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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with new developments in the global trade war.

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Speaker 3: A three judge panel of the US Court of International

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Speaker 3: Trade has blocked many of President Donald Trump's tariffs on

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Speaker 3: imports from dozens of countries. The court has declared them illegal,

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Speaker 3: throwing his tariff strategy into turmoil. We get more from

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Speaker 3: Bloomberg News Senior editor Derek Wallbank.

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Speaker 4: All of the Liberation's Day stuff that Donald Trump did,

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Speaker 4: the ten percent global reciprocal tariffs, the reciprocal trade deficit

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Speaker 4: based tariffs that were put on top of that, all

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Speaker 4: of that's done under this emergency authority, and essentially what

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Speaker 4: the court said was you can't do that, and you

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Speaker 4: have ten days to undo that. Now, the Trump administration

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Speaker 4: is appealing this decision, so it's possible that the US

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Speaker 4: Supreme Court may ultimately have the final say. It also

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Speaker 4: puts negotiations with foreign countries into a bit of a

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Speaker 4: question mark formation because the Trump administration now is negotiating

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Speaker 4: from a position of substantial more weakness, because there's a

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Speaker 4: possibility that even as countries negotiate, there may not be

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Speaker 4: a full threat on the other side of the Ledger.

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Speaker 3: Bloomberg New Senior editor Derek Wallbank says the ruling does

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Speaker 3: not affect President Trump's first term levies on many imports

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Speaker 3: from China or sectoral duties planned or already imposed on

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Speaker 3: goods including steel and.

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Speaker 2: Again, Nathan As We heard that Trump administration is already

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Speaker 2: promising to appeal. A White House spokesman says unelected judges

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Speaker 2: should not have the power to decide how to properly

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Speaker 2: address a national emergency. Commerce Secretary Howard Lutnek says the

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Speaker 2: tariffs are an important foreign policy tool and a filing

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Speaker 2: in this case. Lutenik says India and Pakistan only agreed

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Speaker 2: to a ceasefire this month after President Trump offered both

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Speaker 2: countries trading access, and even after the court's ruling, Japan's

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Speaker 2: top trade negotiator is still headed to Washington today for

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Speaker 2: a fourth round of talks with the US.

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Speaker 3: As for the Wall Street reaction, Karen Goldman Sachs says

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Speaker 3: the ruling is only a temporary set back to the

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Speaker 3: president's trade agenda and can be offset by other taxes.

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Speaker 3: The Bank says the judgment halts six point seven percentage

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Speaker 3: points of levies announced this year, and the White House

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Speaker 3: could use other tariff tools to make up for that.

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Speaker 3: For full tarff coverage, stay with Bloomberg today, we speak

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Speaker 3: with White House Trade Counselor Peter Navarro. That's at eight

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Speaker 3: forty five Wall Street Time on Bloomberg Radio, Bloomberg Television,

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Speaker 3: and the Bloomberg Podcasts page on YouTube.

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Speaker 2: Before this decision came down, Nathan wall Street, analysts have

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Speaker 2: been debating whether President Trump is willing to follow through

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Speaker 2: on his trade threats. A columnist for The Financial Times

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Speaker 2: coined the phrase the taco trade, as in Trump always

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Speaker 2: chickens out. President Trump was asked about it, and when

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Speaker 2: Whitehouser Marx heard on Bloomberg Radio.

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Speaker 5: Kicking out, I've never heard that.

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Speaker 6: You mean, because I reduced China from one hundred and

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Speaker 6: forty five percent that I set down to a high

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Speaker 6: hundred and then down to another number, and I said,

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Speaker 6: you have to open up your whole country. And because

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Speaker 6: I gave the European Union a fifty percent tax tariff,

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Speaker 6: and they called up and they said, please, let's meet

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Speaker 6: right now.

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Speaker 5: Please, let's meet right now.

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Speaker 2: President Trump says when it comes to backing away from

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Speaker 2: high tariff rates, it's called negotiation.

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Speaker 3: Well, Karen, markets are getting a lift on the tariff ruling.

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Speaker 3: They are also seeing a boost from earnings from Nvidia.

