>> 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. BITCOIN SOARES CLOSE TO 90,000 AND THEN PULLS BACK AS TECH MARKETS SHOW SIGNS OF FATIGUE. WHERE NEXT FOR THE TRUMP RALLY. TESLA TAKES A BREATHER AFTER A 40% SURGE. ARE THE ELON INC. INVESTORS OVERDONE? FIRST, WE CHECK IN ON WHAT IS A SLIGHT PULLBACK FROM WHAT HAS BEEN A PHENOMENAL RALLY ACROSS TECH COMPANIES AND CRYPTO DOWN BY .1%. TESLA DRAGS US DOWN FROM A PLANES PERSPECTIVE AFTER A VERY RAPID RUN-UP.

AT ONE POINT, THIS NUMBER WAS SO CLOSE TO $90,000. WE DRAW BACK SOMEWHAT AFTER WE SEE TECHNICAL SIGNS OF OVERBOUGHT. OVERALL, WE ARE ALSO SEEING A PAUSE IN THE REALITIES THAT HAVE BEEN A MORE THAN 100% JUMP IN BITCOIN SO FAR THIS YEAR AND MORE THAN 3 TRILLION DOLLAR MARKET CAPITALIZATION OF THE ECOSYSTEM IN AND OF ITSELF LOOKING AT DIGITAL ASSETS. WE HAVE COME FAR AND MAY JUST A BIT OF A PAUSE. SONALI: THE $90,000 LEVEL IS ONE TO WATCH. I WOULD SAY WHAT IS INCREDIBLE IS EVEN THOSE IN THE CRYPTO COMMUNITY WATCHED WHAT WAS HAPPENING THIS WEEK WITH AWE BECAUSE IT WAS A STUNNING RISE. YOU HAVE TO REMEMBER THAT SINCE BEFORE THE ELECTION, BITCOIN WAS TRADING AT UNDER $70,000. THE RISE TO $90,000, IF YOU

BOUGHT ONE BITCOIN THE DAY BEFORE THE ELECTION, YOU'RE ALMOST $20,000 RICHER. YOU ARE SEEING STOCKS TAKE A BREEZE -- TAKE A BREATHER. IT IS 75%. THE RUN-UP THAT YOU'VE SEEN IS TREMENDOUS. YOU ALSO HAVE TO TAKE NOTE HOW MUCH NEWS THERE IS STILL TO COME. TYPICALLY IN A NEW ADMINISTRATION YOU WOULD SEE AN SEC CHAIR STEP DOWN QUITE SWIFTLY. WE DON'T KNOW HOW GARY GENSLER IS GOING TO BEHAVE IN THIS SCENARIO. ANY NEW SEC CHIEF ANDRE TRUMP ADMINISTRATION WOULD BE TELLING FOR THE DIRECTION OF THE INDUSTRY. THERE ARE LAWS THAT ARE WAITING TO BE PASSED WHEN IT COMES TO STABLECOIN. THERE ARE QUESTIONS ABOUT WHETHER THERE WILL BE A PLAY OUT OF THE PROMISE OF A

STRATEGIC BITCOIN RESERVE. LATER TODAY, WE WILL TALK TO MARATHON AND WE WILL TALK ABOUT THE MINING PROMISE, THE MADE IN AMERICA CRYPTO STORY, AND WHEN THAT COULD RAMP UP. CAROLINE: WHEN IT BECOMES THE CRYPTO CAPITAL, THE UNITED STATES. THAT IS THE PROMISE. THERE ARE PEOPLE IN THE MEANTIME MAKING A LOT OF MONEY. YOU MENTIONED HOW MUCH YOU WOULD BE UP IF YOU HAD BEEN LONG BITCOIN. SONALI: MIKE NOVOGRATZ ALONE, FOR EXAMPLE, HE IS A FEW BILLION DOLLARS RICHER JUST OFF OF THE MOST RECENT RALLY. IT IS REALLY JUST WEALTH TIED TO CRYPTO. THE TWINS HAVE HAD A TREMENDOUS COMEBACK STORY. YOU THINK ABOUT NOT JUST THE BOW'S RECENT -- NOT JUST THE

