Speaker 1: Bloomberg Audio Studios, podcasts, radio news from the heart of
Speaker 1: where innovation, money and power collide in Silicon Valley and beyond.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: Live from New York and San Francisco. This is Bloomberg Technology.
Speaker 2: The trade war between the US and China it continues,
Speaker 2: China raising its own tariffs on all US goods from
Speaker 2: eighty four percent to one hundred and twenty five percent
Speaker 2: starting tomorrow, after the US raised tariffs to one hundred
Speaker 2: and forty five percent on China. China saying your tariffs
Speaker 2: are a joke. United States, It's no joke to investors.
Speaker 2: What an extraordinary week we have had. We are are
Speaker 2: currently up almost six percent over the course of the
Speaker 2: past five trading days ed on the NASDAP. But it
Speaker 2: really doesn't paint the picture of the extent of the
Speaker 2: whiplash that we've seen throughout that week as you pull
Speaker 2: back on tariffs towards other nations. Look at what we've
Speaker 2: done on the month, though, this context is needed sure
Speaker 2: up on the week. On the downside, for the course
Speaker 2: of April the trading month were off five percent on
Speaker 2: the nast like one hundred dig into the details.
Speaker 3: ED.
Speaker 4: Yeah, I'm looking at the chip sector and across semi conductors.
Speaker 4: There's divergence in the session between fad less names, those
Speaker 4: American companies that design chips that don't make them, and
Speaker 4: those with domestic operations in the US. And buried among
Speaker 4: the headlines overnight was the Chinese regulator and industry body saying,
Speaker 4: by the way, when we think about tariffs on US
Speaker 4: goods imposed by China, this is how we'll define it
Speaker 4: you and are going to get into that throughout the
Speaker 4: course of the show. We have to talk about Apple.
Speaker 4: I feel like Bloomberg Technology as a show was early
Speaker 4: to this discussion on Monday. Will the US build an
Speaker 4: iPhone in the future five days we're higher, but it's
Speaker 4: been so volatile and the analysis from different corners of
Speaker 4: the market is so different. I think we should get
Speaker 4: into it.
Speaker 2: Carry we should because we've been debating time and time again.
Speaker 2: A made in America iPhone is the goal that President
Speaker 2: Trump believes could be a reality ED. But replicating China's
Speaker 2: advanced supply chain it's skilled labor in the United States
Speaker 2: will prove nigh on impossible for the tech giant and
Speaker 2: rak Rana of Blue meg Intelligence joins us, You've got
Speaker 2: a new note out just talking about the implications of
Speaker 2: taris on the margin of Apple. But what would it
Speaker 2: do to the margin of Apple if they ever brought
Speaker 2: production for the iPhone to the United States?
Speaker 5: Anag see, I think a lot would depend on our
Speaker 5: materials that go there, the component costs, the labor cost,
Speaker 5: and I think it'll be very hard for Apple to
Speaker 5: you know, let's say, raise the price of the phone
Speaker 5: to two x and then make it in the US.
Speaker 5: It has to be done in a way that actually
Speaker 5: keeps the cost down and at that point, I mean
Speaker 5: keeps their margins. The reason why Apple shines compares to
Speaker 5: any of the consumer electronics companies because it has very
Speaker 5: high gross margins compared to you know, let's say somebody
Speaker 5: who just sells an Android phone in Asia, for example.
Speaker 4: But those margins run the threats heem. Let's bring up
Speaker 4: Anaag's research that published I think about thirty minutes ago,
Speaker 4: twenty minutes ago. I'm just going to read it. Our
Speaker 4: analysis suggests a margin impact of one hundred to one
Speaker 4: hundred and seventy basis points for every ten percent tariff
Speaker 4: increase on China manufactured products. Apple could mitigate some of
Speaker 4: the impact through price increases. You've been talking about price
Speaker 4: increases a week. The key question seems to beware and
Speaker 4: you think that will be on the services side, not
Speaker 4: on the handsets.
Speaker 5: Because as I said, it's you know, it's very difficult
Speaker 5: to take a thousand dollars phone and double it up
Speaker 5: two thousand, but it's slightly easier to take a you know,
Speaker 5: two ninety nine dollars to ninety nine nicloud plan and
Speaker 5: let's say make it up to five or seven dollars.
Speaker 5: And also remember some of those you know, revenue streams.
Speaker 5: When it comes to the services business, especially cloud services,
Speaker 5: they have very high incremental margins. These are products with
Speaker 5: seventy five, eighty percent or margins much much more than
Speaker 5: the product side of it. And it doesn't really pinch
Speaker 5: the consumer that much. And you know, they could praise
Speaker 5: it as it's only going to be done you know,
Speaker 5: over the next six months or the time period when
Speaker 5: the tabs are and then they can scale it back.
Speaker 5: I think from a consumer point of view, it is less,
Speaker 5: you know, it hurts them less. But again, you know,
Speaker 5: that's just one service.
Speaker 6: I talk about.
Speaker 5: They could be others as well, but I feel very,
Speaker 5: you know, strongly that I don't think they can raise
Speaker 5: the price of a phone up by you know, fifty
Speaker 5: sixty percent, maybe maybe slightly, maybe five percent, ten percent
Speaker 5: or so, but anything above that, you know, I think
Speaker 5: destructs demand.
Speaker 4: Aner Rana Bloomberg Intelligence, thank you very much. They stick
Speaker 4: with Apple and the impact of tariffs on technology. Tony
Speaker 4: one trow Price, science and Tech equity portfolio manager joins us.
Speaker 4: Now Apple the number one holding a tro Price is
Speaker 4: Science and Tech fund that Tony oversees. Tony, when I
Speaker 4: was learning about the technology industry and the markets and
Speaker 4: making my way through Bloomberg Televisions newsroom, I was always
Speaker 4: told that Apple and names like it had an entrench
Speaker 4: market position, strong balance sheet, and in crises or recession,
Speaker 4: that's where they would survive and thrive. But I think
Speaker 4: right now, you can't necessarily look back at history and precedent.
Speaker 4: How on earth are you modeling the future of this company?
Speaker 7: Yeah, well it's a great question.
Speaker 8: Obviously, it's historically been a kind of a balancing name.
Speaker 8: Just that whether a real kind of stock market storm,
Speaker 8: I'd say here, you know, I think that there is
Speaker 8: a lot of fear in the market and concerns amount
Speaker 8: of trade war and what deglobalization could possibly do to
Speaker 8: kind of Apple's manufacturing advantage in China. And so you know,
Speaker 8: when I take a step back, they do have diversified
Speaker 8: supply chains.