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Speaker 3: Sales for the AI chip giant rose better than expected

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Speaker 3: sixty nine percent to forty four point one billion dollars,

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Speaker 3: and Nvidia says it expects revenue in the second fiscal

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Speaker 3: quarter to come in at about forty five billion. That's

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Speaker 3: despite new export restrictions costing about eight billion dollars in

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Speaker 3: Chinese revenue. We got reaction from Bloomberg Intelligence senior analyst

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Speaker 3: man Deep Singh.

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Speaker 7: Had it not been for the China right down, this

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Speaker 7: company would have posted revenue which was five percent higher

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Speaker 7: than the forty four billion dollar number, and the guide

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Speaker 7: would have been almost fifteen to twenty percent higher. So

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Speaker 7: we're talking about eight billion in lost revenues. So clearly,

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Speaker 7: whatever they're doing, they are able to make up that

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Speaker 7: revenue lost in China with some other customers because it's

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Speaker 7: in line with consensus.

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Speaker 3: That's Bloomberg Intelligence senior analyst man Deep saying, and shares

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Speaker 3: of Nvidia are up more than five percent in early trading.

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Speaker 2: Nathan and Vidio CEO Jensen Wong is warning that Chinese

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Speaker 2: AI rivals are now more formidable. In an interview with

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Speaker 2: Bloomberg after the earnings report, Wong say's companies like Whuawei

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Speaker 2: and others are filling the void left by the American

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Speaker 2: departure from the Chinese market.

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Speaker 8: Without American technology, the availability of Chinese technology will fill

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Speaker 8: the market. And so you know, whatever we offer has

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Speaker 8: to at least at least be competitive and has to

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Speaker 8: add value to the market.

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Speaker 2: And Nvidio Jensen Wong added that US restrictions on exports

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Speaker 2: to China have effectively locked in Vida out of the country.

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Speaker 2: He joined Bloomberg's Ed Ludlow for a special edition of

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Speaker 2: Bloomberg Technology. For the full conversation, head over to the

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Speaker 2: Bloomberg podcast channel on YouTube.

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Speaker 3: And Karen, there are new sources of tensions this morning

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Speaker 3: between the US and China. The US plans to start

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Speaker 3: aggressively revoking Chinese student visas. Let's get the latest done

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Speaker 3: that with Bloomberg's Lisa Matteo.

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Speaker 5: Lisa, good morning, Good morning.

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Speaker 9: Nathan is Secretary of State Mark or Rubio making that

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Speaker 9: announcement in a statement saying that it would include those

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Speaker 9: with connections to the Chinese Communist Party or studying in

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Speaker 9: critical fields. Now, the US will also be taking a

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Speaker 9: closer look at future visa applications from the People's Republic

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Speaker 9: of China and Hong Kong and that decision. While it

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Speaker 9: comes just weeks after the US and China negotiated a

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Speaker 9: truce in their tower for and now, China blasting the move,

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Speaker 9: its Foreign Ministry spokeswoman Mounting, calling it quote politicized and discriminatory,

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Speaker 9: adding that it's only going to further undermine the US's

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Speaker 9: image in the world and national reputation. China had the

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Speaker 9: second most students in the US of any country in

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Speaker 9: twenty twenty four, just behind India. Lisa Matteo Bloomberg Radio.

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Speaker 2: All Right, Lisa, thank you. Elon Musk time as formal

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Speaker 2: advisor to President Trump is coming to a close as

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Speaker 2: his business empire remains in flux. Bloomberge. John Tucker joins

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Speaker 2: us with the latest. John, Good morning, Hey, Good morning, Karen.

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Speaker 10: This move comes shortly after he gave an interview on

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Speaker 10: CBS critical of President Trump's biggest legislative priority is not

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Speaker 10: doing enough to reduce federal deficits.

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Speaker 11: I was like disappointed to see the massive spending vote. Frankly,

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Speaker 11: which increases the budge, deps that not does decrease it,

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Speaker 11: and that reminds the work that the Dosch team.

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Speaker 12: Is doing well.