MOST RECENT COMEBACK AND HOW MUCH THEY GAINED IN THE RECENT RALLY, BUT WHERE THEY WERE A COUPLE OF YEARS BEFORE. THE CEO OF BINANCE AS WELL. HE RETAINED HIS STAKE IN THE CRYPTOCURRENCY EXCHANGE. WHEN WE THINK ABOUT THIS AS WELL, HOW ARE THEY MAKING MONEY? IT IS NOT JUST THEIR HOLDINGS IN BITCOIN, BUT THE ENTERPRISES THAT THEY OVERSEE AND THE VARIETY OF ASSETS THAT THEY HOLD IN THE CRYPTO COMMUNITY. YOU ARE SEEING NOT JUST THE SURE YOU HAVE SEEN IN BITCOIN, BUT THINGS LIKE SOLANA, DOGECOIN, AND THOSE OWNED BY CZ, COINBASE, AND BRIAN ARMSTRONG -- A BILLIONAIRE AS WELL. CAROLINE: BLOOMBERG CRYPTO IS AT 12:00 P.M. EASTERN TODAY.

APPRECIATE YOU JOINING. LET'S GET TO WHAT IT MEANS FOR THE REST OF THE MARKET. THE MANAGING PARTNER AT A TECH FIRM FOCUSING ON INVESTMENTS. WE COME TO YOU NOT ONLY BECAUSE OF YOUR EXPERTISE IN VENTURE CAPITAL BUT THE FORMER HAT THAT YOU USED TO WEAR THE FEDERAL RESERVE. MANY HAVE WONDERED IF THE MARKETS HAVE RALLIED TOO FAR. WHAT YOU THINK IS GOING ON AT THE FED RIGHT NOW? >> LET'S START FROM THE TOP. I THINK THE NEXT TWO YEARS WILL BE GOOD FOR INVESTMENTS. MONETARY POLICY, THERE IS AN EASING CYCLE NOT ONLY IN THE U.S. BUT GLOBALLY SO CAPITAL IS FLOWING BACK INTO FINANCIAL MARKETS, EQUITY MARKETS. THAT WILL TAKE A YEAR TO MATERIALIZE. CAROLINE:

THE EASING CYCLE WILL CONTINUE, EVEN WITH TARIFFS? JOE: OF COURSE. ONCE THE SHIP STARTS PIVOTING, IT DOESN'T STOP OVERNIGHT. IF WE FOUND THE RATE WOULD BE 2.5%, MAYBE WITH TARIFFS AND OTHER STUFF THEY WILL END AT 3%, THAT WILL STILL BE EASIER THAN TODAY AT 5%. ON THE FISCAL POLICY SIDE, YOU WILL SEE THE ADMINISTRATION AND CONGRESS WORKING TOGETHER TO PUT A LOT OF STIMULUS INTO THE ECONOMY. MONETARY AND FISCAL, YOU HAVE TWO THINGS WORKING AT ONCE AND THAT IS WHY I WOULD EXPECT THE REAL ECONOMY 2% TO 3%. INTECH INVESTING AND MARKETS, YOU WOULD PROBABLY BENEFIT. THE RALLY WE ARE SEEING IS AN

