WEBVTT - Nvidia's Earnings and Apple's DOJ Case 0:00:02.400 --> 0:00:09.240 Bloomberg Audio Studios, Podcasts, radio news from Marhart. 0:00:09.240 --> 0:00:13.640 We're Innovation, Money and Power Collie in Silicon Valley, NBN. 0:00:14.000 --> 0:00:29.240 This is Bloomberg Technology with Caroline Hyde and Ed Ludlow. 0:00:31.840 --> 0:00:34.919 I'm Caroline Hyde at Bloomberg's world headquarters in New York and. 0:00:34.880 --> 0:00:38.320 I met Lovelow in San Francisco. This is Bloomberg Technology. 0:00:38.000 --> 0:00:41.239 Coming up full coverage on guess what in video? You 0:00:41.280 --> 0:00:41.599 know it. 0:00:41.640 --> 0:00:45.720 Pushing ahead to that all important earnings after the closing. 0:00:45.440 --> 0:00:49.320 Bell, Plus Apple looks to get its doj antitrust case 0:00:49.400 --> 0:00:49.960 tossed out. 0:00:50.280 --> 0:00:52.120 We'll bring you the details and scale. 0:00:52.159 --> 0:00:55.280 AI excures one billion dollars in funding as its valuation 0:00:55.440 --> 0:00:59.800 nearly doubles to almost fourteen billion. CEO Alexander Wang going 0:00:59.840 --> 0:01:01.640 to be joining us later in the hour, but first 0:01:01.840 --> 0:01:04.360 and let's check in on these markets because there's a 0:01:04.360 --> 0:01:07.640 macro bit of data. We were waiting for the FED 0:01:07.680 --> 0:01:09.880 minutes coming a little bit later in the afternoon, and 0:01:09.920 --> 0:01:13.640 we're basically flat. Ahead of that, we're still digesting some 0:01:13.720 --> 0:01:16.080 really strong earnings that have come from the tech ecosystem. 0:01:16.120 --> 0:01:18.319 We Bracewort and Video brings us and we're up just 0:01:18.520 --> 0:01:21.000 five points on the Nasdaq. But remember new record highs 0:01:21.000 --> 0:01:23.200 after record highs, we're looking at twenty a yield just 0:01:23.240 --> 0:01:25.319 flat ahead of an all important auction. We had seen 0:01:25.360 --> 0:01:27.959 bond selling off, yields rising. Now we managed to go 0:01:28.040 --> 0:01:30.920 back into the green just a moment. Pound I look 0:01:30.920 --> 0:01:33.800 at because inflation, yes, it is cooling, but it is 0:01:33.800 --> 0:01:34.679 not cooling as much. 0:01:34.600 --> 0:01:35.720 As the market wanted to see. 0:01:35.800 --> 0:01:38.119 The pound is higher events as the US dollar, as 0:01:38.160 --> 0:01:40.080 potentially we see the Bank of England not being able 0:01:40.120 --> 0:01:42.920 to cut at the anticipated rate that the market had 0:01:42.959 --> 0:01:44.680 wanted to see. Let's move on and see what's happening 0:01:44.720 --> 0:01:48.000 in the world of crypto, because suddenly, out of nowhere 0:01:48.080 --> 0:01:51.440 we regalvanize ourselves. Potentially the latest spot etf this one 0:01:51.480 --> 0:01:54.960 being an ether an ethereum related one. Thoughts and prayers 0:01:54.960 --> 0:01:56.920 to all those who are the lawyers or the compliance 0:01:56.920 --> 0:01:58.720 folks having to get the data, having to get the 0:01:58.720 --> 0:02:00.640 documents ready. We're currently down by a tenth of a 0:02:00.680 --> 0:02:02.840 percent on ether as we speak, bened What are you watching? 0:02:04.000 --> 0:02:07.200 It has been called the mother of all earnings. It's 0:02:07.200 --> 0:02:10.720 been labeled as the single most important stock on the planet, 0:02:11.080 --> 0:02:14.440 and that when you say AI industry, you are talking 0:02:14.480 --> 0:02:17.480 about in video in video reports earnings after the bell. 0:02:17.560 --> 0:02:21.520 The stakes are incredibly high, and we want to continue 0:02:21.520 --> 0:02:24.440 to see year on year top line growth in excess 0:02:24.440 --> 0:02:27.600 of two hundred percent. I also look at the market 0:02:27.680 --> 0:02:31.040 capitalization of this company. When you think about how high 0:02:31.120 --> 0:02:36.280 the stakes are, it's a lot, right, and so what's 0:02:36.320 --> 0:02:37.800 going to happen? I know a lot of you in 0:02:37.800 --> 0:02:40.840 our bloombog technology audience look at demand signals, You look 0:02:40.840 --> 0:02:43.240 at the commentary from the hyperscalers, you look at all 0:02:43.280 --> 0:02:46.520 the news stories about the AI startups training models, whether 0:02:46.639 --> 0:02:49.200 or not they secured h one hundred clusters, and you 0:02:49.240 --> 0:02:51.600 look at some of the sovereign AI discussion that's happening. 