From Marhard.

From Marhard.

We're Innovation Money and power co Line in Silicon Valley, NBN.

We're Innovation Money and power co Line in Silicon Valley, NBN.

This is Bloomberg Technology with Caroline Hyde and Ed.

This is Bloomberg Technology with Caroline Hyde and Ed.

Loved Love.

Loved Love.

Live from New York and San Francisco. This is Bloomberg Technology coming up. Apple fail hauls on weakness around China, while Amazon it soars as cost cutting efforts payoff.

Live from New York and San Francisco. This is Bloomberg Technology coming up. Apple fail hauls on weakness around China, while Amazon it soars as cost cutting efforts payoff.

We'll dig deep on.

We'll dig deep on.

Tech earnings and Intel's third quarter robots spark optimism about its turnaround efforts, our conversation with Intel CEO Pat Gelsinger, and.

Tech earnings and Intel's third quarter robots spark optimism about its turnaround efforts, our conversation with Intel CEO Pat Gelsinger, and.

The election it draws near.

The election it draws near.

We sit down with former Republican candidate Vivek Ramaswami. But first we check in on these markets, which today and on a higher note, but we are down for the week. And then as that one hundred, we're off by one point two percent, a significant sell off yesterday, the biggest that we've seen since September the sixth, all on concerns about big tech and its ability to show up in terms of airnings. Today, Amazon managers to power us high. I want to dig in on the micro which I know is what you've got ed.

We sit down with former Republican candidate Vivek Ramaswami. But first we check in on these markets, which today and on a higher note, but we are down for the week. And then as that one hundred, we're off by one point two percent, a significant sell off yesterday, the biggest that we've seen since September the sixth, all on concerns about big tech and its ability to show up in terms of airnings. Today, Amazon managers to power us high. I want to dig in on the micro which I know is what you've got ed.

Yeah, hopefully I'm going to be looking at the two big names, which are first Amazon and then Apple. The Amazon story is pretty clear. There's growth in the cloud unit AWS, it's tied to AI. They gave us an outlook for the final three months of the year. Whether you take revenue or operating income, it gives us a strong signal and we're going to get into that in just a moment. Apple grew in every geography around the world apart from Greater China. iPhone revenue b but the signal is they're going to grow in the low single digits in the final three months of this year. What does that mean? Did iPhone grow in China? There's probably more questions still with Apple on than answers at this point.

Yeah, hopefully I'm going to be looking at the two big names, which are first Amazon and then Apple. The Amazon story is pretty clear. There's growth in the cloud unit AWS, it's tied to AI. They gave us an outlook for the final three months of the year. Whether you take revenue or operating income, it gives us a strong signal and we're going to get into that in just a moment. Apple grew in every geography around the world apart from Greater China. iPhone revenue b but the signal is they're going to grow in the low single digits in the final three months of this year. What does that mean? Did iPhone grow in China? There's probably more questions still with Apple on than answers at this point.

Let's get some answers then, Because gene months is with us managing partner Deepwater Asset Management, really threw the tea leaves for us because there has been ongoing concern when it comes to Apple and China.

Let's get some answers then, Because gene months is with us managing partner Deepwater Asset Management, really threw the tea leaves for us because there has been ongoing concern when it comes to Apple and China.

Is that the key takeaway.

Is that the key takeaway.

For you, Well, the key takeaway from me is someone who's optimistic that these Apple Intelligence features are going to accelerate revenue growth and I have much more ambitious expectations for the next year and two years. One of the big takeaways for me is the guidance kind of through cold water on this twenty percent kind of outside hope that we'd start to see some better acceleration in the December quarter. As you mentioned, a low single digit guide. The street was at seven percent, so probably analysts are going to shake out somewhere between five to six percent similar growth rates if we just saw on the September quarter. And so from my perspective, the big takeaway here is that the street was right that this is going to take some time a few quarters before we start to see this acceleration and growth. And I think the guidance just confirmed that. And then just to dive into the China question, I previewed this and said they've got to they have to have China growth.

For you, Well, the key takeaway from me is someone who's optimistic that these Apple Intelligence features are going to accelerate revenue growth and I have much more ambitious expectations for the next year and two years. One of the big takeaways for me is the guidance kind of through cold water on this twenty percent kind of outside hope that we'd start to see some better acceleration in the December quarter. As you mentioned, a low single digit guide. The street was at seven percent, so probably analysts are going to shake out somewhere between five to six percent similar growth rates if we just saw on the September quarter. And so from my perspective, the big takeaway here is that the street was right that this is going to take some time a few quarters before we start to see this acceleration and growth. And I think the guidance just confirmed that. And then just to dive into the China question, I previewed this and said they've got to they have to have China growth.

In the quarter.

In the quarter.

I think it was actually like up like zero point five percent. I mean it was fractional. Cops were really easy. They should have been up five six percent where the street was at. So I think there's something else going on in China.

I think it was actually like up like zero point five percent. I mean it was fractional. Cops were really easy. They should have been up five six percent where the street was at. So I think there's something else going on in China.

Geane.

Geane.

It's a fair question of where that future growth will come from, right, And that's great because we can talk about technology. You've been using Apple Intelligence in its early form, and when you think about China, there was some evidence, albeit third party data evidence, that the consumer in China might be buying iPhone sixteen in the hope that in the future the platform would be available there, because of course it's not now the regulator won't allow it.

It's a fair question of where that future growth will come from, right, And that's great because we can talk about technology. You've been using Apple Intelligence in its early form, and when you think about China, there was some evidence, albeit third party data evidence, that the consumer in China might be buying iPhone sixteen in the hope that in the future the platform would be available there, because of course it's not now the regulator won't allow it.

How are you kind of modeling.

How are you kind of modeling.

That well, the timing of when some so first, I've been using the features, and I would describe the features as nice to have but not need to have yet. I mean, they do a great job of like consolidating my messages and notifications. I think that the as far as kind of the you know, how this plays out is the geograph piece is really important. It's just going to be additional English countries for the rest of this year, and so that's going to be like UK, Canada, Australia. But then we still have this unanswered question about when does Europe start going and then China, of course it's probably they're going to have to do some sort of partnership with Baidu to get there. And so for this cycle to really be a super cycle, there's like almost like these geopolitical things that need to fall into place, and ultimately I believe that they will fall into place. I think Apple's got clout to make those things happen. And then additionally, even though I described the features as nice to have, not need to have, I just want to quickly frame in why I believe these will be need to have. Is that starting kind of first quarter of next year, once they start integrating more of the GPT functionality but also open up more of this with developers, we get a genta AI.

That well, the timing of when some so first, I've been using the features, and I would describe the features as nice to have but not need to have yet. I mean, they do a great job of like consolidating my messages and notifications. I think that the as far as kind of the you know, how this plays out is the geograph piece is really important. It's just going to be additional English countries for the rest of this year, and so that's going to be like UK, Canada, Australia. But then we still have this unanswered question about when does Europe start going and then China, of course it's probably they're going to have to do some sort of partnership with Baidu to get there. And so for this cycle to really be a super cycle, there's like almost like these geopolitical things that need to fall into place, and ultimately I believe that they will fall into place. I think Apple's got clout to make those things happen. And then additionally, even though I described the features as nice to have, not need to have, I just want to quickly frame in why I believe these will be need to have. Is that starting kind of first quarter of next year, once they start integrating more of the GPT functionality but also open up more of this with developers, we get a genta AI.

