Big Tech Earnings on Deck, Election Impact Across Assets | Bloomberg Technology
>> FROM THE HEART>> OF WHERE INNOVATION, MONEY, AND POWER COLLIDE, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE ALPHABET, AMD, REDDIT AFTER THE BELL. ED: SOPHIA JUST CAME OUT WITH EARNINGS. CAROLINE:
SHARES OF TRUMP MEDIA SEARCH AGAIN AS WE DISCUSS THE ELECTION IMPACT ACROSS ASSETS. FIRST, WE CHECK ON THE MARKETS AND WHAT SOME SAY IS A TRUMP TRADE, BITCOIN POWERING HIGHER, TREATING AT THE HIGHEST SINCE MARCH OF THIS YEAR. WHAT HAPPENED THIS YEAR? A RECORD HIGH. WE HIT JUST BELOW THAT IN MARCH OF 2024. ALL OF THIS IS BEEN THOUGHT OF AS RISK ON, MANY FEELING THIS IS POTENTIALLY A SIGNAL. YOU ARE LOOKING AT THE MICRO.
ED: THERE ARE A LOT OF HEADLINES THAT HAVE HIT THE LAST HOUR. TESLA HAS SEEN A LOT OF VOLATILITY. ON THE TRUMP TRADE, HE SAID IF TRUMP IS TO OFFICE HE IS MORE OPTIMISTIC HIS LOFTY GOALS FOR SPACEX AND TESLA WILL HAPPEN. WE WILL GET TO THAT LATER. PAYPAL GAVE US GUIDANCE THAT MISSED EXPECTATIONS. WE WILL DIG INTO THAT LATER IN
THE SHOW. AND BIG TECH AND EARNINGS. I THINK ALPHABET IS THE MAIN FOCUS. IT IS NOT JUST THE BIG AI NAME. IF YOU THINK ABOUT IT IN THE STOCK CONTEXT, IT HAS BEEN DISAPPOINTING FOR MANY INVESTORS. THEY WANT SIGNS THAT MONEY BEING SPENT TRANSLATE TO AI. CAROLINE:
AS WELL AS ALL THE COMPANIES THAT ARE SET TO REPORT. WE THINK OF GOOGLE IN PARTICULAR , MAY BE JUST TRAILING THE MAGNIFICENT SEVEN AS INVESTORS STRUGGLED TO PRICE IN ANTITRUST RISKS AND OTHERS THAT CONFRONT THE COMPANY. THERE HAS BEEN A SIDEWAYS MOVEMENT OF ALPHABET SHARES. HOW ARE PEOPLE TRYING TO THINK ABOUT ANY ROSING US FROM EARNING STYLING INTO THE ANTITRUST NATURE? >> THOSE ARE THE TWO MAJOR ISSUES PEOPLE ARE FOCUSED ON. MOST ARE POSITIVE ON ALPHABET AS FAR AS FUND MENTALS GO.
ADVERTISING SEEMS TO BE STRONG, WHICH IS KEY FOR THE SEARCH BUSINESS. YOU DO HAVE THE ANTITRUST AND REGULATORY PICTURE. THERE HAVE BEEN RULINGS AGAINST THE COMPANY AND PEOPLE ARE NOT SURE HOW TO PRICE THE IMPACT AND HOW SEVERE ANY PUNISHMENT IS GOING TO BE AND HOW LONG THIS WILL REMAIN IN OVERHANG ON THE SHARES. THESE ARE UNCLEAR RIGHT NOW AND SOMETHING THAT IS WEIGHING ON THE STOCK RIGHT NOW AND PREVENTING IT FROM THE GAINS YOU HAVE SEEN IN OTHER STOCKS. ED: AND IT COULD WEIGH THE INDEX LEVEL. YOU WERE WRITING ABOUT HOW
PROFIT EXPECTATIONS FOR THOSE NAMES REPORTING THIS WEEK ARE STILL BEYOND THE S&P 500 OVERALL. I THINK WE ARE ON TRACK FOR BASICALLY OUR LOWEST QUARTER OF EXPANSION IN SIX QUARTERS OR SOMETHING LIKE THAT. HOW HIGH IS THE BAR? HOW BRACE ARE WE FOR THIS WEEK? RYAN: IT IS A COMPANY BY COMPANY THING. IN GENERAL, EARNINGS GROWTH IS STRONG, STRONGER THAN THE OVERALL MARKET, BUT WE HAVE SEEN DECELERATION IN GROWTH.
YOU HAVE SOME OF THE MAJOR INDEX COMPONENTS, THESE NAMES ARE PRETTY EXPENSIVE RELATIVE TO THEIR HISTORY, WHICH SUGGESTS A HIGH BAR. WE HAVE SLOWING GROWTH AND HIGH MULTIPLES. THAT LEAVES LIMITED ROOM FOR ERROR. ED: YOU HAVE TO CHECK OUT HIS REPORTING BEFORE, DURING, AND AFTER THE BIG TECH EARNINGS. LET'S KEEP THE CONVERSATION GOING . SAME QUESTION TO YOU.
ALPHABET IS ONE NAME, BUT IF YOU THINK ABOUT THE BROAD BASKET OF AI AND CHIP NAMES YOU TRACK, HOW BRACE ARE YOU FOR THIS WEEK STARTING WITH GOOGLE? >> WE ARE LOOKING FURTHER THAN JUST INDIVIDUAL NAMES. WE IDENTIFIED ARTIFICIAL INTELLIGENCE AS A MULTI-YEAR, IF NOT MULTI-DECADE FORCE. WHILE EARNINGS MAY HAVE DIRECTIONAL INFORMATION ON HOW INVESTMENT IS GOING AND ADOPTION OF ARTIFICIAL INTELLIGENCE, WE ARE LOOKING 10 YEARS OUT TO SEE THE LANDSCAPE SHIFTING IMPACT OF ARTIFICIAL INTELLIGENCE ON THE ECONOMY. ED: WHEN HYPER SCALARS TALK ABOUT CAPEX, THE MARKET RESPONDS IN ALL SORTS OF WAYS. YOU MUST BE EXCITED OR NERVOUS ABOUT THE NEXT 24 HOURS. JAY: WILL BE INTERESTING ABOUT ALL THIS CAPEX IS THAT MONEY IS BEING SPENT ON SOME CONDUCTOR COMPANIES AND DATA CENTERS AND POWER INFRASTRUCTURE AND SOME OF OUR ACTIVELY MANAGED STRATEGIES, LIKE JUST LAUNCHED A FEW DAYS AGO, IT IS LOOKING AT THE INFRASTRUCTURE OF ARTIFICIAL INTELLIGENCE WHERE THE MONEY IS SPENT TO TAKE ADVANTAGE OF REVENUE OPPORTUNITIES WE SEE TODAY IN ARTIFICIAL INTELLIGENCE. CAROLINE:
IN SAUDI ARABIA, MANY LEADERS ARE SPEAKING ABOUT HOW NVIDIA IS UNDERVALUED. I KNOW YOU HAVE THOUGHT A LOT ABOUT THE INVESTMENT IN PICKS AND SHOVELS. DO? WE NEED TO BROADEN OUT -- DO WE NEED TO BROADEN OUT? JAY: I THINK WE ARE. THIS IS A BIGGER STORY. WE LOOK ACROSS THE ENTIRE AI VALUE CHAIN TO FIND OPPORTUNITIES. THERE IS THE AI INFRASTRUCTURE
THAT I JUST MENTIONED. THAT IS ABOUT SEMI CONDUCTORS AND POWER INFRASTRUCTURE. IT IS ABOUT DATA CENTERS PROVIDING THE PHYSICAL BACKBONE TO ARTIFICIAL INTELLIGENCE.