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Speaker 10: By law. Must's status as a temporary government official was

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Speaker 10: set to run out as soon as May thirtieth. A

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Speaker 10: White House official said, Must began the off boarding process

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Speaker 10: last night. A MUST campaign to slash the size of

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Speaker 10: the US government sent shockways through Washington, with some agencies

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Speaker 10: eliminated outright and tens of thousands of Fender workers purge

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Speaker 10: or convinced to accept buyouts. But the initiative fell short

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Speaker 10: of its own high expectations for cost savings and the

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Speaker 10: backlash against Moss Smart concerns among investors. A Tesla vehicle sales,

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Speaker 10: for instance, fell to a nearly three year low in

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Speaker 10: the first quarter of the year. The stock brace plummeted

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Speaker 10: a pre market Tesla right now almost three percent. I'm

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Speaker 10: John Tucker, Bloomberg Radio.

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Speaker 3: All right, John, thank you, and Tesla plans to launch

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Speaker 3: it's long awaited robotaxi service in Texas on June twelfth,

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Speaker 3: that's two weeks from today. Bloomberg News has learned the

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Speaker 3: company's been testing autonomous vehicles in Austin, including a recent

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Speaker 3: test with no one behind the wheel. Sources tell Bloomberg

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Speaker 3: the previously unreported date was discussed internally and could still change.

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Speaker 3: Tesla plans to start with a fleet of around ten

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Speaker 3: self driving robotaxis in Austin, before expanding to one thousand

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Speaker 3: within a few months.

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Speaker 2: Much time now for a look at some of the

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Speaker 2: other stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's Michael Barr Michael

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Speaker 2: Good Morning, Good.

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Speaker 13: Morning, Karina. Judge quickly denied a request for a mistrial

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Speaker 13: during the third week of the Seawan Diddy Coombe sex

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Speaker 13: trafficking trial. The request came after the testimony of an

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Speaker 13: arts and investigator who responded to Kid Cuddy's home when

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Speaker 13: the rapper's car was torched with a Molotov cocktail. Defense

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Speaker 13: attorneys have said Combs was simply not involved and there's

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Speaker 13: no way to unring this bell. Reality stars Julie and

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Speaker 13: Todd Chris Lee aren't the only people getting presidential partners

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Speaker 13: from Donald Trump. John Rowland was governor of Connecticut when

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Speaker 13: he was jailed for drafting a fake consulting contract. New

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Speaker 13: York Congressman Michael Grimm got busted for tax evasion. President

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Speaker 13: Trump also says he's open to partnering the men who

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Speaker 13: were convicted in a plot kidnap Michigan Governor Gretchen Whitmer.

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Speaker 6: I'm going to look at it. I will take a

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Speaker 6: look at it. It's been brought to my attention. I

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Speaker 6: did watch the trial. It looked to me like somewhat

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Speaker 6: of a railroad job. I'll be honest with you.

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Speaker 13: Fourteen men were charged and nine were convicted. There's growing

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Speaker 13: pressure on Israel to agree to a ceasefire plan put

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Speaker 13: together by the White House mewhile families in Gaza stormed

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Speaker 13: to un warehouse for much needed food. Doctor Farah Sidwa

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Speaker 13: is an American trauma and general surgeon who volunteered in Gaza.

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Speaker 4: Gaza is a disaster and it's the main impact it's

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Speaker 4: having is on children and on the healthcare workers themselves,

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Speaker 4: as far as I can tell.

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Speaker 13: Doctor Sidway spoke to ABC. Harvard says many of its

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Speaker 13: foreign students are seeking to transfer from the university. It

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Speaker 13: comes after the Trump administration. It's targeting Ivy League schools,

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Speaker 13: particularly Harvard by casting them as ideologically biased and is

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Speaker 13: taking action to limit their ability to enroll foreign students.

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Speaker 13: Global news twenty four hours a day and whenever you

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Speaker 13: want it with the Bloomberg News Now. I'm Michael Barr,

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Speaker 13: and this is Bloomberg Karen.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports Update. Here's John Stashauer.

