Nvidia Rises, Silicon Valley Faces Election Divide | Bloomberg Technology
>> FROM THE HEART OF WHERE INNOVATION, AND POWER COLLIDE IN SILICON VALLEY, THIS IS "BLOOMBERG TECHNOLOGY COME GO CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO, THIS IS "BLOOMBERG TECHNOLOGY." NVIDIA, LOOKING TO BECOME THE MOST POWERFUL TECH COMPANY. INTEL WILL BE REMOVED FROM THE EQUITY BENCHMARK. ED: CYBER OFFICIALS ONE DAY FROM THE U.S. ELECTION FIGHT TO CURB VOTER DISTRUST. CAROLINE:
AND THE RISKS ON AI CHAT AND MINERS, CLAIMING THE CHARACTER AI WAS RESPONSIBLE FOR THE DEATH OF A 14-YEAR-OLD, WE CHECK IN WITH THAT LAWYER. WE CHECK IN WITH MARKETS ON EDGE AHEAD OF THE U.S. ELECTION. I'M SHINING A LIGHT ON CRYPTO INTO BITCOIN BECAUSE THE NASDAQ IS NOT DOING VERY MUCH AND MANY FEEL THAT THIS IS A PROXY FOR THE TRUMP TRADE. WHAT ARE YOU WATCHING? ED: IF YOU NEWS ITEMS OUT THERE. ONE THAT YOU MENTIONED, RIGHT? NVIDIA BEING ADDED TO THE DOW JONES AT THE EXPENSE OF INTEL, DRIVING THE NAME HIGHER. AS YOU POINT OUT AT THIS MOMENT IN TIME, IT HAS LEAPFROGGED ABOVE APPLE IN TERMS OF MARKET CAPITAL.
WE'VE GOT MORE OF THAT TO SHOW IN A NICE CHART. LOOKING AT TESLA, IT HAD BEEN DOWN MORE SIGNIFICANTLY, BUT DATA FROM CHINA SHOWED IT SLIPPING IN THE MONTH OF OCTOBER. I WONDER HOW MUCH THIS NAME WILL BE AT THE CENTER OF THE ELECTION AND THROUGHOUT THE HOUR? WE ARE GOING TO TALK ABOUT IT.
CAROLINE: DONALD COMIC KAMALA HARRIS, MAKING THEIR FINAL APPEALS BEFORE ELECTION DAY TOMORROW AND BOTH CAMPAIGNS ARE TARGETING CRITICAL SWING STATES AS THE POLLS PROJECT A VERY TIGHT RACE. KAILEY LEINZ IS RIGHT HERE IN NEW YORK FOR US. ANY POLL YOU HAVE AN EYE ON? KAYLEE: THE ONE THAT IS THE MARK PEOPLE, SIENNA PAUL -- MARQUIS POLL, THE SIENNA POLL, THEY WERE EFFECTIVELY TIED AND IT'S ALL WITHIN THE MARGIN OF ERROR. THE RACE IS TOO COLD -- TO CLOSE THE CALL. WHAT'S MOST TELLING ABOUT THAT
IS THAT MANY ONLY RECENTLY SAID WHO THEY DECIDED FOR AND THEY BROKE TO HARRIS BY 11 POINTS. AS WE CONSIDER THE SMALL BASKET OF UNDECIDED VOTERS HEAD OF ELECTION DAY, IT SUGGESTS THAT SOME ARE BREAKING MORE IN HER FAVOR. THE OTHER THING I WOULD NOTE GIVEN HOW LATE IT'S BREAKING, 78 MILLION PEOPLE HAVE ALREADY VOTED IN THE ELECTION, MORE THAN HALF OF THE ELECTORATE WHO VOTED IN TWO THOUSAND 20.
LOOK AT THE SAME BATTLEGROUND STATES. NORTH CAROLINA, GEORGIA, THEY HAVE EACH HAD MORE THAN 4 MILLION PEOPLE VOTE ALREADY, 80% OF THE TOTAL ELECTORATE IN 2000 20, SUGGESTING TURNOUT IS QUITE HIGH. ED: THAT'S IMPORTANT DATA. TRUE TO THE NAME OF THE SHOW, WE FOCUS ON TECHNOLOGY POLICY AND WE SHOULD NOTE THAT BOTH CANDIDATES ARE ON THE ROAD AND OVER THE WEEKEND CONTINUED TO MAKE THEIR MESSAGE TO THE VOTING BASE. WHAT DID THE WEEKEND LOOK LIKE AND WHERE ARE HARRIS AND TRUMP AS WE SPEAK? KAILEY: TRUMP IS IN NORTH CAROLINA, HARRIS WILL BE SPENDING HER DAY CRISSCROSSING PENNSYLVANIA, WHERE TRUMP WILL ALSO BE SPENDING TIME BEFORE ENDING HIS DAY IN MICHIGAN. NO SURPRISE SEEING THEM CENTER CONCENTRATION IN THE BATTLEGROUNDS.
I WOULD POINT OUT THAT OVER THE WEEKEND WE SAW A NUMBER OF ATTENTION GRABBING HEADLINES GENERATED FROM TRUMP AND HIS CAMPAIGN, SUGGESTING THAT HE DOESN'T THINK HE SHOULD EVER HAVE LEFT THE WHITE HOUSE, AS HE SUGGESTED THE SHOOTER COULD SHOOT THROUGH THE FAKE NEWS, TAKEN AS A THREAT TO THE PRESS. TRUMP DIDN'T MENTION HIM BY NAME AT ALL, CHANGE FROM HER FINAL CLOSING ARGUMENT AS HE DOES, TAKEN TO THE BATTLEGROUND STATES. WE HAD A PULL FROM A STATE THAT WAS THOUGHT TO BE ABOUT AROUND THE CYCLE, TRUMP EASILY WON IT IN 2020 AND 2016, IOWA. THE NEW DES MOINES REGISTER
POLL SHOWED HARRIS UP THREE POINTS IN IOWA, WITH WHAT BEING MOST TELLING WAS THE OUTLIER, THE DEMOGRAPHICS IN THE POLL AND WHAT THEY ACTUALLY LOOKED LIKE. HARRIS LED WITH WOMEN BY A MARGIN OF 20 POINTS IN SENIOR WOMEN SUPPORTING HER BY 2-1. THAT IS SENIOR VOTERS 65 AND OLDER FAVORING HARRIS IS IMPORTANT TO NOTE. IT'S ONE OF THE HIGHEST PROPENSITY GROUPS OF VOTERS MORE LIKELY TO SHOW UP AND VOTE ON ELECTION DAY. AS WE KNOW, THE ELECTION IS GOING TO BE ALL ABOUT TURNOUT, SO STATISTICS FOR THAT ARE KEY.
ED: IN PENNSYLVANIA OVER THE LAST TWO HOURS THERE WAS A HEARING ABOUT THE ONE MILLION-DOLLAR SWEEPSTAKES FOR REGISTERED VOTERS FROM ELON MUSK. WHAT'S THE IMPACT THAT THAT IS HAVING? KAILEY: AS WE CONSIDER IT, THIS SWEEPSTAKES, WHICH IS IN LEGAL -- LEGAL JEOPARDY AS THE PHILADELPHIA DISTRICT ATTORNEY SAYS IT VIOLATES ELECTION LAW BECAUSE YOU CANNOT PAY SOMEONE TO VOTE, THIS IDEA THAT IT'S LIMITED TO REGISTERED VOTERS, THE HEARING IS BACK IN STATE COURT. DESPITE THE ELON MUSK EFFORT TO MOVE IT TO FEDERAL COURT THAT WAS DENIED BY A JUDGE. IT'S NOT CLEAR IF THIS WILL BE RESOLVED IN TIME, CONSIDERING THAT ELECTION DAY IS TOMORROW, THE DAY THE SWEEPSTAKES WAS SET TO END. IT OBVIOUSLY PUTS A SPOTLIGHT ON THE MONEY AND INFLUENCE ELON MUSK HAS HAD IN THIS CAMPAIGN, DONATING TENS OF MILLIONS TO THIS GROUP, WHICH IS ALSO ORGANIZING A PART OF THE TRUMP GROUND GAME. KEEP IN MIND THE TRUMP CAMPAIGN HAS SOURCED A LOT OF THAT GET OUT THE VOTE EFFORT.
