From Marhart where Innovation, Money and power Collie in Silicon Valley, NBN.

From Marhart where Innovation, Money and power Collie in Silicon Valley, NBN.

This is Bloomberg Technology with Caroline Hyde and.

This is Bloomberg Technology with Caroline Hyde and.

Ed loved Love.

Ed loved Love.

Live from New York and San Francisco. This is Bloomberg Technology coming up. Bitcoin rallies past eighty four thousand to reach a new record high, boosted by the election outcome. Where next for crypto.

Live from New York and San Francisco. This is Bloomberg Technology coming up. Bitcoin rallies past eighty four thousand to reach a new record high, boosted by the election outcome. Where next for crypto.

Plus Tesla shorts proved to be a losing bett Hedge funds shorting must company lose billions of dollars.

Plus Tesla shorts proved to be a losing bett Hedge funds shorting must company lose billions of dollars.

And we talk about the future of defense tech and American dynamism and Andrews and Horowitz partner Catherine Boyle. But first, let's just check in on bitcoin. It is the story of the day. It leaps yet further another five percent higher on the day. We're at eclipsing eighty four thousand, never been seen in terms of numbers, and it's the same reasoning behind it. Let's get to that with blubg Shnani Bassack, who can talk us through basically us being the capital of the crypto planet. But what do we need to see in the short term to keep vindicating an eighty four thousand level for bitcoin?

And we talk about the future of defense tech and American dynamism and Andrews and Horowitz partner Catherine Boyle. But first, let's just check in on bitcoin. It is the story of the day. It leaps yet further another five percent higher on the day. We're at eclipsing eighty four thousand, never been seen in terms of numbers, and it's the same reasoning behind it. Let's get to that with blubg Shnani Bassack, who can talk us through basically us being the capital of the crypto planet. But what do we need to see in the short term to keep vindicating an eighty four thousand level for bitcoin?

One thing is just watching the flows because they have been dramatic, and you have seen stunning flows not just into Bitcoin but almost every stock related to bitcoin as well. If you think about it over a seven day period, you have coinbase up almost seventy five percent in a seven day timeframe, and you have micro Strategy up more now today than it was the day that the Trump victory was announced. So that's just how much you're seeing the excitement around these stocks. And what's interesting, too, Caroline, is you haven't even seen some critical moves by the Trump the future Trump administration, rather, for example, who would be the SEC chair? What tone would they take when it comes to crypto? Will that make Bitcoin go higher? From here, we're looking at Salana, dogecoin as well over one week, and you're seeing the gains across the crypto atmosphere just stunning.

One thing is just watching the flows because they have been dramatic, and you have seen stunning flows not just into Bitcoin but almost every stock related to bitcoin as well. If you think about it over a seven day period, you have coinbase up almost seventy five percent in a seven day timeframe, and you have micro Strategy up more now today than it was the day that the Trump victory was announced. So that's just how much you're seeing the excitement around these stocks. And what's interesting, too, Caroline, is you haven't even seen some critical moves by the Trump the future Trump administration, rather, for example, who would be the SEC chair? What tone would they take when it comes to crypto? Will that make Bitcoin go higher? From here, we're looking at Salana, dogecoin as well over one week, and you're seeing the gains across the crypto atmosphere just stunning.

This is an industry that put one hundred million dollars into backing its preferred candidates, and in President elect Trump, they got their preferred candidate. And you're so right about, well, what happens next? The market thinks that bitcoin keeps going right, it thinks bitcoin goes to one hundred thousand US dollars for token, It does well.

This is an industry that put one hundred million dollars into backing its preferred candidates, and in President elect Trump, they got their preferred candidate. And you're so right about, well, what happens next? The market thinks that bitcoin keeps going right, it thinks bitcoin goes to one hundred thousand US dollars for token, It does well.

Let me give you one man's example for what we heard this morning. We talked to a metified CEO, Frank Speiser. He gave us essentially a target of about one hundred thousand dollars for the end of the year and one hundred and fifty into next year. Towards the end of next year, so a significant move higher. But the one hundred thousand dollars time frame he gave us was also what he had given us before. So the additional upside remains a question at least what it looks like for the next year or so. To the point that you've been making flows have driven the story here, but what about fundamentals and is there anything here?

Let me give you one man's example for what we heard this morning. We talked to a metified CEO, Frank Speiser. He gave us essentially a target of about one hundred thousand dollars for the end of the year and one hundred and fifty into next year. Towards the end of next year, so a significant move higher. But the one hundred thousand dollars time frame he gave us was also what he had given us before. So the additional upside remains a question at least what it looks like for the next year or so. To the point that you've been making flows have driven the story here, but what about fundamentals and is there anything here?

You just take the beginning of the.

You just take the beginning of the.

Year, for example, when you saw the new bitcoin ETFs approved by the SEC. You saw a huge run up into that moment, but a leveling off for a long time. Ed you and I have sat here talking about it.

Year, for example, when you saw the new bitcoin ETFs approved by the SEC. You saw a huge run up into that moment, but a leveling off for a long time. Ed you and I have sat here talking about it.

One question I.

One question I.

Have is the assets outside of Bitcoin, the places where the SEC had cracked down on different forms of tokens that are trading on exchanges.

Have is the assets outside of Bitcoin, the places where the SEC had cracked down on different forms of tokens that are trading on exchanges.

Do you see more of a flow.

Do you see more of a flow.

Into that and does that take away from Bitcoin at all? Something to keep an eye on. As the story goes on.

Into that and does that take away from Bitcoin at all? Something to keep an eye on. As the story goes on.

Keep an eye on bitcoin eighty four thousand US dollars per token, risk on attitude in markets if you look at it, Bloomberg shan Ali Bassek, thank you so much. You look away from bitcoin and the equity markets. Technology more risk off, particularly the chip sector with the socks down significantly. Jordan Klein and lists of Assoo America's joins US now and let's start there. It's an interesting sentiment in the market this morning, Bitcoin going gangbusters, semiconductors softer.

Keep an eye on bitcoin eighty four thousand US dollars per token, risk on attitude in markets if you look at it, Bloomberg shan Ali Bassek, thank you so much. You look away from bitcoin and the equity markets. Technology more risk off, particularly the chip sector with the socks down significantly. Jordan Klein and lists of Assoo America's joins US now and let's start there. It's an interesting sentiment in the market this morning, Bitcoin going gangbusters, semiconductors softer.

Why Well, I don't know if there's any one specific data point today that's putting the semiconductor sector under pressure. I mean, this is a sector that's going to be pretty volatile. I think until Trump takes office and you can get more clarity around his positioning around tariffs, how aggressively be what will the impact be on global trade?

Why Well, I don't know if there's any one specific data point today that's putting the semiconductor sector under pressure. I mean, this is a sector that's going to be pretty volatile. I think until Trump takes office and you can get more clarity around his positioning around tariffs, how aggressively be what will the impact be on global trade?

And this group has had a nice move. I mean it's.

And this group has had a nice move. I mean it's.

Underperformed broader tech and definitely software since the election. But remember it's one of the top performers in the equity market year to date, with Nvidia leading the way. So I just think you're going to see ebbs and flows, but clearly there's a lot of momentum in SEMIS, and when it sees a sector like crypto and fintech take off, there's going to be some people who want to play into that.

Underperformed broader tech and definitely software since the election. But remember it's one of the top performers in the equity market year to date, with Nvidia leading the way. So I just think you're going to see ebbs and flows, but clearly there's a lot of momentum in SEMIS, and when it sees a sector like crypto and fintech take off, there's going to be some people who want to play into that.