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Speaker 1: John, good morning, Good morning care and all the conference

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Speaker 1: finals in the NBA and Stanley Cup playoffs. Three to

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Speaker 1: one after four games in the first of the Game fives,

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Speaker 1: the team ahead in the series able to win an

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Speaker 1: advance in the NBA. That's Oklahoma City a blowout win

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Speaker 1: over Minnesota. The Thunder led twenty six to nine after

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Speaker 1: the first quarter, sixty five to thirty two at halftime.

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Speaker 1: They won by thirty. It's ok c's first NBA finals

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Speaker 1: since twenty sixteen. Florida Panthers lost Game four to Carolina,

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Speaker 1: and the Hurricanes were up two to nothing second period

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Speaker 1: of Game five. Panthers then scored three times in the second.

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Speaker 1: Carolina tied it up eight and a half minutes in

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Speaker 1: the third, still three to three about four minutes later,

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Speaker 1: so for Coola.

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Speaker 5: Cop took hal top on it harded it down. They'll

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Speaker 5: work it into the Carolina's home park off for the quarter.

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Speaker 13: Took five one last park sex to three stars cover river.

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Speaker 7: Hegy fights to one it up, inside of it in

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Speaker 7: and he puts on the Florida back to club.

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Speaker 1: Full three tes and the call. Panthers had an empty

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Speaker 1: end of one, five to three. They're head of the

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Speaker 1: Cup Final for the third year in a row. The

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Speaker 1: next face in elimination back home for their Game five

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Speaker 1: with Indiana tonight will vad hell Nick's only three and

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Speaker 1: five at the Garden in the playoffs, Pacers are six

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Speaker 1: and one on the road. They're also eleven to oher

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Speaker 1: in games other than game threes. Yankees and Anaheim scoring

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Speaker 1: on the first inning and that was it one nothing

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Speaker 1: went over the Angels with Clark Schmidt and three relievers

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Speaker 1: team on a five hitter. Yanks sweep the series. They've

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Speaker 1: won sixteen their last twenty. That Matt's four game winsprey

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Speaker 1: game to an end of nine to four home loss

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Speaker 1: to the White six.

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Speaker 5: John stash I went at Bloomberg Schools.

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Speaker 7: Karen n.

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Speaker 14: Coast to Coast on Bloomberg Radio nationwide on Sirius XM.

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Speaker 9: And around the world on Bloomberg dot Com and the

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Speaker 9: Bloomberg Business app.

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Speaker 5: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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Speaker 3: A centerpiece of President Donald Trump's economic agenda has just

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Speaker 3: been upended. The US Court of International Trade has ruled

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Speaker 3: the President's liberation de tariff's illegal, giving him up to

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Speaker 3: ten days to start removing them. Stocks are rallying this morning,

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Speaker 3: but Prince Blasset Management Chief Global strategist see Miashaw says

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Speaker 3: she's not sure this will last.

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Speaker 9: President Trump is going to find of the means to

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Speaker 9: push through his agenda. I think if anything, actually just

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Speaker 9: prolongs the uncertainty.

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Speaker 3: Seemshaw with Principal Asset for this morning. We're joined by

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Speaker 3: Bloomberg New Senior editor Bill Ferries. Bill, Good morning. Walk

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Speaker 3: us through this decision and what this means for where

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Speaker 3: President Trump's trade agenda stands now, Good morning.

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Speaker 14: Good morning, Nathan. Yeah, it is a potential body blow

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Speaker 14: to the Trump administration's plan for tariffs and a big

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Speaker 14: source of revenue. We'll have to see how this plays out.

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Speaker 14: But the US Trade Court here ruling unanimous three to

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Speaker 14: zero decision that the Trump administrations. Many of the Trump

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Speaker 14: administration's tariffs are illegal and have to be removed within

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Speaker 14: ten days. This is not all of the tariffs, but

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Speaker 14: it's a lot of the ones we're most familiar with

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Speaker 14: from the last few months in office. They include the

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Speaker 14: tariffs against China, Mexico, and Canada over the trade and fentanyl,

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Speaker 14: that kind of ten percent across the board, flat rate

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Speaker 14: tariff against just about every country in the world. That's

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Speaker 14: the tariff. Those reciprocal tariffs are getting in the middle

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Speaker 14: negotiations right now. There are still some tariffs, mostly dating

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Speaker 14: back to the first Trump administration, that remain in place.

