that have been leaders in the S and 0:06:25.720 --> 0:06:27.159 P five hundred Wow. 0:06:27.240 --> 0:06:30.200 So it still feels like there's basically opportunities in the 0:06:30.240 --> 0:06:30.799 mag seven. 0:06:31.279 --> 0:06:32.640 What about the next tay down? 0:06:32.680 --> 0:06:35.159 We started to see software names really come to the 0:06:35.240 --> 0:06:38.360 rise as people started to reallocate perhaps from the semiconductor 0:06:38.440 --> 0:06:41.200 trade out to the Kila applications being born out. 0:06:41.440 --> 0:06:44.359 Is that something that you'd like to see moral No, that's. 0:06:44.160 --> 0:06:46.599 A great question and a great point because of the 0:06:46.640 --> 0:06:49.800 three big areas within technology, if you say hardware, software, 0:06:49.839 --> 0:06:53.120 or semis, where are the opportunities. It looks very interesting 0:06:53.200 --> 0:06:55.880 on the data and software to me, given the strength 0:06:55.880 --> 0:06:58.599 and free cash flow and earnings valuations, we're actually in 0:06:58.600 --> 0:07:01.360 the bottom half of the distribution a valuation perspective when 0:07:01.360 --> 0:07:03.279 you look at all the data back to nineteen sixty two. 0:07:03.600 --> 0:07:06.560 And what you see is that very much empirically skews 0:07:06.600 --> 0:07:10.200 your risk rewards on odds for the software sector specifically, 0:07:10.440 --> 0:07:14.200 so when you have strong growth and valuation support, it's 0:07:14.240 --> 0:07:16.840 a very positive risk reward for the sector. Of those three, 0:07:16.960 --> 0:07:20.480 hardware software and Semis software is the only one of 0:07:20.480 --> 0:07:23.520 those three industries that looks like that. So I think 0:07:23.560 --> 0:07:25.880 as we enter twenty twenty five, that's where it looks 0:07:25.920 --> 0:07:27.200 like the opportunities are to me. 0:07:28.080 --> 0:07:31.880 And in the US todays, yes, in the US. 0:07:32.280 --> 0:07:35.720 What of the US exceptionalism on this trade that we 0:07:35.800 --> 0:07:37.280 all keep talking about, I mean, is it going to 0:07:37.360 --> 0:07:38.640 dominate for twenty twenty five? 0:07:39.440 --> 0:07:41.080 It looked to me it does look like that. 0:07:41.240 --> 0:07:43.720 So everything outside the US, whether you want to talk 0:07:43.760 --> 0:07:48.400 about EFA EM or AQUI X THEUS, what you find 0:07:48.520 --> 0:07:52.160 is that valuation screen looks like a quantitative value trapped 0:07:52.160 --> 0:07:54.320 to me, meaning that when you've bought in that bottom 0:07:54.400 --> 0:07:57.920 quartile relative valuation on earnings are free cash flow, you 0:07:58.080 --> 0:08:00.720 only have thirty percent odds about perform. It's like thirty 0:08:00.760 --> 0:08:03.680 percent is not zero. But at the same time, it's 0:08:03.720 --> 0:08:06.520 hard to say that that valuation is a critical driver 0:08:06.640 --> 0:08:08.920 and the reason why it's not a driver is because 0:08:09.200 --> 0:08:12.720 often international stocks are cheap for a reason. Even on 0:08:12.760 --> 0:08:16.320 a sector neutral basis, taking out technology medium stock to 0:08:16.400 --> 0:08:19.600 median stock, the S and P five hundred outgrows their 0:08:19.600 --> 0:08:23.000 international peers by about three to four hundred basis points 0:08:23.040 --> 0:08:26.520 a year on earnings, and it's growing every cycle. So 0:08:26.720 --> 0:08:29.440 unless you think something is going to change, that hasn't 0:08:29.480 --> 0:08:31.760 been the case over the last fifteen years. I think 0:08:31.760 --> 0:08:34.240 the risk reward is still more favorable. 