1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,200 --> 00:00:13,840 Speaker 2: This is a breaking news update from Bloomberg, Instant reaction 3 00:00:14,120 --> 00:00:17,959 Speaker 2: and analysis from our three thousand journalists and analysts around 4 00:00:18,000 --> 00:00:18,960 Speaker 2: the world. 5 00:00:19,600 --> 00:00:23,240 Speaker 3: Chairs for Intel finished up seven point four percent today, 6 00:00:23,440 --> 00:00:27,600 Speaker 3: this after Bloomberg reported exclusively that the Trump administration is 7 00:00:27,640 --> 00:00:30,760 Speaker 3: said to discuss taking a steak in Intel. The US 8 00:00:30,800 --> 00:00:33,280 Speaker 3: government potentially taking a steak in the chip maker, which 9 00:00:33,280 --> 00:00:36,440 Speaker 3: would help support the company's effort to expand domestic manufacturing. 10 00:00:36,520 --> 00:00:38,960 Speaker 3: This is according to people familiar with the plan. I 11 00:00:38,960 --> 00:00:41,680 Speaker 3: want to bring in Tom Giles, he's senior executive editor 12 00:00:41,800 --> 00:00:45,680 Speaker 3: for Global Technology. Tom can't stop talking about this story. 13 00:00:45,720 --> 00:00:48,600 Speaker 3: Also in the context of what happened earlier this week 14 00:00:48,640 --> 00:00:52,159 Speaker 3: with Nvidia and AMD, what's happened with MP Materials, and 15 00:00:52,159 --> 00:00:54,720 Speaker 3: the four hundred million dollar investment from the DoD Us 16 00:00:54,760 --> 00:00:56,960 Speaker 3: steal as well, it really just feels like we're in 17 00:00:56,960 --> 00:00:59,240 Speaker 3: a new era when it comes to industrial policy. What 18 00:00:59,280 --> 00:01:00,680 Speaker 3: does it mean to you? 19 00:01:00,680 --> 00:01:03,840 Speaker 2: You know, the Trump administration is doing some really unconventional 20 00:01:03,920 --> 00:01:08,560 Speaker 2: things when it comes to trying to shape and influence 21 00:01:09,640 --> 00:01:14,160 Speaker 2: industrial policy and US corporations. Not a ton of precedents 22 00:01:14,200 --> 00:01:17,080 Speaker 2: for this, at least not in the US. We've seen 23 00:01:17,080 --> 00:01:21,640 Speaker 2: it in other types of economies where the government believes 24 00:01:21,680 --> 00:01:25,920 Speaker 2: it's its role to shape industry and shape the direction 25 00:01:26,040 --> 00:01:29,680 Speaker 2: of companies. That doesn't always end well. I'm a little 26 00:01:29,680 --> 00:01:32,840 Speaker 2: surprised that the stock rallied as much as it did. 27 00:01:33,040 --> 00:01:35,840 Speaker 2: To be totally honest with you, I think in the 28 00:01:35,920 --> 00:01:39,360 Speaker 2: near term, investors are looking at, hey, look, this is 29 00:01:39,400 --> 00:01:41,520 Speaker 2: a bit of money. Think of it maybe as a 30 00:01:41,560 --> 00:01:45,440 Speaker 2: bailout for Intel. Help the company get its financial house 31 00:01:45,480 --> 00:01:48,840 Speaker 2: in order and accelerate these plans to build a foundry 32 00:01:48,880 --> 00:01:49,560 Speaker 2: in Ohio. 33 00:01:49,880 --> 00:01:53,320 Speaker 4: On its face, all of that stuff sounds good. Go ahead. 34 00:01:53,640 --> 00:01:56,600 Speaker 3: Well, I'm I'm glad you brought up the term bailout 35 00:01:56,720 --> 00:01:59,400 Speaker 3: because I was talking to Carol about this. It kind 36 00:01:59,400 --> 00:02:01,440 Speaker 3: of also feels reminiscent of you know, we talked about 37 00:02:01,480 --> 00:02:04,520 Speaker 3: the US taking stakes and companies. It's not unprecedented. During 38 00:02:04,560 --> 00:02:07,920 Speaker 3: the financial crisis, we saw this happen with rescuing banks. 