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Speaker 14: But the court essentially argued here that the administration's use

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Speaker 14: of a national security threat to impose these tariffs was

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Speaker 14: not valid. They said, listen, things like fentanyl, things like

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Speaker 14: the trade deficit that the administration cited, they may be

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Speaker 14: problems for the US, but they're not national security threats

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Speaker 14: that allow you to do this. So the Justice Department

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Speaker 14: has already announced that they plan to appeal the decision.

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Speaker 14: It could be at the Supreme Court within a matter

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Speaker 14: of probably weeks, and we don't know how that will go.

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Speaker 14: But for right now, you see the market reaction. It

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Speaker 14: is potentially a big blow against this administration.

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Speaker 3: So while this potentially continues to play out in court, bill,

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Speaker 3: what could this mean for trade flows? What could this

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Speaker 3: mean for trade negotiations that presumably are still underway.

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Speaker 14: It really just throws another volatile ranch into the whole process.

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Speaker 14: So you have those negotiations ongoing. I think they're going

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Speaker 14: to continue as you're as that quote you used in

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Speaker 14: the leading into the segment said, President Trump is a

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Speaker 14: he's a tariff guy.

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Speaker 5: It's his favorite tool he is.

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Speaker 14: If this is ruled out, he's going to try to

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Speaker 14: find another tool that allows him.

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Speaker 5: To impose tariffs.

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Speaker 14: So I think it mostly just means the uncertainty and

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Speaker 14: the volatility are going to continue for a while.

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Speaker 3: In our last thirty seconds, could this be overridden by Congress?

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Speaker 3: I understand there's a bill that would give the president

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Speaker 3: broad tariff authority.

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Speaker 5: Is that going anywhere? Well, there's always that potential.

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Speaker 14: I mean, we haven't seen. You know, every vote in

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Speaker 14: Congress continues to go down to the wire because of

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Speaker 14: the tight margins the Republicans have. I don't think you're

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Speaker 14: going to get a lot of Democratic votes for that

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Speaker 14: kind of legislation. So, but the president does have other tools.

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Speaker 14: He used them in his first term. He may have

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Speaker 14: to try to use them again if this ruling stands Okay.

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Speaker 3: Bill Ferries, senior editor for Bloomberg News, on the breaking

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Speaker 3: news from overnight to many of President Donald Trump's tariffs

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Speaker 3: deemed illegal in US international court.

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Speaker 2: Karen Nathan repeating some of our top stories this morning.

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Speaker 2: President Trump is bristling at the idea of a taco

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Speaker 2: trade around his tariff threats, or Trump always chickens out,

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Speaker 2: The president says when he backs away from high tariff threats,

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Speaker 2: it's called negotiation.

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Speaker 3: Secretary of State Marco Rubio says the US will start

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Speaker 3: aggressively revoking visas for Chinese students, with a focus on

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Speaker 3: links to the Chinese Communist Party. China says the move

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Speaker 3: will harm people to people relations.

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Speaker 2: Annie La Moss says his time as a formal advisor

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Speaker 2: to President Trump is coming to a close. The billionaire's

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Speaker 2: role as a special government employee was set to run

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Speaker 2: as soon as tomorrow. We have more on those stories

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Speaker 2: coming up on Bloomberg Daybreak. But now you want to

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Speaker 2: turn back to our interview with Nvidia CEO Jensen Wong.

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Speaker 2: He joined Bloomberg Technology host ed Ludlow after the chip

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Speaker 2: giant reported an outbeat sales forecast. Long says Nvidia is

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Speaker 2: still poised for exponential growth, and he also taught competition

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Speaker 2: in China.

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Speaker 5: Let's listen in.

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Speaker 8: We got a whole bunch of engines firing right now.

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Speaker 8: The biggest one, of course, is the reasoning AI inference.