Can I go micro for a moment? And super Microcomputer we completely basically ignored because it came out with its update for the market on the same day as the election results. But it needs focusing on because it's down another eleven percent. It is a raised an awful lot of market capitalization because well, why basically not only about disappointing sales forecasts, but ultimately about accounting probes, about a DJ investigation, about a delayed ten K financial disclosure, all of the above. How much do you focus in on these individual names and as to whether they can vindicate the AI bubbles.

Can I go micro for a moment? And super Microcomputer we completely basically ignored because it came out with its update for the market on the same day as the election results. But it needs focusing on because it's down another eleven percent. It is a raised an awful lot of market capitalization because well, why basically not only about disappointing sales forecasts, but ultimately about accounting probes, about a DJ investigation, about a delayed ten K financial disclosure, all of the above. How much do you focus in on these individual names and as to whether they can vindicate the AI bubbles.

Well, we cover SMCI, as do a lot of people who follow it, you know, as a big you know, supplier of the AI servers and these Blackwell rack systems that are such in such high demands, so they're part of the ecosystem for AI. And this is a huge question mark. It's a big dark cloud, particularly over that company and the stock obviously, and people are looking to figure out, like, what could this mean for customers who are waiting for these Blackwell rack systems, and what could it mean for other competitors who might benefit if you know, order move from super Micro into players like Dell or Hewlett Packard or Hanhai. I don't necessarily think it changes the whole dynamic of AI investment and demand exceeding supply. I think that's going to remain intact into next year. But I think it just shows you the risk associated with some of these names. You know, what goes up can come down, and you never know when you're going to be hit with some of these headlines kind of out of the blue, to be honest, Jordan.

Well, we cover SMCI, as do a lot of people who follow it, you know, as a big you know, supplier of the AI servers and these Blackwell rack systems that are such in such high demands, so they're part of the ecosystem for AI. And this is a huge question mark. It's a big dark cloud, particularly over that company and the stock obviously, and people are looking to figure out, like, what could this mean for customers who are waiting for these Blackwell rack systems, and what could it mean for other competitors who might benefit if you know, order move from super Micro into players like Dell or Hewlett Packard or Hanhai. I don't necessarily think it changes the whole dynamic of AI investment and demand exceeding supply. I think that's going to remain intact into next year. But I think it just shows you the risk associated with some of these names. You know, what goes up can come down, and you never know when you're going to be hit with some of these headlines kind of out of the blue, to be honest, Jordan.

Common to super micro and video the industry at large is China, and when it comes to President elect Trump, we have a firmer sort of understanding of a tariff policy. But when you think about the end market that is China, do you have a clear sense of whether President Elect Trump will or will not allow America's biggest technology companies to do more business in China going forward?

Common to super micro and video the industry at large is China, and when it comes to President elect Trump, we have a firmer sort of understanding of a tariff policy. But when you think about the end market that is China, do you have a clear sense of whether President Elect Trump will or will not allow America's biggest technology companies to do more business in China going forward?

Now, I think that's part of the uncertainties is I don't think he's going to restrict you know, across the board, US companies dealing in China, but I think he definitely wants to gain more leverage over you know, the trade and balance, and he wants to bring as much investment to the United States as possible, particularly companies you know that that go overseas for their production or their purchasing, and that's why you've seen things like the chip decks stimulate US investment. So again, I think he's going to do anything he can to incentivize companies, whether they're US based or even overseas, to look to the United States first, you know, as opposed to China. And I already think that was going on right even before Trump was elected. I think this was part of the Biden administration's focus with the chips ACKed money. But I think that only accelerates, and then the question becomes, what is the actual implication if he puts these large tariffs on It's it's going to be something we have to wait and see.

Now, I think that's part of the uncertainties is I don't think he's going to restrict you know, across the board, US companies dealing in China, but I think he definitely wants to gain more leverage over you know, the trade and balance, and he wants to bring as much investment to the United States as possible, particularly companies you know that that go overseas for their production or their purchasing, and that's why you've seen things like the chip decks stimulate US investment. So again, I think he's going to do anything he can to incentivize companies, whether they're US based or even overseas, to look to the United States first, you know, as opposed to China. And I already think that was going on right even before Trump was elected. I think this was part of the Biden administration's focus with the chips ACKed money. But I think that only accelerates, and then the question becomes, what is the actual implication if he puts these large tariffs on It's it's going to be something we have to wait and see.

I'm a creature of habit. Every day I wake up and I read the same thing client's Quick Tech Bites authored by you, And in today's edition, you're talking a lot about cyberstocks. What's your focus there?

I'm a creature of habit. Every day I wake up and I read the same thing client's Quick Tech Bites authored by you, And in today's edition, you're talking a lot about cyberstocks. What's your focus there?

Well, this is an area I would watch closely if I was an investor looking to make money into the coming year. I mean, security stocks are always topical, just because there's a lot of risks for companies globally from attacks and breaches and so forth. But we did a survey of over one hundred US based IT managers and ask them, you know, their propensity to spend and invest in the security sector and how AI might actually impact their spending, and the results.

Well, this is an area I would watch closely if I was an investor looking to make money into the coming year. I mean, security stocks are always topical, just because there's a lot of risks for companies globally from attacks and breaches and so forth. But we did a survey of over one hundred US based IT managers and ask them, you know, their propensity to spend and invest in the security sector and how AI might actually impact their spending, and the results.

Were quite favorable.

Were quite favorable.

It's a long report, but the summary is is that companies are looking to spend more in security, not less. I think AI is going to drive more investment. And some of the companies that you know were talked about that look to be the clear beneficiaries not only include Microsoft, but also CrowdStrike, Palo Alto, and a company called cyber Arc. So I think you want to overweight this group. You're going to get some earnings this week which could make it volatile, but a year from now, I think a lot of these stocks are higher.

It's a long report, but the summary is is that companies are looking to spend more in security, not less. I think AI is going to drive more investment. And some of the companies that you know were talked about that look to be the clear beneficiaries not only include Microsoft, but also CrowdStrike, Palo Alto, and a company called cyber Arc. So I think you want to overweight this group. You're going to get some earnings this week which could make it volatile, but a year from now, I think a lot of these stocks are higher.

What else are you seeing your phone and ring off the hook about what stock aren't we talking about that your clients are well, I'll.

What else are you seeing your phone and ring off the hook about what stock aren't we talking about that your clients are well, I'll.

Tell you one group that I think is going to remain and focus. It's done well, but I think generally the more average investor is still unaware of the opportunity is optical. So a lot of the cloud data centers to be able to handle all the data and the higher speeds from Nvidia's Blackwell, they need to basically upgrade all the connection points inside the data center and from data center to data center, and optical is the fastest.

Tell you one group that I think is going to remain and focus. It's done well, but I think generally the more average investor is still unaware of the opportunity is optical. So a lot of the cloud data centers to be able to handle all the data and the higher speeds from Nvidia's Blackwell, they need to basically upgrade all the connection points inside the data center and from data center to data center, and optical is the fastest.

Most efficient way to do that.

Most efficient way to do that.

So you've seen some companies if you pull up the charts on Coherent, Cohrlumentum Lite, other companies called Asteri Labs, and uh, you know these are companies, and you even look at Marvel and Broadcom, which a lot of people own and know, but they're all going to benefit from this shift. And Capex spend in the data center to broaden out into connecting all these high speed GPUs together so that they can basically, you know, produce the output that these cloud companies are seeking with this, with these AI enabled applications.

So you've seen some companies if you pull up the charts on Coherent, Cohrlumentum Lite, other companies called Asteri Labs, and uh, you know these are companies, and you even look at Marvel and Broadcom, which a lot of people own and know, but they're all going to benefit from this shift. And Capex spend in the data center to broaden out into connecting all these high speed GPUs together so that they can basically, you know, produce the output that these cloud companies are seeking with this, with these AI enabled applications.