0:08:33.720 --> 0:08:37.680 In the US. This is why your historical context so important. Dennis. 0:08:38.080 --> 0:08:39.800 I go therefore to the macro picture. 0:08:40.120 --> 0:08:42.640 We are, of course seeing the micro news on an 0:08:42.679 --> 0:08:44.800 investment coming from Massa, but we're also seeing the macro 0:08:44.880 --> 0:08:47.000 news of we're waiting on rates to go down. What 0:08:47.080 --> 0:08:49.000 does that mean for that cash on the sidelines that 0:08:49.040 --> 0:08:50.439 still perhaps is waiting to enter. 0:08:51.440 --> 0:08:53.920 Yeah, so rates, let's talk about rates being an alpha 0:08:53.960 --> 0:08:55.840 factor for the market. I think people get a little 0:08:55.880 --> 0:08:58.400 confused in terms of thinking about whether or not the 0:08:58.400 --> 0:09:00.240 playbook is a good thing or a bad thing, saying 0:09:00.600 --> 0:09:04.320 rates are not the critical driver. Earnings growth is the 0:09:04.320 --> 0:09:06.719 critical driver. So when you look at the FED from 0:09:06.760 --> 0:09:09.880 a playbook perspective, sometimes the fed's cutting because they have to. 0:09:10.080 --> 0:09:12.840 That's not good for the market. Sometimes the Fed's cutting 0:09:12.880 --> 0:09:16.000 because they can. And what you see from a quantitative 0:09:16.040 --> 0:09:19.320 differential from those like trying to divide those two is 0:09:19.320 --> 0:09:21.760 your starting point on earnings growth matters a lot. Our 0:09:21.800 --> 0:09:24.920 starting point of positive earnings growth usually predicts a more 0:09:24.960 --> 0:09:26.120 bullish situation for. 0:09:26.080 --> 0:09:26.520 The s and P. 0:09:26.600 --> 0:09:30.040 Five hundred. You're starting level of the Federal Reserve matters 0:09:30.080 --> 0:09:33.600 a lot as well, because that's essentially a mathematical definition 0:09:33.640 --> 0:09:35.880 of the FED put meaning if the FED is high 0:09:35.920 --> 0:09:39.440 relative to inflation, they can do something to the extent 0:09:39.480 --> 0:09:41.600 that the economy is hit with a shock. That's a 0:09:41.600 --> 0:09:44.520 good thing. That's our situation as we enter twenty twenty four. 0:09:44.800 --> 0:09:49.080 And most importantly, the FED can definitively change willingness to 0:09:49.160 --> 0:09:52.760 lend of banks because that's been in contractionary territory and 0:09:52.760 --> 0:09:56.640 because that's likely improving earnings growth is likely to broaden 0:09:56.640 --> 0:10:00.600 out in twenty twenty five, include those small businesses and lagging, 0:10:00.880 --> 0:10:03.800 and that skews your risk reward being pretty positive as 0:10:03.800 --> 0:10:04.920 we under twenty twenty five. 0:10:04.960 --> 0:10:07.560 But then, how risk hungry did the edges of the 0:10:07.559 --> 0:10:09.920 market become. I mean, we look at a day where 0:10:09.920 --> 0:10:12.720 micro strategy, which has basically been a leverage bet on 0:10:12.800 --> 0:10:16.199 bitcoin hugely outperformed Bitcoin in and of itself, is not 0:10:16.280 --> 0:10:18.360 going to be added to the NASDAC. I mean, are 0:10:18.360 --> 0:10:21.080 we going to see more money flow to those sorts 0:10:21.080 --> 0:10:22.199 of risky ridges. 