Speaker 7: I think they are.
Speaker 8: They do have the ability to move around, and they
Speaker 8: do produce iPhones.
Speaker 7: In India, and when we think.
Speaker 8: About the US, the consumption of iPhones is roughly twenty
Speaker 8: five or thirty percent, and so I expect that there's
Speaker 8: some flexibility to move some of that production to India
Speaker 8: more and therefore diversify that risk a bit. And you know,
Speaker 8: at the end of the day, I think that it
Speaker 8: is about like, you know, how much of a staple
Speaker 8: the iPhone is, and so there's price you know, kind
Speaker 8: of sensitively among the customer to actually you'll pay up.
Speaker 7: For the iPhone. I think that actually could be bullish
Speaker 7: for the stock.
Speaker 8: That just demonstrates more of a it's more of a
Speaker 8: staple than people appreciate. But here I do think that
Speaker 8: there is a lot of fear there and so generally,
Speaker 8: you know, historically you've been a reward for leaning into weakness.
Speaker 2: Then in this weakness Tony. Yes, on the day Apple
Speaker 2: is trading somewhat higher. On the week it is too,
Speaker 2: but on the course of the month it's down fourteen percent.
Speaker 9: Have you been adding to your number one holding?
Speaker 2: Has it at any point looked attract him to get
Speaker 2: back in with more addition, I think, you know, the.
Speaker 8: Company's still really well positioned over the long term. You
Speaker 8: look at like the ecosystem they built, the quality of
Speaker 8: the product, and then you're also an iPhone upgrade cycle coming,
Speaker 8: and you know, a placement cycle has been elongated, and
Speaker 8: if you get a new form factor, I think that
Speaker 8: could be like really attractive.
Speaker 7: And you know, at the end of the day, like
Speaker 7: the evaluation has become more.
Speaker 8: Attractive, especially at these levels versus where they were, you know,
Speaker 8: six and nine months ago. You know, in addition, it
Speaker 8: is one of the Max seven that hasn't been spending
Speaker 8: a ton on large language models.
Speaker 7: So the capital intensity.
Speaker 8: And the free cash flow quality of the company is
Speaker 8: still very, very high quality.
Speaker 2: Go there, Tony for a moment, Because people were ringing
Speaker 2: their hands about Apple before the trade war because of
Speaker 2: a lack of urgency on AI, the implementation within Siri,
Speaker 2: this distraction that Tariff's cause does it set them back
Speaker 2: even further about upgrading the product from an AI perspective.
Speaker 8: Well, I think that they are, you know, constantly optimizing
Speaker 8: their supply chains. Obviously it's additional work on their their plate,
Speaker 8: but I don't think that they are standing still on
Speaker 8: the AI front. I think they're besting more actually, and
Speaker 8: you see that, you know some news are them purchasing
Speaker 8: more GPUs And you know, when I when I think
Speaker 8: about the space, there's just a lot of things evolving
Speaker 8: and what we thought a year ago.
Speaker 7: Uh has has kind of changed in a lot.
Speaker 8: Of ways in terms of, you know, who can participate
Speaker 8: in AI and like what these large language models can
Speaker 8: cost and which one is the best. So every time,
Speaker 8: like it feels like every month, there's a new headline
Speaker 8: of who is in the lead. And so it could
Speaker 8: be prudent of Apple to kind of, you know, focus
Speaker 8: on what they're really good at, what their competitive vantage is,
Speaker 8: which is designing really high quality products that fit into
Speaker 8: our lives, that can be incorporated elegantly. And at the
Speaker 8: end of they do own that kind of ecosystem and
Speaker 8: you know, over time, I think they can you know,
Speaker 8: drive value from that for their shareholders.
Speaker 4: Tony, let's end this conversation on Apple with a yes
Speaker 4: or no. Does Apple manufacturer and assemble an iPhone in
Speaker 4: the United States in the future.
Speaker 8: I think it's possible in the very kind of long
Speaker 8: term future. I think in the near term. And you
Speaker 8: look at kind of what it takes the man manufacturing iPhone.
Speaker 8: I mean, you know, there's thousands of people that are
Speaker 8: living at the factory that can be woken up, you know,
Speaker 8: anytime the hour to make a change. And so you know,
Speaker 8: I think that in the long term that could be
Speaker 8: possible with additional advancements and robotics and AI.
Speaker 7: But I don't think it's going to be a next
Speaker 7: year kind of thing, right.
Speaker 4: I saw a headline overnight that we think is a
Speaker 4: critical right, which is China Semiconductor Industry Association issue this
Speaker 4: emergency notice and they clarified that in the context of tariffs,
Speaker 4: they define point of origin where a semiconductor is taped out,
Speaker 4: in other words, where the electronic instruction set is formulated
Speaker 4: before it goes to the fab And if you think
Speaker 4: about the fabulous US names, many of which you have
Speaker 4: big holdings in, they use TSMC or maybe Samsung. So
Speaker 4: the tape out happens in those countries as well. How
Speaker 4: much insulation do you think that gives them from the
Speaker 4: heavy China tariffs on US products.
Speaker 8: Yeah, well, I think that if you take a step back, right,
Speaker 8: like the two countries have been trying to disentangle them
Speaker 8: each other from major kind of supply chains and you know,
Speaker 8: areas of where if you could substitute a domestic product
Speaker 8: that would be preferred.
Speaker 7: And that's nothing new over the past few years.
Speaker 8: And I think that you know, this kind of the
Speaker 8: latest piece of news is further kind of a step
Speaker 8: in that direction, where you know, it doesn't make sense to.
Speaker 7: Hurt yourself by kind of terrifying.
Speaker 8: The only source that you have, and so like in
Speaker 8: terms of stuff made in TSMC, like both countries need that,
Speaker 8: so it makes a little bit less sense to put
Speaker 8: a high tariff on that when it's when it's sole source.
Speaker 8: So that's kind of my perspective. That's a continuation of
Speaker 8: industrial policy that kind of kind of makes sense.
Speaker 2: Let's talk about the others though, that are exposed now.
Speaker 2: I'm interested as to whether you have holdings in those
Speaker 2: that are manufacturing in the United States or looking to
Speaker 2: even more with the cost money coming from federal government
Speaker 2: wanting them made in the US, and what that does
Speaker 2: to the business model if they ship to Asia to
Speaker 2: China specifically, Tony, do you have to get out of
Speaker 2: intels and Texas instruments?