0:02:52.360 --> 0:02:55.119 There is a lot at stake, Carrow. We're very excited 0:02:55.120 --> 0:02:57.960 about it. The expectation, though, is probably that in Vidia 0:02:58.000 --> 0:02:59.760 and Jensen knock it out of the park. 0:03:00.120 --> 0:03:02.119 Yeah, and how often do you get to see two 0:03:02.240 --> 0:03:05.480 hundred percent increases in a quarterly revenue? 0:03:05.560 --> 0:03:06.240 It ain't much. 0:03:06.360 --> 0:03:09.760 Let's talk about Nvidia now reporting earnings after that bell. 0:03:10.480 --> 0:03:12.799 Here's what in Vidia CEO Jenson Wang had to say 0:03:12.840 --> 0:03:15.280 about his outlook for AI just earlier this week with 0:03:15.360 --> 0:03:15.639 you ed. 0:03:16.720 --> 0:03:21.280 We've re engineered and reinvented every layer of computing, from 0:03:21.480 --> 0:03:25.040 the chip to the operating system, to the system servers, 0:03:25.080 --> 0:03:27.280 to the way that these data centers are put together. 0:03:27.360 --> 0:03:30.040 We want to bring this generaltive AI capability to every 0:03:30.040 --> 0:03:31.239 company in the world. 0:03:33.200 --> 0:03:34.240 From the man himself. 0:03:34.480 --> 0:03:36.000 So yeah, the key voice we want to bring on 0:03:36.080 --> 0:03:38.440 right now, Blue meg Intelligence senior analyst Man Deep saying, 0:03:38.520 --> 0:03:42.680 because there is a lot of hope and market valuation 0:03:42.840 --> 0:03:44.160 riding on these set of numbers. 0:03:44.600 --> 0:03:48.280 Yeah, look, I think they probably will guide to twenty 0:03:48.320 --> 0:03:51.400 five billion in data center revenue because that's what everyone 0:03:51.680 --> 0:03:54.560 cares about right now, and it's higher than consensus. So 0:03:54.760 --> 0:03:58.360 you know, the byside bogie here is higher than consensus. 0:03:58.520 --> 0:04:01.560 Anything in line with consense would have a negative knee 0:04:01.600 --> 0:04:05.200 jerk reaction, and they'll do it. The question to me 0:04:05.520 --> 0:04:09.400 is how much of their new black Quall chip is 0:04:09.520 --> 0:04:13.000 used for training and then what are the existing chips 0:04:13.360 --> 0:04:15.760 in terms of you know, the inferencing side of the equation, 0:04:15.920 --> 0:04:19.279 because once you pass through that lens, you will get 0:04:19.320 --> 0:04:22.039 a sense of, you know, is this sustainable in terms 0:04:22.120 --> 0:04:24.799 of triple digit growth? Probably that's not going to happen 0:04:24.839 --> 0:04:27.880 given the comps get tougher in the second half. But 0:04:27.960 --> 0:04:31.599 in terms of sustaining high double digit growth, it comes 0:04:31.640 --> 0:04:35.120 down to whether Nvidia will be a big player in inferencing, 0:04:35.200 --> 0:04:38.159 and last quarter Jensen said they have a forty percent 0:04:38.400 --> 0:04:42.440 share in inferencing. Everyone questions that, so we will be 0:04:42.520 --> 0:04:45.880 looking for update around inferencing because look, Microsoft announced a 0:04:45.920 --> 0:04:49.640 new PC with Qualcomm chip. Intel is probably doing something 0:04:49.680 --> 0:04:53.919 around their own chip. Apple will announce something around on 0:04:54.080 --> 0:04:59.040 device GENII. That's all inferencing. So Nvidia having inferencing share, 0:04:59.360 --> 0:05:01.919 it comes down to do they have a play with 0:05:02.000 --> 0:05:06.200 the hyperscale cloud vendors Amazon, Microsoft and Google using in 0:05:06.279 --> 0:05:08.960 Vidia for inferencing And the answer is they'll probably end 0:05:09.040 --> 0:05:12.039 up using their own chips for inferencing. Why would they 0:05:12.160 --> 0:05:15.880 use in video for inferencing given the SP's you know, 0:05:15.920 --> 0:05:17.280 in video commend expensive. 