0:10:22.840 --> 0:10:24.800 Now that's a great question. So I mean, without the 0:10:25.240 --> 0:10:28.720 talking about the idiosyncratic names. When I look at quality, 0:10:28.760 --> 0:10:30.600 which is sort of the opposite of the factor that 0:10:30.600 --> 0:10:33.120 you're talking about, it's been a darling of a factor, 0:10:33.240 --> 0:10:36.760 much like Lovall was only underperforming I think three in 0:10:36.800 --> 0:10:41.439 the last twenty years. Well, that's left quality stocks fairly expensive. 0:10:41.720 --> 0:10:44.800 And that doesn't necessarily mean those high quality stocks need 0:10:44.840 --> 0:10:48.120 to underperform by a lot, but to the extent relative 0:10:48.160 --> 0:10:52.679 earnings or those relative returns start to inflect lower, that 0:10:53.080 --> 0:10:56.160 usually does lead to underperformance in the factor. So for 0:10:56.200 --> 0:10:59.520 anybody with a quality bias, I think about scrubbing your 0:10:59.559 --> 0:11:04.280 portfoli oh yea and thinking about better risk rewards in 0:11:04.320 --> 0:11:06.720 what have been historically risky your names. 0:11:07.480 --> 0:11:11.800 Tenny's unbeatable, thanks for coming on. Tiny's s tism Happy. 0:11:11.520 --> 0:11:15.000 Holiday's director of quantitive market strategy at Fidelity. Coming up, 0:11:15.200 --> 0:11:17.959 we're going to focus a bit more on Bitcoin and MicroStrategy. 0:11:18.080 --> 0:11:20.320 Of course, crypto bitcoin himself. 0:11:20.000 --> 0:11:22.400 And a new record high throughout the weekend and now 0:11:22.480 --> 0:11:25.160 longest weekly winning runs is twenty twenty one. 0:11:25.559 --> 0:11:26.120 Will dig in. 0:11:26.400 --> 0:11:28.280 Also, we're going to be focusing on later in the 0:11:28.320 --> 0:11:29.600 show a bit more about Vivendi. 0:11:29.679 --> 0:11:30.199 But look at it. 0:11:30.160 --> 0:11:33.319 It's currently don't look at Vivendi stock today because it's 0:11:33.320 --> 0:11:36.559 currently distributing itself up and is breaking itself into three 0:11:36.600 --> 0:11:38.680 different companies. But what I want you to focus on 0:11:38.760 --> 0:11:40.640 is what CBC is up to at the moment, exploring 0:11:40.679 --> 0:11:45.640 a potential purchase of a Vendi's Telecom Italia stake. This 0:11:45.760 --> 0:11:48.680 is as we know that Vincenbalaure, the billionaire in charge 0:11:48.679 --> 0:11:50.920 of Vivendi, is trying to make his assets work for him. 0:11:50.920 --> 0:12:07.199 This is broomeg Technology and we are expecting President elect 0:12:07.200 --> 0:12:11.040 Trump to speak live from our alago in a few 0:12:11.040 --> 0:12:14.880 moments time. All eyes on that reported one hundred billion 0:12:14.920 --> 0:12:18.160 dollar investment coming from Masayoshi's son into the United States 0:12:18.280 --> 0:12:20.640 and one hundred thousand jobs to be created too. 0:12:20.679 --> 0:12:21.920 We'll bring you that as and when. 0:12:21.760 --> 0:12:24.680 It occurs, but for now, let's just focus on another 0:12:24.720 --> 0:12:27.319 area that Trump has helped rally, and that is Bitcoin 0:12:27.440 --> 0:12:30.080 rising to a record high, large part because of the 0:12:30.120 --> 0:12:33.439 next administration supported digital assets, but also there's this optimism 0:12:33.559 --> 0:12:36.120 about the upcoming inclusion of micro Strategy in the NAZAK 0:12:36.160 --> 0:12:38.560 one hundred and what that means for future purposes and 0:12:38.640 --> 0:12:43.200 purchases Isabelle Lee is here with more and mstr gets 0:12:43.200 --> 0:12:45.440 into and as that one hundred, it means technically that 0:12:45.520 --> 0:12:47.080 more funds will have to