That's an area that's.

That's an area that's.

Going to remain and focus and I continue to expect more money to move into those stocks.

Going to remain and focus and I continue to expect more money to move into those stocks.

Okay, hearing down on the day, but up thirteen percent on the month. We appreciate it. Jord and Client analyst and a Zooho Americas.

Okay, hearing down on the day, but up thirteen percent on the month. We appreciate it. Jord and Client analyst and a Zooho Americas.

Since Donald Trump's election win, the hedge funds clinging on too bets against Tesla have lost billions of dollars feeling the fallout of the special relationship between the President elect and Elon Musk. According to Bloomberg calculations, hedge funds that had short positions against Tesla between election day and Friday's close took an on paper hit of at least five point two billion dollars. Let's bring in Bloomberg's David Welsh in Detroit. I mean, this has been the calculus for some time, but that time period and a five point two billion dollar loss is quite something, David.

Since Donald Trump's election win, the hedge funds clinging on too bets against Tesla have lost billions of dollars feeling the fallout of the special relationship between the President elect and Elon Musk. According to Bloomberg calculations, hedge funds that had short positions against Tesla between election day and Friday's close took an on paper hit of at least five point two billion dollars. Let's bring in Bloomberg's David Welsh in Detroit. I mean, this has been the calculus for some time, but that time period and a five point two billion dollar loss is quite something, David.

It is. Look, people have lost money trying to short Tesla and bet against Elon Musk for a long time. But in this case, I think the bed was that his whole robotaxi plan turning Tesla into an AI company either wouldn't happen or wouldn't happen on time, so there would be a lot of bad or delayed news on Tesla stock and go down, and the shorts would do well with it, when in fact, now you've got this tight relationship with Donald Trump that means you'll see ev policies probably that are crafted to help Tesla, and more importantly, you'll probably see some sort of permissive federal framework for autonomous vehicles that will also help Tesla's plans for robotaxis and invest like that. They're willing to bet on that, and the shorts they got hit, hit and hit hard.

It is. Look, people have lost money trying to short Tesla and bet against Elon Musk for a long time. But in this case, I think the bed was that his whole robotaxi plan turning Tesla into an AI company either wouldn't happen or wouldn't happen on time, so there would be a lot of bad or delayed news on Tesla stock and go down, and the shorts would do well with it, when in fact, now you've got this tight relationship with Donald Trump that means you'll see ev policies probably that are crafted to help Tesla, and more importantly, you'll probably see some sort of permissive federal framework for autonomous vehicles that will also help Tesla's plans for robotaxis and invest like that. They're willing to bet on that, and the shorts they got hit, hit and hit hard.

Is anyone still clinging on I know that Bloomberg spoke to play Lacanda, ceof h fund manager Clean Energy Transition, who had a little bit of skin in the game when betting against Tesla, But what's the sort of percentage float that shortened?

Is anyone still clinging on I know that Bloomberg spoke to play Lacanda, ceof h fund manager Clean Energy Transition, who had a little bit of skin in the game when betting against Tesla, But what's the sort of percentage float that shortened?

Now, Look, I think it's pretty small. I figure what it was in the story, But I think a lot of people have had to buy to basically cover their short positions. I think there's some still in there who are thinking that Trump will gut some of these IRA credits and things that help EV sell. And if Trump had a lawsuit against the state of California before, and if that happens again, if it's successful and you get rid of some of these clean air credits that other companies have to buy from Tesla, which is a very profitable part of Tesla's business, if that shrinks because of this, then it could work against the company a Trump presidency. But again you've got UoN Musk is sitting next to Donald Trump talking to him about policies for this thing. So it's hard to for these kinds of things, it's hard to imagine he's going to suggest that Donald Trump do anything that's going to hurt Queen Air credits, that's going to hurt Ira credits, and other things that will help his company.

Now, Look, I think it's pretty small. I figure what it was in the story, But I think a lot of people have had to buy to basically cover their short positions. I think there's some still in there who are thinking that Trump will gut some of these IRA credits and things that help EV sell. And if Trump had a lawsuit against the state of California before, and if that happens again, if it's successful and you get rid of some of these clean air credits that other companies have to buy from Tesla, which is a very profitable part of Tesla's business, if that shrinks because of this, then it could work against the company a Trump presidency. But again you've got UoN Musk is sitting next to Donald Trump talking to him about policies for this thing. So it's hard to for these kinds of things, it's hard to imagine he's going to suggest that Donald Trump do anything that's going to hurt Queen Air credits, that's going to hurt Ira credits, and other things that will help his company.

As on November, the sick the story says only seven percent of hedge funds were net short Tesla, way down from seventeen percent, but only eight percent to actually net long the stock, probably reflecting how far it's already run up. David Welch, we really appreciate it, Thank you so much. Next, Switch Gears, let's talk about China and China Singles Day kicks off officially to day with many retailers slashing prices offering promotions for the big shopping day. But look, for many this has been a week's long affair. That's his. China, of course, grapples with weak economic data and flaming domestic demand. We want to go out to China. Jacob Cook is with us WPIC Marketing and Technology CEO, and it has been weeks long in the making. What of today, Jacob, how much spending is done on eleven eleven?

As on November, the sick the story says only seven percent of hedge funds were net short Tesla, way down from seventeen percent, but only eight percent to actually net long the stock, probably reflecting how far it's already run up. David Welch, we really appreciate it, Thank you so much. Next, Switch Gears, let's talk about China and China Singles Day kicks off officially to day with many retailers slashing prices offering promotions for the big shopping day. But look, for many this has been a week's long affair. That's his. China, of course, grapples with weak economic data and flaming domestic demand. We want to go out to China. Jacob Cook is with us WPIC Marketing and Technology CEO, and it has been weeks long in the making. What of today, Jacob, how much spending is done on eleven eleven?

Well, probably about twenty five to thirty percent has actually done on the day Now. The festival has been getting longer and longer every year. We started back in October this year. But we're all pretty optimistic. We just closed out about ten minutes ago. Here we're now the twelfth in China. But overall we're actually predicting a little bit stronger growth we had year over year this year than last year, So it's looking pretty optimistic so far.

Well, probably about twenty five to thirty percent has actually done on the day Now. The festival has been getting longer and longer every year. We started back in October this year. But we're all pretty optimistic. We just closed out about ten minutes ago. Here we're now the twelfth in China. But overall we're actually predicting a little bit stronger growth we had year over year this year than last year, So it's looking pretty optimistic so far.

And what are they buying?

And what are they buying?

Well, a lot different things now actually, you know, there's a lot about the hobbies and outdoor consumption. You know, pat had a really good shopping festival as well, exercise, outdoor vitamins, personal care, cosmetics, these types of things. Definitely, what we've kind of summarized this trend is to be more around the Lulu lemon and a little bit less than Louis Baton, And that's kind of just a general emergence of that new consumer that's come out of China.

Well, a lot different things now actually, you know, there's a lot about the hobbies and outdoor consumption. You know, pat had a really good shopping festival as well, exercise, outdoor vitamins, personal care, cosmetics, these types of things. Definitely, what we've kind of summarized this trend is to be more around the Lulu lemon and a little bit less than Louis Baton, And that's kind of just a general emergence of that new consumer that's come out of China.

For global audience on Blombow Technology, a lot of people watching this won't have experience, particularly of Ali Barber, but also JD dot COM's consumer facing businesses. What's the experience like in China? Is it kind of something akin to an Amazon Prime Day window in the United States? How do people rush to do their shopping?

For global audience on Blombow Technology, a lot of people watching this won't have experience, particularly of Ali Barber, but also JD dot COM's consumer facing businesses. What's the experience like in China? Is it kind of something akin to an Amazon Prime Day window in the United States? How do people rush to do their shopping?