39 00:02:07,920 --> 00:02:11,720 Speaker 3: We saw it happening with rescuing automakers. The question I 40 00:02:11,760 --> 00:02:13,880 Speaker 3: have for you, and it really sticks to it doesn't 41 00:02:13,880 --> 00:02:18,280 Speaker 3: always end well. Is the concern about when you have 42 00:02:18,360 --> 00:02:21,920 Speaker 3: investment from the US government, the government picking winners and 43 00:02:22,000 --> 00:02:25,240 Speaker 3: losers when it comes to a so called quote unquote 44 00:02:25,240 --> 00:02:26,280 Speaker 3: free market. 45 00:02:27,680 --> 00:02:30,040 Speaker 4: That's not a really it's not a very free market. 46 00:02:30,200 --> 00:02:31,640 Speaker 4: This isn't the principles. 47 00:02:32,360 --> 00:02:37,000 Speaker 2: Hence the quotes that I that I studied, certainly in 48 00:02:37,000 --> 00:02:39,760 Speaker 2: in macro and you know, all all the all the 49 00:02:39,800 --> 00:02:43,720 Speaker 2: economics courses, all the finance courses that I've taken, don't. 50 00:02:43,760 --> 00:02:48,120 Speaker 2: Really this doesn't look like the capitalism that we learned 51 00:02:48,160 --> 00:02:53,400 Speaker 2: about growing up. What this is is and there's a 52 00:02:53,400 --> 00:02:56,800 Speaker 2: difference between a bailout per se and a government taking 53 00:02:56,800 --> 00:02:57,680 Speaker 2: a financial stake. 54 00:02:57,760 --> 00:03:00,000 Speaker 4: This is about an ongoing relationship. 55 00:03:00,080 --> 00:03:02,560 Speaker 2: And again, in the short term, I see why the 56 00:03:02,560 --> 00:03:05,840 Speaker 2: stock popped right, it's seen as like, hey, Intel could 57 00:03:05,960 --> 00:03:08,560 Speaker 2: use could get help wherever, you know, wherever it can. 58 00:03:09,560 --> 00:03:12,560 Speaker 2: Longer term, do you really want the government? Are the 59 00:03:12,600 --> 00:03:17,519 Speaker 2: government's interests aligned with those of shareholders? The government might 60 00:03:18,240 --> 00:03:21,640 Speaker 2: might want to shape things for its own political interests, 61 00:03:21,840 --> 00:03:24,440 Speaker 2: but are those the interests the long term interests of 62 00:03:24,480 --> 00:03:26,000 Speaker 2: the shareholders of the company. 63 00:03:26,919 --> 00:03:29,119 Speaker 3: I think that's a really good point. And I would 64 00:03:29,160 --> 00:03:32,520 Speaker 3: also say, Tom, since we're talking about sort of the 65 00:03:32,520 --> 00:03:37,600 Speaker 3: philosophical definition of capitalism right now, that one could maybe 66 00:03:37,640 --> 00:03:40,160 Speaker 3: listen to our conversation or watch our conversation and say, 67 00:03:40,200 --> 00:03:43,120 Speaker 3: wait a second, we've never really lived in a free 68 00:03:43,160 --> 00:03:50,240 Speaker 3: market when local and federal subsidies power so much of 69 00:03:50,280 --> 00:03:53,800 Speaker 3: this economy. I mean, you look at corn farming, for example, 70 00:03:53,840 --> 00:03:58,240 Speaker 3: agriculture in the US. You look at subsidies that are 71 00:03:58,240 --> 00:04:01,160 Speaker 3: given by states to llure bi business is we all 72 00:04:01,160 --> 00:04:04,360 Speaker 3: remember what happened with Fox con in Wisconsin for example. 