September 19, 2025 • 43 mins
Bloomberg’s Caroline Hyde and Ed Ludlow discuss headlines coming out of a call between US President Trump and Chinese President Xi Jinping about a framework agreement for TikTok's US operations. Plus, Apple rolls out its new iPhone 17 models in stores with long lines and reports of scratches. And FCC Commissioner Anna Gomez talks about the suspension of the Jimmy Kimmel show and threats from the Trump administration to pull some broadcast licenses.
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Speaker 1 (00:00):
Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
from coast to coast with Caroline Hyde in New York
and Edla Low in Sent Francisco.
Speaker 2 (00:23):
This is Bloomberg Tech coming up.
Speaker 3 (00:24):
Headlines out on a call between US President Trump and
Chinese President Jijingping about a framework agreement for TikTok's US operations.
Speaker 2 (00:32):
We will break it down.
Speaker 4 (00:33):
Plus Apple rolling out its new iPhone designs in stores today.
We'll discuss what the customer and the stock reaction is.
Speaker 3 (00:41):
And we sit down with FCC Commissioner and A Gomez
to discuss the suspension of the Jimmy Kimmel Show and
much more. iPhone seventeen on sale today. Caro went down
to the store. We'll get the details in video. We're
watching because we have not had any headlines out of
that conversation with President Trump and Jijingping. Whether we in
video is discussed or not, but that's what the market's watching,
(01:03):
and I.
Speaker 2 (01:03):
Throw oracle up.
Speaker 3 (01:04):
We have had a headline out of that call. It
is from China's news agency Jinhoar and it says that,
according to Jijingping, China is prepared to respect the wishes
of the companies that are involved in the TikTok deal.
It has been reported that Oracle is part of the
coalition and it's trading at a record high, but we
do not have confirmation on the specifics, Caro. We're just
(01:25):
watching that because it's the publicly traded name.
Speaker 4 (01:28):
Indeed, there are following headlines coming out from that readout
of the call. She has asked for the US to
refrain from taking unilateral trade measures, a cleif clear focus
there for on tariff measures. She on TikTok, saying they
welcome business talks following market rules, and she also saying
on TikTok that the Chinese government respects the wishes of companies.
(01:49):
Perfect person to discuss all of this is Bloomberg Senior
Tech editor Mike Sheppard, who joins us from Washington. What
do you make of the readout, Oll, Carol.
Speaker 5 (01:56):
We're still looking at this readout as it comes in
and as we're trying to interpret its meaning. We are
not seeing a clear cut signal that China has given
its blessing to this framework agreement that was unveiled by
Chinese negotiators and US negotiators after two days of talks
in Madrid.
Speaker 2 (02:15):
There were very few details.
Speaker 5 (02:17):
On that accord at the time, but our reporting has shown,
as Ed has pointed out just now that Oracle, as
well as and recent Horowitz and silver Lake Capital Management,
would be among the US buyers of TikTok's US operations
should approval actually come down from the Chinese side. Donald Trump,
for his part, of course, is eager to see see
(02:39):
this deal go through. He wants TikTok to stay viable
in the US. He credits it with his election comeback victory.
But we have not heard from the President yet.
Speaker 3 (02:49):
Chet more headlines than another red headline on the Bloomberg terminal.
G has asked the US to avoid undermining the outcomes
from recent talks. I think that's a signal politically right.
And remember these headlines are from a readout from China's
state news agency. We also have another headline on TikTok.
China would like to see the company's find resolution to
(03:10):
the TikTok issue, according to G Again, Mike, we're following
this in real time, but we're learning about China's attitude.
We still don't have the concrete details of what the
structure of a US TikTok is.
Speaker 5 (03:23):
Well, that's right, and it also doesn't sound like China
is giving its full thumbs up there. It sounds like
Hi Jimping is signaling that there are still some objections
and that maybe something came up during the call with
President Donald Trump that gave China pause. We did even
hear from Trump yesterday a bit of a non committal tone,
(03:45):
not quite a full walk back of what we heard
at the beginning of the week following this framework agreement
between the two sides on trade but especially on TikTok,
but he was saying we'll see those were his exact
words in a Fox interview, and let's use signal from
the president that there may be more work to do.
So we're still waiting to hear what the US version
(04:06):
of events is and whether they think that they are
any closer or perhaps further away when it comes to talks.
It does sound like there are a lot of business
issues still to resolve, including from the Chinese point of view.
Speaker 6 (04:18):
Ed.
Speaker 5 (04:18):
Remember this is key to understand. China does not want
to sell TikTok. It wants to see byte dance hold
on to this, and if it is sold, it wants
to keep control of the algorithm and not see its
company byte Dance is considered a real star in the
Chinese tech universe. It does not want to see it
(04:39):
diminished in any way, so there has to be a
hefty price paid for this, and it also does not
want to see the valuable algorithm transferred in any way
to US owners.
Speaker 4 (04:48):
We're just going to try and bring up a chart
because Oracle is still triading higher, but only by a
percentage point. Now it is actually pulled back from its
highs directly on the readout coming from the Chinese state
press right now. Now, of course, Oracle's name in the
mix for any sort of coalition of companies that were
looking to be buying TikTok's US unit. Now we can
see that it's just come off of its highs. So
(05:10):
it looks as though, as you interpret, Mike, then indeed
this doesn't feel like a done deal yet, and indeed
that we are still trying to get the intricacies of
what China says it likes to see companies to find
resolution to TikTok issue. Of course, we need the US
interpretation of all of this next steps, Mike. Therefore, because
we were hoping that maybe other things were being considered
(05:30):
in their pohlm call, not just TikTok, but in video
them anymore.
Speaker 7 (05:34):
Well, that's right.
Speaker 5 (05:35):
There are a host of trade issues between the two
sides to resolve, and I'm glad you brought up in
video because the question of export controls that have restricted
the chip maker's ability to sell its AI products in
China have been a major sticking point between the two sides.
We've seen Jensen Wong really advocate here in Washington over
the past nine months for a relaxation of the US
(05:56):
export controls, but he's also run into some headwinds in China,
which is also moving to discourage Chinese companies from buying
the company's chips. So there is a lot at stake,
and it's unclear whether Donald Trump used this call to
try to go to bat for Jensen Wang and Nvidia.
The President has signaled his openness to the idea of
perhaps selling a downgraded version of the new Blackwell line
(06:21):
of AI chips in China, but again, that is a
multi step process in terms of relaxing those export controls,
and it's unclear whether this would factor into the conversation.
Jensen Wong, for his part, certainly would like it to.
They're feeling the sense of urgency in China where Huawei
is really moving ahead by leaps and bounds when it
(06:41):
comes to developing its AI chips and finding ways to
deploy them in a way to better compete with Nvidia,
as we just saw yesterday.
Speaker 4 (06:49):
Kara, Mike Shephard, we thank you for the breakdown instant analysis.
Let's get more instant analysis for you. Sam Sak, Senior
fellow at the New America Institute who has worked on
Chinese technology policy for over a decade, So your viewpoint
and expertise crucial.
Speaker 2 (07:04):
Hair.
Speaker 4 (07:04):
It feels as though maybe a deal isn't done. How
do you interpret what really the outcome of a phone
called can be sad.
Speaker 6 (07:12):
The pathway to a deal, and I don't just mean
a TikTok deal, but a broader US China trade deal
is strewn with obstacles. Both sides clearly want something that
they can deliver. But let's break it down what's in
the way. China realizes that they have real leverage here
and they're not going to give into this easily. They
know that Trump wants to take home something to his
(07:34):
audience at home. The second thing is that there are
hawks all over Congress in the administration who also work
very hard to ban TikTok, only to see Trump look
to trade it away. And they've raised hell about the
idea that there are supposed national security concerns that are
going to go unresolved about data access, about online content.
(07:58):
So there's a real sort of complex web of issues
that both leaders are going to have to work through
to bring home the political win for their respective constituents.
Speaker 2 (08:09):
A political win.
Speaker 4 (08:09):
Thus far, had been signaled to the market that a
US part of TikTok would form as a different app.
Entirely the users one hundred and seventy million of them
would migrate to a different app as reporting goes, and
would be controlled by US investors. But how hard is
that sort of a pill for China to swallow? There
had been reports, of course, that China or byte Dance
(08:31):
would license the underlying algorithm. Why has TikTok become like
the lynchpin to so much more in US China relationship.
Speaker 6 (08:40):
The algorithm for a long time was the secret sauce.
It was something that byte Dance was able to do
far more effectively than its peers. But keep in mind
this saga with TikTok has been playing out for about
five years now, and so at what one time was
seen as ahead of the game in getting users hooked
on the app, the flywheel effect of then collecting more
(09:03):
of their data. It's no longer really as cutting edge
as I'd say it was five years ago when this
first became an issue. But that doesn't mean that Beijing's
going to let it go so easily. This is a
Chinese brand that has succeeded globally beyond China's markets at
a time when that's key to China's asserting influence in
(09:24):
the world, and they're at the beginning of being able
to field companies that market that consumers out China outside
of China actually want. So they're not going to just
give this over easily to the US, as much as
they want to secure a deal as well. Also, they
have big wants still on the table. They want export
controls lifted. Mike mentioned about the Nvidia chips. Maybe they're
(09:47):
holding out to see what exactly they can exert from Trump.
Speaker 3 (09:53):
Sam, I'm going to go back to the news because
we are literally digesting what is a readout from China
State News Agency and According to that read out, President
g says that the Chinese government will respect wishes of
companies in the context of TikTok, that on TikTok, they
welcome business talks following market rules, and the final headline
is that China likes to see companies find a resolution
(10:14):
on the TikTok sale. We yet to get the readout
from the United States side, but as somebody that's looked
at Chinese technology policy, both from within the US government
and from the private sector, is this a positive signal
she's making or is it a negative signal, a warning.
