U.S. Presidential Election 2024: Impact on Technology and Markets

Kamala Harris endorsed by Biden, tech donors may shift support, market impact uncertain.

### Tech Market Update: Biden Endorses Harris, CrowdStrike Outage Impact, China Policy Shift
* 🇺🇸  President Biden endorses Vice President Kamala Harris as the Democratic nominee for the 2024 election, with **significant party support and fundraising momentum** behind her.
* 💰  Silicon Valley tech donors, including Reid Hoffman, are expected to back Harris, with Steve Wesley highlighting her strengths as a **known entity and energetic debater**.
* 🔒  CrowdStrike's stock plummets after a software update outage affecting **8.5 million Windows PCs**, with concerns raised about **over-reliance on specific tech providers**.
* 🇨🇳  Michelle Giuda discusses the ongoing U.S. policy shift towards China, emphasizing the **importance of maintaining technological competitiveness and security**.
* 📈  The tech market reacts to potential political changes, with crypto showing a **10% rise** amid speculation that a **Trump reelection** could be more favorable for the industry.

### Impact of US Political Changes on the Crypto Market
* 🏛️  The recent political changes in the US have raised questions about how they will affect the **cryptocurrency market**.
* 📊  Trump's potential return to office is seen as favorable for crypto, as he has shown a **clear pro-crypto stance** and is expected to make crypto an **investable asset class**.
* 🔒  Biden and Harris, on the other hand, are perceived as less crypto-friendly, with concerns about **potential regulatory hurdles** and a **more traditional banking system approach**.
* 💰  The crypto community is closely watching the appointment of key regulatory positions, as they will have **significant influence on crypto policy**.
* 🌐  The market reacts to political news, with short-term movements reflecting **sentiment shifts based on perceived political support for crypto**.
* 🎙️  Vice President Harris's recent public appearance did not focus on her own candidacy, instead highlighting **President Biden's legacy** and the **achievements of the athletes present**.
* 💡  The upcoming US presidential election is expected to have a **significant impact on the future of crypto regulation and adoption**, with both parties having supporters and detractors within the crypto community.
* 📈  Despite the uncertainty, there is bipartisan support for crypto in the US, with **71 Democrats voting for a recent bill related to crypto regulation**.

>> 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: FROM BLOOMBERG'S
LONDON HEADQUARTERS IN SAN FRANCISCO, THIS IS BLOOMBERG
TECHNOLOGY. COMING UP IN THE NEXT HOUR,
MARKETS ENTERING UNCHARTED TERRITORY AS PRESIDENT BIDEN
DROPS OUT AND PASSES THE BATON TO KAMALA HARRIS.
WHO IN TECH WILL SUPPORT HER AND WHAT IT MEANS FOR CRYPTO.
ED: SHARES OF CROWDSTRIKE PLUMMET
AGAIN AFTER ANALYSTS SOUND THE ALARM AFTER LAST WEEK'S
WIDESPREAD OUTAGES. CAROLINE: TESLA, COME ALPHABET, AND MORE
PREPARED TO KICK OFF THE

EARNINGS SEASON FOR THE MAGNIFICENT SEVEN -- TESLA, ALPHABET, AND MORE PREPARE TO KICK OFF THE EARNINGS SEASON FOR THE MAGNIFICENT SEVEN. MORE THAN A MONTH SINCE WE HAVE SEEN SUCH OUTPERFORMING BUT WE HAVE TO HONE IN ON THE MARKET IMPACT ON THE NEWS OVER THE WEEKEND. ED: LET'S GET THE OUTLOOK FOR THE 2024 PRESIDENTIAL ELECTION. IT TOOK A TURN THIS WEEKEND AS PRESIDENT BIDEN BOWED OUT OF THE RACE, ENDORSING KAMALA HARRIS -- ENDORSING VICE PRESIDENT KAMALA HARRIS. THE QUESTION IS, WHAT HAPPENS NEXT? BECAUSE PRESIDENT BIDEN ENDORSING VICE PRESIDENT KAMALA HARRIS IS NOT DEFINITIVE NECESSARILY THOUGH IT WAS AN

IMPORTANT MOMENT. IT CERTAINLY WAS, ESPECIALLY CONSIDERING IT WAS FOLLOWED BY THE ENDORSEMENTS OF MANY OTHER DEMOCRATIC LEADERS, BE AT FORMER PRESIDENT BILL CLINTON AND HIS WIFE HILLARY CLINTON, MEMBERS OF THE HOUSE AND SENATE, EVEN K GOVERNORS THAT WERE SEEN -- KEY GOVERNORS THAT WERE SEEN TO BE KEY. THAT IS IN ADDITION TO THE NUMBER THAT CAME OUT IN SUPPORT OF HARRIS IN THE IMMEDIATE AFTERMATH OF BIDENS ANNOUNCEMENT IN THE LAST 24 HOURS. THE OTHER THING IS SHE HAS A MONEY ADVANTAGE. NOT ONLY DOES SHE HAVE ACCESS TO THE HUNDREDS OF MILLIONS OF DOLLARS IN WHAT WAS THE BIDEN-HARRIS WAR CHEST, SOMETHING OTHER CANDIDATES WOULD NOT HAVE THE SAME ACCESSIBILITY TO, WE ALSO SAW

IN THE SEVEN HOURS OF THE AFTERMATH AFTER ANNOUNCING SHE INTENDS TO EARN AND WIN THE DEMOCRATIC NOMINATION, WE SAW $50 MILLION IN GRASSROOTS FUNDING RAISED. THE BEST DAY EVER FOR ACT BLUE, WHICH IS A KEY FUNDING AGGREGATOR. IT SEEMS THE PARTY IS VERY MUCH IN LINE GETTING BEHIND HARRIS BUT NOTHING IS A DONE DEAL YET. WE STILL HAVE TO GET TO THE CONVENTION WHICH BEGINS FOUR WEEKS FROM TODAY IN CHICAGO ON AUGUST 19 WHERE THE DELEGATES WILL HAVE TO ANNOUNCE WHO THEY ARE GOING TO VOTE FOR. MANY WERE PLEDGED FOR JOE BIDEN WHO IS NOW NOT SEEKING REELECTION. CAROLINE: IMPORTANT SCREEN WE ARE LOOKING AT RIGHT NOW. REID HOFFMAN, KEY PERSON IN TECHNOLOGY, IS ONE OF THE KEY

DEMOCRATIC DONORS.
WILL THIS ULTIMATELY GALVANIZE SOME OF THOSE WE SEE IN OUR
COMMUNITY IN TECHNOLOGY, AND WHAT WILL THEY BE LOOKING FOR
IN ANY WAY TO CHANGE THE DIRECTION OF POLICY?
OR IS IT MORE OF THE SAME WHEN IT COMES TO BIDEN? KAILEY:
CERTAINLY REID HOFFMAN WAS ONE OF THE FIRST TO COME OUT AND
ENDORSED KAMALA HARRIS -- ENDORSE KAMALA HARRIS.
GEORGE SOROS LATER DID. THEY WANT A PROCESS TO PLAY OUT
FOR HARRIS TO EARN THE NOMINATION OR GIVE SOMEONE ELSE
A CHANCE TO WHAT COULD THEORETICALLY BE A CONTESTED
ELECTION. IN TERMS OF POLICY, THAT IS
WHAT KAMALA HARRIS IS GOING TO HAVE TO DEFINE FOR HERSELF.
WE WILL HEAR FROM HER FOR THE

FIRST TIME TO THE CAMERAS AT 11:30 A.M. EASTERN TIME, WHERE SHE WILL BE SPEAKING AT AN NCAA SPORTS DAY EVENT AT THE WHITE HOUSE. SO THAT IS A HALF HOUR FROM NOW. IT WILL BE ABOUT THE WAYS IN WHICH SHE DIFFERENTIATES HERSELF FROM JOE BIDEN, EXPRESSING THAT NOT IN ALL AREAS IT WILL BE CONTINUITY. ESSENTIALLY, A KAMALA HARRIS PRESIDENCY WOULD LOOK VERY MUCH LIKE A JOE BIDEN PRESIDENCY. EVERYTHING THEY ARE FAULTING JOE BIDEN FOR, KAMALA HARRIS WAS NOT ONLY THERE FOR IT BUT ENABLED PRESIDENT BIDEN TO TAKE THAT ACTION. IT IS A QUESTION OF HOW SHE WILL DIFFERENTIATE HERSELF FROM THE MAN SHE SERVED AS VICE PRESIDENT FOR THE LAST THREE

AND A HALF YEARS.
WHEN IT COMES TO TECHNOLOGY, IS NOT JUST DEMOCRATS THAT NEED TO
BE WATCHED. J.D. VANCE HAS BEEN HIGHLY SKEPTICAL
OF BIG TECH. IN PARTICULAR, HE HAS BEEN
SUPPORTIVE OF COMPETITION AND ANTITRUST EFFORTS AFTER THE
BIDEN ADMINISTRATION, INCLUDING THE PRAISE HE HAD FOR THE FTC
CHAIR, AND THERE MAY BE SOME ALIGNMENT WITH THE DEMOCRATS IN
THOSE AREAS. ED: BLOOMBERG'S KAILEY LEINZ, THANK
YOU. LET'S GET REACTING FROM SILICON
VALLEY AND THE DEMOCRATIC PARTY. STEVE WESLEY IS THE CEO OF THE
WESLEY GROUP BUT ALSO A CALIFORNIA STATE CONTROLLER,
AND HE CO-CHAIRED BARACK OBAMA'S CAMPAIGN IN THE STATE OF
CALIFORNIA AND HAS BACKED BIDEN.

