From Marhard where Innovation of Money and Power colle in Silicon Valley, NBN.

From Marhard where Innovation of Money and Power colle in Silicon Valley, NBN.

This is Bloomberg Technology with Caroline Hyde and Ed.

This is Bloomberg Technology with Caroline Hyde and Ed.

Ludlow live from New York and San Francisco. This is Bloomberg Technology coming up ASML shares sync further as its CEO addresses the chip equipment maker's shock booking slowdown.

Ludlow live from New York and San Francisco. This is Bloomberg Technology coming up ASML shares sync further as its CEO addresses the chip equipment maker's shock booking slowdown.

We speak to Donald Trump about the future of Google. Despite criticism, the former president says it's important to keep the company intact.

We speak to Donald Trump about the future of Google. Despite criticism, the former president says it's important to keep the company intact.

Plus next generation nuclear More on Google and Amazon's.

Plus next generation nuclear More on Google and Amazon's.

Latest investments in the carbon.

Latest investments in the carbon.

Free tech crucial to their AI energy needs. But first we've got to go to the chip sector.

Free tech crucial to their AI energy needs. But first we've got to go to the chip sector.

Ed.

Ed.

Yeah, look downward pressure on semiconductor stocks and chip equipment makers. Glow blee has been a story for the past twenty four hours in Asia into the European session, and it now has continued in the United States. The Philadelphia semi Conductor Index is actually higher four tens to one percent, and actually it's those two names ASML. It's US traded shares, but also note that it's European trading shares are still under pressure, down five percent, continuing from the savage sell off of Monday of Tuesday. Sorry, Intel is interesting, right. Think about the story here ASML is a chip equipment maker who buys chip making equipment. Well, Intel has that foundry business, So on the socks, it makes a lot of sense that in the context of what we're worrying about, Intel might be lower. We need to understand what's happening here, So let's get more with Bloomberg's Chancock. Who's out for us in Amsterdam. Let's start with something and clear something up. They put their earnings out early. That confused everyone. The CEO had to address it on the investicle. What did he say?

Yeah, look downward pressure on semiconductor stocks and chip equipment makers. Glow blee has been a story for the past twenty four hours in Asia into the European session, and it now has continued in the United States. The Philadelphia semi Conductor Index is actually higher four tens to one percent, and actually it's those two names ASML. It's US traded shares, but also note that it's European trading shares are still under pressure, down five percent, continuing from the savage sell off of Monday of Tuesday. Sorry, Intel is interesting, right. Think about the story here ASML is a chip equipment maker who buys chip making equipment. Well, Intel has that foundry business, So on the socks, it makes a lot of sense that in the context of what we're worrying about, Intel might be lower. We need to understand what's happening here, So let's get more with Bloomberg's Chancock. Who's out for us in Amsterdam. Let's start with something and clear something up. They put their earnings out early. That confused everyone. The CEO had to address it on the investicle. What did he say?

Yeah, so the results were scheduled for today, but the company published them early yes yesterday evening by mistake. They didn't say much, but they kind of blamed it on a technical error in a statement yesterday and today, the CEO, Christophe Fouquet, apologized in an analyst call about the results. He said, this was very unfortunate. They booked less than half of the orders that analysts estimated in the third quarter, and they also cut guidance for next year. So the results were an unpleasant surprise for analysts, and the market reaction was amplified by the company releasing the results a day earlier than scheduled.

Yeah, so the results were scheduled for today, but the company published them early yes yesterday evening by mistake. They didn't say much, but they kind of blamed it on a technical error in a statement yesterday and today, the CEO, Christophe Fouquet, apologized in an analyst call about the results. He said, this was very unfortunate. They booked less than half of the orders that analysts estimated in the third quarter, and they also cut guidance for next year. So the results were an unpleasant surprise for analysts, and the market reaction was amplified by the company releasing the results a day earlier than scheduled.

Look, they're still thinking.

Look, they're still thinking.

Even though the CEO has now spoken out, how did he explain the cut to guidance? The bookings dramatically under where analysts thought they would be.

Even though the CEO has now spoken out, how did he explain the cut to guidance? The bookings dramatically under where analysts thought they would be.

So yeah, any weakness in SML orders, as had mentioned earlier, often kind of signals struggles for the wider chip sector. They're the market leader for lithography machines in the world, so we can call it a bit of a chip bell weather. So SML is citing a few delays in chip plant constructions around the world as an explanation of why the results were so bad.

So yeah, any weakness in SML orders, as had mentioned earlier, often kind of signals struggles for the wider chip sector. They're the market leader for lithography machines in the world, so we can call it a bit of a chip bell weather. So SML is citing a few delays in chip plant constructions around the world as an explanation of why the results were so bad.

Uh.

Uh.

They also see weakening growth in China for their older machines due to a combination of softening demand and the possibility of future export controls from Washington. So also keep in mind that Intel is you know, their biggest customer in the US, and it's cutting the expenses in a restructuring, uh restructuring push. So that's not helping the sentiment either. And then you have you know, delayed factories of Intel in Germany and Poland. While membership makers such as Samsung and s K Heinis are also being careful with their spending. Uh So, all of these spending cuts are affecting demand for soml's chip making machines.

They also see weakening growth in China for their older machines due to a combination of softening demand and the possibility of future export controls from Washington. So also keep in mind that Intel is you know, their biggest customer in the US, and it's cutting the expenses in a restructuring, uh restructuring push. So that's not helping the sentiment either. And then you have you know, delayed factories of Intel in Germany and Poland. While membership makers such as Samsung and s K Heinis are also being careful with their spending. Uh So, all of these spending cuts are affecting demand for soml's chip making machines.

Okay, if you're just joining us here on Bloomberg Technology, the world's most important maker of the machines that make chips had really ugly earnings and an ugly guidance. And what Child was just explaining is kind of the backstory of earnings that came out early and were a surprise. You're looking at the two day chart. Sixteen percent decline in Amsterdam yesterday, five percent decline today, and that anxiety Caroline was around the world. Asian session, European session, and we've chilled out a bit in the US session. What we're worried about chan is the investment cycle. What did Airsmel tell us about their own investment plans?

Okay, if you're just joining us here on Bloomberg Technology, the world's most important maker of the machines that make chips had really ugly earnings and an ugly guidance. And what Child was just explaining is kind of the backstory of earnings that came out early and were a surprise. You're looking at the two day chart. Sixteen percent decline in Amsterdam yesterday, five percent decline today, and that anxiety Caroline was around the world. Asian session, European session, and we've chilled out a bit in the US session. What we're worried about chan is the investment cycle. What did Airsmel tell us about their own investment plans?

So, yeah, the big miss is obviously a signal that the chip industry's weakness is set to continue. They said well into twenty twenty five, and they did say that ASML will slow its short term investment plans to match the market in today's call. Yeah, so basically we can we can also say that really it's important to mention that the chip industry is experiencing some uneven times, right, like in areas such as artificial intelligence accelerators, companies like Nvidia can't keep up with the demand. But in other sectors, including automotive and industrial, it's a prolonged slump with customers cutting back orders because they have too much inventory. So sm I'll also mention the weakness in these industries.

So, yeah, the big miss is obviously a signal that the chip industry's weakness is set to continue. They said well into twenty twenty five, and they did say that ASML will slow its short term investment plans to match the market in today's call. Yeah, so basically we can we can also say that really it's important to mention that the chip industry is experiencing some uneven times, right, like in areas such as artificial intelligence accelerators, companies like Nvidia can't keep up with the demand. But in other sectors, including automotive and industrial, it's a prolonged slump with customers cutting back orders because they have too much inventory. So sm I'll also mention the weakness in these industries.

