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Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: Live from San Francisco. I'm Tim Stenebeck, and this is
Speaker 2: Bloomberg Technology. Coming up on the program today, Elon tries
Speaker 2: to alleviate Tesla concerns, telling staffers to hold onto their
Speaker 2: stock after plunging fifty percent in three months, plus micron
Speaker 2: under pressure, disappointing margins, overshadowing an otherwise impressive set of
Speaker 2: quarterly results. And in video, that's on America announcing new
Speaker 2: plans to invest billions of dollars on US manufacturing. All
Speaker 2: that and more coming up over the next hour on
Speaker 2: Bloomberg Technology.
Speaker 3: First Up.
Speaker 2: Shares a Tesla over the last five days down about
Speaker 2: three point five percent. Elon musk yesterday trying to reassure
Speaker 2: Tesla employees during what he referred to as quote a
Speaker 2: little bit of stormy weather. Check out what he had
Speaker 2: to say. He urged employees to hang onto their stock.
Speaker 2: He called Arc invest Kathy Wood as an example of
Speaker 2: someone's still believing in the stock. He said some people
Speaker 2: like Kathy Wood at Ark invest do you see the future?
Speaker 2: So what I'm saying is, hang on to your stock.
Speaker 2: Let's talk a little bit more about Tesla had things
Speaker 2: over to Europe where we're joined by Bloomberg's Craig or Trudell. Craig,
Speaker 2: what did you make of what we heard from elon
Speaker 2: late yesterday? What was the tone that he was trying
Speaker 2: to communicate to his employees.
Speaker 4: It was highly unusual, and you know, I know that
Speaker 4: we've of course, you know, over the years, you know,
Speaker 4: heard from from Musk via you know, memos that he's
Speaker 4: sent out to staff that you know, tend to leak,
Speaker 4: you know, soon after. But this was, you know, in
Speaker 4: the middle of a quarter, you know, not not a
Speaker 4: product event or anything like that, a sort of spur
Speaker 4: of the moment, all hands and to sort of stream
Speaker 4: it publicly. It seemed to be a sort of you know,
Speaker 4: reassure the employees and in the in the course of
Speaker 4: doing so, reassure the market that, you know, yes, Tesla's
Speaker 4: in his words, are are on fire and they you know,
Speaker 4: that keeps getting shown on TV. But you know, essentially,
Speaker 4: don't worry. Everything's going to be fine, you know, the
Speaker 4: future is going to be bright.
Speaker 2: Okay, Well, speaking of the future, he did bring up
Speaker 2: the idea once again that self driving cars, autonomous driving
Speaker 2: for Tesla on a wide scale is right around the corner.
Speaker 2: This is something he's been talking about for close to
Speaker 2: ten years. How close is he though, this time, Craig.
Speaker 4: I think, you know, that is the key question for Tesla,
Speaker 4: and it's it's stock. You know, this is something that
Speaker 4: Musk has been talking about since twenty sixteen, and he
Speaker 4: himself has you know, referred to the idea that you know,
Speaker 4: he's he's sort of a boy who cried wolf at
Speaker 4: this point. He's made this prediction that you know, at
Speaker 4: some point they'll have a software update where your Tesla
Speaker 4: will be able to drive itself and it'll be useful
Speaker 4: even when you're not in it, and perhaps you know,
Speaker 4: go fetch people and it essentially work the way in
Speaker 4: Uber would. That has not happened, and I think there
Speaker 4: are a lot of reasons to be skeptical that that
Speaker 4: you know, future will arrive. With the hardware set that
Speaker 4: he's put in his vehicles, you can both you know,
Speaker 4: be impressed by the fact that his systems are quite
Speaker 4: capable for assisting drivers, but they still need the human
Speaker 4: in the loop. And until and unless that changes, I
Speaker 4: think you're going to have this this you know, a
Speaker 4: real reason to sort of second guess why this company
Speaker 4: is valued as richly as it is.
Speaker 2: We Tesla Sharre is getting hit over the last three months.
Speaker 2: Hired today by two percent, down on the week. Still
Speaker 2: though Bloomberg's Preye Tree Jel joining us from London, could
Speaker 2: just see you, Craig, have a good weekend. Well, let's
Speaker 2: talk about another company that has had a week, and
Speaker 2: that's in Vidia. Maydeep saying of Bloomberg Intelligence joins us.
Speaker 2: Now Mandy, as we reflect on the week that was
Speaker 2: in Video GtC, Why did this week fail to really
Speaker 2: capture the attention and the excitement of investors like a
Speaker 2: previous GtC events have.
Speaker 3: Yeah, I mean, look, I think from a product roadmap perspective,
Speaker 3: they did everything they could have, you know, in terms
Speaker 3: of showing the next three years what it would mean
Speaker 3: for in video and even on the supply side, it seems,
Speaker 3: you know, it will remain inelastic around the accelerated computing chips.
Speaker 3: The demand side is where there are still question marks,
Speaker 3: because you know, he talked about infrincing using one hundred
Speaker 3: times more compute than prior sort of infrincing. So reasoning
Speaker 3: and the deep sea type approach is what's driving the
Speaker 3: additional compute, but it remains to be seen whether it
Speaker 3: can pull offset. You know, the plateauing of pre training,
Speaker 3: which everyone seems to agree on at this moment of time,
Speaker 3: and you know there is always that lurking competition from
Speaker 3: your hyperscalers developing data own a six even though he
Speaker 3: downplayed the competition, and really for him, it's about the
Speaker 3: next version, which is the black Belt and Rubin.
Speaker 5: And look, I.
Speaker 3: Think if you're a customer of Nvidia, you're asking yourself,
Speaker 3: if Blackvel is forty times better, do I really appreciate
Speaker 3: all the Hopper chips that I have right now within
Speaker 3: two years? And I think that will come up at
Speaker 3: some point in terms of the depreciation expenses.
Speaker 2: So it raises the question about the next catalyst here
Speaker 2: a man deep. If this didn't excite investors, then what
Speaker 2: are they looking toward to get more information about what
Speaker 2: could move the stock higher.
Speaker 3: I think the single biggest thing right now is how
Speaker 3: would Nvidia's gross margin look like in the second half,
Speaker 3: because there is that concern that you know, given Nvidia
Speaker 3: is packaging two GPU chips now in their black Belt series,
Speaker 3: how does that impact the gross margin? And gross margins
Speaker 3: have already been trending down with the Blackwell ramp that
Speaker 3: they were with seventy five percent and now it's closer
Speaker 3: to seventy percent. So clearly that gross margin ramp is
Speaker 3: critical in terms of the next series that in video
Speaker 3: is going to produce, and that for me, is the
Speaker 3: key determinant of where the stock is headed next.