EARLY REFLECTION OF THAT, AND I DON'T THINK THAT THIS RALLY IS EVEN PAUSED. CAROLINE: NVIDIA STILL MANAGES TO BE ABOVE WATER, AND THE REST OF THE TECH MARKET PULLS BACK. IS IT STILL THE AI WINNERS THAT LEAD THE CHARGE? JOE: YOU HAVE TO BE. AI IS THE LATEST IN TECH. YOU NEVER WANT TO SHORT INNOVATION AND HUMAN PROGRESS. AI IS THE LATEST WAVE IN INNOVATION. WE ARE IN THE SECOND AI CYCLE THAT WILL RUN FOR 10 TO 15 YEARS. AI -- LET'S SAY THAT GDP WAS 2% WITHOUT AI. I THINK WITH AI, REAL GDP WILL GROW BY 3%, APPROXIMATELY. AI IS NOT ONLY ATTRACTING A LOT OF INVESTMENTS, BUT IT WILL SPIN OFF A LOT OF APPLICATIONS. WE ARE SEEING THAT IN CAPITAL,

IN ROBOTICS, IN SEARCH, IN HEALTH CARE, AND AI AGENTS. IN THE COMING TWO TO FIVE YEARS, YOU WILL SEE A LOT OF NEW CATEGORIES COMING OUT WITH NEW PRODUCTS, BUSINESSES, INVESTMENTS, AND THAT WILL DRIVE REAL GDP FORWARD. CAROLINE: WHEN PEOPLE QUESTION THE RETURN ON AI, ARE WONDERING, I SEE THE HYPER SCALARS PUTTING MORE MONEY INTO NVIDIA, BUT I'M NOT SEEING IT IMPACT MY LIFE. YOU SAY, BE PATIENT? JOE: TWO THINGS. WE ARE AT THE EARLY INFLECTION POINT. I WILL GIVE A SILLY ANALOGY THAT I'VE GIVEN OUR PARTNERS, AND I THINK THEY LOVE IT HERE. LET'S SAY THAT YOU HAVE A FEW PLANTS IN YOUR HOUSE. YOU LOOK AT THEM EVERY DAY, THEY ARE NOT GROWING. YOU GO ON VACATION, YOU COME

BACK, THE PLANT IS TWICE AS BIG. AS AN INVESTOR, YOU NEED TO TAKE A STEP BACK AND CHECK ON THESE BUSINESSES AND PORTFOLIO COMPANIES EVERY SIX TO NINE MONTHS, AND YOU WILL SEE THERE IS A LOT OF PROGRESS BEING MADE. IN OUR ECOSYSTEM, WE ARE SEEING ENTREPRENEURS COMING OUT OF INCUMBENTS EVERY DAY, COMING OUT OF BUILDING NEW BUSINESSES. IT TAKES TWO TO FIVE YEARS TO BUILD AN ENDURING BUSINESS OR MORE. I THINK WE ARE BEING A BIT IMPATIENT. CAROLINE: I'M LOOKING AT YOUR PORTFOLIO. YOU HAVE INTERESTING COMPANIES. SPACEX LED BY ELON MUSK, WHO IS VERY CLOSE TO THE SEAT OF POWER. ELON MUSK BEING ABLE TO HANDLE THESE JOB TITLES, YOU WANT TO

BE BACKING THE COMPANIES THAT HE BUILDS? JOE: WE ARE FORTUNATE TO HAVE INVESTED IN LOTS OF COMPANIES. THIS ENTREPRENEUR, AND I CAN'T TALK TOO MUCH ABOUT IT, BUT THE ONE THING THAT I WILL SAY -- I WILL USE ANOTHER ANALOGY. YOU DON'T BET AGAINST THE GREATEST ENTREPRENEUR OF ALL TIME BEFORE HE HAS HAD HIS PRIME. I THINK WHETHER IT IS THIS COMPANY OR OTHER COMPANIES, WE TAKE A LONG VIEW. POST-LIQUIDITY EVENTS FOR THESE INVESTMENTS, WE DISTRIBUTE STOCKS TO OUR INVESTORS. ASSET MANAGEMENT AND OUR CAPITAL BASE IS LONG-TERM FOCUS. WE WILL BE HOLDING THESE STOCKS FOR THE NEXT 10 TO 15 YEARS AND ARE BETTING ON WHAT IS COMING FORWARD DOWN THE PIPELINE.

