Bloomberg TechnologyFormer President Trump Speaks and Dell Shares Sink
Bloomberg's Ed Ludlow breaks down results from Dell as shares sink after reporting its quarterly results. Plus, Former President Trump weighs in on his guilty verdict, and EU Commissioner Věra Jourová talks about her meetings with tech CEOs on social media, elections and misinformation.
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We're Innovation, Money and Power Collie in Silicon Vallet NBN. This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
A med love Loow in San Francisco. Caroline hides off. This is Bloomberg Technology. Coming up this hour, we bring you live comments from former President Trump as he prepares to speak on his guilty verdict. Plus we'll hone in on tech earnings and break down results from dell As Chares Sink after the report, and we speak with EU Commissioner Vera. You'rerova to talk social media, elections and misinformation. We are awaiting live comments from former President Donald Trump after he was found guilty in the first criminal trial of a former US president sident in US history. For more, let's go to Bloomberg Samrie Horden in New York City and David Gura, who's actually outside of Trump Tower where Trump is set to speak at any moment. David, we start with you. Former President Trump has already given comments, He's made his position on the outcome of the trial known. What do we expect to come later?
Yeah, we got brief comments yesterday after that verdict was rendered. The former President came downstairs in the courtroom in Lower Manhattan and decried the proceedings and criticized the judge for what had happened, and looked ahead to November fifth, to the general election. He said, that's when the final verdict will be rendered. I expect them in just a few minutes time. We're going to hear something similar a variation on that theme from the former president. We're looking for two things. We're looking for some insight into his temperament, how he has reacted to this astonishing verdict, this historic verdict yesterday, also looking at sort of what he has to say about the path forward for him. There are a couple of key dates now that lie ahead. The first July the eleventh, that's what he's scheduled to be sentenced again here in Manhattan by Judge Wan Rashaan after that verdict was reached yesterday. And then of course November fifth, that is the general election in the United States. If you were mistified, didn't mention that just a couple of days after that sentencing date is the Republican National Convention. There's a debate just before them. So this is a busy calendar, busy political calendar that has sort of interwoven with the legal calendar, and aside from temperament, what happens with those dates. We want some indication of how this appeals process is going to go. President former President Trump's lawyer was on television last night talking about their intent to appeal. What's the timeline for that going to be, how is that going to dovetail with the sentencing memoranda that are going to be filed as well. So ed getting attention to all of that, hoping to get some insight here from Donald Trump when he makes his way to the atrium of the building behind me.
In just a few minutes time.
Amh the political story and if there is one thing that President Biden and former President Trump agree on, I think it's that November fifth is where real decisions will be made.
Absolutely, that was the message from both those men yesterday evening. When they use this verdict to really go out and say their side of the story and try to campaign off of it. That is what Joe Biden's campaign treated as well as that's what the former president said yesterday. And to David's point, I imagine he's going to make that same pitch again today.
And they're both.
Campaigning off of this because this does matter for November fifth, because right now, ed when you look at the polling that was done ahead of this verdict, it's very muddy in terms of it's a mixed bag. It feels like a fickle electorate. I want to bring you two polls. PBS News Hour, NPR Maris poll said sixty percent sixty seven percent of voters that a conviction would make no difference to who they decide to cast a vote for on November fifth. Very key to that more than seventy percent of those individuals were independents. Biden will bring his base, Trump will bring his base. They have to fight for the people that are on the fence and unsure of for who they're going to vote for, especially in the swing states. But then ahead of that verdict, we also had a survey from Marquette Law Score and they said that a guilty verdict would produce a four point lead for Biden head to head in national polls, while a not guilty verdict would have resulted in a six point Trump lead. Time is only going to tell what message is going to land with the electorate between now and November.
Fifth, Bloomberg, Samory Horden, and David Gurth. Thank you. We'll get back to both of you later in their hour, and as you can see the podium and live shot up, we will bring you former President Donald Trump's comments as they begin. I want to talk a little bit about markets. In the markets, one of the main driving factors was PCE a growing sense, particularly reflected in the bomb market, that the Fed will have room to cut rates as its preferred measure of inflation shows some easy although equities which got off on a kind of stronger footing at the open are a little softer. The S and P five hundred, the sort of benchmark index, down a half a percentage point. We also continue to reflect on former President Johnald Trump's guilty verdict. Trump Media and Technology Group off session lows down three point eight percent. There was a much more profound move lower in after hours trading last night. It actually opened higher. It's down lower. We use it as a proxy for sentiment, and we track that stock based on the market's interpretation of what is happening with President Trump. Also important is the earning story, and that is Dell. Dell is down twenty one percent, extremely high expectations. This is a stock that was soaring and investors were believing the AI story in particularly Dell server business. But those high expectations weren't met, even though we saw the first quarterly revenue growth in quite some time. Let's go to Bloomberg's Brody Ford Brody. I think that kind of sums it up. This was a company that was doing well, The stock was riding high. Expectations were high, and they didn't meet those off the expectations.