Speaker 2: Mandy Seeing of Bloomberg Intelligence, Mandy always get to see you.
Speaker 2: Thanks for joining us. Well, let's break down the week
Speaker 2: in markets. Nancy Curtain is Alti Teadman, a global chief
Speaker 2: investment officer, and she joins us. Now, Nancy, we're still
Speaker 2: talking about a correction, especially when it comes to tech stocks.
Speaker 2: The NASTAC one hundred could close down for a fifth
Speaker 2: week in a row, the longest losing streak going back
Speaker 2: to May of twenty twenty two. Is this correction a
Speaker 2: sign of more weakness to or do you think we're
Speaker 2: at the bottom.
Speaker 6: Look.
Speaker 7: I think near term forecasting is pretty na on impossible.
Speaker 7: But one of the things to keep in mind is
Speaker 7: we have a pretty big D day deadline ahead, which
Speaker 7: is April second, and until we know what these tarts are,
Speaker 7: the magnitude, reciprocal, etc. I think markets are going to
Speaker 7: be pretty volatile here. But look, we think this is
Speaker 7: a correction and not the beginnings of a bear market,
Speaker 7: because we don't see a recession. And I think that's
Speaker 7: an important thing to keep in mind. You were overdue
Speaker 7: a correction. Corrections normally resolve themselves as the markets move higher.
Speaker 7: Huge levels of pessimism, which I find very encouraging, but
Speaker 7: we could have some volatility here, as you mentioned, for
Speaker 7: at least another eleven days.
Speaker 2: What makes you so sure that we're not going to
Speaker 2: see a recession? The consumer, we know powers this economy.
Speaker 2: We've gotten some mixed consumer data, especially in the early
Speaker 2: part of last week when it comes to airlines. What
Speaker 2: makes you so sure we're not headed twitter recession.
Speaker 7: Well, first of all, I think it's the dichotomy between
Speaker 7: the heart and the soft data. So the soft data
Speaker 7: has been weaker, consumer sentiment, inflation expectations one year have risen,
Speaker 7: and we do think that the economy is slow and
Speaker 7: certainly going to be negative, probably in the first quarter.
Speaker 7: Because we had all that buying of imports proactively by companies,
Speaker 7: which is meaning that net trade is going to be
Speaker 7: a negative. So expect the first quarter to be lower.
Speaker 7: Expect GDP overall for twenty twenty five to be weaker
Speaker 7: than expectations. But you know, let's get back to the
Speaker 7: hard data, jobs, personal incomes. The household balance sheet, which
Speaker 7: was announced by the Fed two weeks ago, still remains
Speaker 7: pretty strong, and you know, we haven't talked about the
Speaker 7: fact it could well be that investment surprises. Look, you
Speaker 7: saw in Nvidia committing to five hundred billion over the
Speaker 7: next four years. That comes on top of Apple, that
Speaker 7: comes on top of TSMC. Add those three companies together
Speaker 7: and you're looking at close to one point four trillion
Speaker 7: of expenditure over the next four years back into the
Speaker 7: United States, not to manage, not to mention, you know,
Speaker 7: the funding bill making its way through Congress, which might
Speaker 7: have some CAPEX goodies like you know, one hundred percent
Speaker 7: expensing of R and D and depreciation, etc. So you know,
Speaker 7: there are some things here. Hard data is still solid,
Speaker 7: those slowing, and we think there are some things that
Speaker 7: will come in what I call the goody side of
Speaker 7: Trump that are still to come.
Speaker 2: Let's zero in a little bit on tech specifically, the
Speaker 2: MAG seven Meta Platforms is actually higher for the year
Speaker 2: as of now, but for the first time this year,
Speaker 2: it did dip into negative territory for the year. Other
Speaker 2: than that, six of the seven MAG seven are negative
Speaker 2: on the year. Do you see a turnaround with the
Speaker 2: MAG seven.
Speaker 7: Well, we don't buy stocks, we buy managers. But you know,
Speaker 7: our managers have been underweight. Our active managers are underweight
Speaker 7: the MAG seven. So that's been a good positioning for
Speaker 7: us this year. Met has done a much better job
Speaker 7: I think of communicating how they expect all this AI
Speaker 7: spend to result in better metrics, advertising, metrics, engagement, et cetera.
Speaker 7: The other companies have been a little bit more vague,
Speaker 7: and that's why investors are concerned, at least for the
Speaker 7: four horsemen that are spending what three hundred and twenty
Speaker 7: billion plus, you know, on various forms of AI infrastructure,
Speaker 7: how that's going to result in returns our view, let's
Speaker 7: go to the spending beneficiary. So we like digital infrastructure.
Speaker 7: We like infrastructure generally because that's where all the spending
Speaker 7: is going. We like power, we like energy, we like
Speaker 7: onshore in a production We think infrastructure is something that's
Speaker 7: less correlated to equity markets, very very good counter parties,
Speaker 7: but also is part of what I call this huge
Speaker 7: spending surge that's likely to continue. So MAG seven underweight.
Speaker 7: We think that's the right positioning, but we want to
Speaker 7: be with the spending beneficiaries.
Speaker 2: What's your view on how Jenai adoption moves to other
Speaker 2: parts of the market. So far, the beneficiaries have largely
Speaker 2: been the hyperscalers, the chip manufacturers, the companies that we
Speaker 2: talk about each and every day. When does that move
Speaker 2: beyond these companies?
Speaker 7: So well, our theme has been a broadening in market participation,
Speaker 7: and by the way, we're seeing that this year. You know,
Speaker 7: it feels horrible, but you know, ninety seven percent of
Speaker 7: the decline is coming from the MAG seven. There are
Speaker 7: a bunch of sectors that are in positive territory, but
Speaker 7: you know, looking forward and of course European markets, the
Speaker 7: Chinese markets in positive territory as well, So you know,
Speaker 7: as we look forward, we think that broadening theme will
Speaker 7: be operative that we think Jenai is early innings, early innings, right,
Speaker 7: compute power is going to come down these large language
Speaker 7: models are going to come down the cost of that,
Speaker 7: and of course that's Jevan's paradox that leads to greater adoption,
Speaker 7: and that's not been priced in. The profitability and productivity
Speaker 7: enhancements across large sections of the global economy from jen
Speaker 7: Ai is still to come and that's really not priced in.