AND HAS BEEN A DELEGATE AT EIGHT DEMOCRATIC CONVENTIONS. HE JOINS US NOW FROM CALIFORNIA. STEVE, GOOD MORNING TO YOU. >> MORNING. ED: YOUR REACTION OF PRESIDENT BIDEN ENDORSING KAMALA HARRIS AS NOMINEE? >> FIRST YOU HAVE TO GIVE JOE BIDEN CREDIT. IT IS AN EXTRAORDINARY ACT OF SELFLESSNESS FOR HIM TO STEP DOWN HAVING WON THE NOMINATION AND DOING WHAT HE THINKS IS RIGHT FOR THE COUNTRY TO BASICALLY SAY I WILL STEP DOWN, IT IS TIME TO BRING IN A NEW GENERATION, AND TURN THINGS OVER. HE HAS ENDORSED KAMALA HARRIS, BUT THERE WILL STILL BE A PROCESS. WHAT WE WILL SEE NOW I THINK IS EXCITING. EVERYONE IN THE WORLD IS WATCHING WHAT WILL HAPPEN NEXT.

THERE WILL BE SOME NEW BLOOD IN
THE DEMOCRATIC PARTY. IS IT GOING TO BE KAMALA HARRIS
OR IS IT GOING TO BE SOMEONE ELSE?
I THINK THERE WILL BE AT LEAST ONE, MAYBE TWO OTHER PEOPLE
THAT WILL COME IN THE RACE. I THINK IT WILL ADD A LOT OF
EXCITEMENT TO THE RACE. EVERYBODY IS GOING TO BE TUNING
INTO THE CONVENTION. IT IS JUST WHAT SHE WANTS. ED:
YOU ARE IN A LARGE GROUP OF SILICON VALLEY OR TECHNOLOGIST
DEM DONORS AND BACKERS WHO ARE DOING THE MATH AND TRYING TO
CALCULATE WHO CAN WIN AGAINST TRUMP-VANCE.
DO YOU THINK KAMALA HARRIS CAN WIN? STEVE: ABSOLUTELY.
SHE IS A KNOWN ENTITY. SHE HAS HIGH VOTER ID.
SHE IS AN ARTICULAR PRESENTER.

A FORMER PROSECUTOR.
SHE WILL DO WELL IN A DEBATE AND IS ALL OVER HIGH ENERGY.
BUT THERE ARE OTHER CANDIDATES LIKE THAT.
THE FIRST IS GRETCHEN WHITMER OF MICHIGAN.
WHO KNOWS, BUT I AM GUESSING THERE WILL BE AT LEAST ONE
OTHER CANDIDATE IN THE RACE. I THINK IT IS JUST WHAT THE
DEMOCRATIC PARTY NEEDS, TO INJECT SOME NEW BLOOD TO RUN
AGAINST A 78-YEAR-OLD CANDIDATE WHO SEEMS TO BE FUZZY ON ONE
OF THE ISSUES. I THINK IT IS AN OPPORTUNITY
FOR THE DEMOCRATS. CAROLINE: STEVE, WHAT ABOUT THE
OPPORTUNITY TO FINANCE THE DEMOCRATS RIGHT NOW?
HOW MUCH DO YOU THINK THIS WILL INSPIRE MORE OF SILICON VALLEY
TO START SPEAKING OUT ABOUT WHO

THEY ENDORSE AND WITH THEIR MONEY? STEVE: FIRST, THERE WILL BE ENORMOUS AMOUNTS OF MONEY THAT COME IN ON BOTH SIDES. IN TERMS OF SILICON VALLEY, I CAN TELL YOU RIGHT NOW, SILICON VALLEY HAS BEEN FOR DEMOCRATS OVER THE PAST THREE OR FOUR ELECTIONS, AND I THINK IT WILL BE THE SAME THIS TIME. THE CURRENT ADMINISTRATION'S SUPPORT OF THE CHIPS ACT, THE INFLATION REDUCTION ACT, THE LARGEST GREEN ENERGY STIMULUS IN THE HISTORY OF THE PLANET. NOBODY OTHER THAN BIDEN COULD HAVE GOTTEN THIS DONE. UNEMPLOYMENT AT HISTORIC LOWS. ONE THING THAT SILICON VALLEY LOOKS FOR IS INSTABILITY. DEMOCRATS PROVIDED THAT. I THINK ANYBODY CAN SAY OTHERWISE. WE WILL SEE HOW THAT FALLS, BUT I EXPECT SILICON VALLEY TO GO FOR THE DEMOCRAT.

WHOEVER IT IS. CAROLINE: AMEN. YOU KNOW -- A MAN, YOU KNOW, WELL, HAVING BEEN ON THE BOARD OF TESLA AND SUPPORTED ELON MUSK IN THE PAST, HE IS GIVING $45 MILLION A MONTH TO A PAC THAT SUPPORTS TRUMP. REID HOFFMAN WAS THE BIGGEST DONOR PREVIOUSLY WITH A $25 MILLION CHECK. HOW DO YOU SEE THOSE SORTS OF NUMBERS ADDING UP? WILL THERE BE SOMEONE THAT CAN MATCH THE HUGE GIFT WE SEE FROM THE WORLD'S WEALTHIEST MAN? STEVE: ABSOLUTELY. LOOK, THERE WILL BE HUGE AMOUNTS OF MONEY THAT COME IN. LOOK, THERE WILL BE HUGE AMOUNTS OF MONEY THAT COME IN ON BOTH SIDES. MANY OF THE WEALTHIEST PEOPLE IN THE WORLD ARE STRONG DEMOCRATS, AND I THINK YOU WILL SEE EQUAL MONEY MATCHED IF

NOT MORE COMING IN ON THE
DEMOCRAT SIDE. AND AGAIN, WHAT THE DEMOCRATS
PROVIDED OVER THE LAST FOUR YEARS, HISTORICALLY HIGH STOCK
MARKET RATES, HISTORICALLY LOW UNEMPLOYMENT. THIS IS A GOOD
STORY TO CAMPAIGN ON. IF YOU CAN WRAP ALL OF THAT
TOGETHER WITH A STRONG, NEW CANDIDATE, WHETHER IT IS KAMALA
HARRIS OR SOMEBODY ELSE, I THINK THAT IS A WINNING PACKAGE
FOR THE DEMOCRATIC PARTY. ED: STEVE, A CRITICISM OF PRESIDENT
BIDEN'S TERM IN OFFICE HAS BEEN HIS ATTITUDE TOWARD AND LACK OF
ENGAGEMENT WITH ELON MUSK IN THE CONTEXT OF ELECTRIC
VEHICLES AND SPACE AS WELL. DO YOU EXPECT KAMALA HARRIS OR
WHOEVER THE DEMOCRATIC NOMINEE

ENDS UP BEING TO CHANGE POLICY.
THERE? STEVE: NOT FOR A MOMENT. I THINK THE BIDEN
ADMINISTRATION HAS BEEN A CHAMPION FOR NOT ONLY GREEN
ENERGY, BUT TO STIMULATE THIS BOOM IN ELECTRIC VEHICLES.
THE GREAT NEWS IS NOT ONLY OUR ELECTED VEHICLES BECOMING
CHEAPER EVERY YEAR, THEY ARE CREATING HUGE BATTERY PLANTS,
EV PLANS AROUND THE COUNTRY IN BLUE AND RED STATES.
FOR THE FIRST TIME THIS YEAR, YOU WILL SEE EV'S IN PARITY
WITH OTHER ENGINE VEHICLES. THE DEMOCRATIC NOMINEES WILL BE
STRONGLY IN FAVOR OF THE GREEN POLICY.
I THINK TRUMP MAY BE THE ODD GUY OUT TO BE HOLDING ON
EMBRACING INTERNAL COMBUSTION ENGINE VEHICLES AT A TIME WHEN
THEY ARE LESS POPULAR THAN THEY HAVE BEEN IN THE PAST. CAROLINE:
STEVE, GREAT TO CATCH UP WITH

YOU.
THANK YOU SO MUCH FOR YOUR TIME TODAY.
MEANWHILE, COMING UP, WE WILL BE CHECKING IN ON CROWDSTRIKE.
REMEMBER THE MASSIVE OUTAGE THAT CAUSED DISRUPTIONS TO
BUSINESSES ACROSS THE GLOBE? SANJAY WILL BE JOINING US ON
THAT NEXT. WE WILL CHECK IN ON THE
CROWDSTRIKE SHARES BECAUSE CURRENTLY TRADING ONCE AGAIN
OFF BY 10.5%, WORST DAY SINCE ALL OF FRIDAY WHEN IT WAS OFF
BY MORE THAN 11%. CURRENTLY TRADING AT THE LOWEST
OF THE YEAR. THIS IS BLOOMBERG TECHNOLOGY. ED: LET'S TALK MORE ABOUT
CROWDSTRIKE. IN THE SESSION, STOCK DOWN
ALMOST 11%. THEY FELL 11% FRIDAY FOLLOWING
ITS BOTCHED PATCH OR SOFTWARE

