Micron Stock Plummets, AI Can't Offset Weak PC and Smartphone Markets; Elon Musk's Political Influence Grows

Micron's stock plummeted due to weak PC and smartphone markets, despite AI demand growth.

### Tech Market Volatility, Political Influence, and Apple's Shifting Strategies
* 📱 Micron Technology's stock plummeted over 70% due to weaker-than-expected earnings, despite a 400% growth in AI demand.  The shortfall was attributed to an inventory crunch and sluggish PC and smartphone markets.
* 📉 Analysts highlight seasonal demand and potential growth in AI-enhanced PCs and smartphones as possible catalysts for a second-half turnaround, but uncertainty remains.
* 🤔 An investor with $35 million in assets under management views the downturn as a buying opportunity, citing Micron's limited competition and cyclical nature, while acknowledging potential tax-loss selling.  "Micron says it has terrific growth. There are very few players in this space," she noted.
* 🇺🇸 Elon Musk's political influence was evident in his role in derailing a government funding bill, leveraging his social media platform to galvanize opposition.  He's also building a team focused on government efficiency.
* 🍎 Apple canceled its iPhone hardware subscription service, disbanding the dedicated team.  Meanwhile, the European Commission is pushing for greater iPhone system openness to rivals, while Indonesia lifted its ban on iPhone 16 sales after a $1 billion Apple investment.
* 🚗 The EV landscape is rapidly evolving, with Tesla's stock price surging 76% year-to-date despite flat sales, fueled by bets on full self-driving technology and a potential shift in policy under the incoming Trump administration.
* 💼 A potential overhaul of the H-1B visa program aims to expand access for tech workers, addressing concerns about potential changes under a new administration.  This is viewed positively by investors who note that a significant percentage of successful startups are founded by immigrants.
* ⚖ ️ A lawsuit against Snapchat for facilitating fentanyl sales highlights the platform's disappearing message feature and its implications for online safety and Section 230.  Snapchat is actively combating this issue using AI and enhanced safeguards.

FROM THE HEART OF WHERE 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, THIS IS BLOOMBERG TECHNOLOGY. MICRON PLUMMETS AFTER REPORTING EARNINGS, AND AI COULD NOT MAKE UP FOR WEAKNESS IN THE SMARTPHONE AND PC MARKETS. BUT ELON MUSK IS WIELDING POLITICAL

POWER AS A U.S. GOVERNMENT FACES A SHUTDOWN. APPLE HALTS ITS PLANS FOR AN IPHONE HARDWARE SUBSCRIPTION SERVICE.  WE'LL HAVE MUCH MORE ON APPLE NEWS LATER THIS HOUR. FIRST, WE CHECK IN ON ONE KEY STOCK. IT IS DOWN MORE THAN 70%, HAVING ITS WORST DAY SINCE

MARCH 2020. MICRON IS REALLY SLUMPING ON THE BACK OF ITS NUMBERS.  THE YEAR-TO-DATE GAINS ARE WIPED OUT. WE GO TO ANALYST JAKE SILVERMAN

FIRST, WHOSE REPORT LAYS OUT THE OUTLOOK.  THE OUTLOOK MISSED BY 12%. WE WERE ALL REALLY EXCITED ABOUT HIGH-BANDWIDTH MEMORY FOR AI APPLICATIONS.  HEARD THERE WAS DEFINITELY AN INVENTORY CRUNCH TO SOME EXTENT.

THIS WAS STARTING TO HAPPEN EARLIER THIS YEAR. WE WERE SEEING THIS IN JUNE, JULY, AND AUGUST. THE PRIMARY REASON WAS TO BUILD INVENTORY AHEAD OF PRICE INCREASES THAT DID OCCUR, BUT

NOW ARE STARTING TO IMPACT THE COMPANY'S DEMAND. CAROLINE: REALLY TRYING TO SPELL OUT THE SECOND HALF IS GOING TO TURN AROUND. MAYBE EVEN A GROWTH IN THE PC MARKET, BUT WHAT SPURS THAT?