IT WILL BE INTERESTING TO SEE HOW, WHEN THE FINAL RESULTS ARE IN, WE DECIDE IF THAT WAS A STRATEGY THAT WORKED FOR HIM AND TRUMP. ED: KAILEY LEINZ AT THE START OF A CRITICALLY IMPORTANT WEEK, THANK YOU VERY MUCH. LET’'S GET INVESTMENT PERSPECTIVE. TESLA, AS A CASE STUDY, IF
DONALD TRUMP WERE TO CLAIM A SECOND TERM IN THE WHITE HOUSE I'M A THE IDEA IS THAT ELON MUSK TAKES ON SOME SORT OF ROLE IN THE DEPARTMENT OF GOVERNMENT EFFICIENCY. YOU ARE A TESLA INVESTOR. HOW DO YOU PREPARE FOR EITHER SCENARIO? WITH A NAME LIKE TESLA AT THE CENTER OF IT? >> YOU KNOW, THE RHETORIC IS HARD TO PARSE THROUGH. WE HEAR TARIFFS, WE HEAR COST-CUTTING TO TROOP -- $2 TRILLION FROM THAT SIDE OF THE AISLE, BUT WE HAVE NO REAL IDEA WHAT POINT TO HAPPEN. WHAT YOU WANT HAS BEEN ABLE TO DO EFFECTIVELY IN RUNNING MULTIPLE COMPANIES IS DO THAT WELL. I'M NOT ALARMED AT THIS POINT. I THINK THAT IF YOU SIT BACK -- WE TALKED IN THE PAST ABOUT THE MAGA PAC BUSINESS, UTILITY GRADE BATTERY STORAGE.
EV MAY COME UNDER SOME PRESSURE BUT OTHER PARTS OF THE BUSINESS WILL BENEFIT AND ULTIMATELY EVERYONE ACTS IN THEIR OWN BEST INTERESTS, INCLUDING DONALD TRUMP AND ELON MUSK. SO, IF THIS ELECTION GOES IN THAT DIRECTION, I THINK THEY WILL FIGURE IT OUT. ED: WHAT -- CAROLINE: WHAT EVERYONE IS WONDERING ABOUT IS THE RELATIONSHIP BETWEEN THE U.S. AND CHINA GOING FORWARD AFTER THIS ELECTION. WE GET THAT TODAY WITH THE
SHANGHAI OUTPUT AROUND MANUFACTURING IN CHINA, NOT LIVING UP TO THOSE EXPECTATIONS AND MANY WORRYING THEY WON'T HIT THAT FULL-YEAR RECORD AMOUNT OF DELIVERIES FOR 2024. WHAT DID YOU MAKE OF THAT DATA COMING OUT OF TESLA MANUFACTURING IN CHINA? NANCY: IT WAS A BIT OF A DISAPPOINTMENT, THE STOCK DOESN'T APPEAR TO BE UNDER MUCH PRESSURE, BUT OVER TIME WE HAVE SEEN HISTORIC FITS AND STARTS WITH NOT HITTING NUMBERS, NOT HITTING DELIVERIES, EVEN IN THE U.S. I HAVEN'T HAD A CHANCE TO REALLY DIG INTO IT. WE WILL, BUT THE STOCK IS
TRADING AS IF EVERYTHING'S GOING TO GO PERFECTLY. IT WAS AT A PRICE EARNINGS TO GROWTH RATIO OF 40 TIMES. WE NEED EARNINGS AND WE NEED EARNINGS GROWTH.
WE GOT MARGINS EXPANDING. I DIDN'T THINK THE REPORT WAS THAT GREAT, BUT THERE WAS A RELIEF RALLY IN THE STOCK AND WE WILL SEE WHAT HAPPENS. ED: I PROMISE THAT THERE IS MORE THAT WE NEED TO ASK -- MORE THAT WE NEED TO DISCUSS, BUT OUR COLLEAGUES PUT OUT SOME BASIC RESEARCH THIS MORNING THAT IF TRUMP WAS TO WIN, IT WILL LIKELY IMPACT THE SCOPE OF THE IRA MODEL TAX CREDITS. DO YOU LOOK AT THAT? NANCY: WE WILL, IF IT HAPPENS. ONE THING YOU HAVE TO REMEMBER IS THAT IT'S VERY DIFFICULT. A LOT OF THE ANALYSIS IS DONE IN A STATIC ENVIRONMENT AND IT'S VERY DIFFICULT, ONCE THE ADMINISTRATION COMES IN, THE NEW ADMINISTRATION, WHOEVER THEY ARE, TO COME IN AND MAKE ADJUSTMENTS TO THE BILLS THAT HAVE BEEN PASSED. WE SAW THAT WHEN THE
REPUBLICANS SWEPT INTO THOUSAND 16, THEY PROMISED TO FIX OR DO AWAY WITH OBAMACARE AND THEY DID NOTHING. I DON'T NECESSARILY THINK IT'S A BIG THREAT TO THE STOCK PRICE, BUT WE ARE AWARE OF IT AND LOOKING AT IT. CAROLINE: TALKING ABOUT THINGS THAT ARE IN FLUX AND NOT STATIC, TODAY IT LOOKS LIKE IF NVIDIA HOLDS AT THESE LEVELS, IT WILL BE MORE THAN APPLE IN TERMS OF WORTH. 3.3 $6 TRILLION AS APPLE SLIPS ON THE DAY.
WHAT DO YOU MAKE OF NVIDIA BEING ADDED TO THE DOW AND, CRUCIALLY ALSO, WHO COMES OUT OF IT, INTEL? NANCY: SADLY, CAROLINE, I REMEMBER WHEN INTEL WAS ADDED TO THE DOW IN 1999, TALK ABOUT BAD TIMING. BY THE WAY, THE COMMITTEE THAT MAKES THE SELECTIONS OFTEN DOES NOT NECESSARILY TIME THESE THINGS VERY WELL, INTEL IS DOWN CUMULATIVELY SINCE THE END OF 19 99, 3 POINT 5%. THIS IS A COMPANY THAT HAS NOT PIVOTED TO NAME TECHNOLOGIES, HAS SQUANDERED INNOVATION. WE HAVE BEEN ABOUT THIS STOCK FOR QUITE SOME TIME. THINK OF XEROX, WHO DEVELOPED THE MOUSE BUT DIDN'T -- BUT WHO COMMERCIALIZED IT? APPLE AND MICROSOFT. NVIDIA IS STEPPING ONTO THE STAGE AND INTEL IS FADING.