0:05:17.480 --> 0:05:21.960 Yeah, Monday, I appreciate that answer so much. I've been 0:05:21.960 --> 0:05:25.479 thinking a lot about generations of technology. So all of 0:05:25.480 --> 0:05:28.320 this is built on H one hundred, right, and a 0:05:28.360 --> 0:05:31.360 lot of people worry there's this air pocket where H 0:05:31.480 --> 0:05:34.560 two hundred, the next generation with high bandwidth memory is 0:05:34.640 --> 0:05:37.560 ramping up, and then you're Blackwell later in the year, 0:05:38.560 --> 0:05:41.159 you're an analyst that looks at this company. Are you 0:05:41.279 --> 0:05:44.440 concerned that the end market say, why would I buy 0:05:44.560 --> 0:05:46.960 H one hundred like the next best things coming? 0:05:47.240 --> 0:05:47.920 I'll just wait. 0:05:48.920 --> 0:05:52.080 I mean, there were rumors around that with Amazon yesterday. 0:05:52.120 --> 0:05:55.560 But look right now the market is undersupplied and everyone 0:05:55.680 --> 0:05:58.240 wants to get a hold of whatever they can for 0:05:58.400 --> 0:06:02.359 training their llms. It comes down to who are the 0:06:02.400 --> 0:06:05.520 big LLLM players. And we know that field is consolidating 0:06:05.560 --> 0:06:07.800 a number of them have actually thrown in the towel. 0:06:08.120 --> 0:06:11.640 They're getting acquired by larger you know, hyperscalers, So that 0:06:11.720 --> 0:06:15.599 field is narrowing. The second vector that drives that is 0:06:15.640 --> 0:06:16.640 the size of the model. 0:06:16.680 --> 0:06:17.400 If the size of. 0:06:17.360 --> 0:06:20.680 The model is growing, then you need more a bigger 0:06:20.720 --> 0:06:23.520 cluster and probably H two hundred or a black belt 0:06:23.600 --> 0:06:27.120 series will have more performance. In fact, Google said their 0:06:27.160 --> 0:06:31.200 TPU six is five times faster than their TPU five. 0:06:31.520 --> 0:06:33.720 What does it tell you that, you know, the performance 0:06:33.720 --> 0:06:37.479 increases are there, And if you're a hyperscaler that's buying 0:06:37.520 --> 0:06:40.520 ten billion dollars of Invidia chips, you would want to 0:06:40.520 --> 0:06:42.800 see that higher performance chip as opposed to you know, 0:06:42.839 --> 0:06:45.839 the last generation. So all that is a risk, I 0:06:45.839 --> 0:06:48.799 mean in the end, in Nvidia has a fifty percent 0:06:49.120 --> 0:06:52.760 you know, exposure to hyperscalers and these are very concentrated customers, 0:06:52.760 --> 0:06:55.040 five to six customers making a fifty percent of their 0:06:55.080 --> 0:06:56.240 data center revenue. 0:06:56.440 --> 0:06:59.839 They've still got some dependency on China. China can't have 0:07:00.240 --> 0:07:03.680 the most sophisticated chips. Will we hear anything about exposure there? 0:07:03.880 --> 0:07:06.560 I mean, we know that's going down. It's almost mid 0:07:06.600 --> 0:07:10.000 single digit of their revenue, but that's a market where 0:07:10.040 --> 0:07:13.160 they could have seen an upside. Surprises. Every company in 0:07:13.240 --> 0:07:16.320 China is training their own llms. Again, it comes down 0:07:16.360 --> 0:07:19.560 to training market. How big is the training market and 0:07:19.600 --> 0:07:22.280 how many players are there. I would say, you know, 0:07:22.400 --> 0:07:25.360 the top six llms are based out of United States 0:07:25.480 --> 0:07:27.920 and then the next five are in China. But if 0:07:28.400 --> 0:07:31.520 in Video can't sell their latest chips to the China market, 0:07:31.880 --> 0:07:34.480 that kind of takes some of the upside out at 0:07:34.560 --> 0:07:36.320 least in the near term. And we don't know how 0:07:36.360 --> 0:07:38.360 this geopolitical situation will pan out. 0:07:39.680 --> 0:07:42.200 This is a really big finale to what it has 0:07:42.240 --> 0:07:44.640 been an incredible earning season and Video after Bell and 0:07:44.640 --> 0:07:48.240 Bloomberg