allocate to it. 0:12:47.160 --> 0:12:50.120 Right, It really is a big deal. It's really it. 0:12:50.040 --> 0:12:53.520 Represents kind of like this institutional acceptance of bitcoin, which 0:12:53.559 --> 0:12:56.720 is interesting because micro Strategy, and it's called founder Michael 0:12:56.760 --> 0:12:59.160 Salor has long been ridiculed by Wall Street a specialist 0:12:59.160 --> 0:13:01.720 since they started just in bitcoin in twenty twenty and 0:13:01.760 --> 0:13:04.440 today again for the six straight Monday, they bought one 0:13:04.440 --> 0:13:07.440 point five billion worth. Their total cache is forty five billion. 0:13:07.760 --> 0:13:11.480 But it's really that the stock has rallied five hundred percent. 0:13:11.720 --> 0:13:14.120 But you're right around four hundred fifty one billion dollars 0:13:14.200 --> 0:13:17.120 worth of ets track the NASTAC one hundred, so they 0:13:17.120 --> 0:13:19.280 will all have to rebalance, ISABALLEI. 0:13:19.440 --> 0:13:19.920 We thank you. 0:13:20.000 --> 0:13:21.520 We'll have to cut it short there because we do 0:13:21.600 --> 0:13:24.720 understand that President ect Donald Trump is now starting his 0:13:25.000 --> 0:13:26.160 press conference in mar Logo. 0:13:26.200 --> 0:13:26.800 We're listening. 0:13:27.559 --> 0:13:30.480 We'll discuss a couple of points. We'll take some questions 0:13:30.559 --> 0:13:32.319 later if you'd like. I'm sure you might have one 0:13:32.400 --> 0:13:35.640 or two. I'd be shocked if you didn't, I'd be 0:13:35.720 --> 0:13:39.000 very impressed. But I'm honored to welcome one of the 0:13:39.040 --> 0:13:42.600 most accomplished business leaders of our time, the founder and 0:13:42.679 --> 0:13:48.080 CEO of soft Bank. Everybody knows Masa Yoshi San. Masa 0:13:48.160 --> 0:13:51.840 runs one of the largest companies in Japan and among 0:13:51.920 --> 0:13:55.920 the most successful investment and technology companies anywhere in the world, 0:13:55.920 --> 0:13:59.440 one of the most successful investors in the world. And 0:13:59.520 --> 0:14:03.000 we've just included a very productive meeting, and today I'm 0:14:03.440 --> 0:14:08.240 thrilled to announce that SoftBank will be investing one hundred 0:14:08.320 --> 0:14:13.199 billion dollars in America, creating one hundred thousand American jobs 0:14:13.200 --> 0:14:16.800 at a minimum. And he's doing this because he feels 0:14:16.920 --> 0:14:21.360 very optimistic about our country since the election, and many 0:14:21.400 --> 0:14:24.360 other people are also coming in with tremendous amounts of money. 0:14:25.000 --> 0:14:29.120 You probably noticed that the poll was just taken. 0:14:29.400 --> 0:14:34.080 Its business is literally in thirty nine years, has been 0:14:34.080 --> 0:14:36.800 nothing like it. It's been the biggest increased small business 0:14:36.800 --> 0:14:40.920 owners gave it a forty one percent jump. 0:14:40.960 --> 0:14:42.480 It's the biggest jump that we've. 0:14:42.240 --> 0:14:46.320 Had in thirty nine years, and nobody's ever seen anything 0:14:46.400 --> 0:14:50.920 like it, and it's just they're very optimistic. This historic 0:14:51.000 --> 0:14:55.880 investment is a monumental demonstration and confidence in America's future, 0:14:55.920 --> 0:15:00.960 and it will help ensure that artificial intelligence, emerging technologies, 0:15:01.000 --> 0:15:04.720 and other industries of tomorrow are built, created and grown 0:15:04.800 --> 0:15:05.760 right here in the USA. 0:15:05.840 --> 0:15:08.680 One of the beautiful things about Massa is he's. 0:15:08.600 --> 0:15:12.920 Very much involved with emerging technology, probably knows it may 0:15:12.920 --> 0:15:14.680 be better than almost anybody. 