Well, I think there's two things.

Well, I think there's two things.

One, there's probably people that have had their eye on certain items for the year, maybe it's a new set of golf clubs or supporting equipment. And then there's also the people that stock up. You know, pet food really has a lot to do. And the pad category with people stocking up for months and months in advance, You're going to see basically every ad on elevators and TVs, et cetera. Promoting the Shopping festival for about a month and combining this with the six to eighteen Shopping Festival in June. A lot of brands are expecting to do about fifty percent of their online sales during these two periods combined, so it's obviously very substantial.

One, there's probably people that have had their eye on certain items for the year, maybe it's a new set of golf clubs or supporting equipment. And then there's also the people that stock up. You know, pet food really has a lot to do. And the pad category with people stocking up for months and months in advance, You're going to see basically every ad on elevators and TVs, et cetera. Promoting the Shopping festival for about a month and combining this with the six to eighteen Shopping Festival in June. A lot of brands are expecting to do about fifty percent of their online sales during these two periods combined, so it's obviously very substantial.

Jacob, you help global brands make inroads into China, but also Japan, South Korea other Asian markets. What are they telling you about nervousness around continuing to focus in on China at this moment, given the economic concerns, given a new administration that's going to come in the US.

Jacob, you help global brands make inroads into China, but also Japan, South Korea other Asian markets. What are they telling you about nervousness around continuing to focus in on China at this moment, given the economic concerns, given a new administration that's going to come in the US.

Yeah, certainly are brands has been asking for diversification throughout the region, and we operate, as you said, all throughout Asia, so that's Korea, Southeast Asia. We are taking a lot of learnings from here. So if you look at a lot of the dominant platforms, whether it's Copang in Korea or Lazada Shoppy in Southeast Asia, a lot of them are either owned by Chinese, heavily invested by Chinese, or they have some major operations that have come out of China. So as we're diversifying, you know, China's still being about two thirds of all e commerce GMB when you add up that region. But we do see a lot of the learnings coming from China being able to be applied, especially in the live streaming, the influencer marketing, and these types of things that are becoming more and more popular, especially when we see the rise of TikTok sales throughout Asia too as well.

Yeah, certainly are brands has been asking for diversification throughout the region, and we operate, as you said, all throughout Asia, so that's Korea, Southeast Asia. We are taking a lot of learnings from here. So if you look at a lot of the dominant platforms, whether it's Copang in Korea or Lazada Shoppy in Southeast Asia, a lot of them are either owned by Chinese, heavily invested by Chinese, or they have some major operations that have come out of China. So as we're diversifying, you know, China's still being about two thirds of all e commerce GMB when you add up that region. But we do see a lot of the learnings coming from China being able to be applied, especially in the live streaming, the influencer marketing, and these types of things that are becoming more and more popular, especially when we see the rise of TikTok sales throughout Asia too as well.

Jacob Kirk of WPIC Marketing and Technologies, thank you very much. Coming up AI sales startup eleven x gets an investment boost from Andres and Horror.

Jacob Kirk of WPIC Marketing and Technologies, thank you very much. Coming up AI sales startup eleven x gets an investment boost from Andres and Horror.

It's more on that next.

It's more on that next.

Let me go back to Tesla. So Tesla is trading more than ten percent session high, at its highest level since April fifth of twenty twenty two. It is up for a fifth straight day post the election, matching the runou games it had in September. A lot of momentum there, not for the shorts. This is Bloomberg. Artificial intelligence powered sales start up eleven x has raised fifty million dollars in a new funding round led by Andres and Horowitz, boosting its total funding to seventy six million with evaluation of around three hundred and twenty million. For more, eleven x CEO Hasansuka joins us in San Francisco. An interesting story because this is a company and startup started in London and you've just moved to the Bay Area, San Francisco. You've now got fifty million dollars more. What's the next phase of eleven x?

Let me go back to Tesla. So Tesla is trading more than ten percent session high, at its highest level since April fifth of twenty twenty two. It is up for a fifth straight day post the election, matching the runou games it had in September. A lot of momentum there, not for the shorts. This is Bloomberg. Artificial intelligence powered sales start up eleven x has raised fifty million dollars in a new funding round led by Andres and Horowitz, boosting its total funding to seventy six million with evaluation of around three hundred and twenty million. For more, eleven x CEO Hasansuka joins us in San Francisco. An interesting story because this is a company and startup started in London and you've just moved to the Bay Area, San Francisco. You've now got fifty million dollars more. What's the next phase of eleven x?

Absolutely, First of all, it's great to see you, Ed. You're exactly right. We recently moved eleven x from London to San Francisco. Moved quite a big portion of our team here to accelerate the development of the company, and there's a tremendous amount of exciting milestones we're pushing towards that I'm happy to take you through.

Absolutely, First of all, it's great to see you, Ed. You're exactly right. We recently moved eleven x from London to San Francisco. Moved quite a big portion of our team here to accelerate the development of the company, and there's a tremendous amount of exciting milestones we're pushing towards that I'm happy to take you through.

That's on the basics. What is an artificial intelligence powered sales startup?

That's on the basics. What is an artificial intelligence powered sales startup?

Absolutely so. Look at its core. Eleven X is an automation company that builds digital workers. You can think of digital workers as AI employees. They have names and faces and job categories they're trained on, and companies can hire them to execute tasks. And really it's about the work outcomes the software licenses or seats. Our digital workers focus on revenue teams or go to market teams. More broadly, we have a two different products, but ultimately, really the core model is digital workers instead of traditional saaspace software.

Absolutely so. Look at its core. Eleven X is an automation company that builds digital workers. You can think of digital workers as AI employees. They have names and faces and job categories they're trained on, and companies can hire them to execute tasks. And really it's about the work outcomes the software licenses or seats. Our digital workers focus on revenue teams or go to market teams. More broadly, we have a two different products, but ultimately, really the core model is digital workers instead of traditional saaspace software.

It's a competitive space as a who do you want to take on?

It's a competitive space as a who do you want to take on?

How do you.

How do you.

Partner with the other big players in this space?

Partner with the other big players in this space?

Absolutely so. The way we think about it, traditional software was built to make employees more productive or more efficient or more collaborative. But with AI agents, the scope for what you can automate and how you can automate is different. So you can take entire processes, workflows, streams, of work and have agents execute them. And we believe this will create a huge shift in how people think about software the way we think about it internally, just like how about twenty five years ago Salesforce really innovated on the cloud based software model we think with agents, and there's the beginning of a big shift in how customers and enterprises around the world think of the value of utilizing agents at work. And that's how we think of the opportunity here.

Absolutely so. The way we think about it, traditional software was built to make employees more productive or more efficient or more collaborative. But with AI agents, the scope for what you can automate and how you can automate is different. So you can take entire processes, workflows, streams, of work and have agents execute them. And we believe this will create a huge shift in how people think about software the way we think about it internally, just like how about twenty five years ago Salesforce really innovated on the cloud based software model we think with agents, and there's the beginning of a big shift in how customers and enterprises around the world think of the value of utilizing agents at work. And that's how we think of the opportunity here.

But Salesforce is all in on agents itself, and so how do you muscle in and ensure that you you take and run with the market share we see the companies that you've already got as clients.

But Salesforce is all in on agents itself, and so how do you muscle in and ensure that you you take and run with the market share we see the companies that you've already got as clients.

Absolutely, so customers are smart and they realized that companies that are AI native companies with agentic architectures and workflows at their core, are best suited to truly capture the benefits of the technology that the agents enable, and really the way to think about it, just like how historically you know when the move to cloud happened and it enabled a pletfor of opportunities in companies that are native to that cycle to how eleven x is really operating with agents at the core. So ultimately the way we build technology is leading to much bigger impact for our customers than what you would get in co pilots or in more incremental software editions.