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Speaker 5: The demand is just off the charts.

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Speaker 8: You see the popularity of all these AI services now, Chat, GBT, Gemini,

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Speaker 8: you know, so on and so forth, GROC. I mean,

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Speaker 8: they're just doing incredibly well across the board, and all

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Speaker 8: of the APIs that they serve out and all the

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Speaker 8: agentic AI services that are built on top of them,

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Speaker 8: they're all doing incredibly well. I think that there's just

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Speaker 8: a giant breakthrough in AI's capability, and inferencing has just

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Speaker 8: become a giant workload. Second, people realize that Blackwell is

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Speaker 8: just a home run Vealing seventy two is a home

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Speaker 8: run architecture. We designed it to be a thinking machine,

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Speaker 8: a reasoning AI system. And I think people now the

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Speaker 8: confluence of the breakthrough and reasoning AI and the availability

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Speaker 8: that now the emergence of Grace Blackwell and vealing seventy two,

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Speaker 8: perfect timing. I think that that's at the core a

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Speaker 8: big part of it. And the second part of it

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Speaker 8: is that our supply chain is growing and we're really

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Speaker 8: ramping it up, and they're doing fantastically for us, and

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Speaker 8: so all of these things are all coming together, and.

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Speaker 15: So it is fair to say that some of that

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Speaker 15: additional supply on Blackwell and the demand for black Bell

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Speaker 15: kind of made up for the opportunity lost in China,

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Speaker 15: at least in the outlook for this current period.

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Speaker 5: Yeah, I guess so.

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Speaker 8: But you can't underestimate the importance of the China market.

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Speaker 8: This is the second largest AI market. This is the

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Speaker 8: home of the world's largest population of AI researchers, and

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Speaker 8: we want all of the world's AI researchers and all

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Speaker 8: of the world's developers to be building on American stacks.

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Speaker 8: And so, irrespective of the nearer term revenue success that

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Speaker 8: we have, we can't ignore the fact that the Chinese

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Speaker 8: market is very important.

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Speaker 15: You explained again in some detail that at least in

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Speaker 15: the Hopper architecture, you have engineered down to the lowest

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Speaker 15: spec possible.

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Speaker 5: It's not possible to do.

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Speaker 15: Anything different with Hopper for the Chinese market. But in

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Speaker 15: your consideration for a different architecture or a chip for

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Speaker 15: the Chinese market, is that what we're talking about, a

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Speaker 15: new design or new class And have you made that

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Speaker 15: proposal to the administration just designing from the ground up

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Speaker 15: a new chip.

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Speaker 5: We're still thinking through that.

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Speaker 8: They're just the limitations are quite quite stringent, quite limited,

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Speaker 8: if you will. H twenty is as far down as

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Speaker 8: we could take a hopper. We don't know how to

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Speaker 8: make it even even less, and so that's really the limit.

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Speaker 8: But but so there aren't there are you know, the

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Speaker 8: limitations are quite stringent, so we have we have to

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Speaker 8: really think through it. Whatever we make ultimately has to

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Speaker 8: add value to the market. And so it's it's a

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Speaker 8: really tight rope because because the Chinese competitors have evolved

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Speaker 8: and advanced greatly over the last year, like everybody else,

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Speaker 8: they're you know, doubling, quadrupling their capabilities every year, and

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Speaker 8: the volume is increasing substantially. And remember these are data

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Speaker 8: center chips.

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Speaker 5: They don't have to be.

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Speaker 8: Small, they could be quite large, and and and you

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Speaker 8: know they without American technology, the availability of Chinese technology

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Speaker 8: will fail the market. And so you know, we whatever

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Speaker 8: we offer has to at least at least be competitive

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Speaker 8: and has to add value to the market.

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Speaker 15: Tensen, does Juawei have an AI accelerator or a GPU

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Speaker 15: that is performance is H twenty or is performance of

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Speaker 15: other classes of GPU that you.