Intelligence senior analyst Man keep saying, great setup for 0:07:48.360 --> 0:07:50.440 us coming up on the program. We're going to talk 0:07:50.440 --> 0:07:53.760 about optimism in the crypto industry amid science of Ether 0:07:53.880 --> 0:07:58.120 ETF approval. Look, we've got Jack Mallard's Strike CEO on 0:07:58.200 --> 0:07:59.920 set New York City, Caro. What are you looking at? 0:08:00.280 --> 0:08:02.640 IM just having a kicken eye on what else is 0:08:02.680 --> 0:08:06.080 reporting after the ballad. Snowflake shares actually up about half 0:08:06.080 --> 0:08:09.000 a percentage point, but there has been anxiety that revenue 0:08:09.040 --> 0:08:11.960 growth for this particular software business is expected to slow 0:08:12.080 --> 0:08:14.280 to twenty six percent from forty eight percent last year. 0:08:14.560 --> 0:08:17.440 It says companies look prioritized, of course jenerator AI over 0:08:17.480 --> 0:08:22.040 traditional data warehousing. But where does that competitive landscape evolve 0:08:22.200 --> 0:08:25.440 for Snowflake. We wait to see if revenue can indeed 0:08:25.520 --> 0:08:28.640 hit the seven hundred and eighty six million dollars anticipated. 0:08:28.760 --> 0:08:37.240 This is Bloomberg Technology. 0:08:46.040 --> 0:08:48.880 Okay, So I'm looking at Ether and there's been a 0:08:48.880 --> 0:08:52.120 lot of energy and ether over the last five days, 0:08:52.200 --> 0:08:54.880 just like bitcoin trading. Twenty four to seven, Bloomberg reported, 0:08:54.920 --> 0:08:58.559 citing sources, that the SEC had instructed the New York 0:08:58.559 --> 0:09:02.360 Stock Exchange and the cbo WE to update regulatory filings 0:09:02.400 --> 0:09:07.040 basically that relate to changing rules that would make the 0:09:07.120 --> 0:09:12.480 approval of a spot ether ETF more likely, and the 0:09:12.520 --> 0:09:14.880 market kind of got caught by surprise as if it 0:09:14.920 --> 0:09:17.079 wasn't priced in. And like Caro said at the top 0:09:17.120 --> 0:09:19.360 of the show, you've got compliance officers and chief legal 0:09:19.360 --> 0:09:22.360 officers everywhere going, wait, this isn't supposed to happen this quickly. 0:09:22.559 --> 0:09:25.240 And we learned from our bitcoin experience it ain't linear, 0:09:26.240 --> 0:09:28.320 it doesn't go in a straight line, but people are 0:09:28.320 --> 0:09:30.720 now excited about it. And you look at the performance 0:09:30.760 --> 0:09:35.680 of the two right ether totalized version of the Ethereum blockchain, 0:09:35.679 --> 0:09:39.120 the kind of underpinnings of this industry, the gaps closing 0:09:39.160 --> 0:09:41.079 with Bitcoin a little bit, and Cara, I guess the 0:09:41.120 --> 0:09:43.600 point I'm making is that the market's kind of surprised, 0:09:43.600 --> 0:09:45.520 and I guess you and I might be a bit 0:09:45.559 --> 0:09:48.200 surprised that we're talking about this in this context. And 0:09:48.200 --> 0:09:49.960 looking at the chart behind me, tell. 0:09:49.800 --> 0:09:51.719 You what many people feel really moved the market. It 0:09:51.800 --> 0:09:56.360 was actually Bluemberg intelligence about tunis raising its probability that 0:09:56.800 --> 0:09:59.640 the spot ether ETF was going to come and the 0:09:59.679 --> 0:10:01.880 market we've done that amazing. Well, we're going to talk 0:10:01.880 --> 0:10:04.360 about someone who's we need to the bitcoin scene and 0:10:04.400 --> 0:10:06.760 what he thinks about the Ethereo METF as well. Strike 0:10:06.800 --> 0:10:08.520 CEO Jack Maner is always great to have you on 0:10:08.559 --> 0:10:11.720 the show. Thanks coming in to the studio. You, of 0:10:11.760 --> 0:10:15.439 course very much focused on functionality and building upon Bitcoin. 0:10:16.160 --> 0:10:18.520 What do you think though of a ETF yet more 0:10:18.520 --> 0:10:21.400 institution money potentially coming into the smart contract side of 0:10:21.400 --> 0:10:21.800 the equation. 