JAKE: THERE IS TYPICAL SEASONAL DEMAND. SEASONAL GROWTH IN THE SECOND HALF. REGARDLESS, THERE IS ALSO THE OPPORTUNITY WHERE THERE IS CONTENT EXPANSION WITHIN AI PCS, SMARTPHONES. THERE IS AN OPPORTUNITY THERE

WHETHER OR NOT IT OCCURS, I THINK STILL REMAINS TO BE SEEN, BUT THERE IS STILL OPTIMISM THERE CAN BE GROWTH IN THE SECOND HALF VERSUS THE FIRST. CAROLINE:

AS WE TRY TO GET OUR HEAD AROUND THE DEMAND FOR AI IN THE DATA CENTER, IT IS THERE. 400% GROWTH IN TERMS OF AI DEMAND AND SALES. WHY IS THAT NOT BRINGING UP

ENOUGH REVENUE YET? JAKE: THEY HAVE A NUMBER OF PRODUCTS AFFECTING DATA CENTER SPREAD. HIGH-BANDWIDTH MEMORY IS STILL THE MOST NASCENT FOR THEM. IT IS NOT GENERATING A BULK OF THE GROWTH YET.

THEY STILL HAVE OTHER PRODUCTS LIKE HIGH-CAPACITY MODULES. CAROLINE: WHAT DO THEY DO? JAKE: THEY ARE FOR SERVERS, A TRADITIONAL COMPUTER, A BIT BETTER THAN HAD PREVIOUSLY BEEN

ANTICIPATED, BUT ON THE OTHER HAND, THERE ARE ALSO DATA CENTER SSDs, WHICH SEEM TO BE MONITORING WHERE THEY HAD EXPERIENCED SOME TREMENDOUS GROWTH BEFOREHAND AND HAD BEEN

BENEFITING A LOT FROM SHARED INSTANCES AS WELL. CAROLINE: JAKE, BREAKING DOWN WHAT IS A PRETTY PAINFUL DAY IN HQ IN BOISE, IDAHO. LET'S GO OUT TO AN INVESTOR IN

THE SCENE, WITH $35 MILLION IN ASSETS UNDER MANAGEMENT. KIM, YOUR TAKE ON WHAT IS AN ABSOLUTE PUNISHMENT ON THE STOCK TODAY? KIM: I HAVE BEEN DOING THIS FOR

A NUMBER OF YEARS, SINCE 1999. I WAS A SELL-SIDE ANALYST AND BUY-SIDE ANALYST, AND THEN CHIEF INVESTMENT OFFICER AT MY OWN FIRM. THAT BEING SAID, THIS IS NOT

OUR FIRST DAY OF THIS RODEO. MICRON, IN PARTICULAR, AND ALL OF THE MEMORY COMPANIES SEEM TO HAVE THIS BOOM-AND-BUST CYCLE, AND THE BOOM AND BUST CAN BE REALLY CLOSE TO EACH OTHER, AS

EVIDENCED BY THE PRICE CHART OF MICRON. SO, WHAT IS AN INVESTOR TO DO? SOME PEOPLE WOULD LIKE TO BE ABLE TO TRADE THIS; KNOW WHEN TO GO IN LOW, WHEN THE HIGH IS. GOOD LUCK WITH THAT. WHAT YOU HAVE TO DO IS LOOK AT

Micron says it has terrific growth. There are very few players in this space, maybe six or seven companies that are competitors. And for the most part, sometimes bad things like this happen, but sometimes good

things happen too. And to be able to trade around these events where there is a sudden shortfall in demand, but it will be made up, I think it is more of a buying opportunity than

getting out. The other thing is, if you look at the chart, some people bought in at much higher prices and it could be tax-loss selling going on that's really driving the price down today.

A seasonality element to all of this. If you go to analyst recommendations, a lot of people called their price targets. The overall consensus for price target is still $135.

You've got room to run up from $85. How does [inaudible] get us there in terms of what he needs to signal out to the market? How much can he say, 'Put aside China, put aside my exposure to the consumer, I'm all in on AI?'

