>> FROM THE HEART OF HER INNOVATION, MONEY AND POWER COLLIDE IN SILICON VALLEY AND BEYOND. THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. ♪ CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO. THIS IS BLOOMBERG TECHNOLOGY. PRESIDENT-ELECT TRUMP AND ELON MUSK ARE IN WASHINGTON. WE DISSECT THE EXTORTING POLITICAL ROLE. ED: WE SPEAK WITH A KEY INVESTOR IN SWIGGIE, THE LIST LANDMARK INDIAN IPO. CAROLINE: SOFTBANK WILL BUILD A SUPERCOMPUTER WITH THE BLACKWELL DESIGN. FIRST, THE MARKETS. I SHINE THE LIGHT ON BITCOIN. WE ARE BACK UP INTO THE RIGHT. NOW INCLUDING $92,000, A RECORD RUN UP 30% SINCE THIS TIME LAST

WEEK WHEN WE GOT THE RESULTS OF THE U.S. ELECTION. ED, YOU ARE LOOKING AT OTHER ASSETS. THE TRUMP TRADE IS BACK ON. ED: AND THE ELON MUSK TRADE. TESLA DOWN A PERCENTAGE POINT HAVING OPENED REMARKABLY HIGHER. IT IS THE STOCK MORE THAN -- UP MORE THAN 30% SINCE ELECTION DAY. WHAT WE KNOW ACCORDING TO BLOOMBERG REPORTING IS THAT MUSK WILL BE WITH PRESIDENT-ELECT TRUMP IN D.C. FOR MINIS WITH HOUSE REPUBLICANS. PRIOR TO THAT, PRESIDENT ELECT IS DUE TO MEET WITH PRESIDENT BIDEN. LET'S GET TO WASHINGTON, D.C. AND KAILEY LEINZ WHO JOINS US FROM RIGHT OUTSIDE THE WHITE HOUSE. A MEETING TELEGRAPHED. WE HAVE KNOWN ABOUT IT FOR A FEW DAYS BUT SIGNIFICANT.

KAILEY: MOST BECAUSE THIS IS NOT SOMETHING WE SAW IN 2020. DONALD TRUMP DID NOT EXTEND AN INVITATION TO JOE BIDEN HIM AT THE WHITE HOUSE LIKE THIS AS IS AMERICAN TRADITION. NOW BIDEN HAS DONE THE SAME OR CHOSEN DIFFERENTLY AS HE INVITED DONALD TRUMP TO BE HERE WITH HIM TODAY FOR WHAT IS A TYPICAL PART OF THE TRANSITION PROCESS. THE ADMINISTRATION HAS PLEDGED THEY WILL BE A PEACEFUL TRANSITION OF POWER FOR PRESIDENT-ELECT DONALD TRUMP. AS FOR WHAT THEY WILL TALK ABOUT IN THE MEETING, THE WHITE HOUSE HAS BEEN TIGHT-LIPPED ABOUT THAT. THE PRESS SECRETARY YESTERDAY IN THE PRESS BRIEFING WAS ASKED ABOUT THE SUBJECT MATTER. THEY PREFER TO KEEP PRIVATE

CONVERSATIONS PRIVATE. AS FOR EDUCATED GUESSES AS TO WHAT THEY COULD TALK ABOUT IN ADDITION TO THE MYSTIC ISSUES, PRESERVING AMERICAN DEMOCRATIC INSTITUTIONS, THERE COULD BE FOREIGN POLICY AS WELL. LIKE IN 2016, WHEN BARACK OBAMA MET WITH DONALD TRUMP AFTER HIS FIRST ELECTION VICTORY. WE HAVE TO WAIT TO GET CHARACTERIZATION FROM EITHER THE CURRENT PRESIDENT OR THE PRESIDENT-ELECT. OBVIOUSLY, IT WILL BE AN IMPORTANT PHOTO OPPORTUNITY AND A SIGN TO THE AMERICAN PEOPLE THE DEMOCRATIC PROCESS IS WORKING AS USUAL. CAROLINE: INVOLVED LATER WITH HOUSE REPUBLICANS IS ELON MUSK. CAN YOU TELL US ABOUT WHAT YOU ARE HEARING WITH THE RELATIONSHIP THERE AND WHO ELSE PRESIDENT-ELECT TRUMP IS

ASSIGNING ROLES? KAILEY: WE GOT SOME BIG NEWS PERTAINING TO ELON MUSK AND ANOTHER HIGH-PROFILE REPUBLICAN, VIVEK RAMASWAMY, WHO RAN AGAINST DONALD TRUMP DURING THE PRIMARY CAMPAIGN EARLIER THIS YEAR. THEY WILL BE HEADING UP TOGETHER THE DEPARTMENT OF GOVERNMENT EFFICIENCY, OR DOGE. ESSENTIALLY GIVEN UNTIL JULY 4, 2026, TO HELP CUT WASTE. IT MAY AVOID SOME OF THE CONFLICT OF ISSUES -- OF INTEREST ISSUES THAT COULD ARISE IF ELON MUSK WAS GIVEN A MORE DIRECT ROLE IN GOVERNMENT BY DONALD TRUMP. THEY WILL NOT ACTUALLY HAVE THE POWER TO EXERCISE THE SPENDING CUTS. THAT IS GOING TO BE UP TO THE

APPROPRIATORS, WHICH IS CONGRESS AS THEY SET THEIR BUDGETS AND APPROPRIATE THE MONEY THAT IS THERE TO BE SPENT ACCORDINGLY. WHILE THEY CAN MAKE RECOMMENDATIONS, THIS IS NOT NECESSARILY GIVING HIM DIRECT CLEAR POWER OVER THE WAY IN WHICH MONEY IS SPENT OR NOT IN THE FEDERAL GOVERNMENT. IT DOES CLEARLY UNDERSCORE THE CLOSE RELATIONSHIP THAT DONALD TRUMP NOW HAS WITH THE RICHEST MAN IN THE WORLD. CAROLINE: KAILEY LEINZ OUTSIDE THE WHITE HOUSE, WE APPRECIATE IT. MORE ON THIS GROWING CLOUT ELON MUSK HAS OVER IN WASHINGTON WITH MICHAEL SHEPPARD. WHERE DO YOU THINK THE RUBBER HITS THE ROAD FROM THE PERSPECTIVE OF WASHINGTON? WE KNOW ELON MUSK, HOW FOCUSED

HE CAN BE ON STRIPPING OUT COST AND HONE A PARTICULAR ISSUE AND MANAGED TO ULTIMATELY PROVIDE. WHETHER IT BE CARS OR ROCKETS. WHAT ABOUT EFFICIENCY CUTS AND $2 TRILLION WORTH? MICHAEL: GREAT QUESTION. TO CUTS TO THE HEART OF WHETHER THIS EFFORT WILL ACTUALLY PRODUCE THE KIND OF RESULTS ELON MUSK EXPECTS. MAYBE SEEDING WITH DONALD TRUMP. THE TRUTH IS, EVERY EXPERT WHO UNDERSTANDS GOVERNMENT SPENDING AND GOVERNMENT PERFORMANCE SEES A VAST DIFFERENCE BETWEEN HOW AN AGENCY OPERATES AND HOW CORPORATE ENTITY IS RUN. IN MANY WAYS THE DIFFERENCES ARE SO STARK WHEN IT COMES OUT EMPLOYEES ARE CONTRACTED, PAID, WHAT THEY ARE JUDGED ON. ALSO SIMPLY WHAT KIND OF SERVICE OR GOOD OR PRODUCT THEY ARE TRYING TO PROVIDE. ED:

I WANT TO BE CLEAR WITH OUR AUDIENCE. THE DEPARTMENT OF GOVERNMENT EFFICIENCY PER THE DETAILS PRESIDENT-ELECT TRUMP PUT OUT IS NOT A DEPARTMENT. IT ACTS OUTSIDE OF GOVERNMENT, WHICH IS INTERESTING. THERE ARE LOTS OF QUESTIONS ABOUT WHETHER MUSK CONTINUES AS THE CEO OF TESLA. WHAT WILL HE TARGET FROM OUTSIDE OF GOVERNMENT? MICHAEL: THERE ARE SO MANY QUESTIONS ABOUT THIS INITIATIVE THAT HAVE TO BE ANSWERED. THE STRUCTURE OF IT. COMEDY PEOPLE WILL BE WORKING ON THIS EFFORT -- HOW MANY PEOPLE WILL BE WORKING ON THIS EFFORT? BELOW RIGHT THE RECOMMENDATIONS? WILL MUSK BE PULLING IN PEOPLE FROM THEIR OWN VENTURES AND ENTITIES? MAYBE STRUCTURING SOME OF THESE QUEST FOR EFFICIENCY AND A WAY THAT BENEFITS THE COMPANY'S

THAT THEY WORK AT DESK COMPANIES THAT THEY WORK AT. TESLA AND SPACEX ARE OVERSEEN. THESE ARE THINGS THAT ELON MUSK HAS COMPLAINED ABOUT. HE SAID IF FORGETTING TO MARS I NEED THE SHACKLES OF REGULATION REMOVED. PEOPLE IN THE COUNTRYSIDE REALLY TO BENEFIT FROM THOSE REGULATIONS WHEN IT COMES TO ENVIRONMENT THE PROTECTIONS, WHEN IT COMES TO OTHER THINGS THAT -- THIS BEHAVIOR IN THE MARKET FOR EXAMPLE. WHAT HE IS SEEKING COULD ACTUALLY CREATE HARMS FOR PEOPLE WHO DON'T HAVE THE SAME DEGREE OF INSULATION FROM SOME OF LIFE'S INCONVENIENCE HE'S THE WORLD'S RICHEST MAN DOES ENJOY. CAROLINE: IT WAS SAID THAT PETER THIEL REMINDED US TO NOT TAKE

PRESIDENT-ELECT TRUMP LITERALLY BUT TAKEN SERIOUSLY. DO WE TAKE LITERALLY A CUT OF $2 TRILLION THAT ELON MUSK SET ON THE CAMPAIGN STAGE OR IS THAT MORE WE TAKE IT SERIOUSLY, THE DIRECTION OF TRAVEL? MICHAEL: THE DIRECTION OF TRAVEL CERTAINLY IS SOMETHING TO WATCH. IN TERMS OF TAKING IT SERIOUSLY OR LITERALLY, THAT IS GOING TO BE A VERY DIFFICULT NUMBER TO REACH. HERE'S WHY. THAT IS MORE THAN THE GOVERNMENT SPENDS ANNUALLY ON OPERATIONS. BASICALLY CANNOT FIND ENOUGH SAVINGS AT ALL THE AGENCIES TO BE ABLE TO HIT THAT NUMBER. YOU WOULD HAVE TO START CUTTING INTO BENEFITS THAT ARE CONSIDERED SACRED HERE. MEDICARE, SOCIAL SECURITY, VETERANS AID. ALL THOSE THINGS.

THE VOTERS WHO PUT DONALD TRUMP IN OFFICE WILL QUICKLY SEE THE PAIN AND FEEL THE PAIN BACK HOME IN THEIR OWN LIVES. IT IS MORE A DIRECTION OF TRAVEL. MAURA NOTIONAL -- MORE A NOTIONAL TARGET. PUTTING THAT ON PAPER AND MAKING IT A GOAL AND FOR HOW LONG -- $2 TRILLION MAYBE OVER 10 YEARS, THAT MIGHT BE SOMETHING MORE ACHIEVABLE DEPENDING ON WHAT THEY DECIDE TO GO AFTER. ED: MICHAEL SHEPPARD, THANK YOU VERY MUCH. MIKE MENTIONED NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION. THIS MORNING, THEY COMMUNICATED A SIXTH RECALL FOR THE CYBER TRUCK, THE SIXTH IN THE LAST 12 MONTHS. A PHYSICAL DEFECT. THE STOCK DOWN 1% HAVING OPENED SIGNIFICANTLY HIGHER.

THAT'S IMPORTANT. WHAT LIES AHEAD FOR TECH M&A? WE SPEAK WITH SAM STOVALL. CAROLINE: LET'S HAVE A LOOK AT THE EARNINGS. SPOTIFY DECIDEDLY HIGHER, UP MORE THAN 9%. 252 MILLION PAYING SUBSCRIBERS. THEY HAVING COST-CUTTING, STRIPPING UPHEAVAL AND IS PROVING ITSELF IN THE MARGINS. THIS IS BLOOMBERG TECHNOLOGY. ED: WE ARE WAITING A POTENTIAL OUTCOME OR COMMENT FROM THE MEETING BETWEEN PRESIDENT BIDEN AND PRESIDENT-ELECT TRUMP AT THE WHITE HOUSE. YOU SEE THE IMAGES OF THE WHITE HOUSE IN WASHINGTON, D.C. WE WILL BRING THAT TO U.S. SOON AS WE HAVE IT. MUCH MORE IN THE FINANCIAL MARKETS WHEN IT COMES TO TECH. CAROLINE: MEDIA STOCKS AND M&A, ON-AGAIN OFF-AGAIN.

DIRECTV determining his planned acquisition of Dish Network in 10 days if bondholders don't agree to a debt exchange. Echostar. Charter announces plan to buy Liberty Broadband today. There's so much focus post the election last week of what M&A means. Let's dig into it. Sam Stovall, M&A is happening and potentially put on ice. What do you see for the next administration in terms of allowing M&A to become more fervent in the United States? Sam: We think with the lifting of the regulations, restrictions, that should be beneficial to these companies involved in M&A. The asset managers and investment banks, etc. We raised our -- prior to the

ELECTION -- OUR OUTLOOK ON KKR. WE HAVE STRONG INVESTMENT RECOMMENDATIONS ON OTHER COMPANIES LIKE BLACKROCK, ALLIANCEBERNSTEIN, ETC. OUR BELIEF IS FINANCIALS IN GENERAL. THESE TYPES OF COMPANIES IN PARTICULAR SHOULD DO WELL. CAROLINE: LET'S HONE IN ON THE TECHNOLOGY TRADE. WE ARE SEEING RISK ON PERPETUATE, WHETHER YOU ARE LOOKING AT CRYPTO OR TESLA DOWN ON THE DAY BUT UP SIGNIFICANTLY SINCE THE ELECTION RESULTS. ANY AREAS THAT HAVE NOT BEEN IN THE EYE OF THE STORM POST-ELECTION? SAM: THE EYE OF THE STORM FOR TECH IS WHETHER THE MAG7 WILL CONTINUE TO BE A LEADER. WHETHER WE ARE GOING TO BE SEEN COMPANIES IN THE SYSTEM SOFTWARE, THE SEMICONDUCTOR