73 00:04:04,400 --> 00:04:07,720 Speaker 3: That should be an entirely different conversation. But any any 74 00:04:07,840 --> 00:04:10,600 Speaker 3: you know, you name it. There are Boeing in South Carolina, 75 00:04:10,680 --> 00:04:13,360 Speaker 3: for example. Those sorts of things. There are different reasons 76 00:04:13,360 --> 00:04:14,280 Speaker 3: that companies go. 77 00:04:14,320 --> 00:04:17,159 Speaker 4: Places tax breaks all over the place. 78 00:04:17,680 --> 00:04:20,000 Speaker 2: You know, the city of San Francisco just down the 79 00:04:20,080 --> 00:04:25,359 Speaker 2: street incentivized Twitter to locate its headquarters right in central 80 00:04:25,360 --> 00:04:29,520 Speaker 2: San Francisco, and they have lots of incentives. Think about 81 00:04:29,520 --> 00:04:34,000 Speaker 2: the corporate tax cuts that we've seen in recent administrations. 82 00:04:34,360 --> 00:04:38,080 Speaker 2: Those are all ways that the government is sort of 83 00:04:39,360 --> 00:04:43,560 Speaker 2: giving financial incentives to these companies and incentivizing them to 84 00:04:43,880 --> 00:04:46,159 Speaker 2: make investments in a city, in a state, in a 85 00:04:46,240 --> 00:04:50,719 Speaker 2: county for example. There's a difference between that and taking 86 00:04:50,760 --> 00:04:53,440 Speaker 2: a long term stake in a company. 87 00:04:54,000 --> 00:04:54,840 Speaker 4: And remember the. 88 00:04:54,800 --> 00:04:56,839 Speaker 2: Thing that I you know, I'm not a I'm not 89 00:04:56,920 --> 00:05:01,279 Speaker 2: an authority on corn farming, but I do know Silicon Valley, 90 00:05:01,279 --> 00:05:03,760 Speaker 2: and if you think about how the way things have 91 00:05:03,960 --> 00:05:08,440 Speaker 2: run here, things have gone historically over decades. The precedent 92 00:05:08,640 --> 00:05:13,560 Speaker 2: is Company X in Silicon Valley, in the tech industry 93 00:05:13,800 --> 00:05:17,560 Speaker 2: says to DC, stay out of our hair, leave us alone. 94 00:05:17,720 --> 00:05:18,520 Speaker 4: For the most part. 95 00:05:20,120 --> 00:05:24,200 Speaker 2: We'll build, will create jobs, will build new and innovative 96 00:05:24,240 --> 00:05:26,760 Speaker 2: technology that's going to change the way you live and 97 00:05:26,880 --> 00:05:29,440 Speaker 2: work and the way we do business. And that has 98 00:05:29,520 --> 00:05:34,560 Speaker 2: historically been the case. Government has had a relatively hands 99 00:05:34,560 --> 00:05:39,159 Speaker 2: off stance towards Silicon Valley, but that is changing dramatically, 100 00:05:39,200 --> 00:05:42,480 Speaker 2: and it's changing much more quickly under the Trump administration 101 00:05:43,000 --> 00:05:46,520 Speaker 2: than it has in recent memory as long as I 102 00:05:46,560 --> 00:05:51,120 Speaker 2: can remember covering this industry. What are the long term implications. 103 00:05:51,160 --> 00:05:54,200 Speaker 2: I don't think people are really thinking about that right now. 104 00:05:54,720 --> 00:05:57,840 Speaker 1: It's really good, kind of mind boggling. We're talking with 105 00:05:58,200 --> 00:06:01,360 Speaker 1: Tom Giles, senior executive editor for Globe Tech out there 106 00:06:01,360 --> 00:06:03,920 Speaker 1: on the West Coast here in our Bloomberg Interactive Broker studio. 