Speaker 8: Well, I think that over the long term, it's more
Speaker 8: about the technology and the differentiation and what you can
Speaker 8: the value add that you can. So if you have
Speaker 8: leadership products, I think that's still number one, you know,
Speaker 8: I think number two. I think that divers sized supply chains,
Speaker 8: like serving the local industry that it's based out of
Speaker 8: or the region is probably going to be a good thing.
Speaker 8: And so at the end of the day, I think
Speaker 8: it's those two things, like some flexibility manufacturing, but like
Speaker 8: the main thing is the product, leadership and the seculor
Speaker 8: trend that a company is kind of, you know, kind
Speaker 8: of positioned to capitalize on.
Speaker 4: Tony, like all technology investors, you have had to digest
Speaker 4: and understand communication from policymakers. How would you rate and
Speaker 4: rank what you've heard from the President, Treasury, Secretary best
Speaker 4: and others.
Speaker 8: Well, I'm a tech investor, so you know, geopolitics is
Speaker 8: above my pay grade obviously, but you know, at the
Speaker 8: end of the day, I think that the US leap
Speaker 8: administration and the leaders that we have acted, you know,
Speaker 8: they will do what's best for the country for companies
Speaker 8: here in the US. So I think that we need
Speaker 8: to trust them and they do. You know, I think
Speaker 8: they are trend trying their best, and you know, at
Speaker 8: the end of the day, I think that they will
Speaker 8: protect American interest and what's most important is keeping US
Speaker 8: technology at the forefront. And you know, that's that's what's
Speaker 8: what I look for as an investor.
Speaker 9: Tony one, thank you so much of trow price.
Speaker 2: So important to have the investor take today and after
Speaker 2: one long week Chinese social media and giant bite dance,
Speaker 2: it saw its revenue jump twenty nine percent last year.
Speaker 2: It was driven by the global expansion of you guessed at.
Speaker 9: TikTok.
Speaker 2: International sales grew thirty nine billion dollars, contributing about a
Speaker 2: quarter of the company's revenue.
Speaker 9: It's all according to people.
Speaker 2: Briefed on the numbers, now that as the Chinese business slowed. Now,
Speaker 2: of course, tensions between Washington and Beijing expect to impact
Speaker 2: both the global economy possible sale of TikTok in the
Speaker 2: United States.
Speaker 9: We've got to get to it.
Speaker 6: All.
Speaker 2: Mitchell Green, founder, managing partner of lead Edge Capital, longtime
Speaker 2: investor in names like Byte Dances with us. Mitchell, have
Speaker 2: you been adding to Byte Dance. What do you make
Speaker 2: of where we stand in terms of TikTok in the
Speaker 2: United States?
Speaker 10: Yeah, and hey, Carolyn, thanks so much for having me on.
Speaker 10: What do I think we can talk about that for
Speaker 10: a while. The company continues to see you very well.
Speaker 10: As we've said past, in the grand scheme of things,
Speaker 10: you know, uncertainty kills deals. I wish I could tell
Speaker 10: you exactly where things stand in this negotiation between the
Speaker 10: White House, White Dance, the Chinese government.
Speaker 6: Discussions are on tariffs.
Speaker 10: Look, we've always had frankly questions on the on the
Speaker 10: US TikTok uh. You know, again, as I've mentioned in
Speaker 10: the past, we model out TikTok usa to be worth zero.
Speaker 10: I suspect something will come of it. I don't know
Speaker 10: if it's in a month from now, three months, or
Speaker 10: now from six months or now.
Speaker 6: We shall see.
Speaker 10: It is obviously a very valuable business that a lot
Speaker 10: of constituents want to figure out, not only board members
Speaker 10: and shareholders and the CEO of Bite Dance, but we
Speaker 10: now have this giant taraph war going on between the
Speaker 10: US and China, So.
Speaker 6: It's all going to get dragged into it and play
Speaker 6: out together.
Speaker 2: Mitchell, you've been on the secondary market picking up Byte
Speaker 2: Dance in recent months. Would you want exposure to us
Speaker 2: TikTok if it was indeed extricated out of bite ants
Speaker 2: and had US ownership.
Speaker 10: Absolutely, And we have also not bought any Byte Dance
Speaker 10: shares this year. There's been some there's been some changes
Speaker 10: with Sippius.
Speaker 6: A lot of people don't know about this publicly known
Speaker 6: that Syphius came out and put some.
Speaker 10: Restrictions on what kinds of companies you could buy globally
Speaker 10: related t if the AI model speed was fast enough
Speaker 10: or not. It's a questionable area if White Dance falls
Speaker 10: into this or not. But in order to just stay
Speaker 10: conservative and be on the right side, you know, we
Speaker 10: have not bought anymore of the last several months.
Speaker 6: We do on it.
Speaker 10: What I like, What would I like to own TikTok Usa? Absolutely,
Speaker 10: if you know, if they're allowed existing investors, and again
Speaker 10: about sixty percent of investors in the company are non
Speaker 10: Chinese investors. If we could add to our position, obviously
Speaker 10: it depends on price.
Speaker 6: You know, we could be quite interested, Mitchell.
Speaker 4: Starting Monday night into Tuesday morning, I started getting phone
Speaker 4: calls that there was quite a lot of activity on
Speaker 4: the secondary's market for byte dance valuation range two eighty
Speaker 4: to three hundred and twenty billion, depending on the offer
Speaker 4: lot size.
Speaker 11: Right.
Speaker 4: But to your point, what I was told is a
Speaker 4: lot of that activity was from Asia, right, China, maybe Singapore.
Speaker 4: But it followed the President on Sunday night. You may
Speaker 4: have seen the clip on Air Force one saying that
Speaker 4: if it weren't for tariffs that he'd put in place,
Speaker 4: they had a deal. How do you interpret that trading?
Speaker 4: You know, if the outlook for the deal is poor,
Speaker 4: but you see private market investors in Asia trying to
Speaker 4: get more of a foothold.
Speaker 10: Oh, the Chinese business is doing phenomenally well, which is
Speaker 10: absolutely incredible, given I don't think the Chinese economy is
Speaker 10: like rowing right now, and I don't know if it's
Speaker 10: far apart, but I mean it's just it's been unique.
Speaker 10: And you can look at some of the other ecomerce
Speaker 10: businesses across China and so, actually, how are the performances
Speaker 10: in right answers doing in China is strong. I wouldn't
Speaker 10: read into I have no clue if the deal is
Speaker 10: almost done or close to done or whatever.