0:10:22.400 --> 0:10:25.480 Yeah, I'm not a fan of any other cryptocurrency outside 0:10:25.520 --> 0:10:28.400 of Bitcoin, but I think there is a hilarious story 0:10:28.400 --> 0:10:30.480 as to why this is happening. I mean, I was 0:10:30.520 --> 0:10:33.160 laughing out loud. It looks like someone went to Gary 0:10:33.160 --> 0:10:35.640 Gensler and said, hey, buddy, you're not in charge anymore. 0:10:36.080 --> 0:10:38.640 And you'd have to think why that was. It's because 0:10:38.679 --> 0:10:40.320 banks and Wall Street are making money. 0:10:40.760 --> 0:10:40.960 Right. 0:10:41.480 --> 0:10:44.800 Banks get a really bad deal in today's market, is 0:10:44.840 --> 0:10:48.320 they have to buy bonds that are performing awfully, and 0:10:48.400 --> 0:10:50.480 all of a sudden they get a free market in 0:10:50.520 --> 0:10:54.280 this independent crypto thing and they're actually making money. These 0:10:54.280 --> 0:10:57.000 markets have life, These markets go up when governments debase 0:10:57.040 --> 0:10:59.760 their currency. These things perform well. And they got to 0:10:59.760 --> 0:11:02.640 take of bitcoin and it was the best performing product 0:11:02.640 --> 0:11:05.199 that they've ever had, and they're like, oh man, how 0:11:05.240 --> 0:11:07.240 many other pieces of crap are there out there? That 0:11:07.280 --> 0:11:09.920 we can list as ETFs, and I literally think that's 0:11:09.960 --> 0:11:12.800 what's happening. It's a way better business to launch crypto 0:11:12.840 --> 0:11:16.760 ETFs than it is to buy bonds right now based 0:11:16.760 --> 0:11:20.280 on the macro environment. So I think someone said, hey, Gary, sorry, buddy, 0:11:20.800 --> 0:11:23.360 despite you thinking that these things are securities, we need 0:11:23.400 --> 0:11:24.720 to make money, and that's what happened. 0:11:24.880 --> 0:11:26.520 It's funny that you bring up Gary against because, of 0:11:26.559 --> 0:11:28.600 course the House of Representatives currently taking on a bill 0:11:28.640 --> 0:11:30.120 at the moment as to whether it should be the 0:11:30.160 --> 0:11:33.440 sec at AOL overseeing crypto products more generally, or whether 0:11:33.480 --> 0:11:37.120 it should be shifted. But to your point, whether or 0:11:37.120 --> 0:11:41.000 not Ethereum does indeed manage to become spot traded with 0:11:41.080 --> 0:11:41.839 an ETF and. 0:11:41.800 --> 0:11:46.160 Money coming in. There's a real organization. 0:11:45.600 --> 0:11:46.920 Of some of the documents because they don't want to 0:11:46.920 --> 0:11:49.600 see staking involved in any way. How do you think 0:11:49.640 --> 0:11:52.679 about what that means for an investment opportunity? 0:11:53.000 --> 0:11:56.480 I listen again, I'm a bitcoin guy. I think all 0:11:56.520 --> 0:11:58.960 of this is a distraction and a load and nonsense. 0:11:59.000 --> 0:12:00.640 I think what they're trying to do is walk the 0:12:00.679 --> 0:12:03.120 fine line of how can we justify banks and Wall 0:12:03.160 --> 0:12:06.200 Street making more revenue on this industry? Because with all 0:12:06.280 --> 0:12:10.199 passive investing and central banks really trying to price control everything, 0:12:10.559 --> 0:12:12.880 this market has life, and if it has life, it 0:12:12.960 --> 0:12:15.680 means there's an opportunity to make money. Volatility is a 0:12:15.679 --> 0:12:18.160 good thing. People on Wall Street like volatility, so they're 0:12:18.160 --> 0:12:20.280 trying to find a way to justify and make happy 0:12:20.320 --> 0:12:24.480 in peace with existing securities laws while giving these Wall 0:12:24.480 --> 0:12:27.840 Street and these big banks like JP Morgan an ability 0:12:27.840 --> 0:12:30.719 to monetize this space and actually make money because the 0:12:30.760 --> 0:12:33.880 business they're in right now is awful. I mean, you're 0:12:34.000 --> 0:12:36.360 needing to buy bonds, lend money to the government and 0:12:36.360 --> 0:12:38.400 not get paid the growth that they're e's eve been. 0:12:38.360 --> 0:12:40.120 Doing quite well. I mean, there are certain parts of 0:12:40.120 --> 0:12:43.120 the finance. I get your point. The financial institutions still 0:12:43.160 --> 0:12:44.760 been doing quite well in the rest of the markets. 