107 00:06:04,000 --> 00:06:06,560 Speaker 1: Ryn Guld just coming back into our studio Bloomberg News 108 00:06:07,000 --> 00:06:10,400 Speaker 1: Deals reporter. He along with Josh Wingrove and Leanna Baker 109 00:06:10,480 --> 00:06:13,200 Speaker 1: breaking this story. It is our most read on the 110 00:06:13,240 --> 00:06:15,920 Speaker 1: Bloomberg Tom stay with us, Ryan, I want to roll 111 00:06:15,960 --> 00:06:19,359 Speaker 1: you into this conversation. Remind everybody what you found out, 112 00:06:19,520 --> 00:06:22,839 Speaker 1: and you know, do we have any insight or do 113 00:06:22,880 --> 00:06:26,560 Speaker 1: you guys have any insight about how much the Trump administration, 114 00:06:26,600 --> 00:06:30,200 Speaker 1: which has been called an activist administration, would want to 115 00:06:30,240 --> 00:06:33,560 Speaker 1: be involved on an ongoing basis if it made this investment. 116 00:06:34,160 --> 00:06:36,800 Speaker 5: Carol, We have very few details as to the numbers. 117 00:06:36,800 --> 00:06:38,760 Speaker 5: I mean, it's something we're obviously looking to find out 118 00:06:38,800 --> 00:06:40,960 Speaker 5: at this point. But I think it's just worth recapping 119 00:06:41,040 --> 00:06:43,960 Speaker 5: that just how novel this type of structure would be 120 00:06:44,200 --> 00:06:46,960 Speaker 5: or could be. I think I came on here earlier 121 00:06:47,040 --> 00:06:49,760 Speaker 5: on and said that the very good parallels to be 122 00:06:49,800 --> 00:06:52,919 Speaker 5: drawn between MP Materials and the dard that deal. I 123 00:06:52,920 --> 00:06:54,719 Speaker 5: think if you just break that down, what did that 124 00:06:54,800 --> 00:06:57,000 Speaker 5: mean for MP Materials and what could it mean for Intel? 125 00:06:57,120 --> 00:06:59,479 Speaker 5: I mean, you look at that deal, it's something like 126 00:06:59,480 --> 00:07:03,480 Speaker 5: you know, Gary and he purchases loans, private financing, equity investment. 127 00:07:03,720 --> 00:07:05,599 Speaker 5: I think these are all types of things that the 128 00:07:05,640 --> 00:07:08,520 Speaker 5: government perhaps feels. And again this is what you would 129 00:07:08,600 --> 00:07:11,160 Speaker 5: think from a sort of outside view looking in that 130 00:07:11,840 --> 00:07:14,840 Speaker 5: if you give confidence capital in this sense, which I 131 00:07:14,840 --> 00:07:16,200 Speaker 5: think is a good way to think about what this 132 00:07:16,240 --> 00:07:19,760 Speaker 5: would be for Intel shareholders. If you give confidence capital 133 00:07:19,800 --> 00:07:21,920 Speaker 5: to Intel as the you know, the most credit worthy 134 00:07:21,920 --> 00:07:25,640 Speaker 5: institution in the world, coming in and saying where behind you, 135 00:07:25,920 --> 00:07:29,800 Speaker 5: we're here for the long term, that's a massive draw, 136 00:07:30,040 --> 00:07:32,080 Speaker 5: especially if you're Intel and you're looking to bring in 137 00:07:32,120 --> 00:07:34,720 Speaker 5: customers like Apple or Qualcom, which by the way, has 138 00:07:34,760 --> 00:07:37,000 Speaker 5: been its mission for a long long time to make 139 00:07:37,040 --> 00:07:37,880 Speaker 5: its found be solvent. 140 00:07:38,440 --> 00:07:42,400 Speaker 1: Tom, is that what Intel needs? Confidence capital? Is that 141 00:07:42,440 --> 00:07:46,680 Speaker 1: what's going to be the turnaround key for this company 142 00:07:46,680 --> 00:07:48,280 Speaker 1: that's been kind of struggling for a while. 143 00:07:49,280 --> 00:07:50,280 Speaker 4: It has been struggling. 144 00:07:50,280 --> 00:07:53,360 Speaker 2: I mean you think about what where they're lacking, right, 145 00:07:53,480 --> 00:07:57,360 Speaker 2: They have fallen behind technology technologically, particularly in an age 146 00:07:57,360 --> 00:07:57,840 Speaker 2: of AI. 147 00:07:58,440 --> 00:08:01,120 Speaker 4: They are they have lost market share. 