Speaker 7: And so again that's not a tomorrow thing. But we
Speaker 7: think that is positive yearly from the kind of a
Speaker 7: medium term perspective, and again our clients are longer term,
Speaker 7: you know, investors. We don't try to play the markets
Speaker 7: with a day to day trading mentality.
Speaker 2: Nancy Curtin of Aalti Teadman, thanks so much for joining us.
Speaker 8: Have a great weekend.
Speaker 2: Hey, coming up Micron, it disappoints investors of the week
Speaker 2: margin Now look we're gonna have more on the chip
Speaker 2: maker right after this. Shares down by eight percent.
Speaker 8: Right now, this is Bloomberg.
Speaker 7: Well.
Speaker 2: Shares of Micron are following today after the memory chip
Speaker 2: maker said margins will miss analysts estimates this quarter. Look
Speaker 2: at that shares down eight point two percent as we speak.
Speaker 2: It's ours investor sentiment despite posting a strong sales and
Speaker 2: profit For more. Pierre farragu joins us New Street Research
Speaker 2: head of Chech Infrastructure. Pierre, good to see you today.
Speaker 2: I'm wondering about this margin miss Why did analysts get
Speaker 2: it so wrong and why did Micron miss there?
Speaker 5: What happened, Well, you have to put that into the
Speaker 5: context of the perspective of analysts, financial analysts and the
Speaker 5: perspective of management. So if we get it from the
Speaker 5: perspective of analysts, the stock had like a fantastic rome,
Speaker 5: like if you get old stocks exposed to AI. Really
Speaker 5: Micron is the one who behaved the best in the
Speaker 5: last few weeks and even in the last like you
Speaker 5: have to date, and that kind of situation always calls for,
Speaker 5: like you know, taking profits a bit of a pose
Speaker 5: in the outperformance, and we do think Memory is going
Speaker 5: to outperform AI is the AI world, because that's really
Speaker 5: the part of the AI achieve the path as the
Speaker 5: bill of material of the chief that's is growing the fastest,
Speaker 5: and so when you get more memory, margins should expand.
Speaker 5: And if you don't get that immediately, the stock running
Speaker 5: to the numbers expecting that. So there is a profit taking.
Speaker 5: Does that mean there is a change in trend? Something weird? Happening. No,
Speaker 5: If you look at it from the perspective of management,
Speaker 5: the situation is interesting. As a CEO of Micron, you
Speaker 5: don't want to warm up investors too much on margins
Speaker 5: for tour reasons. The first one that you don't want
Speaker 5: to set expectations too high to avoid situations like today,
Speaker 5: And the second one is your clients are listening to
Speaker 5: the code as well, and you don't want to brag
Speaker 5: too much that margin expanding towards because for your clients
Speaker 5: it means you know you your pricing is going up.
Speaker 2: Okay, So let's talk big picture a little bit. How
Speaker 2: would you characterize Microns really stacking up to competition when
Speaker 2: it comes to this high bandwidth memory.
Speaker 5: Yes, so hybend with memory is going to be the
Speaker 5: largest segment of memory at the end of this year
Speaker 5: and it barely existed three years ago. And at the moment,
Speaker 5: from a technological standpoint, Micron and Highnix are in the
Speaker 5: lead position for hybend with memory. They are coming up
Speaker 5: in the market the earliest with the latest generation of
Speaker 5: these chips, and Samsung is like running a bit behind,
Speaker 5: like struggling a bit with their production. But I think
Speaker 5: they will eventually catch up, and at the end of
Speaker 5: the day, what you have to keep in mind that
Speaker 5: this market is going to remain a treeopoly. Only the
Speaker 5: three companies have the technology as the decades of experience
Speaker 5: required to be able to manufacture these chips. And what
Speaker 5: really matters is that if you look at the H
Speaker 5: one hundred, the GPU that is largely deployed today from Nvidia,
Speaker 5: it has ninety six yeabytes of HBM. The Robin Ultra
Speaker 5: that will roll out in twenty twenty seven is going
Speaker 5: to have one terabytes of HBM, ten times more. That's
Speaker 5: really what the opportunity is these guys are facing.
Speaker 2: Pierre, what would you say when you look out across
Speaker 2: this year and even in the next year, the cycle
Speaker 2: looks like, the trend looks like when it comes to
Speaker 2: pieces and smartphones, is there concern there still about weakness?
Speaker 5: Yeah, it's a great question. I am actually very very cautious,
Speaker 5: very variation on pieces and smart phones. I think consumer
Speaker 5: demand is not there, and I think AI is not
Speaker 5: going to trigger a hardware with fresh cycle. So people
Speaker 5: are not going to buy a new phone or buy
Speaker 5: a new laptop to use AI. They are going to
Speaker 5: start using AI first and then AI is going to
Speaker 5: push up, you know, the specification requirements of your device
Speaker 5: over time. So definitely not to bullish on that front.
Speaker 5: At the same time, we are at a point in
Speaker 5: the cycle which is a low point. So when I
Speaker 5: say I'm not bullish, it means I expect the recovery
Speaker 5: from two day's level of demand to be very very sluggish,
Speaker 5: very slow, but it's still recover So the story for
Speaker 5: Micron is these businesses are to low they're going to
Speaker 5: recover very very little. But the data center business is
Speaker 5: really going through the roof.
Speaker 2: Hey, Pierre, we only have just twenty seconds left for
Speaker 2: the answer, but a little bit of a peppert because
Speaker 2: we're just learning that ten Cent has launched upgrades of
Speaker 2: a Deep six style reasoning AI model. Twenty seconds on
Speaker 2: your reaction to what China's doing when it comes to reasoning.
Speaker 5: Yes, AI is just joining the pack. Everybody is doing
Speaker 5: the same. Every time you create a great model, you
Speaker 5: have like a lot of innovation happening to try and
Speaker 5: make the model more efficient, and like the US and
Speaker 5: the West has been doing that for a decade, even
Speaker 5: like a couple of decades, and China is joining the group.
Speaker 5: And there is nothing really new in deepse You got
Speaker 5: what ten cent ilt you bit about doing?
Speaker 9: All right?
Speaker 2: Pierre Farrague of New Street Research, Pierre, good to see you.