Yeah, being down twenty one percent sounds bad until you're remember that they were up one hundred and thirty percent through I mean, this is a sock that's out performed in video this year because everybody remember that wait, hold up, Dell makes more than computers.
They make servers. They make high powered servers. If you want to train AI models and inference them, you need these AI servers. And so they've really vaulted over the last year as they've seen their orders for these AI oriented servers go to zero until up about three billion. Right, So in case where they.
Were Billienback's praty for President Trump is speaking in New York City.
People, these are in many cases, I believe sick people. When you look at our country, what's happening where millions and millions of people are flowing in from all parts of the world, not just South America, from Africa, from Asia, from the Middle East, and they're coming in from jails and prisons, and they're coming in from mental institutions and say the asylums. They're coming in from all over the world into our country, and we have a president and a group of fascists that don't want to do anything about it because they could. Right now today he could stop it, but he's not. They're destroying our country. Our country is in very bad shape, and they're.
Very much against me saying these things.
They want to raise your taxes by four times. They want to stop you from having cars with their ridiculous mandates that make it impossible for you to get a car ford a car, but make it very possible for China to build.
All of our cars. It's a very serious problem that we have.
We just went through one of many experiences where we had conflicted judge, highly conflicted. There's never been a more conflicted judge. Now I'm under a gag order which nobody's ever been under. No presidential candidates ever been under a gag order before. I'm under a order, nasty gag order where I've had to pay thousands of dollars in penalties and fines and was threatened with jail.
Think of it. I'm the leading candidate.
I'm leading Biden by a lot, and I'm leading the Republicans to the point where that's over. So I'm the leading person for president and I'm under a gag order by a man that can't put two sentences together given by a court, and they are in total conjunction with the White House and the DOJ. Just so you understand, this is all done by Biden and his people, maybe his people more importantly, I don't know if Biden knows too much about it, because I don't know if he knows about anything, but he's nevertheless the president, so we have to use his name. And this is done by Washington, and nobody's ever seen anything like it. So we have a judge who's highly conflicted. You know what the confliction is. Nobody wants to write about it, and I'm not allowed to talk about it. If I do, he said, I get put in jail. So we'll play that game a little bit longer. We won't talk about it, but you're allowed to talk about it. I hope you do, because there's never been anybody so conflicted.
It says.
As far as the trial itself, it was very unfair. We weren't allowed to use our election expert under any circumstances. You saw what happened to some of the witnesses that were on our side. They were literally crucified by this man who looks like an angel, but he's really a devil.
He looks so nice and soft, people say, always.
Seems like such a nice man, known unless you saw him in action, and you saw that with a certain witness that went through hell. And when we wanted to do things, he wouldn't let him. He wouldn't let us do those things. But when the government wanted something, they got to everything. They got everything they wanted. It's a rigged It was a rig trial. We wanted a venue change where we could have a fair trial.
We didn't get it. We wanted a judge change. We wanted a judge.
It wasn't conflicted and obviously he didn't do that. Nobody's ever seen anything like it. We had a DA who was a failed DA.
Crime is rampant in New York.
Violent crime, that's what he's really supposed to be looking at. Crime is rampant in New York yesterday and McDonald's you had a man hitting him up with machetes a machete. Whoever can imagine even a machete being wielded in a store in a place where they're eating, And he's going rampant, and Bragg is down watching a trial on what they call crimes crimes falsifying business records. That sounds so bad to me. It sounds very bad. You know, it's only a mismeaner, but to me, it sounds so bad. When they say falsifying business that's a bad thing for me.
I've never had that before. I'm falsifying.
You know what falsifying business records is in the first degree, They say, falsifying business records. Sounds so good, right? It means that legal expense. I paid a lawyer, totally legal. I paid a lawyer a legal expense, and a bookkeeper, without any knowledge from me, correctly marked it down in the books. A very professional woman, highly respected, she testified marked it.
Down in the books. Is a legal expense.
So a legal expense paid a lawyer is a legal expense in the books. It's not a sheet rock construction or any other thing.