THE MID LAYER HAS GOTTEN ATTENTION WHERE LARGE -- LARGE LANGUAGE MODELS LIVE, BUT ON TOP OF THAT IS THE APPLICATIONS LAYER. THIS IS WHERE WE COULD SEE SOME OF THE MOST SIGNIFICANT GROWTH OVER THE LONG-TERM, WHICH IS WHAT ARE THE COMPANIES EMBRACING ARTIFICIAL INTELLIGENCE TO BUILD REVOLUTIONARY PRODUCTS AND APPLICATIONS? IF YOU LOOK ACROSS THE TECH STACK, THERE IS A LOT OF OPPORTUNITY THAT GOES BEYOND JUST THE MAG SEVEN AND THAT IS WHY ACTIVE MANAGEMENT CAN BE POWERFUL TO PICK AND CHOOSE THOSE OPPORTUNITIES. CAROLINE: LET'S TALK ABOUT SOME OF THE LATEST ETSU HAVE LAUNCHED TO GIVE EXPOSURE.
HOW BROAD ARE THE NAMES? IS IT ALL ABOUT THE U.S.? JAY: IF YOU LOOK AT OUR ARTIFICIAL TECHNOLOGY AND ACTIVELY MANAGED ETF, IT IS FOCUSED ON DIGITAL INFRASTRUCTURE NOW. THAT IS WHERE WE SEE THE MOST IMMEDIATE OPPORTUNITY BECAUSE OF SPENDING BY HYPER SCALARS. THAT IS WHERE FLOWS OF DOLLARS ARE GOING TODAY AND WHERE THE MOST CONCRETE PART OF THE OPPORTUNITY, BUT IT IS A HIGHLY CONCENTRATED OPPORTUNITY. THAT IS TAKING HIGH CONVICTION BETS. ED:
BY COMPARISON, TDK IS BROADER BECAUSE YOU HAVE THE FULL SPECTRUM. I THINK ABOUT -- TAKE THE SEMI CONDUCTOR SPACE IN THE CONTEXT OF AI ACCELERATORS. NVIDIA AND AMD COMPETE WITH ONE ANOTHER BUT THEY SEE THIS EXPENSIVE AND ENDURING MARKET. WHY IS THE FUNCTION OF AN ETF
IMPORTANT TO GET FULL BENEFIT OF THAT? JAY: BECAUSE THIS IS ABOUT AN ENTIRE VALUE CHAIN OF OPPORTUNITY. YOU WANT HIGH CONVICTION PICKS IN THE NAMES THAT ARE GOING TO WIN, BUT IT IS NOT ABOUT ONE OR TWO STOCKS. WE BELIEVE A WHOLE BASKET WILL BENEFIT AND AN ETF DELIVERS THAT TO INVESTORS. CAROLINE: IN THE SHORT-TERM, WE HAVE EARNINGS AND AN ELECTION IN THE U.S.. IS THAT A MOMENT TO ACTIVELY INVEST TO CHANGE THE PORTFOLIO? JAY: YOU CAN INTRODUCE SOME VOLATILITY, BUT IF WE ARE LOOKING TO MEDICALLY AT ARTIFICIAL INTELLIGENCE THIS IS AN AREA WHERE WE SEE THIS IS LONGER THAN AN ELECTION AND THE NEXT FOUR YEARS. THIS IS SOMETHING THAT WILL PLAY OUT OVER MULTIPLE DECADES, SO NEAR TERM VOLATILITY IS LESS IMPORTANT THAN THE TRAJECTORY OF ARTIFICIAL INTELLIGENCE OVER THE NEXT SEVERAL YEARS.
CAROLINE: THANK YOU. COMING UP, WE WILL TAKE A LOOK AT THE VOLATILITY AROUND TRUMP MEDIA SHARES AS THEY PUSH HIGHER . WE WILL HAVE THE DETAILS AND WHAT YOU ARE LOOKING AT. ED: ELON MUSK PARTICIPATED IN A SURPRISE CONVERSATION TO DISCUSS THE FUTURE OF AI, SOLAR ENERGY, AND WHY HE THINKS A MARSH LAUNCH OF A STARSHIP IS MORE LIKELY UNDER A TRUMP PRESIDENCY.