UPDATE THAT CAUSED AN OUTAGE
IMPACTING 8.5 MILLION MICROSOFT WINDOWS PCS AROUND THE WORLD. A
NUMBER OF FIRMS DOWNGRADING THE STOCK OFF OF THE OUTAGE.
REAL QUICK ON THE TWO DATABASES. IT IS A STOCK FACING -- TWO DAY BASIS. IT IS A STOCK
FACING PROBLEMS. HOW SEVERE IS THIS?
THE INDUSTRY IS TALKING ABOUT THIS. LET'S BRING IN SANJAY
MIRCHANDANI. THE STOCK CONTINUES TO HAVE
REACTION. YOUR INDUSTRY CONTINUES TO HAVE
REACTION AS WELL. WHAT IS THE LASTING EFFECT OF
THE OUTAGE? SANJAY: WE LIVE IN AN EXTREMELY
INTERCONNECTED WORLD RIGHT NOW. CLOUD DEVICES, SERVERS, AND
CROWDSTRIKE IS A POPULAR TECHNOLOGY. WE USE IT AS WELL. AND SO WHEN SOMETHING LIKE THIS
HAPPENS, THERE IS A LONGTAIL

END AND IT HAS TO BE CLEANED UP.
THE LESSONS HERE, AND THE FIX FOR THE MOST PART WAS FAIRLY
MANUAL. IT TOOK TIME. IT TOOK TIME.
WE ARE GETTING OUT OF IT. WE ARE GETTING OUT OF THIS
PROCESS. CAROLINE: DID YOU HAVE ANY CAUSE FOR
CONCERN AHEAD OF THIS ABOUT PRIOR UPDATES THAT CROWDSTRIKE
HAD RUN, THAT THERE MIGHT HAVE BEEN ANYTHING THAT WOULD SIGNAL
SUCH AN EVENT COULD OCCUR? SANJAY:
THEY ARE A SECURITY COMPANY. YOU TEND TO TRUST SECURITY
COMPANIES. THERE WAS NOTHING BEFORE THIS
SPECIFICALLY BY CROWDSTRIKE THAT WOULD BE OF CONCERN.
WHAT IS ALWAYS OF CONCERN YOU HAVE A LARGE NUMBER OF PATCHES,
A LARGE NUMBER OF CONNECTED SYSTEMS AND DEPENDENCIES IS
YOUR ABILITY TO REALLY STAGE A

PATCH, TEST IT IN YOUR PARTICULAR ENVIRONMENT. BECAUSE NO TWO ENVIRONMENTS ARE THE SAME, AND ONCE YOU KNOW YOU HAVE IT WORKING WHERE YOU NEED IT, PUSH IT OUT. WITH SECURITY, THE WINDOW YOU HAVE BETWEEN A CRITICAL PATCH AND YOUR ABILITY TO DEPLOY IT IS VERY, VERY SMALL. SO YOU TEND TO TRUST MORE AND PUSH FASTER. CAROLINE: WE HAVE HEARD FROM ACROSS INDUSTRIES, PARTICULARLY FROM THE AIRLINE INDUSTRY. THE DELTA CEO COMING OUT AND APOLOGIZING. AND STILL TODAY, THERE ARE ISSUES AFFECTING THEIR ABILITY TO SERVE CUSTOMERS. SANJAY, WHEN IT COMES TO BUSINESS CONTINUITY, WHAT CAN A COMPANY LIKE DELTA HAVE DONE TO PREVENT A FALLOUT THAT WE NOW HAVE SEEN 300,000-PLUS CANCELLATIONS ON FRIDAY? SANJAY:

IT IS ABOUT RESILIENCE.
PEOPLE USE THE WORD RESILIENCE IN A BROADWAY BUT FOR US IT IS
ABOUT BUSINESS'S ABILITY TO GET BACK TO LIFE REGARDLESS OF THE
CATASTROPHIC EVENT. IT COULD HAVE BEEN HUMAN ERROR IN THIS
CASE -- IT COULD HAVE BEEN HUMAN ERROR, IN THIS CASE HUMAN
ERROR, MALICIOUS, A NATURAL DISASTER.
WHAT WE DO IS WE HELP CUSTOMERS BUILD A CAPABILITY, PLATFORM,
MUSCLE THROUGH REPEATED TESTING AND SCALE SO THAT IN THE EVENT
THAT SOMETHING GOES SIDEWAYS, YOU HAVE TRIED AND TESTED THE
ABILITY FOR YOUR BUSINESS TO COME BACK TO LIFE.
AND I THINK WITH EVERYTHING WE'VE GOT GOING ON AS
ENTERPRISES, NOT ENOUGH TIME IS SPENT ON PRACTICAL CAPABILITIES
OF RESILIENCE AND MORE SORT OF YOU TEND TO LEAN ON THE
ACADEMIC THOUGHT PROCESS.

YES, WE HAVE THIS LIST. WE HAVE
DONE THIS. WE HAVE WRITTEN THIS UP.
BUT HOW MUCH OF YOUR ENTERPRISE HAVE YOU ACTUALLY TESTED WITH A
DEEP DEGREE OF CONFIDENCE? THAT IS WHAT WE ENABLE OUR
CUSTOMERS TO DO. ED: SANJAY, I WROTE IN MY TECH
DAILY COLUMN THIS MORNING ABOUT CONCENTRATION RATES.
SO MANY COMPANIES RELIED ON CROWDSTRIKE.
BUT ALSO 8.5 MILLION COMPUTERS. IT WAS THE MOST CRITICAL OF
COMPUTERS THAT WERE IMPACTED. HOW COULD THAT HAVE BEEN
MITIGATED OR PREVENTED? SANJAY: I THINK IT WAS A WARNING SHOT.
WE HAVE ALL BEEN SITTING BACK AND SAYING, WHAT DOES MY FLEET
LOOK LIKE? WHAT DO MY SERVERS LOOK LIKE?
WHAT ARE MY USERS WORKING WITH?

IT ALMOST MAKES YOU TAKE A STEP BACK AND SAY, WE NEED TO HAVE A VERY CALCULATED MIX SO YOU ARE NOT OVER-RELIANT OR OVER-DEPENDENT ON ANY ONE ENVIRONMENT. BECAUSE THAT IS PART OF RESILIENCE. THAT IS EXACTLY PART OF RESILIENCE. I THINK FOR EVERYONE THIS WEEK, IT'S BEEN A BIT OF A WAKE-UP CALL TO SAY, WHERE AM I OVER-DEPENDENT? DO I HAVE ENOUGH CONTROLS? I COULD BE MORE RESILIENT. FOR ALL OF THE NEGATIVE OUTCOMES OF SOMETHING LIKE THIS, THE POSITIVE TAKEAWAY, IF YOU CAN, IS, LET'S GO BACK AND MAKE SURE WE ARE VERY CALCULATED ABOUT HOW WE BUILD OUT THE ENTERPRISE LANDSCAPE, THE I.T. LANDSCAPE. CAROLINE: ANALYSTS ARE GETTING CANTILEVERED ON WHAT THE PRICE TARGETS ARE.

SANJAY IS GETTING MORE CALCULATED, AS WELL. WE APPRECIATE YOUR PERSPECTIVE ON CROWDSTRIKE. COMING UP, WE WILL BE JOINED BY MICHELLE FOR HER READ ON THE IMPACT OF CHINA-U.S. RELATIONS IN THE TECH SECTOR. AND I AM ALSO LOOKING AS WE GO TO BREAK ON A SHARE THAT YOU NEED TO KEEP AN EYE ON, DOWN 6%. VERIZON -- AN EYE ON DOWN 6%. VERIZON IS DOWN. A BIT OF A MISS FROM WHAT THE MARKET WANTED TO SEE. SOME ACTUAL GAINS IN WIRELESS PHONE CUSTOMERS THOUGH. THIS IS BLOOMBERG TECHNOLOGY. ED: TAKE SOME PROFIT ON THE AI BOOM. THAT IS THE MESSAGE FROM MORGAN STANLEY. THEY CUT KEY AI CHIP NAMES LIKE TSMC FROM THEIR FOCUS LIST.

ROUGH SESSION FOR TECH IN ASIA TRADING OVERNIGHT. TOP OF MIND FOR THE FIRM, TOUGHER CURBS ON U.S. TAX SALES TO CHINA, AND AN AI MARKET THAT MAY HAVE GOTTEN TOO HOT. IT IS THE FIRST TIME IT DOWNGRADED THE SECTOR SINCE ITS OVERWEIGHT CALL IN OCTOBER OF 2022. LET'S GET THE PERSPECTIVE OF MICHELLE GIUDA, AN ORGANIZATION DEDICATED TO ACCELERATING THE INNOVATION AND ADOPTION OF TRUSTED TECHNOLOGY. IT IS AN ONGOING STORY, BUT IT IS NOT GOING AWAY. THE UNITED STATES WITH ITS CURRENT ADMINISTRATION LIMITING CHINA'S ACCESS TO KEY SEMICONDUCTOR ENERGY. IN THE CONTEXT OF CHINA, HOW LONG WILL THAT SUSTAINED POLICY BE? MICHELLE: THANKS, ED. THIS IS THE FIRST A TRUMP ADMINISTRATION POLICY TOWARD

CHINA TO A BIDEN ADMINISTRATION.
POLICY TOWARD CHINA. IT IS NOW CLEAR THIS IS THE
AMERICAN POLICY TOWARD CHINA. THERE IS A LOT OF BIPARTISAN
CONSENSUS FROM THE U.S. CONGRESS, AS WELL AS NOT TO
MENTION MANY OF OUR PARTNERS AND ALLIES ACROSS THE WORLD.
THERE HAS BEEN TREMENDOUS VOLATILITY AND UNCERTAINTY WITH
REGARDS TO THE POLITICAL ELECTION, EVEN OVER THE PAST 10
DAYS, BUT IF YOU ARE CEO OF A TECH COMPANY, THE ONE THING YOU
CAN BE CERTAIN OF, THE ONE THING THAT WILL BE STABLE, IS GOING TO
BE AMERICAN POLICY TOWARDS CHINA WHEN IT COMES TO OUR OWN
TECH SECURITY AND ECONOMIC COMPETITIVENESS. CAROLINE:
IS THAT THE RIGHT POLICY, MICHELLE? MICHELLE:
WELL, LET'S START WITH THE