148 00:08:01,760 --> 00:08:04,800 Speaker 2: Lipputan, the CEO, has come in and he has been 149 00:08:04,840 --> 00:08:09,600 Speaker 2: cutting jobs and taking some hard steps financially to shore 150 00:08:09,680 --> 00:08:13,760 Speaker 2: up them from a financial perspective, but in terms of products, 151 00:08:13,760 --> 00:08:17,160 Speaker 2: in terms of like making themselves attractive, making themselves the 152 00:08:17,240 --> 00:08:20,520 Speaker 2: place that customers around the world want to come. 153 00:08:20,480 --> 00:08:22,560 Speaker 4: For their chip making needs. 154 00:08:22,880 --> 00:08:26,800 Speaker 2: That's something where they've fallen desperately behind, and so if 155 00:08:26,840 --> 00:08:29,000 Speaker 2: you have a foundry, I mean, on its face, the 156 00:08:29,080 --> 00:08:35,200 Speaker 2: idea of building a foundry, that's that's an alternative to TSMC. Right, 157 00:08:36,080 --> 00:08:41,520 Speaker 2: this this Taiwan based mammoth company that that is making 158 00:08:41,640 --> 00:08:46,320 Speaker 2: most of the most advanced chips in the world. Customers 159 00:08:46,360 --> 00:08:50,199 Speaker 2: want an alternative to that. Ryan mentioned Apple in Nvidia, 160 00:08:50,280 --> 00:08:53,920 Speaker 2: they all would like to have alternatives to TSMC. You 161 00:08:53,960 --> 00:08:56,360 Speaker 2: want you don't want someone to have a monopoly, right, 162 00:08:56,600 --> 00:08:59,960 Speaker 2: So there are certain things about this idea of advanced 163 00:09:00,400 --> 00:09:04,400 Speaker 2: this chip making capabilities for Intel in Ohio on it 164 00:09:04,400 --> 00:09:07,720 Speaker 2: it makes sense, but it's really hard for a company 165 00:09:07,720 --> 00:09:10,400 Speaker 2: that's struggling financially to get that off the ground. So 166 00:09:10,440 --> 00:09:14,040 Speaker 2: again getting back to that near term equation, it makes 167 00:09:14,040 --> 00:09:17,400 Speaker 2: sense for them to get a capital infusion in the 168 00:09:17,440 --> 00:09:20,320 Speaker 2: near term. Longer term, does it make sense for the 169 00:09:20,320 --> 00:09:23,640 Speaker 2: federal government to be making decisions and to be influencing 170 00:09:23,679 --> 00:09:28,160 Speaker 2: the direction of companies. In many instances, the interests of 171 00:09:28,200 --> 00:09:30,800 Speaker 2: the government and the shareholders may be very much aligned, 172 00:09:30,880 --> 00:09:33,319 Speaker 2: but there will come a day where the government may 173 00:09:33,360 --> 00:09:36,040 Speaker 2: want to politicize things in a way that doesn't work 174 00:09:36,320 --> 00:09:39,080 Speaker 2: to the longer term advantages of shareholders. That's the thing 175 00:09:39,120 --> 00:09:41,920 Speaker 2: that people need to be asking hard questions about right now. 176 00:09:42,080 --> 00:09:46,199 Speaker 1: Yeah, exactly, Tom Giles so appreciative, Senior executive editor for 177 00:09:46,240 --> 00:09:50,520 Speaker 1: Global Technology with his view and reporting there also on 178 00:09:50,600 --> 00:09:53,360 Speaker 1: Intel Industrial is still up about two point eight percent 179 00:09:53,400 --> 00:09:54,320 Speaker 1: here in the aftermarket. 