Speaker 6 (10:30):
That She's administration has not changed its position. They're saying
that now, but actually the reality is they've been saying
that for a long time. I don't think that they
care that much about TikTok, to be honest, but I
think they know that Trump cares about it, and they
see this as the lynchpin to opening up a broader
(10:52):
set of asks beyond TikTok, export controls, tariffs lifted, they
want access to the US market for more investment. There's
a litany of things, and then it becomes it becomes
a game of chicken. Who's going to blink first? And
China knows they have something here.
Speaker 4 (11:12):
Sam Sachs from the New America Institute, fascinating to have
you on amid the breaking news. We thank you. Coming up,
we're going to be breaking down the week there was
and tech markets we're still at record highs empowers. Martin
Norton joins them that next this Bloomberg Tech breaking news.
(11:37):
Some headlines coming across the Bloomberg terminal that Chinese President
She is asking for the US to avoid undermining outcomes
from recent talks. Mex Tyler Kennell joins us. Now from
the White House, we've had to read out from the
Chinese state press regarding that phone call between she and Trump.
Now we await Trump's reaction. What do you make of
the headlines? Right exactly?
Speaker 8 (11:56):
Caroline and her White House official tells us that we
will get at the White House formal response and a
post on truth social So our eyes at the moment
are peeled on President trump social media feeds. But as
you read that main headline here that Chinese state media
is reporting that Jijingping says that the US should avoid
undermining any recent progress in the talks, but that also
the US should refrain from taking any sort of restrictive
(12:19):
trade measures, and there's a few different angles and threads
that we could really dig into when it comes to
that idea that it appears that Jijingping is trying to portray,
including that we saw really both sides ramping up the
pressure ahead of those talks in Madrid earlier this week,
including for example, the US adding some twenty three Chinese
companies to its entity list over the weekend. You were
(12:40):
talking in your earlier segment about this idea around the
messaging of export controls, and we've also seen the US
really harden its rhetoric when it comes to so called
secondary tariffs against China, urging our allies to impose them
over their imports of Russian energy supplies. We have to
keep in mind put this into the context that our
reporting has long showed that China has been upset, has
(13:02):
been dismayed at this idea that they have been treated
differently from other trading partners.
Speaker 9 (13:07):
That's why you'll recall it.
Speaker 8 (13:08):
Was so significant when that thirty four percent so called
reciprocal tariff came back down to ten percent, but of
course we still have twenty percent tariff related to fetanyl
still on the table. And it's actions like those that
perhaps will see some sort of movement on as we
wait the readout on the White House's side. Now, as
you well know, and we're discussing, the focus of today's
call appear to be really on any sort of movement
(13:30):
around TikTok. But when it comes to these other trade concessions,
our analysts at Bloomberg Economics point out, we really haven't
gotten many signs up to this point that there has
been movement on that because most of these talks have
really been about keeping that de escalation in place. Caroline
and ed. Yesterday, President Trump suggested that he is considering
extending that tariff truce deadline it's set to expire on
(13:52):
November tenth. That comes just weeks after a potential face
to face meeting. This call was largely seen as perhaps
setting the stage for them that we're eyeing could potentially
take place next month end of October in South Korea
on the sidelines of the APEX summit.
Speaker 3 (14:07):
I've been both Tyler Kendall at the White House, Thank
you very much. It's really hard to interpret carry the
market response here. The S and P five hundred has
paired what we're modest gains to basically trade flat, and
yields have ticked higher since we got those headlines. We
were waiting for this this phone called. Martin Norton is
chief investment strategist at Empower and joins us now for more.
I mean that trade headline is the main one both
(14:29):
that g is calling on the President of the United
States not to go back on what was discussed in talks.
And you heard Tyler's reporting there as a market participant,
where you braced and ready to move this morning, or
did we get what we expected?
Speaker 10 (14:44):
You know, we're in a kind of a world where
there's a bit of a shoving match, and I think
it's largely to be expected. There's not a massive clarity
around what this could look like, and it's continued back
and forth at this point in time.
Speaker 9 (14:59):
I think what we're seeing more broadly is the.
Speaker 10 (15:02):
Degree to which geopolitics is entering and becoming another source
of volatility for the markets, something that impacts individual companies
and the market more broadly. And the news is sudden
and it catches folks off.
Speaker 3 (15:16):
Guard, it does yep, sorry, ed you go no, no, no,
I just wanted to point out the other red headline
right because the news is just flying through the terminal
as we speak. The other one is that President g
Marta says that he wants the United States to refrain
from taking unilateral trade measures. Again, we're trying to interpret
a readout from China State News Agency, But what is
(15:38):
your interpretation of that comment.
Speaker 10 (15:41):
I mean, it certainly seems like there are bigger things
at play right now. I think the reporting that you
all have just shared showing that, yes, TikTok is something
that's a primary concern, but there are other primary concerns
as it relates to the broader trade relationship, and right
now both sides are trying to find these points of
leverage to determine what can be pushed to gain kind
(16:03):
of the greatest advantage in this conversation.
Speaker 9 (16:05):
So it seems like we're kind of listening into.
Speaker 10 (16:08):
One part of the conversation, but it's part of a
much broader discussion that's been going on and continues to
go on.
Speaker 4 (16:15):
Madre, it's interesting timing that JP Morgan Asset Management has
put out this thought that actually what Trump's geopolitical risk
right now is the AI story, and if we get
a bad set of numbers, of any earnings look weak
in some of these AI stars. That's where the market
volatility really comes from. But actually the whole story around
semiconductors is so intertwined with geopolitics as well, So how
(16:37):
do you distinguish the two?
Speaker 10 (16:38):
Right, It's a pretty fascinating time. I mean, we're looking
at company after company that seems to be very in
tune to what the Trump administration wants, and I think
it underscores this idea that AI isn't just a form
of secular growth for companies and for the economy, but
it's something that is akin to the space race in
terms of sovereign interest, and so I think it adds
(17:01):
this whole another dimension that we have to consider as
we think about those sources of volatility. I think one
consideration here is what does demand look like if we're
looking at a more bifurcated world where potentially US and
China aren't necessarily buying from each other as much as
they are jocking with each other when it comes to AI.
(17:21):
I'm not sure that necessarily changes the whole AA narrative.
We know that there's massive, massive amounts of demand even
here just domestically, but I think it's a whole new
dimension that we have to consider as we take a
look forward and try to project expectations, and.
Speaker 4 (17:36):
We try to stum up the fact that we're up
sixteen percent year to date and then as that one
hundred and we're a record highs So with all the
underlying risks, should you be buying into this market?
Speaker 10 (17:47):
You know, in my mind at this juncture, we're at
a point where it makes some sense to rebalance, to
take some profits. We've had this tremendous run since April eighth,
where we've seen a lot of these companies recover or
even something like the Mags, even which had a much
bigger hit in the first part of the year due
to Deep Seek, even that area of the market is
beginning to look pracy now. Companies have delivered, the earnings
(18:10):
has been there, the investment in the future that Capex
has been there. We're seeing demand from the hyperscalers based
on AI workflows.
Speaker 9 (18:17):
So there's a lot of positives to point to.
Speaker 10 (18:20):
But it really wouldn't take much something coming out of
left field like we saw with Deep Seek to maybe
have people pull.
Speaker 9 (18:27):
Back a bit.
Speaker 10 (18:27):
And I think when we think about these innovation periods.
It shouldn't be a straight line higher that would defy reality.
It ought to be something that has fits and starts
and moments of doubt. So I think when we're at
a period where it feels somewhat euphoric, it's time to
position for a potential moment of doubt.
Speaker 4 (18:43):
Not an alton of EmPATH. Great to have you on
amid these moments of doubt you are looking currently it
pictures of the Apple store in New York and Fifth Avenue.
Earlier today, the company was rolling out several new iPhones
signs that kind of the biggest overhaul that we've seen
since twenty twenty. I was there as the Apple CEO,
(19:05):
Tim Cook, walked around the store. There were NBA players there,
and there were influencers, and there was me trying to
get a moment with Tim Cook talking about perhaps some
of the issues they had with getting enough iPhone pros
into people's hands on the day. Of course, we're knowing
that some of the timelines being pushed back, but it's not.
Speaker 9 (19:24):
Just the cue.
Speaker 4 (19:25):
The enormous queue that I saw lining the streets of
New York, but that was replicated in London, wasn't It
was over in Asia as well.
Speaker 2 (19:33):
Yep, it was.
Speaker 3 (19:33):
And it's interesting because you followed the clock around the world.
Let's bring in Bloomberg's consumer tech editor Dana Wolman, and
let's start on that piece. We have the information from
Asia into Europe, now the United States. What's the reaction
to iPhone seventeen launch day?
Speaker 11 (19:48):
So definitely some long lines in all the major markets
where reporters have visited stores, and a relatively few of
the customers who we interviewed mentioned the iPhone Ra, which
is the skinny iPhone that got so much media attention
ahead of the launch. It turned out that most of
the customers who we interviewed were looking for the iPhone
seventeen Pro or the Pro Max, which makes sense given
(20:09):
that these phones are for pro users, power users and
early adopters and tech enthusiasts are precisely the sort of
people who might feel motivated to line up in front
of a store around dawn the day of a launch.
Speaker 4 (20:20):
It's interesting that in the eye of the storm is
of course the supply chain that Apple has largely based
in China. We are getting more breaking news of the
readout coming from the Trump She talks on the phone
with President Trump, putting on Social that he's just completed
a very productive call with President she. But I'm interested
in more broadly, how you're seeing the supply chain impact, Dana.
(20:42):
What's happening on the ground with the sales of the
iPhone pro and how quickly or not we're able to
get them in our hands, and some of the issues
perhaps scratching of them over in China.
Speaker 11 (20:51):
So far, not many shocks in terms of delays or
shipment times. Shipment times have slipped by a couple weeks
in certain markets for very popular models. Nothing that seems
too extraordinary. The iPhone error has been delayed in China,
seemingly over the eSIM, which is not a widely used
technology in China, and the iPhone is the only of
(21:14):
the iPhone models that exclusively uses that as opposed to
a physical sim being an option.