Absolutely, so customers are smart and they realized that companies that are AI native companies with agentic architectures and workflows at their core, are best suited to truly capture the benefits of the technology that the agents enable, and really the way to think about it, just like how historically you know when the move to cloud happened and it enabled a pletfor of opportunities in companies that are native to that cycle to how eleven x is really operating with agents at the core. So ultimately the way we build technology is leading to much bigger impact for our customers than what you would get in co pilots or in more incremental software editions.

Hassana, I want to go back to your move from the United Kingdom to here on the West Coast. Why what was the sort of motivating factor to do that.

Hassana, I want to go back to your move from the United Kingdom to here on the West Coast. Why what was the sort of motivating factor to do that.

We believe that there is no better place in the world to scale a company than San Francisco. Everything from so many of our customers are here, the depth of talent, where our investors are, and ultimately just an environment where we can scale to the huge market opportunity that we see ahead of us. Being the core reason behind or moved to.

We believe that there is no better place in the world to scale a company than San Francisco. Everything from so many of our customers are here, the depth of talent, where our investors are, and ultimately just an environment where we can scale to the huge market opportunity that we see ahead of us. Being the core reason behind or moved to.

To ss Ile an x Ai CEO A Sansuka come back, we appreciate it.

To ss Ile an x Ai CEO A Sansuka come back, we appreciate it.

My reaction on kind of the more business side, the defense side is it's great to have someone inbound who is deeply, I guess deeply aligned with the idea that we need to be spending less on defense while still getting more, that we need to do a better job of procuring the defense tools that protect our country.

My reaction on kind of the more business side, the defense side is it's great to have someone inbound who is deeply, I guess deeply aligned with the idea that we need to be spending less on defense while still getting more, that we need to do a better job of procuring the defense tools that protect our country.

Trump famously got involved.

Trump famously got involved.

In the nitty gritty of some of our aircraft carrier design, some of the procurement of Air Force One.

In the nitty gritty of some of our aircraft carrier design, some of the procurement of Air Force One.

To see that level of involvement from a president.

To see that level of involvement from a president.

Is pretty rare, and I think an indicator of his priorities.

Is pretty rare, and I think an indicator of his priorities.

That was Anderil founder Palmer Lucky on the show last Thursday. Lucky also told us he's in touch with the transition team on key posts like the next Secretary of Defense. Our next guest is Catherine Boyle, an investor in Anderil and general partner at Andresen Horris. She's the co founder of the firm's American Dynamism Practice, which investing companies supporting national interests across aerospace, defense, and critical infrastructure. And Catherine, this is the first opportunity we've had to talk since the outcome of the election. Part of what Palmer was talking about there was, I guess evidence that President Electrump will spend in those areas that you're focused on defense technology. But beyond the spend, what else can you give our audience that convinces you that President elect Trump was the right candidate for the American dynamism movement.

That was Anderil founder Palmer Lucky on the show last Thursday. Lucky also told us he's in touch with the transition team on key posts like the next Secretary of Defense. Our next guest is Catherine Boyle, an investor in Anderil and general partner at Andresen Horris. She's the co founder of the firm's American Dynamism Practice, which investing companies supporting national interests across aerospace, defense, and critical infrastructure. And Catherine, this is the first opportunity we've had to talk since the outcome of the election. Part of what Palmer was talking about there was, I guess evidence that President Electrump will spend in those areas that you're focused on defense technology. But beyond the spend, what else can you give our audience that convinces you that President elect Trump was the right candidate for the American dynamism movement.

Well, so, I think the focus of this administration is, particularly as it relates to defense, will be on production, production, production, Let's invest in the defense industrial base. Let's make sure that the technologies that are needed for the battles of the twenty first century are procured as quickly as possible. And as Palmer said, which I think is often a message that's lost inside of the DoD and outside of it, we need to focus on doing more with less. Technology is actually better for the American tax paper. Pair these companies that are startups that are focused on production, that are building products that are for the.

Well, so, I think the focus of this administration is, particularly as it relates to defense, will be on production, production, production, Let's invest in the defense industrial base. Let's make sure that the technologies that are needed for the battles of the twenty first century are procured as quickly as possible. And as Palmer said, which I think is often a message that's lost inside of the DoD and outside of it, we need to focus on doing more with less. Technology is actually better for the American tax paper. Pair these companies that are startups that are focused on production, that are building products that are for the.

Next generation warfighter.

Next generation warfighter.

These are actually cheaper than the large, exquisite systems that have dominated the Department of Defense for many decades. I think that will be a huge focus of this administration going forward.

These are actually cheaper than the large, exquisite systems that have dominated the Department of Defense for many decades. I think that will be a huge focus of this administration going forward.

Catherine doing more with less Department of Government efficiency. Elon Musk, what is it that you think that Elon Musk will actually do, or encourage or guide President electrom to do if he's to have some sort of role in this administration.

Catherine doing more with less Department of Government efficiency. Elon Musk, what is it that you think that Elon Musk will actually do, or encourage or guide President electrom to do if he's to have some sort of role in this administration.

Well, so, I don't know much about the DOGE Department.

Well, so, I don't know much about the DOGE Department.

I think there's lots of details on that that will remain to be seen. But I think the thing that's most important about the people who are around this administration and the administration themselves, is that they very much understand the importance of American dynamism and little tech. They very much understand how tech that makes things more efficient, not less efficient, how I can save taxpayer dollars across.

I think there's lots of details on that that will remain to be seen. But I think the thing that's most important about the people who are around this administration and the administration themselves, is that they very much understand the importance of American dynamism and little tech. They very much understand how tech that makes things more efficient, not less efficient, how I can save taxpayer dollars across.

A range of industries. And I think that will be paramount.

A range of industries. And I think that will be paramount.

That is, you know, the Silicon Valley understands company building, understands how important job creation is to the American economy, and I think you also have that and Vice President elect Jdvans.

That is, you know, the Silicon Valley understands company building, understands how important job creation is to the American economy, and I think you also have that and Vice President elect Jdvans.

You know, the story that.

You know, the story that.

Really wasn't told that much on the campaign trail is that JD left San Francisco, moved to Ohio and started investing in companies in the Midwest with his venture firm because he believed that investing directly in manufacturing, investing directly in companies that are based around the country is the funt of American dynamism. That is a large part of our American dynamism thesis, that you can build companies anywhere in America and that tech is good for all Americans in all society. So I think you're going to see that be a an innovation message in this administration because they have first hand experience with building companies.

Really wasn't told that much on the campaign trail is that JD left San Francisco, moved to Ohio and started investing in companies in the Midwest with his venture firm because he believed that investing directly in manufacturing, investing directly in companies that are based around the country is the funt of American dynamism. That is a large part of our American dynamism thesis, that you can build companies anywhere in America and that tech is good for all Americans in all society. So I think you're going to see that be a an innovation message in this administration because they have first hand experience with building companies.

You invested alongside Jed Evans. I think in some of the seed rounds for Androil, What then of his presence in Washington and what do you think he will evolve there well.

You invested alongside Jed Evans. I think in some of the seed rounds for Androil, What then of his presence in Washington and what do you think he will evolve there well.

So I think there's an understanding again that it is important to invest in next generation capabilities for the Department of Defense. But the thing that I think Senator Vance has been very, very focused on throughout his entire career is manufacturing.

So I think there's an understanding again that it is important to invest in next generation capabilities for the Department of Defense. But the thing that I think Senator Vance has been very, very focused on throughout his entire career is manufacturing.

And again I want to go.

And again I want to go.

Back to say production is such an important part of this.

Back to say production is such an important part of this.