Speaker 6: I have. When it comes to politics.
Speaker 10: I tend to just listen and not really make opinions
Speaker 10: and I don't really know.
Speaker 6: Yeah, well, we'll see it again again. There's a handful
Speaker 6: of people that need to be involved. Chi President of
Speaker 6: the United States had.
Speaker 10: The CEO bite dance, and I can't say any of
Speaker 10: them are good friends of mine.
Speaker 4: So if they do telephone you, you let us know.
Speaker 6: I'll let you know if she calls me die.
Speaker 4: There is a there is a technology conversation here right.
Speaker 4: I go back to when I was at CEES and
Speaker 4: at GtC very recently, and Jensen Wong's point the CEO
Speaker 4: of and Video that basically more than fifty percent of
Speaker 4: all the computer scientists in the world working on artificial
Speaker 4: intelligence are doing so in China or they are from China.
Speaker 4: What kind of future is there to sort of work
Speaker 4: with that country on technology and founding new companies.
Speaker 10: I strongly believe whether it's technology transfer, technology exports, imports.
Speaker 6: Like the trade trade is global, we all need to
Speaker 6: figure out how to work together. China plus the us
Speaker 6: working together is a good thing.
Speaker 10: I am a strong believer in like the education system
Speaker 10: in China, the entrepreneurship in China as well as in
Speaker 10: the United States as well. But again, like for instance,
Speaker 10: we I've talked about this another I think I'm Bloomberg
Speaker 10: and other sessions.
Speaker 6: Chinese regulate social media.
Speaker 10: You know, in the United States, kids go on TikTok
Speaker 10: and post ridiculous videos about all kinds of stupid stuff.
Speaker 10: In China, they learn about science and math on TikTok.
Speaker 10: I think maybe we should ask should we be regulating
Speaker 10: this stuff more?
Speaker 6: Should we be.
Speaker 10: Repeeling some of these laws that don't hold social media
Speaker 10: companies accountable by the.
Speaker 6: Way that gets does in China? And so I think
Speaker 6: there are things that we should be learning at. And
Speaker 6: some of those things that are happening in China and
Speaker 6: applying to the United.
Speaker 2: States interesting tat Mitchell and I want to go there
Speaker 2: because you have exposure, not just to China. We bring
Speaker 2: you on because you've been so long in the names
Speaker 2: like Ali Baba, you're an aunt, you're in byte Dance,
Speaker 2: long term investor, understanding that economy. We look at the
Speaker 2: rest of your old portfolio. You know, well, us exposure
Speaker 2: too uber bumble, you know, Europe with Spotify. How difficult
Speaker 2: is it to remain committed to China right now when
Speaker 2: Sophius is changing up the rules, When you are unable
Speaker 2: to commit capital and the way you'd like to, it's complicated.
Speaker 10: And again, most of our business is actually North America
Speaker 10: and Western Europe. You know, we have a team of
Speaker 10: eighteen associates that are twenty two to twenty four years
Speaker 10: old that you know, speak about nine thousand companies a year,
Speaker 10: and we all you know, we might speak to ten
Speaker 10: to twenty companies and all across Stasia. So what we've
Speaker 10: done in China is a very handful of some of
Speaker 10: the largest businesses over there where they could effectively be there.
Speaker 6: They are a to be public companies, it just happened
Speaker 6: to be private. We tend to like to be contrarian,
Speaker 6: you know.
Speaker 10: And it was funny a year ago, nine months ago,
Speaker 10: nobody liked wanted to invest anything in China. Yet then
Speaker 10: you saw stocks like Ali Baba go from once, you know,
Speaker 10: from sixty seventy dollars a share, it's like one hundred
Speaker 10: and thirty hundred and twenty. Now people were liking China
Speaker 10: again because they saw Chi and Jack ma. I think
Speaker 10: it's some conference together and I don't know where all
Speaker 10: about this today. Maybe it's back at one hundred a share.
Speaker 10: So this stuff is so volatile, but we find that
Speaker 10: you buy China when the rest of the world hates it,
Speaker 10: you can tend to make lots of money. But again,
Speaker 10: most of the stuff we invest in is right back
Speaker 10: in in the United States and right now. Look, I
Speaker 10: think in the terriff situation, I can have an opinion
Speaker 10: of it today, it'll probably change.
Speaker 6: In a week, a month, and six months.
Speaker 10: But uncertainty is what actually slows down the economy, right
Speaker 10: And you know, our portfolio has made the high high
Speaker 10: margin software companies that don't have direct you know, inputs
Speaker 10: coming overseas and things being chipped in.
Speaker 6: With that being said, if.
Speaker 10: You sell airline software, are you sell software manufacturing companies?
Speaker 10: And those companies are nervous about what's going to happen
Speaker 10: in their businesses. They might start to pull back on
Speaker 10: spending and the whole thing kind of like unravels on itself.
Speaker 2: And if there's cuts to R and D in healthcare
Speaker 2: research and you're in a name like Benchling, which is
Speaker 2: all about community of scientists. I'm really interested in Mitchell
Speaker 2: ultimately how difficult this environment is when some of the
Speaker 2: companies that we thought were going to go public now
Speaker 2: can't or don't want to. How is that impacting the
Speaker 2: way in which you raise the next fund for example?
Speaker 6: Yeah, so we were so, we were very We don't.
Speaker 10: Talk about performance on obviously and pull me or anything
Speaker 10: like that, but you know, we believe that investor funds
Speaker 10: that took advantage of getting the quidity and what's called DPI.
Speaker 10: It's so much money you've given back on a net
Speaker 10: basis to your investors over the last few years, in
Speaker 10: the last five years, is really going to matter for
Speaker 10: funds as they go forward graating money.
Speaker 6: We are we are going to everybody.
Speaker 10: Thought two thousand and six, twenty twenty five is going
Speaker 10: to be the year of the IPO. There was maybe
Speaker 10: this giant IPO. Aa, Well that's dead, Like that's not
Speaker 10: happening now.
Speaker 6: Again. I think these companies could go public.
Speaker 10: It's just the question of what valuation will could they
Speaker 10: and will they then go public?
Speaker 6: And you know, your guess is as good as mine.
Speaker 10: But I think this liquidity drought is going to continue,
Speaker 10: and I think as a result of liquidity drought, you're
Speaker 10: going to have a lot of endowments and foundations and
Speaker 10: other big institutional investors that are networks that are over
Speaker 10: allocated to private equity, venture capital, growth equity, real estate,
Speaker 10: private equity, everything that are going that are.