AREA CONTINUE TO LEAD THE PACK AS THEY HAVE OR WHETHER WE END UP MORE WITH CYBERSECURITY AND OTHER AREAS LIKE THAT. COMPANIES SUCH AS THE GEO GROUP, CORE CIVIC AND OTHER COLONIES IN THE DEFENSE AREA, ESPECIALLY IF IT HAS TO DO WITH SECURITY, WE THINK WILL DO FAIRLY WELL. ED: YOU WROTE IN YOUR LATEST RESEARCH TITLED WAVES AND TIDES THAT THIS WAS WRAPPED UP PRETTY QUICKLY, THE POLITICAL PROCESS. WHEN YOU THINK ABOUT THE TECHNOLOGY INVESTORS PERSPECTIVE, WHAT IS THE RISK OF A SURPRISE GOING FORWARD? DO YOU HAVE A HIGH DEGREE OF CONVICTION YOU UNDERSTAND THE WORLD WE ARE NOW OPERATING IN? SAM: WE HAVE AN OVERWEIGHT RECOMMENDATION ON TECH. IT IS A GROUP THAT SHOWS THE

GREATEST GROWTH POTENTIAL IN OUR OPINION IN CALENDAR YEARS 2024, 2025, AND 2026, WHICH IS WHERE MOST ANALYSTS ARE FOCUSING EVALUATION ATTENTION. NEAR-TERM, TECH LOOKS MORE PRICEY. IT IS TRADING NEAR 65% PREMIUM TO HIS LONGER-TERM FORWARD PE. THAT COMPARES ALSO TO THE 40% PREMIUM WE SEEK IN THE MARKET ITSELF -- SEE IN THE MARKET ITSELF THAT RIVALS THE PULLBACK IN JULY OF THIS YEAR. ED: SAM, DO YOU NEED TO BE QUICKLY AND NAMES LIKE TESLA IF MUSK HAS A ROLE IN THE GOVERNMENT? SAM: WE HAVE A HOLD RECOMMENDATION ON TESLA. I THINK CERTAINLY KNOWING HE HAS NOT ONLY THE PRESIDENT-ELECT'S EAR BUT PROBABLY A SPOT IN THE GUESTHOUSE THAT TESLA WILL BE

IN THE NEWS ON A DAILY BASIS. CAROLINE: SAM STOVALL, THANK YOU. ED: WE HAVE NEWS HEADLINES COMING UP ON THE SHOW. TALKING TECH, NVIDIA'S JENSEN WONG ANNOUNCED A HUGE PARTNERSHIP IN JAPAN. JENSEN: I HAVE A VERY BIG ANNOUNCEMENT TODAY. TODAY WE ARE ANNOUNCING WE ARE PARTNERING WITH SOFTBANK TO BRING AND TO BUILD AN AI INFRASTRUCTURE FOR JAPAN. ED: AT NVIDIA'S AI SUMMIT IN TOKYO, WONG UNVEILED PLANS FOR THE SUPERCOMPUTER BUILD OUT WITH THE NEW BLACKWELL CHIPS TO CREATE AN AI GRADE THAT RUNS ACROSS JAPAN. APPLE IS WRITING A SMART HOME PUSH. THE TECH GIANT IS SET TO

ANNOUNCE A NEW COMMAND CENTER. WALL-MOUNTED DISPLAY TO CONTROL APPLIANCES, HANDLE VIDEO, AND USE AI TO NAVIGATE APPS. THIS IS THE COMPANY HOPES TO CATCH UP WITH ALPHABET AND AMAZON IN THE SMART HOME SPACE. SHARES OF JUST EAT OUR STORY. THEY WILL SELL GRUBHUB FOR AN ENTERPRISE VALUE OF $650 MILLION. WONDER WILL PAY 142 MILLION DOLLARS IN CASH AND TAKE ON $500 MILLION IN GRUBHUB DEBT. THE DEAL IS EXPECTED TO BE COMPLETED DURING THE FIRST QUARTER OF 2025. CAROLINE: COMING UP, WE ARE AWAITING THE ALL-IMPORTANT MEETING WHICH IS CURRENTLY OCCURRING BETWEEN PRESIDENT-ELECT TRUMP GOING BACK TO THE WHITE HOUSE TO MEET WITH PRESIDENT BIDEN.

WE UNDERSTAND TRUMP HAS BEEN SPEAKING DURING A MEETING WITH BIDEN AND ELTEL. HE TRUMP -- AND TRUMP SAYS HE APPRECIATES THE TRANSITION AS HE ARRIVES AT THE WHITE HOUSE. WE WILL BRING YOU UP-TO-THE-MINUTE RESPONSES TO THAT BEHIND CLOSED DOOR MEETINGS BETWEEN THE PRESIDENT AND PRESIDENT-ELECT. WE WILL ALSO BE DISCUSSING THE FUTURE OF LARGE LANGUAGE MODELS AND BARRIERS TO THAT AT A GLOBAL SCALE. WE WILL HAVE A DISCUSSION WITH -- BEFORE WE GET INTO A TRANSLATION DISCUSSION, WE ARE TRYING TO TRANSLATE WAS HAPPENING IN WASHINGTON BETWEEN PRESIDENT-ELECT TRUMP AND THE CURRENT PRESIDENT BIDEN. A HISTORIC MOMENT. ED: YEAH. THIS IS UNORTHODOX BUT LET'S LISTEN IN.

MEDICATION IS NOT A NICE WORLD. IT IS NICE WORLD TODAY AND I APPRECIATE VERY MUCH THE TRANSITION THAT IS SO SMOOTH, AS SMOOTH AS IT CAN GET. I VERY MUCH APPRECIATE THAT. YOU'RE WELCOME. THANK YOU ALL. [YELLING QUESTIONS] ED: A KEY MOMENT WITH PRESIDENT-ELECT DONALD TRUMP MEETING WITH IS AN INVITING AND THE WHITE HOUSE. THE KEY LINE AROUND POLITICS BEING TOUGH, BUT PRESIDENT-ELECT TRUMP APPRECIATING A PEACEFUL TRANSITION. THE WRITTEN CORRESPONDENCE EARLY ALSO TALKED ABOUT PEACEFUL TRANSITION FROM BOTH PRESIDENT-ELECT TRUMP'S CAMP AND THAT OF PRESIDENT BIDEN, WHO HAS ALREADY SPOKEN WITH TRUMP MORE THAN ONCE IN RECENT DAYS. CAROLINE:

THE CHAOS OF THE POLITICAL GAGGLE CURRENTLY GROUPED FOR THE HISTORIC MOMENT. DO YOU GET TO SEE HOW THE SAUSAGE IS MADE FROM A MEDIA PERSPECTIVE OF THE MEETING BETWEEN TRUMP AND BIDEN. ONE THAT DID NOT OCCUR IN THE PREVIOUS TRANSITION. A MEETING WAS NOT HELD BETWEEN TRUMP AND BIDEN BACK IN 2020. IT DOES OCCUR IN 2024. I THINK THAT IS NOTABLE. WE HAVE SEEN A PRESS GAGGLE THAT DISPERSES AS THE TWO MEN CONTINUE THE CONVERSATION. WE HAVE PLENTY MORE COMING UP ON POLITICS. WE ALSO HAVE AN AWFUL LOT TO BE DISCUSSING WHEN IT COMES TO ARTIFICIAL INTELLIGENCE. ED: YEAH. DAY IN AND DAY OUT. SUBJECT TO CHANGE UNDER THE COMING ADMINISTRATION.