180 00:09:54,360 --> 00:09:56,120 Speaker 3: I want to keep Ryan Gould in here as part 181 00:09:56,160 --> 00:09:58,280 Speaker 3: of the team that broke the news that's still moving 182 00:09:58,360 --> 00:10:00,960 Speaker 3: shares of Intel higher once again more than seven percent 183 00:10:01,000 --> 00:10:04,280 Speaker 3: to the upside earlier in the session, up another two 184 00:10:04,360 --> 00:10:07,480 Speaker 3: point nine percent as we speak, right I want to 185 00:10:08,000 --> 00:10:10,520 Speaker 3: go to you off of what Tom just said, the 186 00:10:10,920 --> 00:10:13,640 Speaker 3: difficult questions that need to be asked right now, because 187 00:10:14,160 --> 00:10:18,000 Speaker 3: you and the team right about the President and his 188 00:10:18,040 --> 00:10:22,560 Speaker 3: administration are adamant about boosting domestic champions and sectors that 189 00:10:22,679 --> 00:10:26,520 Speaker 3: it deems critical to combating China on national security grounds. 190 00:10:26,520 --> 00:10:28,520 Speaker 3: I can imagine there are a lot of companies out 191 00:10:28,520 --> 00:10:31,680 Speaker 3: there with executives who are raising their hands and saying, 192 00:10:31,720 --> 00:10:34,400 Speaker 3: wait a second, I'm critical, where's my money? 193 00:10:34,679 --> 00:10:36,839 Speaker 5: Exactly? I think Timmy Ray is a good point because 194 00:10:36,840 --> 00:10:40,840 Speaker 5: if you're any other company that operates in semiconductive manufacturing 195 00:10:40,960 --> 00:10:45,160 Speaker 5: or even semiconductive you know, chip design, Hey, this isn't fair. Yeah, 196 00:10:45,200 --> 00:10:47,120 Speaker 5: I mean you would be looking on and thinking what 197 00:10:47,280 --> 00:10:48,280 Speaker 5: is the power play here? 198 00:10:48,440 --> 00:10:51,000 Speaker 1: Yeah, I mean a MAT's down twenty three percent fallowing 199 00:10:50,960 --> 00:10:53,000 Speaker 1: it's latest quarterly update. I'm not saying anything is related, 200 00:10:53,000 --> 00:10:55,199 Speaker 1: but it's like, hey, maybe I need Assi. 201 00:10:55,080 --> 00:10:57,560 Speaker 5: Exactly and you know, if you think back, let's just 202 00:10:57,559 --> 00:11:00,000 Speaker 5: retrace those steps a little bit. Some of these channel 203 00:11:00,400 --> 00:11:02,440 Speaker 5: and some of these questions are being raised a couple 204 00:11:02,520 --> 00:11:04,760 Speaker 5: of months ago, what a few months ago now, before 205 00:11:04,800 --> 00:11:08,360 Speaker 5: Lipbutem became the CEO. When Pat left, you know, there 206 00:11:08,400 --> 00:11:10,079 Speaker 5: was a big search that went underwear. They used a 207 00:11:10,120 --> 00:11:13,120 Speaker 5: head hunter. They spoke to people like Gary Dickerson Ademet 208 00:11:13,800 --> 00:11:15,520 Speaker 5: about the job. I mean they spoke to a ton 209 00:11:15,559 --> 00:11:17,839 Speaker 5: of people about the job. There is actually only one 210 00:11:17,840 --> 00:11:20,680 Speaker 5: person who really wanted that job for the challenge that 211 00:11:20,880 --> 00:11:22,760 Speaker 5: is on the table right now, and that is Libbuten. 212 00:11:23,120 --> 00:11:25,679 Speaker 5: Libu ten is currently in that seat. He turned up 213 00:11:25,679 --> 00:11:28,319 Speaker 5: at the White House earlier this week, cut a fairly 214 00:11:28,440 --> 00:11:30,920 Speaker 5: you know, confident figure walking into the White House grounds 215 00:11:31,280 --> 00:11:34,160 Speaker 5: and is now on the face of this coming out 216 00:11:34,240 --> 00:11:37,520 Speaker 5: with something that looks like a potentially very favorable deal 217 00:11:37,880 --> 00:11:39,520 Speaker 5: at least in the short term, I think, to Tom's 218 00:11:39,520 --> 00:11:42,000 Speaker 5: point earlier on at least in the short term for 219 00:11:42,120 --> 00:11:44,440 Speaker 5: what you know, Intel is looking to do, which is 220 00:11:44,880 --> 00:11:47,800 Speaker 5: right size its balance sheet, stems some of those losses 221 00:11:47,880 --> 00:11:50,720 Speaker 5: and make sorry to use a Trump term, but you know, 222 00:11:50,840 --> 00:11:51,920 Speaker 5: make Intel grade again. 