Name the CEO.

Name the CEO.

I think the quote of the entire call was today, without AI, the market would be very sad. Chant touch, We thank you so much. Let's stay with semiconductors. Qualcom said to wait until after the US elections to decide whether it will put in an offer for Intel.

I think the quote of the entire call was today, without AI, the market would be very sad. Chant touch, We thank you so much. Let's stay with semiconductors. Qualcom said to wait until after the US elections to decide whether it will put in an offer for Intel.

That's according to sources. For more.

That's according to sources. For more.

Most Michelle Davis joins us for more what your source is saying.

Most Michelle Davis joins us for more what your source is saying.

So, what we're hearing from sources is that this is going to be a very complicated deal. If it does happen, the bar is very high to get something over the line, and there are huge implication on the political front. You know, this is not just your average MNA deal where you're just thinking about anti trust implications. There are also geopolitical ones, and so part of why Intel or Qualcom would want to wait before bringing its formal offers to have more clarity about what the anti landscape will look like, but also what the geopolitical one will look like. US China relations in particular are very important in the semiconductor industry and to a deal like this.

So, what we're hearing from sources is that this is going to be a very complicated deal. If it does happen, the bar is very high to get something over the line, and there are huge implication on the political front. You know, this is not just your average MNA deal where you're just thinking about anti trust implications. There are also geopolitical ones, and so part of why Intel or Qualcom would want to wait before bringing its formal offers to have more clarity about what the anti landscape will look like, but also what the geopolitical one will look like. US China relations in particular are very important in the semiconductor industry and to a deal like this.

Michelle, the other part of the reporting is that sources told us clowd Com sounded out regulators in China. What did you learn?

Michelle, the other part of the reporting is that sources told us clowd Com sounded out regulators in China. What did you learn?

So what we're hearing is that this is something that would have been done very informally at this point. You know, China has not weighed in on what it thinks of a deal, but if Qualcom does come forward with it its formal offer, it will all hinge on those US China relations. The US has made a vested, you know, effort to make sure that it is a national player in chip making and it is not as reliant on China, and China will have say over a deal like this, and so if those relations are problematic, then then they could try to get in the way of it.

So what we're hearing is that this is something that would have been done very informally at this point. You know, China has not weighed in on what it thinks of a deal, but if Qualcom does come forward with it its formal offer, it will all hinge on those US China relations. The US has made a vested, you know, effort to make sure that it is a national player in chip making and it is not as reliant on China, and China will have say over a deal like this, and so if those relations are problematic, then then they could try to get in the way of it.

So it's a a big consideration.

So it's a a big consideration.

Both Qualcom and Intel declined to comment on our reporting. Bloomberg's Michelle Davis in New York, thank you very much. Investor focus on chips will continue after the Bell because TSMC is going to report its earnings. Joanne Feenie, advises Capital management partner and portfolio manager, back on Bloomberg Technology TSMC. Wow. The timing, the accidental timing perhaps of ASML, but it is important to think about how quickly TSMC comes because it's the continuation of the story, right the investment cycle into AI frankly, and whether we continue to see investment in chip equipment, making equipment and the chips themselves.

Both Qualcom and Intel declined to comment on our reporting. Bloomberg's Michelle Davis in New York, thank you very much. Investor focus on chips will continue after the Bell because TSMC is going to report its earnings. Joanne Feenie, advises Capital management partner and portfolio manager, back on Bloomberg Technology TSMC. Wow. The timing, the accidental timing perhaps of ASML, but it is important to think about how quickly TSMC comes because it's the continuation of the story, right the investment cycle into AI frankly, and whether we continue to see investment in chip equipment, making equipment and the chips themselves.

Joanne, Yeah, And you know clearly TSMC has already released monthly numbers, so we have a good indication that their results are going to be solid and led by AI. And you know, the ASML news is more about I think China, particularly the pull forward in China for some of that equipment ahead of increasingly severe regulations against ASML shipping there. So forty seven percent of ASML's business comes out of China and that's going to have a big factor. You know, the fact that ASML did acknowledge that AI continues to be strong but elsewhere things are weaker. You know, it could reflect a number of things, starting with Intel and its plans to delay some of its and cancel some of its overseas projects.

Joanne, Yeah, And you know clearly TSMC has already released monthly numbers, so we have a good indication that their results are going to be solid and led by AI. And you know, the ASML news is more about I think China, particularly the pull forward in China for some of that equipment ahead of increasingly severe regulations against ASML shipping there. So forty seven percent of ASML's business comes out of China and that's going to have a big factor. You know, the fact that ASML did acknowledge that AI continues to be strong but elsewhere things are weaker. You know, it could reflect a number of things, starting with Intel and its plans to delay some of its and cancel some of its overseas projects.

For example, let's just.

For example, let's just.

Dig into how sad, as the CEO of ASML called it, the rest of the market is without AI.

Dig into how sad, as the CEO of ASML called it, the rest of the market is without AI.

Yeah, I mean, we've heard from plenty of the analogship makers like Texas Instruments, for example, that autos is weakening and they don't know. They said, look, we don't know how soft this is going to become. Hasn't gotten severe yet, at least the last time we heard from them. But on the other hand, we also have heard that inventories have cleared in other end markets for semiconductors like industrials, and that we're starting to see a pickup there. So it's really hard to read ASML's comments about orders into the broader sort of away from the leading edge chip businesses like analog or micro controllers, and that really is assigned those companies. Analog and micro controls really tell us more about the broader economy.

Yeah, I mean, we've heard from plenty of the analogship makers like Texas Instruments, for example, that autos is weakening and they don't know. They said, look, we don't know how soft this is going to become. Hasn't gotten severe yet, at least the last time we heard from them. But on the other hand, we also have heard that inventories have cleared in other end markets for semiconductors like industrials, and that we're starting to see a pickup there. So it's really hard to read ASML's comments about orders into the broader sort of away from the leading edge chip businesses like analog or micro controllers, and that really is assigned those companies. Analog and micro controls really tell us more about the broader economy.

And we know the US economy is doing well.

And we know the US economy is doing well.

We know we're seeing recovery and industrial so it's sort of hard to tell what ASML means. You know, how much of it is China, how much of it is Intel pushing out its plans, So it's actually not as straightforward to read.

We know we're seeing recovery and industrial so it's sort of hard to tell what ASML means. You know, how much of it is China, how much of it is Intel pushing out its plans, So it's actually not as straightforward to read.

I think, as some people think.

I think, as some people think.

It is, let's give the nuance therefore, because you're so good at doing that, Joanne, Because this comes in the context of the breaking news that came on Monday that maybe we will see yet more and more well limitations on X sports from the US and around the world to China in video chips for example, why was in Vidio so sold off yesterday if it's not around AI. How much of an importance is China US to some of these valuations.

It is, let's give the nuance therefore, because you're so good at doing that, Joanne, Because this comes in the context of the breaking news that came on Monday that maybe we will see yet more and more well limitations on X sports from the US and around the world to China in video chips for example, why was in Vidio so sold off yesterday if it's not around AI. How much of an importance is China US to some of these valuations.

Yeah, you know, in Vidia shouldn't really have sold off on the ASML news yesterday, particularly because ASML said, this is nothing to do with Ali, right.

Yeah, you know, in Vidia shouldn't really have sold off on the ASML news yesterday, particularly because ASML said, this is nothing to do with Ali, right.

So I think what you're seeing is.

So I think what you're seeing is.