Speaker 3 (21:20):
Okay, Bloomberg's Dana Woman, thank you very much. We have
more breaking news from the call between President Trump and Gijingping,
posting on truth Social, President Trump says that he has
agreed to meet with Jijiping and that meeting would take
place at the APEX Summit. Caroline, my understanding is the
APEX Summit is October thirty one November one. On TikTok,
Trump says that they made progress on the approval of
(21:41):
a TikTok deal. Trump adds that he appreciates the TikTok approval.
Speaker 2 (21:46):
We're continuing to.
Speaker 3 (21:47):
Get a lot of headlines, but not seeing any immediate
market action or anything that contradicts some of the statements. Cara,
if you want to jump in on what we had earlier,
maybe we'll go back to break.
Speaker 2 (21:58):
And we'll see what the markets are doing.
Speaker 4 (21:59):
Oracle, I'm still training at about one point four percent high
on the back of that meant to be cause a
part of that consortium buying TikTok. But the key news
is that they have agreed to meet again next month.
Speaker 12 (22:08):
And I read some places that the networks were ninety
seven percent against me again, ninety seven percent negative, and
yet I won easily.
Speaker 7 (22:24):
It were all seven spake stays. I've going to have
won everything.
Speaker 12 (22:28):
And if they're ninety seven percent against, they give me
Holy Bard publicity oppress, and then they're.
Speaker 2 (22:37):
Getting a license.
Speaker 12 (22:38):
I would think maybe their license should.
Speaker 7 (22:41):
Be taken away.
Speaker 3 (22:44):
That was President Trump saying US Broadcast Network should face
scrutiny over their licenses if they're too critical of him.
His comments came not long after Jimmy Kimmel's show was
put on indefinite hold by Disney following reactions to comments
the comedian made accusing Republicans are trying to gain political
points from the killing of GOP activist Charlie Kirk. Bloomberg
(23:07):
reporting that Kimmel met with Disney executives yesterday. According to sources,
the soonest the show could return is September twenty second.
I want to get out to Bloomberg's media reporter, Hannah Miller.
Let's start on what we know in the news, which
is that meeting between kim l and Disney.
Speaker 2 (23:23):
What are the details we need?
Speaker 13 (23:25):
Yeah, so we know they're discussing the fate of his
show and whether there will be an apology or not.
You know, Kimmel might be made to go on air
apologize for his comments, and that might be something he
doesn't want to do.
Speaker 4 (23:38):
Meanwhile, as we wait for the reaction of the host himself, Hannah,
you've been putting out from really strongly who heard in
reporting talking about basically the war that President Trump is
having with the media. Set the context for us.
Speaker 13 (23:51):
Yeah, the Trump administration has a very contentious relationship with
the media. We can see that in lawsuits, settlements, federal
cuts to funding for public broadcasting. You know, it's been
battle after battle, and a lot of what's happening here
is that many of the news organizations being targeted have
business stakes at play, and that's sort of being weaponized
(24:14):
against them here.
Speaker 4 (24:16):
Bloom Megs Hannah Meller, it's a really thoughtful piece. Please
go and read it. Let's get you another viewpoint now.
Anagomez is the sole Democratic commissioner at the FCC, one
of three commissioners that are currently on the FCC. Been
there is twenty twenty three. You've put out a very
strongly worded statement following what seemed to be Jimmy Kimmel's
show being put on ice indefinitely, and you really talk
(24:38):
about it having been led to a shameful show of
cowardly corporate capitulation by ABC that has put the foundation
of the First Amendment in danger. So you think this
is a corporate responsibility at this moment.
Speaker 14 (24:52):
What we are saying is this administration use whatever levers
of power it has in order to bring broadcasters to
heal and the news media as you mentioned. They have
sued The New York Times, they have sued the Wall
Street Journal, they have gone after ABCNBCCBS, and they are
(25:12):
pressuring companies to change how they report the news and
what their content is in direct violation of the First Amendment,
which guarantees a freedom of speech. And what happens every
time we see this cowardly corporate capitulation is a further
frame of a foundation of our democracy, and that's freedom
(25:35):
of speech and freedom of the press.
Speaker 4 (25:36):
Now and what we understand to have occurred is that
Disney moved after local stations had perhaps pushed back. This
is all erupted after well, the head of the Commission,
SEC Chair Brennan Carr, joined a podcast and really articulated
perhaps what could happen because of the words of Jimmy
(25:57):
Kimmel on thet his broadcast, but also what he said,
we can do this the easy way or the hard
way on that Benach on some podcast when it seemed
to be talking about the next stop TEGNA deal. Is
that how you interpret it, is that how the market
and the media should be interpreting what SEC Chair Brendon
car is trying to make it.
Speaker 14 (26:17):
I think It's really important to note that the FCC
does not have the authority, the constitutional right, nor the
ability to take action against broadcasters because of their content.
We have very limited media regulation, usually designed to protect
children programming and things like that, but we cannot retaliate
(26:38):
against broadcasters for legal content. And this is all legal content.
So what threats are meant to do is to get
the companies to alter their practices in order to cover
this administration in the way that they want. And that
is what these corporations need to keep in mind every
time they capitulate. They are our democracy.
Speaker 3 (27:04):
Commissioner Gomez, I'm grateful for you coming on the program
and what you just said about the remit and authority
of the FCC. The basics that our audience want to
understand is why is the FCC involved here. It is
a panel or a committee, right that debates issues, usually
proposed by the chair in the public forum or in
(27:25):
written communications, and then you vote on the passing of
measures or actions and stop me when I'm wrong on that.
But you outlined what the authority of the FDC is
not in this case. What is your role in this
situation between Disney, Jimmy Kimmel and the comments that he made.
Speaker 14 (27:46):
So the FCC, as you note, does meet as a
commission and it votes to adopt rules or to issue licenses.
But a lot of the actions that you're seeing from
this commission right now, particularly when it comes to trying
to bring media to heal, is being done at the
staff level. And what's so dangerous about that is where
we initiate investigations until those investigations actually get to a
(28:11):
final commission decision, there is no judicial review to ensure
that the FCC doesn't overstep its bounds, which is exactly
what we're doing right now. And you mentioned the next
Star transaction, which is actually not currently before the FCC,
but will be filed before the FCC. The FCC has
been using any time a party comes in to seek
(28:35):
a transfer of a license or some type of permission
from the FCC to pressure them to alter their practices,
directly affecting the First Amendment and getting them to voluntarily
commit to making changes to how they report the news
or whether they have diversity, equity and inclusion practices, which
(28:55):
themselves have a strong basis in the First Amendment.
Speaker 3 (28:59):
Commissioner invited the chair mister Carr onto this program as well,
and I wanted to be to be known that that's
the case.
Speaker 2 (29:07):
There is an.
Speaker 3 (29:08):
Example or case study that our audience wants us to
ask you about, and that is, if mister Carr and
the President wanted to initiate the revocation of a station's
license based on that station airing of the Kimmel comments,
for example, what needs to happen? Would there need to
be an outside complaint filed to the FCC then you
(29:31):
review it. Just explain that that scenario.
Speaker 14 (29:33):
Please, yes, So revocations of licenses are extremely rare. We
do have rules about under what circumstances we might revoke
a license, and it is a very high standard because
it is such a serious thing to do. That is
why the broadcasters fear so much any type of action
by the FCC. Yes, we can initiate an investigation based
(29:57):
on a complaint that is filed. We can also initiate ourselves.
But let me be clear, there is no basis for
revoking any licenses because of the Jimmy Kimmel content or
because of normal editorial decisions from a broadcaster. The last
time I can think of that we revoked a license
(30:18):
was for failure to air a particular broadcaster for more
than a year.
Speaker 3 (30:22):
Well Commissioner in Caroline, I'm sorry to jump in here.
You know, there are many Republicans and non Republicans who
feel that Kimmel's comments pushed went past the line, they
crossed the line and mischaracterized in the public domain the
motivations of the shooter in the Charlie Kirk case, and
(30:43):
the FCC takes that into account or it does not.
Speaker 14 (30:47):
So we have to keep in mind that Jimmy Kimmel
show is satire.
Speaker 7 (30:53):
It is not news.
Speaker 14 (30:55):
It is not itself trying to inform the public about
a particular newsworld the event. And what some of these
people are claiming is that what Jimmy Kimmel said was
news distortion. That really does not meet the standard for
news distortion. So if a complaint were filed, the commission
(31:15):
would have to look at it and make a decision
about whether any rules were violated. I can tell you
today there were no violations under the law or with
these facts.
Speaker 4 (31:25):
Have any complaints been filed?
Speaker 14 (31:28):
I believe a complaint was filed today. There is a
partisan legal group that has been filing complaints against all
the media companies getting more and more outlandish in their complaints,
normally for news distortion. They're the same ones that filed
the complaint against sixty Minutes for the Kamala Harris interview.
(31:50):
They're the same ones that filed a complaint against NBC
because of Saturday Night Live, the sutn Night Live showing
with Vice President Harris. So they're a partisan organization that
just keep filing these complaints and the FCC has not
acted on all of them. They are very numerous. I
(32:10):
would say we get at least once a week.
Speaker 4 (32:12):
I think it's right to put in the context that
last year Disney indeed did pay fifteen million dollars to
settle a defamation laws who brought by President over comments
that one of its hosts had already made. There have
indeed been several settlements, and as Hannah Miller Reportrait put
in their story, then often there are deals in m
and A involved. Is that the interpretation that we should
(32:34):
make at this moment that deals in some way hinge
upon settling of such cases and concerns.