Speaker 6: Going to unlock the secondary market. And the secondary market
Speaker 6: has already been busy.
Speaker 10: It is about to if this continues, call it six months,
Speaker 10: nine months, and twelve months, you are about to see
Speaker 10: a huge amount of institutions that are going to be
Speaker 10: massively over allocated to private equity, that are going to
Speaker 10: need to turn to the secondary markets and sell things
Speaker 10: that for us will create a great opportunity. Did you
Speaker 10: want to be buying from sellers that are forced to sell?
Speaker 4: Mitchell Green, lead Edge Capital. Thank you really appreciated conversation, Caroline.
Speaker 7: What you got a's time.
Speaker 2: For talking tech head and first up, Logitech It withdrew
Speaker 2: its full year twenty twenty six outlook due to quote
Speaker 2: continuing uncertainties of the tariff environment.
Speaker 9: Now Vonda Bell analysts.
Speaker 2: Say this is a sensible move, but the company's margins
Speaker 2: will certainly be challenged, and you saw the impact on
Speaker 2: the shares plus Tesla, it stopped taking orders in China
Speaker 2: for its model ES Sedans its model Export utility vehicles,
Speaker 2: both of which are imported from the United States. That's
Speaker 2: after the country has raised tariffs on one another. Of course,
Speaker 2: this could be a setback to the company's already shaky
Speaker 2: position in the Chinese market. Meanwhile, Ali Baba co founder
Speaker 2: Jack Maer He's worn that AI shouldn't replace humans, but
Speaker 2: work instead to meet their every need. The Chinese billionaire
Speaker 2: who wants like an AI to love here hogued that
Speaker 2: the technology should protect livelihoods and make lives better.
Speaker 4: Okay, coming up analog devices, Texas instruments, big declines. We
Speaker 4: take it deep dive into two a city's top semiconductor pigs.
Speaker 4: The timing of that call very different from where the
Speaker 4: stocks are heading right now. This has been bo Technology.
Speaker 2: Welcome back to Bloomberg Technology and Caroline hid in New
Speaker 2: York and.
Speaker 4: I'm Ed Ludlow in San Francisco. San Francisco's mayor, Daniel Lurie,
Speaker 4: is pledging an economic and tech revival, aiming to restore
Speaker 4: the city's status as a global innovation hub. I sat
Speaker 4: down with the mayor to discuss his growth strategy in
Speaker 4: the face of tariffs.
Speaker 11: First, we're the most beautiful city in the world. Second,
Speaker 11: the horse power is here, the intellectual horsepower is here.
Speaker 11: We have great universities, including UCSF around here, and young
Speaker 11: people want to be in.
Speaker 7: Urban environments.
Speaker 4: They want to be in San Francisco.
Speaker 11: That's been proven truth throughout history, and we're going to
Speaker 11: prove that again. We have great arts and culture institutions.
Speaker 11: We were just named the culinary capital of the country,
Speaker 11: so we have so much to be proud of. And
Speaker 11: we know that workers want to be here. Our CEOs
Speaker 11: who were talking to they know that their employees want
Speaker 11: to be in San Francisco. No offense to my friends
Speaker 11: down in the Peninsula, but people live in San Francisco
Speaker 11: and we want them to work here. And we do
Speaker 11: have to get competitive, but it starts with safe and
Speaker 11: clean streets. Our property crime rates have dropped thirty five percent,
Speaker 11: Our violent crime has dropped fifteen percent. Car break ins
Speaker 11: in February the lowest in twenty two years. This is
Speaker 11: a safe American city and we want everybody coming back
Speaker 11: to work here, to play here, and to live here.
Speaker 4: Mis very how is the White House and is tariffs
Speaker 4: Paulus going to impact your ability to do what you've
Speaker 4: just outlined, bring more of the technology industry to the city.
Speaker 11: Well, listen, we are all and you all are reporting
Speaker 11: on it minute by minute. The uncertainty is impacting everybody
Speaker 11: around the globe, and so we have to plan for
Speaker 11: that here at city Hall. We're working with our department heads.
Speaker 11: We have a big budget deficit. We inherited one of
Speaker 11: the largest deficits in our city's history. So we're working
Speaker 11: day and night to make sure that we tighten our belts,
Speaker 11: we deliver core services to our taxpayers and to our residents,
Speaker 11: making sure that we focus on public safety, focus on
Speaker 11: the behavioral health crisis and the drug crisis that is
Speaker 11: causing people to feel the disorder on our streets. But
Speaker 11: that is all starting to improve. And so we can
Speaker 11: only control what we can control here in San Francisco,
Speaker 11: and that's our fifteen point nine billion dollar budget. We
Speaker 11: have a one point one billion dollar budget deficit. Over
Speaker 11: the next two years, we're going to get that under control.
Speaker 11: We're going to fix our structure or budget deficit, and
Speaker 11: I'm telling you we're then going to be off to
Speaker 11: the races.
Speaker 7: Data bricks knows it.
Speaker 11: They just secured an office space one hundred and fifty
Speaker 11: thousand square feet open AI just open new headquarters by
Speaker 11: Chase Center. We are on the cusp of lift off
Speaker 11: here in San Francisco, and we want everybody to come
Speaker 11: be a part of it.
Speaker 4: So that was my conversation with San Francisco Meytor, Daniel Lurie,
Speaker 4: and Caro. Like the pitch to the technology industry seems
Speaker 4: to be San Francisco is beautiful and it's full of nerds,
Speaker 4: and that's not really a policy platform. But if you
Speaker 4: think about how the history of Silicon Valley's works, right,
Speaker 4: there are many tech people here in the city, and
Speaker 4: what do they do each day?
Speaker 7: Right?
Speaker 4: Where are all the big tech companies that they.
Speaker 7: Go to work at.
Speaker 2: They're not an SF they reverse commute out to the valley.
Speaker 2: But also what I wonder about is when we've got
Speaker 2: an economic quandary coming from the United States, when advertising
Speaker 2: dollars might be pulled back, when we've already got a
Speaker 2: meta for example, that has been laying off people, how
Speaker 2: does that affect in NEEF economy going forward. We'll have
Speaker 2: to debate that a little bit more in terms of
Speaker 2: what's happening over in San Francisco.
Speaker 9: But we also want a little bit more in.
Speaker 2: Context about what the global tech policies look like in
Speaker 2: this current context. That meta has to navigate, that alphabet
Speaker 2: has to navigate, that these SF giants have to navigate.