THE STRUGGLE ISRAEL. OPENAI, GOOGLE, AND ANTHROPIC. THE KEY NAMES ALL FACING ROADBLOCKS AND SEEING DIMINISHING RETURNS FROM THE COSTLY EFFORTS TO DEVELOP NEWER MODELS. THE SETBACKS, WRITES RACHEL METZ, RACIST DOUBT ABOUT HEAVY INVESTMENT IN AI AND FEASIBILITY OF ONE DAY REACHING SO-CALLED ARTIFICIAL GENERAL INTELLIGENCE. RACHEL HAS BEEN WRITING ABOUT THIS. I WAS A BIT SURPRISED REALLY BY THE NUMBER OF QUESTIONS AND REACTION. IF YOU COULD DISTILL WITH THE SINGLE CHALLENGE IS BETWEEN THOSE LEADING NAMES, WHAT IS IT? RACHEL: IT SOUNDS LIKE BIGGER IS NOT ALWAYS BETTER FOR THE PRICE. DATA IS INCREASINGLY BECOMING AN ISSUE. HAVING ENOUGH DATA, THE RIGHT

KIND OF DATA. CAROLINE: IS INTERESTING THAT WE HAVE HEARD SAM ALTMAN DISCUSS THIS. IT'S A WEIRD LAW WITH NAI, GENITIVE AI THAT THE MORE YOU BOMBARD -- THE MORE YOU THROW AT IT THE MORE SOPHISTICATED THE LARGE LINE WHICH MODELS HAVE BECOME. DOES IT FEEL LIKE WE ARE HITTING A PEAK POINT? DO WE NEED MORE SYNTHETIC DATA? IS IT CLEAR INFORMATION ABOUT WHAT THE LIMITATIONS ARE? RACHEL: THERE ARE PROBLEMS AND SOLUTIONS. THIS IS NOT THE END OF THE ROAD FOR AI DEVELOPMENT. IT MEANS COMPANIES -- WE SHOULD EXPECT TO SEE, AND CONCENTRATING ON THE KINDS OF THINGS THEY DO LATER IN THE PROCESS OF BUILDING THESE MODELS. IT IS OFTEN KNOWN AS POSTTRAINING. THE THINGS THEY DO TO FINE-TUNE

THEM, GET THEM READY TO BE RELEASED TO THE PUBLIC. OPENAI RELEASED A MODEL CALLED O1 THAT DOES WHAT IT IS CALLING REASONING. COMPUTE NEAR THE END OF THE PROCESS. IT TAKES APPROXIMATE USER -- A PROMPT FROM A USER AND DOES A LOT OF CALCULATIONS BEFORE IT GIVES RESULTS. SAM TALKED ABOUT AGENTS. ANTHROPIC ANNOUNCED AN AGENT. THERE IS REPORTING THAT GOOGLE IS WORKING ON A SIMILAR KIND OF THING. I WOULD EXPECT WE SEE PEOPLE WORKING A LOT MORE LATER ON IN THE PROCESS HERE. CAROLINE: PATIENTS IS WHAT WE ARE ALL GOING TO HAVE TO HAVE A LITTLE MORE OF. RACHEL METZ, WE APPRECIATE IT. STICKY WITH LARGE LINE WHICH MODELS, -- WHICH MODELS AND LEG WAS AI, DEEP L IS BREAKING DOWN LEG WAS BARRIERS.

ONE PROVIDES TRANSLATE CAPTIONS DURING VIRTUAL MEETINGS. THE OTHER TARGETS ONE-ON-ONE CONVERSATIONS HAPPENING IN DIFFERENT LINE WHICH IS. HERE IS JEREK KUTYLOWSKI. TALK US THROUGH WITH THESE TWO PRODUCTS ARE THAT YOU ARE RELEASING AND HOW DIFFERENT THEY ARE FROM WHAT IS ALREADY ON THE MARKET. JEREK: HI CAROLINE. DEEPL SINCE 2017 HAS FACILITATING BUSINESSES TO MITIGATE MUCH BETTER WITH TEXT TRANSLATION. THINK ABOUT THE EMAIL YOU WANT TO SEND TO A CUSTOMER ON THE OTHER OF THE OCEAN OR ABOUT A DOCUMENT YOU JUST RECEIVED IN JAPANESE. WE HAVE BEEN HELPING CUSTOMERS WITH THAT. THE NEXT LOGICAL FRONTIER FOR US HAS BEEN SPOKEN LANGUAGE. THINK OF ALL THE MEETINGS YOU

MIGHT BE IN WHERE THERE IS A PERSON WHO DOES NOT UNDERSTAND WHAT. HOW CAN THEY FOLLOW? HOW CAN THEY BE INCLUDED IN THE CONVERSATION? THIS IS SOMETHING WE ARE FOCUSING ON NOW. THE SECOND CHALLENGE OUT THERE, WE HAVE PEOPLE WHO ARE COMING INTO STORES, MAYBE TO A HEALTH CARE PROVIDER AND THEY HAVE TO PARTICIPATE IN A CONVERSATION IN A LANGUAGE THAT POTENTIALLY THEY DON'T KNOW. TECHNOLOGY CAN SOLVE THAT. WITH THE QUALITY WE HAVE, THAT IMPROVES IT QUITE A LOT. ED: IN THE CONTEXT OF THE ONE-ON-ONE CONVERSATION AND TRANSLATION I AM SO INTERESTED IN THAT. I HAVE SEEN IT ALREADY DONE BUT THE FORM FACTOR WAS THE RAY-BAN SMART GLASSES. GOING BACK TO THE QUESTION, HOW WAS YOURS DIFFERENT TO WHAT HAS

BEEN DEMONSTRATED IT ALREADY? JEREK: WHAT WE ARE DOING HERE IS APPLYING THE QUALITY OF TEXTUAL TRANSLATION THAT DEEPL IS KNOWN FOR, BRINGING THE SECURITY HUNKER DOWN IS WE HAVE. WE ARE PROVIDING SERVICES TO A BROAD RANGE OF INDUSTRIES WHICH ARE HIGHLY REGULATED, BE IT FINANCIAL OR LEGAL. WE ARE BRINGING THAT TO THE REALM OF VOICE TRANSLATION. CAROLINE: SECURITY IS YOUR EDGE. PERHAPS THE MARKET YOU OWN WITH CERTAIN CLIENTS IS ALREADY YOUR EDGE. WHERE NEXT? TELL ULTIMATELY DIFFICULT IS THIS? WE CAN SUDDENLY BE LIKE TRANSLATION. WHY AM I NOT GETTING BETTER AND QUICKER WITH VOICE TRANSLATION RATHER THAN JUST WRITTEN? HOW DIFFICULT THIS IS TO TRAIN

YOUR LATEST LARGE LANGUAGE MODELS? JEREK: SPOKEN LANGUAGE IS MUCH INHERENTLY MORE COMPLICATED THAN WRITTEN LANGUAGE. THE SENTENCES ARE MUCH MORE UNCLEAR. FINDING OUT WHERE THE COMMA OR STOP IS IN THE SENTENCE, IT IS MUCH MORE COMPLICATED. THE TECHNOLOGY STILL HAS TO DEVELOP OVER THE NEXT YEARS TO GET TO A LEVEL WHERE WE WILL BE FULLY CONFIDENT IN HAVING THOSE CONVERSATIONS. ALREADY NUMBER CUSTOMERS IS BRINGING A LOT OF VALUE IN THEIR DAILY LIVES. ED: DEEPL CEO AND FOUNDER JEREK KUTYLOWSKI, THANK YOU PRETTY MUCH. LUKE ELLIS HIM CHANGED MEETINGS. CAN YOU IMAGINE -- LOOK HOW ZOOM CHANGED MEETINGS. HOW FAR WILL ELON MUSK'S INFLUENCE ON THE NEXT WHITE HOUSE GO?