Speaker 2: Thanks for joining us. Have a wonderful weekend. Well, we
Speaker 2: do have some breaking news. Boeing has won a contract
Speaker 2: to design and build the US's next generation fighter jet,
Speaker 2: beating out Lockheed Martin. The contract is part of the
Speaker 2: Next Generation Air Dominance Program. It aims to develop a
Speaker 2: new fighter jet that will operate with drones and replace
Speaker 2: the F twenty two Raptor. The new fighter jet is
Speaker 2: expected enter service in the twenty thirties, and the Air
Speaker 2: Force plans to spend up to twenty billion dollars on
Speaker 2: research and development through twenty twenty nine. You see shares
Speaker 2: of Lockheed Martin down, you see shares of Boeing. Uh Well,
Speaker 2: billionaire who made his fortune and cryptocurrency is turning his
Speaker 2: attention to space. Jed Michaeleb is the sole financial backer
Speaker 2: of vast Space. It's a startup aiming to build the
Speaker 2: world's first commercial space station. Bloomberg's Kyle Porter has the
Speaker 2: details of this story. Kyle, this is a very quickly
Speaker 2: growing startup. They're hiring people every single day. This guy
Speaker 2: has put pretty much half of his fortune behind this company.
Speaker 2: Can he pull it off?
Speaker 6: Well, that's a really good open question. I was very
Speaker 6: skeptical before I visited in December. I came away thinking,
Speaker 6: you know, they've got a decent shot of this. They
Speaker 6: might revolutionize how you go about these type of projects.
Speaker 2: How are they doing it? How are they revolutionizing it?
Speaker 6: Well, most people in the space industry or any big
Speaker 6: industrial company, tend to think of you build a product,
Speaker 6: you get investors, you grow. It happens over time, you
Speaker 6: reach benchmarks, and a lot of these projects tend not
Speaker 6: to reach the finish line because something goes wrong during
Speaker 6: the process. An investor pulls out, You sell that what's
Speaker 6: left of the company. Vast have decided time is money,
Speaker 6: but money is time. So why not spend five hundred
Speaker 6: million dollars a year, get a product to market, and
Speaker 6: then have your revenue come back.
Speaker 2: In Kyle, As I was reading your story, and as
Speaker 2: I watched the Real Good Bloomberg Originals documentary that a
Speaker 2: Company is It, I was thinking to myself, talk about
Speaker 2: putting all your eggs in one basket. If they do
Speaker 2: not get this contract from NASA.
Speaker 6: Is that it Well, they've sort of hinted there might
Speaker 6: be a Middle Eastern investor that might take it if
Speaker 6: they don't manage it, but they're very upfront the yeah,
Speaker 6: this is the big swing, and if it doesn't happen,
Speaker 6: it could be, you know, lights out for the company.
Speaker 2: Who's the talent that they've brought in to help run
Speaker 2: the company.
Speaker 6: They bought a company called Launcher, which was headed by
Speaker 6: Max Hote a couple of years ago. Now, Max also
Speaker 6: had never built a space station before, didn't have any
Speaker 6: real experience in space until he started a Launcher, and
Speaker 6: neither of his rockets I think preached all a bit.
Speaker 8: But now he's running the show for.
Speaker 2: Them, all right, Bloomberg, Kyle Porter, thanks for joining us.
Speaker 2: It's the big take. Check it out on the Bloomberg terminal.
Speaker 2: Also check out the documentary about it.
Speaker 8: Very very cool.
Speaker 2: Welcome back to Bloomberg Technology. I'm Jim Steneveek in San Francisco.
Speaker 2: I'm also watching shares at Apple today down about three
Speaker 2: tenths of one percent. The company is shaking up its
Speaker 2: executive ranks to get its AI efforts back on track
Speaker 2: after months of delays and stumbles. The changes aim to
Speaker 2: rescue Siri, which has struggled to release new features, and
Speaker 2: Apple is betting on Rockwell's technical experience to solve the problems.
Speaker 2: From all on the personnel moves, we're joined by Bloomberg's
Speaker 2: Dana Wollman. Dana, what's going on at Apple when it
Speaker 2: comes to AI?
Speaker 8: Why are they so far behind?
Speaker 10: So Apple really over promised, promised a whole raft of
Speaker 10: upgrades to Apple Intelligence at its Developer conference in June
Speaker 10: of last year, and behind the scenes, the engineering team
Speaker 10: has struggled to keep up with those promises and deliver
Speaker 10: on pace. And so the company just took control of
Speaker 10: Syria and took it away from the executive who had
Speaker 10: been overseeing this ambitious upgrade and had moved it under
Speaker 10: the person who brought us the Vision Pro, which itself
Speaker 10: has not been a commercial hit, but if nothing else,
Speaker 10: has been well regarded for its technical innovations.
Speaker 2: So Apple, Yes, well, people, I mean I haven't actually
Speaker 2: tried the Vision Pro yet. People who talk about it
Speaker 2: just rave about it. But you know, you don't see
Speaker 2: the sales numbers for it, and you don't, by any
Speaker 2: means see it being one of Apple's blockbuster devices by
Speaker 2: any means, Dana, I think the question that I have
Speaker 2: is context here. It's really rare for Apple to make
Speaker 2: a big personnel move such as this.
Speaker 10: It is rare for Apple to make a personnel move
Speaker 10: like this like this, as you said, and according to
Speaker 10: our own reporting, it was in the works even before
Speaker 10: some recent bombshells. Bloomberg reported that a different company executive
Speaker 10: called the delays ugly and embarrassing. According to Bloomberg's reporting,
Speaker 10: this move had been in the works for a while,
Speaker 10: but as you said, it doesn't usually happen, and I
Speaker 10: think a lot of industry observers were waiting for some
Speaker 10: sort of shoot a drop, whether it was someone being fired,
Speaker 10: really heads rolling, or something of this nature, at least
Speaker 10: the project being reassigned to somebody else.
Speaker 2: All right, Dana, we are going to have to leave
Speaker 2: things there. I do want to head now to the
Speaker 2: Oval Office and the White House, where we're hearing from
Speaker 2: President Trump and Defense Secretary Pete Hagsath.
Speaker 9: It's going to be amazing. Should have been nine years ago.
Speaker 11: They've been talking about doing it for many years, but
Speaker 11: nobody ever got it off. But we did, and there
Speaker 11: was great excitement and great acceptance of it by almost everybody,
Speaker 11: including a lot of Democrats. Actually, I do want to
Speaker 11: say that I've decided that the SBA, the Small Business Administration,
Speaker 11: headed by Kelly Loffler's a terrific person, will handle all
Speaker 11: of the student portfolio.
Speaker 9: We have a portfolio that's very large, lots of.