223 00:11:53,520 --> 00:11:58,079 Speaker 1: It's kind of wild, kind of wild before we get 224 00:11:58,080 --> 00:12:00,559 Speaker 1: caught up in the exuberance. That is very easy to 225 00:12:00,600 --> 00:12:02,640 Speaker 1: get caught up in this environment, especially when you've got 226 00:12:02,640 --> 00:12:05,200 Speaker 1: a stock that pops seven percent in the regular trade, 227 00:12:05,240 --> 00:12:08,680 Speaker 1: another three percent here in the aftermarket early stages like 228 00:12:08,720 --> 00:12:10,400 Speaker 1: do you have any you guys talk to a lot 229 00:12:10,400 --> 00:12:12,720 Speaker 1: of folks who reported this at it's a Bloomberg exclusive, 230 00:12:12,720 --> 00:12:15,000 Speaker 1: it's a most red story. But do you have a 231 00:12:15,000 --> 00:12:17,800 Speaker 1: feeling of again, I'm going to go back to kind 232 00:12:17,800 --> 00:12:20,440 Speaker 1: of where this process maybe. 233 00:12:21,080 --> 00:12:23,120 Speaker 5: I mean, we actually don't. I mean, that's one of 234 00:12:23,160 --> 00:12:25,880 Speaker 5: the challenges, is, you know, finding out how big this is. 235 00:12:26,280 --> 00:12:28,320 Speaker 5: I think you know where on the case. I'm sure 236 00:12:28,320 --> 00:12:30,080 Speaker 5: many of our competitors are now in the case. But 237 00:12:30,400 --> 00:12:32,080 Speaker 5: I think one of the things I'd point out is 238 00:12:32,120 --> 00:12:34,440 Speaker 5: that the President said on truth Social this week that 239 00:12:34,480 --> 00:12:37,079 Speaker 5: these meetings will be happening with Commerce and with Treasury 240 00:12:37,160 --> 00:12:40,240 Speaker 5: this week. You can probably assume that there are a 241 00:12:40,280 --> 00:12:42,360 Speaker 5: ton of people down in Washington right now, both on 242 00:12:42,400 --> 00:12:44,280 Speaker 5: the Intel side and the government side, who are putting 243 00:12:44,280 --> 00:12:46,800 Speaker 5: minds together to figure out exactly what it will require 244 00:12:47,280 --> 00:12:51,200 Speaker 5: to get Intel into on a stronger footing. I think, 245 00:12:51,360 --> 00:12:52,880 Speaker 5: you know, if you look at what Intel has said. 246 00:12:52,880 --> 00:12:55,319 Speaker 5: It declined to comment I should note on the deal discussions, 247 00:12:56,320 --> 00:12:58,560 Speaker 5: but it's said in a statement of Bloomberg that it 248 00:12:58,600 --> 00:13:01,600 Speaker 5: remains deeply committed to supporting the Trump's efforts to strength 249 00:13:01,600 --> 00:13:04,160 Speaker 5: in US technology and manufacturing leadership. 250 00:13:04,240 --> 00:13:06,040 Speaker 1: Just quickly, we've not heard anything from the White House. 251 00:13:06,280 --> 00:13:06,680 Speaker 5: Not yet. 252 00:13:06,960 --> 00:13:11,880 Speaker 1: Okay, good to know you rock again, Ryan Gould, Deal's 253 00:13:11,920 --> 00:13:14,480 Speaker 1: reporter here at Bloomberg News Again. Intel shares tim up 254 00:13:14,480 --> 00:13:17,120 Speaker 1: here in the aftermarket after about a seven percent gain 255 00:13:17,160 --> 00:13:18,880 Speaker 1: in the regular training session.