AN IMPORTANT CONVERSATION COMING UP. THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: I'M CAROLINE HYDE. ED: PRESIDENT TRUMP HAS MET WITH PRESIDENT-ELECT BIDEN. LOOK IT OUT TO THE WHITE HOUSE. SUMMARIZE THE BRIEF COMMENTS THAT WERE MADE. >> BRIEF, INDEED. I'LL THE PRESS WAS STILL ALLOWED IN THE ROOM. THEY TOOK NO QUESTIONS BUT THEY DID MAKE SOME VERY SHORT STATEMENTS TO EACH OTHER. PRESIDENT BIDEN WELCOMING TRUMP TO THE WHITE HOUSE, CONGRATULATING HIM ON HIS VICTORY, IN PLEDGING THAT HE WILL DO EVERYTHING HE CAN TO AFFORD HIM A SMOOTH TRANSITION OF POWER AND MAKE SURE HE IS ACCOMMODATED AND THAT HE AND HIS TEAM HAD EVERYTHING THAT THEY NEED.

AS FOR MCDONALD'S FROM SEVEN RESPONSE, HE ALLUDED TO THE SOMETIMES DIFFICULT NATURE OF THEIR RELATIONSHIP. OF COURSE, THESE TWO HAVE CAMPAIGNED AGAINST EACH OTHER IN TWO CONSECUTIVE CYCLES IN WHICH BIDEN HAS CHARACTERIZED TRUMP AS A THREAT TO THE VERY DEMOCRACY WHICH TRUMP IS NOW SET TO INHERIT OF THE 47TH PRESIDENT. DONALD TRUMP SAYING THAT POLITICS IS TOUGH AND IN MANY CASES NOT VERY KNIFE BUT THAT IT IS NICE TODAY AND I APPRECIATE VERY MUCH THE TRANSITION THAT IS SO SMOOTH. WE OF COURSE HOPE SOME LIGHT WILL BE SHED ON WHAT EXACTLY THESE TWO DISCUSSED AT THIS MEETING AT THE WHITE HOUSE HAS BEEN PRETTY TIGHTLIPPED ABOUT WHAT EXACTLY PRESIDENT BIDEN

WOULD LIKE TO SAY TO THE PRESIDENT-ELECT. WE WILL WAIT AND SEE IF EITHER OF THEM SPEAK TO THE MANY REPORTERS ASSEMBLED HERE AT THE WHITE HOUSE FOR THIS MEETING IN THE AFTERMATH. BUT I WOULD JUST EMPHASIZE THE FACT THAT THE MEETING IS HAPPENING AT ALL IS REALLY WHAT IS SIGNIFICANT HERE. AT THIS DID NOT HAPPEN IN 2020. TRUMP NEVER EXTENDED THIS KIND OF INVITATION TO BIDEN AS HE CONTESTED THE ELECTION VICTORY FOUR YEARS AGO. AND BIDEN HAS CHOSEN TO KEEP WITH AMERICAN TRADITION IN INVITING TRUMP HERE TODAY. >> WE APPRECIATED. ALSO IN WASHINGTON TODAY, IS ELON MUSK. WANT TO DISCUSS HIS ROLE IN POLITICS. WE UNDERSTAND HE'S GOING TO BE MEETING WITH HOUSE REPUBLICANS WITH DONALD TRUMP A LITTLE BIT.

LATER. I jokingly say that we almost anticipated Elon Musk to be set next to Donald Trump in that meeting with Biden. He has literally been by his side, and he is not getting a formal role in the government from a cabinet perspective, but he is taking a leadership perspective. >> He is on calls with world leaders, and he is going to head the Department of Government Efficiency, whatever that means. And if you could make it a cabinet level, why not? Whatever level it is, whatever they're going to call it, it is really going to be about coming in and shaking things up and really disrupting government agencies that he sees, that

THEY TOGETHER SEE. DON'T FORGET VIVEK RAMASWAMY WILL BE PART OF THIS IN CONSULTATION PRESUMABLY WITH THE PRESIDENT. WHERE CAN WE FIND EFFICIENCY? ON ONE LEVEL THERE'S PROBABLY A LOT OF FAT YOU CAN CUT. ON THE OTHER HAND, TAKING THE AXE TO A GOVERNMENT AGENCY -- AXE TO A GOVERNMENT AGENCY IS NOTHING LIKE WHAT IT IS LIKE TO CUT JOBS IN THE PRIVATE SECTOR LIKE HE HAS DONE AT TESLA AND AT X. ED: THAT IS THE EASIEST CASE STUDY IN TERMS OF COMING IN AND SHAKING IT UP. TWITTER, THE COMPANY NOW KNOWN AS X. COMPARISONS AND THE ACTIONS HE TOOK IN THE DAYS FOLLOWING THAT ACQUISITION? >> HE CAME IN AND WIELDED AN AXE WITH SO MUCH FORCE THAT THE

WORKFORCE WAS CUT DRAMATICALLY, TO THE POINT WHERE THEY ACTUALLY HAD TO TRY TO REHIRE SOME WORKERS LATER. BUT THE WAY THEY WENT ABOUT IT WAS SO DRAMATIC, SO COMPREHENSIVE, AND ALMOST WILLY-NILLY. TAKING OUT ENTIRE SECTIONS. PR WAS ELIMINATED. THINGS LIKE CONTENT MODERATION WERE COMPLETELY REMOVED WHOLESALE AND IN MANY CASES, THE EMPLOYEES ALLEGE, AND THEY ARE ALLEGING IT IN COURT, THEY WEREN'T PAID. THEY WEREN'T EVEN GIVEN THE SEVERANCE THAT THEY WERE WORTH. AND THE RESULT HAS BEEN A COMPANY, AS WE TALKED ABOUT BEFORE, THAT HAS LOST TREMENDOUS VALUE. SURE, YOU CAN CUT COSTS. SURE, THERE WAS PROBABLY SOME

BLOAT. BUT THAT COMPANY IS A SHADOW OF ITS FORMER SELF. IT IS VALUED 80% LESS THAN IT USED TO BE. AND IT HAS BECOME A VERY DIFFERENT BUSINESS, ONE THAT IS NOT OPERATING WELL AS A BUSINESS. DO YOU WANT TO HAVE THAT SAME IMPACT ON THE FEDERAL GOVERNMENT? >> WE MADE CLEAR EARLIER THAT THE DEPARTMENT OF GOVERNMENT EFFICIENCY, PER THE RELEASE PUT OUT BY THE TRUMP CAMP, WILL WORK OUTSIDE OF GOVERNMENT, BUT IT IS A BIG QUESTION WHETHER THIS WILL BE AN ADVISORY OR FORMAL ROLE AND WHETHER MUST CAN STAY AT THE HELM OF TESLA. AND THEN SOME NEWS OUT TODAY, COMMUNICATING A RECALL ON CYBER TRUCK, THE SIXTH IN THE LAST 12 MONTHS. ALSO BEING AN AGENCY THAT MUST WILL LOOK AT. EXPLAIN IT.