There is optimism there.

There is optimism there.

Therefore, eventually that Apple intelligence will bear fruits. What is bearing fruits right here, right now is the services side. But that's under duress from a regulatory perspective. If we're thinking about the app Store, for example, how do you think about regulation gene.

Therefore, eventually that Apple intelligence will bear fruits. What is bearing fruits right here, right now is the services side. But that's under duress from a regulatory perspective. If we're thinking about the app Store, for example, how do you think about regulation gene.

It's the black swan potential negative event.

It's the black swan potential negative event.

Here is it?

Here is it?

Services growth at twelve percent, the shoes at thirteen called a wash. But I think that this came up on the Apple call last night. It came up on the Google call two nights ago. I think Services continues to do well because their base keeps growing, hitting record highs. But I think that you know, there's still this piece out there, and I would put a low probability ten to fifteen percent that something happens between the relationship between Google and app on that that the search placement deal with Safari, and that's probably ten to fifteen percent of their income. So I think that there's a that's something else. I'm focused on.

Services growth at twelve percent, the shoes at thirteen called a wash. But I think that this came up on the Apple call last night. It came up on the Google call two nights ago. I think Services continues to do well because their base keeps growing, hitting record highs. But I think that you know, there's still this piece out there, and I would put a low probability ten to fifteen percent that something happens between the relationship between Google and app on that that the search placement deal with Safari, and that's probably ten to fifteen percent of their income. So I think that there's a that's something else. I'm focused on.

What's in a Pinchai said on the Google call aways, all the regulatory oversight will have unintended consequences, right that Apple didn't go as far a few months or a deepwater acid management s greates catch up and have you on the show. Thank you so much. Okay, let's talk about the other big one. Amazon in its earnings. Remi Shalott, portfolio manager at vontabell is across all of these names, and I think with Amazon AWS growth and the outlook, what was your read on that?

What's in a Pinchai said on the Google call aways, all the regulatory oversight will have unintended consequences, right that Apple didn't go as far a few months or a deepwater acid management s greates catch up and have you on the show. Thank you so much. Okay, let's talk about the other big one. Amazon in its earnings. Remi Shalott, portfolio manager at vontabell is across all of these names, and I think with Amazon AWS growth and the outlook, what was your read on that?

Well, I think ed you.

Well, I think ed you.

Know, the revenue trends across the board were in line with very healthy levels of Q one, so AWS growing at nineteen percent, in line with expectations.

Know, the revenue trends across the board were in line with very healthy levels of Q one, so AWS growing at nineteen percent, in line with expectations.

I think they're getting incremental growth from.

I think they're getting incremental growth from.

AI related services that they're offering, probably we estimate around six hundred basis points.

AI related services that they're offering, probably we estimate around six hundred basis points.

And you know, there was commentary that there was very strong demand.

And you know, there was commentary that there was very strong demand.

For their customs silicon, which I think was an interesting takeaway from the core.

For their customs silicon, which I think was an interesting takeaway from the core.

Set that in the context, because you are such a great guest to have because your portfolios don't just own Amazon, but also the competitors in the hyperscale space. What does Amazon's market share look like right now? What does it mean in terms of having its own supply sustainability? Is it less dependent on an in video for example.

Set that in the context, because you are such a great guest to have because your portfolios don't just own Amazon, but also the competitors in the hyperscale space. What does Amazon's market share look like right now? What does it mean in terms of having its own supply sustainability? Is it less dependent on an in video for example.

Yeah, it's a really interesting topical question right now, just it has implications for in video. So Amazon's annualizing revenue for AWS around one hundred and ten billion right.

Yeah, it's a really interesting topical question right now, just it has implications for in video. So Amazon's annualizing revenue for AWS around one hundred and ten billion right.

Now, and we'd say Azure for Microsoft.

Now, and we'd say Azure for Microsoft.

The number two players are about sixty five sixty seven billion, so still a good way ahead, but Azure is growing faster at about thirty three percent versus AWS at nineteen.

The number two players are about sixty five sixty seven billion, so still a good way ahead, but Azure is growing faster at about thirty three percent versus AWS at nineteen.

The way I think about it, though, is.

The way I think about it, though, is.

That they're broke, They're both structurally growing at a very attractive rate, and it's really two players moving ahead.

That they're broke, They're both structurally growing at a very attractive rate, and it's really two players moving ahead.

And Google a distant third.

And Google a distant third.

So I think the market share is fine. They're doing all the right things. And in regards to the question about custom silicon, what they did say on the call was that the demand for their custom silicon Inferentia and Trainium was very strong and that they would be asking their suppliers to increase a manufacturing capacity. So that's that's important because customers do want to have lower cost options. Not everyone wants larger language models that use in video chips and AWS is in a very good position to to cater to that demand and potentially lower cost for consumers, for their for their customers.

So I think the market share is fine. They're doing all the right things. And in regards to the question about custom silicon, what they did say on the call was that the demand for their custom silicon Inferentia and Trainium was very strong and that they would be asking their suppliers to increase a manufacturing capacity. So that's that's important because customers do want to have lower cost options. Not everyone wants larger language models that use in video chips and AWS is in a very good position to to cater to that demand and potentially lower cost for consumers, for their for their customers.

It's not new that in the context of Amazon, we focus on the cloud business, but there's much more. I mean, what did you make of the e commerce business, particularly in areas where Andy Jasse has made cuts and scaled back spending a little bit.

It's not new that in the context of Amazon, we focus on the cloud business, but there's much more. I mean, what did you make of the e commerce business, particularly in areas where Andy Jasse has made cuts and scaled back spending a little bit.

Well, e commerce was extremely impressive on the margin side. If you recall back into Q they put out a guidance that was below expectations on margins, and the reason for that is, you know, consumers are demanding more daily essentials and you're seeing lower basket sizes, which means, you know, higher cost to serve.

Well, e commerce was extremely impressive on the margin side. If you recall back into Q they put out a guidance that was below expectations on margins, and the reason for that is, you know, consumers are demanding more daily essentials and you're seeing lower basket sizes, which means, you know, higher cost to serve.

So that entails that that means lower margins for the Corey e commerce business.

So that entails that that means lower margins for the Corey e commerce business.

But what they've been able to do to upset that pressure is consolidate more packages into the one delivery and also leverage the strategy with the regional distribution centers, which has.

But what they've been able to do to upset that pressure is consolidate more packages into the one delivery and also leverage the strategy with the regional distribution centers, which has.

Been something in play for the last couple of.

Been something in play for the last couple of.

Years, which means that they're closer to their consumer, which lowers their cost to serve, but also that they can increase the number of one day next day delivery items. So it's both good on a customer satisfaction level as well as improving operating efficiency. So margins beat on the core e commerce side, and I think we now have good visibility for margins to continue to expand at a good, healthy level for the next year or so despite investing in that business.

Years, which means that they're closer to their consumer, which lowers their cost to serve, but also that they can increase the number of one day next day delivery items. So it's both good on a customer satisfaction level as well as improving operating efficiency. So margins beat on the core e commerce side, and I think we now have good visibility for margins to continue to expand at a good, healthy level for the next year or so despite investing in that business.