Kim: I think he made the case that they're all in on AI. They have the products AI wants and needs. AI, for many reasons, has saved this market. Nvidia and Meta certainly have driven it.

BUT THE REAL ISSUE HERE IS THE AI PEOPLE AREN'T BUYING STUFF AND BUILDING OUT THEIR DATA CENTERS. I DON'T KNOW THAT THAT IS GOING TO STOP IN ANY DEFINABLE TIME. >> DID YOU GET THAT SORT OF EASING OF ANY ANXIETY, WHETHER

OR NOT IT WAS CLOSELY HELD OR FAR AWAY, BUT WE MIGHT BE AT A PIVOT POINT WHERE THE DEMAND DOES START TO EASE UP. >> SURE. HERE'S WHERE INVESTORS HAVE TO

UNDERSTAND. MICRON IS A VERY SMALL WORLD IN WHICH ALL OF ITS CLIENTS ARE EITHER ALL ON OR ALL OFF, OR SO IT SEEMS. IF YOU REMEMBER WHEN WE WERE BUILDING OUT REGULAR CLOUD DATA CENTERS, IT IS LUMPY

AND WHAT I MEAN BY THAT IS YOU ARE EITHER BUILDING OUT OR YOU ARE NOT. ALL OF A SUDDEN IT CAN STOP, AND WHENEVER SEVERAL COMPANIES THAT HAD BEEN BUILDING OUT DATA CENTERS STOP, THE PROVIDERS GET CLOBBERED.

THAT IS JUST THE NATURE OF THIS. WE DO NOT KNOW WHEN IT WILL STOP. SO INVESTORS HAVE TO BE AWARE THAT WE ARE NOT GOING TO BE SPENDING IN PERPETUITY TO BUILD OUT AI. THERE WILL BE A DAY WHEN PEOPLE

TAKE A PAUSE AND ACTUALLY HAVE TO REAP THE REWARDS OF BUILDING THIS PRODUCT AND HAVING PEOPLE PAY FOR THE SERVICE. >> THESE MEGA-CLUSTERS IS NOT A SIGNAL OF US PULLING BACK

ANYTIME SOON. DOES MACRO POLICY, A NEW ADMINISTRATION DAMPEN THE SPIRITS OR ACCELERATE THEM? KIM: IT DOESN'T SEEM SO BECAUSE THE COMPANIES BUILDING THOSE DATA CENTERS HAVE ENOUGH MONEY FOR

WHAT THEY ARE DOING NOW. THEY DON'T NEED TO BE ABLE TO SAY, "IN THE FUTURE I WILL BE IN SOME VERY DEFINABLE TIMELINE, I NEED TO GET MY MONEY BACK." SO THEY WILL BE BUILDING THESE

THINGS OUT BECAUSE THEY HAVE THE CASH FLOW. AND I'M TALKING ABOUT MICROSOFT, GOOGLE, AND META. THEY ARE REGULAR BUSINESSES PROVIDING CAPITAL TO BUILD OUT DATA CENTERS.

>> YOU SAID THIS POTENTIALLY COULD BE A BUYING MOMENT FOR MICRON. WHAT ABOUT THE CHIP SPACE MORE BROADLY? EVERYONE'S BEEN IN ON THIS FOCUS ON SOFTWARE TRADE. >> I THINK IT IS GREAT. AT SOME POINT, SOFTWARE HAS TO

COME BACK TO WINNING. I USED TO BE A SOFTWARE ENGINEER, AND I WOULD LOVE TO BE ABLE TO BUY A GOOD SOFTWARE COMPANY THAT I THINK WILL GROW AGAIN IN PERPETUITY. I LIKE MONEY-MAKING MACHINES. MICROSOFT HAS BEEN THAT

ALTHOUGH IT HAD A LULL IN THE 2010-2014 RANGE. SOFTWARE IS GREAT, BUT HARDWARE IS WHAT IS DRIVING ME CRAZY RIGHT NOW BECAUSE IT SEEMS THERE IS NO LACK OF DEMAND.