>> I AM MORE OPTIMISTIC UNDER TRUMP BECAUSE THE BIGGEST IMPEDIMENT TO PROGRESS WE ARE ED: SHARES OF TRUMP MEDIA WERE SUSPENDED TODAY AFTER THEY ROSE AS MUCH AS 21% IN PREMARKET TRADING. TRADING LATER RESUMED. WHAT IS GOING ON? I THINK WE GET THIS IDEA THAT THERE IS THIS THING CALLED THE TRUMP TRADE AND THE DJT, THE PARENT COMPANY OF HIS SOCIAL MEDIA PLATFORM, IS PART OF THAT, BUT EXPLAIN THE SPECIFICITY OF WHAT HAPPENED THIS MORNING. I DO NOT GET IT. >> NOTHING MAKES SENSE, SO YOU HAVE TO GO IN ACKNOWLEDGING THAT THE THING WITH TRUMP MEDIA SHARES, GIVEN THE FACT THAT DONALD TRUMP OWNS ABOUT 60% OF THE STOCK, IS IT TYPICALLY TRADES CLOSELY WITH BETTING ODDS . WE HAVE BEEN TRACKING BETTING MARKETS THAT HAVE BEEN SHIFTING FOR DONALD J. TRUMP TO RETURN TO THE WHITE
HOUSE. WHAT WE SAW TODAY WAS VOLATILITY TO THE UP-AND-DOWN SIDE, JUST AN OVERWHELMING AMOUNT OF ACTIVITY AND VOLATILITY. WE SAW VOLUMES ABOUT SIX TIMES WHAT IS NORMAL IN THE FIRST HOUR. WHEN YOU SEE INVESTORS PUSHING INVESTMENTS ON THINGS LIKE TRUTH SOCIAL OR WALL STREET PROFESSIONALS, THAT IS WHAT WE CAN SEE WITH SOME OF THESE WILD SWINGS TO THE UP AND DOWN SIDE. IT IS EMBLEMATIC OF WHAT WE HAVE BEEN TRACKING WHEN YOU LOOK BACK TO WHEN THE DEAL WAS ANNOUNCED IN OCTOBER 2021. CAROLINE: IT HAS GENERALLY BEEN UP INTO THE RIGHT EVEN IF THERE IS VOLATILITY. 72% WAS THE NUMBER WE COUNTED.
IS IT REALLY THE EYE OF THE STORM WHEN IT COMES TO THE SO-CALLED TRUMP TRADE? WHAT OTHER NAMES HAVE BEEN INVOLVED? >> IS THE MOST INDICATIVE. IT TRADES UNDER TRUMP'S INITIALS, SO THE TICKER SYMBOL IS THAT CLOSELY TIED AND ALIGNED WITH THE FORMER PRESIDENT. WE ALSO KEEP AN EYE ON A PETER THIEL BACKED VIDEO PLATFORM SKEWING TOWARD A MORE CONSERVATIVE AUDIENCE TRYING TO RALLY AGAINST BIG TECH AND IN PARTNERSHIP WITH TRUMP MEDIA. IT SEEMS TO BE MORE OF A GAMBLING MECHANISM ASSOCIATED WITH SOME OF THE PAST TRUMP CAMPAIGNS BUT DOES NOT APPEAR TO BE TIED TOWARD THE 2020 FOR REELECTION CAMPAIGN BUT THAT HAS GOTTEN SWEPT UP IN THE SHIP AS WELL. ED:
ERODE A STORY ON OCTOBER 25 THAT BASICALLY IF TRUMP WINS IT IS HARD TO SEE WHAT HAPPENS NEXT WITH TRUTH SOCIAL BUT I THINK YOU WERE TALKING MORE ABOUT ITS BUSINESS. WHAT DO WE KNOW ABOUT THIS COMPANY AS A COMPANY? JAY: -- >> IT OPERATES AND OWNS TRUTH SOCIAL, A PLATFORM THAT IS ONE OF MANY PLACES THAT DONALD TRUMP WILL POST. WE DO KNOW THAT IN THE FIRST HALF THEY REPORTED ABOUT $1.6
MILLION IN SALES. THAT IS A DROP IN THE BUCKET RELATIVE TO ITS MULTIBILLION-DOLLAR MARKET VALUATION. IT HAS STRUGGLED TO MAINTAIN USERS. WE WILL CLOSELY KEEP AN EYE ON THIRD-QUARTER RESULTS, WHICH SHOULD COME IN THE NEXT FEW WEEKS IN TERMS OF WHAT ACTIVITY OR WHAT SALES LOOK LIKE GOING INTO THE ELECTION. WHEN I TALKED SKEPTICS, ALL EYES NOW ARE ON HIS REELECTION CAMPAIGN, SO THE COMPANY IS STRUGGLING TO GET ANYWHERE NEAR TURNING A PROFIT AND ONLY HAD 1.6 MILLION DOLLARS IN FIRST-HALF SALES. THE QUESTION GOING FORWARD IS
HOW MUCH DOES THAT GROW? CAROLINE: LET'S STICK WITH POLITICS BECAUSE JEFF BEZOS DEFENDED THE WASHINGTON POST EFFICIENT -- DECISION TO STOP ENDORSING PRESIDENTIAL CANDIDATES, SAYING THERE WAS A CREDIBILITY CAP AND THAT ENDORSING A CANDIDATE WOULD CREATE A PERCEPTION OF BIAS. THE MOVE PROMPTED AS MANY AS 200,000 SUBSCRIBERS TO CANCEL. MY SHEPHERD JOINS US TO DISCUSS. I KNOW YOU HAVE A HISTORY ON THE WASHINGTON POST YOURSELF. TAKE US BACK IN HISTORY. HOW LONG HAVE THEY BEEN SAYING THEY SUPPORT CERTAIN CANDIDATES? >> FIRST MY OWN HISTORY, I DID WORK AT THE WASHINGTON POST FOR 22 YEARS BEFORE JOINING BLOOMBERG IN 2011. I DO HAVE SOME LONG-STANDING
TIES TO THAT NEWSROOM. AND A LOT OF THE GOOD PEOPLE THAT WORK THERE. THE HISTORY THE POST HAS ENDORSING CANDIDATES GOES BACK TO WHEN JIMMY CARTER RAN FOR THE PRESIDENCY, SO THERE IS A HISTORY AND TRADITION. ONE OF THE CONCERNS AMONG PEOPLE CLOSE TO THE NEWSROOM AND EVEN OUTSIDE OBSERVERS IS THIS CARRIES THE APPEARANCE 11 DAYS BEFORE THE ELECTION OF NOT JUST STOPPING THE PRACTICE OF ENDORSEMENTS BUT SPIKING AN EDITORIAL THAT WAS INTENDED TO ENDORSE KAMALA HARRIS FOR THE PRESIDENCY. THIS CARRIES THE APPEARANCE OF DOING EXACTLY WHAT JEFF BEZOS IS TRYING TO AVOID OR AT LEAST AS HE EXPLAINED IT IN HIS ARTICLE YESTERDAY.
ED: JEFF BEZOS, AN INCREDIBLY RICH PERSON IN THE WORLD OF TECHNOLOGY, HE OWNS THE WASHINGTON POST. TAKE THIS BASIC FACTS AND EXPLAIN THE SIGNIFICANCE OF THE ACTION. MICHAEL: THE SIGNIFICANCE CANNOT BE OVERSTATED. IT IS ANOTHER TWIST IN AN ELECTION THAT HAS HAD A HISTORIC NUMBER OF SURPRISES ALREADY. IT EVEN CAUGHT THE ATTENTION OF KAMALA HARRIS THIS MORNING.