Speaker 2: Liza Tobins with US Managin director at are not Global,
Speaker 2: and Liza, I'm so interested in just your take right
Speaker 2: now and where we stand in this so called tit
Speaker 2: for tat that today China's leader came out and said,
Speaker 2: it's a joke. We're going to stop raising to meet you.
Speaker 2: But we stand at one hundred more than one one
Speaker 2: hundred and twenty five percent tariff on US goods. The
Speaker 2: US has one hundred and forty five percent tariff on
Speaker 2: Chinese goods.
Speaker 9: Where do we go from here?
Speaker 12: Yeah, So, of course, about a week and a half ago,
Speaker 12: President Trump declared a trade war on the entire world,
Speaker 12: and then over the last couple of days it seems
Speaker 12: to have kind of slipped into an isolate China strategy.
Speaker 12: Clearly the president is torn between his deal making and
Speaker 12: his decoupling instincts. He's hoping for a phone call with
Speaker 12: Chi Jinping. But what we've learned really over the last
Speaker 12: twenty years of US China relations is that US trade
Speaker 12: negotiators are always disappointed with what Paiging brings to the table.
Speaker 12: And I'm seeing things play out this week that remind
Speaker 12: me of when I was in the White House in
Speaker 12: twenty twenty, and that, of course was when President Trump
Speaker 12: got his Phase one trade deal with the Chinese, and
Speaker 12: then a couple months later he started getting seriously disappointed
Speaker 12: and blaming Sheijinping for COVID, which of course tanked the
Speaker 12: global economy and he felt ruined his electoral prospects, and
Speaker 12: so in some of the President's comments just a few
Speaker 12: days ago in a speech, he's talking about she He's
Speaker 12: hoping for a phone call, but he's referring back to
Speaker 12: COVID and saying, you know, I like Sheijinping, we get
Speaker 12: along great, but COVID.
Speaker 9: That was a bridge too far.
Speaker 12: That's what the president's saying. So he seems to be
Speaker 12: remembering the disappointment and the anger from twenty twenty, and
Speaker 12: he seems to be shifting from deal making to decoupling.
Speaker 2: We go to you because of your depth of expertise,
Speaker 2: when you've worked with the CIA, when you've been in
Speaker 2: the US Indo Pacific Command analysis for them as well, Liza,
Speaker 2: not to mention what you've done over at the when
Speaker 2: you're sc CP SCSP, I should call it, of course,
Speaker 2: and I'm interested, Lisa therefore on where you go from,
Speaker 2: who has the upper hand, where the TikTok's involved in
Speaker 2: this negotiation. Just take us forward as to what plays
Speaker 2: out next. If we are seeing a US president getting
Speaker 2: more and more triggered by what happened in twenty twenty, right.
Speaker 12: So I think we could potentially see some kind of
Speaker 12: a deal. Clearly, the President still would like a deal,
Speaker 12: perhaps involving some tariff concessions, maybe americanizing TikTok, although he's
Speaker 12: already conceded that aging will retain the algorithm, which is
Speaker 12: really the brain that controls TikTok and controls Americans media diet.
Speaker 12: So we may or may not see that. But I
Speaker 12: want to remind your audience not to over index on
Speaker 12: the strategic importance of a deal, because we've always been
Speaker 12: disappointed by how China actually implements that deal. So I
Speaker 12: think if folks are looking for some kind of grand
Speaker 12: bargain that really makes some goes beyond symbolism and short
Speaker 12: term measures and really addresses the fundamental imbalances of Chinese economy,
Speaker 12: this massive trade surplus, unfair trade practices. They're going to
Speaker 12: be disappointed by that. So markets will react and go
Speaker 12: up and down on news or rumors of a potential deal,
Speaker 12: But a true grand bargain is really off the table.
Speaker 4: I think, Liza, I'd like to hold you to account
Speaker 4: on two points that you've made, or at least debate them.
Speaker 4: One isolate China as an accidental strategy. And then the
Speaker 4: data that you just flag the deficit between the United
Speaker 4: States and China. So this is the ECTR function on
Speaker 4: the Bloomberg terminal. It's twenty twenty three data showing the
Speaker 4: deficit with China two hundred and sixty billion dollars. But
Speaker 4: I think I'm right in saying prelim data showed the
Speaker 4: deficit growing in twenty twenty four. Materially, when we think
Speaker 4: about technology, what we're talking about is a country that
Speaker 4: dominates the manufacturing of most of the world's consumer electronics
Speaker 4: and other things. So forget numbers and tariffs and markets
Speaker 4: and trade. Do you see the White House ever resulting
Speaker 4: this policy in more of that stuff happening in America.
Speaker 12: The President certainly wants to, and he and his advisors
Speaker 12: that are constantly talking about reindustrialization. I mean, the problem
Speaker 12: is the devils in the details here, and it does
Speaker 12: it's unclear if President Trump really understands the details and
Speaker 12: the extreme intricacies of these supply chains and what it
Speaker 12: actually takes to reindustrialize. And of course there's big structural
Speaker 12: challenge is like do we have the workforce for this.
Speaker 12: The administration talks about manufacturing jobs coming back. Well, that's great,
Speaker 12: but actually we have a shortage of skilled manufacturing workforce,
Speaker 12: and advanced manufacturing is now a knowledge industry. This is
Speaker 12: a highly skilled profession. It's more like software coding and
Speaker 12: applying AI to the factory floor. And it's not yet
Speaker 12: clear to me if that kind of advanced manufacturing is
Speaker 12: front and center on the administration's agenda.
Speaker 9: It's very much right.
Speaker 12: Now a teriffs first, tax cuts, the regulation and energy
Speaker 12: and those may be a great start, but they also
Speaker 12: need to be kind of leaning into these more structural.
Speaker 2: Issues suddenly if they want to make iPhones in the
Speaker 2: United States. Pizeitoven, managing director of Ghano Global, was great
Speaker 2: to have you join us. Thank you now Federal is
Speaker 2: a bank of New York President John Williams. He expects
Speaker 2: slow economic growth, high unemployment, and a pickup in inflation,
Speaker 2: all of this due to the US tarris policy and
Speaker 2: reduced immigration. Take listen to what he had to say
Speaker 2: just moments ago.
Speaker 3: Well uncertainly about the economic outlook reflects many factors. Effects
Speaker 3: of tariffs and trade policy and the economy are certainly
Speaker 3: at the top of the list. For example, my business
Speaker 3: in financial market contacts highlight that this has made it
Speaker 3: more difficult to plan for investments and for hiring.