I think the software will follow. A lot of people are momentum investors, and I worry about NVIDIA about that because Broadcom is taking a little air out of the room for NVIDIA. Caroline:

Kim Forrest is damping animal spirits when it comes to some of the key trades. We appreciate it. Wishing you happy holidays. The Biden administration cemented a deal to give SK Hynix close to $460 million in

grants and $500 million in loans. This is for a facility in Indiana, which will focus on packaging chips. The deal is a key part of U.S. efforts to build a domestic semiconductor supply chain.

Elon Musk's influence in Washington being felt already as he helps kill a stopgap funding bill. This is Bloomberg Technology. >> A last-minute government funding bill has been scrapped

by Mike Johnson after Elon Musk urged lawmakers and President-elect Trump to risk a government shutdown. Mike Shepard joins us for more.  

If anybody had been doubting the influence of Elon Musk, they proved wrong here. >> Those doubts were erased in resounding form yesterday. It was almost like on cue we saw Elon Musk use the power

OF HIS SOCIAL MEDIA PLATFORM TO
GIN UP OPPOSITION AND AMPLIFY IT VERY QUICKLY. WITHIN
HOURS, PRESIDENT-ELECT TRUMP AND VICE PRESIDENT-ELECT J.D. VANCE
CHIMED IN AND SAID THAT THEY

OPPOSE THIS SPENDING DEAL, WHICH
HAD BEEN NEGOTIATED FOR WEEKS, IF NOT MONTHS, TO TRY TO AVERT A
GOVERNMENT SHUTDOWN. BUT IT WILL COME AS SOON AS SATURDAY
MORNING IF LAWMAKERS CAN GET

BACK TO THE DRAWING BOARD AND
PUT TOGETHER SOMETHING ON THE FLY, WHICH LOOKS REALLY UNLIKELY
RIGHT NOW. CAROLINE: REPUBLICAN LAWMAKERS' PHONES
HAVE BEEN RINGING OFF THE HOOKS IN THIS CALL TO ARMS TO
CALL YOUR LAWMAKERS AND GET IT

DONE. TO SHOW HIS POLITICAL
CLOUD. BEHIND THE SCENES, HE IS BUILDING A TEAM, TAKING
EXPERTISE FROM THOSE HE KNOWS ALREADY AND ATTENDING EVERY
MEETING THAT SEEMS TO BE GOING

ON AT MAR-A-LAGO. MIKE: WE'VE SEEN ELON MUSK USING HIS
BULLY PULPIT ON X TO ALSO GIVE WING TO THIS VENTURE. DONALD
TRUMP APPOINTED HIM AND VIVEK

RAMASWAMY TO LEAD
THE DEPARTMENT OF GOVERNMENT EFFICIENCY.
KEEP IN MIND, IT'S NOT REALLY A DEPARTMENT.
IT'S NOT AN AGENCY CREATED BY CONGRESS, BUT ITS GOAL IS TO DO
KIND OF WHAT THEY ARE ASKING

FROM THE SOCIAL MEDIA communications yesterday, cut down the size of government, reduce spending, and the scope of government spending. This entity, for lack of a better word, is still taking shape, but we do know they are

hiring. There's a great scoop by colleagues yesterday. We already know they hired about 10 people. Elon Musk's turn to an executive from the Boring Company and a former Trump team -- chief technology

officer in his administration, prior to lead the hiring push. They are looking for software engineers, including folks with artificial intelligence expertise. The idea is they would apply

that to the vast reams of government data to try and figure out what are the efficiencies that can be gained. Caroline: I wonder where that talent comes from. He's been busy hiring at xAI.

Let's talk a little bit about -- Tesla is in early talks with the city of Austin about rolling out a fleet of autonomous vehicles.

Tesla employees have been communicating with the Texas city since at least May to establish safety expectations for the vehicles. Emails go on further saying Tesla has not finalized its decision.