IT DOESN'T MEAN THE COMPANY WILL GO OUT OF BUSINESS, BUT RECENTLY WE SAW IT IS A TAKEOVER TARGET. I THINK THAT YOU WANT TO BE LONG NVIDIA. HE EARNINGS GROWTH IS REMARKABLE. ON A PRICE EARNINGS TO GROWTH BASIS, WHICH IS HOW YOU HAVE TO LOOK AT THIS STOCK, IT'S TRADING 1.1 TIMES VERSUS TESLA OR MICROSOFT. I THINK IT WAS GOOD, I DON'T KNOW ABOUT THE TIMING, BUT WE ARE EARLY IN THE RUNWAY. I LOVED THE STORY LARRY ELLISON TOLD ABOUT HIM AND ELON MUSK TOLD ABOUT GOING TO DINNER WITH JENSEN -- PLEASE TAKE OUR MONEY, PLEASE TAKE MORE OF IT, PLEASE GIVE US MORE GPU'S.
THE BACKLOG IS SIGNIFICANT AND NVIDIA IS POISED TO DO WELL IN THE COMING YEARS. CAROLINE: WE ALWAYS LOVE IT WHEN YOU BRING US THE STORY. THANK YOU. COMING UP, WARNINGS ON VOTING CONFIDENCE. THE DIRECTOR OF THE CYBER INFRASTRUCTURE SECURITY AGENCY SAYS WE MIGHT HAVE TO WAIT BEFORE FINAL ELECTION RESULTS. THIS IS "BLOOMBERG TECHNOLOGY."
CAROLINE: ED: AS THE U.S. ELECTION LOOMS, THE DIRECTOR OF THE CYBERSECURITY AGENCY WARNS OF POTENTIAL THREATS TO VOTING CONFIDENCE, URGING THE PUBLIC TO READY THEMSELVES FOR A POTENTIAL WAITING GAME BEFORE RESULTS CAN BE FINALIZED. LET'S GO OUT TO JAMIE. WE WILL GET TO THE ROLE OF JENNY VESELY AND ALL OF THIS, BUT LET'S HELP THE AUDIENCE UNDERSTAND, WHAT IS THE PROBLEM HERE, OR THE INSTRUCTION THAT OFFICIALS ARE ASKING THE ELECTORATE TO BRACE FOR? >> WHAT THEY ARE TRYING TO TELL EVERYONE IS TO TRUST THE PROCESS . THE ELECTION SYSTEM, ALL OF THE
NETWORKS ARE SECURE AND RESILIENT. THE IDEA OF YOUR VOTE BEING HACKED OR TAKEN AWAY FROM YOU IS A FALLACY. THEY HAVE SPENT THE BETTER PART OF THE LAST YEAR PREPARING TO REFUTE THOSE CLAIMS AND PUSH AGAINST ANY QUESTION OF THE INTEGRITY OF THE ELECTION SYSTEM. ED: WHAT'S INTERESTING IS HOW IT HAS BECOME SOMETHING OF A PERSONALIZED AGENCY.
>> THAT'S RIGHT, THERE'S A NEW HEAD OF THE CYBERSECURITY INFRASTRUCTURE AGENCY AND SHE REALLY SORT OF CENTRALIZED THE FOCUS OF THE AGENCY ON HERSELF. SHE IS A WEST POINT GRADUATE WHO HAS DONE TOURS IN IRAQ AND AFGHANISTAN. ONE THING I DIDN'T KNOW ABOUT HER IS THAT SHE CAN SOLVE A RUBIK'S CUBE BEHIND HER BACK, WHICH I THOUGHT WAS VERY INTERESTING. SHE HAS LITERALLY TRIED TO MAKE THIS -- CAROLINE: WOW. ED: I KNOW, RIGHT? SHE HAS TRIED TO MAKE THIS A PERSONAL EFFORT SAYING THAT PEOPLE TRUST PEOPLE. SHE'S BEEN FORWARD FACING,
SHE'S BEEN OUT GOING TO CONFERENCES AND SPEAKING BEFORE CONGRESS. HER ENTIRE POSTURE IS TRANSPARENCY AND CANDOR. SHE IS DOING EVERYTHING SHE CAN TO BUILD RELATIONSHIPS, NOT JUST WITH THE PRIVATE SECTOR BUT WITH THE PUBLIC SECTOR AND THE PUBLIC AT LARGE. ED: TALKING MORE ABOUT THE THREATS THEMSELVES, THE TEAM HAS COME ON THE SHOW TO TALK ABOUT CYBER SECURITY THREATS ONLINE. WHERE IS THE MOST RISK IN THE
WEEK OF THE ELECTION? >> ONE OF THE REAL BIG CHALLENGES THAT NOT JUST FOLKS LIKE JENNY EASTERLY HAVE BEEN FACING, BUT STATE AND LOCAL ELECTION OFFICIALS HAVE BEEN DEALING WITH IS REALLY WHERE PEOPLE ARE GETTING THEIR INFORMATION FROM. HOW ARE THEY VERIFYING THEIR INFORMATION? AND THE QUESTION OF WHETHER PEOPLE WILL SEE SOMETHING ON SOCIAL MEDIA AND ACTUALLY BELIEVE IT. IT'S GOT TO BE A QUESTION OF TRUST BUT VERIFY.
LOOK AT WHAT YOUR STATE ELECTION OFFICIALS ARE SAYING. LOOK AT WHAT THEY ARE DOING. IT'S GOING TO COME FROM EVERYWHERE AND WE ARE ALREADY SEEING IT. IT'S ONLINE, IT'S ON X, TIKTOK, YOU. ALL OF THE SOCIAL MEDIA PLATFORMS HAVE TAKEN A BIT OF A BACKWARDS STEP IN TERMS OF MEDIATING IN BEING INVOLVED IN POLITICAL TRANSPARENCY. SO, JUST BEING ABLE TO TRUST THOSE INSTITUTIONS THEMSELVES IS EVEN HARDER THESE DAYS, BUT IT BECOMES A QUESTION OF IF YOU SEE SOMETHING ONLINE THAT DOESN'T LOOK RIGHT, ASKED, LOOK, TRY TO FIND OUT, GO TO YOUR STATE ELECTION OFFICIAL WEBSITE AND SEE WHAT THEY ARE SAYING, PARTICULARLY AROUND THE VOTING PROCESS. AND THE IDEA THAT THE ELECTION
WILL BE DECIDED ON THE DAY. WE MAY NOT HAVE A RESULT ON THE DAY. HANG TIGHT, JUST DON'T LET THAT OVERWHELM YOU. HAVE FAITH IN THE INSTITUTIONS. CAROLINE: TO THAT POINT, MANY DON'T HAVE FAITH IN THOSE INSTITUTIONS WHICH IS WHY IT'S INTERESTING THAT SHE'S MADE IT ABOUT HERSELF.
SHE DOESN'T HAVE MUCH BUCK, BUT IS TRYING TO HAVE FOUR. -- MORE BANG. >> YOU ARE RIGHT, THESE ARE VOLUNTARY GUIDELINES FOR THE LARGE PARTS OF THE INDUSTRY. WE HAVE SEEN SO MANY HACKS AND COMPROMISES OF CRITICAL INFRASTRUCTURE, IT REALLY IS A QUESTION OF WHAT PRIVATE SECTOR ORGANIZATIONS CAN DO. SHE'S REALLY BEEN AT THE FOREFRONT OF TRYING TO GET EVERYONE ON BOARD AND SHE HAS HAD SOME SUCCESS THERE.