You know, in Vidia is a big component of many ETFs, and so you know, when you sell out of those ETFs, the money flows out, everything in them gets sold. So I think that was a big driver for Invidia. And then also, you know, you could see some folks saying, you know, let me get a little bit less exposure to the semiconductor space overall, given how much it's rallied. You know, that could just have been a decision made on diversification lines. But I think it's probably the ETFs that drove most of that.

You know, in Vidia is a big component of many ETFs, and so you know, when you sell out of those ETFs, the money flows out, everything in them gets sold. So I think that was a big driver for Invidia. And then also, you know, you could see some folks saying, you know, let me get a little bit less exposure to the semiconductor space overall, given how much it's rallied. You know, that could just have been a decision made on diversification lines. But I think it's probably the ETFs that drove most of that.

Juanne remind us which of these names you like and hold which you don't and why. Yeah.

Juanne remind us which of these names you like and hold which you don't and why. Yeah.

So we're not involved in a SML, nor do we like Intel here because of its significant challenges.

So we're not involved in a SML, nor do we like Intel here because of its significant challenges.

We do like Nvidia.

We do like Nvidia.

We continue to like a number of players in the AI space, including Broadcom. So you know, overall, I think that the economically exposed companies like Texas Instruments, we own that for clients.

We continue to like a number of players in the AI space, including Broadcom. So you know, overall, I think that the economically exposed companies like Texas Instruments, we own that for clients.

I own it myself.

I own it myself.

I think is a good place to be given how strong the US economy is and how much of a recovery are seeing in industrials. Intel, you know, just faces huge challenges to catch up in manufacturing and it just doesn't have the expertise to do foundry work. It's a big challenge for them to build a library that it can then build other types of chips for. So, you know, the Qualcomm deal, if it goes through, we suspect will be more oriented towards Qualcom trying to acquire the design side, and that could give Intel a massive cash infusion with which to save the manufacturing side and really make the investments that are necessary. But we think that's such a long way off and so uncertain that we don't think Intel is a place to be right now.

I think is a good place to be given how strong the US economy is and how much of a recovery are seeing in industrials. Intel, you know, just faces huge challenges to catch up in manufacturing and it just doesn't have the expertise to do foundry work. It's a big challenge for them to build a library that it can then build other types of chips for. So, you know, the Qualcomm deal, if it goes through, we suspect will be more oriented towards Qualcom trying to acquire the design side, and that could give Intel a massive cash infusion with which to save the manufacturing side and really make the investments that are necessary. But we think that's such a long way off and so uncertain that we don't think Intel is a place to be right now.

Joanne Feeney, so good to have you on Advisors Capital Management.

Joanne Feeney, so good to have you on Advisors Capital Management.

We thank you.

We thank you.

And coming up, what former President Trump had to say about tech regulation in a conversation with the Bloomberg's editor in chief, John mcklethwaite ed, you're watching a stock related to this.

And coming up, what former President Trump had to say about tech regulation in a conversation with the Bloomberg's editor in chief, John mcklethwaite ed, you're watching a stock related to this.

Yes, I am watching Trump Media and Technology DJT up almost ten percent. There's a lot of writing about this on the termin or this morning, Caro. Some people say the Trump trade is the dollar and rates right tied to inflation. Others just say it's DJT. I would point out it was down significantly yesterday, it's up significantly today. There's volatility, but the timing's curious. Based on the fascinating interview you're about to hear, Please don't go anywhere. It is worth listening to. This is Bloomberg Technology.

Yes, I am watching Trump Media and Technology DJT up almost ten percent. There's a lot of writing about this on the termin or this morning, Caro. Some people say the Trump trade is the dollar and rates right tied to inflation. Others just say it's DJT. I would point out it was down significantly yesterday, it's up significantly today. There's volatility, but the timing's curious. Based on the fascinating interview you're about to hear, Please don't go anywhere. It is worth listening to. This is Bloomberg Technology.

Former President Donald Trump sat down with Bloomberg editor in chief John mclelthwaite on Tuesday for a wide ranging interview focused on the acon included his support of tariffs, his views on the Federal Reserve, and the future of tech regulation. Here's what he had to say about the potential breakup of Google.

Former President Donald Trump sat down with Bloomberg editor in chief John mclelthwaite on Tuesday for a wide ranging interview focused on the acon included his support of tariffs, his views on the Federal Reserve, and the future of tech regulation. Here's what he had to say about the potential breakup of Google.

Google's got a lot of power. They're very bad to me, very very bad to me. I mean I can speak from that standpoint. They only have bad stories. In other words, if I have twenty good stories and twenty bad stories and everyone's entitled to that, you'll only see the twenty bad stories. And I called the head of Google the other day and I said, I'm getting a lot of good stories lately, but you don't find them in Google.

Google's got a lot of power. They're very bad to me, very very bad to me. I mean I can speak from that standpoint. They only have bad stories. In other words, if I have twenty good stories and twenty bad stories and everyone's entitled to that, you'll only see the twenty bad stories. And I called the head of Google the other day and I said, I'm getting a lot of good stories lately, but you don't find them in Google.

I think it's a whole rig deal.

I think it's a whole rig deal.

I think Google's rigged, just like our government is rigged all over.

I think Google's rigged, just like our government is rigged all over.

You would break them up.

You would break them up.

In other words, I.

In other words, I.

Do something you have to have. Look, I give them a lot of credit. They've become such a power, such a power, and you've got to give them credit for that. How they became a power is, you know, really the discussion. At the same time, it's a very dangerous thing because we want to have great companies. Don't want China to have these companies. Right now, China is a friend of Google right now. You know, China is a very powerful, very smart group of people.

Do something you have to have. Look, I give them a lot of credit. They've become such a power, such a power, and you've got to give them credit for that. How they became a power is, you know, really the discussion. At the same time, it's a very dangerous thing because we want to have great companies. Don't want China to have these companies. Right now, China is a friend of Google right now. You know, China is a very powerful, very smart group of people.

I will tell you that from.

I will tell you that from.

Very personal example of a Chinese tech company at the moment TikTok. You initially wanted to ban TikTok. Now you like it. Apparently for some reason to do with Facebook. There was a decision coming up. If you became president, it's Chinese parent would have to sell it. I think it's by January the nineteenth.

Very personal example of a Chinese tech company at the moment TikTok. You initially wanted to ban TikTok. Now you like it. Apparently for some reason to do with Facebook. There was a decision coming up. If you became president, it's Chinese parent would have to sell it. I think it's by January the nineteenth.

Would you force them to do that?

Would you force them to do that?

So I originally had it all done, and then I said to Congress, your decision.

So I originally had it all done, and then I said to Congress, your decision.

I said, I'm not.

I said, I'm not.

Going to pull any strings nothing. Your decision. You make it. But I had it all done and I said, you make it, and they decided not to make it. I didn't care if they made it or not, because to me, it was a flip of acquiring. You know, you have some real First Amendment problems. You have a lot of problems.

Going to pull any strings nothing. Your decision. You make it. But I had it all done and I said, you make it, and they decided not to make it. I didn't care if they made it or not, because to me, it was a flip of acquiring. You know, you have some real First Amendment problems. You have a lot of problems.

You just talked about Chinese technology, the need to defend against it. Yeah, TikTok and the threat people see too many kind of American children and things like that. Why do you no longer see security threats?

You just talked about Chinese technology, the need to defend against it. Yeah, TikTok and the threat people see too many kind of American children and things like that. Why do you no longer see security threats?