SHE WAS INTERVIEWED ON A SYNDICATED RADIO PROGRAM CALLING IT DISAPPOINTED BUT ALSO TYING JEFF BEZOS, THE WORLD'S SECOND RICHEST MAN, TO DONALD TRUMP AND OTHER BILLIONAIRES, SAYING THESE ARE THE PEOPLE, THE BILLIONAIRES THAT DONALD TRUMP IS LIKELY TO SUPPORT RATHER THAN MAINSTREAM AMERICANS. WE DO SEE OUR OWN ANALYSIS AT BLOOMBERG INDICATES MORE BILLIONAIRES HAVE DONATED FOR THE TRUMP CANDIDACY THAN NON-BILLIONAIRES. WHEN IT COMES TO THE TECH INDUSTRY, WE SEE A REVERSAL OF POLARITY. WE SEE MORE WEALTHY TECH FOUNDERS, ESPECIALLY PEOPLE LIKE ERIC SCHMIDT AND BILL GATES, THEY HAVE THROWN IN WITH KAMALA HARRIS, BUT OVERALL HARRIS IS USING THE MOMENT TO POINT TO WHAT SHE SEES AS BILLIONAIRES LEANING TOWARD DONALD TRUMP. CAROLINE: ONE BILLIONAIRE NAME CHECKING DONALD TRUMP IN SAUDI ARABIA. SPEAK TO THE IMPACT HE IS
MAKING. >>'S IMPACT ON THE RACE CANNOT BE OVERSTATED. FIRST, IT IS FINANCIAL. HE HAS PUT MORE THAN $132 MILLION OF HIS OWN MONEY INTO A SUPER PAC BACKING DONALD TRUMP, BUT HE IS ALSO PUTTING IN SOMETHING THAT IS PRECIOUS FOR A GUY RUNNING FIVE COMPANIES, TIME. HE HAS SPENT TIME ON THE CAMPAIGN TRAIL IN PENNSYLVANIA AND OTHER STATES.
HE HAS BEEN WITH DONALD TRUMP, INCLUDING AT THE EVENT IN NEW YORK SUNDAY, AND HE IS SEEING DONALD TRUMP AS SOMEONE WHO CAN CLEAR THE PATH FOR SOME OF HIS OWN VENTURES AND ASPIRATIONS, INCLUDING A TRIP TO MARS. HE SEES THE PRESIDENT -- FORMER PRESIDENT TRUMP AS IF YOU WERE TO MAKE A RETURN TO OFFICE SOMEONE WHO COULD CLEAR THE PATH WHEN IT COMES TO REGULATIONS. ED: THAT IS THE SOUNDBITE WE PLAYED TODAY.
MICHAEL SHEPPARD, THANK YOU FOR THE REPORTING. THE BIDEN ADMINISTRATION FINALIZES PLANS TO REGULATE AMERICAN INVESTMENTS IN THE CHINESE CHIP INDUSTRY. WE HAVE MORE ON THAT REPORT NEXT.
THIS IS BLOOMBERG TECHNOLOGY. ED: FIRST UP, AND INDIAN FOOD DELIVERY PLATFORM IS SEEKING SHARES FOR AN IPO THAT MAY RAISE 1.35 BILLION DOLLARS. IT WILL OPEN FOR BIDS FROM NOVEMBER 6 AND A ARE EXPECTED TO START TRADING FROM NOVEMBER 13. THE IPO FOLLOWS A RECENT RECORD SALE. TOSHIBA WANTS TO REACH
DOUBLE-DIGIT MARKET SHARE IN THE WORLD'S POWER CHIP MARKET. IT MAY EVENTUALLY FORM AN ALLIANCE THAT WOULD CORNER 30% OF THE INDUSTRY ACCORDING TO ONE OF THE EXECUTIVES. IN JAPAN, A LIBERAL DEMOCRATIC PARTY HEAVYWEIGHT WAS DEFEATED IN THE GENERAL ELECTION AND REMOVES FROM PARLIAMENT ONE OF THE CHIP SECTOR'S BIGGEST ADVOCATES. CAROLINE: THE BIDEN ADMINISTRATION FINALIZE RESTRICTIONS ON INVESTMENTS BY U.S. INDIVIDUALS AND COMPANIES INTO CHINESE TECHNOLOGY INCLUDING SEMI CONDUCTORS, ARTIFICIAL INTELLIGENCE.
MCKENZIE HAWKINS IS HERE WITH MORE. THIS WAS LONG AND THE MAKING. WHAT IS NEW IN TERMS OF THESE POLICIES? >> THIS IS SORT OF THE LAST BIG SHOE TO DROP FROM THE RESTRICTIONS ON CHINESE ADVANCED TECH DEVELOPMENT. WE SPENT A LOT OF TIME TALKING ABOUT EXPORT CONTROLS AND RESTRICTIONS ON SALES OF CHIPS AND COMPONENTS TO COMPANIES IN CHINA. THIS IS RESTRICTIONS ON INVESTMENTS BY AMERICAN
INDIVIDUALS INTO CHINESE AI AND QUANTUM COMPUTING COMPANIES. THE RULES HAVE BEEN IN THE WORKS FOR OVER A YEAR. IT WAS ORIGINALLY FEAR INVEST RESTRICTIONS WOULD COVER A BROADER SWATH OF INDUSTRY BUT OFFICIALS SAY THEY ARE GOING FOR A NARROWLY TARGETED APPROACH LOOKING AT TECHNOLOGIES KEY TO NATIONAL SECURITY. ED: IT HAS BEEN SOMETIMES AS WE HAVE DISCUSSED IN THESE TERMS, BUT THE TARGET IS AMERICAN MUTUAL FUNDS AND LARGE VENTURE CAPITAL FIRMS AND OTHER TECHNOLOGIES THAT WANT TO GET A PLACE HOLD ON SOME OF CHINA'S TECH. TRYING TO UNDERSTAND WHO WOULD BE SUBJECT TO THESE CONTROLS. >> THERE ARE EXEMPTIONS FOR CERTAIN INVESTMENTS, SUCH AS PUBLICLY TRADED SECURITIES OR CERTAIN LIMITED PARTNER INVESTMENTS, BUT THE GOAL IS TO CAPTURE AMERICAN CAPITAL AND THE KNOW-HOW OFFICIALS SAY COMES WITH AMERICAN CAPITAL GOING INTO EARLY STAGE INVESTMENTS IN CHINESE START UPS, SO OFFICIALS BRIEFED REPORTERS ON RESTRICTIONS BEFORE THEY WERE ANNOUNCED AND FOUND BETWEEN 2015 AND 2021 OF ALL THE GLOBAL TRANSACTIONS INVESTING IN CHINESE AI COMPANIES, 17% INVOLVED AMERICAN INVESTORS.