LET'S STICK WITH TESLA, ALL THINGS ELON MUSK, AND HOW ALL OF THIS IS SET TO CHANGE IN THE 2025 PRESIDENT-ELECT TRUMP ADMINISTRATION. MAYBE WE'LL SEE

SOME OF THOSE EV INCENTIVES WOUND DOWN AND POSSIBLY FASTER TRACKING OF AUTONOMOUS DRIVING. YOU USED TO BE ON THE BOARD OF THE -- TV GIANT, AND THEREFORE, THIS IS THE PERFECT

DIMENSION TO DISCUSS THIS WITH YOU. HOW ARE YOU THINKING THE EV LANDSCAPE CHANGES ON JANUARY 20?

>> LET'S LOOK AT THE BIG PICTURE FIRST. SOME PEOPLE ARE SAYING EV GROWTH IS SLOWING DOWN. NONSENSE! ONE OUT OF FIVE CARS

SOLD GLOBALLY IN 2024 WERE ELECTRIC OR HYBRID. IT'S JUST MOVING FASTER. 25% YEAR-OVER-YEAR GROWTH; 17 MILLION EVs SOLD GLOBALLY. U.S.

AND CANADA SHOWED SOLID GROWTH OF ABOUT 12%. CHINA WAS RED-HOT AT 40%. TESLA VERSUS BYD: WHO'S GOING TO BE THE GLOBAL LEADER? THERE'S ALSO THE ISSUE OF

U.S. VERSUS CHINA AND HOW TARIFFS WILL AFFECT THIS. THE U.S. HAS ALREADY SLAPPED 100% TARIFFS ON ANY CHINESE CAR SOLD IN THE U.S.,

BUT THAT'S VIRTUALLY NONE.  YOU HAVE TO CONSIDER WHAT IF THE CHINESE SLAPPED 100% TARIFFS ON

U.S. car automakers selling cars. Caroline: Isn't that a high risk even for a Tesla? >> Wherever there are tariffs slapped onto one country, you

have to expect the other country to respond. Is it cars that are already made in that country or just cars from the U.S. going to China? The punchline is the same. There's a lot more U.S.

automakers selling cars to China than vice versa. So the U.S. needs to be careful on this one. Caroline: And yet we have seen vibes or

whether it be real political cloud driving Tesla's share price ever since the results of the election. How is any of this China-U.S. tension being priced in? Steve:

I think people don't have their arms around it. You have to look at the Tesla share price; 76% growth since January 1 of this year. The big question is, can Tesla

keep it up? And I think it will be tough without getting some new products into the market. Tesla's growth this year, after lowering sales growth in 2021 and 2022, 51% and 70%.

IT IS NEARLY FLAT.
TESLA HAS TO GET THIS NEW LOWER-COST CAR INTO THE MARKET.
THERE ARE NEW RUMORS OF A NEW SUB-$30,000 MODEL COMING
SOMETIME IN 2025.

BUT WE HAVE TO MAKE SURE THAT
IT IS REAL. I THINK 2025 WILL BE THE MAKE-OR-
BREAK YEAR. IT COULD SEE NEW HEIGHTS IF THE LOWER-COST CAR
COMES OUT WITH FULL SELF-DRIVING
IMPROVED.

IF THEY DON'T GET A NEW CAR ON
THE MARKET, AND SALES STAY FLAT, THAT WILL SCARE PEOPLE.
CAROLINE: AS AN INVESTOR, HOW HARD HAS IT
BEEN TO READ THE TEA LEAVES?

WE ARE TRYING TO UNDERSTAND
WHETHER THEY WILL JUST CUT COSTS OF THE CURRENT MODELS ON
THE MARKET AND GET TO SOME SORT OF AFFORDABILITY
BECAUSE ELON MUSK JUST SIGNALS

TIME AND AGAIN THAT HE IS MORE
INTERESTED IN THE ROBOTAXI SIDE. STEVE: IT IS INCREDIBLY HARD.
A SHARE PRICE GOING UP 75% WHEN SALES ARE FLAT? I DON'T THINK
ANYBODY HAS EVER SEEN ANYTHING

LIKE THAT BEFORE.
IT'S KIND OF A BET ON FULL SELF-DRIVING AND PROBABLY A
BIGGER BET ON HIS RELATIONSHIP WITH PRESIDENT TRUMP. WHAT NO
ONE IS TALKING ABOUT IS, VERY QUIETLY, THE ENERGY AT MR. RISCH
AND LOOKS TO BE THE SAVING GRACE.