It's a legal expense. Think of that.
This is what the falsification of cause? And I said, what else are you going to call it? What else are you going to call it?
Now?
I would have testified. I wanted to testify.
The theory is you never testify because as soon as you testify anybody, if it were George Washington, don't testify because they'll get you on something that you said slightly wrong and then they sue you for perjury.
But I didn't care about that. I wanted to.
But the judge allowed them to go into everything that I was ever involved, and not this case, everything that I was ever involved, and which.
Is a first.
In other words, you could go into every single thing that I ever did.
Was he a bad boy?
Here?
Was he a bad boy? There? Emma Lewis said, what do you need to go through?
And all you wanted to do is testify simply on this case because I would have loved to have testified to this day, I would have liked to have testified, But you would have been You would have said something out of whack like it was a beautiful sunny day and it was actually raining out, and I very much appreciate the big crowd of people outside. That's incredible what's happening. The level of support has been incredible.
So the whole thing is.
Legal expense was marked down as legal expense. Think of that, is this is the crime that I committed that I'm supposed to go to jail for one hundred and eighty seven years for. When you have violent crime all over this city at levels that nobody's ever seen before, where you have businesses leaving, and businesses are leaving because of this because heads of businesses say, man, we don't.
Want to get involved with that.
I could go through the books of any business person in the city and I could find things that in theory, I guess, let's indict him, let's destroy his life.
But I'm out.
There, and I don't mind being out there because I'm doing something for this country and I'm doing something.
For our constitution.
It's very important, far beyond me, and this can't be allowed to happen to other presidents. It should never be allowed to happen in the future.
But this is far beyond me.
This is bigger than Trump This is bigger than me, This is bigger than my presidency.
And the people understand it.
Because I just see a poll just came out the Daily Mail.
That was the first one came out.
It was done last night, right after the verdict, where I'm up six points, six points from what we already were. We were leading fairly substantially. We're up six points in the Daily Mail poll. Now, maybe other poles come out and says something differently, but a lot of people have predicted it because the public understands and they understand what's going on. This is a scam. There's a rig trial. It shouldn't have been in that venue. We shouldn't have had that judge. He should allowed us to have an election expert. We had the best expert, most respected expert, head of the Federal Elections Commission.
He was all set to testify.
He was waiting for two days and when it was his Braggs, people protested and the judge knocked him out said you can't testify. He actually said, you can't testify for anything having to do with the trial. You can say what the federal elections is. Well, that doesn't help. Everybody knows that. But you can't testify, So essentially he wasn't able to testify. Other people weren't able to testify. But with these people, they were able to use people salatious, by the way, and nothing ever happened. There was no anything, Nothing ever happened, and they know it. But they were as salacious as they could be. And it had nothing to do with the case, but it had to do with politics. And do you notice the timing, The timing was perfect. This case was dead. It was dropped by every agency, every governmental board. It was dropped by the highly respected Southern District. They said, no, there's no case here. It was dropped by federal election. And that's what it's about. This about a federal election, not a state election.
You're not even allowed to look at it.
They took the state and the city and they went into a federal election.
They're not allowed.
The people from federal elections, Southern District and Washington dropped the case. Everybody dropped the case. There was no case. Sivants dropped the case. And when Bragg came in, he said, this is the most ridiculous case I've ever seen. And who would have a certain person again gag order, who would have a certain person like this ever testify. He said, this is essentially one of the worst people I've ever seen ever to testify. He said, the craziest case I've ever seen this is Bragg. Then want to announced I was running for president. A long time later, they decided to revive this case and they got a judge, Judge Marshaan.
Who was.
Responsible for another case it was also brought. Destroyed the life of a very good man, by the way, destroyed the life of a very good man who went to prison once and then they just put him in prison again because they said he lied.
He didn't lie. I looked at the statements he made.
In fact, he didn't remember something, and they put him in jail again. They've destroyed him. With me for many years, he was an honorable person. He was an honest man. And if you look at what he did, supposedly it never happened. There's never been anything like this. Over the education of his grandchildren. Over he didn't report that he had a car or two cars on his income.
I don't know.
I wonder how many people here have cars. I wonder how many people said, oh, you have a car that's worth x doll's how to even figure it? And I guess you do have to report it, but I would say probably almost nobody does.
Nobody even thinks about it.