0:12:44.800 --> 0:12:47.280 But there's yeah, ebrtually a role for banks to play here, 0:12:47.280 --> 0:12:48.840 which could also be going through bigulary. 0:12:48.880 --> 0:12:51.360 Yeah, but I think listen, the S and P five 0:12:51.440 --> 0:12:53.880 hundred is dominated by what like the top seven companies, 0:12:53.880 --> 0:12:56.280 and they're all tech companies. Tech companies don't care about 0:12:56.320 --> 0:12:59.520 the cost of capital. They don't need business loans, Facebook, Apple, 0:12:59.600 --> 0:13:02.040 these company copanies can finance their business with their existing 0:13:02.040 --> 0:13:04.720 cash flows, and so the rest of the world is 0:13:04.760 --> 0:13:07.200 in a pain of hurt and banks right now their 0:13:07.240 --> 0:13:09.600 whole job is to take our deposits and buy bonds, 0:13:09.600 --> 0:13:11.679 and these bonds are getting slaughtered, and all of a 0:13:11.720 --> 0:13:14.320 sudden they're like, Wow, here's a market with life. Here's 0:13:14.360 --> 0:13:16.600 a market with retail flows. Here's a market that has 0:13:16.720 --> 0:13:20.040 volatility and that is actually reactive to the outside world. Hey, 0:13:20.080 --> 0:13:21.640 how many of these crypto things exist? 0:13:21.720 --> 0:13:21.920 Hey? 0:13:21.920 --> 0:13:24.640 Gary, except them all? So I wouldn't be surprised if 0:13:24.640 --> 0:13:27.480 we got a Subaduchie coin. What did I say on here? 0:13:27.679 --> 0:13:30.720 We should get a Subaduchie ETF soon. Seriously, I really 0:13:30.760 --> 0:13:33.200 think they're just trying to actize it. Jack. 0:13:33.600 --> 0:13:35.640 Let's go back to basics here. There will be members 0:13:35.640 --> 0:13:38.240 of the Bloomberg tetlas the audience that push back on 0:13:38.400 --> 0:13:43.520 I'm paraphrasing a spot eth ETF being the next listing 0:13:43.559 --> 0:13:46.720 of a piece of crap. There's a standard tagline in 0:13:46.760 --> 0:13:50.000 our Bloomberg Cabaret coverage, which is the ether is a 0:13:50.080 --> 0:13:54.400 native token of ethereum, and ethereum is the most widely 0:13:54.520 --> 0:13:59.000 commercially used blockchain. What would be your response to that 0:13:59.200 --> 0:14:00.120 standard line? 0:14:00.400 --> 0:14:04.080 Sure, okay, and I apologize to all those I offended. 0:14:04.280 --> 0:14:07.680 Here's my point. Bitcoin is the only money within the 0:14:07.679 --> 0:14:11.840 cryptocurrency space. It's designed and treated as a monetary asset. 0:14:12.080 --> 0:14:13.880 So then what do I think ethereum is. I think 0:14:13.880 --> 0:14:17.480 ethereum is a technology, which you actually just displayed in 0:14:17.520 --> 0:14:20.880 your introduction and definition of it. Ethereum appeals to developers. 0:14:20.920 --> 0:14:23.480 They change the monetary policy and the rules all of 0:14:23.560 --> 0:14:27.280 the time. However, the market often conflates it as a money, 0:14:27.360 --> 0:14:30.760 conflates it as a commodity, strike as a technology, and 0:14:30.840 --> 0:14:33.480 video is a technology. These things are regulated by the SEC. 0:14:33.520 --> 0:14:36.239 These things have cash flows, These things have founders, directors, 0:14:36.320 --> 0:14:38.800 people that set the roadmap. And so when I say 0:14:38.840 --> 0:14:41.120 a piece of crap, maybe I'm being a bit aggressive, 0:14:41.160 --> 0:14:43.600 but I think it's distinctly different from bitcoin. I think 0:14:43.640 --> 0:14:46.400 bitcoin can be the world reserve asset, the one money 0:14:46.400 --> 0:14:48.840 that we use to store our time and energy. And 0:14:48.920 --> 0:14:51.680 I think ethereum can be a technology which competes within video. 