Speaker 14 (32:41):
I think that the administration will use the deals to
pressure companies one way or another, whether it's to settle
lawsuits or to give up their rights as organizations. When
the FCC approved the Paramount Skybance deal, for example, the
parent company of sixteen of CBS, Paramount agreed to install
(33:02):
what I call a truth arbiter, an ambudsman reporting to
the president of Paramount, who will field complaints about media
bias for example. That is really chilling because that is
exactly the type of interference and the freedom of the
press that is not healthy for our democracy and for
our discourse. So yes, I think this administration will weaponize
(33:29):
any transaction. Anytime you see a party coming before the FCC,
you are going to see some kind of a demand
to bring them to heal and to change how any
broadcaster reports on this administration to make it favorable to
the administration and not otherwise.
Speaker 3 (33:47):
FCC Commissioner Anagomez, we appreciate your time joining us on
Bloombo Tech. Thank you very much, Caroline. I just want
to go to shares a. Disney very quickly. In the
course of that conversation, the stock actually hit a session
low of two percent, now down one point nine percent.
Speaker 2 (34:01):
We did report just before the.
Speaker 3 (34:03):
Conversation with the Commissioner about the meetings that are taking
place between Disney executives and Jimmy Kimmel. One of the
ideas or questions being an apology or not. We also
have to go back to the breaking news because we've
got a full readout from the President on the conversation
with Jijing ping productive call. He says they made progress
on issues including trade, fentanyl, the need to bring the
war between Russian and UK to an end, and for
(34:24):
this program bling big tech, the approval of the TikTok deal.
He agreed with President Ji that they would meet at
the APEX summit in South Korea. I believe that's October
thirty one through November one, and that he would go
to China. This is the bit we didn't get to
yet that he says in his true social pros the
President he will go to China early next year. The
call a very good one. They will be speaking by
(34:44):
phone again, and the President says, in his words, we
appreciate the TikTok approval and both look forward to meeting
at APEX. That's the one the market was waiting for
this week.
Speaker 4 (34:53):
It is a lot of people who are investors in
semiconductor shares, for example, in video, will it be able
to continue to sell it to China. Coming up, we're
talking exactly that about AI Magnetar's senior managing partner, David S.
Ninemans with us. He's going to talk about the investing buildout,
the AI build out, the scale of that magnetor of
course a key investor in Careweed stick with us this
Bloomberg Tech.
Speaker 3 (35:26):
AI is hungry for power, and so is everything else,
from computing and transportation to industry. Energy demand is reaching
historic levels, and batteries are emerging as the backbone of
modern infrastructure, enabling reliable, low cost storage at scale.
Speaker 2 (35:41):
JB.
Speaker 3 (35:41):
Strawball's CEO of Redwood Materials, which deploys these strategic resources,
spoke to Bloomberg's Judy Fine at Bloomberg NIF yesterday in Houston.
Speaker 15 (35:51):
Energy storage is evolving in batteries in particular, are evolving
to play I think an incredibly central part of the
story for the e of data center energy availability, but
for the grid overall, and increasingly, I think people are
beginning to sort of see that that opportunity where if
you can have the flexibility that energy storage provides, that
(36:14):
gives you the chance to have access to more energy
from the grid, and it also gives you a chance
to manage and adjust the transience from some of these
new loads, especially AI training loads.
Speaker 4 (36:27):
Let's talk more about infrastructure now, but let's talk about
the data center side of it. Davis Snydeman's here with
us seeing a managing partner at Magnetar Global head of
Alternative Credit and fixed Income. Magneta has called twenty billion
dollars in assets under management, key investor in AI compute
provider Core Weave, And you've just come off the heels
of an investor day. It's a twenty year anniversary. And
how much is the demand from your investors to get
(36:51):
more into AI data center, to get more into compute
and the way in which you finance it.
Speaker 16 (36:55):
Yeah, First, thank you again for having me. I've always
love to come on the show. You know, we, like
you said, we had our twenty year investor day yesterday
and just to take you into the room, I think
we had six different companies present on six different industries,
everything from you know, healthcare finance to restaurant finance and
(37:16):
then like you said, AI infrastructure and our newest investments
in energy. And you know, for us, the way we
invest the formula has always been the same, it's really
by being value added to our portfolio companies.
Speaker 4 (37:31):
And so, how are you value added to a cool weave?
How are you thinking about financing the GPU the compute
they need to go out and buy to fill their
data centers for example.
Speaker 7 (37:40):
That's right.
Speaker 16 (37:40):
So for us, it's it's really about thinking about the
asset first, right, understanding the value of that asset, understanding
the customer contracts, and then helping the companies unlack value
from there.
Speaker 7 (37:52):
But you know, I think what you know, AI.
Speaker 16 (37:53):
Infrastructure, We talked about it a reasonable bant yesterday and
it really comes down to, you know three things. It's skill,
it's scale, and it's scarcity. So I'll start with scale,
Like when we started investing in core Weave, we were
talking about one hundred GPU clusters and we thought that
was going to be difficult. You know, now they're putting
(38:15):
one hundred thousand GPU into clusters and they're going to
do million GPU into clusters, and so the scale is
just massive.
Speaker 7 (38:25):
Right.
Speaker 16 (38:25):
Then you go to the skill, and what you can
compare it to is it's like an F one car
instead of you know, your family sedan. This is really
really hard to do. So companies like core Weave, they're
one of the few in the world that can actually
do this. And then to your question, is the scarcity.
People say there's not enough GPUs and they're not enough power,
(38:45):
But the issue is the demand.
Speaker 7 (38:47):
The demand is just off the charts today.
Speaker 16 (38:49):
Every company we talk to, you know, our entire channel
check just as everyone needs more more GPUs.
Speaker 3 (38:57):
David, can we talk about how magnetol muff in on
any project. The headlines that cross the Bloomberg on a
weekly basis at the moment are about the great scale
AI neocloud infrastructure projects. But you have like legacy finance
coming in hard strategic partners because the size of the
check to get the project off the ground is getting
(39:19):
bigger and bigger and bigger.
Speaker 7 (39:21):
That's right, and it's a great question.
Speaker 16 (39:23):
You know, a lot of a lot of the capital
that's come into private credit has been this one size
fits all. You know, let's make sure the mandate fits
into insurance company type of money.
Speaker 7 (39:34):
You know, that's just not what we do.
Speaker 16 (39:36):
What we do is we go in and we want
to be value added to partners and help unlock value.
So we want to sit with management teams and talk
about how to lower their cost of capital over time,
and that's why they bring in a magnetar.
Speaker 3 (39:49):
David, where and what is the next call week for you?
Speaker 16 (39:53):
You know, for us, it's a diversified portfolio approach, so
we're always thinking about downside first, so we're going to
look at the assets and kind tracks, but then it's
how do we help unlock value? And so even yesterday
that a tourist energy, a tensor wave. But these are
the companies that are up and coming right now, and
you know they spoke very eloquently about their businesses yesterday.
Speaker 2 (40:14):
David.
Speaker 3 (40:15):
Is there an opportunity for you? And are you literally
going to participate in what was announced from the United
Kingdom this week all the heavy infrastructure investment from America's
biggest technology companies.
Speaker 7 (40:25):
Yeah.
Speaker 16 (40:25):
For us, we're looking across all projects and again, if
we're not really value added and helping lower the cost
of capital, that's not where our skill set lies best.
And so for us, it's really getting involved with management
and helping them make decisions given the data that we
have inside of our firm.
Speaker 4 (40:44):
There's almost a care wave just launched in the UK
and scale I mean again a cryptomnor that pivots into compute.
Are they the sort of companies that are interesting?
Speaker 7 (40:53):
Sure?
Speaker 16 (40:53):
I remember having dinner with n Scale call it six
months ago in Chicago at Morton's. That's right, that those
are exactly the type of companies that are interesting. And
for us, we have to really make sure that we're
thinking about our capital and we're thinking about our investors
and making the appropriate allocations just for.
Speaker 4 (41:10):
Our audience that is savvy on financing and is savon
ai data centers, how do you lower the cost of financing?
Speaker 16 (41:15):
So it's it's really about the customer mix and the
asset mix, and so we're really trying to think about,
you know, how we take a customer mix. So if
you have all non investment great customers, that's a much
that's a much more difficult portfolio to finance. Now you
want to have non investment investment customers because they grow
very quickly. So now we have to think about the
(41:36):
mix of customers underlying your portfolio and help you make
those allocation decisions. I think that's how we can get
involved with the companies themselves. We can be value added
and really unlock value for them over time.
Speaker 3 (41:48):
David's not have been managing partner at Magne's Health Capital.
Great to heavy back on the program.
Speaker 2 (41:52):
Thank you know.
Speaker 3 (41:53):
Coming up, Google brings Gemini throughout the Crome browser.
Speaker 2 (41:56):
Got more in that story.
Speaker 10 (41:57):
Next.
Speaker 2 (41:58):
This has been by tech.
Speaker 4 (42:07):
Time now for Talking chech. First up, Google brings Gemini
throughout the Chrome browser for users in the United States,
just two weeks after dodging an anti trust case that
could have broken up the company. It will also be
integrating Gemini with other Google apps like Calendar, YouTube, and maps.
Mimi Chami will deploy an over the air software fixed Directify,
a problem in its advanced driver assistance technology installed in
(42:28):
almost forty percent of the Su seven electric sedans int
his Soul Now. The recall comes nearly six months after
a fatal crash involving a standard version SU seven sedan
that in its autopilot function turned on, and Softbak's Vision
Fund is considering cutting as much as twenty percent of
its staff, according to a source. Now, the reduction extends
years of cutbacks at the Vision Fund as the unit
(42:50):
shrank in importance next to growing appetite for big ai
bets from founder Masayoshi's son ED.
Speaker 3 (42:58):
That does it for this edition of Blaeburg Tech Cara
and what an addition it has been.
Speaker 2 (43:02):
What a week it has been.
Speaker 3 (43:04):
We broke the headlines from the call between President Trump
and China's Ujingping. That was what the market was waiting for.
Don't forget check out the podcast. This was an episode
worth recapping. You know where to find it on.