They put this man, they destroyed this man, but they put him in jail again because they didn't want him to testify. They didn't want him to testify. That's why he went to jail. They put him in jail twice. He's seventy seven years old. Now, normally i'd say that's an old guy, but I don't feel seventy seven. Nobody ever says that about me. I'd like him to say, Gee, we have to have a little sorrow for this man because they just don't say that about me. But maybe I'm better off that way. I think I'm probably better off that way. But they put him in jail twice. And you have to see what They put him in jail. And he was threatened by the judge. This man was told, you're gonna get fifteen years in jail if you don't give up Trump. And he was told that you're gonna get fifteen years in jail. And he made a plea deal because he the rest of his life. And he was told that viciously we're living in a fascist state. He was told that viciously. So you can go to jail for four months, five months, or you can get fifteen years in jail. So do a plea. Almost who wouldn't do that plea? Everyone does those please, it's a horrible thing. There's a whole group of lawyers that fight that. It's so unfair. It's so unfair. But they destroyed his life so many other things. You look at Southern District didn't want to bring the case. Nobody wanted to bring the case. And then you know who didn't want to bring the case most of all is Bragg. Bragg didn't want to bring it. But then he brought it, and they tried to make it a different case. They didn't say legal expense equal legal expense again if I wrote down and paid a lawyer. And by the way, this was a highly qualified lawyer. Now I'm not allowed to use his name because of the gear order, but you know, he's a sleeves bag. Everybody knows that. It took me a while to find out, but he was effective. He did work. But he wasn't a fixer. He was a lawyer. You know, they like to use the word fixer. He wasn't a fixer. He was a lawyer at the time. He was a fully accredited lawyer. Now he got into trouble not because of me. He got into trouble because he made outside deals and he had something to do with taxi cabs and medallions that he borrowed money, and that's why he went.
And then he.
Pled to three three election violations. And as soon as I saw that, I said, I wonder why he did that. He pled He took a deal. Now I took a deal because he wanted to get off. In other words, I'll take a plea deal and I want to get off. And he wanted to make a deal with the Southern District. And they wrote the worst report I think I've ever seen on any human being, other than the report that was written on James Coomy by the Inspector General. A very great inspector General actually wrote a report that was so bad. This one was possibly worse. The Southern District. The judge didn't let us use it. He said it's hearsay. I said, it's not here, say wouldn't let us use it. This is about the man. But he got in trouble for a very simple reason, because he was involved with borrowing a lot of money and he did something with the banks. I don't know if it's defrauded the banks, but something happened.
You guys know what it is.
And then in addition to that, he gave up in three things where he wasn't guilty. In fact, they were going to testify in that the head of the FEC, the brand Smith, the election expert number one raided in the country, who was going to testify.
He took a plea in three things.
He just added them in because that gave him more bargaining power with the respect to me. But the three things that he pled on having to do with the election and having to do essentially a little bit with me, they weren't crimes. They weren't crimes. Nor is paying money under an NDA. So we have an NDA non disclosure agreement. It's a big deal in non disclosure agreement. Totally honorable, totally good, totally accepted. Everybody has them, Every company.
Has non disclosure agreements.
But the press called it slush fund and all sorts of other things, hush money, hush money.
It's not hush money.
It's called the non disclosure agreement, and most of the people in this room have a non disclosure agreement with their company. It's a disgrace. So it's not hush money. It's a non disclosure agreement, totally legal, totally common, everyone has it. And what happened is he signed a non dislosure agreement with this perse. I guess other people, but it's totally honest. You're allowed to make the payment, could you don't have to make it, and you can make it any way you want. It's a non disclosure game. And he signed that and there was nothing wrong with signing it. And this should have been a non case. And everybody said it was a non case, including Bragg. Brad said until I ran for office, and then they saw the polls. I was leading the Republicans, I was leading the Democrats, I was leading everybody, and all of a sudden they brought it back. It's a very sad thing that's happening in our country, and it's a.
Thing that I'm honored. In a way. I'm honored. It's not that it's pleasant.
It's very bad for family, it's very bad for friends and businesses. But I'm honored to be involved in it because somebody has to do it, and I might as well keep going and be the one. But I'm very honored to be involved because we're fighting for a constitution.
Money that was paid was paid legally. There was nothing illegal.
In fact, the lawyer in creating the NDA, because at that time he was a fully accredited lawyer.
He wasn't a fixer. I never thought of as a fixer.
The media called him a fixer, or the prosecutors called him a fix He was a lawyer and he was fairly good.
Later on, I didn't like what he did.
I didn't like, for instance, I didn't like that when I became president, he went around and made deals with companies.
When I heard that he.