BUT IT REALLY IS A QUESTION OF HOW MUCH EVERYONE WILL MEET IN THE MIDDLE. ALSO, YOU KNOW, SHE'S GOT A LONG WAY AHEAD OF HER. EVERYONE IS NOT GOING TO SORT OF , YOU KNOW, IT'S GOING TO BE A QUESTION OF SITTING TIGHT, LOOKING TO SEE, TRUSTING THE RESULTS IN WAITING TO SEE. THESE ELECTIONS WILL BE DECIDED IN ONE DAY.
IT WILL TAKE A LONG TIME FOR EVERY SINGLE VOTE TO BE COUNTED, BUT THAT'S THE INTEGRITY OF THE PROCESS. CAROLINE: THANK YOU SO MUCH. THIS REALLY IS SOMETHING THAT WE ARE KEEPING A CLOSE EYE ON AND WE APPRECIATE YOU TAKING US THROUGH THE ROLE OF THE GOVERNMENT AHEAD OF THAT APPROACH -- THAT IMPORTANT ELECTION.
MUCH MORE, NVIDIA RISING TO BE THE MUCH -- THE MOST VALUABLE COMPANY IN ITS CURRENT FORM. WE WILL SEE IF THAT CONTINUES. "BLOOMBERG TECHNOLOGY THIS IS." CAROLINE: IN THE WORLD OF SOCIAL MEDIA, X AND META INDICATED THEY WENT TOO FAR ON CONTENT MODERATION AND NOW ACADEMICS SAY THAT ALL THE ELEMENTS ARE IN PLACE FOR ABUSE OF THOSE PLATFORMS DESPITE ATTEMPTS TO SUPPRESS THIS INFORMATION. ALEXANDER LEVINE HAS SOME INTERESTING EXPECT -- PERSPECTIVES ON HOW THE LANDSCAPE HAS CHANGED.
ALEXANDRA: THE BIGGEST CHANGES HAVE OCCURRED ACROSS TIKTOK, META, AND X. IN 2020 IT WAS THE CENTER OF THE POLITICAL UNIVERSE. THE ONLINE DIGITAL POLITICAL WATER COOLER. JOURNALISTS AND POLITICAL FIGURES, PUBLIC FIGURES, WERE SPENDING THEIR TIME. WHEN ELON MUSK TOOK OVER, A LOT OF THAT CHANGED. IN ADDITION TO HIM DECIDING THAT HE DIDN'T WANT TO BUILD OFF OF THAT ELECTED -- ELECTION INTEGRITY WORK THAT HAD BEEN BUILT BY TWITTER FOR 2020, 2016 AND EARLIER, HE'S BEEN USING THE PLATFORM TO REALLY RALLY SUPPORT FOR REPUBLICAN CANDIDATE DONALD TRUMP.
SO, THAT HAS COMPLETELY CHANGED THE NATURE OF THE PLATFORM FOR THE PEOPLE. AND THEN META-, META SAW ITS ROLE IN PREVIOUS ELECTIONS AS BEING PROACTIVE, PROACTIVE FOR ALLOWING DISCOURSE BUT ALSO PROTECTING IT IN BEING FORWARD THINKING ABOUT LABELING AND TRYING TO REALLY FIGHT PROACTIVELY MISINFORMATION AND DISINFORMATION AROUND THE ELECTION. NOW IT'S DOING A HARD 100 80, MOVING AWAY FROM PROMOTING POLITICAL CONTENT ALTOGETHER AND REALLY NO FAVORING POSTS THAT DON'T HAVE ANYTHING TO DO WITH POLITICS. ON MY INSTAGRAM FEED THIS MORNING I SAW NOTHING RELATED TO THE ELECTION. THE THIRD BIG PIECE IS TOTALLY DIFFERENT FROM WHERE WE WERE AT IN 2020 WITH TIKTOK, WHICH WAS AROUND IN THE LAST ELECTION BUT NOWHERE NEAR AS BIG AND POWERFUL AS IT IS TODAY. WE ARE ROUGHLY TWICE THE SIZE, TIKTOK IS ROUGHLY TWICE THE SIZE IN THE U.S. TODAY AS IT WAS IN 2020, THERE
ARE MORE THAN 170 MILLION USERS AND A LOT OF THAT POLITICAL DISCOURSE HAS REALLY MOVED OVER TO THERE. ED: STRANGE THING TO SAY, FEELS LIKE YESTERDAY THE 2020 ELECTION CYCLE, HOW OFTEN ON THIS PROGRAM WILL BE COVERING MISINFORMATION FROM THE NAMES THEMSELVES? IT'S A DIFFERENT TIME. ANYTHING SPECIFIC OR UNIQUE TO THIS ELECTION CYCLE THAT YOU HAVE BEEN FOCUSED ON IN THAT BUSINESSWEEK PIECE? ALEXANDRA: TO YOUR POINT, IT HAS BEEN TALKED ABOUT FOR A LOT LONGER. PEOPLE ARE MUCH MORE SAVVY ABOUT IT, THE CONSUMERS OF THE INFORMATION AND THE JOURNALISTS AND RESEARCHERS TRYING TO UNDERSTAND IT. WHAT IS DIFFERENT IS THE ROLE
THAT THE PLATFORMS ARE CHOOSING TO TAKE AT THIS TIME AND ARTS -- ALSO OUR ABILITY AS THE PUBLIC TO BE ABLE TO UNDERSTAND WHAT WE ARE SEEING, WHERE IT'S COMING FROM, AND WHO IS BEHIND IT. TWITTER AND META-ARE TAKING A MUCH MORE HANDS-OFF APPROACH TO THE ELECTION THIS TIME. MARK ZUCKERBERG AND ELON MUSK HAVE CUT MEMBERS OF THE TEAMS THAT WERE RESPONSIBLE FOR ELECTION INTEGRITY AND THE TRUSTING SAFETY TEAMS. ON TOP OF THAT, OUR ABILITY TO ACTUALLY UNDERSTAND WHAT IS TRENDING ON THE PLATFORM HAS GOTTEN WORSE. IN THE LAST YEAR, IN THE LAST
COUPLE OF YEARS, ELON MUSK FOR EXAMPLE HAS MADE IT A LOT HARDER FOR FOLKS WHO HAD PREVIOUSLY HAD ACCESS, LIKE RESEARCHERS, TO ALL OF THE ANALYTICS THAT SHOW WHAT IS TRENDING ON TWITTER, HE HAS MADE IT MUCH MORE EXPENSIVE FOR MOST RESEARCHERS TO BE ABLE TO ACCESS THAT. EARLIER THIS YEAR THEY SHUT DOWN CROWD TANGLE, WHICH MADE IT HARDER FOR MISINFORMATION RESEARCHERS TO TRACK WHAT'S GOING ON IN THE PLATFORM. LAST BUT THESE, DASHED LAST AND NOT LEAST, TIKTOK EARLIER THIS YOU -- THIS YEAR IT REVIEWED -- REMOVED VIDEO VIEW COUNTS. YOU CAN NO LONGER LOOK AT IT AND KNOW HOW MANY PEOPLE AROUND THE WORLD ARE LOOKING AT IT AT ONE TIME. ON TOP OF THAT, BECAUSE SO MUCH OF THE CONVERSATION HAD BEEN FIXATED ON THOSE MAIN PLATFORMS LIKE FACEBOOK, TWITTER, AND YOUTUBE, NOW EVERYTHING IS HAPPENING ON TIKTOK, TRUE SOCIAL, AND SMALLER LESS MODERATED FORUMS, CREATING A MORE CHAOTIC ATMOSPHERE WHERE ALL OF THIS MISINFORMATION AND DISINFORMATION THAT PEOPLE HAVE BECOME ACCUSTOMED TO IS GETTING HARDER TO TRACK. ED:
ALEXANDRA HAS WORKED WITH THE TEAM ON AN UPCOMING PIECE ON THIS. IMPORTANT REPORTING THIS WEEK, OF ALL WEEKS. THERE IS MUCH MORE AHEAD. STAY WITH US, WE WILL BE RIGHT BACK. THIS IS "BLOOMBERG TECHNOLOGY." ♪ CAROLINE: WELCOME BACK. I'M CAROLINE HYDE, IN NEW YORK. ED: I'M ED LUDLOW IN SAN FRANCISCO.