Philosophy of the administration.

Philosophy of the administration.

But also I think where the DoD is going, that we need to invest in companies that.

But also I think where the DoD is going, that we need to invest in companies that.

Are building and supporting.

Are building and supporting.

Our defense industrial base, because the defense industrial base cannot be removed from manufacturing. The future of manufacturing in this country is reliant on these companies that are building for aerospace, building for defense, bringing next generation manufacturing capabilities inside of all of the industries that are important to the American economy. So I think that is going to be a key belief of this administration. It's something that they've talked about very publicly before, and that will that will that will speak volumes to the to the companies that are coming up today that want to build as quickly as possible for next generation capabilities.

Our defense industrial base, because the defense industrial base cannot be removed from manufacturing. The future of manufacturing in this country is reliant on these companies that are building for aerospace, building for defense, bringing next generation manufacturing capabilities inside of all of the industries that are important to the American economy. So I think that is going to be a key belief of this administration. It's something that they've talked about very publicly before, and that will that will that will speak volumes to the to the companies that are coming up today that want to build as quickly as possible for next generation capabilities.

Senator Mitch McConnell, echoing in many ways your view that we need to ramp up defense spending. He's been saying it's a lot cheaper to prevent war, of course, than it is to have one. Kevin, what about outside of America investing in American startups or larger defense companies. We've already hear from Taiwan, for example, discussing how it's going to up its defense spending. Europe probably trying to front run that too.

Senator Mitch McConnell, echoing in many ways your view that we need to ramp up defense spending. He's been saying it's a lot cheaper to prevent war, of course, than it is to have one. Kevin, what about outside of America investing in American startups or larger defense companies. We've already hear from Taiwan, for example, discussing how it's going to up its defense spending. Europe probably trying to front run that too.

I think there's an understanding that deterrence matters, and that if you do not have a strong defense industrial base in your home country, that that is a weak point for national security.

I think there's an understanding that deterrence matters, and that if you do not have a strong defense industrial base in your home country, that that is a weak point for national security.

And I very much agree with the sentiment.

And I very much agree with the sentiment.

That the best way to stop wars is to prevent war, to invest in the capabilities, the manufacturing capabilities in country. And so just as you're seeing a focus and an emphasis on the American defense industry base, which definitely needs injections of both public and private capital, you're also seeing that across other countries that say, Okay, we're going to start investing in our defense industrial base as well. And I think there's a lot that those countries can learn from American companies. There's a lot that they can learn from the startup ecosystem and what's happened with American dynamism over the last several years in terms of bringing autonomy into capabilities, making sure that you're not investing again in these large exquisite systems that are very expensive and time consuming to build, but investing in drone's autonomy, unmanned surface vessels, things that can be built very cheaply, very quickly, and be put in the hands of the warfighter if need be.

That the best way to stop wars is to prevent war, to invest in the capabilities, the manufacturing capabilities in country. And so just as you're seeing a focus and an emphasis on the American defense industry base, which definitely needs injections of both public and private capital, you're also seeing that across other countries that say, Okay, we're going to start investing in our defense industrial base as well. And I think there's a lot that those countries can learn from American companies. There's a lot that they can learn from the startup ecosystem and what's happened with American dynamism over the last several years in terms of bringing autonomy into capabilities, making sure that you're not investing again in these large exquisite systems that are very expensive and time consuming to build, but investing in drone's autonomy, unmanned surface vessels, things that can be built very cheaply, very quickly, and be put in the hands of the warfighter if need be.

Catherine I wrote in the Tech Daily newsletter this morning about your colleagues in industry who supported Kamla Harris doing some soul searching, right, but also considering how Trump two point zero will work for them for their portfolio companies. Would you be able just to talk a little bit about the conversations you've had with your colleagues and your competitors even in the world events capital, and the case that you would make that this is going to be a good four year period for them.

Catherine I wrote in the Tech Daily newsletter this morning about your colleagues in industry who supported Kamla Harris doing some soul searching, right, but also considering how Trump two point zero will work for them for their portfolio companies. Would you be able just to talk a little bit about the conversations you've had with your colleagues and your competitors even in the world events capital, and the case that you would make that this is going to be a good four year period for them.

Well, what I'll say is American dynamism is probably one of the few categories of innovation where Republicans and Democrats in Washington agree wholeheartedly.

Well, what I'll say is American dynamism is probably one of the few categories of innovation where Republicans and Democrats in Washington agree wholeheartedly.

We need to be investing in our events industrial base.

We need to be investing in our events industrial base.

We need to make sure that we're restoring and restoring the resiliency in America. This is these are not controversial issues. In fact, you know, Republicans and Democrats alike come together on them very often. So I think that that is something that you know, our colleagues that supported, you know, the Harris administration. There's definitely a view that this is this is a category of innovation that will touch all Americans, something that I think everyone can agree is important and that we need to we need to invest in these capabilities going forward.

We need to make sure that we're restoring and restoring the resiliency in America. This is these are not controversial issues. In fact, you know, Republicans and Democrats alike come together on them very often. So I think that that is something that you know, our colleagues that supported, you know, the Harris administration. There's definitely a view that this is this is a category of innovation that will touch all Americans, something that I think everyone can agree is important and that we need to we need to invest in these capabilities going forward.

Catherine, how does a VC focus on American dynamism need to invest now at which stages, which geographies, what kind of companies.

Catherine, how does a VC focus on American dynamism need to invest now at which stages, which geographies, what kind of companies.

Well, so, I don't know that the strategy necessarily changes.

Well, so, I don't know that the strategy necessarily changes.

Again, I think this is something that you know, since twenty fifteen, former Secretary of Defense Ash Carter has been pounding the drum that the Department of Defense needs to change. As Palmer said last week on your show, every administration has been sort of has an understanding that the Defense Department needs to modernize, that aerospace needs to modernize. And so I think in many ways there will be a continuation of investing in companies that are fantastic for the national interest, Companies in aerospace, defense, transportation, potentially nuclear, you know, companies that are important for all Americans. And I think we're just going to continue to see more and more investment in these categories, in particular.

Again, I think this is something that you know, since twenty fifteen, former Secretary of Defense Ash Carter has been pounding the drum that the Department of Defense needs to change. As Palmer said last week on your show, every administration has been sort of has an understanding that the Defense Department needs to modernize, that aerospace needs to modernize. And so I think in many ways there will be a continuation of investing in companies that are fantastic for the national interest, Companies in aerospace, defense, transportation, potentially nuclear, you know, companies that are important for all Americans. And I think we're just going to continue to see more and more investment in these categories, in particular.

In his Veterans' Day. And we want to note that you have invested in a number of companies founded by veterans. But I want to go to another founder that you've backed, and we mentioned him briefly, but Elil Musk, you are invested in SpaceX, and can you just tell us as to whether you worry about if there is a long term role for him within well, whether it's kabinat or indeed as a whisperer to the White House, does that worry you about leadership at the companies that he currently helms.

In his Veterans' Day. And we want to note that you have invested in a number of companies founded by veterans. But I want to go to another founder that you've backed, and we mentioned him briefly, but Elil Musk, you are invested in SpaceX, and can you just tell us as to whether you worry about if there is a long term role for him within well, whether it's kabinat or indeed as a whisperer to the White House, does that worry you about leadership at the companies that he currently helms.

I know, I mean, Elon is a superhuman figure in terms of the number of companies that he's support or the number of companies that he's built. He is the most extraordinary founder not only of our era, but when we look back in history, we will remember the name Elon Musk, and so I'm very excited that he is you know, taking on interest in politics, that he is thinking about how to make the government more efficient. And I think a lot of people, a lot of people would agree with that sentiment, that he is one of the most extraordinary builders, one of the most efficient people with his time, and that he will have an incredible impact on American government.