Was gone, he was gone, and he had payments coming to him. And a lot of this involved things that are very simple. There was nothing wrong. These were standard. This was standard stuff, all standard stuff. Everything involved was standard. There was no crime here. In fact, I just watched a couple of the reports you watched, Jonathan Turley, Andy McCarthy, Greg Jarrett. You look at all of these people, Mark Levin, all very talented people, great people, many more, many more, and they don't know me.
Essentially, they don't know me.
The legal scholars and experts, but I look at them.
I watched turarly this morning saying there's no crime here.
Everybody says there's no crime here except for this DA that's got the city out of control with crime. It's out of it's absolutely out of control. So we have an NDA that was signed. We have legal expenses. And here's the thing on legal expenses, you have one hundred where they say if they do it, charge I just recorded this out falsification of business records in the first degree.
It sounds so bad. I said, wow. And even my old.
Lawyers, I get very upset with them because they don't say what it is. They say, well, falsification of legal records is only a felony.
Well that's a lot.
Is only a they say, a misdemeanor, But they try and bring it up to a felony if there's two crimes.
They have all these different things.
The other thing is they missed the Statute of limitations by a lot.
Because this was very old.
They could have brought this seven years ago instead of bringing it right in the middle of the election. So they missed the statute of limitations. They did everything. Now, let me give you the good news. The good news is last night we just got to report this morning. In the history of politics, I believe maybe I'm wrong. Somebody will find that I'm wrong. Maybe, but I don't think so. They raised with small money donors, meaning like twenty one dollars, forty two dollars, fifty three dollars, thirty eight dollars a record thirty nine million dollars in about a ten hour period.
No think of that.
I like those people because so far, I guess it's backfire now.
I don't know. I'd rather not have it happen. I don't want to have it backfire.
I don't want to win this thing legitimately, not because they were stupid and did things that they shouldn't be doing. They shouldn't have brought this case. They were saying it this morning, this is a case that should not have been brought.
I watched Danny.
McCarthy say this is a case that should not have been brought, and that was this morning. But they all say that. Every legal scholar has said it legal. These are great people. They really understand the law. The other thing, a pole just came out. The first pole. I don't know, maybe others will be bad. But a pole just came out a little while ago, the damn Mail. Does anybody read the Daily Mail?
Very good? They have a good poll at least I like it today.
And the Daily Mail just came out with a pole and it has Trump up six points in the last twelve hours, six points six points since this happened.
Who thought this could up? Because the people of our country know it's a hoax. They know it's a hoax. They get it.
You know, they're really smart and it's really something. So we're going to be appealing this scam. We're going to be appealing it on many different things. He wouldn't allow us to have witnesses, he wouldn't allow us to talk, he wouldn't allow us to do anything. The judge was a tyrant, and you got to see that with Bob Costello.
A fine man.
I've never seen anything like it, and neither has anybody that was in that courthouse where he demanded that the courthouse be cleared.
Now, the good news is most.
Of the people in the courthouse, with the media and anybody that was in the media of your fair you'll say, wow, that was anger, that was crazed.
He was crazed.
And the reason that Bob Costello acted a little bit upset, which I think he has a right to, was that every question he was being asked was being objected to by the other side and sustained by the judge, sustained, sustained. I think he did it many times. I don't know what the number many times, even I were sitting there saying and these were basic questions. And I never saw anybody treated that way by a judge, And I've been treated very badly by two other judges also, because it's all the same thing, and it all comes out of the White House. Crooked Joe Biden. The worst president in the history of our country. He's the worst president in the history of our country, the most incompetent, He's the dumbest president we've ever had. He's the dumbest president, most competent president, and he's the most dishonest president we've ever had. And so many of the he's a Manchurian candidate. You take a look at the way he treats China, Russia, so many others. You know, I ended the Russian pipeline, it was dead. He comes in and he approves it and he gets three and a half million, meaning three and a half million is paid to the family, his family from the mayor of Moscow's wife.
And I said, where did that come from?
Nobody wants to talk about it, but he's a very big danger to our country and the only.
Way they think.
Former President Donald Trumps speaking in New York after being found guilty almost twenty four hours ago. We're going back to Bloomberg's Amory Horden in New York City and David Goura on the ground at Trum Teamri. I start with you. A highly political speech, a number of statements made.
Very political, and Trump is really echoing what we heard from him yesterday before he left the car house when he was convicted guilty of thirty four of these crimes, making him first former president to be a felon that is going to also be running for the twenty twenty four presidential election. One piece of news that we heard it from him that he will be appealing this.