I think it is a threat. Frankly, I think everything's a threat. There's nothing that's not a threat. But sometimes you have to fight through these threats. You know, you can't just like Google. I'm not a fan of Google. They treat me badly. But if you are you going to destroy the company by doing that? If you do that, are you going to destroy the company. What you can do without breaking it up is make sure that it's more fair.

I think it is a threat. Frankly, I think everything's a threat. There's nothing that's not a threat. But sometimes you have to fight through these threats. You know, you can't just like Google. I'm not a fan of Google. They treat me badly. But if you are you going to destroy the company by doing that? If you do that, are you going to destroy the company. What you can do without breaking it up is make sure that it's more fair.

That was former President Donald Trump with Bloomberg editor in chief John Mickelfwaite. Let's review the interview with Bloomberg's Mike Shephard, who leads our coverage of the intersection between tech and politics, and he stopped short of suggesting a breakup of Google. He was firmer on TikTok. What else did you learn about his potential policy platform going forward in tech?

That was former President Donald Trump with Bloomberg editor in chief John Mickelfwaite. Let's review the interview with Bloomberg's Mike Shephard, who leads our coverage of the intersection between tech and politics, and he stopped short of suggesting a breakup of Google. He was firmer on TikTok. What else did you learn about his potential policy platform going forward in tech?

I think one of the biggest takeaways from that, as he is trying to maintain some flexibility, he tried to leave doors open on both coming down on Google, but also maybe finding some way to play both ends against the middle so that he doesn't have to go to really unraveling what he was hailing during the conversation with John as a great power. He really pointed to Google's market cloud as something in a way to also be envied and admired and something that gives us a geopolitical advantage with China. We do have one signal from his camp that there could be a continuation of this vigorous anti trust enforcement, and that is his running mate jd.

I think one of the biggest takeaways from that, as he is trying to maintain some flexibility, he tried to leave doors open on both coming down on Google, but also maybe finding some way to play both ends against the middle so that he doesn't have to go to really unraveling what he was hailing during the conversation with John as a great power. He really pointed to Google's market cloud as something in a way to also be envied and admired and something that gives us a geopolitical advantage with China. We do have one signal from his camp that there could be a continuation of this vigorous anti trust enforcement, and that is his running mate jd.

Vance.

Vance.

He has previously expressed a favorable view of how Lena con in particular at the FTC has pursued anti competitive behavior, especially by big tech companies, So that could give us some sort of a clearer signal there.

He has previously expressed a favorable view of how Lena con in particular at the FTC has pursued anti competitive behavior, especially by big tech companies, So that could give us some sort of a clearer signal there.

Many are wondering about the signal around M and A as well. It feels as though with an anti competitive perspective that might be tough.

Many are wondering about the signal around M and A as well. It feels as though with an anti competitive perspective that might be tough.

I think you're right there. And also on TikTok. One of those stipulations, of course under the new law is that the app be sold, and so the question is would this really valuable asset enter the market someplace. And again here in the interview, Trump is really playing both ends against the middle. He did not say for sure that he would enforce the new law that President Joe Biden signed at the end of at the end of April as part of a larger foreign a bill. And likewise, in your conversation with our colleague Michelle Davis, we saw signs in other companies Qualcomm in particular that they have reservations about making any kind of a move before they know how this election is shaping up, because the environment could actually become very different when it can't comes to regulation.

I think you're right there. And also on TikTok. One of those stipulations, of course under the new law is that the app be sold, and so the question is would this really valuable asset enter the market someplace. And again here in the interview, Trump is really playing both ends against the middle. He did not say for sure that he would enforce the new law that President Joe Biden signed at the end of at the end of April as part of a larger foreign a bill. And likewise, in your conversation with our colleague Michelle Davis, we saw signs in other companies Qualcomm in particular that they have reservations about making any kind of a move before they know how this election is shaping up, because the environment could actually become very different when it can't comes to regulation.

Mike Sheppard, we appreciate it. Thank you.

Mike Sheppard, we appreciate it. Thank you.

Day two of Bloomberg City Lab Summit in Mexico City, over five hundred mayors and policymakers, including those from Kiev, Ukraine. Four million is being provided by Bloomberg Philanthropies for digital projects in Ukraine. Bloomberg Philanthropies is the philanthropic organization of Michael Bloomberg. Kiev is a city using AI for everything from urban planning, predictive AI for transport, to infrastructure maintenance and even security. City of Kiev, Ukraine, Advisor to the Mayor and head of Digitalization, Oleg Polovinku joins us now, good morning to you. What is it you hope to achieve your city? With all of your peers there in attendance.

Day two of Bloomberg City Lab Summit in Mexico City, over five hundred mayors and policymakers, including those from Kiev, Ukraine. Four million is being provided by Bloomberg Philanthropies for digital projects in Ukraine. Bloomberg Philanthropies is the philanthropic organization of Michael Bloomberg. Kiev is a city using AI for everything from urban planning, predictive AI for transport, to infrastructure maintenance and even security. City of Kiev, Ukraine, Advisor to the Mayor and head of Digitalization, Oleg Polovinku joins us now, good morning to you. What is it you hope to achieve your city? With all of your peers there in attendance.

Hello everyone, thank you for hosting me. Definitely Ukraine now and the city of the Key of in the most challengeable time, and we're doing our best and using digitalization to help our residents achieve services from the city and use it inconvenient and comfortable way.

Hello everyone, thank you for hosting me. Definitely Ukraine now and the city of the Key of in the most challengeable time, and we're doing our best and using digitalization to help our residents achieve services from the city and use it inconvenient and comfortable way.

Just how difficult is it to implement technological innovation at this moment in a moment of war.

Just how difficult is it to implement technological innovation at this moment in a moment of war.

First of all, we are having our super app which downloaded more than three point nine million users in case that we have three point six residents. Of course, it's not all residents downloaded this super app, but the refugees from other regions who came in the key already downloaded. The main goal of this application is provide critical notification to our users to help them find bomb shelters, hitting point, any help and services what they need in the city when they arrive there, when they live there. Because we're facing the out electricity outrange and in this moment, citizens have to know how to survive in the city, so they use our application for that.

First of all, we are having our super app which downloaded more than three point nine million users in case that we have three point six residents. Of course, it's not all residents downloaded this super app, but the refugees from other regions who came in the key already downloaded. The main goal of this application is provide critical notification to our users to help them find bomb shelters, hitting point, any help and services what they need in the city when they arrive there, when they live there. Because we're facing the out electricity outrange and in this moment, citizens have to know how to survive in the city, so they use our application for that.

I can imagine the mental health support that you're able to give, the information that you're able to give.

I can imagine the mental health support that you're able to give, the information that you're able to give.

What about future investment? Where are you allocating? Is it all about the help of generative AI.

What about future investment? Where are you allocating? Is it all about the help of generative AI.

Within these super apps to be some help within mental health discussions? Is it about more logistical information?

Within these super apps to be some help within mental health discussions? Is it about more logistical information?

What are you talking about.

What are you talking about.

Now?

Now?

That functionality what we already providing. It's about transportation, it's about safety, civil defense function But you understand that the residents of the city having ptserve because twice per day the missile attack alarms and they are really tired about all of that. That's why somes to Bloom the philanthropists. We are now developing the project in mental health area, which helps test yourself in the application and after that provide additional recommendations and services which helps you improve your mental health. And additional AI technology helps us to make services and provide services for residents more efficiency. This is like call center providing additional services, making recommendations.

That functionality what we already providing. It's about transportation, it's about safety, civil defense function But you understand that the residents of the city having ptserve because twice per day the missile attack alarms and they are really tired about all of that. That's why somes to Bloom the philanthropists. We are now developing the project in mental health area, which helps test yourself in the application and after that provide additional recommendations and services which helps you improve your mental health. And additional AI technology helps us to make services and provide services for residents more efficiency. This is like call center providing additional services, making recommendations.