Speaker 12: Loans, tens of thousands of loans, pretty complicated deal, and
Speaker 12: that's coming out of the Department of Education immediately, and
Speaker 12: it's going to be headed up by Kelly Laffler SBA
Speaker 12: and the role set for it.
Speaker 11: They're waiting for it that it will be serviced much
Speaker 11: better than it has in the past.
Speaker 9: It's been a mess.
Speaker 11: And also Bobby Kennedy, the Health and Human Services will
Speaker 11: be handling special needs and all of the nutrition programs
Speaker 11: and everything else rather complex, but that's going to be
Speaker 11: headed by and handled by Health and Human Services, So
Speaker 11: I think that will work out very well. Those two
Speaker 11: elements will be taken out of the Department of Education,
Speaker 11: and then all we have to do is get the
Speaker 11: students to get guidance from the people that love them
Speaker 11: and cherish them, including their parents by the way, or
Speaker 11: be totally involved in their education along with the boards
Speaker 11: and the governors and the states, and it's going to
Speaker 11: be a great it's going to be a great situation.
Speaker 11: I guarantee that in a few years from now, I
Speaker 11: hope I'm going to be around.
Speaker 9: To see it, but I think we're going to see
Speaker 9: a lot. I think that you're going to.
Speaker 11: Have tremendous results. You're going to have results like Norway, Sweden, Denmark,
Speaker 11: a lot of the countries that do so well.
Speaker 9: I think you're going to have a lot of those results.
Speaker 11: If you look at Iowa and Indiana and Idaho, so
Speaker 11: many places that run so well, Florida, Texas, big ones,
Speaker 11: and you're going to have great education, much better than
Speaker 11: it is now at half the cost. And we're not
Speaker 11: even doing it as a cost item, although you will
Speaker 11: say probably half, maybe more than that, and you're not
Speaker 11: going to be at the bottom of the list. You're
Speaker 11: going to be much higher, and maybe you'll be I
Speaker 11: will guarantee some of the states will be at the
Speaker 11: top of the list.
Speaker 9: They'll be comparable or better than these number.
Speaker 11: One, two, three, four, five countries, the countries that are
Speaker 11: in the top five positions. So to me, it's very
Speaker 11: exciting and it's been received very well, So I just
Speaker 11: want to tell you about the student loans and special needs.
Speaker 11: But we're here for a reason today that is very
Speaker 11: and I'm thrilled to announce that at my direction, the
Speaker 11: United States Air Force is moving forward with the world's
Speaker 11: first sixth generation fighter jet, number six six generation.
Speaker 9: Nothing in the world comes even.
Speaker 11: Close to it, and it'll be known as the F
Speaker 11: forty seven. The General's picked a title, and it's a
Speaker 11: beautiful number, F forty seven. It's something the likes of
Speaker 11: which nobody has seen before.
Speaker 9: In terms of all of.
Speaker 11: The attributes of a fighter jet, there's never been anything
Speaker 11: even close to it, from speed to maneuverability to what
Speaker 11: it can have to payload.
Speaker 9: And this has been in the works for a long
Speaker 9: period of time.
Speaker 11: After a rigorous and thorough competition between some of America's
Speaker 11: top aerospace companies, the Air Force is going to be
Speaker 11: awarding the contract for the next generation air dominance platform
Speaker 11: to Boeing.
Speaker 9: You know, was highly competed for.
Speaker 11: There was a lot of competition, generals, and it's been
Speaker 11: going on for a long time, very very tough competition.
Speaker 11: But this plane is produced numbers that nobody's ever seen before.
Speaker 11: Their forty seven will be the most advanced, most capable,
Speaker 11: most lethal aircraft ever built. An experimental version of the
Speaker 11: plane has secretly been flying for almost five years, and
Speaker 11: we're confident that it massively overpowers the capabilities of any
Speaker 11: other nation. There's no other nation. We know every other plane.
Speaker 11: I've seen every one of them, and it's not even
Speaker 11: close as the next level. You know, level five is good.
Speaker 11: This is level six. They say their forty seven is
Speaker 11: equipped with state of the arts stealth technology. It's virtually
Speaker 11: unseeable and unprecedented power. It's got the most power of
Speaker 11: any jet of its kind ever made. New verability, likewise
Speaker 11: is the There's never been anything like it. Despite the
Speaker 11: power and speed, its speed is top over two, which
Speaker 11: is something that you don't hear very often. America's enemies
Speaker 11: will never see it coming. Hopefully we won't have to
Speaker 11: use it for that purpose, but you have to have it, and.
Speaker 9: If it ever happens, they won't know what the hell
Speaker 9: hit them.
Speaker 11: A new fleet of these magnificence and planes will be
Speaker 11: built in the and in the air during my administration
Speaker 11: for the next couple of years.
Speaker 9: It's ready to go.
Speaker 11: They've already built much of what has to be built
Speaker 11: in terms of production, including the sheds. We'll ensure that
Speaker 11: the USA continues to dominate the skies. Given an order
Speaker 11: for a lot, we can't tell you the price because
Speaker 11: it would give it would give way to some of
Speaker 11: the technology and some of the size of the planet's
Speaker 11: good sized plane. This contract also represents a historic investment
Speaker 11: in our defense industrial base, helping to keep America at
Speaker 11: the cutting edge of aerospace and technology. Our allies are
Speaker 11: calling constantly. They want to buy them also, and will
Speaker 11: certain allies We'll be selling them, perhaps toned down versions.
Speaker 11: We like to tone them down about ten percent, which
Speaker 11: probably makes sense because someday maybe.
Speaker 9: They're not our allies. Right.
Speaker 11: But I would like to ask Secretary Hegseth, who's doing
Speaker 11: a fantastic job. He's really really been very inspiring in
Speaker 11: so many ways, and I must say.
Speaker 9: That before he speaks.
Speaker 11: We have had record people wanting to join our military
Speaker 11: in the last two and a half months, literally since
Speaker 11: this I think probably since the election November fifth, but
Speaker 11: especially since we came to office and since I announced Pete.
Speaker 9: He's young, he's smarty, strong, he loves it of him.
Speaker 9: But we've had.
Speaker 11: Record numbers of people wanting to join our military.
Speaker 9: Now, if you go.
Speaker 11: Back six months, it was the exact opposite. You had
Speaker 11: record numbers of people not wanting to join the military.
Speaker 11: Now you have record numbers of people wanting to be
Speaker 11: in our military. And that's a really that's a great honor.