That was expected.
His lawyers has said that. But we should note ed he made a number of assertions that were false, talking about that this was all done by the White House, by Biden. He says the government got everything it wanted. He says, the issue is not a legal expense. Per the jury, they viewed this that this was a falsification of that expense to impact the election, the falsification of those documents per the twelve jurors. So there's a number of assertations the former president made that does not have evidence and are false. He will be though using this, and you can see he really wanted to pivot to how much money his campaign was able to bring in about thirty five million dollars following the verdict yesterday, and per the campaign note, they say about thirty percent of those donors were first time contributors to the platform. So you can get a sense of how Donald Trump is going to campaign into November talking about that he thinks, and the assertions he's going to continue to make is that this was political and unjustified.
Trump was convicted on state, not federal charges, important because whatever happens in November, that would mean he could not pardon himself. David, the other piece of news I heard is that he had wanted to testify during that trial and gave reasons why he would not. He would not, David, your reaction, Yeah.
And you'll forgive me.
It's getting a bit noisy here as we have protesters and supporters of Donald Trump kind of near me, yelling at one another, of me if I have any trouble hearing you has, But yes, I mean, I thought that line was particularly interesting to me. He said that he would have loved to testify. Of course, Donald Trump did have the opportunity to do that, as any criminal defendant does in a court room, and he declined to do that, you know, to echo what Emry was saying just a moment ago. I mean, there were a lot of familiar agrievances here. I would call it a director's cut of the complaints that we heard from Donald Trump during the course of the trial. You know, he would go downstairs in the courtroom during the lunch break and he would complain about the judge and the proceedings. And his time was limited here in Trump Tower and the atrom of Trump Tower, he had as much time as he'd like, and he was able to go into this in a lot more detail. There were some winding, discursive moments during which he talked about a friend of his and he didn't identify he had a run in.
With this judge.
One where Shawn he said that the judge again had been debta, so there was the same kind of invective and criticism of the judge. I thought something else that was fascinating in light of that was Donald Trump saying he is still under this gag order. That was something I think that was a bit uncertain after the verdict was rendered yesterday. He's still under that gag order. And really did the same kind of tap dancing and tiptoeing around that. He was not shy about criticizing Juan Vershawan again, the judge who is going to sentence Donald Trump on the eleventh of July, really not building back as he criticized him and how he ran the courtroom.
And I'll say he talked a lot about Michael Cohen.
I was definally interested in this part of the comments from the former president as well, taking issue with the fact that it's now become common for people to refer to him as Donald Trump's fixer. He said that was a creation of the media, it was not his. He thought of him as a lawyer. Of course, Michael Cohen playing this role like Roy Cone played earlier in history.
So he did a lot more than just.
Straight ahead legally legal legal, legal work in a courtroom, but he was quite critical of Michael Cohen and what he had to say. And as Amory said, I think that the emphasis that he placed on fundraising, the gratitude that he expressed I people had given money to his campaign and affiliated groups in the hour. Since this verdict stands out, that's certainly something that's going to be cart and parcel of both Donald Trump's campaign and Joe Biden's campaign going forward as this rules from sern of the legal arenas of the political.
One end Amrie. This was highly political inset in the sense it has been a long speech, but it opened with sort of broader political issues at the heart of this election. One thing that I want to focus on. He said that there's been a sort of an uptic or rise in New York City crime. The data doesn't support that, but it is again a core political issues in this election cycle.
It is and you know, it was an unfounded claim that the data doesn't support, but this is something that we do see show up in polls.
So let's by and far.
Large, the economy still is number one when it comes to this election. You could see that in poll after poll Americans continue to cite the economy and notably inflation as their number one concern, but you also see an uptick of issues like immigration and crime being on top of the agenda, and that's that fear that Trump is trying to tap into that he does and he's going to say that the Biden administration has not done enough comes to these issues, the economy, immigration, crime. We should also note ed that one thing that Trump said yesterday, and I'm sure you'll reiterate as he's speaking now and we heard from President Biden, is that really the verdict is going to be delivered by the American people on November fifth. They're using that to campaign. But that's what makes not just July eleventh sentencing of the former president, but the debate that's coming just a few weeks before that at the end of June that CNN will be holding. This is the first time we're going to see these two individuals back on stage together, and they can make that pitch to the American people, because when you look at the polling going into this verdict, it's a mixed bag on whether or not this conviction is going to land as a concern for those people in the middle that both Trump and Biden are trying to get to their side to go out and vote for them. If this conviction is going to land in terms of whether or not, that would mean they would not vote for former Press.