>> THAT'S RIGHT. THERE ARE PROBLEMS WITH THE CYBER TRUCK, AND YOU HAVE TO ASK THE QUESTION: WOULD THEY BE ENCOUNTERING SOME OF THESE SAME ISSUES IF YOU HAD SOMEBODY IN LEADERSHIP WHO WAS DEDICATED, WHO KNOWS THE PRODUCT, WHO CARES ABOUT THE PRODUCT? AND THE WAY THAT ELON MUSK DEEPLY CARES ABOUT THE PRODUCT, HE SAYS HE CARES ABOUT WHAT IS HAPPENING AT SPACEX, HE CARES ABOUT THE QUALITY OF THE CARS IN THE VEHICLE THEY COME OUT OF TESLA. THAT PASSION IS REALLY IMPORTANT. THAT MISSION. SENDING THAT MISSION, MAKING IT CLEAR TO 12 OF YOUR EMPLOYEES. CAN YOU DO THAT AT MULTIPLE COMPANIES AND WORKING AT THE GOVERNMENT AT THE SAME TIME? RIGHT NOW, THINGS SEEM TO BE

GOING WELL AT SOME OF THESE COMPANIES. AGAIN, NOT AT X FROM A BUSINESS PERSPECTIVE. BUT AT WHAT POINT DO TESLA SHAREHOLDERS TAKE A LOOK AT ANY PROBLEMS THAT EMERGE AND SAY WE NEED ELON BACK AT THE HELM? AND WHAT IS HE DOING AT THE GOVERNMENT GETTING ON THESE CALLS WITH ZELENSKYY? HE SHOULD BE RUNNING THIS BUSINESS THAT WE ARE OWNERS OF. CAROLINE: GREAT TO HAVE YOU IN NEW YORK, WE THANK YOU. LET'S TALK ABOUT ANOTHER ELECTION IMPACTS, THIS TIME ON CRYPTO. BITCOIN CONTINUES TO RISE. AT ONE POINT, IN EXCESS OF 93,000. FOUNDER AND MANAGING PARTNER FUTURE PERFECT VENTURES, INVESTING IN DECENTRALIZED TECHNOLOGIES. YOU FOCUS ON AI AND BLOCKCHAIN.

TECHNOLOGY AND AT THE MOMENT I HAVE A FEELING YOU'RE VERY ABSORBED WITH THE PRICE POINTS ACROSS DECENTRALIZED FINANCE. WHAT DID YOU MAKE OF WHETHER TOO MUCH IS PRICED IN RIGHT NOW? >> WELL AFTER THE ETF'S WERE APPROVED EARLIER THIS YEAR, WE SAW THE PRICE RISE, WE SAW THE MAN CONTINUED TO GROW FOR BITCOIN AND THEN THE ETHEREUM ETF, BUT THERE WAS THE ELECTION STILL LOOMING AND A LOT OF UNCERTAINTY ON WHETHER WE WOULD HAVE A CRYPTO FRIENDLY ADMINISTRATION IN THE U.S., AND THE ANSWER IS A RESOUNDING YES. SO I THINK WE ARE SEEING ALL THIS PENT-UP DEMAND. THE FACT THAT WE CONTINUE TO SEE IT RISE. OVERALL, IF YOU'RE IN, BITCOIN, SOLANO, WHICH IS THE BASE OF A

LOT OF THESE APPLICATIONS. THEY ARE ALL UP SIGNIFICANTLY AND CONTINUE TO RISE. >> I HATE TO SAY IT, BUT DOGE UP 10% ON THE DAY, THE DEPARTMENT OF GOVERNMENT EFFICIENCY. IS THERE ANY REASON YOU SHOULD BE WITH THAT PROTOCOL RIGHT NOW? >> WE PERSONALLY DON'T HOLD ANY AD FUTURE PERFECT VENTURES. THERE HAS BEEN AN EXPLOSION OF MEME COINS, PEOPLE LOOKING FOR SPECULATION AND ASSETS. OBVIOUSLY DOGECOIN WAS ENDORSED IN SOME WAYS BY ELON MUSK AND EVERYTHING THAT HE TOUCHES, AS THE PREVIOUS SEGMENT MENTIONED, IS RISING. WE DON'T SEE FUNDAMENTALS PERSONALLY, BUT I THINK THERE IS OBVIOUSLY A MOMENTUM MOVE AND IF YOU ARE INTERESTED IN THOSE, IT CERTAINLY HAS THE

MOMENTUM RIGHT NOW. ED: FOUNDER AND MANAGING PARTNER OF FUTURE PERFECT VENTURES, GREAT TO HAVE YOU BACK ON THE PROGRAM. COMING UP, THE D IPO DEBUT IN INDIA. $2 BILLION. WE SPEAK WITH CHIEF INVESTMENT OFFICER NEXT. THIS IS BLOOMBERG TECHNOLOGY. ONLINE ON APPLE, SPOTIFY AND I HEART. THIS IS BLOOMBERG. ♪ CAROLINE: CHINESE INTERNET GIANT TENCENT REPORTED REVENUE GROWTH FOR THE THIRD QUARTER WITH ITS DOMESTIC GAMING BUSINESS A REAL BRIGHT SPOT. LET'S BRING IN HENRY WREN. INTERESTINGLY THE TRADING IN THE U.S. UP BY ABOUT 6/10 OF 1%. WORRYING ABOUT THE CONSUMER SENTIMENT IN CHINA STILL.

>> THERE ARE CERTAINLY SOME THINGS GOOD AND BAD FOR BOTH THE BULLS AND THE BEARS. WE WILL START ON THE MORE POSITIVE PART, THE DOMESTIC GAMING BUSINESS. THAT GREW REVENUE BY 40% YEAR-OVER-YEAR, AND THAT IS HELPED BY SOME NEWLY RELEASED GAMES, INCLUDING THE DUNGEONS AND FIGHTERS MOBILE GAME, WHICH WAS RELEASED IN THE SUMMER. THE COMPANY SAID THAT WILL GO THROUGH SOME CONSOLIDATION PERIOD GOING FORWARD, BUT IN THE LUNAR NEW YEAR PERIOD OF NEXT YEAR, THEY WILL PUSH OUT NEW CONTENT TO DRIVE MORE USER ENGAGEMENT. THE MORE WORRYING PART, HOWEVER, IS THAT THE FINTECH AND PAYMENT BUSINESS. THAT PART OF BUSINESS IS HURT BY A WEAKER MACROENVIRONMENT AND WEAKER CONSUMER SPENDING. LAST QUARTER, THE COMPANY HAS

ALREADY SAID THAT GROWTH HAS BEEN SLOWING DOWN, BUT WE ARE ALSO SEEING FURTHER GROWTH MODERATION, AND THAT PART OF BUSINESS HAS GROWN TO 2% YEAR-OVER-YEAR IN TERMS OF REVENUE, THE SLOWEST PACE WE'VE BEEN SEEING SINCE THE COVID LOCKDOWN DAYS OF 2022. ED: THANK YOU VERY MUCH. WITH STICK WITH TECH IN ASIA. A 2 BILLION DOLLARS GAIN FROM ITS INVESTMENT IN THE INDIAN FOOD DELIVERY PLATFORM. THIS AS SWIGGY MADE A STOCK MARKET DEBUT IN INDIA WITH A 17% GAIN. IT IS A SIGNIFICANT MOMENT FOR YOU, CLEARLY, GOOD RETURN ON INVESTMENT. A SIGNIFICANT MOMENT ALL THE SAME FOR THE MARKETS AND THE TECHNOLOGY SECTOR IN INDIA.