I know, I mean, Elon is a superhuman figure in terms of the number of companies that he's support or the number of companies that he's built. He is the most extraordinary founder not only of our era, but when we look back in history, we will remember the name Elon Musk, and so I'm very excited that he is you know, taking on interest in politics, that he is thinking about how to make the government more efficient. And I think a lot of people, a lot of people would agree with that sentiment, that he is one of the most extraordinary builders, one of the most efficient people with his time, and that he will have an incredible impact on American government.

Katherine Boyle, we appreciate you joining us today of Andrews and Horowitz. Meanwhile, technology that once seemed like science fiction is rapidly becoming reality. In a new four part series called Posthuman, the New Megamini Chang meets some of the world's most advanced robots. Here's a sneak peak. I what to expect. There is this Hollywood idea of killer robots.

Katherine Boyle, we appreciate you joining us today of Andrews and Horowitz. Meanwhile, technology that once seemed like science fiction is rapidly becoming reality. In a new four part series called Posthuman, the New Megamini Chang meets some of the world's most advanced robots. Here's a sneak peak. I what to expect. There is this Hollywood idea of killer robots.

Actually not that far fetched.

Actually not that far fetched.

Oh, it's not far fetched at all. It's coming very soon, like in the next few years. And all of the governments to sell arms, like the US and Russia and Britain and Israel, all of those governments refuse to regulate military uses of AI. So if you look at the European regulations, they've got all these limitations on AI. Should be sort of transparent in this amount, shouldn't be discriminate. But there's a little clause in there that says none of this applies to military uses of AI. They don't like regulating themselves, and all of the big arments manufacturers are very keen to make killer robots. So if you look at Asimov's laws of robotics, that you know the first law should be do not harm people. Well, that's the whole point of a killer robot. That's not going to be built into a killer robot.

Oh, it's not far fetched at all. It's coming very soon, like in the next few years. And all of the governments to sell arms, like the US and Russia and Britain and Israel, all of those governments refuse to regulate military uses of AI. So if you look at the European regulations, they've got all these limitations on AI. Should be sort of transparent in this amount, shouldn't be discriminate. But there's a little clause in there that says none of this applies to military uses of AI. They don't like regulating themselves, and all of the big arments manufacturers are very keen to make killer robots. So if you look at Asimov's laws of robotics, that you know the first law should be do not harm people. Well, that's the whole point of a killer robot. That's not going to be built into a killer robot.

You can catch the first episode airing tonight on Bloomberg TV at ten pm Eastern time.

You can catch the first episode airing tonight on Bloomberg TV at ten pm Eastern time.

Let's have a quick check on these markets as we trade it, because when we're talking about it throughout the morning, eighty four and a half thousand now is the level for bitcoin, new record high. Of course, with the idea that not just a Trump in the White House, but a far more pro crypto Congress at large will mean more regulation that gives more clarity, more change. At the top of the sec micro Strategy dining out on that rally. Of course, this has basically become a proxy for bitcoin ownership, but Michael Saylor, the leader of micro Strategy, has been investing yet more. Another twenty seven thousand bitcoin have been bought over the last few trading days and where up some eighteen percent on that particular stop is outperformed even in Vidia since the start of twenty twenty an absolutely phenomenal run for that particular stop. And what's also interesting, we got news when it comes to crypto FTX that old chestnut filed a lawsuit against Binance and its former CEO to recover one point eight billion dollars which is allegedly forudulately transferred by Sam Bangmanfreed then also claims that Baguan Freed used ftx's exchange token and Binance branded coins to pay for a share repurchase steal in twenty twenty one, which was made fraudulent since FTX was allegedly insolvent at the time.

Let's have a quick check on these markets as we trade it, because when we're talking about it throughout the morning, eighty four and a half thousand now is the level for bitcoin, new record high. Of course, with the idea that not just a Trump in the White House, but a far more pro crypto Congress at large will mean more regulation that gives more clarity, more change. At the top of the sec micro Strategy dining out on that rally. Of course, this has basically become a proxy for bitcoin ownership, but Michael Saylor, the leader of micro Strategy, has been investing yet more. Another twenty seven thousand bitcoin have been bought over the last few trading days and where up some eighteen percent on that particular stop is outperformed even in Vidia since the start of twenty twenty an absolutely phenomenal run for that particular stop. And what's also interesting, we got news when it comes to crypto FTX that old chestnut filed a lawsuit against Binance and its former CEO to recover one point eight billion dollars which is allegedly forudulately transferred by Sam Bangmanfreed then also claims that Baguan Freed used ftx's exchange token and Binance branded coins to pay for a share repurchase steal in twenty twenty one, which was made fraudulent since FTX was allegedly insolvent at the time.

Ed okay, a lot more to come up on the show. We're going to discuss how AI is transforming solutions in the climate tech space with James Jaquin from Obvious Ventures.

Ed okay, a lot more to come up on the show. We're going to discuss how AI is transforming solutions in the climate tech space with James Jaquin from Obvious Ventures.

That's next. This is Bloomberg.

That's next. This is Bloomberg.

Technology time for the VC Roundup. First stup, Talabat says they're eyeing ways to diversify beyond food and grocery deliveries, with a possible expansion to healthcare, beauty, and fintech. This is the Middle Eastern subsidiary of delivery hero Tease up a share sale that could value it at fourteen point four billion dollars plus. Indian food delivery platform Swiggy Sorry, it's one point three billion dollar IPO subscribe more than three times on Friday, driven in part by a late surge in demand. One of the few one billion dollar plus listings in India this year, it drew bids for six times the shares kept for foreigners and domestic money managers, and LG has added access capital to its roster of banks for a potential IPO of its Indian unit. That's according to sources. The South Korean company selected the Indian bank as it moves forward with a share sale in Mumbai seeking to raise one to one point five billion dollars. Caroline, and let's just.

Technology time for the VC Roundup. First stup, Talabat says they're eyeing ways to diversify beyond food and grocery deliveries, with a possible expansion to healthcare, beauty, and fintech. This is the Middle Eastern subsidiary of delivery hero Tease up a share sale that could value it at fourteen point four billion dollars plus. Indian food delivery platform Swiggy Sorry, it's one point three billion dollar IPO subscribe more than three times on Friday, driven in part by a late surge in demand. One of the few one billion dollar plus listings in India this year, it drew bids for six times the shares kept for foreigners and domestic money managers, and LG has added access capital to its roster of banks for a potential IPO of its Indian unit. That's according to sources. The South Korean company selected the Indian bank as it moves forward with a share sale in Mumbai seeking to raise one to one point five billion dollars. Caroline, and let's just.

Talk about the US and how it will continue its fight against climate change as even with Donald Trump in the White House. Those are the words of Biden's top climate negotiator John Pedesta earlier today at COP twenty nine. Let's discuss this and how perhaps artificial intelligence can be helping with that. James Jaquin is with US today's VC Spotlight co founder managing director at Obvious Ventures, which was founded more than a decade ago. And James, when you do see potentially a new administration coming in that doesn't seem to be as pro climate change avoidance as the current administry, what does that mean in terms of your thesis in termes you're investing in this space, Well.

Talk about the US and how it will continue its fight against climate change as even with Donald Trump in the White House. Those are the words of Biden's top climate negotiator John Pedesta earlier today at COP twenty nine. Let's discuss this and how perhaps artificial intelligence can be helping with that. James Jaquin is with US today's VC Spotlight co founder managing director at Obvious Ventures, which was founded more than a decade ago. And James, when you do see potentially a new administration coming in that doesn't seem to be as pro climate change avoidance as the current administry, what does that mean in terms of your thesis in termes you're investing in this space, Well.