I mean, let's take it back to the real investment outlay, a capex of seventy five billion dollars being articulated for twenty twenty four, and where that then pushes forward to a mean is how much they have to continue to double down on investment for infrastructure for AI.

I mean, let's take it back to the real investment outlay, a capex of seventy five billion dollars being articulated for twenty twenty four, and where that then pushes forward to a mean is how much they have to continue to double down on investment for infrastructure for AI.

Well, the seventy five billions of big step up from the fifty odd billion that they report in capex last year, so there's already a large step up relating to AWS, Amazon data center and server related investment.

Well, the seventy five billions of big step up from the fifty odd billion that they report in capex last year, so there's already a large step up relating to AWS, Amazon data center and server related investment.

So will they need to step up incrementally from here?

So will they need to step up incrementally from here?

I think it's going to be a lot more moderate going into twenty twenty five versus twenty twenty four, but clearly there is a lot of demand for AI related services and General Cloud. You've got to remember that General Cloud is recovering as well, and the commentary keeps indicating that there's more demand than the supply that they can offer.

I think it's going to be a lot more moderate going into twenty twenty five versus twenty twenty four, but clearly there is a lot of demand for AI related services and General Cloud. You've got to remember that General Cloud is recovering as well, and the commentary keeps indicating that there's more demand than the supply that they can offer.

So I think they can continue to invest in capex in this area.

So I think they can continue to invest in capex in this area.

But the important thing for investors is that AWS was still able to produce a thirty eight percent operating margin despite the investment we've seen to date. Now that margin will probably come down, but I think what we can take away is that the margins are probably going to be higher than what people are expecting before this result up.

But the important thing for investors is that AWS was still able to produce a thirty eight percent operating margin despite the investment we've seen to date. Now that margin will probably come down, but I think what we can take away is that the margins are probably going to be higher than what people are expecting before this result up.

It's great to have some time with you, fund of bel portfolio manager.

It's great to have some time with you, fund of bel portfolio manager.

Thank you, Ed. We've also got other earnings to care to check out.

Thank you, Ed. We've also got other earnings to care to check out.

Yeah, and Intel's the other big story. So Intel shares are up almost seven percent. That's their biggest jump or on track to be their biggest jump since the last day of August. The story painful cuts in the court are gone, impairment charges a big miss on the bottom line, but an outlook that gives markets hope that Intel is finally turning a corner. And later in the show, we're going to go over some of our interview with the CEO Pat Gelsinger, So stay tuned with us. Immediately, we're going to talk about cryptoregulation and what could come on the horizon regardless of the winner in next week's US presidential election, and that discussions with Kristin Smith, the CEO of the Blockchain Association.

Yeah, and Intel's the other big story. So Intel shares are up almost seven percent. That's their biggest jump or on track to be their biggest jump since the last day of August. The story painful cuts in the court are gone, impairment charges a big miss on the bottom line, but an outlook that gives markets hope that Intel is finally turning a corner. And later in the show, we're going to go over some of our interview with the CEO Pat Gelsinger, So stay tuned with us. Immediately, we're going to talk about cryptoregulation and what could come on the horizon regardless of the winner in next week's US presidential election, and that discussions with Kristin Smith, the CEO of the Blockchain Association.

That's next. This is Bloomberg Technology.

That's next. This is Bloomberg Technology.

New election date from the FEC finds Vice President Kamala Harris's re embrace of the tech industry is paying off. She's received major donations from Mark Cuban, Dusk and Moskowitz and Reed Hoffman, who told us this yesterday.

New election date from the FEC finds Vice President Kamala Harris's re embrace of the tech industry is paying off. She's received major donations from Mark Cuban, Dusk and Moskowitz and Reed Hoffman, who told us this yesterday.

Listen, what the tech industry needs is kind of a stable environment in order to, you know, kind of follow the rules and prosper in good global relations. In addition to stability and an ability to kind of know that you're following a rule of law versus what I think of as grifter capitalism.

Listen, what the tech industry needs is kind of a stable environment in order to, you know, kind of follow the rules and prosper in good global relations. In addition to stability and an ability to kind of know that you're following a rule of law versus what I think of as grifter capitalism.

All of that.

All of that.

Leads to, like, you know, the reason why I and others like me support Vice.

Leads to, like, you know, the reason why I and others like me support Vice.

President Harris Blimberg's business.

President Harris Blimberg's business.

Carson has been writing about this this week, but for months, frankly tracking the relationship between Silicon Valley and the candidates, and I think your reality is in Vice President Harris's case, California, Silicon Valley, the Bay Area is about funding, getting cash and support. But there are big names behind her in the world technology.

Carson has been writing about this this week, but for months, frankly tracking the relationship between Silicon Valley and the candidates, and I think your reality is in Vice President Harris's case, California, Silicon Valley, the Bay Area is about funding, getting cash and support. But there are big names behind her in the world technology.

Yes, she's had to re engage the tech industry in a way that I think was unexpected for her campaign to bring in these donations. She's been able to get money from Ried Hoffman, Dustin Moskovitz, these names you just named, but she's had to work for it from these tech leaders. California is a big ATM for both candidates, and so she's had multiple fundraisers here and she's really pulled upon the tech industry to prop up her campaign.

Yes, she's had to re engage the tech industry in a way that I think was unexpected for her campaign to bring in these donations. She's been able to get money from Ried Hoffman, Dustin Moskovitz, these names you just named, but she's had to work for it from these tech leaders. California is a big ATM for both candidates, and so she's had multiple fundraisers here and she's really pulled upon the tech industry to prop up her campaign.

It's not even just fundraises.

It's not even just fundraises.

Your story articulates that she's holding nearly weekly roundtables with business leaders and tech investors in builders.

Your story articulates that she's holding nearly weekly roundtables with business leaders and tech investors in builders.

That's a cadence that is extraordinary.

That's a cadence that is extraordinary.

Yeah, she has been hitting the pave in her and her campaign team. I mean, Brian Nelson and Tony West are kind of the two big envoys from her campaign, two tech leaders, and they're having roundtables, for example at y Combinator, where they're saying startups will have a seat at the table. And these roundtables are really meant to let the tech industry know that her campaign will be less. There has been a big Biden trust gap so far, and a lot of the people in the tech industry feel like, you know, they were neglected by the Biden administration. So these roundtables are away for her to show that, you know, they're having trust within the tech industry.

Yeah, she has been hitting the pave in her and her campaign team. I mean, Brian Nelson and Tony West are kind of the two big envoys from her campaign, two tech leaders, and they're having roundtables, for example at y Combinator, where they're saying startups will have a seat at the table. And these roundtables are really meant to let the tech industry know that her campaign will be less. There has been a big Biden trust gap so far, and a lot of the people in the tech industry feel like, you know, they were neglected by the Biden administration. So these roundtables are away for her to show that, you know, they're having trust within the tech industry.

It's very quickly later in the program, we have Vivit Ramaswami on the show to talk about Trump and tech has also supported Trump, so a bench capitalists.

It's very quickly later in the program, we have Vivit Ramaswami on the show to talk about Trump and tech has also supported Trump, so a bench capitalists.

Yes, there's been a major Trump tide, and I think that's in relation to the actions of the Biden administration where a lot of people feel like it's been particularly destructive to the tech industry so far. And so there are a lot of big names, Mark and Ries and Ben Horowitz, David Sachs who have supported Trump that we have seen this Trump tide. Now, these roundtables, though, I think, have done a good job and kind of stemming that Trump tide.