NOVEMBER 5, WE HAVE A U.S. ELECTION. WHEN YOU LOOK AT THE MARKETS AND TECH, AT AN INDEX LEVEL WE ARE TREADING WATER WITHOUT ANY REAL DIRECTION. IT'S A DEAD HEAT, WE ARE TAUGHT -- WE TALKED ABOUT THAT THROUGHOUT THE PROGRAM. LOOKING AT SPECIFIC NAMES, IT'S ALSO REFLECTIVE OF SOCIAL MEDIA POLICY ON MISINFORMATION WITH SHARING ELECTION RELATED CONTENT.
META-IS COMPLETELY FLAT ON THE SESSION THIS MONDAY. SNAP IS DOWN, BUT REMEMBER THEY LOOK -- THEY RALLY LAST WEEK ON EARNINGS. THEN THERE IS THE TRUMP TRADE. DJT, THE PARENT COMPANY OF TRUE SOCIAL, MODERATELY HIGHER, BUT NOT THE BIG MOVE WE HAVE SEEN IN EITHER DIRECTION THAT WE HAVE SEEN AS A BAROMETER IN THE MARKETS. IT'S A DEAD HEAT. IT SEEMS THERE IS A LOT TO DISCUSS FOR BOTH CAMPAIGNS THROUGHOUT THE REST OF THE SHOW. CAROLINE: YOU WILL GET TO A TIME NOW FOR TALKING TECH, EU REGULATORS THINK THAT THEY WILL SHOW APPLE REPORTS THAT THE IPAD NOW COMPLIES WITH THE DIGITAL MARKETS ACT, ALLOWING FOR A DEFAULT WEB BROWSER OF THEIR CHOICE. WITHOUT ALTERNATES, AND
ALLOWING ACCESSORIES TO ACCESS I'VE HAD OS FEATURES. IN A SURPRISE MOVE, SCHNEIDER ELECTRIC HAS OUSTED THEIR CEO AFTER A YEAR AND A HALF IN THE ROLE. HE WILL BE REPLACED WITH SOMEONE NEW IMMEDIATELY. CITING DISAGREEMENTS WITH THE BOARD OVER A STRATEGIC DIRECTION FOR THE OUSTER. ELON MUSK WAS DEALT A SETBACK
IN COURT. THE JUDGE RULING LATE ON FRIDAY THAT THE TWITTER CEO AND HIGH-RANKING OFFICERS COULD PROCEED WITH CLAIMS THAT HE WAS TERMINATED AND CHEATING HIM OUT OF SEVERANCE PAY BEFORE THEY COULD SET RESIGNATIONS. MORE ON ELON MUSK, NOW? ED: HIS RECENT PRO-TRUMP SWEEPSTAKES HAS BEEN UNDER SCRUTINY IN A HEATED ELECTION SEASON AND IS BEING PROTESTED NOW IN COURT. TONY AARON JOINS US NOW. WE ARE TALKING ABOUT LEGAL PROCEEDINGS IN PENNSYLVANIA OVER THE LAST TWO HOURS. WHAT'S THE LATEST? >> THE JUDGE INDICATED THAT HE WOULDN'T RULE BEFORE NOON, THE A WHILE BEFORE IT HAPPENS. THE FLESH IS AS SIGNIFICANT THE RULING IS GOING TO BE. TODAY WAS THE LAST DAY HE WAS
GOING TO HAVE THE SWEEPSTAKES. EVEN IF THE JUDGE SAYS IT'S ONE PAYMENT, HE WILL LIKELY GO AHEAD WITH THE OTHER SWEEPSTAKES AND THE ONLY THING THAT WILL HAPPEN IS ONE PERSON FROM PENNSYLVANIA WON'T BE ABLE TO GET $1 MILLION. CAROLINE: WHAT ARE THE LEGAL ELEMENTS TO THIS? >> PEOPLE TALKING ABOUT THE FEDERAL ISSUES, IT WAS ABOUT WHETHER ELON MUSK WAS BUYING VOTERS. THAT'S NOT WHAT'S GOING ON IN PENNSYLVANIA. THEY ARE DOING TWO STATE LAWS. THAT'S WHY IT WAS THROWN OUT OF FEDERAL COURT. IT'S ABOUT THE STATE ISSUES.
IS IT CONSUMER PROTECTION? IS HE TAKING ADVANTAGE OF CONSUMERS? AND IS IT AN ILLEGAL LOTTERY? THERE ARE RULES ABOUT HOW YOU PERFORM A LOTTERY. THAT'S WITH THE PHILADELPHIA DISTRICT ATTORNEY IS SAYING IS NOT HAPPENING HERE. CAROLINE: ED, I THINK WE HAVE TALKED A LOT ABOUT THAT AND WE HAVE PLENTY MORE ON THE ELECTION NEXT? ED: YES, THE ELECTION IS FAST APPROACHING AND WE BEEN SPEAKING TO VOICES IN TECHNOLOGY AND VENTURE CAPITAL ON BOTH SIDES OF THE RACE. I WANT TO BRING BACK TO THE SHOW SHANNON NASH, THE COFOUNDER OF THE TECH FOR, A GROUP, SUPPORTING THE BIT OF VICE PRESIDENT KAMALA HARRIS. YOUR SUPPORT OF HARRIS IS WELL KNOWN. I WONDER IF WE COULD MOVE THE CONVERSATION FORWARD. ALL OF THAT KIND THAT YOU SPENT
ON THE ROAD WITH THE CAMPAIGN, WITH YOUR PEERS IN THE INDUSTRY, HAVE YOU AFFIRMED YOUR UNDERSTANDING THE VICE PRESIDENT'S POLICY PLATFORM AS IT RELATES TO THE INDUSTRY OF TECHNOLOGY? SHANNON: THANKS FOR HAVING ME BACK. WE HAVE GOT A LOT FROM KAMALA HARRIS OVER THE LAST TWO MONTHS AND HER APPROACH ON HOW SHE AND HER ADMINISTRATION WILL BE OPEN AND COLLABORATIVE TECHNOLOGY, TO INNOVATION, TO HEARING DIFFERENT VOICES. LOOK, THERE ARE A LOT OF PEOPLE WHO HAVE DONE A LOT OF COVERAGE ON THE BIG BILLIONAIRES WITH THE MICROPHONES BUT NOT ENOUGH COVERAGE ON THE PEOPLE WHO MAKE UP THE FABRIC OF TECHNOLOGY AND PUT THEIR VOICES SAY AND WHAT THEY WANT TO SEE IN A NEW ADMINISTRATION. THAT IS WHAT SHE HAS BEEN OPEN TO LISTENING TO. CAROLINE:
I THINK -- ED: I THINK THAT PEOPLE WANT SPECIFICS. OUR IN-HOUSE RESEARCH ARM SAYS THAT IF FORMER PRESIDENT TRUMP RECLAIMS THE WHITE HOUSE, EV INCENTIVES WILL BE IMPACTED. CONVERSELY WITH VICE PRESIDENT HARRIS, THEY SEEK CONTINUITY, HOPING NOTHING WILL CHANGE, BUT THAT'S NOT POLICY, IT'S JUST MAINTAINING THE STATUS QUO. SHANNON: IT'S NOT POLICY. GOING TO CLIMATE TECH, LOOK AT WHAT HER OPPONENT HAS SAID ABOUT CLIMATE TECH AND WHAT PROJECT 2025 HAS SAID ABOUT TECH.