First and foremost, we're long term investors. I think all of venture capital is an industry where we'll spend sometimes twelve or fifteen years building a company before it reaches.

First and foremost, we're long term investors. I think all of venture capital is an industry where we'll spend sometimes twelve or fifteen years building a company before it reaches.

The public markets.

The public markets.

That's three presidential administrations, so we worry less about what's going to happen in one administration or another. We try to focus more on bringing these breakthrough technologies to market, some of the ones.

That's three presidential administrations, so we worry less about what's going to happen in one administration or another. We try to focus more on bringing these breakthrough technologies to market, some of the ones.

That you've backed that we all know about beyond meat for example, you know multiple rounds there. What is the new area of innovation in climate change and how is it being how spearheaded from a generative AI perspective.

That you've backed that we all know about beyond meat for example, you know multiple rounds there. What is the new area of innovation in climate change and how is it being how spearheaded from a generative AI perspective.

For example, Well, with climate there's a lot of unsolved problems. We need better battery technologies, we need more renewable energy to power all of our AI data centers, and the thing that we're excited about is using AI to solve these unsolvable problems. We call it generative science, and it's an idea of instead of using large language models trained on the Internet, we're backing teams that are building large science models trained in areas like chemistry, biology, and physics, and those generative science AI systems can actually output or generate new scientific breakthroughs.

For example, Well, with climate there's a lot of unsolved problems. We need better battery technologies, we need more renewable energy to power all of our AI data centers, and the thing that we're excited about is using AI to solve these unsolvable problems. We call it generative science, and it's an idea of instead of using large language models trained on the Internet, we're backing teams that are building large science models trained in areas like chemistry, biology, and physics, and those generative science AI systems can actually output or generate new scientific breakthroughs.

James I was writing this morning in the Tech Daily newsletter about the idea that there are lots of vench capses that backed Harris because they felt she was the better candidate in the context of climate, the work of the Inflation Reduction Act, but there are others out there that basically see staying power. They would cite data on install stalled capacity of renewable energy sources, the hiring in those fields. You said you're a long term investor. How closely would you track those data sets over the next four years.

James I was writing this morning in the Tech Daily newsletter about the idea that there are lots of vench capses that backed Harris because they felt she was the better candidate in the context of climate, the work of the Inflation Reduction Act, but there are others out there that basically see staying power. They would cite data on install stalled capacity of renewable energy sources, the hiring in those fields. You said you're a long term investor. How closely would you track those data sets over the next four years.

Well, there's a lot to be optimistic about ed with climate and particularly with the Inflation Reduction Act. There's a lot of fear and uncertainty that Trump two point zero administration is going to somehow repeal that, and I share those concerns. However, there's data to be optimistic. If we look at the two hundred plus billion that has already been deployed out to states. One hundred and sixty five billion have gone to Red states, so more than three times what Blue states have received. That means in states like Georgia and North Carolina and Tennessee, we have new electric battery and electric vehicle plants coming online. That's good green jobs in red states. That's Christmas for climate tech.

Well, there's a lot to be optimistic about ed with climate and particularly with the Inflation Reduction Act. There's a lot of fear and uncertainty that Trump two point zero administration is going to somehow repeal that, and I share those concerns. However, there's data to be optimistic. If we look at the two hundred plus billion that has already been deployed out to states. One hundred and sixty five billion have gone to Red states, so more than three times what Blue states have received. That means in states like Georgia and North Carolina and Tennessee, we have new electric battery and electric vehicle plants coming online. That's good green jobs in red states. That's Christmas for climate tech.

James, how focus should everyone be on nuclear and how important is it for you?

James, how focus should everyone be on nuclear and how important is it for you?

It's funny nuclear has really had a change of heart. I think with investors and with environmentalists as we look at the needs of our energy grid. We're going to have to double the number of electrons on the US grid to power electric vehicles and bitcoin mining and AI data centers. At Obvious we want those electrons to be green. We don't want more coal plants, we don't want more natural gas plants, and so to deliver that much power need I think two big areas. One is geothermal, which we're investing in, and the other is nuclear.

It's funny nuclear has really had a change of heart. I think with investors and with environmentalists as we look at the needs of our energy grid. We're going to have to double the number of electrons on the US grid to power electric vehicles and bitcoin mining and AI data centers. At Obvious we want those electrons to be green. We don't want more coal plants, we don't want more natural gas plants, and so to deliver that much power need I think two big areas. One is geothermal, which we're investing in, and the other is nuclear.

James fucking co founder and managing director Obvious Ventures, thank you very much. For years, Apple Watches customers and investors have been fixated on the same question, what is the company's next blockbuster products? Bloombos Mark Goman wrote about it in this week's Power On and joins us. Now, beyond the iPhone, what is it? What is the next thing that is going to be the driver of growth?

James fucking co founder and managing director Obvious Ventures, thank you very much. For years, Apple Watches customers and investors have been fixated on the same question, what is the company's next blockbuster products? Bloombos Mark Goman wrote about it in this week's Power On and joins us. Now, beyond the iPhone, what is it? What is the next thing that is going to be the driver of growth?

Well, let's just take a step back and talk about the iPhone for a second.

Well, let's just take a step back and talk about the iPhone for a second.

Rate.

Rate.

It generates over half of the company's revenue as a standbone.

It generates over half of the company's revenue as a standbone.

Product, but almost the rest of all.

Product, but almost the rest of all.

Of Apple's revenue from services to things like Apple Care, to AirPods, to Apple watches, even iPads marixx Apple TVs flon pods. All of these things are bought by customers because they have an iPhone, or because they're in the Apple ecosystem, because they fall in love with the iPhone. There will never be another Apple product like the iPhone, something that sits at the center of the company and generates half of the revenue from a hardware standpoint and the other half from an attachment and services standpoint. Right, So investors have to understand that and come to that realization. But there are little beats, more modest things that Apple will bring to market, some built around the iPhone, some completely standalone, and the hope for Apple investors is that you can stack up a bunch of twenty to fifty billion dollars a year businesses, things about the size of the AirPods, Apple Watch, and iPad. So to answer your question, the areas that Apple is exploring and moving into obviously headsets, but beyond mixed reality, going into pure augmented reality glasses or standalone glasses without displays, things like expanded versions of AirPods that tap into AI.

Of Apple's revenue from services to things like Apple Care, to AirPods, to Apple watches, even iPads marixx Apple TVs flon pods. All of these things are bought by customers because they have an iPhone, or because they're in the Apple ecosystem, because they fall in love with the iPhone. There will never be another Apple product like the iPhone, something that sits at the center of the company and generates half of the revenue from a hardware standpoint and the other half from an attachment and services standpoint. Right, So investors have to understand that and come to that realization. But there are little beats, more modest things that Apple will bring to market, some built around the iPhone, some completely standalone, and the hope for Apple investors is that you can stack up a bunch of twenty to fifty billion dollars a year businesses, things about the size of the AirPods, Apple Watch, and iPad. So to answer your question, the areas that Apple is exploring and moving into obviously headsets, but beyond mixed reality, going into pure augmented reality glasses or standalone glasses without displays, things like expanded versions of AirPods that tap into AI.

There have been.

There have been.

Explorations into home robotics, explorations into home energy, a way to monetize the health products into a subscription service. Right. The big thing coming next year is a push into the smart home.

Explorations into home robotics, explorations into home energy, a way to monetize the health products into a subscription service. Right. The big thing coming next year is a push into the smart home.

So for the first time, Apple's really.

So for the first time, Apple's really.

Going to dive two feet first into smart home appliances. So in the first half of next year, you'll see a push into smart home displays. Right, a couple of years after that, you'll see a new smart display with the robotic limb. So definitely a bunch of these little categories that they hope will add up into something bigger.