Yes, there's been a major Trump tide, and I think that's in relation to the actions of the Biden administration where a lot of people feel like it's been particularly destructive to the tech industry so far. And so there are a lot of big names, Mark and Ries and Ben Horowitz, David Sachs who have supported Trump that we have seen this Trump tide. Now, these roundtables, though, I think, have done a good job and kind of stemming that Trump tide.

Being both viscasts and important reporting just a few days out.

Being both viscasts and important reporting just a few days out.

Carry let's get back to the markets and let's.

Carry let's get back to the markets and let's.

Filter that into the conversation we're just having, because in many ways people have felt part of the Trump trade has been his crypto adoption and indeed support, wanting to make the US the key area of growth for cryptocurrencies, and in many ways Bitcoin has been moved about. When we look at basically how the market is predicting a Trump win or not, we're currently up about four point eight percent when you're looking at bitcoin, that's over the course of five trading days.

Filter that into the conversation we're just having, because in many ways people have felt part of the Trump trade has been his crypto adoption and indeed support, wanting to make the US the key area of growth for cryptocurrencies, and in many ways Bitcoin has been moved about. When we look at basically how the market is predicting a Trump win or not, we're currently up about four point eight percent when you're looking at bitcoin, that's over the course of five trading days.

At one point, we're.

At one point, we're.

About two hundred dollars off the record high that we set back in March. Many wondering whether the roll eclipse that's seventy three thousand dollars level again where at seventy nine hundred and thirty seven. Move on and see that it's not just Bitcoin that's been moved around by political volatility, so too has those look at this over the course of a month, dose coin is up fifty four percent. Now there is an acromen that has been adopted by perhaps if we did see the Department of Government efficiency borne out by one Elon Musk, what does doge spend spell? Well, of course it stes so many feeling that that's getting a tailwind from the effect of Elon Musk's back for Trump. But ed we're going to delve into the world of crypto a little bit more now.

About two hundred dollars off the record high that we set back in March. Many wondering whether the roll eclipse that's seventy three thousand dollars level again where at seventy nine hundred and thirty seven. Move on and see that it's not just Bitcoin that's been moved around by political volatility, so too has those look at this over the course of a month, dose coin is up fifty four percent. Now there is an acromen that has been adopted by perhaps if we did see the Department of Government efficiency borne out by one Elon Musk, what does doge spend spell? Well, of course it stes so many feeling that that's getting a tailwind from the effect of Elon Musk's back for Trump. But ed we're going to delve into the world of crypto a little bit more now.

Yes, very creative.

Yes, very creative.

This election cycle, major money is being funneled to candidates who support crypto and the results could have a major impact on regulation and oversight of the industry.

This election cycle, major money is being funneled to candidates who support crypto and the results could have a major impact on regulation and oversight of the industry.

Here to discuss.

Here to discuss.

Kristen Smith, CEO of the Blockchain Association, I have to be honest with you, Kristen. I think we've made multiple attempts to ask surrogates of both candidates for a clear definition or explanation of their policy towards crypto.

Kristen Smith, CEO of the Blockchain Association, I have to be honest with you, Kristen. I think we've made multiple attempts to ask surrogates of both candidates for a clear definition or explanation of their policy towards crypto.

Are you able to do that?

Are you able to do that?

Yeah? Well, listen, I think you know.

Yeah? Well, listen, I think you know.

Biz said something interesting in the last interview that people have been very frustrated with the Biden administrations of focus on tech and crypto is very much a part of that. It's one of the reasons why we partnered with Harris X to launch Regulation by Enforcement dot com. We need to stop the regulation by enforcement and get a new law into place. With Donald Trump, he has had a remarkable change of heart on crypto from where he was when he was president last time. He's had an incredibly clear list of priorities. He's very interested in including people with understanding of crypto in his administration. We know that he's going to fire Gary Gunsler on day one, So we have to jump in.

Biz said something interesting in the last interview that people have been very frustrated with the Biden administrations of focus on tech and crypto is very much a part of that. It's one of the reasons why we partnered with Harris X to launch Regulation by Enforcement dot com. We need to stop the regulation by enforcement and get a new law into place. With Donald Trump, he has had a remarkable change of heart on crypto from where he was when he was president last time. He's had an incredibly clear list of priorities. He's very interested in including people with understanding of crypto in his administration. We know that he's going to fire Gary Gunsler on day one, So we have to jump in.

There because what you just said is interesting.

There because what you just said is interesting.

You are working with the Harris campaign, but you're your complimentary of what president form President Trump is, how he's approaching this. We had Gary Againster on the show last week and Caroline asked him very simply about his retention of his job. What's your position on leadership at the SEC?

You are working with the Harris campaign, but you're your complimentary of what president form President Trump is, how he's approaching this. We had Gary Againster on the show last week and Caroline asked him very simply about his retention of his job. What's your position on leadership at the SEC?

In that respect, Gary Gensler's got to go, There's no question about that. And I think the good news is with a change in administration, whether it be Trump who wins or Harris who wins, there is an opportunity to make that change. I think we know it's pretty clear where Trump stands Harris. I think we're hopeful. I mean, listen, she's had the shortest presidential campaign in history, but she is talking with the tech community, is business just saying she is open minded. She said some positive things about crypto, so she's not as precise in her policies, but she I think, you know, we're optimistic that if she wins that there will be an opportunity for change at the top as well.

In that respect, Gary Gensler's got to go, There's no question about that. And I think the good news is with a change in administration, whether it be Trump who wins or Harris who wins, there is an opportunity to make that change. I think we know it's pretty clear where Trump stands Harris. I think we're hopeful. I mean, listen, she's had the shortest presidential campaign in history, but she is talking with the tech community, is business just saying she is open minded. She said some positive things about crypto, so she's not as precise in her policies, but she I think, you know, we're optimistic that if she wins that there will be an opportunity for change at the top as well.

Can you articulate the precision of the policies coming from the Trump campaign, because for me, it just sounds like we want to make it more adopted here in the US. We want to be like the number one place in the planet to have crypto. But I didn't get much nuance on exactly how that do they do that from a guardrail perspective, from a congress bringing in rules perspective.

Can you articulate the precision of the policies coming from the Trump campaign, because for me, it just sounds like we want to make it more adopted here in the US. We want to be like the number one place in the planet to have crypto. But I didn't get much nuance on exactly how that do they do that from a guardrail perspective, from a congress bringing in rules perspective.

Yeah, well, President Trump gave a great speech at Nashville where he laid.

Yeah, well, President Trump gave a great speech at Nashville where he laid.

Out a couple of items.

Out a couple of items.

But it goes back to though, the biggest thing in the crypto industry right now it needs right now is to stop the regulation by enforcement.

But it goes back to though, the biggest thing in the crypto industry right now it needs right now is to stop the regulation by enforcement.

We have a Congress.

We have a Congress.

Coming in that we think is very prime to pass an appropriate regulatory framework.

Coming in that we think is very prime to pass an appropriate regulatory framework.

They did a lot of work.

They did a lot of work.

This Congress, but we're going to need next Congress to get that work done. And as part of our campaign for regulation by enforcement, we if Harris X found that two thirds of voters agree that Congress should act first before the sec.