Speaker 4: Let's get right back to financial markets. It's Friday, at
Speaker 4: the end of a long week. Basically flat on the
Speaker 4: Nasdaq one hundred, but up more than five percent over
Speaker 4: the course of the week. Basically flat on the Philadelphia
Speaker 4: Semiconductor Index, down to tens percent, but up more than
Speaker 4: seven percent on the course of the week. And Cara,
Speaker 4: if you allow me to there was a really important
Speaker 4: headline overnight that I think our audience needs to understand,
Speaker 4: and it came from China's semiconductor industry body, basically citing
Speaker 4: customs regulators that how are they going to define the
Speaker 4: point of origin of a semiconductor right think about global
Speaker 4: supply chains. And in the market right now you see
Speaker 4: names like in video higher and Vidia doesn't manufacture its
Speaker 4: own chips, names like Intel and Texas instruments that do
Speaker 4: significantly lower. Here's what they said. The point of origin
Speaker 4: for a chip in deciding whether to apply tariffs or
Speaker 4: not will be the point it is taped out. And
Speaker 4: what that means is when an American company, for example,
Speaker 4: is done designing its chip in San Diego or here
Speaker 4: in the Bay Area, it then needs to send the
Speaker 4: designs to a contract manufacturer. We're talking TSMC and Korean
Speaker 4: names like Samsung, but that happens locally, and so they're saying,
Speaker 4: that's how we decide where your chip comes from. You
Speaker 4: tell me the big story that we've learned in the
Speaker 4: last two years about all these American chip makers. What
Speaker 4: are they actually not?
Speaker 2: Well, they're not makers of chips, but some of them
Speaker 2: are trying to be. Some of them trying to be
Speaker 2: contract makers of chips. Intel, for one, which is actually
Speaker 2: expanding its presence of making chips in the United States.
Speaker 9: What does that mean in terms of business model?
Speaker 2: You've just got to take out China from the equation
Speaker 2: and on the flip side. Of course, domestic chip makers
Speaker 2: in China rallied hard. You saw the CSI three hundred
Speaker 2: index up more than thirty percent on the day. This
Speaker 2: had real tailwinds for Chinese local players and of cause
Speaker 2: pressure on some of the local makers here in the
Speaker 2: United States.
Speaker 4: Said yeah, And the one thing I would say is
Speaker 4: that it all comes back to the end market. What
Speaker 4: does China do. It makes most electronics high end or
Speaker 4: low end, And so that's why I've tracking this so closely.
Speaker 4: But you're exactly right. But in some of the names
Speaker 4: you've just mentioned, analysts are paying attention for other reasons.
Speaker 9: They certainly are.
Speaker 2: Let's get to one of those analysts calls because likes
Speaker 2: of Aanamon Devices or Texas Instruments, as you say, pressure today.
Speaker 2: But City named actually those two companies, and it's top
Speaker 2: semiconductive picks amid tar of pressures and recession fears. Like
Speaker 2: City manager director and semiconductor analyst Chris Stanley writing, high
Speaker 2: end analog companies such as ADI and TXN have outperformed
Speaker 2: during downturns. We would expect the same to occur in
Speaker 2: a recession, with ADI performing best given higher margins. Nimas
Speaker 2: rym Vstella can can break down some of the moves
Speaker 2: on Semi got a fair few downgrades in terms of
Speaker 2: price targets today as well on Semi meant to feel
Speaker 2: more of headwind versus some of these players.
Speaker 13: According to City, absolutely, I think people are still really
Speaker 13: struggling to kind of figure out what this environment is
Speaker 13: going to be like for different chip makers, depending on
Speaker 13: their in market, depending on their manufacturing systems, their supply chains.
Speaker 13: It's all very uncertain, very up in the air at
Speaker 13: the moment. So beyond the naming TI on one of
Speaker 13: its top picks, City also said it was taken out
Speaker 13: the lawnmower. Those are exact words, cutting estimates by twenty
Speaker 13: percent on average across the board for chip makers. That
Speaker 13: just speaks to how much uncertainty there is when it
Speaker 13: comes to this sector at this point in time.
Speaker 4: They the firm City had this estimate a while ago
Speaker 4: that the socks the index would drop twenty percent if
Speaker 4: there were to be a recession, and I think I'm
Speaker 4: right in saying that they now assume a recession is
Speaker 4: a firm there's a lot happening in the market. You
Speaker 4: also wrote about the takes out point of origin story
Speaker 4: yourself this morning, just go back to explain some of
Speaker 4: the moves of the market in the here and now.
Speaker 13: Yeah, so absolutely, like you were saying before, companies like TI, Intel,
Speaker 13: Global Foundries, Microchip, all these have sort of domestic manufacturing
Speaker 13: plants for their products, and these are the stocks that
Speaker 13: are really falling today. Other ones that do most of
Speaker 13: their manufacturing are Broad Taiwan, Simi, Vidia, AMD, Qualcom, BROCM
Speaker 13: all those names. They're probably higher in the morning. It's
Speaker 13: obviously a very volatile situation. There's a lot of cross
Speaker 13: currents going on right now, but certainly we are seeing
Speaker 13: Texas instruments in particular weaker today, Intel particularly weaker today,
Speaker 13: whereas companies like Nvidia are higher.
Speaker 2: Let's go to Nvidia for a moment, because for an
Speaker 2: analyst over at City has actually been downgrading in video
Speaker 2: as well. Their key concern is that these hyperscalers, meta
Speaker 2: alphabet you name them, are going to actually start to
Speaker 2: curtail they're spending on AI data centers.
Speaker 9: How much of an overhang is that for names.
Speaker 2: Like whether you're a fablus or fab kind of a
Speaker 2: chip maker.
Speaker 13: Well, for Nvidia in particular, I had to go and
Speaker 13: look but I think forty percent or so of their
Speaker 13: revenue comes from just four companies, which is Microsoft, Meta, Alphabet,
Speaker 13: and Amazon. So to the extent those companies pull back,
Speaker 13: and I'll say Alphabet a couple of days ago it
Speaker 13: had a bigger cloud conference and it did affirm its
Speaker 13: CAPEX plans. Microsoft, you know, it affirmed its own plans
Speaker 13: earlier this year. So right now, it seems like maybe
Speaker 13: for the next twelve months, all those spending plants are
Speaker 13: pretty intact. But if we get to twelve months from now,
Speaker 13: and maybe especially if we're not seeing a huge ROI
Speaker 13: on all this AI spending, especially if the cost picture
Speaker 13: has changed dramatically due to tariffs, if the whole picture
Speaker 13: has just changed because of weaker economic growth, all these
Speaker 13: other kind of factors, it would not be super surprising
Speaker 13: under those circumstances if these companies started pulling back on
Speaker 13: their CAPEX, especially as it retains to their AI infrastructure,
Speaker 13: which is at this point a lot of Nvidia products,
Speaker 13: and what that means for them in terms of their growth,
Speaker 13: in terms of their profitability. While just given its customer concentration,
Speaker 13: that would be a pretty dramatic hit a company like
Speaker 13: it in video.