OF THAT, NINE IN 10 WERE AT THE VENTURE CAPITAL STAGE, SO THAT IS THE TYPE INVESTMENT -- OF INVESTMENT THEY ARE AIMING TO CAPTURE. CAROLINE: HE SAYS THEY REJECT THESE U.S. RESTRICTIONS. THEY DO NOT COME INTO FORCE UNTIL JANUARY 2. IS THERE ANYWAY THESE COULD BE SUBJECT TO CHANGE? >> THIS IS THE LAST LEG OF WHAT HAS BEEN A LONG PROCESS AND THIS IS THE FINAL RULE. IT IS UNLIKELY THESE WILL
CHANGE BETWEEN NOW AND JANUARY 2. IT IS ONLY INVESTMENTS GOING FORWARD. CAROLINE: THANK YOU. COMING UP APPLE SHRINKS DOWN ITS MAC MINI FOR THE FIRST TIME IN 15 YEARS. WE WILL HAVE THE LATEST DETAILS AS WE PUSH AHEAD TO ITS EARNINGS COMING AFTER THE BELL THURSDAY. FROM NEW YORK AND SAN
FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: QUICK CHECK ON THESE MARKETS. THE NASDAQ 100 UP ABOUT .5% NOW, NEAR TRADING HIGHS FOR THE DAY AND TRADING HIGHS EVER BECAUSE WE ARE ABOUT 200 POINTS TO ITS RECORD HIGH SET IN JULY SO WE KEEP AN EYE ON THOSE NUMBERS.
WE ARE THICK AND FAST IN EARNINGS SEASON AND DESIGN SYSTEMS ARE DOING WELL -- CADENCE DESIGN SYSTEMS DOING WELL, REVENUE POSTING GROWTH ABOUT 19%. IT IS ALL ABOUT AI AND THE DESIGN WORKFLOW. WE ARE SEEING AMD. WE ARE PRETTY POIGNANT, MORE THAN 2% HIGHER. THE QUESTION IS AI ACCELERATORS. ARE THEY MAKING INROADS ON NVIDIA? HOW MUCH OF THE MARKET SHARE HOW THEY MANAGED TO TAKE WHEN IT COMES TO THE SERVER BUSINESS? PAYPAL DISAPPOINTS.
THE REVENUE FORECAST IS DISAPPOINTED AND SHARES HAVE RUN UP INTO THESE EARNINGS. ED: APPLE HAS OVERHAULED THE DESIGN OF ITS MAC MINI DESKTOP COMPUTER, CUTTING THE DEVICE SIZE TO FIVE INCHES ACROSS. THIS IS KIND OF CONSISTENT WITH WHAT APPLE IS DOING WITH DIFFERENT HARDWARE PLATFORMS.
SIZE AND UPDATING THE PROCESS. WHAT ELSE DO WE KNOW? >> LAST YEAR THEY HELD AN EVENT CALLED SCARY FAST. IT WAS A 30 MINUTE KEYNOTE AND SORT OF DISAPPEARED AND HALLOWEEN AFTER THAT. THIS TIME, THEY ARE DOING THREE LAUNCHES THREE DAYS IN A ROW. TODAY IS THE MAC MANY -- MINI. TOMORROW WILL BE THE NEW MACBOOK PRO. THIS LOOKS EXTREMELY
IMPRESSIVE, PROBABLY THE MOST IMPRESSIVE NEW MAC I HAVE SEEN SINCE THE CURRENT DESIGN THREE YEARS AGO, TWO INCHES TALL, FIVE INCHES ACROSS. SUPERPOWERFUL. TWO PORTS IN THE FRONT NOW. I THINK THIS IS GOING TO BE A VERY HOT SELLER. PEOPLE LIKE TO USE THESE TO CONNECT TO TV'S AND GAMING SET UPS AND THEY ARE POPULAR ON THE SERVER ENVIRONMENT. THIS IS A NICE LAUNCH FOR APPLE. CAROLINE: AND NECESSARY WHEN YOU ARE BAKING IN MARKET EXPECTATIONS FOR GROWTH. WE HAD ANALYSTS SAYING WE RARELY HAVE GEOGRAPHICAL GROWTH AT EVERY PRODUCT GROWING IN TERMS OF REVENUE BUT THE MARKET SEEMS TO BE BAKING THAT IN. HOW LIKELY IS IT THAT WE WILL
SEE SUCH GROWTH? MARK: THE MAC MINI WILL BE AN INCREMENTAL PART BUT THEY WILL SELL MAY BE $1 BILLION OF THESE THROUGH THE END OF THE YEAR, MAY BE LESS THAN THAT, SO THIS IS NOT A SUPER MATERIAL WATCH FOR THEM. IT IS A COOL LAUNCH THE GETS PEOPLE IN THE MAC COMMUNITY INTERESTED AND SETS UP DESIGN FOR THIS PRODUCT, HOPEFULLY NOT FOR THE NEXT 15 YEARS LIKE THE LAST DESIGN, BUT THIS IS A NICE LAUNCH FOR THEM BUT NOT IMPORTANT FROM A FINANCIAL STANDPOINT LIKE A NEW IPHONE OR IPAD. ED: SOME INTERESTING NUMBERS ABOUT EXPORTS FOR APPLE AND WHAT THEY ARE DOING AND SELLING TO THE WORLD. WHAT DO WE KNOW? MARK: INDIA IS BECOMING AN IMPORTANT PART OF THE OVERALL APPLE STORY. I THINK WE WILL SEE MORE PRODUCT DEVELOPMENT HAPPEN AS WELL AND ENGINEERING LABS TESTING AS WELL, SO IT IS BECOMING A BIGGER PART OF THE APPLE STORY.
I DO NOT THINK THEY ARE EVER GOING TO DROP CHINA TOTALLY, BUT THEY ARE INCHING TOWARD INDIA BECOMING THE NEW CHINA. CAROLINE: THANK YOU. LET'S TURN OUR ATTENTION THAT -- TO NETFLIX. IT IS SET TO RELEASE THE REMAKE OF THE CHRONICLES OF NARNIA. THEY HAVE DONE IT BEFORE.