This Congress, but we're going to need next Congress to get that work done. And as part of our campaign for regulation by enforcement, we if Harris X found that two thirds of voters agree that Congress should act first before the sec.

Should take action.

Should take action.

And so I think it shows that for candidates who are running for Congress, for the House and the Senate, whether they be Republican or Democrat, that it is helpful to their campaigns to take a pro crypto posture, and that's one of the reasons why we think that with a change of administration that we're very hopeful that we could get new leadership at the regulatory agencies and some of the executive branch agencies that will help work with Congress to make that a reality.

And so I think it shows that for candidates who are running for Congress, for the House and the Senate, whether they be Republican or Democrat, that it is helpful to their campaigns to take a pro crypto posture, and that's one of the reasons why we think that with a change of administration that we're very hopeful that we could get new leadership at the regulatory agencies and some of the executive branch agencies that will help work with Congress to make that a reality.

A number of the brands that we currently see in front of US or companies have been making layoffs of late, and many have been trying to make clear that yes, bitcoin's been on a bit of a teb, but the ecosystem in general perhaps hasn't been thriving. More broadly, how do you see that continue to evolve?

A number of the brands that we currently see in front of US or companies have been making layoffs of late, and many have been trying to make clear that yes, bitcoin's been on a bit of a teb, but the ecosystem in general perhaps hasn't been thriving. More broadly, how do you see that continue to evolve?

Yeah, well, the industry has been struggling here in the United States. You know, I think there are companies and leaders that are fighting to try to keep it here and getting the right framework that allows us to keep it here.

Yeah, well, the industry has been struggling here in the United States. You know, I think there are companies and leaders that are fighting to try to keep it here and getting the right framework that allows us to keep it here.

But it's very, very risky.

But it's very, very risky.

To create a new blockchain, to launch a token, to do that kind of activity in the US. And so what happens is these companies take their laptops, go overseas and work out of there instead of working here in the US. And so this is one of the things that can't be measured. This is you know, there's some factors like we have over one hundred enforcement actions, there's been over four hundred million dollars.

To create a new blockchain, to launch a token, to do that kind of activity in the US. And so what happens is these companies take their laptops, go overseas and work out of there instead of working here in the US. And so this is one of the things that can't be measured. This is you know, there's some factors like we have over one hundred enforcement actions, there's been over four hundred million dollars.

In legal fees spent.

In legal fees spent.

But what can't be known is the number of jobs and the opportunity for the US.

But what can't be known is the number of jobs and the opportunity for the US.

Kristen very quickly, we have a few days until this happens. You calculated or gain planned for the scenario you think most likely.

Kristen very quickly, we have a few days until this happens. You calculated or gain planned for the scenario you think most likely.

You know, it's interesting, I'm watching all of the same signals that everybody else's. I think the early voting. I'd love to look at the prediction markets. I look at poly market, I think about every half hour to see where the numbers are at. It does certainly seem to think that that Trump is in the lead, But I've been around long enough to know it's very hard. You really have to get through the day. But I do think, regardless of what happens, we've turned a corner. I think we're going to have an incredibly productive Congress, and I think we're going to have a new administration that's going to be more open of working with a crypto industry.

You know, it's interesting, I'm watching all of the same signals that everybody else's. I think the early voting. I'd love to look at the prediction markets. I look at poly market, I think about every half hour to see where the numbers are at. It does certainly seem to think that that Trump is in the lead, But I've been around long enough to know it's very hard. You really have to get through the day. But I do think, regardless of what happens, we've turned a corner. I think we're going to have an incredibly productive Congress, and I think we're going to have a new administration that's going to be more open of working with a crypto industry.

An optimistic Kristin Smith, we thank you, CEO of Blockchain Association. Time now for talking tech. First up, Waimo, Alphabet's autonomous driving unit. It's valued at more than forty five billion dollars, including its latest round of financing, according to sources. Now, the business said late last week that it had raised five point six billion dollars in new capital at an undisclosed value. Meanwhile, Microsoft has hired one of the engineering chiefs who kept Facebook's infrastructure humming. This is as the tech giant is actually struggling to bring data centers online fast enough to meet the demand.

An optimistic Kristin Smith, we thank you, CEO of Blockchain Association. Time now for talking tech. First up, Waimo, Alphabet's autonomous driving unit. It's valued at more than forty five billion dollars, including its latest round of financing, according to sources. Now, the business said late last week that it had raised five point six billion dollars in new capital at an undisclosed value. Meanwhile, Microsoft has hired one of the engineering chiefs who kept Facebook's infrastructure humming. This is as the tech giant is actually struggling to bring data centers online fast enough to meet the demand.

For its AI products.

For its AI products.

Now, Ja Parik will join the senior leadership team at Microsoft and report to CEO Sati and Adella. And AirPods maker Gortech has picked banks to work on the planned Hong Kong IPO of its semiconductor unit, Gortech Microelectronics so all, according to sources, who say the listing could happen as soon as next year, raise at least three hundred million dollars then.

Now, Ja Parik will join the senior leadership team at Microsoft and report to CEO Sati and Adella. And AirPods maker Gortech has picked banks to work on the planned Hong Kong IPO of its semiconductor unit, Gortech Microelectronics so all, according to sources, who say the listing could happen as soon as next year, raise at least three hundred million dollars then.

All right, coming up on the program.

All right, coming up on the program.

Our conversation with Intel CEO Pat Gelsinger following the company's earnings.

Our conversation with Intel CEO Pat Gelsinger following the company's earnings.

The star is pushing a bit higher.

The star is pushing a bit higher.

There's a bit of optimism and returning to that old name of Silicon Valley and Semiconductors.

There's a bit of optimism and returning to that old name of Silicon Valley and Semiconductors.

Welcome back to Blue Meg Technology. I'm Caroline Hide in New York and.

Welcome back to Blue Meg Technology. I'm Caroline Hide in New York and.

I met Lovelo in San Francisco. What a week reflected in the markets. Look at the NAS that one hundred over a five day basis, it's like a one percent decline basically over the course of the week, which technically is the biggest drop since the first week of September.

I met Lovelo in San Francisco. What a week reflected in the markets. Look at the NAS that one hundred over a five day basis, it's like a one percent decline basically over the course of the week, which technically is the biggest drop since the first week of September.

So earnings is a big part of.

So earnings is a big part of.

That movement right to both the upside and downside, but fold into economic data and the fact that we're all bracing for an election here in America next week.

That movement right to both the upside and downside, but fold into economic data and the fact that we're all bracing for an election here in America next week.

There's a lot going on.

There's a lot going on.

The three names that we're looking at and continue to look at are the big ones. Earnings Last night was wild in terms of three names that report at the same time. So starting with Amazon really pushing higher, biggest jump since February of this year, strength growth in aws in particular, but overall going to final three months of the year, Apple down grew everywhere around the world apart from China, low single digits growth to end the year. And then Intel is really pushing higher. Really really difficult quarter gone, some hope in the outlook for the quarters to come, but they are still behind in that key market of AI accelerators, and it's interesting that investors look past that carrow.