GRACE:
The Dutch energy industry seems to be the saving grace.
Auto companies aren't just auto companies anymore; they are also
energy companies. And it's a whole new world.
You've got to pay attention.

CAROLINE:
This week we saw California will be focusing on ensuring
EV adoption. But also, we've got a new story
around the potential unionization, let's call it
subtly being done with Rivian,

reaching a deal to make
unionization easier as it becomes a profitable company.
How much do you think that is a key area, the labor side of
things in the EV space? STEVE:

It is huge.
This is one of the things that has plagued them for years.
What is interesting is Elon Musk is pulling out all the
stops to make things go faster, but still has to deal with --
he may be the wealthiest guy in

the world, but that's not going
to impact how well he wins those battles.
Workers potentially out on strike soon, precisely when he's
trying to catch up from Q4

sales. So it will be interesting to
see Tesla's auto sales increase this year.
That is going to be a tough one to sell to shareholders.
CAROLINE: You're a longtime shareholder
and influential. Thank you.

COMING UP, APPLE ANNOUNCES ITS PLAN -- CANCELS ITS PLAN FOR AN IPHONE SUBSCRIPTION SERVICE. THOSE STORIES COMING UP NEXT. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: TIME FOR TALKING TECH. APPLE HALTED ITS PROJECT

TO BUILD AN IPHONE HARDWARE SUBSCRIPTION SERVICE. THE IDEA WAS TO MAKE OWNING AN IPHONE LIKE SUBSCRIBING TO AN APP, WITH CONSUMERS PAYING MONTHLY TO GET A NEW PHONE EACH YEAR. APPLE HAS DISBANDED THE TEAM AND ASSIGNED THEM TO NEW PROJECTS.

THE EUROPEAN COMMISSION IS PUSHING APPLE TO OPEN UP ITS IPHONE SYSTEM TO RIVALS, COMMISSIONING THEM TO REWORK IOS SO DEVICES LIKE SMARTWATCHES AND HEADSETS FROM RIVALS CAN BE MORE COMPATIBLE WITH THE ECOSYSTEM.

APPLE IS CLOSE TO GETTING INDONESIA TO LIFT ITS BAN ON IPHONE 16 SALES AFTER THE COUNTRY'S PRESIDENT APPROVED A $1 BILLION INVESTMENT FROM THE TECH GIANT.

INDONESIA FIRST BANNED SALES OF THE FLAGSHIP DEVICE LAST MONTH, SAYING APPLE FAILED TO COMPLY WITH DOMESTIC REQUIREMENTS. LET'S GET INTO THESE STORIES. MARK IS WITH US. JUST TALK TO US ABOUT WHAT'S HAPPENING WITH INDONESIA

BECAUSE THIS IS A BIG 180, AND THEY PLAYED HARDBALL. >> THAT'S EXACTLY RIGHT. APPLE AND INDONESIA HAVE BEEN GOING BACK AND FORTH FOR WEEKS NOW SINCE THE LAUNCH OF THE

IPHONE 16. Obviously, Apple wants to get the device into as many countries as possible. Indonesia is important to Apple as a potential growth market for them. A big push across Southeast

Asia. Without being able to get into one of the biggest countries is a really big deal for them. They have been making different offers, and what they landed on was investing $1 billion into a facility there

that would produce essentially 20% of AirTags. AirTags are the fun little devices we are gearing up to include in our luggage for the holidays. It's not Apple's most popular

product, but it is an important one and sounds like it was enough to get the job done. Apple is gearing up to release a new AirTag in the middle of next year with much better range and privacy, so that will be a cool thing for Indonesia

to be able to produce that product potentially. >> Let's stay global on the Apple front, looking at the U… this compatibility argument has been going on for a while.