ULTIMATE END GOAL.
AND THE ULTIMATE END GOAL IS THE U.S.
AND PARTNERS AND ALLIES ACROSS THE WORLD HAVE TO HAVE
COMPETITIVENESS AND SUPERIORITY WHEN IT COMES TO TECHNOLOGY.
BECAUSE WHOEVER LEADS IN TECHNOLOGY IS GOING TO DICTATE
THE VALUES AND THE STANDARDS AND THE REGULATIONS THAT
OVERSEE OUR MILITARIES, ECONOMIES, FINANCIAL SYSTEM,
CULTURE, AND INFORMATION SPACE. THE IMPERATIVES TO LEAD IN
TECHNOLOGY, THAT MEANS WE HAVE TO INNOVATE FASTER, SMARTER,
BETTER. WE HAVE TO MAKE SURE OUR COMPANIES ARE NOT CONTRIBUTING
TO CHINA'S ABILITY TO BEAT US IN TECHNOLOGIES LIKE ARTIFICIAL
INTELLIGENCE. ED: MICHELLE, NVIDIA, FOR EXAMPLE, IS
OFF SESSION HIGHS BUT UP

SIGNIFICANTLY THIS MORNING.
THERE WERE REPORTS IT IS PREPARING A SPECIFIC PRODUCT
THAT WOULD BE WITHIN THE BOUNDS OF CURRENT RESTRICTIONS.
THAT SEEMS SUCH AN INTERESTING POLICY.
HOW SEVERE DO YOU EXPECT THE REACTION FROM THE
ADMINISTRATION ON THE POLICY SIDE TO BE OF CORPORATE ELECT
TO DO THAT, JUST ADJUST THEIR PRODUCT SO THEY ARE IN CODIFIED
RULES? MICHELLE: THIS IS THE NEW REALITY WE ARE
IN 2024 THROUGH 2034. COMPANIES HAVE TO WORK TOGETHER
TO ENSURE COMPANIES ARE ABLE TO BE COMPETITIVE AND ENSURE THEIR
BUSINESS SUCCESS AND AT THE SAME TIME THEY ARE CONTRIBUTE
INTO AND NOT WORKING AGAINST U.S.
AND ALLIED NATIONAL SECURITY. THAT IS WHAT TECH DIPLOMACY IS.
THAT IS WHAT THE INSTITUTE IS

FOCUSED ON. SO WE ARE SEEING THAT PUSH AND
PULL BETWEEN COMPANIES AND GOVERNMENTS, BUT THE LONG-TERM
TRAJECTORY OF THIS IS THAT COMPANIES NEED TO BE ACTING IN
THE NATIONAL SECURITY OF THE UNITED STATES.
THERE IS A WAY TO BE COMPETITIVE.
THERE IS A WAY TO MAKE MONEY. THERE IS A WAY TO MAKE SURE WE
ARE ADVANCING NATIONAL SECURITY. THIS IS AN AND SCENARIO, NOT A
ONE OR THE OTHER. CAROLINE: YOU MENTIONED ALLIES.
MUCH OF RECENT REPORTING HAS BEEN FOCUSED ON HOW THE
ADMINISTRATION WILL LEAN ON THE DUTCH, THE JAPANESE.
HOW WILL THAT DIFFER BETWEEN A TRUMP VERSUS POTENTIAL HARRIS?
MICHELLE: LOOK, IN THE PREVIOUS
ADMINISTRATION, ONE OF THE THINGS THE FOUNDERS OF THE
INSTITUTE FOCUSED ON WAS

BUILDING A HISTORIC NETWORK TO SECURE 5G, INCLUDING 60 COUNTRIES AND 200 TELECOMMUNICATIONS COMPANIES, THAT WORKED TOGETHER ACROSS ALL OF OUR COUNTRIES IN ORDER TO SECURE 5G AND MAKE SURE WE ARE ONLY USING TRUSTED VENDORS. THAT ULTIMATELY STOPPED HUAWEI IN ITS TRACKS FROM BEING THE GLOBAL DOMINANT 5G PROVIDER. THAT HAS BEEN CONTINUED WITH THIS ADMINISTRATION. WHATEVER THE NEXT ADMINISTRATION AND INTO THE NEXT 20 YEARS IS BEING FOR THE U.S. AND OUR ALLIES TO WORK TOGETHER, AND YOU TALKED ABOUT CHIPS, AND YOU ARE SEEING IN ONE OF THE SAME TRAJECTORIES FROM OUR PARTNERS AND ALLIES WITH CHIPS. FOCUS ON GOVERNMENT SUBSIDIES TO ADVANCED CHIP SELF-SUFFICIENCY THE WAY MANY

OF OUR ALLIES ARE ON THE SAME
PATH. CAROLINE: MICHELLE GIUDA, WE THANK YOU SO
MUCH. CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY.
I’M CAROLINE HYDE IN LONDON. ED: AS SURE AS THE SUN RISES AND
SETS, THERE ARE FINANCIAL MARKETS TO TALK ABOUT. CAROLINE:
THE NASDAQ 100 COMING OFF THE HIGHS AT THE MOMENT, JUST OFF
BY .7%, BEST MOVE SINCE JULY 10. WE’RE IN THE GREEN, AND THAT’S
NOT WHERE WE WERE LAST WEEK, WORST WEEK THAT WE HAD ON THE
NASDAQ SINCE APRIL. WE’RE SEEING CLOUDSTRIKE
PULLING TO THE DOWNSIDE, ALMOST 13%, NOW TRADING EVEN MORE
SIGNIFICANTLY THAN IT DID ON FRIDAY WHEN WE FIRST LEARNED OF
THE OUTAGE THAT WAS SPARKED BY

AN UPGRADE THAT WENT HORRIBLY WRONG FOR CLOUDSTRIKE. KEEP AN EYE ON THAT COMPANY. CRYPTO NOW ACTUALLY TRYING TO DIGEST ULTIMATELY WHAT A HARRIS VERSUS TRUMP, AND INDEED IF IT DOES REMAIN KAMALA HARRIS LEADING AND VYING FOR THE NOMINATION FOR THE DEMOCRATS, WHAT WOULD THAT MEAN FOR CRYPTO? THE CRYPTO MARKET IS THINKING ITS BEST CHANCE IS STILL FOR TRUMP. WE’RE UP 3.5%. NOTABLY, WE’RE JUST ON THE DOWNSIDE TODAY, ED. ED: LET’S LOOK AT WHO IN THE DIGITAL ASSET WORLD MIGHT BENEFIT THE MOST FROM A POTENTIAL SECOND DONALD TRUMP TERM IN OFFICE, AND WHO MIGHT LOSE THE MOST. THERE ARE ACTUALLY TWO LAYERS TO IT, RIGHT?

IN THE MOMENT, THE MARKET
SAYING, WELL, WE THINK TRUMP IS THE MORE LIKELY OUTCOME, BUT AT
THE SAME TIME, HE’S THE MORE PRO-CRYPTO CANDIDATE, AND
TRYING TO MAKE SENSE OF THAT ON AN ASSET CLASS THAT TRADES
THIS/7 HAS BEEN QUITE A LOT OF FUN FOR YOU. >> JUST THINK ABOUT THE RISE
BITCOIN HAS SEEN AFTER IT WAS IN AN EARLY SUMMER SLUMP.
YOU AND I, ABOUT A MONTH OR TWO AGO, WERE TALKING ABOUT HOW
DIFFICULT IT WAS FOR THIS CRYPTOCURRENCY TO GET OUT OF
THAT SLUMP. NOW WE’RE IN A POSITION WHERE,
YES, ON THE HOPES OF A MORE FRIENDLY PRESIDENT HERE TO THE
CRYPTO INDUSTRY, YOU HAVE SEEN BITCOIN RISE TO THE TUNE OF 10%
SINCE EARLY KIND OF INDICATIONS

HERE OF BIDEN LOSING SOME
STEAM, WHEN YOU SAW HIM ADDRESS THE PUBLIC IN DIFFERENT WAYS,
AND CERTAINLY EVEN MORE SO WHEN HE STEPPED DOWN FROM THE
NOMINATION YESTERDAY. YOU ALSO HAD, FOR EXAMPLE,
BITCOIN MINERS SURGED MORE THAN BITCOIN ITSELF.
A LOT OF PEOPLE. THIS IS INTERESTING. REMEMBER, IT’S NOT
JUST THE PRESIDENTIAL RHETORIC WE’RE TALKING ABOUT HERE.
IT’S ALSO THE IDEA YOU MAY EXPECT AN APPROVAL OF A FILING
THIS WEEK, AND THEY TRADE AS WELL. SO, YES, UNDER THE BIDEN
ADMINISTRATION, THEY’VE COME DOWN VERY HARD ON THE CRYPTO
COMMUNITY? ABSOLUTELY. HAS IT LEFT AN OVERHANG ON
CRYPTO STOCKS, PARTICULARLY EXCHANGES? ALSO YES.
HAS THE BIDEN WHITE HOUSE

OVERTURNED BILLS. BIPARTISAN
BILLS PARTICULARLY THAT WOULD HAVE CHANGED THE WAY CRYPTO IS
ACCOUNTED FOR. ALSO YES. BUT THEN AGAIN, YOU HAVE SEEN
ALSO PIVOTAL MOMENTS IN THE BITCOIN INDUSTRY. NEW RECORD
HIGHS UNDER THE BIDEN ADMINISTRATION AS WELL.
SO A LITTLE UNCLEAR HERE AS TO HOW MUCH MORE FOR CRYPTO TRUMP
WOULD BE THAN THE BIDEN ADMINISTRATION. CAROLINE.
OF COURSE, WHETHER OR NOT IT WILL BE HARRIS WHO HARRIS WILL
BE ACCOMPANIED BY. WE ARE AWAITING HER FIRST LIVE
REMARKS SINCE THE BATON WAS HANDED FROM PRESIDENT BIDEN TO
SAY HE DOES ENDORSE V.P. HARRIS TO TAKE ON THE
DEMOCRATIC PARTY IN THE NEXT ELECTION.
WE’LL BE WAITING TO SEE WHAT.