The three names that we're looking at and continue to look at are the big ones. Earnings Last night was wild in terms of three names that report at the same time. So starting with Amazon really pushing higher, biggest jump since February of this year, strength growth in aws in particular, but overall going to final three months of the year, Apple down grew everywhere around the world apart from China, low single digits growth to end the year. And then Intel is really pushing higher. Really really difficult quarter gone, some hope in the outlook for the quarters to come, but they are still behind in that key market of AI accelerators, and it's interesting that investors look past that carrow.

And it's really interesting how investors are navigating any of this at the moment.

And it's really interesting how investors are navigating any of this at the moment.

And we want to bring in Isabelli, who's.

And we want to bring in Isabelli, who's.

Got a great recap on the week, but also a push ahead to how perhaps people are taking risk off the table. Ultimately, five of them, magnificent seven came this week and it did dictate trade in many ways.

Got a great recap on the week, but also a push ahead to how perhaps people are taking risk off the table. Ultimately, five of them, magnificent seven came this week and it did dictate trade in many ways.

Yes, it was the biggest, biggest and busiest season and five of them reported and as a cohart, they didn't really inspire, which is kind of interesting, but we expect that not everything that will go up, we'll keep on going up. And as a whole, Wall Street estimates the reports that beat were only seventy five percent.

Yes, it was the biggest, biggest and busiest season and five of them reported and as a cohart, they didn't really inspire, which is kind of interesting, but we expect that not everything that will go up, we'll keep on going up. And as a whole, Wall Street estimates the reports that beat were only seventy five percent.

That sounds high, but it's the lowest sense the.

That sounds high, but it's the lowest sense the.

Start of twenty twenty three, so you can see some kind of fizzling there. But on top of that, we had a slew of eco data, manufacturing data strand we had hiring rose but at the slowest pace ince twenty twenty two. And we also have next week which is elections and FOMC all that is resorting into this big ball of angst. So we have cities Gate Global Risk Factors and it throws to its highest in eighteen months. So it just really shows investors are jittery and that result into voltile trading across asset classes. So that gauge includes emergency markets, gold, SMP, NAZAC, everything, and it's very votile as well.

Start of twenty twenty three, so you can see some kind of fizzling there. But on top of that, we had a slew of eco data, manufacturing data strand we had hiring rose but at the slowest pace ince twenty twenty two. And we also have next week which is elections and FOMC all that is resorting into this big ball of angst. So we have cities Gate Global Risk Factors and it throws to its highest in eighteen months. So it just really shows investors are jittery and that result into voltile trading across asset classes. So that gauge includes emergency markets, gold, SMP, NAZAC, everything, and it's very votile as well.

Typically we like to keep it light and breezy on a Friday on this program Bloomberg Technology. But the point of your column, anxiety is bubbling is partly, as I said, bracing for an election next week, and if you're an investor, you have to think about the impact of that on all sorts of asset classes. And in the context of tech, what is that specific anxiety?

Typically we like to keep it light and breezy on a Friday on this program Bloomberg Technology. But the point of your column, anxiety is bubbling is partly, as I said, bracing for an election next week, and if you're an investor, you have to think about the impact of that on all sorts of asset classes. And in the context of tech, what is that specific anxiety?

Anxiety with tech is how far will this AI riley go? But we have news today also showing that the capex of the four largest Internet companies, which includes Amazon, Microsoft, Mata and Alphabet, are set to total well over two hundred billion this year. So that's a record sum. So you see investors still investing in AI, still hinging on the promise of AI. But beyond tech, there is the elections, but there is also the FOMC and weeks after that, we still have a slew.

Anxiety with tech is how far will this AI riley go? But we have news today also showing that the capex of the four largest Internet companies, which includes Amazon, Microsoft, Mata and Alphabet, are set to total well over two hundred billion this year. So that's a record sum. So you see investors still investing in AI, still hinging on the promise of AI. But beyond tech, there is the elections, but there is also the FOMC and weeks after that, we still have a slew.

Up eco data.

Up eco data.

Yes, it's going to the year end, but where are we here. I talked to a source earlier. He said, we already landed. It's a soft landing, but some investors are still bracing for that hard landing. So the dichotomy is couldn't be so stark. It's really a messy, noisy market. But I also want to bring your attention to next week. We have poundy or super micro lift revian arms, so it's really not going to end. So if this week is what a week, next year might even be a bigger what a week is.

Yes, it's going to the year end, but where are we here. I talked to a source earlier. He said, we already landed. It's a soft landing, but some investors are still bracing for that hard landing. So the dichotomy is couldn't be so stark. It's really a messy, noisy market. But I also want to bring your attention to next week. We have poundy or super micro lift revian arms, so it's really not going to end. So if this week is what a week, next year might even be a bigger what a week is.

Early, keeping it light and be easy on a Friday. Thank you very much.

Early, keeping it light and be easy on a Friday. Thank you very much.

Carry We have so much more to come on this edition Bloombog Technology.

Carry We have so much more to come on this edition Bloombog Technology.

Yeah, and as we do, indeed look towards those elections. Next week, Vivek Ramaswami is joining US former Republican presidential candidate himself and now of course surrogate for the Trump campaign. We're going to talk the policies, technology, cryptos, so much more.

Yeah, and as we do, indeed look towards those elections. Next week, Vivek Ramaswami is joining US former Republican presidential candidate himself and now of course surrogate for the Trump campaign. We're going to talk the policies, technology, cryptos, so much more.

This is Bloomberg Technology.

This is Bloomberg Technology.

The US election is upon us and the gap between Republican nominee Donald Trump and Vice President Kamala Harris on prediction markets at least is narrowing that Trump has held a lead. We've been speaking to voices in technology and in venture capital on both sides of this race. Today we're joined by Vivek Ramaswami, a supporter of Donald Trump, a former Republican presidential candidate himself, someone that's been active not just on social media but on the ground. And welcome to the program, mister Ramaswami. A simple question to start, why is former President Trump the best candidate for the technology industry and the bench capital industry that supports it.

The US election is upon us and the gap between Republican nominee Donald Trump and Vice President Kamala Harris on prediction markets at least is narrowing that Trump has held a lead. We've been speaking to voices in technology and in venture capital on both sides of this race. Today we're joined by Vivek Ramaswami, a supporter of Donald Trump, a former Republican presidential candidate himself, someone that's been active not just on social media but on the ground. And welcome to the program, mister Ramaswami. A simple question to start, why is former President Trump the best candidate for the technology industry and the bench capital industry that supports it.

Here, Look, I'll give you a simple answer to a straight question you asked, which is that he is the president in favor of mass deregulation and mass reform of the administrative state. I think the administrative state and the regulatory state is the single greatest impediment to innovation, to new business formation, to business growth in this country.

Here, Look, I'll give you a simple answer to a straight question you asked, which is that he is the president in favor of mass deregulation and mass reform of the administrative state. I think the administrative state and the regulatory state is the single greatest impediment to innovation, to new business formation, to business growth in this country.

The actions of.

The actions of.

Three letter agencies who are never elected, by the way, from the EPA to the FTC, to the SEC to the FDA, you go straight down the list, those three letter agencies are making most rules that govern businesses in this country today. Those rules were never passed by Congress by democratically elected representatives. The current Supreme Court, which Donald Trump actually gave us much of the composition of that court, has declared many of those regulations unconstitutional. And Donald Trump has made clear that he wants to go in and not just incrementally tinker around the edges of that bureaucracy, but really to share it down to its small core that it should have been in the first place. And so I think that's the case I would make to technology investors, to entrepreneurs that Donald Trump is going to be the president who stands for taming in that regulatory state which currently acts as a wet blanket on the economy and innovation in particular.