BUT THIS WOULD ONCE AGAIN BE SORT OF AN INTERESTING AREA FOR THEM TO PUSH. >> NETFLIX HAS EMBRACED MOVIE THEATERS WITH A HAVE WORKED WITH FILM MAKERS. THIS IS NO DIFFERENT. GRETA GERWIG HAS A LOT OF CLOUT. NETFLIX IS EXCITED TO GET HER TO ADAPT THIS LEGENDARY SERIES OF CHILDREN'S BOOKS, BUT SHE WANTS TO SEE THE MOVIES IN THEATERS, SO NETFLIX IS GOING TO TRY TO WORK WITH HER WITHOUT VIOLATING HIS BELIEFS ABOUT PUTTING MOVIES ON HIS SCREENS AND SCREAMING -- STREAMING SERVICES PROMPTLY FOR CUSTOMERS.
ED: BASICALLY, HOW DOES HOLLYWOOD SEE NETFLIX IN THIS FIELD OF BIG FICTION? I THINK ABOUT REBEL MOON. THAT WAS GREAT, BUT I GUESS THEY WANT BIG HITS THE WORLD OVER. NARNIA? MARK: -- >> ATLAS WAS A REASONABLE HIT. THEY HAVE TRIED A LOT WITH THESE WORLD BUILDING SCIENCE-FICTION PROJECT BECAUSE IT DOES NOT SIT ON A TROVE OF HISTORICAL INTELLECTUAL PROPERTY LIKE OTHER STUDIO'S WOULD HAS HAD TO INVEST MORE IN ORIGINAL PROPERTIES. WHEN IT HAS GONE OUTSIDE OF THAT AND TRIED TO BUY IP IT COULD USE , IT COULD WORK. I DO NOT KNOW.
THE TRACK RECORD ON QUALITY OF MOVIES IS SORT OF MID-TO POOR, BUT PEOPLE TEND TO WATCH THEM BECAUSE PEOPLE WATCH WHATEVER'S ON NETFLIX THAT HAS A BIG BUDGET AND NETFLIX PUT IN FRONT OF THEM. CAROLINE: IT IS INTERESTING WHAT THEY LOSE BECAUSE OF NOT ALWAYS GOING FOR THE BIG SCREEN. WUTHERING HEIGHTS DID NOT WANT TO GO WITH NETFLIX BECAUSE OF THIS. IS THIS GOING TO SET A FIVE -- SATISFY GRETA GERWIG? LUCAS: I DO NOT THINK SHE WILL WANT TO MAKE ALL OF HER MOVIES AND NETFLIX OR HER NEXT SEVERAL MOVIES AT NETFLIX. I COULD BE WRONG. IF SHE WANTS TO DO IT AGAIN,
SHE COULD. WHAT WE HAVE TENDED TO SEE HIS BIG NAME FILMMAKERS WANT TO SEE THEIR MOVIES IN THEATERS SO THEY WILL MOSTLY DO THAT. IF THERE IS A PROJECT THEY ARE PARTICULARLY NOT -- DRAWN TO, THEY WILL DO IT BECAUSE NETFLIX WILL OFTEN SATISFY THE BUDGETARY REQUIREMENTS THAT THEY HAVE OR WANT BUT IT IS SORT OF A TEMPORARY WAYSTATION AND NOT A HOME.
CHRISTOPHER NOLAN SEEMS TO BE AT UNIVERSAL FOR THE FORESEEABLE FUTURE. CAROLINE: THANK YOU. ED: COMING UP ON THE SHOW, HOW A COMPUTER INTERFACE COMPANY IS TAKING ON NEURAL LINK. CAROLINE: MEANWHILE, IT COIN AND CRYPTO. AT ONE POINT, IT TOUCHED $72,000. HAVE NOT DONE THAT SINCE APRIL, BUT WE ARE CLOSE TO THE RECORD HIGH SET IN MARCH OF THIS YEAR. WILL BE GET THERE? WE ARE UP 3%.
THIS IS BLOOMBERG TECHNOLOGY. TECHNOLOGY PODCAST. THIS IS BLOOMBERG. CAROLINE: WE HEAR A LOT ABOUT ELON MUSK'S BRAIN COMPUTER START UP NEURALINK, BUT IT IS FAR FROM BEING THE ONLY AND THE FIELD. INBRAIN ANNOUNCED TODAY IT HAS RAISED $50 MILLION TO DEVELOP ITS NEURAL TECHNOLOGIES. LET'S BRING IN THE CEO AND COFOUNDER FOR MORE. HOW SOON MIGHT WE SEE SUCH THINGS AS PARKINSON'S AND OTHER DISEASES TACKLED AND HOW? >> THANK YOU FOR HAVING ME HERE. HELLO, NEW YORK.
VERY SOON BECAUSE WE ALREADY TREATED TWO PATIENTS ON OUR STUDY AND LAST YEAR WE OBTAINED FDA DESIGNATION SO WE ARE PROVIDING THE FDA REASONABLE PROOF SO THIS FUNDING ROUND IS GOING TO HELP US GET THERE IN THE NEXT FEW YEARS. ED: CINQUE RON -- NEURALINK IS THE INSERTION OF THIN WIRES INTO THE BRAIN. HOW DOES YOUR TECHNOLOGY WORK? CAROLINA: IT IS A TECHNOLOGY THAT SITS ON THE BRAIN, ON THE CORTEX OF THE BRAIN AND HAS A DEEPER PROBE.
TOGETHER, IT IS ABLE TO DECODE INFORMATION WITH THE BRAIN WITH SPECIFIC BIOMARKERS AND ACTUALLY RESTORE SUCH FUNCTION. THIS COMMUNICATION WITH THE BRAIN IS ABLE TO DECODE AND READ RIGHT INTO THE BRAIN AND RESTORE FUNCTION. ED: WE ARE SHOWING VIDEO DEMONSTRATING THAT. SO $50 MILLION IN OR DEVELOP IN PROCESS AND SCALING OF THE TECHNOLOGY. WHERE WILL YOU DEPLOY THAT
MONEY? CAROLINA: THESE ARE IMPORTANT TO CONTINUE THE CLINICAL TRIALS WE ARE CONDUCTING. WE ARE ON BOARDING UP TO 10 PATIENTS FOR THE SAFETY TRIAL THAT ALSO IS GOING TO SHOW ITS SUPERIORITY AND EXPAND THE TEAM AS WE NEED VERY MUCH EXCELLENT TALENT ACROSS THE BOARD SO WE ARE DEVELOPING THE SEMI CONDUCTOR BUT ALSO THE ELECTRONICS SO WE HAVE ALREADY 60 PEOPLE BUT WE ARE MISSING SOME KEY PIECES THAT WE WOULD LIKE TO RECRUIT AND CONTINUE THE PLATFORM AND BRING A CONVERSATION. CAROLINE: SO MANY PEOPLE LISTENING WILL BE EXCITED AT THE IDEA THAT PARKINSON'S DISEASE CAN BE TACKLED WITH THIS.