YOUR REACTION? >> IT'S GREAT TO BE WITH YOU IN THE AUDIENCE HERE TODAY. IT IS AN IMPORTANT DAY, PRINCIPALLY AN IMPORTANT DAY AND A MILESTONE FOR THE COMPANY, SO WE SHOULD APPLAUD AND CELEBRATE THE COMPANY GETTING TO THE STEP IN THE JOURNEY AND FOR US AS A LONG-TERM INVESTOR. NOBODY TALKS ABOUT THE IPO VALUATION. AN IMPORTANT DAY, AND YET I KNOW WE END THE COMPANY ARE ALSO FOCUSED ON THE CHAIR WHICH IS PROMISING. >> WE'RE TALKING ABOUT AN INDIAN COMPANY LISTING IN INDIA. FOR A BLOOMBERG TECHNOLOGY AUDIENCE WATCHING IN NORTH AMERICA, EUROPE, WHY WAS THAT AN IMPORTANT STEP FOR A DOMESTIC NAME TO LOOK INWARD FOR ITS LISTING? >> I THINK YOU ALLUDED TO THE TOPIC AND YOUR FIRST QUESTION.

THE INDIAN MARKETS ARE HEALTHY, BUT THERE'S NOTHING BETTER THAN SEEING A CLASS OF EXCEPTIONAL COMPANIES GO PUBLIC TO SIMPLY FIVE FURTHER HEALTH AND A MARKET, AND WHILE THE STRENGTH OF THE ECONOMY, THE TRAJECTORY OF GROWTH IS WELL UNDERSTOOD, FROM THE CAPITAL MARKET STANDPOINT SEEING SUCCESSFUL COMPANIES LIST AND TRADE WELL, TODAY WAS A SUCCESSFUL DAY. BUT WE'VE ALL SEEN THE PROOF, WE HOPE IT WILL CONTINUE TO TRADE WELL OVER TIME. THAT IS ALSO AN IMPORTANT SIGNIFIER OF A MARKET AND ECONOMY HEALTH. CAROLINE: YOU HOLD WINNING BETS FOR THE LONG-TERM. THAT IS HOW WE ASSOCIATE PROCESS IN MANY WAYS, LIKE IT OR KNOW, THAT YOU MADE AN EXTRAORDINARY EARLY BED ON

TENCENT AND NOW IT IS THE BIGGEST GIANT IN CHINA. HOW DO YOU KEEP ON REPLICATING THESE HITS, WHERE ARE THE EXACT AREAS? THE WHOLE OF CHINA'S FOCUS ON THE CONSUMER. WHERE ELSE DO YOU REPEAT? >> IT'S NOT AN EASY TASK. WE DEDICATE A LOT OF EFFORT TO TRYING TO FIND EXCEPTIONAL COMPANIES WHEREVER THEY ARE OUTSIDE OF CHINA AS WELL. AS YOU SAY WE ARE MOST WELL-KNOWN FOR TENCENT WHICH REPRESENTS A LARGE PERCENTAGE TODAY, BUT WE HAVE 35 BILLION IN CHANGE OF OTHER STUFF WHICH IS IMPORTANT AND GROWING. AND WE LOOK TO FIND THOSE OPPORTUNITIES IN GROWTH MARKETS AROUND THE WORLD. IN INDIA, IN BRAZIL WE HAVE A COMPANY CALLED IFOOD IN EUROPE,

A PLATFORM CALLED OLX. WE SEEK GROWTH AND EXCEPTIONAL FOUNDERS AND COMPANIES WHEREVER THEY ARE. YOU ARE RIGHT, IT IS OUR GOAL TO TRYING -- TO TRY AND FIND THE NEXT TENCENT. IT'S NOT EASY, BUT WE THINK WE ARE MAKING PROGRESS. CAROLINE: LET'S HONE IN ON THE EXACT AREAS YOU WANT TO BE PUTTING MONEY TO WORK BECAUSE YOU HAVE OF COURSE E-COMMERCE AND FAST DELIVERY WITH SWIGGY. IS IT ABOUT FINTECH, IS IT ABOUT AREAS OF GROWTH IN THE EMERGING MARKETS THAT YOU CANNOT GET THAT SORT OF OUTSIZED RETURN HERE IN THE UNITED STATES? >> FINTECH IS VERY IMPORTANT TO US. THE FOOD DELIVERY AS A SECTOR. WE THINK ABOUT FOOD DELIVERY IS BROADER THAN FOOD. WE TALKED TO TONY AT DOORDASH AND UBER, THEY WOULD SAY THE

SAME THING. DON'T JUST TAKE MY WORD FOR IT. IT IS A WORD -- WAY OF TAKING A HIGH FREQUENCY AND HIGH ENGAGEMENT OFFERING AND BROADENING THAT TO A WHOLE SUITE OF SERVICES AND OFFERINGS THAT PEOPLE ALSO NEED. SO YES, FOOD. AND BEYOND, MARKETPLACES WE STILL BELIEVE HAVE A LOT OF GROWTH IN THEM. WE WILL LOOK TO FIND OPPORTUNITIES WHICH CAN CONNECT TO OUR BROADER ECOSYSTEM OF BUSINESSES. WE HAVE OVER 100 POSITIONS TO BOTH ENHANCE THE ECOSYSTEM AND I HOPE THE ECOSYSTEM COULD ENHANCE THAT AS WELL. ED: IS THE RISK PROFILE OF SOME OF THOSE TECHNOLOGY NAMES AND GEOGRAPHY LIKE INDIA AND CHINA CHANGED FOLLOWING THE OUTCOME OF THE U.S. ELECTION? >> I THINK IT'S TOO EARLY TO TELL.