Three letter agencies who are never elected, by the way, from the EPA to the FTC, to the SEC to the FDA, you go straight down the list, those three letter agencies are making most rules that govern businesses in this country today. Those rules were never passed by Congress by democratically elected representatives. The current Supreme Court, which Donald Trump actually gave us much of the composition of that court, has declared many of those regulations unconstitutional. And Donald Trump has made clear that he wants to go in and not just incrementally tinker around the edges of that bureaucracy, but really to share it down to its small core that it should have been in the first place. And so I think that's the case I would make to technology investors, to entrepreneurs that Donald Trump is going to be the president who stands for taming in that regulatory state which currently acts as a wet blanket on the economy and innovation in particular.

Vivet could I ask, as an extension of that, is there a specific area, be it crypto, be electric vehicles, be it space that you feel former President Trump is most focused in the list of priorities.

Vivet could I ask, as an extension of that, is there a specific area, be it crypto, be electric vehicles, be it space that you feel former President Trump is most focused in the list of priorities.

Well, I think that he's more focused on an overall American revival. All of those fit on the list. I think energy is big on the list.

Well, I think that he's more focused on an overall American revival. All of those fit on the list. I think energy is big on the list.

For Donald Trump.

For Donald Trump.

Reviving the production of American energy, all forms of energy where America can be the leader. Donald Trump favors it drilling fracking areas where America can actually establish energy abundance sets what Donald Trump favors, and especially in this era of AI and the increasing demands for electricity, for power, for energy that's particularly important for the United States to remain competitive. You think about baseload power generation for the electric coal and natural gas are key inputs. A lot of Democratic policy has been hostile to both of those, anti frarating policies, anti coal policies. By contrast, Denald Trump's pro energy policies are not just good for bringing down energy prices, so that's important, but also for powering and fueling the future generation of AI based technology, revolutions that are going to require cheap and abundant energy inputs.

Reviving the production of American energy, all forms of energy where America can be the leader. Donald Trump favors it drilling fracking areas where America can actually establish energy abundance sets what Donald Trump favors, and especially in this era of AI and the increasing demands for electricity, for power, for energy that's particularly important for the United States to remain competitive. You think about baseload power generation for the electric coal and natural gas are key inputs. A lot of Democratic policy has been hostile to both of those, anti frarating policies, anti coal policies. By contrast, Denald Trump's pro energy policies are not just good for bringing down energy prices, so that's important, but also for powering and fueling the future generation of AI based technology, revolutions that are going to require cheap and abundant energy inputs.

So that's one example.

So that's one example.

But I could go into each of the areas you named and to be happy to do that.

But I could go into each of the areas you named and to be happy to do that.

We had a venture capitalist, well known founder in the area of AI and social we had Read Hoffman on the show yesterday. Now, he of course favors the other side of the equation, and Harris's run for the administration, wanting consistency, wanting steady hand, but also is worried about forms of retribution.

We had a venture capitalist, well known founder in the area of AI and social we had Read Hoffman on the show yesterday. Now, he of course favors the other side of the equation, and Harris's run for the administration, wanting consistency, wanting steady hand, but also is worried about forms of retribution.

Can you just take a listen to what he said yesterday.

Can you just take a listen to what he said yesterday.

Sure, Trump and Trump presidency one his early presidency has shown a certain amount of grifter capitalism. It's like trying to penalize his opponents using the instruments of state.

Sure, Trump and Trump presidency one his early presidency has shown a certain amount of grifter capitalism. It's like trying to penalize his opponents using the instruments of state.

Will then be any penalization of those who've voiced against him?

Will then be any penalization of those who've voiced against him?

Iveek No, I.

Iveek No, I.

Think there's going to be no little retribution under Donald Trump. But I do find that common a little bit rich coming from a Kamala Airas supporter. Where there's only one president and administration in US history that is prosecuted or attempt to prosecute their rival in the middle of a political election, and it wasn't Donald Trump. It's the party that Donald Trump is running against, Joe Biden and Kamala Harris. So I think this idea of a steady hand. I also want to give some airtime to this. The idea of Kamala Harris is going to be some kind of steady hand when she has reversed her position in a matter of months on central questions, whether she favors bans on offshore drilling, whether she favors a ban on fracking, whether she favors universal healthcare. All of these are positions that she held very shortly before running for US president that in a matter of months foundational questions about energy policy to health policy that have changed in a matter of months. I don't think is a strong case for a so called steady hand. And one more point, investors, and particularly I know this technology focused show, particularly to entrepreneurs who have founded successful tech companies that may still be privately held, here's a big one that really matters. Kamala Harris stands by her support and this is one area where she hasn't changed her stance. She stands by her support for a tax on unrealized capital gains. That means many entrepreneurs, technologists, biotech entrepreneurs who may have paper gains and a private company would actually have to pay taxes with cash they don't actually have. That would stifle innovation across Silicon.

Think there's going to be no little retribution under Donald Trump. But I do find that common a little bit rich coming from a Kamala Airas supporter. Where there's only one president and administration in US history that is prosecuted or attempt to prosecute their rival in the middle of a political election, and it wasn't Donald Trump. It's the party that Donald Trump is running against, Joe Biden and Kamala Harris. So I think this idea of a steady hand. I also want to give some airtime to this. The idea of Kamala Harris is going to be some kind of steady hand when she has reversed her position in a matter of months on central questions, whether she favors bans on offshore drilling, whether she favors a ban on fracking, whether she favors universal healthcare. All of these are positions that she held very shortly before running for US president that in a matter of months foundational questions about energy policy to health policy that have changed in a matter of months. I don't think is a strong case for a so called steady hand. And one more point, investors, and particularly I know this technology focused show, particularly to entrepreneurs who have founded successful tech companies that may still be privately held, here's a big one that really matters. Kamala Harris stands by her support and this is one area where she hasn't changed her stance. She stands by her support for a tax on unrealized capital gains. That means many entrepreneurs, technologists, biotech entrepreneurs who may have paper gains and a private company would actually have to pay taxes with cash they don't actually have. That would stifle innovation across Silicon.

Valley and across this country.

Valley and across this country.

And I think it could be the single greatest tricker for a stock market crash and a second great depression. So, especially for a technology focused audience and a market focused audience, that's a big difference between Kamala Harris and Donald Trump.

And I think it could be the single greatest tricker for a stock market crash and a second great depression. So, especially for a technology focused audience and a market focused audience, that's a big difference between Kamala Harris and Donald Trump.

You could be a single issue voter on that alone.

You could be a single issue voter on that alone.

I would argue I think many would feel at the moment that the articulation around unrealized capital gains hasn't been made so substantively by a Harris campaign. And I'm just going to go back to the technology focus, and I'm glad that you went there for US VIVEC, because there is a technology focus that is Chips. Particularly you are currently sat in Ohio. Ohio is going to be a beneficiary in many ways of the Chipsacked, billions of dollars going to building fabrication manufacturing within that state. And there is a potential concern that Donald Trump is against the Chips Act. He voiced out vehemently against it on a podcast recently. Do you worry about that perhaps being overrun changed in direction?