CAROLINE: DO YOU BET AGAINST COMPANIES THAT HE HAS TAKEN ISSUE WITH LIKE OPENAI? JOE: NO. AGAIN, WE ARE LONG AI COME ALONG TECH. WE ARE LONG THE AMERICAN ECONOMY. I THINK THAT THERE ARE SOME FOLKS WHO I HAVE ENCOUNTERED WHO ARE REALLY, REALLY NEGATIVE ON SOME OF THESE THINGS. WHAT I WILL SAY IS, YOU CAN SHORT A STOCK IN THE SHORT-TERM, BUT YOU CAN'T SHORT AN ECONOMY. IF YOU SHORT INNOVATION, THE HUMAN SPIRIT, AND THE REAL ECONOMY, YOU MIGHT NOT DO SO WELL. SOMETIMES THE STOCKS WILL COME UP AND DOWN IN PUBLIC AND PRIVATE MARKETS, BUT AS A LONG-TERM INVESTOR WE ARE SUPPOSED TO HOLD A LONG VIEW AND TO BE IN THESE COMPANIES.

FOR FIVE TO 15 YEARS. WE WILL DO FINE. CAROLINE: WHAT ABOUT CHINA OR OTHER COUNTRIES TRYING TO BUILD TECH ECOSYSTEMS THAT THE U.S. WILL PUSH AGAINST, POTENTIALLY, EVEN HARDER. JOE: I WAS IN DUBAI, ASIA. ONE IN ISRAEL. YOU TRAVEL AROUND THE WORLD. THE U.S. IS BY FAR THE CATEGORY LEADER IN THE AI RACE. EVERYONE ELSE IS MILES BEHIND. THERE ARE TWO, THREE, AND FOUR PROBABLY VERY FAR BEHIND. THIS RACE IS ONLY STARTING. I DON'T SEE OUR POSITION BEING CHALLENGED YET, BUT COMPETITION IS GREAT BECAUSE IT MAKES YOU WORK HARDER. OUR PORTFOLIO, WE THINK THAT THIS AI BOOM WILL DRAG TECH EARNINGS AND TECH GROWTH BY A

BIG AMOUNT. I THINK IN THE NEXT 10 YEARS WE WILL LOOK BACK LIKE WE LOOKED AT THE INTERNET AND BE LIKE, WHY DIDN'T WE INVEST MORE? CAROLINE: THAT PLANT WILL GROW A LOT OVER THE NEXT 10 YEARS. JOE: HOPEFULLY. CAROLINE: COMING UP, WE WILL SIT DOWN WITH SHOPIFY'S HARLEY FINKELSTEIN, AND WATCHING SHARES OF META. INTERESTING NEWS WHEN YOU LOOK AT WHO IS TAKING A POSITION IN META. AN ACTIVIST INVESTOR BEING VALUED BY CNBC TAKING A $1 BILLION STAKE. VALUE ACTORS HAVE BEEN IN COMPANIES LIKE DISNEY, UP BY .2%. THIS IS ONE PER TECHNOLOGY. CAROLINE: SHOPIFY SHARES SOARING AT THE MOMENT HAVING THE BEST DAY SINCE MAY 2020 THREE AFTER REPORTED THIRD-QUARTER SALES.

CLIMBED 26% IN A SIGN THAT THE CANADIAN E-COMMERCE COMPANY IS GAINING MOMENTUM. WE WILL DIG INTO IT WITH THE SHOPIFY PRESIDENT, HARLEY FINKELSTEIN. TALK ABOUT THE GROWTH TRAJECTORY AND HOW YOU ARE SEEING A SHIFT TO ENTERPRISE CLIENTS. HARLEY: IT WAS A GREAT QUARTER, CERTAINLY. REVENUE IS UP 26% TO 2.2 BILLION DOLLARS. AND FREE CASH MARGIN EXTENDED. YOU ARE SEEING US GROW TOPLINE AND BOTTOM-LINE. THE OTHER THING THAT YOU POINT OUT WHICH WE ARE EXCITED ABOUT IS THAT MORE MERCHANTS ARE COMING TO SHOPIFY ACROSS VERTICALS, GEOGRAPHIES, AND SIZES OF MERCHANTS. ONE AREA I'M ESPECIALLY PROUD OF IS THE HEADWAY THAT WE ARE MAKING WITH THE BIGGEST BRANDS.