SHE SAYS REMARKS AT THE NCAA CELEBRATION EVENT. BUT MORE BROADLY, HAVE WE EVER HEARD V.P. HARRIS SPEAK PARTICULARLY ABOUT CRYPTO? HAVE WE EVER TRIED TO GARNER ULTIMATELY -- YOU’VE SPOKEN TO OTHERS. HE REALLY WAS PUSHING FOR THIS CHANGE OF THE GUARD. >> HE WAS PUSHING FOR THE CHANGE OF THE GUARD, BUT JUST AS INTERESTING, CAROLINE, IS THIS IDEA THAT HE WANTS TO SEE A RACE. HE IS ONE OF THE BILLIONAIRES THAT DID SPEAK TO BLOOMBERG ABOUT THE IDEA THAT SHE’S GOING TO HAVE TO WIN THAT TICKET GOING INTO THAT DEMOCRATIC HASH CONVENTION IN MID AUGUST. HE DID NOT FLAT OUT SAYING SHE SHOULD HAVE IT ON DAY ONE. SO THERE IS MORE SUPPORT FOR

KAMALA HARRIS.
AND REMEMBER, IT’S NOT THAT THE TRUMP ADMINISTRATION IS ALL IN
ON CRYPTO AS WELL. REMEMBER, THE SECURITIES AND
EXCHANGE THE CHAIR HAS EXAMINED THE JOURNAL OF THE LAST DAY’S
PROCEEDINGS UNDER THE TRUMP ADMINISTRATION, CRYPTO DID FACE
SOME HURDLES IN THAT TIME AS WELL, IF YOU REMEMBER.
THE OTHER THING UNDER A TRUMP ADMINISTRATION THAT WOULD COME
UNDER VERY SIGNIFICANT CONCERN IS AN IDEA OF A CENTRAL BANK
DIGITAL CURRENCY. THIS IDEA THE GOVERNMENT ITSELF
COULD SURVEIL PAYMENTS IN A BROADER WAY.
IT’S A NUANCED VIEW HERE. AND THERE ARE STILL A LOT OF
HOLDOUTS IN THE CRYPTO COMMUNITY THAT DON’T SAY THE
REPUBLICAN PARTY IS THE ONLY ONE FOR CRYPTO, THOUGH IT IS
LEANING THAT WAY OF LATE.

CAROLINE:
ALWAYS 24/7, WE SO APPRECIATE IT. LET’S SPEAK TO SOMEONE WHO’S
DEEP WITHIN THE CRYPTO ECOSYSTEM ABOUT POLITICAL
CHANGE, THE E.T.F. WE’RE ALL EYEING TO GO LIVE
THIS WEEK. YOUR READ ON THIS ULTIMATELY,
WHETHER THERE WILL BE A SUDDEN CLEARER PATH FOR REGULATION
WHEN IT COMES TO CRYPTO, IF WE DID HAVE TRUMP, OR INDEED, IF
WE DID HAVE HARRIS. >> WE’RE GOING TO FIND OUT
REALLY SOON, AREN’T WE? HARRIS IS A LITTLE BIT UNKNOWN
SO FAR IN TERMS OF WHAT HER INDIVIDUAL VIEWS ARE, BUT FOR
THE MOST PART, I THINK SHE’S PROBABLY GOING TO ECHO WHAT
BIDEN HAS DONE. WHILE PEOPLE ARE FOCUSED A LOT
ON WHETHER OR NOT THIS IS A

PARTY ISSUE. I THINK WHAT IT’S
REALLY ABOUT IS WHO ARE THE HEADS OF THE VARIOUS AGENCIES.
THE REGULATORS HAVE TREMENDOUS POWER HERE, AND I’M TALKING
ABOUT NOT JUST THE S.E.C., BUT ALSO THE F.T.C. AND THE O.C.C.
SO TO A LESSER EXTENT, THE I.R.S. AND THE F.T.C.
OBVIOUSLY, SECRETARY OF TREASURY IS HUGE.
SO WHOEVER IS IN THOSE SEATS RIGHTLY DICTATES WHAT HAPPENS.
AND LET’S BE REALISTIC HERE. CRYPTO, WHILE A VERY IMPORTANT
ISSUE, IS NOT THE BIGGEST ISSUE FOR MOST POLITICAL MINDS.
SO, YOU KNOW, THEY’RE GOING TO BE PICKING THOSE SEATS BASED ON
OTHER FACTORS, AND YET WHO THEY PUT INTO THOSE POSITIONS CAN
TURN ON OR OFF CRYPTO LIKE A LIGHT SWITCH. ED:
ONE OF THE VOICES QUOTED IN THE

BLOOMBERG NEWS BITCOIN WRAP.
TALKS ABOUT HOW IF TRUMP IS ELECTED TO AN OFFICE, THAT’S AN
ASSET CLASS, CRYPTO BECOMES MORE INVESTABLE.
IS THAT BECAUSE OF WHAT YOU JUST SAID ABOUT REGULATORS?
IF TRUMP COMES TO OFFICE WITH A CLEAR PRO-CRYPTO STANCE, THE
REST OF THE MARKET KIND OF FOLLOWS SUIT. >> WELL, TRUMP HAS BEEN VERY
CLEAR, CERTAINLY IN THE LAST SIX MONTHS, AND YOU CAN GO BACK
TO 2019 AND HE HAD A DIFFERENT VIEW, BUT HE’S CONSISTENT NOW,
AND I THINK WHAT’S HAPPENED IS HE’S ACTUALLY LEARNED THE
MARKED HAS EVOLVED BY FOUR YEARS. WE HAVE TREMENDOUS
INFRASTRUCTURE WE DID NOT HAVE FOUR YEARS AGO.
SO I THINK HE IS READY TO MAKE

CRYPTO AN INVESTABLE ASSET.
FRANKLY, REGARDLESS WHICH POLITICAL SIDE YOU’RE ON,
DIGITAL ASSETS, CRYPTO, ARE ABOUT MONEY FOR THE PEOPLE AND
ABOUT FREEDOM OF CHOICE. THESE ARE TWO VIRTUES BOTH
PARTIES ESPOUSE TO BE IN FAVOR OF.
HOWEVER, SOME POLITICAL LEADERS TEND TO LEAN MORE TOWARDS GIVE
THE POWER TO THE BANKS, RIGHT? I THINK THERE’S A REAL
CHALLENGE. THERE’S A FIGHT GOING ON BEHIND
THE SCENES FOR POWER KIND OF IN THE FINANCIAL INSTITUTION
SYSTEM, AND ARE YOU GOING TO GIVE THAT TO THE BANKS OR OPEN
IT UP WITH FREEDOM AND LET PEOPLE DECIDE?
TRUMP HAS DEFINITELY SAID THE LATTER.
BIDEN PUT IN PEOPLE THAT WERE MORE IN FAVOR OF KIND OF THE
EXISTING BANKING SYSTEM, AND

THAT’S THE QUESTION THAT WE
HAVE IN FRONT OF US. WHAT’S GOING TO HAPPEN NEXT. ED:
I GUESS THE JOY OF CRYPTO MARKETS IS IT TRADES 24/7, AND
JUST LIKE EVERYONE ELSE, I WAS LOOKING AT BITCOIN OVER THE
HEADLINE. DO YOU READ MUCH INTO THE
MINUTE-BY-MINUTE MOVE WHEN A NEWS EVENT LIKE THIS PAST
WEEKEND HAPPENS? DOES THE MARKET TELL YOU
ANYTHING ABOUT POPULAR SENTIMENT? >> IT DOES.
YOU ALWAYS HAVE TO TAKE IT WITH A GRAIN OF SALT.
IT’S REALLY HARD TO READ THE TEA LEAVES. I’M NOT A TRADER.
I THINK PEOPLE PUT TOO MUCH EMPHASIS ON SMALL-TERM SHORT
MOVEMENTS. BUT NO, WE DO SEE POPS.
WHEN PEOPLE ARE SEEING A MORE POSITIVE OUTLOOK, AND I THINK
RIGHT NOW, THE TRUMP