Speaker 4: Blimbo's Ryan vlastatica terrific, Thank you very much.
Speaker 14: A single shipyard in China now produces more ships every
Speaker 14: year than all of the American shipyards combined. Think of that,
Speaker 14: and it was a business that we used to dominate.
Speaker 9: President Trump.
Speaker 2: There now one startup looking to manufacture ships in the
Speaker 2: United States.
Speaker 9: It's blue Water Autonomy, preparing.
Speaker 2: To build large vessels able to travel between San Francisco
Speaker 2: and Hawaii without a captain or a crew. Rdan Hamilton
Speaker 2: as the CEO co founder of blue Water. Rather, you're
Speaker 2: coming out of stell fourteen million dollars in the bank.
Speaker 2: You've got vcs that batch your prior really successful companies.
Speaker 2: You were in warehouse automation prior to this. How much
Speaker 2: is the time now to be making automated ships? Suddenly
Speaker 2: far more prevalent when we've got us China tensions.
Speaker 15: The time is definitely now. If we hear the current administration,
Speaker 15: they're talking about shipbuilding, shipbuilding and shipbuilding, and we're designing
Speaker 15: and building autonomous ships. And when you make them autonomous,
Speaker 15: you can remove the bridge, the birthing, the galley, the showers,
Speaker 15: so you can make them a lot smaller. And because
Speaker 15: they're smaller, you don't have to build them at the
Speaker 15: big navy shipyards. So we should continue to build the
Speaker 15: big warships, the guided missile destroyers, the aircraft carriers, the
Speaker 15: submarines as quickly as possible. But our ship can be
Speaker 15: built at all these mid tier shipyards that have capacity today.
Speaker 2: Why is now the right time from a technology perspective
Speaker 2: as well, what is going into making automation far more
Speaker 2: easy or certainly not easy, but far more able to
Speaker 2: enact ry now?
Speaker 6: Well, this is a hard problem.
Speaker 15: This is not easy because for designing ships that can
Speaker 15: operate across the open ocean, and the last thing our
Speaker 15: Navy needs is for these ships to be dead in
Speaker 15: the water of the mill the ocean, and the ocean
Speaker 15: is extreme. You're thinking about extreme temperatures and salt water.
Speaker 15: In fact, ships get hit by lightning, and so we
Speaker 15: need to build a very It happens as we did
Speaker 15: research for this and we talked to the chief engineers
Speaker 15: on some of the sort of workboats that operate around.
Speaker 6: The United States.
Speaker 15: They said, yeah, last week my ship got hit by
Speaker 15: lightning and a fried all the electronics. And so there's
Speaker 15: a ton of challenges to do this. But we feel
Speaker 15: we have the team to do this because we've been
Speaker 15: at some of the most successful robotic companies in the
Speaker 15: United States, and two of my co founders include myself.
Speaker 15: We were also in the Navy.
Speaker 4: Ryland. The big picture is to modernize the maritime industry,
Speaker 4: but this is a Navy application. As you just point out,
Speaker 4: American dynamism, this big emphasis on the private sector's relationship
Speaker 4: with the military industrial complex. What is it you actually
Speaker 4: want the president to do to allow for you to
Speaker 4: make this a success.
Speaker 15: So we want to move fast, and we'll move as
Speaker 15: fast as the Navy wants us to move. And so
Speaker 15: we definitely want the president to continue to focus on
Speaker 15: shipbuilding and innovation, especially around autonomous systems. And there are autonomous
Speaker 15: systems that are in the air, that are on the surface,
Speaker 15: and that are underwater. Our focus is on these autonomous
Speaker 15: ships that can operate on the surface of the water
Speaker 15: and have high endurance and range, the range that you
Speaker 15: need for the Pacific Ocean.
Speaker 4: Anderill picked Ohio for its skilled labor and for its
Speaker 4: history and aviation. For example, where is your Ohio? Where
Speaker 4: do you think you need to build these ships?
Speaker 15: So we'll have more to announce later this year. But
Speaker 15: we've definitely been looking for the perfect place to go
Speaker 15: build these ships, and there are a lot of really
Speaker 15: good options, whether it's on the East coast or the
Speaker 15: West coast or sort of in the Gulf, and so
Speaker 15: we'll make an announcement later this year.
Speaker 2: You were early leader in Amazon Robotics. When you are
Speaker 2: building six river systems. How good is US at manufacturing? Now?
Speaker 9: Can we bring back what we want to bring that?
Speaker 15: Yeah, so the US is actually really good at advanced manufacturing.
Speaker 15: So early in my career I was at Amazon Robotics
Speaker 15: when there are a couple thousand robots.
Speaker 6: In the field.
Speaker 15: They're now over a million robots in Amazon warehouses throughout
Speaker 15: the world. That is amazing what that company has done
Speaker 15: over the last ten years. So when it comes to
Speaker 15: complex systems where you need to take sort of commercial
Speaker 15: off the shelf components and put them together and then
Speaker 15: write the software on top, we're amazing at that.
Speaker 4: Rylan Hamilinson, CEO, co founder of blue Water Autonomy, you
Speaker 4: have to come back when you announce the location rights.
Speaker 4: That's how it works. That does it for this distion
Speaker 4: of Bloomberg Technology. What a week? This is what markets
Speaker 4: look like Caroline. I mean, it's kind of odd in
Speaker 4: a way to give a snapshot of a session in
Speaker 4: the moment and now's that one hundred higher by modestly
Speaker 4: right pressure on US listed shares of Chinese names. Take
Speaker 4: it away, what are you seeing.
Speaker 2: What's extraordinary is we had a week where we're actually
Speaker 2: more than five percent higher, but what a volatile five days.
Speaker 2: The bond market has seen extraordinary moves, and then over
Speaker 2: the course of the month that now's back, it's lower ed.
Speaker 4: Happy weekend everyone, This is Bloomberg.
Speaker 6: H