Or like very quickly, which area of your city do you need to modernize the most? Excuse me, which area of your city do you need to modernize? First?

Or like very quickly, which area of your city do you need to modernize the most? Excuse me, which area of your city do you need to modernize? First?

Oh, this is the areas that we are covering. This is a civil defense, this is a transportation, this is self testing and self improvement of the residents.

Oh, this is the areas that we are covering. This is a civil defense, this is a transportation, this is self testing and self improvement of the residents.

Right.

Right.

Oh, leg, it's so good to have some of your time.

Oh, leg, it's so good to have some of your time.

The key of advisor to the Mayor and head of Digitalization Olegrinco. We'llcome back to Bluemore Technology. I'm Caroline Hyde in New York.

The key of advisor to the Mayor and head of Digitalization Olegrinco. We'llcome back to Bluemore Technology. I'm Caroline Hyde in New York.

That I made Ludlow in San Francisco.

That I made Ludlow in San Francisco.

Check on these market said, because while we're still trying to digest the shock enhouncement earnings from ASML, chip equipment maker, which really managed to pummel some of the chip sector yesterday. Today we see a little bit of aprief. We're only off by bad a tenth of a percent. We're seeming to be flip flopping between gains and losses on the Nasdaq one hundred more broadly, off by a tenth of a percent. But drill into some of the individual movers, because despite the CEO.

Check on these market said, because while we're still trying to digest the shock enhouncement earnings from ASML, chip equipment maker, which really managed to pummel some of the chip sector yesterday. Today we see a little bit of aprief. We're only off by bad a tenth of a percent. We're seeming to be flip flopping between gains and losses on the Nasdaq one hundred more broadly, off by a tenth of a percent. But drill into some of the individual movers, because despite the CEO.

Now speaking out, coming out to.

Now speaking out, coming out to.

Investors to explain the numbers, ASML still under pressure. Let's just move on to see what it's doing in terms of its ADRs where are traded in the United States. We've seen ASML under some pressure. We're currently off by more than five percent. Interestingly, though the chip set to more broadly is bouncing back. Video in the green. Because look, this isn't an AI growth story. Many at pains to explain that actually AI really remains the bright spot. The sad spot is perhaps the consumer tech area, particularly PC volume smartphone. That is why perhaps we see Apple under pressure by one point four percent.

Investors to explain the numbers, ASML still under pressure. Let's just move on to see what it's doing in terms of its ADRs where are traded in the United States. We've seen ASML under some pressure. We're currently off by more than five percent. Interestingly, though the chip set to more broadly is bouncing back. Video in the green. Because look, this isn't an AI growth story. Many at pains to explain that actually AI really remains the bright spot. The sad spot is perhaps the consumer tech area, particularly PC volume smartphone. That is why perhaps we see Apple under pressure by one point four percent.

End. Okay, some news from the aerospace sector air buses joining Boeing in cost cutting measures. The European plane maker will cut up to twenty five hundred jobs in its defense and space division. That's equivalent to about seven percent of its entire workforce. The companies decided that it needs to step up in order to adapt to what it called an increasingly difficult space market.

End. Okay, some news from the aerospace sector air buses joining Boeing in cost cutting measures. The European plane maker will cut up to twenty five hundred jobs in its defense and space division. That's equivalent to about seven percent of its entire workforce. The companies decided that it needs to step up in order to adapt to what it called an increasingly difficult space market.

Carrot, let's just stick with space because AST space Mobile is building the first and only cellular broadband network from space. It's working with the giants like AT and T, Google, Verizon and more, and that makes it the biggest competitor to SpaceX in the director sell business. Let's discuss all of this as President Scottsnewski, who joins us in the studio and Scott many are trying to work out how realistic You've got satellites into space. Did that on September the twelfth, but there are more to be built, plenty more.

Carrot, let's just stick with space because AST space Mobile is building the first and only cellular broadband network from space. It's working with the giants like AT and T, Google, Verizon and more, and that makes it the biggest competitor to SpaceX in the director sell business. Let's discuss all of this as President Scottsnewski, who joins us in the studio and Scott many are trying to work out how realistic You've got satellites into space. Did that on September the twelfth, but there are more to be built, plenty more.

How are you on this journey?

How are you on this journey?

Well, we've been at this, and thank you for having us, but we've been at this for about seven years now. Our network is purpose built just for the space based cellular broadband opportunity, and it's purpose built for the operators. So we've been working with many of these operators for over five years now, and you mentioned a few. We have many more abroad as well, and so for us, the first step was to launch these first five commercial satellites. We'll have more to come starting in Q one, twenty twenty five, and our goal is to get about forty five to sixty in the US in order to provide twenty four to seven commercial service to your phone with no modification to your phone.

Well, we've been at this, and thank you for having us, but we've been at this for about seven years now. Our network is purpose built just for the space based cellular broadband opportunity, and it's purpose built for the operators. So we've been working with many of these operators for over five years now, and you mentioned a few. We have many more abroad as well, and so for us, the first step was to launch these first five commercial satellites. We'll have more to come starting in Q one, twenty twenty five, and our goal is to get about forty five to sixty in the US in order to provide twenty four to seven commercial service to your phone with no modification to your phone.

Scott, thanks for coming on Bloomberg Technology. Your ability to serve the world directly correlates to this constellation in orbit right, So from that perspective, just explain to us the timeline for expansion, but your ability to serve those markets on Earth.

Scott, thanks for coming on Bloomberg Technology. Your ability to serve the world directly correlates to this constellation in orbit right, So from that perspective, just explain to us the timeline for expansion, but your ability to serve those markets on Earth.

Right, Well, we importantly are low Earth orbit network, which like you said, means we're global, and that's a problem and that you need many satellites. But once you're operational, you can service many markets. And that's why we've put together this network of forty five plus partnerships globally with the mobile network operators who cover collectively over two point eight billion subscribers. So that network is something that we want to build quickly. Our partners want to build quickly. It's a service we want to bring to market and we're going to start doing beta service with these first five satellites thirty plus minutes a day as soon as we continue commission the satellites here in orbit. So from there we're vertically integrated, which we think is very important for what we're doing. We're based in Texas, we have our key hubs here in the United States, in addition being publicly traded and based here, and so for us getting that factory at full speed, we believe our capacity is up to six satellites a month, and these are big satellites, very specialized for this application. We're going to be building those very rapidly. We've announced that we're in interestroduction for the next seventeen and we need to get to that forty five to sixty number as soon as we can.

Right, Well, we importantly are low Earth orbit network, which like you said, means we're global, and that's a problem and that you need many satellites. But once you're operational, you can service many markets. And that's why we've put together this network of forty five plus partnerships globally with the mobile network operators who cover collectively over two point eight billion subscribers. So that network is something that we want to build quickly. Our partners want to build quickly. It's a service we want to bring to market and we're going to start doing beta service with these first five satellites thirty plus minutes a day as soon as we continue commission the satellites here in orbit. So from there we're vertically integrated, which we think is very important for what we're doing. We're based in Texas, we have our key hubs here in the United States, in addition being publicly traded and based here, and so for us getting that factory at full speed, we believe our capacity is up to six satellites a month, and these are big satellites, very specialized for this application. We're going to be building those very rapidly. We've announced that we're in interestroduction for the next seventeen and we need to get to that forty five to sixty number as soon as we can.