Speaker 11: That shows you we're really on the right track. So
Speaker 11: Pete maybe say if you were Chorts, well.
Speaker 9: Mister President, this is a big day.
Speaker 8: This is a big day for our war.
Speaker 13: Fighters, this is a big day for our country, a
Speaker 13: big day.
Speaker 9: In the world.
Speaker 13: The name of this program is the next Generation of
Speaker 13: Air Dominance, and mister President, because of your leadership, your clarity,
Speaker 13: we are going to America is going to have a
Speaker 13: generations in the future of air dominance because of this
Speaker 13: sixth generation fighter. We've had the F fifteen, we had
Speaker 13: the F sixteen, the F eighteen, the F twenty two,
Speaker 13: the F thirty five. Now we have the F forty seven,
Speaker 13: which sends a very direct, clear message to our allies
Speaker 13: that we're not going anywhere and to our enemies that
Speaker 13: we will be able to project power around the globe
Speaker 13: unimpeded for.
Speaker 9: Generations to come.
Speaker 13: Mister President, this is a gift to my kids and
Speaker 13: your kids, to my grandkids and your grandkids. This is
Speaker 13: a historic investment in the American military, in the American
Speaker 13: industrial base, in American industry that will help revive the
Speaker 13: warrior ethos inside our military, which we're doing rebuild our military,
Speaker 13: which the previous.
Speaker 9: Administration did not do. By the way, mister President, they paused.
Speaker 13: This program and were prepared to potentially scrap it. We
Speaker 13: know this is cheaper, longer, rage and more stealthy. President
Speaker 13: Trump said, we're reviving it, and we're doing it.
Speaker 9: And then we are also going to re establish de terrence.
Speaker 9: Under the previous administration.
Speaker 8: We looked like fools.
Speaker 9: Not anymore.
Speaker 13: President Trump has re established American leadership. The F forty
Speaker 13: seven is part of it. And mister President, thank you
Speaker 13: for having the current to do it and leading away
Speaker 13: for all.
Speaker 9: Of our fires. Thank you very much, Pete.
Speaker 11: One of the things I will say, but the general
Speaker 11: generals are going to speak, and just a couple of seconds,
Speaker 11: but this plane flies with drones. It flies with many,
Speaker 11: many drones, as many as you want. And it's a
Speaker 11: technology that's new. But it doesn't fly by itself. It
Speaker 11: flies five with many drones as many as we want,
Speaker 11: and that's something that no other plane can do.
Speaker 9: So I'd like to.
Speaker 11: Introduce, if I my Air Force Chief of Staff, General
Speaker 11: David Olvin, and also General Dale White, to incredible people
Speaker 11: that I've known over the years, but I got to
Speaker 11: know really well.
Speaker 9: Over the last few months. And would you say a
Speaker 9: few words please, Jenneral.
Speaker 14: Thank you very much, mister President, Miss President, Miss Sectary,
Speaker 14: thank you so much for your unwavering committed to our military.
Speaker 14: I will say this is a big day. This is
Speaker 14: a big day for a United States Air Force as well.
Speaker 14: You know, air dominance is not a birth rate, but
Speaker 14: it's become synonymous with American airpower. But air dominance needs
Speaker 14: to be earned every single day. And since the earliest
Speaker 14: days of area of warfare, brave American airmen have jumped
Speaker 14: into their machines, taken to the air and they've cleared
Speaker 14: the skies. And whether that be clearing the sky so
Speaker 14: we can rain down destruction on our enemies from above,
Speaker 14: or we can clear the path the ground forces below.
Speaker 14: That's been our commitment to the fight and that's really
Speaker 14: been our promise to American and with this at forty seven,
Speaker 14: as the Crown Jewel in the next generation air dominance
Speaker 14: family of systems. We're going to be able to keep
Speaker 14: that promise well into the future. I also want to
Speaker 14: thank everyone from industry and with the government, our engineers
Speaker 14: who have put work tirelessly on this program.
Speaker 8: To bring it where we are right now today.
Speaker 14: This shows that American talent, American skill, and American determination
Speaker 14: are second to none, because this platform is second to none.
Speaker 14: So we believe that this provides more lethality, It provides
Speaker 14: more capability, more modernized capability in a way that is
Speaker 14: built to adapt. This along with our collaborative combat aircraft
Speaker 14: the President talked about with drones. This is allowing us
Speaker 14: to look into the future and unlock the magic that
Speaker 14: is human machine teaming. And as we do that, we're
Speaker 14: going to write the next generation of modern aerial warfare
Speaker 14: with this.
Speaker 8: This enables us to do this.
Speaker 14: The manner in which we put this program together puts
Speaker 14: more control in the hands of the government, so we
Speaker 14: can update and adapt at the speed of relevance, at
Speaker 14: the speed of technology, not at the speed of beer.
Speaker 9: Honors.
Speaker 8: This is more air force, This is more options for
Speaker 8: the President.
Speaker 14: We say, as our mission in the United States, Air
Speaker 14: force is to fly, fight and win airpower anytime, anywhere.
Speaker 14: If you want to go anywhere, you have to have
Speaker 14: a platform that gets you anywhere.
Speaker 8: This provides the options from.
Speaker 14: The very one end, which is a quick response, and
Speaker 14: then we can get right back into fight and stance
Speaker 14: without having to deploy troops that are going to take
Speaker 14: maybe months in cost more lives.
Speaker 8: We can move back and find stance and maybe we
Speaker 8: restore that de.
Speaker 14: Terms all the way to decisive victory as part of
Speaker 14: a joint force that is the most lethal and capable
Speaker 14: military every own history. That's what we provide now, and
Speaker 14: this provide allows us to relate.
Speaker 8: Into the future. It's more deterrence, more capability. It's what
Speaker 8: piece to strength looks like in the future. Mis President.
Speaker 8: That's what we're very proud of that.
Speaker 14: And all we can say is on behalf of us,
Speaker 14: and I says Air Force, let's deliver it.
Speaker 9: Thank you very much, Thank you, Jim, you like you
Speaker 9: to say anything. I'll just don't want to chase that.
Speaker 9: This is what to do generally, had the mook.
Speaker 8: A questions.
Speaker 9: Thanks, Thank you very much. Great job.
Speaker 11: We've worked together long and heart of it and this
Speaker 11: was a big secret in fact, we don't show too
Speaker 11: much of it.