Speaker 2 (43:15):
The Bloomberg platforms Bloomberg dot.
Speaker 3 (43:16):
Com, the Terminal, and online at Apple, Spotify and iHeart.
From San Francisco and New York, this is Bloomberg Tech
Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
from coast to coast with Caroline Hyde in New York
and Edla Low in Sent Francisco.
Speaker 2 (00:23):
This is Bloomberg Tech coming up.
Speaker 3 (00:24):
Headlines out on a call between US President Trump and
Chinese President Jijingping about a framework agreement for TikTok's US operations.
Speaker 2 (00:32):
We will break it down.
Speaker 4 (00:33):
Plus Apple rolling out its new iPhone designs in stores today.
We'll discuss what the customer and the stock reaction is.
Speaker 3 (00:41):
And we sit down with FCC Commissioner and A Gomez
to discuss the suspension of the Jimmy Kimmel Show and
much more. iPhone seventeen on sale today. Caro went down
to the store. We'll get the details in video. We're
watching because we have not had any headlines out of
that conversation with President Trump and Jijingping. Whether we in
video is discussed or not, but that's what the market's watching,
(01:03):
and I.
Speaker 2 (01:03):
Throw oracle up.
Speaker 3 (01:04):
We have had a headline out of that call. It
is from China's news agency Jinhoar and it says that,
according to Jijingping, China is prepared to respect the wishes
of the companies that are involved in the TikTok deal.
It has been reported that Oracle is part of the
coalition and it's trading at a record high, but we
do not have confirmation on the specifics, Caro. We're just
(01:25):
watching that because it's the publicly traded name.
Speaker 4 (01:28):
Indeed, there are following headlines coming out from that readout
of the call. She has asked for the US to
refrain from taking unilateral trade measures, a cleif clear focus
there for on tariff measures. She on TikTok, saying they
welcome business talks following market rules, and she also saying
on TikTok that the Chinese government respects the wishes of companies.
(01:49):
Perfect person to discuss all of this is Bloomberg Senior
Tech editor Mike Sheppard, who joins us from Washington. What
do you make of the readout, Oll, Carol.
Speaker 5 (01:56):
We're still looking at this readout as it comes in
and as we're trying to interpret its meaning. We are
not seeing a clear cut signal that China has given
its blessing to this framework agreement that was unveiled by
Chinese negotiators and US negotiators after two days of talks
in Madrid.
Speaker 2 (02:15):
There were very few details.
Speaker 5 (02:17):
On that accord at the time, but our reporting has shown,
as Ed has pointed out just now that Oracle, as
well as and recent Horowitz and silver Lake Capital Management,
would be among the US buyers of TikTok's US operations
should approval actually come down from the Chinese side. Donald Trump,
for his part, of course, is eager to see see
(02:39):
this deal go through. He wants TikTok to stay viable
in the US. He credits it with his election comeback victory.
But we have not heard from the President yet.
Speaker 3 (02:49):
Chet more headlines than another red headline on the Bloomberg terminal.
G has asked the US to avoid undermining the outcomes
from recent talks. I think that's a signal politically right.
And remember these headlines are from a readout from China's
state news agency. We also have another headline on TikTok.
China would like to see the company's find resolution to
(03:10):
the TikTok issue, according to G Again, Mike, we're following
this in real time, but we're learning about China's attitude.
We still don't have the concrete details of what the
structure of a US TikTok is.
Speaker 5 (03:23):
Well, that's right, and it also doesn't sound like China
is giving its full thumbs up there. It sounds like
Hi Jimping is signaling that there are still some objections
and that maybe something came up during the call with
President Donald Trump that gave China pause. We did even
hear from Trump yesterday a bit of a non committal tone,
(03:45):
not quite a full walk back of what we heard
at the beginning of the week following this framework agreement
between the two sides on trade but especially on TikTok,
but he was saying we'll see those were his exact
words in a Fox interview, and let's use signal from
the president that there may be more work to do.
So we're still waiting to hear what the US version
(04:06):
of events is and whether they think that they are
any closer or perhaps further away when it comes to talks.
It does sound like there are a lot of business
issues still to resolve, including from the Chinese point of view.
Speaker 6 (04:18):
Ed.
Speaker 5 (04:18):
Remember this is key to understand. China does not want
to sell TikTok. It wants to see byte dance hold
on to this, and if it is sold, it wants
to keep control of the algorithm and not see its
company byte Dance is considered a real star in the
Chinese tech universe. It does not want to see it
(04:39):
diminished in any way, so there has to be a
hefty price paid for this, and it also does not
want to see the valuable algorithm transferred in any way
to US owners.
Speaker 4 (04:48):
We're just going to try and bring up a chart
because Oracle is still triading higher, but only by a
percentage point. Now it is actually pulled back from its
highs directly on the readout coming from the Chinese state
press right now. Now, of course, Oracle's name in the
mix for any sort of coalition of companies that were
looking to be buying TikTok's US unit. Now we can
see that it's just come off of its highs. So
(05:10):
it looks as though, as you interpret, Mike, then indeed
this doesn't feel like a done deal yet, and indeed
that we are still trying to get the intricacies of
what China says it likes to see companies to find
resolution to TikTok issue. Of course, we need the US
interpretation of all of this next steps, Mike. Therefore, because
we were hoping that maybe other things were being considered
(05:30):
in their pohlm call, not just TikTok, but in video
them anymore.
Speaker 7 (05:34):
Well, that's right.
Speaker 5 (05:35):
There are a host of trade issues between the two
sides to resolve, and I'm glad you brought up in
video because the question of export controls that have restricted
the chip maker's ability to sell its AI products in
China have been a major sticking point between the two sides.
We've seen Jensen Wong really advocate here in Washington over
the past nine months for a relaxation of the US
(05:56):
export controls, but he's also run into some headwinds in China,
which is also moving to discourage Chinese companies from buying
the company's chips. So there is a lot at stake,
and it's unclear whether Donald Trump used this call to
try to go to bat for Jensen Wang and Nvidia.
The President has signaled his openness to the idea of
perhaps selling a downgraded version of the new Blackwell line
(06:21):
of AI chips in China, but again, that is a
multi step process in terms of relaxing those export controls,
and it's unclear whether this would factor into the conversation.
Jensen Wong, for his part, certainly would like it to.
They're feeling the sense of urgency in China where Huawei
is really moving ahead by leaps and bounds when it
(06:41):
comes to developing its AI chips and finding ways to
deploy them in a way to better compete with Nvidia,
as we just saw yesterday.
Speaker 4 (06:49):
Kara, Mike Shephard, we thank you for the breakdown instant analysis.
Let's get more instant analysis for you. Sam Sak, Senior
fellow at the New America Institute who has worked on
Chinese technology policy for over a decade, So your viewpoint
and expertise crucial.
Speaker 2 (07:04):
Hair.
Speaker 4 (07:04):
It feels as though maybe a deal isn't done. How
do you interpret what really the outcome of a phone
called can be sad.
Speaker 6 (07:12):
The pathway to a deal, and I don't just mean
a TikTok deal, but a broader US China trade deal
is strewn with obstacles. Both sides clearly want something that
they can deliver. But let's break it down what's in
the way. China realizes that they have real leverage here
and they're not going to give into this easily. They
know that Trump wants to take home something to his
(07:34):
audience at home. The second thing is that there are
hawks all over Congress in the administration who also work
very hard to ban TikTok, only to see Trump look
to trade it away. And they've raised hell about the
idea that there are supposed national security concerns that are
going to go unresolved about data access, about online content.
(07:58):
So there's a real sort of complex web of issues
that both leaders are going to have to work through
to bring home the political win for their respective constituents.
Speaker 2 (08:09):
A political win.
Speaker 4 (08:09):
Thus far, had been signaled to the market that a
US part of TikTok would form as a different app.
Entirely the users one hundred and seventy million of them
would migrate to a different app as reporting goes, and
would be controlled by US investors. But how hard is
that sort of a pill for China to swallow? There
had been reports, of course, that China or byte Dance
(08:31):
would license the underlying algorithm. Why has TikTok become like
the lynchpin to so much more in US China relationship.
Speaker 6 (08:40):
The algorithm for a long time was the secret sauce.
It was something that byte Dance was able to do
far more effectively than its peers. But keep in mind
this saga with TikTok has been playing out for about
five years now, and so at what one time was
seen as ahead of the game in getting users hooked
on the app, the flywheel effect of then collecting more
(09:03):
of their data. It's no longer really as cutting edge
as I'd say it was five years ago when this
first became an issue. But that doesn't mean that Beijing's
going to let it go so easily. This is a
Chinese brand that has succeeded globally beyond China's markets at
a time when that's key to China's asserting influence in
(09:24):
the world, and they're at the beginning of being able
to field companies that market that consumers out China outside
of China actually want. So they're not going to just
give this over easily to the US, as much as
they want to secure a deal as well. Also, they
have big wants still on the table. They want export
controls lifted. Mike mentioned about the Nvidia chips. Maybe they're
(09:47):
holding out to see what exactly they can exert from Trump.
Speaker 3 (09:53):
Sam, I'm going to go back to the news because
we are literally digesting what is a readout from China
State News Agency and According to that read out, President
g says that the Chinese government will respect wishes of
companies in the context of TikTok, that on TikTok, they
welcome business talks following market rules, and the final headline
is that China likes to see companies find a resolution
(10:14):
on the TikTok sale. We yet to get the readout
from the United States side, but as somebody that's looked
at Chinese technology policy, both from within the US government
and from the private sector, is this a positive signal
she's making or is it a negative signal, a warning.
Speaker 6 (10:30):
That She's administration has not changed its position. They're saying
that now, but actually the reality is they've been saying
that for a long time. I don't think that they
care that much about TikTok, to be honest, but I
think they know that Trump cares about it, and they
see this as the lynchpin to opening up a broader
(10:52):
set of asks beyond TikTok, export controls, tariffs lifted, they
want access to the US market for more investment. There's
a litany of things, and then it becomes it becomes
a game of chicken. Who's going to blink first? And
China knows they have something here.