So that is interesting. Caroline and I were at rocket Lab Friday for a special show, and what I found so fascinating about that is that their limiting factor is not their ability to build rockets and launch, it's the customers sending things up. So what is your limiting factor? It sounds like you can build, is it your launch provider? What's kind of the limit on growth?

So that is interesting. Caroline and I were at rocket Lab Friday for a special show, and what I found so fascinating about that is that their limiting factor is not their ability to build rockets and launch, it's the customers sending things up. So what is your limiting factor? It sounds like you can build, is it your launch provider? What's kind of the limit on growth?

Yeah? For us, again, going back and being vertically integrated. We control most of the inputs to the supply chain and in manufacturing, So for us, we've had a lot of success so far this year raising capital. We control the manufacturing and supply chain, and we have great partners, some of which you just put up on the screen. So we believe that the ball is largely in our court. Still a lot to work through, but we control most of the inputs, action and the ability to deliver the service, and we're in a race to get it up to orbit as soon as possible.

Yeah? For us, again, going back and being vertically integrated. We control most of the inputs to the supply chain and in manufacturing, So for us, we've had a lot of success so far this year raising capital. We control the manufacturing and supply chain, and we have great partners, some of which you just put up on the screen. So we believe that the ball is largely in our court. Still a lot to work through, but we control most of the inputs, action and the ability to deliver the service, and we're in a race to get it up to orbit as soon as possible.

Talking of capital that you managed to raise, I mean you're potentially going to sell more.

Talking of capital that you managed to raise, I mean you're potentially going to sell more.

Stop.

Stop.

We're up three hundred percent here to date, you have been the best performing Russell two thousand name record highs thirteen hundred percent up from its previous slow but thirty percent of the outstanding shares are shorted. What do you say to those shorts who are worried about the ability to make this discussion and reality right?

We're up three hundred percent here to date, you have been the best performing Russell two thousand name record highs thirteen hundred percent up from its previous slow but thirty percent of the outstanding shares are shorted. What do you say to those shorts who are worried about the ability to make this discussion and reality right?

What we think what we have is very highly differentiated technology and excellent partners that we've.

What we think what we have is very highly differentiated technology and excellent partners that we've.

Been able like SpaceX that you're competing against.

Been able like SpaceX that you're competing against.

Yes, exactly, so what we're doing is very different. Cellular broadband from space is very different from SOS or texts, so we think that we're very useful to the operators who've partnered with us. We're very we're going to provide a service that's very, very important to the consumer. You know, when our phone doesn't work, it weighs very heavy in our pocket. So we think that the demand for our service is very significant and we're pushing as fast as we can. Our stock has performed well on the back of I think our success this year. But for us, we have to produce for our shareholders and for our customers, and we're very eager to do that. As we discussed on the capital side, we've announced success with the US government as a customer and prepayments with many of our top providers customers who will get initial access to our network. So for us, the stock has performed well, but we've offerings in twenty twenty five and twenty twenty four and we've plan to stick with that.

Yes, exactly, so what we're doing is very different. Cellular broadband from space is very different from SOS or texts, so we think that we're very useful to the operators who've partnered with us. We're very we're going to provide a service that's very, very important to the consumer. You know, when our phone doesn't work, it weighs very heavy in our pocket. So we think that the demand for our service is very significant and we're pushing as fast as we can. Our stock has performed well on the back of I think our success this year. But for us, we have to produce for our shareholders and for our customers, and we're very eager to do that. As we discussed on the capital side, we've announced success with the US government as a customer and prepayments with many of our top providers customers who will get initial access to our network. So for us, the stock has performed well, but we've offerings in twenty twenty five and twenty twenty four and we've plan to stick with that.

Scott, I'm sorry I'm pushing my luck with time, but the team know that I'm excited about this area. Explain how it works from a revenue split perspective. So if I use my phone in my pocket, you're partnering with the carrier AT and T. It's your constellation and your technology, but you need to kind of split who's making money in the transaction. Explain that very quickly, please well.

Scott, I'm sorry I'm pushing my luck with time, but the team know that I'm excited about this area. Explain how it works from a revenue split perspective. So if I use my phone in my pocket, you're partnering with the carrier AT and T. It's your constellation and your technology, but you need to kind of split who's making money in the transaction. Explain that very quickly, please well.

Our organizing principle from the beginning has been a revenue share, so a service that's unique, it's supplemental to the coverage that our partners provide, and it's a service that will be provided through that partner. So for us, our organizing principle has been a revenue share with all of our customers. There's many ways to go to market that are very interesting, and we'll be flexible by market, but at its core, we want to drive new revenue, new growth, help our customers reduce churn by making their service more valuable, and in that process we show the revenue.

Our organizing principle from the beginning has been a revenue share, so a service that's unique, it's supplemental to the coverage that our partners provide, and it's a service that will be provided through that partner. So for us, our organizing principle has been a revenue share with all of our customers. There's many ways to go to market that are very interesting, and we'll be flexible by market, but at its core, we want to drive new revenue, new growth, help our customers reduce churn by making their service more valuable, and in that process we show the revenue.

Come on when you hit those targets. AST Space Mobile President Scott asnews Key. We thank you for your time and what have we got coming up?

Come on when you hit those targets. AST Space Mobile President Scott asnews Key. We thank you for your time and what have we got coming up?

Yes, more news in talkie tech First start check out this terminal CHARTSML has officially lost its place as your most Valuable Tech company to software firm SAP. That's, of course, after a guidance cut sent the Dutch chip makers shares plunging. As mentioned earlier, SML lost about sixty five billion dollars in market cap in that session, also booked only about half the orders that analysts were expecting. In Q three plus, Airbnb's launched a new feature that allows homeowners to hire fellow hosts to manage their rentals. The idea for hosts to have a new resource to furnish their home, managed bookings and coordinate guest logistics. Airbnb hopes the new feature will help boost listings and paramounts. Three co CEOs will get paid even if they're not the boss. According to a regulatory filing, they will receive their improved annual cash bonuses even if they're replaced. Paramounts in the process of merging with Skydance Media and the new CEO's expected has been named when the deal closes in the first half of next year.

Yes, more news in talkie tech First start check out this terminal CHARTSML has officially lost its place as your most Valuable Tech company to software firm SAP. That's, of course, after a guidance cut sent the Dutch chip makers shares plunging. As mentioned earlier, SML lost about sixty five billion dollars in market cap in that session, also booked only about half the orders that analysts were expecting. In Q three plus, Airbnb's launched a new feature that allows homeowners to hire fellow hosts to manage their rentals. The idea for hosts to have a new resource to furnish their home, managed bookings and coordinate guest logistics. Airbnb hopes the new feature will help boost listings and paramounts. Three co CEOs will get paid even if they're not the boss. According to a regulatory filing, they will receive their improved annual cash bonuses even if they're replaced. Paramounts in the process of merging with Skydance Media and the new CEO's expected has been named when the deal closes in the first half of next year.

Karro coming up, we're going to be talking another of your favorite zed Jason Chairman, Convoy, co founder, managing partner on the state of the gaming industry and investments.

Karro coming up, we're going to be talking another of your favorite zed Jason Chairman, Convoy, co founder, managing partner on the state of the gaming industry and investments.

As a bluebog technology.

As a bluebog technology.

Convoy estimates the gaming market size to reach one hundred eighty eight billion dollars this year with VC funding in games reaching five hundred and seventeen million so far more in that landscape, including the impact of AI Convoy co founder and managing partner Jason Chapman joins us, Now, I find that so interesting. We can get into the health of this industry a little bit, but the sheer size of the overall industry, the size one hundred and eighty eight, why is that important?