And down Troup will continue the fight Bloomberg, Zamri Horden, and David Gura. Former President Trump continues to speak. We'll continue to monitor and go back as needed. I want to quickly check in on the markets. There's a lot happening in the world. Technology earnings continue. We had important inflation data that supports the idea that the Fed will have room to cut rates in this calendar year. At some point twenty twenty four, the S and P five hundred, the benchmark index in the United States down half a percentage point at the short end of the curve, US two year yield dropping three or four basis points four point eight eight percent. We continue to track Trump Media and Technology Group, the publicly traded parent company of the social media network associated with Donald Trump, as somewhat of a proxy for what is happening in real time during this program. That stock down four point six percent and near session lows. As I said, will continue to track what is happening in New York City, as former President Donald Trump speaks, Let's bring things back to San Francisco. The European Commission's Vice President for Values and Transparency via EUROVA, is in California and met with the CEOs of x Meta, YouTube, Google, Netflix, and TikTok to discuss the impact of AI on tech, but also how the media and how the safeguard elections against foreign interference. You are the Commissioner for Values and Transparency. We're grateful to have you here. Commissioner, you're over, but I have to ask for your reaction to what you've just heard from former President Donald Trump, his track record in politics, but also association with misinformation, which is what we are here to talk about.
Well, it was fascinating to listen to former president and I can agree with him in one thing, that we have a sunny and beautiful day or so were here in San Francisco. The other things I cannot comment because this is justice which is doing the job and we have never comment on individual cases. On your question, well, I think that when mister Trump was the president, we saw very, very big tendency for enabling disinformation to influence the public.
Opinion.
I don't want to say that he himself was was doing it. I don't want to death dare to say that. But coming back to the years of his presidency, we saw that the social media were used for manipulation of the public opinion more than before.
We have elections in this country. This year, you have elections much sooner across the European Union. What was the conclusion you've reached meeting with the heads of those very important technology and social media companies in the last forty eight hours.
It was very interesting to meet all of them. Still today I will meet mister Zuckerberg. Well, I share with them my feedback and information which in the Member States, because I traveled to more than half of the Member states, alerting the representatives of the states and many others about the need to protect the electoral campaign against manipulation and abuse of technologies. So this was my message here that first of all, I wanted to alert them to maybe increase the preparedness for the elections. But it's still several days only before the elections. Maybe to explain why these elections are important. The people of European Union are deciding on who will be among those seven and twenty members of the Parliament who will have one of the first tasks to appoint or nominate or endorse the President of the Commission European Commission. It's the person which has the phone number, which Henry Kissindra always wanted to have in the EU. So it's incredibly important and we don't want m Putin or some other hostile powers to meddle into these elections. And of course how to do this meddling better than where so.
For example, you're going to meet with mister Zuckerberg later today. There are four hundred and fifty million people most across the EU, and so many of them will use a meta product Facebook, Instagram, WhatsApp. They have been issuing threat reports. We've covered them on this program, and they argue that the industry's current defenses, particularly in the context of malicious or content or misinformation generated by generative AI, they believe they have the sufficient tools and defenses. Are you convinced of that? Well?
They know well that in the EU we have a legally binding set of rules, which is Digital Services Act, which wants them to do. I am simplifying incredibly two things. First of all, to guarantee that there is no crime spread and amplified by their networks. Here I speak about hate speech, including anti Semitism, different kind of hate speeches against minorities, terrorist content, extremist content, and child pornography. The second thing is this information, and here we see that especially this information in combination with artificial intelligence, or produced and amplified by artificial artificial intelligence, is exactly something which can endanger our electoral process. We want the elections to be the competition of real people, real visions, and chance for the voters to cast authentic not manipulated vote. That's why the platforms who I spoke to yesterday, the CEOs, they explained to me what they have done regarding fect checking, regarding removals off the illegal content, regarding labeling of AIE production. And my message for them was yesterday and also back to Europe for many other actions, is we have to do all more to protect the elector process.
Commissioner, you're over. One name we haven't discussed yet is Telegram. It's an interesting platform in the sense that you had mentioned Vladimir Putin and Russia. There is a growing concern about the spread of disinformation with Russian origins on that platform. Have you any specific findings or actions on how that has played a role in European affairs and the upcoming elections.