Speaker 2: Well, there we have it, President Trump, along with Secretary
Speaker 2: of Defense Pete hag Seth. Also we heard from David Alvin,
Speaker 2: chief of Staff of the Air Force, getting quite a
Speaker 2: few headlines on this story. The Army, or President Trump,
Speaker 2: i should say, has said that the F forty seven
Speaker 2: will be built during his administration. The US Air Force
Speaker 2: has proceeded with the F forty seven fighter jet. The
Speaker 2: US Air Force will award that jet contract to Boeing.
Speaker 2: In response, we did see shares of Boeing higher on
Speaker 2: the news. Shares of Lockheed Martin are falling. He did
Speaker 2: also say that this experimental version of the F forty
Speaker 2: seven has been flying for almost five years and that
Speaker 2: it will be built during his administration. This next generation
Speaker 2: fighter jet, he did also say, will fly with drones,
Speaker 2: and it's already experiencing interest from our allies. From more,
Speaker 2: we bring in Bloomberg News as Tyler Kendall, she joins
Speaker 2: us this afternoon from Washington, DCO. This morning, I should say, Tyler, good.
Speaker 8: To see you.
Speaker 2: What do we know about this F forty seven and
Speaker 2: the technology that allows it to fly with drones?
Speaker 15: Well, Tim Bloomberg News reporting that the Air Force has
Speaker 15: allocated at least twenty billion dollars around the research and
Speaker 15: development for this effort. You said it, they're Boeing beating
Speaker 15: out Lockey Martin for the contract that could be worth
Speaker 15: multi billions of dollars, and this was a two year
Speaker 15: bidding process for these companies to try to put forward
Speaker 15: that full scale proposal for this new generation of fighter
Speaker 15: jets that will work in tandem with drones. You heard
Speaker 15: President Trump emphasizing there that that's how critically important that
Speaker 15: is is they try to move to this next generation. Now,
Speaker 15: not a lot about this program is known. It's classified
Speaker 15: or reporting indicating that it's meant to replace that Lockie
Speaker 15: Martins F twenty two Raptor stealth jets that are currently
Speaker 15: in the sky and flying. The goal is to have
Speaker 15: this operational by twenty thirty. Now, you mentioned our allies there.
Speaker 15: That was something important that President Trump mentioned because we
Speaker 15: know a lot of this is gearing up in our
Speaker 15: competition with China. Like many of the proposals that we've
Speaker 15: seen from the Trump administration, particularly in recent weeks, try
Speaker 15: to bulk up, particularly when it comes militarily against China.
Speaker 15: I also would like to flag one other headline that
Speaker 15: we were seeing today. Elon Musk at the Pentagon are
Speaker 15: reporting indicating that this program in particular, there might have
Speaker 15: been some budget constraints there as Elon Musk looks full
Speaker 15: forward to his DOGE cost cutting efforts. Just yesterday, Secretary
Speaker 15: of Defense Pete Heigseth announced that five hundred and eighty
Speaker 15: million dollars worth of programs will be cut at the
Speaker 15: Department of Defense. Of course, that fails in comparison to
Speaker 15: the numbers that we're talking about for this program here,
Speaker 15: but it does bring the DoD's cost cutting measures to
Speaker 15: eight hundred million dollars. Since Pete Hegseth was sworn in
Speaker 15: as Defense Secretary, Tyler.
Speaker 2: You've done a lot of reporting on the weapons of
Speaker 2: the future. These companies Palanteer, SpaceX, Boeing is a traditional
Speaker 2: old school defense contractor. Where does this fit in with
Speaker 2: the modernization of the armed forces?
Speaker 15: Well, tim the defense industrial base has actually shrunk by
Speaker 15: forty percent over the last decade. That's according to the
Speaker 15: Department of Defense, which says that they want to try
Speaker 15: to get in those smaller contractors who compete with the
Speaker 15: big defense primes. They're referencing some reporting that I did
Speaker 15: a few months ago where I had the chance to
Speaker 15: sit down with the Chief of Staff of the Army,
Speaker 15: General Randy George. He's the highest ranking military official in
Speaker 15: the Army, and he is trying to put forward this
Speaker 15: path that would make the acquisition process easier. It would
Speaker 15: instead look to these short term contracts instead of these
Speaker 15: multi decade contracts in order to get these more nimble
Speaker 15: companies in particularly when it comes to drone makes it
Speaker 15: easier for them to do business because oftentimes he's told
Speaker 15: me that they will put in these purchase orders, but
Speaker 15: then at the end of the day, by the time
Speaker 15: those weapons get on the battlefield, they end up being obsolete.
Speaker 15: That appears to encounter with this. Of course, this is
Speaker 15: going to be a decade long, multi billion dollar project
Speaker 15: that the defense primes had been competing for.
Speaker 2: All Right, Bloomberg, Tyler Kendall joining us from Washington, d C. Tyler, thanks,
Speaker 2: do appreciate that well. Sticking with what's happening in Washington, DC.
Speaker 2: Earlier this week, President Trump fired too democratic members of
Speaker 2: the FTC. Questions had already been raised about how much
Speaker 2: influenced the White House might expect or exert over the
Speaker 2: agency and its actions toward big tech. Joining us now
Speaker 2: is William Covese. He's professor at the George Washington School
Speaker 2: of Law. Bill, good to have you with us. How
Speaker 2: did you look at these firings earlier this week? I
Speaker 2: know it alarmed certain folks who watch this agency closely.
Speaker 16: As far as the FTC goes, there was an inevitability
Speaker 16: that the Republicans were going to get control of the FTC.
Speaker 16: There is a nominee pending, Daniel Metterer, who's likely to
Speaker 16: get a vote in the Congress relatively soon, so that
Speaker 16: in a short time there would be a working majority
Speaker 16: of three Republicans that would have the votes to do
Speaker 16: what they wanted. The larger message, though, for the regulatory process,
Speaker 16: is that the White House is determined to get more
Speaker 16: control over how these agencies operate and to bend their
Speaker 16: programs more in the direction that the President prefers. At
Speaker 16: The agency leadership has said, we do want to press
Speaker 16: a ad with the big tech cases that are running now.
Speaker 16: We want to have an active program involving mergers. But
Speaker 16: at the same time they've said, we do want to
Speaker 16: create an environment that's going to be more favorable for
Speaker 16: deal making because we're going to tolerate settlements. We're going
Speaker 16: to establish a timeline that is more predictable and reliable.
Speaker 16: So this is part of a larger effort across the
Speaker 16: government for the White House to achieve greater control over
Speaker 16: how the regulatory process operates, including for big tech and
Speaker 16: any trust.