Convoy estimates the gaming market size to reach one hundred eighty eight billion dollars this year with VC funding in games reaching five hundred and seventeen million so far more in that landscape, including the impact of AI Convoy co founder and managing partner Jason Chapman joins us, Now, I find that so interesting. We can get into the health of this industry a little bit, but the sheer size of the overall industry, the size one hundred and eighty eight, why is that important?

I mean, baby one, thank you ed, thank you Carolin for having me. Yes, gaming is the most significant portion of the entertainment market today. Right. We're larger than linear TV, We're larger than OTT, we're larger than movies, music in many cases some of those industries combined. Gaming has continued to grow. It's proven, that's recession resilient. It's been tested and tried in just about every way, shape and form.

I mean, baby one, thank you ed, thank you Carolin for having me. Yes, gaming is the most significant portion of the entertainment market today. Right. We're larger than linear TV, We're larger than OTT, we're larger than movies, music in many cases some of those industries combined. Gaming has continued to grow. It's proven, that's recession resilient. It's been tested and tried in just about every way, shape and form.

And yes, we're.

And yes, we're.

Really pleased to see that funding has normalized. You know, the last six quarters were seen roughly around five hundred and six hundred million dollars with usted on a quarterly based this into games and we see no reason that that will stop. And that, paired with interest rates driving down, open up the IPO markets pretty polish. On a twenty twenty five.

Really pleased to see that funding has normalized. You know, the last six quarters were seen roughly around five hundred and six hundred million dollars with usted on a quarterly based this into games and we see no reason that that will stop. And that, paired with interest rates driving down, open up the IPO markets pretty polish. On a twenty twenty five.

For games, Jason.

For games, Jason.

Given the size, the sheer scale of the overall industry, how much of a chunk of change does it get in the VC area? Is it synonymous to the extent of its size and entertainment broadly.

Given the size, the sheer scale of the overall industry, how much of a chunk of change does it get in the VC area? Is it synonymous to the extent of its size and entertainment broadly.

Yes, So if you look at you know, larger venture, there's about fifty to sixty billion dollars invested a quarter. We're seeing about five hundred and six hundred million of that in games, so it is a significant portion. It's also a lot more stable. I think you see a lot less flash in the pans as you're seen right now. You know, a couple of years ago in Web three or this year you're seeing in AI. Gaming is kind of steady state, and so we're very pleased to see that. We're expecting to see you know, continued interest this you know, rounting out this year, and also we a to twenty twenty five.

Yes, So if you look at you know, larger venture, there's about fifty to sixty billion dollars invested a quarter. We're seeing about five hundred and six hundred million of that in games, so it is a significant portion. It's also a lot more stable. I think you see a lot less flash in the pans as you're seen right now. You know, a couple of years ago in Web three or this year you're seeing in AI. Gaming is kind of steady state, and so we're very pleased to see that. We're expecting to see you know, continued interest this you know, rounting out this year, and also we a to twenty twenty five.

I want to just try out if we can get all three of us on screen for a moment, because we had such a fun conversation last week. We're in LA We're discussing sort of the industry more broadly when it comes to gaming, and we had a legend from Blizzard join the show has got a news studio, but there is still a lot to sort of focus on when it comes to the development of games and how hard it is.

I want to just try out if we can get all three of us on screen for a moment, because we had such a fun conversation last week. We're in LA We're discussing sort of the industry more broadly when it comes to gaming, and we had a legend from Blizzard join the show has got a news studio, but there is still a lot to sort of focus on when it comes to the development of games and how hard it is.

Right, you're talking about Mike Morheim, and last night I was at an event with Jason Schreier with loads of developers in the room, And the reason I'm so fixated on Jason's one hundred and eighty eight billion number is it's getting bigger. But all the people in that room Jason, who were developers would tell you that they're suffering layoffs at video game publishers, and developers are increasing the crunch. The crunch, you know exactly what that is, is more real than ever. So why is the industry getting bigger?

Right, you're talking about Mike Morheim, and last night I was at an event with Jason Schreier with loads of developers in the room, And the reason I'm so fixated on Jason's one hundred and eighty eight billion number is it's getting bigger. But all the people in that room Jason, who were developers would tell you that they're suffering layoffs at video game publishers, and developers are increasing the crunch. The crunch, you know exactly what that is, is more real than ever. So why is the industry getting bigger?

I mean, I think it's getting bigger because people continue to want to spend time in interactive environments. You know, if you look at younger generations, they're spending less and less time watching TV, which is passive. They want to be in an environment that they could interact impact and so that's absolutely true. Why is there the crunching games people talk about this a lot, is because look, users are very demanding. We expect a lot from our games. We've been spoiled over the years. We have great creatives producing high quality content that we get to enjoy on a daily and weekly basis, and that's never going to stop.

I mean, I think it's getting bigger because people continue to want to spend time in interactive environments. You know, if you look at younger generations, they're spending less and less time watching TV, which is passive. They want to be in an environment that they could interact impact and so that's absolutely true. Why is there the crunching games people talk about this a lot, is because look, users are very demanding. We expect a lot from our games. We've been spoiled over the years. We have great creatives producing high quality content that we get to enjoy on a daily and weekly basis, and that's never going to stop.

I think you're talking about the layoffs.

I think you're talking about the layoffs.

Yes, we've seen about thirteen thousand jobs lost in the games industry that we've tracked from the public companies. It's likely a lot higher if you include private companies. We expect it we'll see more, and I think that's a healthy thing in industry. I know that's really hard to say and hard to hear, but we over hired during the boom era. We're going through right sizing now and it's really encouraging to see that even in that right sizing, our industry continues to thrive and to grow. And that is an encouraging reality, I think for those in the games, and one that we should all remember.

Yes, we've seen about thirteen thousand jobs lost in the games industry that we've tracked from the public companies. It's likely a lot higher if you include private companies. We expect it we'll see more, and I think that's a healthy thing in industry. I know that's really hard to say and hard to hear, but we over hired during the boom era. We're going through right sizing now and it's really encouraging to see that even in that right sizing, our industry continues to thrive and to grow. And that is an encouraging reality, I think for those in the games, and one that we should all remember.

What's not healthy at the moment is child safety and lo I've got a seven year old at home who is desperate to be on roadblocks and on Minecraft instead. I had in books about it because I've got to get my safety precautions and get understand how I make him safe online before I let him do it. How are you thinking about what's happening versus TikTok, the Child's Safety.

What's not healthy at the moment is child safety and lo I've got a seven year old at home who is desperate to be on roadblocks and on Minecraft instead. I had in books about it because I've got to get my safety precautions and get understand how I make him safe online before I let him do it. How are you thinking about what's happening versus TikTok, the Child's Safety.

Bill, and also how that in broils things like roadblogs.

Bill, and also how that in broils things like roadblogs.

As kids spend more and more time online. And I have a lot of empathy for this as a parent myself. You have to take that very seriously in every way, shape and form. Right, So, wherever this is and wherever it is, that's where you need to.

As kids spend more and more time online. And I have a lot of empathy for this as a parent myself. You have to take that very seriously in every way, shape and form. Right, So, wherever this is and wherever it is, that's where you need to.

Protect the kids.

Protect the kids.