0:15:15.240 --> 0:15:16.240 So it's a great honor. 0:15:16.280 --> 0:15:20.280 And some of you remember after the twenty sixteen election, 0:15:20.480 --> 0:15:24.600 also SoftBank committed to invest fifty billion dollars in our country, 0:15:24.600 --> 0:15:27.240 and they did in a very place to say that 0:15:27.280 --> 0:15:29.000 they kept that promise. 0:15:28.600 --> 0:15:30.680 In every way, shape and form. 0:15:30.760 --> 0:15:34.520 And now they're looking to do one hundred and I've 0:15:34.560 --> 0:15:37.120 looked at their books. They do have the possibility of 0:15:37.160 --> 0:15:38.520 doing more. I'm going to ask them to do a 0:15:38.600 --> 0:15:41.000 little bit more. But first I'm going to ask him. 0:15:40.840 --> 0:15:44.280 To speak, and just to say a few words. Massa. Please, 0:15:44.440 --> 0:15:45.960 thank you, thank you, please. 0:15:45.840 --> 0:15:54.760 You think, thank you very much, appreciate it, thank you, Helm. 0:15:52.080 --> 0:15:54.920 Thank you so much. I'm very, very excited. 0:15:55.880 --> 0:16:01.080 I would really like to celebrate the great victory President Trump. 0:16:01.800 --> 0:16:09.040 And my confidence level to the economy of the United 0:16:09.080 --> 0:16:15.200 States has tremendously increased with his victory. So because of that, 0:16:15.440 --> 0:16:22.000 I'm now excited to commit this one hundred billion dollars 0:16:22.040 --> 0:16:25.680 and one hundred thousand jobs into the United States. This 0:16:25.760 --> 0:16:32.720 is double of last time, as President Trump said, because 0:16:32.920 --> 0:16:36.600 I say, oh, President Trump is a double down present, 0:16:36.800 --> 0:16:39.640 I'm gonna have to double down, you know, one hundred 0:16:39.680 --> 0:16:43.360 billion dollars and one hundred thousand jobs. This is you know, 0:16:43.560 --> 0:16:49.760 my confidence level because that has doubled down. So I 0:16:49.800 --> 0:16:55.360 am truly excited to make this happen. And of course 0:16:55.440 --> 0:16:59.880 business is important, technology is important. But one more thing 0:16:59.880 --> 0:17:07.720 I'm really hoping is that this President Trump would make 0:17:07.920 --> 0:17:15.320 the world, bring the world into peace again. That's my 0:17:15.480 --> 0:17:20.960 additional hope and and I think he will actually make 0:17:20.960 --> 0:17:28.600 it happen. So anyway, I'm excited to go. And we 0:17:28.600 --> 0:17:33.639 were discussing and President Trump said, Marsa, you know, double doll. 0:17:33.560 --> 0:17:36.920 Is not enough. Maybe you know, go for more. Right, 0:17:37.200 --> 0:17:37.520 That's what. 0:17:37.960 --> 0:17:40.480 I'm going to ask him right now. Would you make 0:17:40.520 --> 0:17:49.199 it two hundred million dollars he can, would you do that? 0:17:50.040 --> 0:17:55.280 Well, my promise is hungry. But you know he's now 0:17:55.359 --> 0:17:56.520 asking to do more. 0:17:57.400 --> 0:18:02.200 I think you know with your leadership, my pop messive 0:18:02.359 --> 0:18:03.520 is you is your support. 