WE ARE VERY CONCERNED ABOUT NOT JUST CLIMATE TECHNOLOGY BEING GOOD FOR THE ECONOMY, BUT WHAT IT SPURS IN TERMS OF INNOVATION AND GROWTH FOR THE ECONOMY. HER OPPONENT SAID THAT THEY WERE WILLING TO DISMANTLE THE EPA, FEMA, ETC.. HARRIS HAS COME OUT TO SAY THAT WE ARE GOING TO SUPPORT CLIMATE TECH AND LOOK AT GROWING THIS INDUSTRY.
SHE HAS COME OUT AND ACTUALLY BEEN VERY VOCAL ABOUT CERTAIN AREAS IN TECHNOLOGY FOR SURE. I CAN TALK ABOUT AI, SHE HAS TALKED ABOUT BEING VERY COLLABORATIVE IN TERMS OF LOOKING AT HOW WE APPROACH AI REGULATION, NOT IN A WAY TO STIFLE COMPETITION, BUT IN A WAY TO BE ETHICAL AND SUPPORTIVE OF A VERY NEW TECHNOLOGY THAT WE ARE ALL TRYING TO WRAP OUR ARMS AROUND. CAROLINE: TALKING ABOUT REGULATION FOR A MOMENT, I'M PLEASED HE WENT THERE, SHANNON. VIVEK RAMASWAMY WAS A TRUMP SUPPORTER WHO WAS ON THE SHOW ON FRIDAY AND HIS MAIN FOCUS WAS THIS IDEA THAT WE NEEDED TO REDUCE LEGISLATION. LISTEN TO WHAT HE SAID.
>> THE PROBLEM IS EVERY TIME THEY PASS A LAW, INFLATION REDUCTION, CHIPS, THERE'S THIS OTHER BAGGAGE THAT THEY SNEAK IN THAT IT DILUTES THE ORIGINAL VISION OF THE ACT. SEMICONDUCTOR CONSTRUCTION IN THE UNITED STATES? HERE'S HOW WE DO IT, MASSIVE DEREGULATION. CAROLINE: IS THERE A RISK THAT PEOPLE BELIEVE THAT PRESIDENT HARRIS IS SYNONYMOUS WITH A LACK OF INNOVATION? SHANNON: I THINK THE RISK IS THE WILD WILD WEST OF NO INNOVATION -- OF NO REGULATION BEING DANGEROUS FOR INNOVATION AND PROGRESS IN THE COUNTRY AND I THINK THAT IT WILL STIFLE OUR COMPETITIVE ADVANTAGE. I THINK IT'S THE ACTUAL OPPOSITE. WHEN INDUSTRIES HAVE GUARDRAILS
THAT ARE BALANCED IN THE WAY THAT DOESN'T STIFLE COMPETITION, BUT IN A WAY THAT GIVES US A PLAYING FIELD, I THINK WE DO BETTER AS AN INDUSTRY, IF YOU WILL. I DISAGREE WITH THAT AND QUITE FRANKLY I THINK THAT HARRIS IS WORKING ON POLICIES THAT WILL ALLOW US TO COME UP WITH THOSE GUARDRAILS IN A WAY THAT WE CAN'T CONTINUE TO BE COMPETITIVE AND STAY INNOVATIVE. ED: WHAT ABOUT THE PEOPLE THAT NEED TO BE SURROUNDED, IF SHE BECOMES PRESIDENT, THINKING ABOUT THOSE WHO LIVE -- LEAD THE FTC, ISSUES FOR REGULATION AROUND CRYPTO, HOW DO YOU WANT TO SEE CHANGE, IF ANY, OF LEADERSHIP OF THOSE SORTS OF AREAS? SHANNON: I DO THINK SOME OF THOSE AREAS NEED A CHANGE IN LEADERSHIP AND I THINK THAT'S HEALTHY. WE ARE IN A DIFFERENT AGE, IF
YOU WILL, FOR THE NEXT FOUR YEARS EVEN IN TERMS OF HOW YOU LOOK AT GENERATIVE AI AND WE NEED TO HAVE NEW LEADERS, AND I THINK SHE IS OPEN TO BRINGING TOGETHER DIFFERENT VOICES TO DO THAT. SO, I THINK YOU WILL SEE SOME CHANGES. SHE HAS BEEN VERY VOCAL ABOUT BEING HER OWN PRESIDENT. THAT JUST BECAUSE CERTAIN
THINGS HAPPENED IN THE BIDEN ADMINISTRATION DOESN'T MEAN IT WILL BE STATUS QUO AND THE SAME OLD THING. SHE'S A NEW PERSON, A NEW PRESIDENT WITH DIFFERENT EXPERIENCES. SHE IS VERY QUALIFIED, WHEN I THINK ABOUT CANDIDATES QUALIFIED FOR PRESIDENT HAVING SERVED OUR BEAUTIFUL STATE OF CALIFORNIA AS THE ATTORNEY GENERAL, YOU WILL SEE SOME NEEDED CHANGES, FRANKLY, WITH MORE INNOVATION AND PEOPLE AT THE TABLE. ED: HIGH-PROFILE INDIVIDUALS ON BOTH SIDES OF THE EQUATION, LIKE REID HOFFMAN WHO WAS ON LAST WEEK, ONE OF THE POINTS THAT HE MADE WAS THAT THIS HAS BEEN DIVISIVE AND CAUSED TENSION IN RELATIONSHIPS. LITERALLY BETWEEN LPS AND THE VENTURE CAPITALS THEY WORK WITH, GETTING IN ON DEALS.
WHAT HAS YOUR EXPERIENCE BEEN WITH THAT, AS SOMEONE ESTABLISHED IN THE INDUSTRY? SHANNON: YEAH, I'VE BEEN OUT THERE, I'VE BEEN CANVASSING, GOING TO DIFFERENT STATES, AND MY EXPERIENCES, EVEN STARTING WITH THE DEMOCRATIC NATIONAL CONVENTION, SHE IS BRINGING MORE JOY TO POLITICS. I AM SEEING IT OUT THERE WHEN I TALK TO PEOPLE, EVEN IF THEY DON'T AGREE WITH YOU, PEOPLE ARE WILLING TO LISTEN ONE ON ONE IN A WAY THAT IS NOT DIVISIVE. KAMALA HARRIS EVEN RECENTLY SAID THAT IT'S OK THAT YOU DON'T AGREE WITH HER. SHE WANTS TO BE THE PRESIDENT FOR ALL. SHE KNOWS THAT THERE ARE PEOPLE OUT THERE THAT WON'T VOTE FOR HER OR AGREE WITH HER, AND THAT'S OK AND I THINK THAT IS HOW WE HAVE BEEN APPROACHING THIS. WE STILL NEED TO COME TOGETHER AS A UNITED AMERICA.