WHO FROM THE VENTURE COMMUNITY IS EXCITED TO PUT THE MONEY IN? WHERE IS THE ULTIMATE RETURN FOR THEM WHEN IT COMES TO YOUR OWN GROWTH? CAROLINA: WE ARE SEEING FANS VERY INTERESTED. IN THE PAST WHEN IT HAS BEEN TRADITIONAL HEALTH CARE. NOW DEEP CHECK -- TECH IS WILLING TO CHIP IN BIG TIME INTO THE DEVELOPMENT OF SUCH VENTURES. WE ARE AT THE CONVERGENCE OF MEDITECH BUT ALSO THE SEMI CONDUCTOR WORLD AND THE CHIPS ACT.
IT HAS FUELED A LOT OF MONEY IN THE U.S. AND EUROPE. THIS COMMUNITY IS WILLING TO MAKE THIS HAPPEN. ED: WHAT IS THE REGULATORY ENVIRONMENT LIKE IN EUROPE RELATIVE TO THE UNITED STATES WHERE WE WILL SEE THIS IN THE REAL WORLD FIRST? CAROLINA: WE ARE REGULATED BY THE MEDICAL DEVICE REGULATORY BODIES, SO FOR US IT IS VERY IMPORTANT TO GET A MARK.
IT IS A SIMILAR PROCESS TO THE ONE IN THE U.S.. I THINK IN THE U.S. THERE HAS BEEN A TREND IS PROGRESS WITH THE FDA ACTUALLY BEING SUPPORTIVE WITH THE BREAKTHROUGH DESIGNATION PROGRAM AND THE PROGRAM WE BELONG TO AND WE ARE ABLE TO MEET MONTHLY TO DISCUSS HURDLES AND QUESTIONS WE HAVE TO DEVELOP THIS AT SPEED, SO ARTIFICIAL INTELLIGENCE IS ONE OF THE SUBJECTS WE HAVE BEEN TREATING IN THE LAST MONTHS AND THIS IS SOMETHING EUROPE STILL DOES NOT HAVE BUT I HOPE IT IS COMING SOON BECAUSE IT IS EXTREMELY USEFUL FOR INNOVATION AND NOT GET PEOPLE LOST, WHICH IS ALSO A WASTE OF MONEY. ED: INBRAIN CEO AND COFOUNDER, THANK YOU SO MUCH.
SO FIVE REPORTS RECORD ADJUSTED NET REVENUE IN THE QUARTER. WE WILL TALK ABOUT IT ON THE HEELS OF THE COMPANY EARNINGS. WE WILL BE RIGHT BACK. THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: SOFI TECHNOLOGY IS RAISED ITS PROFIT GUIDANCE AS A BENEFIT IN FROM EFFORTS TO EXPAND BEYOND ITS STUDENT LENDING BUSINESS. HERE WITH ITS RESULTS RIGHT NOW, DOWN 7%. I THINK THE BAR WAS HIGH GOING
INTO THIS. THAT DOES PUT IT ON TRACK FOR ITS BIGGEST DROP SINCE AUGUST. WHAT IS GOING ON? LET'S ASK THE CEO. THE STORY IS THE RESULT OF THE WORK YOU HAVE PUT INTO DOING MORE. EXPLAIN THAT A LITTLE AND WHERE IT IS BEARING FRUIT IN DIVERSIFYING BUSINESS LINES NOW.
>> TO A POINT ABOUT THE STOCK, IT WAS UP ABOUT 40% IN THE LAST MONTH, SO IT CAME INTO THE QUARTER AFTER A BIG INCREASE IN VALUE OVER THE LAST 30 DAYS, SO I THINK WE ARE SEEING SOME OF THAT TAKEN OFF THE TABLE BUT WE HAD OUR BEST QUARTER AS A PUBLIC COMPANY. WE HAD RECORD REVENUE. THE GROWTH OF REVENUE ACCELERATED TO 30% YEAR-OVER-YEAR, DRIVEN BY 64% YEAR-TO-YEAR GROWTH IN OUR FINANCIAL SERVICES AND TECHNOLOGY PLATFORM REVENUE TAKEN AS ONE. THAT NOW ACCOUNTS FOR 49% OF OUR TOTAL REVENUE, SO WE ARE NOT JUST A LENDER ANYMORE.
THIS IS A HISTORIC DAY FOR US. NOT ONLY IS IT HISTORIC REVENUE, BUT WE ARE TO THAT 50-50 SPLIT THAT WE WANTED TO DRIVE TO TO REALLY CONTINUE TO DIVERSIFY. WE HAVE BEEN ABLE TO OVERCOME A TUMULTUOUS ENVIRONMENT TO DELIVER 17 QUARTERS OF RECORD REVENUE GROWTH AND IMPROVING PROFITABILITY TO THE POINT WHERE THE BUSINESS IS 50-50, WHICH IS WHERE WE WANTED IT TO BE. STRENGTH IS DRIVEN BY PRODUCTS GROWING 37% YEAR-OVER-YEAR AND DRIVING REVENUE GROWTH I MENTIONED. ED: PART OF THE SLOWDOWN RESPONSE OF THE STOCK IS INVESTORS LOOKING TO BALANCE SHEET GROWTH ALONG WITH LOW SINGLE-DIGIT GROWTH. WHAT WOULD BE A RESPONSE TO
THAT? >> WE WANT TO GROW OUR REVENUE COMPOUNDED ANNUALLY, SO THERE ARE A LOT OF DIFFERENT DRIVERS TO GET THERE. WE DO NOT NECESSARILY NEED TO GROW OUR BALANCE SHEET AT THAT RATE. WE HAVE MADE A MIGRATION TO MORE FEE-BASED REVENUE STREAMS. THIS WAS OUR FIRST LARGE QUARTER GENERATING BUSINESS REVENUE, BUT IT WAS A BIG CONTRIBUTOR TO OUR GROWTH IN REVENUE AND PROFITABILITY, SO WE DO NOT NEED TO GROW THE BALANCE SHEET FASTER THAN IT HAS BEEN GROWING. WE WANT TO TAKE RISK OFF THE TABLE AND LEVERAGE OTHER PIECES OF OUR BUSINESS. IN THE QUARTER, ABOUT 175 MILLION DOLLARS OF REVENUE WAS FROM FEE-BASED REVENUE AND GROWING A MEANINGFUL AMOUNT YEAR-OVER-YEAR.