Speaker 4 (11:12):
Sam Sachs from the New America Institute, fascinating to have
you on amid the breaking news. We thank you. Coming up,
we're going to be breaking down the week there was
and tech markets we're still at record highs empowers. Martin
Norton joins them that next this Bloomberg Tech breaking news.
(11:37):
Some headlines coming across the Bloomberg terminal that Chinese President
She is asking for the US to avoid undermining outcomes
from recent talks. Mex Tyler Kennell joins us. Now from
the White House, we've had to read out from the
Chinese state press regarding that phone call between she and Trump.
Now we await Trump's reaction. What do you make of
the headlines? Right exactly?
Speaker 8 (11:56):
Caroline and her White House official tells us that we
will get at the White House formal response and a
post on truth social So our eyes at the moment
are peeled on President trump social media feeds. But as
you read that main headline here that Chinese state media
is reporting that Jijingping says that the US should avoid
undermining any recent progress in the talks, but that also
the US should refrain from taking any sort of restrictive
(12:19):
trade measures, and there's a few different angles and threads
that we could really dig into when it comes to
that idea that it appears that Jijingping is trying to portray,
including that we saw really both sides ramping up the
pressure ahead of those talks in Madrid earlier this week,
including for example, the US adding some twenty three Chinese
companies to its entity list over the weekend. You were
(12:40):
talking in your earlier segment about this idea around the
messaging of export controls, and we've also seen the US
really harden its rhetoric when it comes to so called
secondary tariffs against China, urging our allies to impose them
over their imports of Russian energy supplies. We have to
keep in mind put this into the context that our
reporting has long showed that China has been upset, has
(13:02):
been dismayed at this idea that they have been treated
differently from other trading partners.
Speaker 9 (13:07):
That's why you'll recall it.
Speaker 8 (13:08):
Was so significant when that thirty four percent so called
reciprocal tariff came back down to ten percent, but of
course we still have twenty percent tariff related to fetanyl
still on the table. And it's actions like those that
perhaps will see some sort of movement on as we
wait the readout on the White House's side. Now, as
you well know, and we're discussing, the focus of today's
call appear to be really on any sort of movement
(13:30):
around TikTok. But when it comes to these other trade concessions,
our analysts at Bloomberg Economics point out, we really haven't
gotten many signs up to this point that there has
been movement on that because most of these talks have
really been about keeping that de escalation in place. Caroline
and ed. Yesterday, President Trump suggested that he is considering
extending that tariff truce deadline it's set to expire on
(13:52):
November tenth. That comes just weeks after a potential face
to face meeting. This call was largely seen as perhaps
setting the stage for them that we're eyeing could potentially
take place next month end of October in South Korea
on the sidelines of the APEX summit.
Speaker 3 (14:07):
I've been both Tyler Kendall at the White House, Thank
you very much. It's really hard to interpret carry the
market response here. The S and P five hundred has
paired what we're modest gains to basically trade flat, and
yields have ticked higher since we got those headlines. We
were waiting for this this phone called. Martin Norton is
chief investment strategist at Empower and joins us now for more.
I mean that trade headline is the main one both
(14:29):
that g is calling on the President of the United
States not to go back on what was discussed in talks.
And you heard Tyler's reporting there as a market participant,
where you braced and ready to move this morning, or
did we get what we expected?
Speaker 10 (14:44):
You know, we're in a kind of a world where
there's a bit of a shoving match, and I think
it's largely to be expected. There's not a massive clarity
around what this could look like, and it's continued back
and forth at this point in time.
Speaker 9 (14:59):
I think what we're seeing more broadly is the.
Speaker 10 (15:02):
Degree to which geopolitics is entering and becoming another source
of volatility for the markets, something that impacts individual companies
and the market more broadly. And the news is sudden
and it catches folks off.
Speaker 3 (15:16):
Guard, it does yep, sorry, ed you go no, no, no,
I just wanted to point out the other red headline
right because the news is just flying through the terminal
as we speak. The other one is that President g
Marta says that he wants the United States to refrain
from taking unilateral trade measures. Again, we're trying to interpret
a readout from China State News Agency, But what is
(15:38):
your interpretation of that comment.
Speaker 10 (15:41):
I mean, it certainly seems like there are bigger things
at play right now. I think the reporting that you
all have just shared showing that, yes, TikTok is something
that's a primary concern, but there are other primary concerns
as it relates to the broader trade relationship, and right
now both sides are trying to find these points of
leverage to determine what can be pushed to gain kind
(16:03):
of the greatest advantage in this conversation.
Speaker 9 (16:05):
So it seems like we're kind of listening into.
Speaker 10 (16:08):
One part of the conversation, but it's part of a
much broader discussion that's been going on and continues to
go on.
Speaker 4 (16:15):
Madre, it's interesting timing that JP Morgan Asset Management has
put out this thought that actually what Trump's geopolitical risk
right now is the AI story, and if we get
a bad set of numbers, of any earnings look weak
in some of these AI stars. That's where the market
volatility really comes from. But actually the whole story around
semiconductors is so intertwined with geopolitics as well, So how
(16:37):
do you distinguish the two?
Speaker 10 (16:38):
Right, It's a pretty fascinating time. I mean, we're looking
at company after company that seems to be very in
tune to what the Trump administration wants, and I think
it underscores this idea that AI isn't just a form
of secular growth for companies and for the economy, but
it's something that is akin to the space race in
terms of sovereign interest, and so I think it adds
(17:01):
this whole another dimension that we have to consider as
we think about those sources of volatility. I think one
consideration here is what does demand look like if we're
looking at a more bifurcated world where potentially US and
China aren't necessarily buying from each other as much as
they are jocking with each other when it comes to AI.
(17:21):
I'm not sure that necessarily changes the whole AA narrative.
We know that there's massive, massive amounts of demand even
here just domestically, but I think it's a whole new
dimension that we have to consider as we take a
look forward and try to project expectations, and.
Speaker 4 (17:36):
We try to stum up the fact that we're up
sixteen percent year to date and then as that one
hundred and we're a record highs So with all the
underlying risks, should you be buying into this market?
Speaker 10 (17:47):
You know, in my mind at this juncture, we're at
a point where it makes some sense to rebalance, to
take some profits. We've had this tremendous run since April eighth,
where we've seen a lot of these companies recover or
even something like the Mags, even which had a much
bigger hit in the first part of the year due
to Deep Seek, even that area of the market is
beginning to look pracy now. Companies have delivered, the earnings
(18:10):
has been there, the investment in the future that Capex
has been there. We're seeing demand from the hyperscalers based
on AI workflows.
Speaker 9 (18:17):
So there's a lot of positives to point to.
Speaker 10 (18:20):
But it really wouldn't take much something coming out of
left field like we saw with Deep Seek to maybe
have people pull.
Speaker 9 (18:27):
Back a bit.
Speaker 10 (18:27):
And I think when we think about these innovation periods.
It shouldn't be a straight line higher that would defy reality.
It ought to be something that has fits and starts
and moments of doubt. So I think when we're at
a period where it feels somewhat euphoric, it's time to
position for a potential moment of doubt.
Speaker 4 (18:43):
Not an alton of EmPATH. Great to have you on
amid these moments of doubt you are looking currently it
pictures of the Apple store in New York and Fifth Avenue.
Earlier today, the company was rolling out several new iPhones
signs that kind of the biggest overhaul that we've seen
since twenty twenty. I was there as the Apple CEO,
(19:05):
Tim Cook, walked around the store. There were NBA players there,
and there were influencers, and there was me trying to
get a moment with Tim Cook talking about perhaps some
of the issues they had with getting enough iPhone pros
into people's hands on the day. Of course, we're knowing
that some of the timelines being pushed back, but it's not.
Speaker 9 (19:24):
Just the cue.
Speaker 4 (19:25):
The enormous queue that I saw lining the streets of
New York, but that was replicated in London, wasn't It
was over in Asia as well.
Speaker 2 (19:33):
Yep, it was.
Speaker 3 (19:33):
And it's interesting because you followed the clock around the world.
Let's bring in Bloomberg's consumer tech editor Dana Wolman, and
let's start on that piece. We have the information from
Asia into Europe, now the United States. What's the reaction
to iPhone seventeen launch day?
Speaker 11 (19:48):
So definitely some long lines in all the major markets
where reporters have visited stores, and a relatively few of
the customers who we interviewed mentioned the iPhone Ra, which
is the skinny iPhone that got so much media attention
ahead of the launch. It turned out that most of
the customers who we interviewed were looking for the iPhone
seventeen Pro or the Pro Max, which makes sense given
(20:09):
that these phones are for pro users, power users and
early adopters and tech enthusiasts are precisely the sort of
people who might feel motivated to line up in front
of a store around dawn the day of a launch.
Speaker 4 (20:20):
It's interesting that in the eye of the storm is
of course the supply chain that Apple has largely based
in China. We are getting more breaking news of the
readout coming from the Trump She talks on the phone
with President Trump, putting on Social that he's just completed
a very productive call with President she. But I'm interested
in more broadly, how you're seeing the supply chain impact, Dana.
(20:42):
What's happening on the ground with the sales of the
iPhone pro and how quickly or not we're able to
get them in our hands, and some of the issues
perhaps scratching of them over in China.
Speaker 11 (20:51):
So far, not many shocks in terms of delays or
shipment times. Shipment times have slipped by a couple weeks
in certain markets for very popular models. Nothing that seems
too extraordinary. The iPhone error has been delayed in China,
seemingly over the eSIM, which is not a widely used
technology in China, and the iPhone is the only of
(21:14):
the iPhone models that exclusively uses that as opposed to
a physical sim being an option.