THERE'S A LOT OF SPECULATION ABOUT WHERE THE ADMINISTRATION WILL GO, AND WE'VE SEEN SOME OF THE CABINET POSITIONS START TO FAIL, AT LEAST THE NAMES START TO BE FLOATED. WE SAW THE ANNOUNCEMENT WITH MOSCOW AND VIVEK RAMASWAMY OVERNIGHT. IT'S TOO EARLY TO TELL WHETHER THAT WILL HAVE AN EFFECT ON WHERE MARKETS GO AND THE RISK PROFILE OF THOSE MARKETS. ALL WE ARE FOCUSED ON IS ENSURING THAT WE DO THE BEST JOB WE CAN TO FIND BOTH EXCEPTIONAL COMPANIES AND ENSURE THAT THEIR PERFORMANCE UNDER OUR WATCH IS AS STRONG AS IT CAN BE. CAROLINE: AND FIND THOSE EXTRAORDINARY COMPANIES AT THE RIGHT VALUATION. WHAT SORT OF VALUATIONS ARE YOU SEEING WHEN YOU FIRST GET INTO THESE BUSINESSES? THE U.S. IS EXPENSIVE, NOT JUST IN THE

PUBLIC DOMAIN, THE PRIVATE DOMAIN, PARTICULARLY WITH RESPECT TO AI OPPORTUNITIES. WE ARE MONITORING CLOSELY, AND AT THE SAME TIME WE THINK IS BETTER RISK REWARD OUTSIDE OF THE U.S.. THINK OF EUROPE, THINK INDIA. YES, FOUNDATIONS ARE ALSO MORE ELEVATED IN INDIA, BUT WE THINK THE RISK REWARD AND SOME OF THESE OTHER MARKETS IS MORE PROMISING, JUST WHY AS A MATTER OF RELATIVE EFFORT WE ARE SPENDING MORE TIME THERE. CAROLINE: COME BACK WHEN THE NEXT IPO IS UP. WE THANK YOU FOR JOINING US. TURNING HER ATTENTION TO EUROPE FOR A MINUTE, JUST FILED FOR AN IPO IN THE UNITED STATES. THE NUMBER OF SHARES TO BE OFFERED IN THE PRICE RANGE THE PROPOSED OFFERING HAS NOT YET BEEN DETERMINED. THE MOVE IS ENDING MONTHS OF SPECULATION THAT THE COMPANY

WAS READYING A STOCK MARKET LISTING. ED: COULD BRAIN IMPLANTS HELP RESTORE SIGHT TO THE BLIND? WILL DISCUSS NEXT. THIS IS BLOOMBERG. ♪ >> RESTORING SIGHT TO THE BLIND. IT IS A SCIENCE FICTION-LIKE AMBITION, BUT A GROWING NUMBER OF TECH STOCKS ARE NOW DEPLOYING RESOURCES INTO THAT NEW FIELD. SARAH MCBRIDE THIS YEAR AND HAS BEEN WRITING ABOUT IT. WHEN WE THINK ABOUT THIS BRAIN IMPLANT COMPANY, WE'VE DISCUSSED ALL KINDS OF USE CASES, LARGELY RELATED TO MOVEMENT IN THE HUMAN BODY. NOW WHAT PROMPTED YOU TO WRITE ABOUT IT? >> JUST WHAT YOU SAID. THERE'S BEEN SO MUCH MOVEMENT FOCUS BUT ELON MUSK IN PARTICULAR KEEPS TALKING ABOUT

ALL THE OTHER USES THESE IMPLANTABLE HAVE, AND SOME OF THEM ARE VERY REMOTE LIKE TELEPATHY AND SO ON, BUT CITE DID SEEM LIKE THE NEXT STEP FOR A NUMBER OF COMPANIES WORKING AND ACHIEVABLE. SOME OF THEM ARE REALLY EXCITING BREAKTHROUGHS. AND THERE IS SOME THOUGHT THAT WORKING WITH THE VISUAL CORTEX, IT'S GOING TO TAKE A FEW YEARS BUT THERE HAVE BEEN SOME EXPERIMENTS WITH IT FOR 20 YEARS AND THE MORE ELECTRODES YOU PUT IN YOUR VISUAL CORTEX, PERHAPS THE BETTER YOU CAN HELP PEOPLE TO SEE. CAROLINE: START ABOUT THE STRATEGIES. VERY OFTEN WE GET ARE CONSUMED WITH THE NEURAL LINK THAT THERE ARE OTHER COMPANIES THAT YOU'VE HIGHLIGHTED IN YOUR STORY AND THREAT STRATEGIES.

KU TALKING THROUGH SOME THAT ARE PROMISING? >> ONE OF THE MOST PROMISING STRATEGIES IS ACTUALLY NOT TO PUT ELECTRODES IN THE BRAIN, TO START BY PUTTING THEM ON THE RETINA. THAT HAS BEEN HAPPENING FOR SOME TIME IN PARTICULAR FOR CONDITIONS LIKE MACULAR DEGENERATION. ONE COMPANY WHICH IS RUN BY THE FORMER PRESIDENT OF NEURAL LINK WHO LEFT THE COMPANY A FEW YEARS AGO JUST UNVEILED FROM QUITE PROMISING DATA BASED ON AN EXPERIMENT WITH A FEW DOZEN PEOPLE WHO HAD IMPLANTS IN THEIR RETINA AND WERE ABLE TO FOCUS ON LETTERS AND SEE MUCH LARGER LETTERS AND READ IN A WAY, IN MANY CASES THAT WASN'T POSSIBLE BEFORE. OTHER COMPANIES ARE WORKING ON TECHNIQUES THAT MIGHT HELP PEOPLE WHO ARE COMPLETELY BLIND, AND FOR A LAYPERSON WHO

CAN SEE REASONABLY WELL. SOME OF THESE BREAKTHROUGHS SEEM VERY BABY STEPS. IT'S JUST GETTING PEOPLE TO BE ABLE TO SEE FLASHES OF LIGHT, FOR EXAMPLE, RATHER THAN FULLY FORMED IMAGES. BUT THESE TECHNOLOGIES JUST KIND OF TAKE IT ONE STEP AT A TIME, AND THEY ARE PROMISING. >> THANK YOU VERY MUCH. I WANT TO QUICKLY GO TO SHARES OF AMD, THE CHIPMAKER, DOWN 2%. NEWS IN THE LAST HOUR OR SO THAT AMD IS CUTTING ABOUT 4% OF ITS WORKFORCE, LARGELY FOCUSED ON CUTS IN SALES AND MARKETING POSITIONS. INTERESTING A COMPANY THAT HAS AROUND 26,000 STAFF, THAT HEADCOUNT REDUCTION OF 1000, BUT IT IS TOUGH OUT THERE IN THE MARKET FOR AI ACCELERATORS. THIS DEEP PUSH INTO DATA CENTERS AND HOW THEY ARE TRIMMING IN SOME AREAS, IN

SALES AND MARKETING. >> WE WILL KEEP AN EYE ON AMD AS WE WRAP UP THE SHOW. THAT IS THE END OF BLOOMBERG TECHNOLOGY. FROM THE WHITE HOUSE, FROM WASHINGTON ACROSS THE SOME LATEST DEVELOPMENTS IN BRAIN TECHNOLOGY, EXTRAORDINARY SHOW. >> AND AN IMPORTANT IMAGE OF TRUMP SAT NEXT TO BIDEN IN THE WHITE HOUSE, THREE COMMENTS BUT AS WE'VE REPORTED, OUR SOURCES SAY ELON MUSK IS ALSO IN D.C. AND MAY LIKELY MEET WITH HOUSE REPUBLICANS ALONGSIDE PRESIDENT-ELECT TRUMP. THERE IS A LOT TO RECAP. SO YOU MUST CHECK OUT THE BLOOMBERG TECHNOLOGY PODCAST AND YOU KNOW EXACTLY WHAT YOU FIND IT ON APPLE, SPOTIFY, AND ALL THE BLOOMBERG PLATFORMS. THANK YOU TO EVERYONE HERE IN SAN FRANCISCO.

MUCH MORE TO COME THIS WEEK ON BLOOMBERG TECHNOLOGY. ♪

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