Ultimately, whatever the EU forces doesn't become global in nature? Mark: The EU wants to crack open the iPhone completely. They want to essentially make it Android, so users can be a bunch of cowboys and do what

THEY WANT TO [ACCESS] THE DEVICE. APPLE, ON THE OTHER HAND, WANTS THIS CLOSED ECOSYSTEM WITH THE PRIVATE DESIGN AND A CLEAN USER INTERFACE. THEY DO NOT WANT PEOPLE ABLE TO OPEN UP THEIR DEVICE TO WORK WITH THIRD-PARTY EARBUDS AND

WATCHES. SO THE EU PUT OUT A LIST OF SIMPLE THINGS IT WANTS APPLE TO ADOPT, ALLOWING THIRD PARTIES TO USE AT A DEEPER LEVEL THINGS LIKE AIRDROP, AIRPLAY, VIDEO GAMING FROM THE DEVICE TO OTHER

PRODUCTS. THINGS LIKE OPENING UP UNDERLYING WI-FI PROTOCOLS. APPLE IS PUSHING BACK ON THAT BY USING META AND SHOWCASING 15 DATA CATEGORIES THAT META WANTS ACCESS TO, AND POSITIONING

META AS THIS ANTI-PRIVACY COMPANY AND TRYING TO SHOW CONSUMERS AND THE EUROPEAN COMMISSION REGULATORS OF THE EU WHAT COULD POTENTIALLY HAPPEN TO APPLE DEVICE CUSTOMERS IF

THESE PROGRAMS ARE OPENED UP THE WAY THEY WANT THEM TO BE OPENED UP. >> THAT RIVALRY CONTINUES TO PLAY OUT WHEN IT COMES TO POLITICS. THANK YOU SO MUCH. AN OVERHAUL OF THE H-1B VISA PROGRAM COULD IMPACT THE TECH

-- FOCUSING IN ON HOW YOU CAN BE WORKING HERE. THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." I AM CAROLINE HYDE IN NEW YORK.

The NASDAQ 100 is back in positive territory after yesterday's big selloff.  The Fed's potential for two rate cuts next year is taking the wind out of the stock market.

Today, we're potentially bouncing back.  Worrying about what deal could be done to avoid a government shutdown. Amazon and Apple are moving on.  For Micron, we show you a two-day chart to emphasize the dramatic

Micron Plunges On Weakness, Musk Wields Political Power | Bloomberg Technology

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Bloomberg Technology

Micron's Stock Plummets and Elon Musk's Political Influence

Micron's stock is down over 70%, experiencing its worst day since March 2020.

Micron's outlook missed expectations by 12%.

High-bandwidth memory for AI applications was anticipated to drive growth, but an inventory crunch impacted demand.

Despite 400% growth in AI demand and sales, it hasn't significantly boosted revenue yet due to the nascent stage of high-bandwidth memory.

An investor comments on Micron's boom-and-bust cycle and suggests the current situation might be a buying opportunity.

Elon Musk's Impact on US Government Shutdown

Elon Musk used social media to oppose a government funding bill, influencing President-elect Trump and others.

Musk is building a team to improve government efficiency, potentially hiring from the Boring Company and former Trump administration.

Musk's team aims to reduce government spending and size.

Apple News: Subscription Service Cancellation and Other Updates

Apple halted its iPhone hardware subscription service project.

The European Commission is pushing Apple to open its iPhone system to rivals.

Apple is close to resolving an Indonesian ban on iPhone 16 sales after a $1 billion investment.

A possible TikTok ban in the US is looming, with the Supreme Court to hear the challenge.

Speculation surrounds the Supreme Court's potential ruling, considering President-elect Trump's past stance on TikTok.

Beyond the ban, potential divestment and sale of TikTok's US operations are discussed.

ByteDance's unwillingness to sell and China's export rules complicate a potential sale.

A lawsuit claims Snapchat aided in the sale of counterfeit drugs, potentially impacting Section 230.

Snapchat's disappearing messages feature is highlighted as a factor contributing to the issue.

Snapchat's efforts to combat drug sales include AI technology, account blocking, and strengthened safeguards.