I would argue I think many would feel at the moment that the articulation around unrealized capital gains hasn't been made so substantively by a Harris campaign. And I'm just going to go back to the technology focus, and I'm glad that you went there for US VIVEC, because there is a technology focus that is Chips. Particularly you are currently sat in Ohio. Ohio is going to be a beneficiary in many ways of the Chipsacked, billions of dollars going to building fabrication manufacturing within that state. And there is a potential concern that Donald Trump is against the Chips Act. He voiced out vehemently against it on a podcast recently. Do you worry about that perhaps being overrun changed in direction?

No, I don't.

No, I don't.

In fact, the reason I was against the Chips Act is because there's a lot of other baggage in there that shouldn't have been there, hiring impediments such as many of those companies semiconductor companies are hiring people outside the United States because of the regulatory burdens of doing so right here. There's also extra baggage and changing the way The National Science Foundation the NSF makes grants on the basis of race and gender and other criteria that don't relate to merit. So that's the problem with Washington, DC is every time they pass one of these laws, the Inflation Reduction Act or the Chips Act, there's so much other baggage they sneak into there that it dilutes the original vision or purpose of the Act in the first place. You want to foster semiconductor production in the United States, as I do. Here's how we do it, mass deregulation that lifts those regulatory constraints in the United States.

In fact, the reason I was against the Chips Act is because there's a lot of other baggage in there that shouldn't have been there, hiring impediments such as many of those companies semiconductor companies are hiring people outside the United States because of the regulatory burdens of doing so right here. There's also extra baggage and changing the way The National Science Foundation the NSF makes grants on the basis of race and gender and other criteria that don't relate to merit. So that's the problem with Washington, DC is every time they pass one of these laws, the Inflation Reduction Act or the Chips Act, there's so much other baggage they sneak into there that it dilutes the original vision or purpose of the Act in the first place. You want to foster semiconductor production in the United States, as I do. Here's how we do it, mass deregulation that lifts those regulatory constraints in the United States.

And I will tell you the reason.

And I will tell you the reason.

In videos I've become a multi trillion dollar company is not because of the Chips Act. It's because of booming demand for chips led by the advent of AI and the recent revolution and the AI boom that we've seen.

In videos I've become a multi trillion dollar company is not because of the Chips Act. It's because of booming demand for chips led by the advent of AI and the recent revolution and the AI boom that we've seen.

Viv that lowering of the.

Viv that lowering of the.

Cost of capital is far more valuable for semiconductor companies than the incremental money in the pocket of the large ess that came from the chip sack.

Cost of capital is far more valuable for semiconductor companies than the incremental money in the pocket of the large ess that came from the chip sack.

That's my view on the matter.

That's my view on the matter.

VI.

VI.

May I just jump in on that point on Nvidia in video not in isolation, but many of the chip companies have had their access to the China market impacted by those export controls, and simply put, China is the biggest end market for consumer electronics but critically important for cloud Are you able to explain to our audience President former President Trump's position Visa v. China on key American companies being able.

May I just jump in on that point on Nvidia in video not in isolation, but many of the chip companies have had their access to the China market impacted by those export controls, and simply put, China is the biggest end market for consumer electronics but critically important for cloud Are you able to explain to our audience President former President Trump's position Visa v. China on key American companies being able.

To do business in that market.

To do business in that market.

Well, I'll give you a base principle that I hope people can agree with, regardless of partisanship. We should not depend on our adversary for our own national security.

Well, I'll give you a base principle that I hope people can agree with, regardless of partisanship. We should not depend on our adversary for our own national security.

You want to talk about chips, forty.

You want to talk about chips, forty.

Percent of the semiconductors feeding our Department of Defense, including the Army, Navy, Air Force, actually.

Percent of the semiconductors feeding our Department of Defense, including the Army, Navy, Air Force, actually.

Come from China.

Come from China.

That doesn't make any sense for our own military and industrial base, our own military stockpiles.

That doesn't make any sense for our own military and industrial base, our own military stockpiles.

To depend on our adversary to provide them.

To depend on our adversary to provide them.

God forbid, We're in a conflict scenario, and that's something that nobody wants for sure, But God forbid, we are in a conflict scenario with an adversary. They're not going to keep supplying those inputs. And so I think it is sensible policy, and I don't care if you're a Republican or a Democrat for the United States to say in sectors critical to our national security, at least for our military industrial base. We should not be dependent on our chief adversary, and I think that's sensible policy.

God forbid, We're in a conflict scenario, and that's something that nobody wants for sure, But God forbid, we are in a conflict scenario with an adversary. They're not going to keep supplying those inputs. And so I think it is sensible policy, and I don't care if you're a Republican or a Democrat for the United States to say in sectors critical to our national security, at least for our military industrial base. We should not be dependent on our chief adversary, and I think that's sensible policy.

Donald Trump, I think, above all one of the.

Donald Trump, I think, above all one of the.

Things I like about him he is a businessman but also a pragmatist. When it comes to these foreign policy dealings, he was respected and I think that put the US in a stronger position in a lot of those negotiations.

Things I like about him he is a businessman but also a pragmatist. When it comes to these foreign policy dealings, he was respected and I think that put the US in a stronger position in a lot of those negotiations.

Mister Ramaswami, there was some interest in you when I said on social media you were coming on the show. We got a number of questions from the audience, but I'm going to put one to you, if that's okay. One user says, please ask him how much of his own money was spent on his campaign. I think a reference to your early run as a candidate. Has it given you an acceptable ROI? And what was the exposure and network effect for you in doing this supporting former President Trump?

Mister Ramaswami, there was some interest in you when I said on social media you were coming on the show. We got a number of questions from the audience, but I'm going to put one to you, if that's okay. One user says, please ask him how much of his own money was spent on his campaign. I think a reference to your early run as a candidate. Has it given you an acceptable ROI? And what was the exposure and network effect for you in doing this supporting former President Trump?

Yeah, so the answer in visual public record. I'm going to give you round numbers. It was a little over thirty million dollars of my own hard earned money. By the way, I didn't inherit money. My parents came to this country with no money. But I'm a self made entrepreneur who's found in multi billion dollar companies, and the ROI on that I measure is not related to me. It's related to the impact we have on our country. I was the youngest person ever to run for US President as a Republican, and one of the things I was proud we were able to do was to bring non traditional, disengaged citizens back into politics actually caring about our country.

Yeah, so the answer in visual public record. I'm going to give you round numbers. It was a little over thirty million dollars of my own hard earned money. By the way, I didn't inherit money. My parents came to this country with no money. But I'm a self made entrepreneur who's found in multi billion dollar companies, and the ROI on that I measure is not related to me. It's related to the impact we have on our country. I was the youngest person ever to run for US President as a Republican, and one of the things I was proud we were able to do was to bring non traditional, disengaged citizens back into politics actually caring about our country.

Especially young people.

Especially young people.

I showed up on a college campus in Pennsylvania yesterday, two thousand plus young people that showed up just to hear the conversations we were having, one on one at a time. That gave me a sense of inspiration. It gave me a sense of deep gratification and satisfaction to say that this journey that I began in February of last year, where nobody knew my name, let alone could pronounce it, I was at zero point zero percent in the polls, and by the end of the race less than a year later, had beaten a vice president, multiple governors, and a former senator. It proves what's possible in the United States of America, and so was it worth it?