0:18:04.560 --> 0:18:07.520 I will, I will try to make it happen. That's good. 0:18:07.600 --> 0:18:13.800 Five two hundred kill make it two hundred. Sh He 0:18:14.000 --> 0:18:19.360 is a great nego say that he's a brilliant guy 0:18:19.440 --> 0:18:21.359 and an unbelievable job. 0:18:21.400 --> 0:18:23.880 And the people of Japan and all over the world 0:18:23.920 --> 0:18:26.560 are very proud of and a uh tremendous respect for 0:18:26.640 --> 0:18:29.800 himself what he does, what he just did, and and 0:18:30.600 --> 0:18:32.879 I would be surprised if if what didn't go to 0:18:32.960 --> 0:18:35.359 do And when you say you'll try, uh. 0:18:35.240 --> 0:18:37.240 I know you'll do it. I will. I will really 0:18:37.320 --> 0:18:37.679 try it. 0:18:37.800 --> 0:18:40.679 Yeah, And and I need your support though you'll have 0:18:40.720 --> 0:18:44.240 my support alright, we have our country support all fantastic, 0:18:44.280 --> 0:18:47.000 Thank you, my sport, fantastic, thank you, thank you. 0:18:47.000 --> 0:18:49.320 Where are saying legend the people of Japan who were all. 0:18:49.280 --> 0:18:54.040 Watching, well, uh, I'm sure uh our people in Japan 0:18:54.640 --> 0:18:59.359 uh proud to uh make the pop muss of US 0:18:59.480 --> 0:19:04.360 and Japan be stronger. And I'm very excited to make 0:19:04.400 --> 0:19:04.879 this happen. 0:19:05.359 --> 0:19:08.040 Thank you very much. Thank you, thank you, thank you, 0:19:08.240 --> 0:19:13.680 thank you. That's a good job. 0:19:13.960 --> 0:19:14.280 Thank you. 0:19:15.480 --> 0:19:16.120 It's amazing. 0:19:16.640 --> 0:19:20.359 It's a great gentleman at a great leader and a 0:19:20.400 --> 0:19:21.240 great investor. 0:19:22.200 --> 0:19:24.080 So to have that offerm it. 0:19:24.200 --> 0:19:26.280 And we have so many companies coming in now where 0:19:26.320 --> 0:19:29.080 that will be announcing or they will announce themselves. We'll 0:19:29.119 --> 0:19:30.960 not have to be with them to do it, but 0:19:31.000 --> 0:19:34.680 they'll be announcing. And as I said, small business optimism 0:19:35.440 --> 0:19:38.320 took a forty one points jump forty one points. 0:19:38.320 --> 0:19:39.679 It went up forty one points. 0:19:39.680 --> 0:19:43.480 That's unheard of, and that's the biggest they think in 0:19:43.600 --> 0:19:44.399 recorded history. 0:19:44.440 --> 0:19:46.800 But they know at least a minimum of thirty nine years. 0:19:46.800 --> 0:19:47.520 So that's great. 0:19:47.560 --> 0:19:50.440 But on behalf of the American people, I want to 0:19:50.440 --> 0:19:53.639 thank Massa for his faith and what's happening with our 0:19:53.680 --> 0:19:55.520 country and what's happening with the world. There's a whole 0:19:55.600 --> 0:19:58.840 light over the entire world. Many people, some reporters, and 0:19:58.920 --> 0:20:01.480 speaking to them, they said, you know, it actually is true. 0:20:01.640 --> 0:20:04.680 A couple of them are not necessarily friends of mine, 0:20:04.680 --> 0:20:07.919 but they said, it is actually true that there's a 0:20:08.000 --> 0:20:11.320 light shining over the world. We're trying to help very 0:20:11.320 --> 0:20:13.840 strongly and getting the hostages back as you know, with 0:20:14.160 --> 0:20:18.120 Israel and the Middle East, we're working very much on that. 0:20:18.160 --> 0:20:21.680 We're trying to get the war, stop that horrible, horrible 0:20:21.720 --> 0:20:26.160 war that's going on in Ukraine with Russia. Ukraine. We're 0:20:26.160 --> 0:20:29.520 going to We've got a little progress. It's a tough one. 0:20:29.640 --> 0:20:32.119 It's a nasty one. It's nasty. 0:20:32.160 --> 0:20:35.840 People are being killed at levels that nobody's ever seen, 0:20:35.880 --> 0:20:38.280