ADMINISTRATION, IF YOU WERE TO COME IN, CLEARLY SIGNALS A MORE FAVORABLE APPROACH TO CRYPTO, AND WE’LL SEE WHAT HAPPENS IF IT’S ANYTHING ELSE. BUT BIDEN AND THEN HARRIS, KIND OF BY PROXIMITY, WOULD ALSO LIKELY PUT IN THE SAME TYPES OF CANDIDATES AND PROBABLY BE PRETTY NEGATIVE FOR CRYPTO. CAROLINE: MIKE, THIS WEEKEND, WE’RE ANTICIPATING TRUMP TO SPEAK AT A BIG BITCOIN CONFERENCE IN NASHVILLE, LIKELY TO BE SEEING SOME MORE MONEY COMING FROM THE CRYPTO ECOSYSTEM INTO HIS OWN COFFERS FOR FUNDRAISING. WHAT ABOUT THE PEOPLE YOU SPEAK TO ABOUT WHETHER OR NOT THEY’RE GOING TO MAKE MONEY OR DONATIONS TO A HARRIS-LED DEMOCRATIC PARTY? >> I’VE BEEN A SINGLE ISSUE VOTER, I THINK A LOT OF CRYPTO

PEOPLE ARE.
WHERE WE STAND IN THE ECOSYSTEM, I THINK OUR CLIENTS
EXPECT US TO BE THIS WAY. WE’RE REALLY LOOKING OUT FOR
HOW DO WE MAKE DIGITAL ASSETS BETTER?
WE DO THINK IT IS IMPORTANT FOR THE UNITED STATES TO BE
COMPETITIVE IN FINANCIAL MARKETS.
THAT WAY, WE HAVE SOLID DIGITAL ASSETS.
IN GENERAL, THERE’S STILL A LOT OF MOMENTUM BEHIND TRUMP.
PRIOR TO TRUMP COMING IN AND DECLARING THAT, HEY, THIS IS AN
IMPORTANT ISSUE FOR AMERICA’S FUTURE, THE CURRENT
ADMINISTRATION DIDN’T SEEM TO BE ANY INKLING THAT WAS TRUE AT
ALL AND HAS BEEN PUNITIVE. ON THE GOOD NEWS SIDE, I DON’T
THINK THIS IS REPUBLICAN VS. DEMOCRATS.
71 DEMOCRATS VOTED FOR THE BILL. THIS IS A BIPARTISAN APPROACH.
WHILE THERE’S A FEW PEOPLE IN

EACH PARTY MAYBE A LITTLE BIT MORE IN THE DEMOCRATIC PARTY, BUT A FEW THAT DON’T LIKE CRYPTO. IN GENERAL, THIS IS GOOD FOR AMERICA. IT’S GOOD FOR PEOPLE. IT’S GOOD FOR FREEDOM. EVERY POLITICIAN SHOULD BE STANDING UP RIGHT NOW FOR BITCOIN AND DIGITAL ASSETS. ED: YOU HAVE TO TALK ABOUT J.D. VANCE IF YOU’RE GOING TO TALK ABOUT REGULATION PARTY VERSUS PARTY. DO YOU HAVE A CLEAR SENSE OF HIS ATTITUDE TOWARD THE CRYPTOCURRENCY MARKETS? >> WELL, GOOD NEWS THERE IS HIS PROXIMITY TO SILICON VALLEY. HIS PAST RELATIONSHIPS WITH FOUNDERS, PETER THEIL, AND THE OTHERS. HE UNDERSTANDS TECHNOLOGY JUST A HECK OF A LOT BETTER THAN THE OLDER PEOPLE THAT HAVE BEEN RUNNING THE SHOW.

HERE IN AMERICA THE LAST FEW
YEARS. I THINK IT’S REFRESHING TO HAVE
SOMEBODY FROM THE YOUNGER GENERATION.
I MEAN, REMEMBER, OF THE MILLENNIAL MILLIONAIRES OUT
THERE, 100% OF THEM OWN BITCOIN. IF YOU WANT TO TALK TO THE
YOUNGER GENERATION, THEY OBVIOUSLY WANT TO HAVE A
CONVERSATION ABOUT BITCOIN. AND I THINK J.T.
VANCE HITS THAT A LOT BETTER THAN THE ELDER FOLKS DID. ED:
ONE IDEA IN A TRUMP PRESIDENCY FROM A REGULATORY STANDPOINT,
MIKE, IS TO HAND RESPONSIBILITY BACK TO THE STATE ON A NUMBER
OF ISSUES. I’M NOT SAYING THERE’S ANY
CERTAINTY OR EVEN REPORTING THAT CRYPTO WOULD BE CALLED
INTO THAT BASKET, BUT DO YOU

SEE THAT BEING A POINT OF TENSION, A STATE-BY-STATE POLICY TOWARD CRYPTOCURRENCY MARKETS AND CONSUMER ADOPTION VERSUS A SORT OF FEDERAL LEVEL LOOK? PARTLY THAT WOULD BE GREAT. I’VE BEEN SAYING WE KIND OF HAVE A THOMAS JEFFERSON VERSUS ALEXANDER HAMILTON THING GOING ON RIGHT NOW WHEN IT COMES TO CRYPTO. YOU’VE GOT ONE FOR THE FED POWER, HAMILTON’S SIDE. THE OTHER ONE FOR THE STATES’ FEDERATION, JEFFERSON. HOWEVER, AMERICA, AS A POLITICAL AND ECONOMIC SYSTEM, HAS A LOT OF FEDERAL TIES. SO EVEN IF YOU ARE A STATE-CHARTERED BANK, REMEMBER YOU PROBABLY ARE CARRYING FDIC, WHICH IS THE FEDERAL DEPOSITORY INSURANCE.

THE FEDERAL INSURANCE IS VERY
DIFFICULT AND HAS DEFINITELY BEEN TOLD TO LOCK OUT CRYPTO.
SO WHETHER YOU’RE A FEDERALLY CHARTERED INSTITUTION THROUGH
THE O.C.C. OR STATE-CHARTERED ONE, YOU’RE
PROBABLY LOOKING AT FDIC AND THE FEDERAL RESERVE. I’M SORRY,
THE FDIC HAS TREMENDOUS POWER OVER ALL OF THOSE BANKS. SO ANYWAY, I WOULD LIKE TO SEE
MORE COMPETITION ACROSS STATES TO GET THIS GOING.
HOWEVER, REMEMBER, THERE’S FEDERAL FOLKS EVERYWHERE. ED:
THANK YOU. YOU’RE LOOKING AT LIVE PICTURES
FROM THE WHITE HOUSE. THAT IS THE CHAMPIONSHIP TEAMS
OF THE NATIONAL COLLEGIATE ATHLETIC ASSOCIATION GATHERING
AT THE PODIUM.

WE AWAIT VICE PRESIDENT HARRIS, WHO’S DUE TO DELIVER MARKS. VERY QUICKLY, GO OUT TO WASHINGTON, D.C., BLOOMBERG’S KAILEY LEINZ. WE TALKED ABOUT ONE CANDIDATE VERSUS ANOTHER AND WHAT HARRIS MAY OR MAY NOT SAY. >> YEAH, THIS WOULD BE THE FIRST INTRODUCTION TO VICE PRESIDENT KAMALA HARRIS AS NOT JUST THE VICE PRESIDENT, BUT AS A DEMOCRAT SEEKING THE NOMINATION JUST A MATTER OF WEEKS FROM NOW. THIS IS HER FIRST OFFICIAL EVENT SINCE ANNOUNCING SHE DOES INTEND TO WIN AND EARN THAT NOMINATION. THIS IS GOING TO BE VERY HIGH-PROFILE FOR HER, AND I WOULD POINT OUT THIS IS NOT THE ONLY TIME THAT HARRIS WILL BE AT AN EVENT TODAY. SHE JUST TWEETED OR POSTED ON X THAT IN THIS FIRST FULL DAY OF

OUR CAMPAIGN, IN HER WORDS, SHE’LL HEAD TO WILMINGTON, DELAWARE, TO SAY HELLO TO THE STAFF IN HEADQUARTERS. SHE SAYS ONE DAY DOWN, 105 TO GO. SHE SAYS TOGETHER WE’RE GOING TO WIN THIS, AND WE’RE GOING HEAR HER IN JOUST MOMENTS AS SHE WALKS ON THE STAGE AT THE WHITE HOUSE OF THE NCAA SPORTS DAY EVENT. OF COURSE, NOT SOMETHING THAT WAS INTENDED TO BE A CAMPAIGN EVENT, BUT GIVEN THE EVENTS OF THE LAST 24 HOURS, IT’S VERY MUCH BECOMING ONE, AS WE AWAIT THE VICE PRESIDENT TO GIVE REMARKS AFTER THIS FIRST SPEAKER. ALIX: WE DO ANTICIPATE, A LOT TO BE SAID. WHEN THEY ARE ALREADY SIGNED UP TO MAKE SPEECHES REGARDING

SPORT, REGARDING COMPETITION, HOW MUCH DO WE THINK SHE REALLY CAN JAM IN THE FUTURE POLICYMAKING? SHE’S ALREADY THINKING AROUND? >> WELL, THIS ISN’T LIKELY TO BE A SPEECH THAT IS GOING TO OUTLINE EVERYTHING SHE WOULD LIKE TO BE POLITICALLY AS PRESIDENT, CAROLINE, BUT OF COURSE, WITH ONLY 105 DAYS UNTIL THE ELECTION, JUST A MATTER OF WEEKS UNTIL THE DEMOCRATIC CONVENTION IN CHICAGO, WHICH BEGINS AUGUST 19, SHE, FRANKLY, CANNOT AFFORD TO MISS ANY OPPORTUNITY TO PLEAD HER CASE AS TO WHY SHE SHOULD BE ELEVATED FROM VICE PRESIDENT OF THE UNITED STATES TO PRESIDENT OF THE UNITED STATES. GIN, THIS IS THE FIRST TIME SHE’LL BE ADDRESSING CAMERAS TO