Speaker 3 (21:20):
Okay, Bloomberg's Dana Woman, thank you very much. We have
more breaking news from the call between President Trump and Gijingping,
posting on truth Social, President Trump says that he has
agreed to meet with Jijiping and that meeting would take
place at the APEX Summit. Caroline, my understanding is the
APEX Summit is October thirty one November one. On TikTok,
Trump says that they made progress on the approval of
(21:41):
a TikTok deal. Trump adds that he appreciates the TikTok approval.
Speaker 2 (21:46):
We're continuing to.
Speaker 3 (21:47):
Get a lot of headlines, but not seeing any immediate
market action or anything that contradicts some of the statements. Cara,
if you want to jump in on what we had earlier,
maybe we'll go back to break.
Speaker 2 (21:58):
And we'll see what the markets are doing.
Speaker 4 (21:59):
Oracle, I'm still training at about one point four percent high
on the back of that meant to be cause a
part of that consortium buying TikTok. But the key news
is that they have agreed to meet again next month.
Speaker 12 (22:08):
And I read some places that the networks were ninety
seven percent against me again, ninety seven percent negative, and
yet I won easily.
Speaker 7 (22:24):
It were all seven spake stays. I've going to have
won everything.
Speaker 12 (22:28):
And if they're ninety seven percent against, they give me
Holy Bard publicity oppress, and then they're.
Speaker 2 (22:37):
Getting a license.
Speaker 12 (22:38):
I would think maybe their license should.
Speaker 7 (22:41):
Be taken away.
Speaker 3 (22:44):
That was President Trump saying US Broadcast Network should face
scrutiny over their licenses if they're too critical of him.
His comments came not long after Jimmy Kimmel's show was
put on indefinite hold by Disney following reactions to comments
the comedian made accusing Republicans are trying to gain political
points from the killing of GOP activist Charlie Kirk. Bloomberg
(23:07):
reporting that Kimmel met with Disney executives yesterday. According to sources,
the soonest the show could return is September twenty second.
I want to get out to Bloomberg's media reporter, Hannah Miller.
Let's start on what we know in the news, which
is that meeting between kim l and Disney.
Speaker 2 (23:23):
What are the details we need?
Speaker 13 (23:25):
Yeah, so we know they're discussing the fate of his
show and whether there will be an apology or not.
You know, Kimmel might be made to go on air
apologize for his comments, and that might be something he
doesn't want to do.
Speaker 4 (23:38):
Meanwhile, as we wait for the reaction of the host himself, Hannah,
you've been putting out from really strongly who heard in
reporting talking about basically the war that President Trump is
having with the media. Set the context for us.
Speaker 13 (23:51):
Yeah, the Trump administration has a very contentious relationship with
the media. We can see that in lawsuits, settlements, federal
cuts to funding for public broadcasting. You know, it's been
battle after battle, and a lot of what's happening here
is that many of the news organizations being targeted have
business stakes at play, and that's sort of being weaponized
(24:14):
against them here.
Speaker 4 (24:16):
Bloom Megs Hannah Meller, it's a really thoughtful piece. Please
go and read it. Let's get you another viewpoint now.
Anagomez is the sole Democratic commissioner at the FCC, one
of three commissioners that are currently on the FCC. Been
there is twenty twenty three. You've put out a very
strongly worded statement following what seemed to be Jimmy Kimmel's
show being put on ice indefinitely, and you really talk
(24:38):
about it having been led to a shameful show of
cowardly corporate capitulation by ABC that has put the foundation
of the First Amendment in danger. So you think this
is a corporate responsibility at this moment.
Speaker 14 (24:52):
What we are saying is this administration use whatever levers
of power it has in order to bring broadcasters to
heal and the news media as you mentioned. They have
sued The New York Times, they have sued the Wall
Street Journal, they have gone after ABCNBCCBS, and they are
(25:12):
pressuring companies to change how they report the news and
what their content is in direct violation of the First Amendment,
which guarantees a freedom of speech. And what happens every
time we see this cowardly corporate capitulation is a further
frame of a foundation of our democracy, and that's freedom
(25:35):
of speech and freedom of the press.
Speaker 4 (25:36):
Now and what we understand to have occurred is that
Disney moved after local stations had perhaps pushed back. This
is all erupted after well, the head of the Commission,
SEC Chair Brennan Carr, joined a podcast and really articulated
perhaps what could happen because of the words of Jimmy
(25:57):
Kimmel on thet his broadcast, but also what he said,
we can do this the easy way or the hard
way on that Benach on some podcast when it seemed
to be talking about the next stop TEGNA deal. Is
that how you interpret it, is that how the market
and the media should be interpreting what SEC Chair Brendon
car is trying to make it.
Speaker 14 (26:17):
I think It's really important to note that the FCC
does not have the authority, the constitutional right, nor the
ability to take action against broadcasters because of their content.
We have very limited media regulation, usually designed to protect
children programming and things like that, but we cannot retaliate
(26:38):
against broadcasters for legal content. And this is all legal content.
So what threats are meant to do is to get
the companies to alter their practices in order to cover
this administration in the way that they want. And that
is what these corporations need to keep in mind every
time they capitulate. They are our democracy.
Speaker 3 (27:04):
Commissioner Gomez, I'm grateful for you coming on the program
and what you just said about the remit and authority
of the FCC. The basics that our audience want to
understand is why is the FCC involved here. It is
a panel or a committee, right that debates issues, usually
proposed by the chair in the public forum or in
(27:25):
written communications, and then you vote on the passing of
measures or actions and stop me when I'm wrong on that.
But you outlined what the authority of the FDC is
not in this case. What is your role in this
situation between Disney, Jimmy Kimmel and the comments that he made.
Speaker 14 (27:46):
So the FCC, as you note, does meet as a
commission and it votes to adopt rules or to issue licenses.
But a lot of the actions that you're seeing from
this commission right now, particularly when it comes to trying
to bring media to heal, is being done at the
staff level. And what's so dangerous about that is where
we initiate investigations until those investigations actually get to a
(28:11):
final commission decision, there is no judicial review to ensure
that the FCC doesn't overstep its bounds, which is exactly
what we're doing right now. And you mentioned the next
Star transaction, which is actually not currently before the FCC,
but will be filed before the FCC. The FCC has
been using any time a party comes in to seek
(28:35):
a transfer of a license or some type of permission
from the FCC to pressure them to alter their practices,
directly affecting the First Amendment and getting them to voluntarily
commit to making changes to how they report the news
or whether they have diversity, equity and inclusion practices, which
(28:55):
themselves have a strong basis in the First Amendment.
Speaker 3 (28:59):
Commissioner invited the chair mister Carr onto this program as well,
and I wanted to be to be known that that's
the case.
Speaker 2 (29:07):
There is an.
Speaker 3 (29:08):
Example or case study that our audience wants us to
ask you about, and that is, if mister Carr and
the President wanted to initiate the revocation of a station's
license based on that station airing of the Kimmel comments,
for example, what needs to happen? Would there need to
be an outside complaint filed to the FCC then you
(29:31):
review it. Just explain that that scenario.
Speaker 14 (29:33):
Please, yes, So revocations of licenses are extremely rare. We
do have rules about under what circumstances we might revoke
a license, and it is a very high standard because
it is such a serious thing to do. That is
why the broadcasters fear so much any type of action
by the FCC. Yes, we can initiate an investigation based
(29:57):
on a complaint that is filed. We can also initiate ourselves.
But let me be clear, there is no basis for
revoking any licenses because of the Jimmy Kimmel content or
because of normal editorial decisions from a broadcaster. The last
time I can think of that we revoked a license
(30:18):
was for failure to air a particular broadcaster for more
than a year.
Speaker 3 (30:22):
Well Commissioner in Caroline, I'm sorry to jump in here.
You know, there are many Republicans and non Republicans who
feel that Kimmel's comments pushed went past the line, they
crossed the line and mischaracterized in the public domain the
motivations of the shooter in the Charlie Kirk case, and
(30:43):
the FCC takes that into account or it does not.
Speaker 14 (30:47):
So we have to keep in mind that Jimmy Kimmel
show is satire.
Speaker 7 (30:53):
It is not news.
Speaker 14 (30:55):
It is not itself trying to inform the public about
a particular newsworld the event. And what some of these
people are claiming is that what Jimmy Kimmel said was
news distortion. That really does not meet the standard for
news distortion. So if a complaint were filed, the commission
(31:15):
would have to look at it and make a decision
about whether any rules were violated. I can tell you
today there were no violations under the law or with
these facts.
Speaker 4 (31:25):
Have any complaints been filed?
Speaker 14 (31:28):
I believe a complaint was filed today. There is a
partisan legal group that has been filing complaints against all
the media companies getting more and more outlandish in their complaints,
normally for news distortion. They're the same ones that filed
the complaint against sixty Minutes for the Kamala Harris interview.
(31:50):
They're the same ones that filed a complaint against NBC
because of Saturday Night Live, the sutn Night Live showing
with Vice President Harris. So they're a partisan organization that
just keep filing these complaints and the FCC has not
acted on all of them. They are very numerous. I
(32:10):
would say we get at least once a week.
Speaker 4 (32:12):
I think it's right to put in the context that
last year Disney indeed did pay fifteen million dollars to
settle a defamation laws who brought by President over comments
that one of its hosts had already made. There have
indeed been several settlements, and as Hannah Miller Reportrait put
in their story, then often there are deals in m
and A involved. Is that the interpretation that we should
(32:34):
make at this moment that deals in some way hinge
upon settling of such cases and concerns.
Speaker 14 (32:41):
I think that the administration will use the deals to
pressure companies one way or another, whether it's to settle
lawsuits or to give up their rights as organizations. When
the FCC approved the Paramount Skybance deal, for example, the
parent company of sixteen of CBS, Paramount agreed to install
(33:02):
what I call a truth arbiter, an ambudsman reporting to
the president of Paramount, who will field complaints about media
bias for example. That is really chilling because that is
exactly the type of interference and the freedom of the
press that is not healthy for our democracy and for
our discourse. So yes, I think this administration will weaponize
(33:29):
any transaction. Anytime you see a party coming before the FCC,
you are going to see some kind of a demand
to bring them to heal and to change how any
broadcaster reports on this administration to make it favorable to
the administration and not otherwise.