And so when we're looking at this, you know, we think about this in a lot of different ways, and you know, every single gaming firm has to reconcile that if you command a kid's time, you're taking responsibility and sort of digital daycare. We've invested pretty heavily in the space. One of our investments is kid, which is actually tacking this issue straight on, which is trying to promote and ensure that the companies are compliant with different regulations across the globe. This is one of the huge challenges for games companies. Again, I have a lot of empathy for them. When you release a game, you release a game in you know, over one hundred countries. Trying to stay compliant and ensure that every kid is safe according to the law, it's very difficult, and that's why we made this investment early on, and they've continued to thrive. I think what you're highlighting to Caroline with Roadblocks. Obviously, the Hindenberger report that came out was pretty intense with their allegations. I'd say towards a kind of two sides of the house. One is child safety, the other one is kind of their financial metrics. A'll hone it on the child safety metrics for a second.

And so when we're looking at this, you know, we think about this in a lot of different ways, and you know, every single gaming firm has to reconcile that if you command a kid's time, you're taking responsibility and sort of digital daycare. We've invested pretty heavily in the space. One of our investments is kid, which is actually tacking this issue straight on, which is trying to promote and ensure that the companies are compliant with different regulations across the globe. This is one of the huge challenges for games companies. Again, I have a lot of empathy for them. When you release a game, you release a game in you know, over one hundred countries. Trying to stay compliant and ensure that every kid is safe according to the law, it's very difficult, and that's why we made this investment early on, and they've continued to thrive. I think what you're highlighting to Caroline with Roadblocks. Obviously, the Hindenberger report that came out was pretty intense with their allegations. I'd say towards a kind of two sides of the house. One is child safety, the other one is kind of their financial metrics. A'll hone it on the child safety metrics for a second.

Free.

Free.

Yeah, they have to take this very seriously. It's something they have to look into, but until proven otherwise, you know, I think that Roadblocks has proven to be a best in class digital property. I would like to think that they can handle these issues head on.

Yeah, they have to take this very seriously. It's something they have to look into, but until proven otherwise, you know, I think that Roadblocks has proven to be a best in class digital property. I would like to think that they can handle these issues head on.

Jason Chapman and Convoy thank you.

Jason Chapman and Convoy thank you.

Amazon says it's teaming with financier Ken Griffin to make a five hundred million dollar investment in small nuclear reactors. Is what a ws CEO Matt Garmon said earlier today.

Amazon says it's teaming with financier Ken Griffin to make a five hundred million dollar investment in small nuclear reactors. Is what a ws CEO Matt Garmon said earlier today.

As the world continues to modernize, continues to digital, as we think about the power of generative AI, all of these capabilities are leading to the demands of more power. So nuclear is an incredibly important part of reaching that carbon zero goal for us.

As the world continues to modernize, continues to digital, as we think about the power of generative AI, all of these capabilities are leading to the demands of more power. So nuclear is an incredibly important part of reaching that carbon zero goal for us.

We'll hear more from Matt Garman tomorrow, where he joins us right here on Bloomberg Technology. Okay, Amazon's not the only one. Google, Let's got a nuclear The company says it's investing in the development of several small nuclear power reactors across the United States. It hopes the deal your Cairos power will help it meet the growing need for electricity to fuel ai Here now, Michael Terrell, Senior director of Energy and Climate at Google, and I guess that the best starting point because it's well documented the terms of the deal SMRs and what they are, is whether it meaningfully changes the trajectory of meeting your power needs but also your targets for climate as well well.

We'll hear more from Matt Garman tomorrow, where he joins us right here on Bloomberg Technology. Okay, Amazon's not the only one. Google, Let's got a nuclear The company says it's investing in the development of several small nuclear power reactors across the United States. It hopes the deal your Cairos power will help it meet the growing need for electricity to fuel ai Here now, Michael Terrell, Senior director of Energy and Climate at Google, and I guess that the best starting point because it's well documented the terms of the deal SMRs and what they are, is whether it meaningfully changes the trajectory of meeting your power needs but also your targets for climate as well well.

The world needs more carbon free energy and this agreement that we've signed with Cairos is an important mouse and what's been a fifteen year journey at Google to make the transition to clean energy. It's our first nuclear energy deal, and we feel that nuclear is a very important technology for going carbon free for offices, data centers, communities where we operate, because it's an always on carbon free energy resource.

The world needs more carbon free energy and this agreement that we've signed with Cairos is an important mouse and what's been a fifteen year journey at Google to make the transition to clean energy. It's our first nuclear energy deal, and we feel that nuclear is a very important technology for going carbon free for offices, data centers, communities where we operate, because it's an always on carbon free energy resource.

I'm very interested in the technology, you know, I am, but I'm also interested in the economics and the math. Are you able to say, even if it's an estimate kind of way, you see the dollar pamegual hour being by twenty thirty, twenty thirty five when these come online.

I'm very interested in the technology, you know, I am, but I'm also interested in the economics and the math. Are you able to say, even if it's an estimate kind of way, you see the dollar pamegual hour being by twenty thirty, twenty thirty five when these come online.

Well, I can't talk about the specifics of this deal, but what's interesting about it is we didn't do a deal for just one reactor. It's actually for a series of reactors, what we call an order book, and that repeatability helps to drive down costs, It helps to take the technology to scale faster.

Well, I can't talk about the specifics of this deal, but what's interesting about it is we didn't do a deal for just one reactor. It's actually for a series of reactors, what we call an order book, and that repeatability helps to drive down costs, It helps to take the technology to scale faster.

Your focus is eliminating carbon emissions by twenty thirty.

Your focus is eliminating carbon emissions by twenty thirty.

Does this get you there?

Does this get you there?

Michael, that's right, Caroline.

Michael, that's right, Caroline.

We have a goal as a company to be twenty four to seven carbon free and everywhere we operate in every location, every hour.

We have a goal as a company to be twenty four to seven carbon free and everywhere we operate in every location, every hour.

Of the day, and it's a huge challenge.

Of the day, and it's a huge challenge.

We've actually been in this space for fifteen years in terms of doing wind and solar large deals. We're one of the largest corporate purchasers of wind and solar on the planet. We signed over one hundred deals. But we know that to get to carbon free twenty four hours a day, we're going to need more technologies than just wind and solar. The wind doesn't blow all the time, the sun doesn't shine all the time. And what's great about technologies like advanced nuclear is that they provide a more always on resource. So it's a very big part of our path to twenty four to seven carbon free energy, but.

We've actually been in this space for fifteen years in terms of doing wind and solar large deals. We're one of the largest corporate purchasers of wind and solar on the planet. We signed over one hundred deals. But we know that to get to carbon free twenty four hours a day, we're going to need more technologies than just wind and solar. The wind doesn't blow all the time, the sun doesn't shine all the time. And what's great about technologies like advanced nuclear is that they provide a more always on resource. So it's a very big part of our path to twenty four to seven carbon free energy, but.

It takes time and right now AI generator AI, the training of it is in the here and now. Do you have the energy infrastructure necessary to satisfy that demand?

It takes time and right now AI generator AI, the training of it is in the here and now. Do you have the energy infrastructure necessary to satisfy that demand?

Yes, we do, and it's why we're making big bets like we are on nuclear, but we're also still betting big on wind and solar and storage. We signed over or four gigawatts of deals just last year, the most we've ever signed in a single year, and now we're inking new agreements with utilities to develop a portfolio of technologies that can meet our twenty four to seven carbon free needs. So we're both betting short term and long term.

Yes, we do, and it's why we're making big bets like we are on nuclear, but we're also still betting big on wind and solar and storage. We signed over or four gigawatts of deals just last year, the most we've ever signed in a single year, and now we're inking new agreements with utilities to develop a portfolio of technologies that can meet our twenty four to seven carbon free needs. So we're both betting short term and long term.

I know you won't give me a dollar pamegal hour figure, but you do expect the SMRs to be competitive and of value versus solar and wind and the other technologies you outlined.