You have very good information. Telegram is an issue, and lady, we're putting and other hostile actors are using all the platforms. But Telegram is a special case because this platform is not under the investigation of the European Commission, because they announced to us that they have only forty two million users, and the benchmark for the European Commission to act is forty five million users. So that's why we are now checking whether the figure is right and in case of the in case we discovered that this is more than forty two million, we will have to look deeply into how Telegram works, because it's true that even the smaller platforms can do very dangerous jobs in several Member states, and Telegram is especially active in Eastern Member of Stags where we have Russian speaking minority.
EU Commissioner Vera, you're over. Thank you for being generous of your time. Thank you for bearing with us as we carried the comments from former President Trump and your reaction to them. Stay with us. We'll be right back. This is Bloomberg an unexpected sign off from US regulators last week paved the way for another landmark in the cryptocurrency industry, ETS investing directly in ether. We have been discussing it endlessly and we will discuss it some more. Joining us now. No our age is and author of crypto is macro now and joins us. I've asked this question to all of our guests at the last ten days or so. Will you taken by surprise?
Totally?
And I called this one wrong. I have to confess I did not expect this faster, PI it so soon. We knew we'd get the spot ETFs sooner or later.
We just thought it'd be later rather than sooner.
Noell, you'd assume that there is demand for such a product and that that demand must be based on something. So give me that big picture the importance of a spot eth ETS.
I'm going to push back on that slightly ed and my personal viewers that we're not going to get a lot of around for this product. It's not a good product.
Bottom line, it's great news for the industry and that it increases awareness and it brings institutional funds that cannot invest in anything that is not listed on a regulated exchange. But as for is this a good product, It's not going to be distributing staking rewards, which means that anyone investing in this product.
Is foregoing a four percent yield.
For many that's a convenience fee, but for professional investors, that's a hefty cost to have to justify to your clients.
Throughout the course of the last week or so, many of our guests have labeled ether is different things. I don't want to put words into your mouth, but if bitcoin is digital gold, what is eth to you?
Many things to.
Many people, as all crosier assets are, but to sign up is digital oil. And another reason why spot etf is not a great product.
Bitcoin is a store value.
It's many other things as well, but for many it's a store value, so it's sort of made to be parked and forgotten about. It's an ideal asset for an EDF whereas created to be used, is created to be used in staking contracts, it's created to be used in DeFi applications.
It's not created to be parked and forgotten about.
And this is another of the disadvantages of this particular product. But you did highlight the main big advantage there and that is in the narrative, that is in getting more people interested in the crypto ecosystem and aware that there are many.
Different narratives in play. It's not just one bucket to put all of the understanding in.
Noell, I appreciate your honesty or admission about being caught by surprise. We're getting the call on it wrong. But let's say it's happening, right, it's happening. Are there any parallels we can draw with the process of and the play out of a spot Bitcoin ETF and the procedure and cadence of what might happen from here.
That's an excellent question, and truthfully it's one that we're all asking.
No one knows the timing on this. With Bitcoin, it was boom boom and launch because it was expected, it was flagged. We were all ready for it. Whereas Eve caught everyone of guard.
And I do think actually it also called the sec of guard, and they're still scrambling to approve the s ones.
We don't know when that's going to be.
Many are saying your analysts are saying, and they do have an inside information insight insight into that, they're saying that it could be during the summer. Hopefully, hopefully it could be pushed back though if the SEC wants to stone all this, But then again, if I'm with them, I just want to get this out there.
Let's move.
Noel Agerson, author of Crypto is Macro now a great to have you back on the program. Okay, Bloomberg Technology Audience. AT's end the week with the check in on the markets, there was a lot happening throughout the week. Earnings continues to be a factor. Economic data that the kind of summary is that inflation is easing off, and that has kind of reignited the belief that there is some room at some point by the end of the year for the Fed to cut rates in what increment we do not know. The S and P five hundred down six ten to one percent. We are seeing a sort of rally in the bomb market and bonds are set for their best month in the year as inflation's fading right, But what happened with former President Donald Trump is still factor. Trump Media and Technology Group is the parent or holding company of The Truth social social media app. It is down more than six percent near session lows. It had fallen much more significantly on Thursday, night after the guilty verdict for former President Donald Trump, and we carried his speech earlier in this program. That does it at this point and this edition of Bloomberg Technology, as I said, recap what was discussed the reaction to an analysis of former President Trump's comments on the podcast. You know where to find it, Apple, Spotify, iHeart and Bloomberg from San Francisco. It's been a week and there's so much more to come in the world of technology. This is Bloomberg Technology.