THAT IS WHAT I'M HEARING WHEN I TALK TO PEOPLE ONE-ON-ONE ABOUT THIS. NOT THIS DIVISIVE KIND OF HATE SPEAK, IF YOU WILL. ED: YOU COME FROM THE EXPERIENCE OF FINANCIALS AND START UPS, YOU ARE ON THE BOARDS WITH CFOS. HOW HAVE YOU TALKED ABOUT COMPANIES STRATEGIZING FOR THIS IF, INDEED,, DOESN'T BECOME THE NEXT PRESIDENT -- KAMALA DOESN'T BECOME THE NEXT PRESIDENT, HOW DO YOU NAVIGATE IT? SHANNON: I THINK THAT WE WILL HAVE TO -- WE WILL HAVE TO NAVIGATE IF THAT DOES HAPPEN, BUT I DON'T LIKE TO PUT THOSE KINDS OF THINGS OUT THERE IN THE UNIVERSE. WE BELIEVE THAT KAMALA HARRIS IS GOING TO WIN AND WE BELIEVE WE WILL HAVE A SEAT AT THE TABLE AND THAT'S WHAT'S REALLY IMPORTANT. HONESTLY, THAT IS WHAT WE HAVE BEEN FOCUSING ON, HOW TO BRING TOGETHER THESE DIVERSE VOICES, GET THEM TO THE TABLE AND TALK ABOUT SPAWNING AND CONTINUING THAT INNOVATION WITH OUR COMPETITIVE ADVANTAGE. CAROLINE:
SHANNON NASH, APPRECIATE YOUR TIME. COMING UP, PLENTY MORE WHEN IT COMES TO THE ELECTION, THE UNITED STATES, AND TECHNOLOGY. THIS IS "BLOOMBERG TECHNOLOGY." ♪ CAROLINE: WE JUST SPOKE -- ED: WE JUST SPOKE WITH SOME ON THE DEMOCRATIC SIDE OF THE ELECTION, SO LET'S SPEAK WITH SOMEONE ON THE OTHERS, SUPPORTING THE REPUBLICAN TICKET OF FORMER PRESIDENT DONALD TRUMP ALONG WITH JD VANCE, SOMEONE THAT SHE HAS PREVIOUSLY WORKED WITH. WELCOME BACK TO THE PROGRAM. I THINK WHAT WE ARE TRYING TO
FIND OUT IS -- IN THE TIME THAT HAS PASSED, HAS ANYTHING CHANGED WERE DEVELOPED? YOU HAVE EMPHASIZED THE REGULATION, AS HAVE MANY OTHER TRUMP SURROGATES AND TRUMP HIMSELF. IS THAT THE TOTALITY OF WHY YOU THINK THAT FORMER PRESIDENT TRUMP IS BEST FOR THE TECHNOLOGY INDUSTRY? >> YOU REGULATION IS AN IMPORTANT PART OF THE STORY. THE PROMULGATION OF THE FORMAL PART OF THE STATE IS A PROBLEM, BUT MORE GLOBALLY THE REASON I SUPPORT PRESIDENT TRUMP AND JD VANCE IS THEY WILL IMPLEMENT NOT JUST -- THEY WILL NOT JUST GO BACK REGULATION STIFLING AMERICAN INDUSTRY, BUT THEY WILL ACTIVELY IMPLEMENT POLICIES THAT WILL STIMULATE GROWTH AND ENCOURAGE INNOVATION AND ENCOURAGE AMERICAN INGENUITY, WHICH IS ABSOLUTELY ESSENTIAL TO USHERING IN A BOOM IN AMERICAN INDUSTRIAL MANUFACTURING.
THIS IS AN ISSUE NOT ONLY FOR AMERICAN PROSPERITY, BUT NATIONAL SECURITY IS SOMETHING THAT SOMEONE LIKE PEOPLE LIKE MYSELF SPEND A LOT OF TIME THINKING ABOUT. THE POLICIES OF THE CURRENT ADMINISTRATION, WHICH HAVE LED TO THE CONTINUED OFF SHORING OF CRITICAL COMPONENTS OF A MANIC -- AMERICAN MANUFACTURING IN THE DEFENSE INDUSTRY AS WELL AS OUR DISASTROUS ENERGY POLICIES HAVE MADE THE U.S. LESS PROSPEROUS AND LESS SAFE, GOING BEYOND JUST REGULATION.
SOME MIGHT SAY THAT ON THE -- ED: SOME MIGHT SAY THAT ON THE OTHER HAND YOU HAVE THE CHIPS ACT THAT HAS WORKED WITH THOSE INDUSTRY -- INDUSTRIES AND COMPANIES LIKE YOURS HAVE THRIVED IN THE LAST FOUR YEARS. CRYSTAL: I WOULD ARGUE THAT IT HAS THRIVED DESPITE THE LAST FOUR YEARS. WHAT YOU NEED FOR HEALTHY MANUFACTURING? CHEAP AND ABUNDANT INDUSTRY -- ENERGY, LOW INTEREST RATES, THE CURRENT INDUSTRY GETS A C MINUS ON ALL OF IT.
YES, THEY WILL FIND A WAY DESPITE THE CURRENT ADMINISTRATION, NOT BECAUSE OF THEM. YOU CANNOT LEGISLATE GROWTH, SO FOR EXAMPLE ONE OF THE CRITICAL INPUTS FOR MANUFACTURING IS ENERGY. NUCLEAR IS THE CHEAPEST, SAFEST, MOST ENERGY DENSE FORM OF BASELOAD POWER THAT WE HAVE IN THE UNITED STATES. YET THE HARRIS BIDEN
ADMINISTRATION HAS BLOCKED THE DEVELOPMENT OF ONE MILLION ACRES ON THE ARIZONA UTAH BORDER, THE SOLE SOURCE OF U.S.-BASED HIGH-GRADE URANIUM. SO, RATHER THAN SHORE UP THIS CRITICAL DOMESTIC SOURCE, WHAT ARE WE DOING? WE ARE THE LARGEST BUYER OF RUSSIAN ENRICHED URANIUM. THIS IS BANANAS. NOT ONLY HAVE WE MADE OURSELVES RELIANT ON A FOREIGN ADVERSARY FOR AMERICAN BASELOAD POWER, BUT WE HAVE ALSO, WE ARE ALSO LITERALLY FUNDING THE RUSSIAN NUCLEAR WEAPONS COMPLEX. WHY? BECAUSE OF A POLICY DECISION
WHERE THE HARRIS BIDEN ADMINISTRATION DECIDED TO BOW TO THE WELL-FUNDED LOBBYING OF A PARTICULAR INTEREST GROUP IN THE UNITED STATES AND THEY CHOSE IT BECAUSE OF THE NATIONAL SECURITY INTERESTS OF THE UNITED STATES AND OUR ALLIES. THAT IS ONE EXAMPLE, THAT'S NOT REGULATION, THAT'S POLICY. CAROLINE: I KNOW THAT THE NUANCES OF THAT INVESTMENT IN NUCLEAR, HOWEVER I'M PRETTY SURE THERE ARE LIMITATIONS ON IMPORTS FROM RUSSIA AND I'M CERTAIN WE'VE SEEN DEALS FROM MICROSOFT, GOOGLE, AND AMAZON SAYING THAT THEY WILL INVEST IN NUCLEAR ENERGY UNDER THE CURRENT ADMINISTRATION, NOT A CURRENT POTENTIAL TRUMP ONE, SO I'M MORE INTERESTED BROADLY IN WHAT YOU ARE TRYING TO ARTICULATE WHEN IT COMES TO ACTUAL POLICIES THAT WILL BE BROUGHT IN THAT BRING THE INNOVATION YOU SPEAK OF. CRYSTAL: ABSOLUTELY AND IT'S A GREAT DEVELOPMENT. THAT THERE IS AN UNDERSTANDING THAT NUCLEAR IS 100% THE ANSWER, NOT ONLY FOR U.S.