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Speaker 8: Make Huawei's technology, based on our best understanding at the moment,

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Speaker 8: and we have a lot of ground truth there is

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Speaker 8: probably comparable to an Age two hundred. They've been moving

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Speaker 8: quite fast, and they've also offered this news system called

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Speaker 8: cloud Matrix that is scales up to even a larger

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Speaker 8: system than our latest generation Grace Blackwell. Huawei, as you know,

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Speaker 8: is a formidable technology company, and they're not sitting still

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Speaker 8: and they look for ways to look for ways to compete.

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Speaker 8: They're quite formidable.

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Speaker 3: And that was in Vidia CEO Jensen Wong speaking with

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Speaker 3: Ed Ludlow on a special edition of Bloomberg Technology following

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Speaker 3: the AI chip Giant's latest earnings. For some more morning

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Speaker 3: after reaction, we're joined by Dan Ives, global head of

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Speaker 3: Technology research at Webbush Securities. Great to have you back

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Speaker 3: with us, Dan, I know you've been bullish on Nvidia

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Speaker 3: for some time, so I'll ask these latest results from

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Speaker 3: the AI chip Giant meet or exceed your expectations.

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Speaker 5: Good morning, exceed.

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Speaker 12: The godfather of AI, Jensen Nvidio delivered in a huge

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Speaker 12: fashion because even when you take out the China number

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Speaker 12: demand that ship and supply EA to one. And I

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Speaker 12: think this is what investors wonder focus. I'm goad to

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Speaker 12: ask about it in terms of Middle East sovereigns. There's

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Speaker 12: one ship in the world, few on the AI revolution,

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Speaker 12: and that's in videos.

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Speaker 3: When you hear Jensen Wang say that the Chinese AI

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Speaker 3: market is quadrupling their abilities, does that give you any

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Speaker 3: reason to have any concern about where Nvidia could be

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Speaker 3: going from here.

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Speaker 12: I think that's the smart mood that he's saying, because

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Speaker 12: the reality is is that he doesn't want Trump because

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Speaker 12: of the restrictions essentially having in video handing over a

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Speaker 12: good piece of their China business to Walway. And that's

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Speaker 12: a sense of what's happening to about eight billion in

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Speaker 12: the next quarter. You know that that basically they had

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Speaker 12: to take out because of it. So I think it's

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Speaker 12: this is all a game of high stakes poker. And

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Speaker 12: that's a little shot across the bow from Jensen to

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Speaker 12: Trump saying, look, you stop tying our hands behind our back,

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Speaker 12: let us go after the China market.

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Speaker 5: Well, if the.

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Speaker 3: Hands are tied behind the back, at least for now.

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Speaker 3: I mentioned the eight billion dollars in potential China revenue

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Speaker 3: that they're going to have to write down in the

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Speaker 3: next quarter.

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Speaker 5: How do you see in video making that up?

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Speaker 12: Look, Middle East and sovereigns are going to make up

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Speaker 12: a good piece. Okay, eight's one, so they want ultimately

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Speaker 12: a seat in the front the China. But when you

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Speaker 12: look over the long term, China is going to have

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Speaker 12: to be a market that reopens in video, and I

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Speaker 12: think Trump administration recognized that to some extent. Jensen recognized that,

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Speaker 12: And I think the market is basically saying, like, look,

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Speaker 12: in video without China is probably a four trillion or marquas.

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Speaker 12: Any improvement on these negotiations and you get to a

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Speaker 12: much higher stop because there's only one ship that's feeling

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Speaker 12: the AI revolution. It's a video.

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Speaker 3: So do you see in video providing any other products

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Speaker 3: that could fill the gap, at least in the short term.

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Speaker 3: Wog mentioned that the H two zero chip can't necessarily

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Speaker 3: fill that gap as much as he'd like, But are

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Speaker 3: there other tools in the toolbox for in video?

442
00:23:47,400 --> 00:23:47,919
Speaker 5: In China.

443
00:23:48,440 --> 00:23:51,520
Speaker 12: Well, I think there are, and I think that the

444
00:23:51,640 --> 00:23:55,280
Speaker 12: market is basically reading through and saying, over the next

445
00:23:55,680 --> 00:23:59,240
Speaker 12: three to six months, they're going to figure out some

446
00:23:59,640 --> 00:24:03,399
Speaker 12: strict did ship that they could basically sell into China.