Speaker 3 (33:47):
FCC Commissioner Anagomez, we appreciate your time joining us on
Bloombo Tech. Thank you very much, Caroline. I just want
to go to shares a. Disney very quickly. In the
course of that conversation, the stock actually hit a session
low of two percent, now down one point nine percent.
Speaker 2 (34:01):
We did report just before the.
Speaker 3 (34:03):
Conversation with the Commissioner about the meetings that are taking
place between Disney executives and Jimmy Kimmel. One of the
ideas or questions being an apology or not. We also
have to go back to the breaking news because we've
got a full readout from the President on the conversation
with Jijing ping productive call. He says they made progress
on issues including trade, fentanyl, the need to bring the
war between Russian and UK to an end, and for
(34:24):
this program bling big tech, the approval of the TikTok deal.
He agreed with President Ji that they would meet at
the APEX summit in South Korea. I believe that's October
thirty one through November one, and that he would go
to China. This is the bit we didn't get to
yet that he says in his true social pros the
President he will go to China early next year. The
call a very good one. They will be speaking by
(34:44):
phone again, and the President says, in his words, we
appreciate the TikTok approval and both look forward to meeting
at APEX. That's the one the market was waiting for
this week.
Speaker 4 (34:53):
It is a lot of people who are investors in
semiconductor shares, for example, in video, will it be able
to continue to sell it to China. Coming up, we're
talking exactly that about AI Magnetar's senior managing partner, David S.
Ninemans with us. He's going to talk about the investing buildout,
the AI build out, the scale of that magnetor of
course a key investor in Careweed stick with us this
Bloomberg Tech.
Speaker 3 (35:26):
AI is hungry for power, and so is everything else,
from computing and transportation to industry. Energy demand is reaching
historic levels, and batteries are emerging as the backbone of
modern infrastructure, enabling reliable, low cost storage at scale.
Speaker 2 (35:41):
JB.
Speaker 3 (35:41):
Strawball's CEO of Redwood Materials, which deploys these strategic resources,
spoke to Bloomberg's Judy Fine at Bloomberg NIF yesterday in Houston.
Speaker 15 (35:51):
Energy storage is evolving in batteries in particular, are evolving
to play I think an incredibly central part of the
story for the e of data center energy availability, but
for the grid overall, and increasingly, I think people are
beginning to sort of see that that opportunity where if
you can have the flexibility that energy storage provides, that
(36:14):
gives you the chance to have access to more energy
from the grid, and it also gives you a chance
to manage and adjust the transience from some of these
new loads, especially AI training loads.
Speaker 4 (36:27):
Let's talk more about infrastructure now, but let's talk about
the data center side of it. Davis Snydeman's here with
us seeing a managing partner at Magnetar Global head of
Alternative Credit and fixed Income. Magneta has called twenty billion
dollars in assets under management, key investor in AI compute
provider Core Weave, And you've just come off the heels
of an investor day. It's a twenty year anniversary. And
how much is the demand from your investors to get
(36:51):
more into AI data center, to get more into compute
and the way in which you finance it.
Speaker 16 (36:55):
Yeah, First, thank you again for having me. I've always
love to come on the show. You know, we, like
you said, we had our twenty year investor day yesterday
and just to take you into the room, I think
we had six different companies present on six different industries,
everything from you know, healthcare finance to restaurant finance and
(37:16):
then like you said, AI infrastructure and our newest investments
in energy. And you know, for us, the way we
invest the formula has always been the same, it's really
by being value added to our portfolio companies.
Speaker 4 (37:31):
And so, how are you value added to a cool weave?
How are you thinking about financing the GPU the compute
they need to go out and buy to fill their
data centers for example.
Speaker 7 (37:40):
That's right.
Speaker 16 (37:40):
So for us, it's it's really about thinking about the
asset first, right, understanding the value of that asset, understanding
the customer contracts, and then helping the companies unlack value
from there.
Speaker 7 (37:52):
But you know, I think what you know, AI.
Speaker 16 (37:53):
Infrastructure, We talked about it a reasonable bant yesterday and
it really comes down to, you know three things. It's skill,
it's scale, and it's scarcity. So I'll start with scale,
Like when we started investing in core Weave, we were
talking about one hundred GPU clusters and we thought that
was going to be difficult. You know, now they're putting
(38:15):
one hundred thousand GPU into clusters and they're going to
do million GPU into clusters, and so the scale is
just massive.
Speaker 7 (38:25):
Right.
Speaker 16 (38:25):
Then you go to the skill, and what you can
compare it to is it's like an F one car
instead of you know, your family sedan. This is really
really hard to do. So companies like core Weave, they're
one of the few in the world that can actually
do this. And then to your question, is the scarcity.
People say there's not enough GPUs and they're not enough power,
(38:45):
But the issue is the demand.
Speaker 7 (38:47):
The demand is just off the charts today.
Speaker 16 (38:49):
Every company we talk to, you know, our entire channel
check just as everyone needs more more GPUs.
Speaker 3 (38:57):
David, can we talk about how magnetol muff in on
any project. The headlines that cross the Bloomberg on a
weekly basis at the moment are about the great scale
AI neocloud infrastructure projects. But you have like legacy finance
coming in hard strategic partners because the size of the
check to get the project off the ground is getting
(39:19):
bigger and bigger and bigger.
Speaker 7 (39:21):
That's right, and it's a great question.
Speaker 16 (39:23):
You know, a lot of a lot of the capital
that's come into private credit has been this one size
fits all. You know, let's make sure the mandate fits
into insurance company type of money.
Speaker 7 (39:34):
You know, that's just not what we do.
Speaker 16 (39:36):
What we do is we go in and we want
to be value added to partners and help unlock value.
So we want to sit with management teams and talk
about how to lower their cost of capital over time,
and that's why they bring in a magnetar.
Speaker 3 (39:49):
David, where and what is the next call week for you?
Speaker 16 (39:53):
You know, for us, it's a diversified portfolio approach, so
we're always thinking about downside first, so we're going to
look at the assets and kind tracks, but then it's
how do we help unlock value? And so even yesterday
that a tourist energy, a tensor wave. But these are
the companies that are up and coming right now, and
you know they spoke very eloquently about their businesses yesterday.
Speaker 2 (40:14):
David.
Speaker 3 (40:15):
Is there an opportunity for you? And are you literally
going to participate in what was announced from the United
Kingdom this week all the heavy infrastructure investment from America's
biggest technology companies.
Speaker 7 (40:25):
Yeah.
Speaker 16 (40:25):
For us, we're looking across all projects and again, if
we're not really value added and helping lower the cost
of capital, that's not where our skill set lies best.
And so for us, it's really getting involved with management
and helping them make decisions given the data that we
have inside of our firm.
Speaker 4 (40:44):
There's almost a care wave just launched in the UK
and scale I mean again a cryptomnor that pivots into compute.
Are they the sort of companies that are interesting?
Speaker 7 (40:53):
Sure?
Speaker 16 (40:53):
I remember having dinner with n Scale call it six
months ago in Chicago at Morton's. That's right, that those
are exactly the type of companies that are interesting. And
for us, we have to really make sure that we're
thinking about our capital and we're thinking about our investors
and making the appropriate allocations just for.
Speaker 4 (41:10):
Our audience that is savvy on financing and is savon
ai data centers, how do you lower the cost of financing?
Speaker 16 (41:15):
So it's it's really about the customer mix and the
asset mix, and so we're really trying to think about,
you know, how we take a customer mix. So if
you have all non investment great customers, that's a much
that's a much more difficult portfolio to finance. Now you
want to have non investment investment customers because they grow
very quickly. So now we have to think about the
(41:36):
mix of customers underlying your portfolio and help you make
those allocation decisions. I think that's how we can get
involved with the companies themselves. We can be value added
and really unlock value for them over time.
Speaker 3 (41:48):
David's not have been managing partner at Magne's Health Capital.
Great to heavy back on the program.
Speaker 2 (41:52):
Thank you know.
Speaker 3 (41:53):
Coming up, Google brings Gemini throughout the Crome browser.
Speaker 2 (41:56):
Got more in that story.
Speaker 10 (41:57):
Next.
Speaker 2 (41:58):
This has been by tech.
Speaker 4 (42:07):
Time now for Talking chech. First up, Google brings Gemini
throughout the Chrome browser for users in the United States,
just two weeks after dodging an anti trust case that
could have broken up the company. It will also be
integrating Gemini with other Google apps like Calendar, YouTube, and maps.
Mimi Chami will deploy an over the air software fixed Directify,
a problem in its advanced driver assistance technology installed in
(42:28):
almost forty percent of the Su seven electric sedans int
his Soul Now. The recall comes nearly six months after
a fatal crash involving a standard version SU seven sedan
that in its autopilot function turned on, and Softbak's Vision
Fund is considering cutting as much as twenty percent of
its staff, according to a source. Now, the reduction extends
years of cutbacks at the Vision Fund as the unit
(42:50):
shrank in importance next to growing appetite for big ai
bets from founder Masayoshi's son ED.
Speaker 3 (42:58):
That does it for this edition of Blaeburg Tech Cara
and what an addition it has been.
Speaker 2 (43:02):
What a week it has been.
Speaker 3 (43:04):
We broke the headlines from the call between President Trump
and China's Ujingping. That was what the market was waiting for.
Don't forget check out the podcast. This was an episode
worth recapping. You know where to find it on.
Speaker 2 (43:15):
The Bloomberg platforms Bloomberg dot.
Speaker 3 (43:16):
Com, the Terminal, and online at Apple, Spotify and iHeart.
From San Francisco and New York, this is Bloomberg Tech
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