Speaker 2: Well, explain the nuance there, because what I heard is
Speaker 2: two different things. One is that Okay, we're going to
Speaker 2: continue with you know, for lack of a better term,
Speaker 2: of crackdown on big tech. Are going hard on big tech.
Speaker 2: I guess some observers would would point that out. Some
Speaker 2: people might not agree with that statement. But the other
Speaker 2: part is we want a friendly or regulatory environment, and
Speaker 2: we want to communicate a friendly regulatory environment that opens
Speaker 2: up more m and a How do those things co exist?
Speaker 16: Yeah, here's one way that you can reconcile them. The
Speaker 16: Biden administration adopted the position on mergers that was very
Speaker 16: skeptical about settlements is a way to resolve problems settlements
Speaker 16: that would involve divestitures or conduct related solutions. The leadership
Speaker 16: of the Federal Trade Commission and the incoming leadership of
Speaker 16: the Department of Justice Anti Trust Division have said settlements
Speaker 16: belong in the solution set that where the parties can
Speaker 16: come forward with a divestiture package that we regard as acceptable.
Speaker 16: When they offer us conduct related solutions to specific problems,
Speaker 16: we are going to be more willing to accept those.
Speaker 16: That opens up a wider path for deal makers to
Speaker 16: come forward with solutions to problems that might otherwise have
Speaker 16: led the agencies to go directly into court. So there's
Speaker 16: a commitment to bear down on any competitive mergers, but
Speaker 16: a greater willingness to accept solutions that the previous administration
Speaker 16: tried to slam the door on.
Speaker 2: It's interesting because we've heard in the past, even during
Speaker 2: the election that Vice President jd Vance thought Lena Kahn
Speaker 2: was actually doing a great job. It raises the question
Speaker 2: of continuation of policy between her FTC and Andrew Ferguson's.
Speaker 2: So do you expect that the FTC and I guess
Speaker 2: also the DOJ is going to continue to move forward
Speaker 2: with the cases against Google, Apple, Meta, and Amazon.
Speaker 16: I expect it will continue. And it's been interesting to
Speaker 16: watch how Andrew Ferguson, the FTC chair, especially, has emphasized
Speaker 16: that many of these initiatives began at the end of
Speaker 16: the first Trump presidency. The case involving Google Search began
Speaker 16: at the end of the President Trump's first term. The
Speaker 16: FTC's case against Meta for monopolization began in twenty twenty.
Speaker 16: The investigation of Apple began in twenty twenty. So one
Speaker 16: message that's come from the leadership is that we're the
Speaker 16: ones who started this, We're the ones who brought this
Speaker 16: scrutiny to bear, and we're going to carry forward with
Speaker 16: those In a way, it's an effort to claim credit
Speaker 16: for the development of the newer approach to competition law.
Speaker 16: At the same time, CHERF Ferguson makes a point of
Speaker 16: saying the Biden Harris antitrust era at the FTC is over,
Speaker 16: the con chairmanship and policy is over.
Speaker 8: I think what they.
Speaker 16: Mean to be saying there is that we are going
Speaker 16: to be more willing to consider solutions to mergers that
Speaker 16: stop short of absolute prohibitions. We're going to provide more
Speaker 16: clarity and certainty about the duration of the merger review process.
Speaker 16: We're not going to game the system of process to
Speaker 16: stretch out the timeline to give companies more pause and
Speaker 16: considering whether they want to go ahead.
Speaker 9: So it is.
Speaker 16: It's a mixture of saying we're going to continue to
Speaker 16: be tough with respect to tech in particular, but at
Speaker 16: the same time saying that we aren't going to create
Speaker 16: an environment that is so demanding as it was before.
Speaker 16: So there're going to be possibilities for for more mergers.
Speaker 16: And I think both of the leaders face something that
Speaker 16: a Republican nominee to these agencies always face. A conventional
Speaker 16: story in academics me are part of creating that right.
Speaker 16: The eventual story is Republicans are going to open the gates.
Speaker 16: They want to say things at the beginning to say
Speaker 16: not so fast.
Speaker 2: William Covisich GW law Professor Bill, good to see you.
Speaker 9: Thanks for joining us. Do appreciate it.
Speaker 2: Hey, do you want to bring in Bloomberg's Ryan Vistellica
Speaker 2: to wrap up this week in market? It's certainly a
Speaker 2: big focus being news out of Nvidia's GtC event. Ryan,
Speaker 2: it doesn't look like this was the catalyst that Nvidia
Speaker 2: investors wanted to see, and also that the greater tech
Speaker 2: industry wanted to see. What is the consequence of that?
Speaker 17: Hey, thanks for having me on.
Speaker 7: So you're right.
Speaker 17: I think if you talk to a lot of analysts
Speaker 17: and investors in Nvidia, there was a lot of optimism
Speaker 17: about their product pipeline, their roadmap going forward, but it
Speaker 17: wasn't really enough to avert some of the week. As
Speaker 17: we've seen in the stock there continues to be a
Speaker 17: lot of uncertainty about policies. There continues to be a
Speaker 17: lot of uncertainty about tariffs, the outlook for the economy.
Speaker 17: All of this stuff has been weighing on tech in particular,
Speaker 17: although losses have been pretty widespread. But a couple of
Speaker 17: stats caught my attention earlier today. This is on track
Speaker 17: d the fifth straight weekly drop for the Nastik one hundred.
Speaker 17: That's its longest since May twenty twenty two. Microsoft is
Speaker 17: on track for its eight straight weekly drop. That's its
Speaker 17: longest since February two thousand and eight. So certainly a
Speaker 17: kind of level of historic selling they're here that we're
Speaker 17: seeing today. We've seen the mag seven index fall into
Speaker 17: a correction, We've seen the Nastik one hundred fall into
Speaker 17: a correction. There's been just a lot of broad based weakness. However,
Speaker 17: I do think we might start to see some people
Speaker 17: start buying the dip here. Valuations have really come off
Speaker 17: with their minds and we might be building a sort
Speaker 17: of face.
Speaker 2: All right, that's the question. Hey, Ryan, have a great weekend.
Speaker 2: That's Bloomberg's Ryan Estealica. Thanks so much. That is going
Speaker 2: to do it for this edition of Bloomberg Technology. Do
Speaker 2: not forget to check out our podcast. You can find
Speaker 2: it on the terminal as well as online at Apple, Spotify,
Speaker 2: and iHeart. This is Bloomberg Technology.