447
00:24:03,400 --> 00:24:05,959
Speaker 12: And that's why the eight billion next quarter, it's probably

448
00:24:06,040 --> 00:24:08,880
Speaker 12: half of that that ultimately disappears, right. I think they're

449
00:24:08,920 --> 00:24:11,520
Speaker 12: definitely going to get back a piece of that. But Nathan,

450
00:24:11,560 --> 00:24:18,840
Speaker 12: when you think about autonomous robotics, the use cases consumer,

451
00:24:19,560 --> 00:24:24,679
Speaker 12: it's a fourth Industrial revolution and that is not being

452
00:24:24,880 --> 00:24:29,359
Speaker 12: stopped this AI party. It's still ten pm. It was

453
00:24:29,520 --> 00:24:33,120
Speaker 12: nine pm, and it goes to four am, and Trump's

454
00:24:33,119 --> 00:24:36,240
Speaker 12: not shutting down that AI party in.

455
00:24:36,280 --> 00:24:37,800
Speaker 3: The time we have left, Dane, I want to get

456
00:24:37,840 --> 00:24:41,879
Speaker 3: your reaction to this ruling from the US Trade Court

457
00:24:42,160 --> 00:24:46,320
Speaker 3: on President Trump's tariffs deeming them illegal. What does that

458
00:24:46,440 --> 00:24:48,840
Speaker 3: mean for the market structure going forward?

459
00:24:49,359 --> 00:24:52,240
Speaker 12: I think it just this has been the anticipation about

460
00:24:52,240 --> 00:24:54,960
Speaker 12: this ruling, what was going to come through, and I

461
00:24:55,000 --> 00:24:57,280
Speaker 12: think it just shows that a lot of these tariffs,

462
00:24:57,320 --> 00:24:59,800
Speaker 12: like trump mistation, is going to have to fight through

463
00:25:00,359 --> 00:25:04,760
Speaker 12: to ultimately try to get them back, and the market's

464
00:25:04,760 --> 00:25:08,440
Speaker 12: basically saying not so fast. It's bullish, and I think

465
00:25:08,480 --> 00:25:11,399
Speaker 12: it shows to some sort of compromise that they're going

466
00:25:11,480 --> 00:25:16,320
Speaker 12: to have to come to. Because you can't bully the courts,

467
00:25:16,880 --> 00:25:20,480
Speaker 12: you can't bully the market. And I think more and

468
00:25:20,560 --> 00:25:24,600
Speaker 12: more you're seeing the Trump administration takes steps back on

469
00:25:24,760 --> 00:25:27,560
Speaker 12: these towers. So you've seen it step by step, take

470
00:25:27,640 --> 00:25:29,879
Speaker 12: steps back since April second.

471
00:25:30,920 --> 00:25:33,560
Speaker 5: So just quickly, the taco trade is a thing for you.

472
00:25:34,920 --> 00:25:37,840
Speaker 12: Look, I think the reality is where the boy cry wolf.

473
00:25:37,880 --> 00:25:40,960
Speaker 12: However you want to think about it. EU being a

474
00:25:40,960 --> 00:25:44,520
Speaker 12: good example, Friday Memorial Day, forty eight hours later, the

475
00:25:44,560 --> 00:25:48,600
Speaker 12: wait a month Apple moving iPhone production to the US.

476
00:25:48,680 --> 00:25:52,080
Speaker 12: That's a fairytale. So you have to you have to

477
00:25:52,080 --> 00:25:55,720
Speaker 12: get to what the reality is of the situation versus

478
00:25:55,800 --> 00:25:59,159
Speaker 12: the threats and the market's trying to game it out.

479
00:25:59,200 --> 00:26:02,240
Speaker 12: And that's why I write Now the bears they're in

480
00:26:02,320 --> 00:26:06,280
Speaker 12: their caves in hibernation mode and they're scared with paper.

481
00:26:06,600 --> 00:26:10,040
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482
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