0:14:51.720 --> 0:14:53.560 But then it gets confusing. It's like, well, what's their 0:14:53.560 --> 0:14:56.640 cash flows? Who founded it, who sets the direction? Why 0:14:56.680 --> 0:14:58.960 does it change so much? And when it does change, 0:14:58.960 --> 0:15:00.920 why does it change? I think that there's a lot 0:15:00.960 --> 0:15:04.360 of intentional confusion going on in the story, and as 0:15:04.360 --> 0:15:06.440 a bitcoiner, it frustrates me because I'm trying to fix 0:15:06.480 --> 0:15:09.080 the money, fix the world, and so I think that 0:15:09.120 --> 0:15:11.040 there's a lot the market has to sort out as 0:15:11.040 --> 0:15:13.000 to what it actually is and how to value it. 0:15:13.720 --> 0:15:17.440 Jack Man has come back with your messaging and come 0:15:17.480 --> 0:15:19.920 on the show from San Francisco as well. Strike CEO 0:15:20.080 --> 0:15:21.840 Jack maners on all things crypto. I mean, while we 0:15:21.840 --> 0:15:23.920 do have some breaking news coming from the UK, there 0:15:23.920 --> 0:15:26.040 has been a lot of rumor swirling about whether or 0:15:26.080 --> 0:15:28.440 not we'll see a summer election called by Rishie Sunak, 0:15:28.720 --> 0:15:31.560 the current Prime Minister UK. Sunac will call a summer 0:15:31.600 --> 0:15:35.040 election this afternoon, that's being reported by The Guardian. He 0:15:35.240 --> 0:15:38.360 is going to call that election for July, so the 0:15:38.400 --> 0:15:39.600 Guardian reports now. 0:15:39.640 --> 0:15:40.960 Thus far, Bloomberg has. 0:15:40.840 --> 0:15:43.840 Been reporting that there has been repeated affirmation that there 0:15:43.840 --> 0:15:46.520 will be an election in twenty twenty four in the 0:15:46.600 --> 0:15:48.400 second half of the year. 0:15:48.760 --> 0:15:51.200 The nuance is exactly when that second half. 0:15:51.040 --> 0:16:02.280 Is politics out of the United Kingdom, Rishi Sunac, the 0:16:02.360 --> 0:16:04.880 Prime Minister, likely to call an election for as soon 0:16:04.920 --> 0:16:07.840 as July, as being reported by the Guardian, now we 0:16:07.920 --> 0:16:11.160 know that there's been plenty of rumors, particularly accentuated by 0:16:11.160 --> 0:16:13.400 the inflation report that came out of the UK today, 0:16:13.440 --> 0:16:15.400 which showed, even though it was higher than the market 0:16:15.400 --> 0:16:18.600 and anticipated, inflation is slowing closer to where the Bank 0:16:18.640 --> 0:16:20.880 of England's key rate of two percent. 0:16:21.000 --> 0:16:22.520 Level target is ed. 0:16:22.680 --> 0:16:26.120 This is notable because there has been much frustration with 0:16:26.160 --> 0:16:29.080 a way in which Rissi Sunac, leader of the Conservative Party, 0:16:29.080 --> 0:16:32.040 Prime Minister of the UK, has been able to inject 0:16:32.120 --> 0:16:36.560 or not the economic recovery into over the UK. The 0:16:36.640 --> 0:16:41.160 labor the alternative party in the UK needs by many 0:16:41.240 --> 0:16:45.520 points in terms of how perhaps voters would lean, and 0:16:45.600 --> 0:16:48.520 notable that he wants to well accelerate any sort of 0:16:48.960 --> 0:16:51.280 putting them to the polls well. 0:16:51.320 --> 0:16:54.760 According to the Guardians reporting July would be sooner than 0:16:54.800 --> 0:16:57.920 the sort of general wisdom which it was that Prime 0:16:57.960 --> 0:17:02.160 Minister Sunak would wait until the autumn. His consistent line 0:17:02.160 --> 0:17:03.560 has been that there would be a vote in the 0:17:03.600 --> 0:17:06.760 second half of the year. But the rationale or thinking 0:17:06.800 --> 0:17:09.159 that he'd wait to the autumn is that there is 0:17:09.200 --> 0:17:12.399 a cost of living crisis in the United Kingdom. Basically 0:17:12.920 --> 0:17:18.000 and strategically, he and the Conservative Party the thinking was 0:17:18.480 --> 0:17:22.119 would hold into the autumn to let that cost of 0:17:22.160 --> 0:17:25.520 living crisis dissipate somewhat ease off and then have more 0:17:25.560 --> 0:17:28.359 favorable environment. But you're completely right that if you go 0:17:28.400 --> 0:17:31.880 off the polls, which one always approaches with caution, then 0:17:31.920 --> 0:17:36.880 the Conservatives do lead trail the opposition Labor Party. 