MANUFACTURING BUT ALSO FRANKLY HOW KEEP UP WITH THE ENERGY REQUIREMENTS OF AI, WHICH IS A GOOD THING, AND HOW WE WILL RESPOND TO CLIMATE CHANGE. NUCLEAR IS AN ESSENTIAL PART OF THAT. SIX MEMBERS OF CONGRESS -- TO YOUR POINT, WE SHOULD NOT BE ENRICHING THE RUSSIAN STATE. SIX REPUBLICAN MEMBERS OF CONGRESS EARLIER THIS YEAR PASSED A BILL -- ED: I THINK THAT HER QUESTION WAS RUSSIA BEING SUBJECT TO EXPORT IMPORT CONTROLS. CRYSTAL: THEY SHOULD BE AND THERE WAS A BILL PASSED THIS YEAR TO LIMIT THE IMPORT OF URANIUM THAT WE SHOULDN'T BE BUYING FROM RUSSIA UNDER ANY RATIONALE OR POINT OF VIEW. YET WHAT DOES THIS BILL DO? THE BILL SIGNED INCLUDES AN ENORMOUS WAIVER THAT MANDATES THE CONTINUED PURCHASE OF URANIUM FROM RUSSIA THROUGH 2028.
SO, I AGREE, WE SHOULD NOT BE PURCHASING URANIUM FROM RUSSIA OR DEPENDENT ON A CRITICAL INPUT FOR ENERGY IN THE UNITED STATES FROM RUSSIA, YET WE ARE AND THAT IS A DIRECT RESULT OF THE BIDEN HARRIS ADMINISTRATION POLICIES. CAROLINE: ONE MONTH AGO OR SO I SPOKE WITH THE ENERGY SECRETARY SHE'S VERY FOCUSED ON BRINGING NUCLEAR ENERGY BACK IN THE UNITED STATES AND I WANTED TO GO TO PERHAPS SOME OF THE LEVELS OF TENSION AND ONGOING RELATIONSHIPS WITH PEOPLE WHEN IT COMES TO NOVEMBER 6, SEVENTH, EIGHTH, NO MATTER THE OUTCOME. REID HOFFMAN WAS ON, A VENTURE CAPITALIST FOUNDER WHO SUPPORTS THE HARRIS CAMPAIGN, ARTICULATING HIS WORRY THAT THERE COULD BE SOME FORM OF RETRIBUTION. COULD YOU TAKE A LISTEN? >> IN HIS EARLY PRESIDENCY HE SHOWED A CERTAIN AMOUNT OF GRIFTER CAPITALISM, TRYING TO PENALIZE HIS OPPONENTS USING THE INSTRUMENTS OF STATE. CAROLINE: WE ONLY HAVE 30 SECONDS BUT DO YOU WORRY ABOUT PENALIZATION DESPITE WHAT HAPPENS ON THE OTHERS? CRYSTAL: NO.
I'M A PATRIOT, AND HE COULDN'T POINT TO A SINGLE EXAMPLE OF RETRIBUTION BY DONALD TRUMP. THE CURRENT ADMINISTRATION WE HAD A TREMENDOUS UPTICK IN PROSECUTIONS OF PEOPLE ASSOCIATED WITH THE TRUMP ADMINISTRATION. SO, THERE IS PERHAPS CONCERNED IF THE DEMOCRATS COME BACK INTO OFFICE, BUT I'M OPTIMISTIC ENOUGH THAT I DON'T THINK THE DEMOCRATS WILL RETALIATE AGAINST PEOPLE WHO VOTED THEIR CONSCIENCE AND SPOKE THEIR CONSCIENCE AND SPOKE OUT AGAINST THE POLICIES THAT WE BELIEVE THEIR CRUSHING AMERICAN INDUSTRIES. ED: I WANT TO POINT OUT THAT ON MAY 13, JOE BIDEN SIGNED INTO LAW A BAN ON IMPORTS OF URANIUM INTO THIS COUNTRY. CRYSTAL: EXACTLY, WITH A WAIVER. ED: I PROMISE WE WILL HAVE YOU BACK IT, CRYSTAL.
COMING UP ON THE SHOW, HEDGE FUND RAISING CAPITAL FOR THE CAROLINE: YOU ARE LOOKING AT A LIVE SHOT OF THE PRINCIPAL. WE WILL HAVE SPECIAL COVERAGE OF THE ELECTION ON TUESDAY STARTING AT 5 P.M. EASTERN WITH AN EXTENDED EDITION OF "BALANCE OF POWER." THIS IS BLOOMBERG. ♪ A TECH FOCUSED HEDGE FUND IS LOOKING FOR $1 BILLION IN ORDER TO AMPLIFY BETS ON ARTIFICIAL INTELLIGENCE.
WE HAVE THE REPORT COMING OUT. HOW BIG OF A DEAL IS IT THAT THEY ARE REOPENING? >> IS A SIGNIFICANT MOVE. THEY ARE LOOKING TO RAISE MORE TO INVEST IN AI AND IT HAS BEEN YEARS SINCE THEY REOPENED THEIR HEDGE FUNDS TO CASH, IT'S A SIGNIFICANT MOVE. ED: TALK TO US ABOUT THE BULLISH PEOPLE IN THE SECTOR? >> YOU CAN SEE IT IN THEIR INVESTMENTS, NVIDIA IS ONE OF THE BIGGEST HOLDINGS. YOU SEE IT IN THE WAY THAT HE
SPEAKS ABOUT THE SPACE. HE HAS TALKED ABOUT HOW HE THINKS THAT HUMANOID ROBOTS ARE GOING TO BE A PART OF THE FUTURE IN 15 YEARS. HE SEES A LOT OF OPPORTUNITY WHEN IT COMES TO AI AND IN PERIPHERAL AREAS LIKE AI TECHNOLOGY AND ENERGY. WHAT WE ARE SEEING NOW IS THAT COMING TO PLAY IN HIS PORTFOLIO. CAROLINE:
BRIEFLY, THE RELATIONSHIP WITH RAISED -- RAYMOND JAMES, WHAT DOES IT SIGNAL? >> IN THE HEDGE FUND SPACE THEY ARE TURNING TO BANK WEALTH PLATFORMS TO RAISE MONEY. THESE ARE PEOPLE THAT DIDN'T HAVE ACCESS TO PRIVATE EQUITY CAPITAL FOR MANY YEARS AND IT IS A SPACE WHERE THEY CAN RAISE MONEY AS INSTITUTIONAL INVESTORS HAVE BECOME MORE CAUTIOUS ON THE SPACE AND HAVE BEEN MORE RETICENT. CAROLINE: HIGH NET WORTH INDIVIDUALS HELPING. ED? ED: WHAT A SHOW. CAROLINE: THAT DOES IT FOR THIS SPECIAL ED LUDLOW BIRTHDAY EDITION OF "BLOOMBERG TECHNOLOGY ." HAPPY BIRTHDAY, ED. ED: IT'S QUITE A WEEK TO CELEBRATE
A BIRTHDAY. SO MANY IMPORTANT DISCUSSIONS AND PIECES TO REPORT. YOU KNOW WHERE TO FIND THE POD. ONLINE, I HEART, AND ON BLOOMBERG PLATFORMS. THANK YOU TO THE TEAM IN NEW YORK CITY AND THE TEAM IN SAN FRANCISCO. THIS IS "BLOOMBERG TECHNOLOGY." ♪
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