ANNOUNCE HER CANDIDACY. TO SAY
SHE DOES INTEND TO EARN THE DEMOCRATIC NOMINATION, SHE’S
LIKELY NOT GOING TO GO WITHOUT SAYING THAT.
BUT, OF COURSE, BECAUSE THE EVENT IS NOT A CAMPAIGN EVENT,
THIS IS HAPPENING ON THE WHITE HOUSE LAWN AS WE SPEAK. IT IS
LIKELY TO NOT BE AS STEEPED IN POLICY AS IT OTHERWISE COULD
HAVE BEEN. MANY STRATEGISTS I’VE SPOKEN
WITH IN THE LAST 24 HOURS SUGGEST HARRIS IS PROBABLY
BETWEEN NOW AND THE CONVENTION BEGINNING IN MID-AUGUST GOING
TO HAVE TO DO SOME KIND OF FORMAL ANNOUNCEMENT OF WHAT HER
POLICY PLATFORM WILL BE AND HOW IT CAN BE DIFFERENTIATED FROM
JOE BIDEN. KNOWING REPUBLICANS ARE ALREADY TRYING TO TIE HER
DIRECTLY TO THE POLICIES OF

THIS ADMINISTRATION, GIVEN SHE
HAS SERVED THIS ADMINISTRATION AS VICE PRESIDENT FOR THE LAST
3 1/2 YEARS. CAROLINE: IT’S INTERESTING, AS A
TECHNOLOGY SHOW, WE’VE OBVIOUSLY BEEN TRYING TO GARNER
THE INTEREST FROM SOCIAL MEDIA USERS, AND IT FEELS AS THOUGH
THE CHINESE COMMUNITY AND GOVERNMENT DOESN’T SEEM MUCH OF
A TONE SHIFT COMING FROM BIDEN PASSING THE BATON TO KAMALA
HARRIS. A VIEW SHE WOULD STILL BE UNLIKELY TO BEAT OUT TRUMP.
THAT’S RINGING OUT IN THE CRYPTO MARKET WE WERE JUST
SPEAKING ABOUT. WHAT ABOUT DONORS HERE AT THE
MOMENT? I KNOW WE SPOKE ABOUT IT BRIEFLY.
HAS THERE BEEN ANY NEW UPDATE ABOUT SUPPORT COMING FROM THE
MONETARY PERSPECTIVE? KATIE:

EVERY. ACT BLUE HAD $50 MILLION RAISED FROM GRASSROOTS DONORS IN JUST THE SEVEN HOURS AFTER BIDEN’S ANNOUNCEMENT, AND HARRIS’ SUBSEQUENT ANNOUNCEMENT THAT SHE WAS SEEKING THE NOMINATION. OUR UNDERSTANDING IS THOSE ARE CONTINUING TO ROLL IN, AND THAT FIGURE IS TICKING HIGHER. WE ALSO HAVE SEEN A NUMBER OF HIGH-PROFILE DONORS, ONE WELL KNOWN TO THE TECHNOLOGY INDUSTRY, GEORGE SOROS HAS DONE THE SAME. OTHERS ARE STILL REMAINING ON THE SIDELINES FOR NOW, AS MANY ARE NOT EAGER TO SEE WHAT COULD BE AN ANNOUNCEMENT OF HARRIS WITHOUT A FULL PROCESS HERE. BUT THE VICE PRESIDENT IS NOW AT THE PODIUM, LET’S LISTEN TO HER WORDS. VICE PRESIDENT HARRIS: THESE EXTRAORDINARY

STUDENT-ATHLETES, AND IT IS GOOD TO BE HERE WITH SO MANY LEADERS, INCLUDING, OF COURSE, MEMBERS OF CONGRESS, MEMBERS OF OUR ADMINISTRATION, AND OUR EXTRAORDINARY ATHLETES. OUR PRESIDENT, JOE BIDEN, WANTED TO BE HERE TODAY. HE’S FEELING MUCH BETTER AND RECOVERING FAST. HE LOOKS FORWARD TO GETTING BACK ON THE ROAD. AND I WANTED TO SAY A FEW WORDS ABOUT OUR PRESIDENT. JOE BIDEN’S LEGACY OF ACCOMPLISHMENT OVER THE PAST THREE YEARS IS UNMATCHED IN MODERN HISTORY. IN ONE TERM, HE HAS ALREADY -- YES, YOU MAY CLAP. [APPLAUSE] IN ONE TERM, HE HAS ALREADY SURPASSED THE LEGACY OF MOST PRESIDENTS WHO HAVE SERVED TWO TERMS IN OFFICE.

AND I FIRST CAME TO KNOW
PRESIDENT BIDEN THROUGH HIS SON, BEAU.
WE WORKED TOGETHER AS ATTORNEYS GENERAL IN OUR STATES, AND BACK
THEN BEAU WOULD OFTEN TELL ME STORIES ABOUT HIS DAD.
HE WOULD TALK ABOUT THE KIND OF FATHER AND THE KIND OF MAN THAT
JOE BIDEN IS. THE QUALITIES THAT BEAU REVERED
IN HIS FATHER ARE THE SAME QUALITIES THAT I HAVE SEEN
EVERY DAY IN OUR PRESIDENT. HIS HONESTY, HIS INTEGRITY, HIS
COMMITMENT TO HIS FAITH AND HIS FAMILY, HIS BIG HEART, AND HIS
LOVE, DEEP LOVE, OF OUR COUNTRY, AND I AM FIRSTHAND
WITNESS THAT EVERY DAY OUR PRESIDENT, JOE BIDEN, FIGHTS
FOR THE AMERICAN PEOPLE, AND WE ARE DEEPLY, DEEPLY GRATEFUL FOR
HIS SERVICE TO OUR NATION.

[APPLAUSE]
SO, WITH THAT, ON BEHALF OF OUR PRESIDENT AND DR. BIDEN, I AM
HONORED TO WELCOME ALL OF YOU TO THE WHITE HOUSE TO CELEBRATE
THE ACHIEVEMENTS OF THESE GREAT ATHLETES.
EVERY ONE OF THEM IS A NATIONAL CHAMPION. A NATIONAL CHAMPION.
IN AMERICA, TENS OF MILLIONS OF PEOPLE PLAY A SPORT AS A CHILD,
AND THE BEST OF THE BEST GROW UP TO BECOME NATIONAL CHAMPIONS.
HERE TODAY, WE HAVE SEVEN UNDEFEATED TEAMS, 11 REPEAT
CHAMPIONS, AND 20 FIRST-TIME WINNERS. [APPLAUSE]
SOME OF YOU HAVE REPRESENTED OUR NATION ON THE INTERNATIONAL
STAGE. ED: THAT WAS VICE PRESIDENT KAMALA
HARRIS SPEAKING PUBLICLY FOR THE FIRST TIME SINCE PRESIDENT
BIDEN ENDED HIS RE-ELECTION BID

AND ENDORSED VICE PRESIDENT HARRIS TO BE THE DEMOCRATIC NOMINEE.
LET’S GO BACK TO KAILEY LEINZ IN WASHINGTON, D.C.
I WAS LISTENING INTENTLY TO WHAT VICE PRESIDENT HARRIS WAS SAYING. I THINK A LOT OF IT WAS NOTED ALREADY IN THE STATEMENT SHE PUT OUT SUNDAY. YOUR ANALYSIS, KAILEY. KAILEY: INTERESTING THAT SHE CHOSE NOT TO SPEAK ABOUT HER OWN QUALIFICATIONS TO BE PRESIDENT OF THE UNITED STATES. NOW THAT SHE HAS DECLARED SHE DOES INTEND TO EARN THE DEMOCRATIC NOMINATION, BUT INSTEAD TO BEGIN HER REMARKS IN HER FIRST OFFICIAL SEVENTH SINCE ALL OF THIS WENT DOWN TO TALK ABOUT JOE BIDEN’S LEGACY, DESCRIBING HIM AS HAVING IN ONE TERM.

SAYING THE AUDIENCE COULD CLAP FOR THIS, HE’S ALREADY SURPASSED THE LEGACY OF MOST PRESIDENTS WHO SERVED TWO TERMS IN OFFICE, TALKING ABOUT HONESTY AND INTEGRITY AND FAITH, DEEPLY GRATEFUL FOR HIS SERVICE TO OUR NATION. SO SHE’S NOT NECESSARILY MAKING THIS ABOUT HER TODAY. SHE’S TALKING ABOUT JOE BIDEN AND THE LEGACY HE WILL LEAVE BEHIND, KNOWING THAT HE IS GOING TO BE A ONE-TERM PRESIDENT IN HIS DECISION NOT TO SEEK RE-ELECTION. AND EVEN AS HE HAS SUGGESTED HE WOULD LIKE TO SEE THE BATON, OR THE TORCH PASSED TO HER, SHE DIDN’T TAKE THIS MOMENT AT LEAST INITIALLY TO PLEAD HER OWN CASE AND TREAT THIS LIKE A

CAMPAIGN EVENT.
SHE MOVED RIGHT FROM TALKING ABOUT JOE BIDEN’S LEGACY TO
COMMENDING THE ATHLETES WHO ARE GATHERED ON THE STAGE BEHIND
HER. IT’S AN INTERESTING CHOICE, AND
IT DOES SUGGEST PERHAPS SHE’S GOING TO SAVE MOST OF THE
CAMPAIGNING FOR A LATER EVENT. SHE JUST ANNOUNCED A FEW
MINUTES AGO THAT SHE WILL BE HEADING TO WILMINGTON,
DELAWARE, LATER TODAY TO MEET WITH THE CAMPAIGN HEADQUARTERS
THERE AS SHE KNOWS THERE’S JUST 105 DAYS TO GO UNTIL THE
ELECTION. CAROLINE: WHEN PRESIDENT BIDEN IS FULLY
RECOVERED, ABLE TO BE BACK IN FRONT OF CAMERAS, WHAT DO WE
EXPECT THE RELATIONSHIP TO BECOME LIKE OVER THE NEXT FEW
DAYS? KAILEY:

HE ANNOUNCED HE WOULDN’T SEEK RE-ELECTION YESTERDAY. THINKS IT’S IN THE BEST INTEREST OF THE PART AND NATION TO FOCUS ON CONTINUING OUT THE REST OF HIS TERM AND DUTIES AS PRESIDENT. TO ME, THAT DOES SUGGEST HE MAY NOT BE SUPER ACTIVE IN THE ACTUAL ONGOING PRESIDENTIAL CAMPAIGN, BUT ULTIMATELY THAT’S LIKELY A DECISION THAT WOULD BE LEFT TO KAMALA HARRIS OR WHOEVER IS ATOP THE DEMOCRATIC TICKET, TO WHAT EXTENT THEY WANT TO ATTACH THEMSELVES TO JOE BIDEN AND HAVE JOE BIDEN CAMPAIGNING ON THEIR BEHALF. KNOWING THAT THERE WILL BE A REPUBLICAN EFFORT TO TALK KAMALA HARRIS DIRECTLY TO THE POLICIES OF THE BIDEN ADMINISTRATION SUGGESTS THAT

SHE’S ESSENTIALLY JUST A
CONTINUATION OF THE SAME. YOU COULD SEE HOW SHE MAY WANT
TO SENTENCE HERSELF FROM THAT. IT REMAINS TO BE SEEN.
JOE BIDEN JUST DAYS AGO, AS WE ALL KNOW, WAS TALKING ABOUT
RETURNING TO THE CAMPAIGN TRAIL WHEN HE RECOVERS FROM COVID
THIS WEEK. WE KNOW THINGS ARE EVOLVING IN
REAL TIME. AND IT LOOKS LIKE THE VICE
PRESIDENT HAS JUST WRAPPED UP HER REMARKS WITHOUT SAYING MUCH
ABOUT HER CANDIDACY WHATSOEVER. CAROLINE:
MAYBE LATER IN WILMINGTON. KAILEY LEINZ, WE THANK YOU SO
MUCH. COMING UP, WE GET BACK TO TECH
AND WHAT TO EXPECT FROM THIS WEEK’S EARNINGS.
THIS IS BLOOMBERG TECHNOLOGY. CAROLINE:
LET’S LOOK AHEAD TO THIS WEEK’S

TECH EARNINGS, WHAT TO EXPECT.
STARTING WITH S.A.P., SPOTIFY, GOOGLE, TESLA
REPORTING TOMORROW. WE’RE GOING TO GO THROUGH
WHETHER WE CAN LIVE UP TO SOME EVALUATIONS, RON. RON:
THAT’S THE KEY QUESTION THIS QUARTER.
A LOT OF SEVEN COMPANIES ARE EXPECTED TO DELIVER A
DECELERATION IN EARNINGS. EARNINGS WILL STILL BE PRETTY
STRONG. GROWTH WILL STILL BE PRETTY
STRONG, BUT SLOWER THAN WE’VE SEEN IN PAST QUARTERS, AND
GIVEN HOW MUCH THESE STOCKS ARE BROUGHT UP SO FAR THIS YEAR,
EVEN WITH THE RECENT VOLATILITY WE’VE SEEN, THAT’S THE KEY
QUESTION. HOW MUCH ARE THESE COMPANIES
ABLE TO JUSTIFY HOW MUCH THEY’VE MOVED UP THIS YEAR? ED:
TUESDAY IS GOING TO BE BIG.

IS THERE A STORY ACROSS ALL OF TECH YOU’RE WATCHING? >> I THINK THE MAIN ISSUES ARE GOING TO BE HOW MUCH OF THESE EXPECTS WILL CONTINUE SPENDING ON THEIR A.I. INITIATIVES, AND WHAT KIND OF RETURN ON INVESTMENT ARE THEY SEEING FROM THESE INITIATIVES. I THINK ALPHABET IS GOING TO BE PARTICULARLY IMPORTANT WITH THAT. WE’RE GOING TO WATCH HOW STRONG THE CLOUD BUSINESS IS THERE, AND MORE BROADLY, WE’RE GOING TO SEE WHAT THE STATE OF THE DIGITAL ADVERTISING MARKET LOOKS LIKE. WE ALREADY SAW SOME OF THAT LAST WEEK FROM NETFLIX, BUT I THINK FOR ALPHABET AND META NEXT WEEK, THOSE ARE THE KEY FOCUSES. HOW MUCH ARE THEY SEEING FROM A.I.? HOW MUCH ARE THEY SPENDING ON

WILL THAT BE ENOUGH TO JUSTIFY STOCKS? CAROLINE: IN PARTICULAR, NVIDIA. WE APPRECIATE IT. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. A LOT OF EARNINGS TO ANTICIPATE THERE. ED: YOU START THE WEEK WITH THE BIGGEST OUTAGE IN HISTORY MAKES FOR GOOD RECAPPING ON PODCAST. YOU KNOW WHERE TO FIND IT. CAROLINE IS IN LONDON THIS WEEK. I’M IN SAN FRANCISCO. IT’S AN AMAZING WEEK TO TUNE IN, LEARN ABOUT WHAT’S GOING ON IN THE WORLD OF TECHNOLOGY. THIS IS BLOOMBERG TECHNOLOGY. ♪

Biden Drops Out and CrowdStrike Plunges | Bloomberg Technology

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Bloomberg Technology

The Impact of President Biden's Endorsement on the Tech Industry

President Biden's endorsement of Vice President Kamala Harris has led to widespread support from Democratic leaders and a significant financial advantage, potentially impacting the tech industry's political landscape.

Harris's presidency is expected to have a similar direction to Biden's, raising questions about how she will differentiate herself, especially in the area of technology and big tech regulation.

Vance's support for competition and antitrust efforts may create alignment between the tech industry and the Democratic Party in those areas.

Steve Westly Discusses President Biden's Endorsement of Kamala Harris

Steve Westly praises Biden's selflessness in endorsing Kamala Harris and believes it will bring excitement to the Democratic race.

He predicts that Silicon Valley will continue to support the Democrats financially in the upcoming election.

Westly expects a significant amount of money to come in for the Democratic nominee, highlighting the party's strong campaign story.

CrowdStrike's Stock Plunge and Its Impact

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The lasting effect of the outage is significant, highlighting the challenges of cleaning up and the need for a more careful approach to updates and patches.

The incident serves as a warning for companies to build resilience, avoid over-reliance on a single environment, and take a more calculated approach to their IT landscape.

Sanjay is becoming more calculated in his approach to CrowdStrike, while Michelle discusses the impact of China-U.

Morgan Stanley advises taking profit on the AI boom and downgrades key AI chip names, anticipating tougher curbs on U.

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The focus is now on how the current administration will engage with allies in comparison to the previous one.

A historic network of 60 countries and 200 telecommunications companies collaborated to secure 5G and prevent Huawei from dominating the global market.

The effort is set to continue in the next 20 years, with a focus on achieving advanced chip self-sufficiency through government subsidies.

The impact of the US election on the crypto market is uncertain, with the potential for a more crypto-friendly environment under a Trump administration.

Vice President Harris's Stance on Crypto and Potential Impact of Political Change

Vice President Harris's position on crypto is still unclear, but it's likely to align with President Biden's approach.

The key factor influencing crypto regulation is the appointment of heads of regulatory agencies, which can significantly impact the industry.

Trump's clear pro-crypto stance has the potential to make crypto a more investable asset, reflecting a growing infrastructure and a shift towards making it available to the people for financial freedom.

The Impact of US Politics on the Crypto Market

The crypto market is influenced by the potential political stances of the Trump and Biden administrations, with a favorable approach from Trump and potential negativity from Biden and Harris.

There is a strong emphasis on the importance of political support for Bitcoin and digital assets, with a bipartisan approach in the US Congress.

federal-level regulation could create tension in the crypto market.

The Impact of Vice President Harris's Candidacy

Vice President Harris is making her first official campaign appearance, aiming to win the Democratic nomination.

With just 105 days until the election, she is under pressure to present her policy platform and differentiate herself from the current administration.

The event, while not intended to be a campaign event, is becoming high-profile, signaling the start of Harris's formal announcement of her political agenda.

Fundraising Success and Vice President Harris's Tribute to President Biden

ActBlue raised $50 million in just seven hours after Biden and Harris's nomination announcement, with high-profile donors like George Soros contributing to the cause.

Vice President Harris, in her first official speech since the announcement, chose to focus on President Biden's legacy and achievements rather than her own qualifications.

She emphasized Biden's one-term accomplishments and did not position the moment as an opportunity to plead her own case for the presidency.

Kamala Harris' Campaign Strategy and Joe Biden's Future

Kamala Harris is shifting her campaign focus away from Joe Biden's legacy towards meeting with the campaign headquarters, hinting at a delayed campaigning strategy.

Joe Biden's decision not to seek re-election suggests a less active role in the presidential campaign, potentially leaving the campaigning to Kamala Harris.

The upcoming tech earnings reports, especially from companies like Google and Tesla, are highly anticipated for their impact on stock movements and investment justification.