0:17:37.080 --> 0:17:38.960 We can go out to Lizzie Burdon, who's over in 0:17:39.000 --> 0:17:42.879 the United Kingdom covering the political storytelling there, and at 0:17:42.880 --> 0:17:45.639 the moment, Lizzie, it looks as though the Guardian is 0:17:45.640 --> 0:17:48.240 giving us a month at least that we could see 0:17:48.359 --> 0:17:51.879 a general election. It's being cited by some senior those 0:17:51.920 --> 0:17:53.960 close to Rashid Zunac himself. 0:17:55.240 --> 0:17:59.879 And lead up downing too. They always are being rightly 0:18:00.200 --> 0:18:04.200 takes in Oxford twenty twenty two when Boris Johnson said 0:18:04.359 --> 0:18:08.119 down and Ricky see that came in put somewhere in 0:18:08.160 --> 0:18:11.119 between that look all day, which you see how this 0:18:11.240 --> 0:18:14.359 has the opportunity to deny that you're going before the 0:18:14.520 --> 0:18:17.879 July elected. He's had unto opportunity and he's reflected at 0:18:18.000 --> 0:18:22.520 the champ having It is ongoing currently the Letios administ 0:18:22.760 --> 0:18:24.600 and has been for the past twenty a few minutes 0:18:25.040 --> 0:18:27.639 it's old executive thing. We've come when he put a 0:18:27.720 --> 0:18:30.399 Pilar Bailer who is only on the grounds for about 0:18:30.480 --> 0:18:35.720 two hours, and the defense granted that. The gold tip 0:18:35.800 --> 0:18:41.240 states for I've been twenty to a big announcement, and 0:18:41.760 --> 0:18:42.720 here he had to gude. 0:18:42.640 --> 0:18:45.720 Yeah, Lizzie, Sorry, sorry to interrupts you. Here we're getting Lizzie, 0:18:45.800 --> 0:18:47.560 give me a second. Here, we're getting some more headlines 0:18:47.600 --> 0:18:51.000 on the Bloomberg terminal, this time Sky News reporting that 0:18:51.040 --> 0:18:54.359 a UK general election will be on July fourth, a 0:18:54.440 --> 0:18:57.880 more specific date than the Guardian was giving. We now 0:18:57.920 --> 0:19:01.160 have two reports from two different U outlets or news 0:19:01.280 --> 0:19:04.280 organizations that there will be a general election in July. 0:19:04.920 --> 0:19:06.879 I want to bring in Bonnie Quinn and talking a 0:19:06.880 --> 0:19:09.719 little bit more about the UK economy here, Vonnie, because 0:19:09.960 --> 0:19:13.119 this is an issue of timing and strategy. July is 0:19:13.160 --> 0:19:16.720 sooner than expected, and it's sooner than expected because Rishi 0:19:16.800 --> 0:19:21.439 Sunac faces a difficult domestic economic picture that will inform 0:19:21.520 --> 0:19:23.120 voters minds exactly. 0:19:23.280 --> 0:19:23.359 Ed. 0:19:23.359 --> 0:19:25.840 Well, let's talk about that inflation data that came in earlier, 0:19:25.880 --> 0:19:28.520 coming into five point three percent, which was higher than 0:19:28.520 --> 0:19:32.960 most analysts and economists were anticipating. Services inflation two point 0:19:33.000 --> 0:19:36.200 three services inflation at five point nine percent, which really 0:19:36.200 --> 0:19:39.240 shows that inflation is entrenched. Rishi Sunac would have been 0:19:39.240 --> 0:19:41.119 hoping for that to come down and for there to 0:19:41.160 --> 0:19:44.840 have been a few more months of data showing better 0:19:44.880 --> 0:19:46.040 inflation figures. 0:19:46.240 --> 0:19:47.240 He's not getting that. 0:19:47.760 --> 0:19:50.960 Interestingly, the Bank of England, which had been expected to 0:19:51.119 --> 0:19:54.080 maybe make it cut in June. Banks have been pushing 0:19:54.080 --> 0:19:54.920 their estimates for. 0:19:54.960 --> 0:19:56.000 That first cut out. 0:19:56.200 --> 0:19:58.560 In fact, just the most recent bank to do that 0:19:58.600 --> 0:20:02.000 was Goldman sachsing that's most likely August now for there 0:20:02.080 --> 0:20:04.640 to be a snap election, that makes life a lot easier, 0:20:04.720 --> 0:20:06.919 right because if there were to be a snap election 0:20:07.280 --> 0:20:10.080