CAROLINE: LET'S TALK ABOUT THE JUMP IN FINANCIAL SERVICES AND TECH PLATFORMS. WHERE ELSE CAN YOU INVEST TO ENSURE THAT IS SOMETHING YOU CONTINUE? >> WE HAVE OUR SOFI MONEY BUSINESS, WHICH IS BENEFITING FROM A HIGH INTEREST RATE AND GREAT GROWTH IN DEPOSITS, REALLY STRONG SPENDING, $10 BILLION OF SPENDING MONTHS WE WILL CONTINUE TO GROW THAT MEMBER BASE. SECOND IS OUR INVEST BUSINESS, GROWING YEAR-OVER-YEAR. WE ALSO HAVE OUR CREDIT CARD BUSINESS AND OUR CREDIT CARD BUSINESS AND OR BUSINESS THAT PROVIDES REFERRALS TO OTHER FINANCIAL SERVICES PRODUCTS AND THE LOAN PLATFORM BUSINESS.
THAT GREW OVER 100% YEAR-OVER-YEAR, NOW AT $1 BILLION WITH STRONG IMPROVEMENT, SO WE WILL KEEP DRIVING PRODUCT AND MEMBER GROWTH IN THAT BUSINESS IN THE 30% RANGE AND THAT WILL FOLLOW WITH REVENUE GROWTH AT OR ABOVE THAT LEVEL OVER TIME. CAROLINE: YOU ARE SAYING TO INVESTORS YOU FEEL GOOD ABOUT THE CURRENT ENVIRONMENT AND HEADWINDS HAVE DISSIPATED. ANYTHING THAT WORRIES YOU? WE ARE STILL BRACING FOR AN ELECTION AND THAT FEELS LIKE A LACK OF TRANSPARENCY. >> I THINK THERE IS A DEGREE OF UNCERTAINTY OUT THERE BUT WE ARE GOING INTO A DECLINING RATE ENVIRONMENT VERSUS AN INCREASING RATE ENVIRONMENT. WE HAVE SEVERAL BUSINESSES THAT
WILL BENEFIT MEANINGFULLY. OUR STUDENT LOAN REFINANCING BUSINESS WILL ALLOW PEOPLE TO REFINANCE STUDENT LOANS AT A LOWER RATE IN A LOWER RATE ENVIRONMENT SO THOSE BUSINESSES WILL HAVE A TAILWIND. AS RATES COME DOWN, RATES THAT OTHER COMPETITIVE BANKS OFFER MEMBERS OR CLIENTS WILL ALSO COME DOWN AND WE WILL BE ABLE TO MAINTAIN A SUPERIOR RATE COMPARED TO THEM BECAUSE WE ALSO ON THE ORIGINATION PLATFORM. WE CAN USE THE TWO TO DRIVE A BETTER APY THAN OUR COMPETITORS.
LASTLY, IN THAT BUSINESS IS OUR CREDIT CARD BUSINESS. WE LAUNCHED TWO NEW CREDIT CARDS WE THINK MEET THE NEEDS OF MEMBERS THAT HAVE A LOT OF GROWTH PROSPECTS BEHIND THEM. ED: WHAT IS YOUR M&A PLAN FROM HERE? >> WE ARE HEADS DOWN. WE ARE NOT FOCUSED ON M&A. WE ARE FOCUSED ON GROWING ORGANICALLY ON A YEAR-OVER-YEAR BASIS, BALANCE SHEET GROWING SLOWER THAN THAT. OUR BRAND AWARENESS IS KEY. IT IS KEY TO BECOME A TRUSTED PARTNER IN A BUSINESS WHERE PEOPLE HAVE TO TRUST YOU TO GIVE YOU THEIR MONEY. WE HAVE DRIVEN THAT UP 40%
YEAR-OVER-YEAR HERE IN OUR GOALS TO GET IT INTO THE 30% RANGE. WE ARE ON OUR CAROLINE: WAY AND MAKING PROGRESS. CAROLINE:CAROLINE: HAVE YOU GOT ANY WORRIES ABOUT THE CONSUMER AND CONSUMER CREDIT? >> OUR CREDIT HAS CONTINUED TO IMPROVE. WE SAW A PEAK IN NORMALIZATION AND IT HAS GOTTEN BETTER EACH QUARTER. THAT SAID, WE ARE VIGILANT IN MAKING SURE WE THINK WE WILL BE IN A STABLE ECONOMY. DECLINING RATES WITH A RECESSION WILL NOT BE GREAT.
DECLINING RATES WITH A STABLE ECONOMY WOULD BE GREAT. ED: THE ELECTION, HOW ARE YOU BRACED FOR IT? >> WE CAN WORK WITH WHATEVER ADMINISTRATION WE HAVE. DIFFERENT CHARACTERISTICS COULD BE MORE FAVORABLE.
I WOULD SAY MORE FAVORABLE CAPITAL MARKETS WOULD BE WELCOMED. MORE FAVORABLE TREATMENT TOUR BUSINESSES WOULD BE WELCOMED. THERE IS OPPORTUNITY THAT SOMETIMES GETS STIFLED BY DIFFERENT APPROACHES AS IT RELATES TO CAPITAL MARKETS FROM DIFFERENT AGENCIES, SO WE ARE LOOKING FOR A GOOD BALANCED APPROACH FROM WHATEVER ADMINISTRATION WINS BUT PROPOSED -- PREPARED TO WORK WITH BOTH ENDS OF THE AISLE. CAROLINE: THANK YOU FOR JOINING US ON YOUR EARNINGS. WE APPRECIATE IT. THAT DOES IT FOR A BUSY EDITION OF BLOOMBERG TECHNOLOGY AND MORE EARNINGS COMING. ED: THAT WAS A GOOD WAY OF ENDING IT. RECAP ON THE PODCAST. YOU KNOW
WHERE TO FIND THE POND. IT IS ONLINE ON ALL THE PLATFORMS YOU WOULD EXPECT. FROM THE TEAM IN NEW YORK CITY AND OUT HERE IN SAN FRANCISCO, STAY WITH US THIS WEEK. THIS IS BLOOMBERG TECHNOLOGY. ♪
2024-10-30 23:11