ON THE PLANET TO SHOPIFY. WE SAW 16 ENTERPRISE LAUNCHES ON SHOPIFY, LIKE HAINES, AND OFF-WHITE AND VICTORIA'S SECRET. I THINK WE ARE SUBSTANTIATING THAT WE ARE NOT JUST AN E-COMMERCE COMPANY FOR A DOMESTIC-TYPE OF MERCHANT, BUT WE CAN HANDLE THE LARGEST BUSINESSES THAT WANT TO SELL GLOBALLY. CAROLINE: EUROPE REALLY SHINING A LIGHT WHERE MANY WOULD PERHAPS FEEL THAT THE EUROPEAN ECONOMY MAY NOT INDICATE THAT. THE GROWTH IN GERMANY AND FRANCE AND THE LIKE? HARLEY: IT IS REMARKABLE. WE THINK ABOUT INTERNATIONAL FROM TWO VECTORS. FIRST, WHEN YOU SET UP SHOPIFY, HOW CAN WE MAKE IT EASY TO BE DEFAULT GLOBAL QUESTION MARK AS

OPPOSED TO THINKING OF YOUR HOME COUNTRY AS YOUR TOTAL MARKET, ON SHOPIFY YOU CAN IMMEDIATELY SELL EVERYWHERE. THE OTHER VECTOR IS MERCHANTS WHO COME TO SHOP AT SHOPIFY. IT OUTPACED NORTH AMERICA AT 30% YEAR ON YEAR. EUROPEAN SPECIFIC GNP, 35% LEAD BY U.K., GERMANY, FRANCE, THE NETHERLANDS. THE MERCHANT BASE ITSELF, INTERNATIONAL MERCHANTS INCREASED BY 38%. WE ARE SEEING SUCCESS IN NORTH AMERICA IN THE ENGLISH-SPEAKING WORLD, BUT ALSO IN EUROPE. CAROLINE: A LOT OF THAT HAS PERHAPS BEEN ADVERTISING THESE NEW CLIENTS. YOU IN PARTICULAR HAVE BEEN WILLING TO SPEND ON SALES AND MARKETING. HOW MUCH DOES THAT REMAIN A $300 MILLION ENDEAVOR ON A QUARTER? HARLEY:

UP UNTIL VERY RECENTLY, THE FOCUS ON SHOPIFY WAS PRODUCT. WE STARTED BUILDING OUR GO-TO-MARKET ENGINE FOR THE ENTERPRISE IN THE LAST TWO YEARS OR SO, AND IT IS STARTING TO WORK. WHEN YOU COMBINE GOOD, STRONG EXECUTION ON GO-TO-MARKET WITH GREAT MARKETING, THE RESULTS SPEAK FOR THEMSELVES. THE WAY WE THINK ABOUT MARKETING IS VERY SCIENTIFIC. WE HAVE STRONG GUARDRAILS; AN 18-MONTH PAYBACK IS WHAT WE LOOK FOR. WHEN WE SEE OPPORTUNITIES TO SPEND TO GET PROPER RETURN AND A PAYBACK PERIOD, WE SPEND. IF WE DON'T, WE PULL BACK. OUR MARKETING IS ROI-DRIVEN. WE EXPERIMENT; IF WE SEE RESULTS, WE DOUBLED DOWN. CAROLINE: STICKING TO THAT FOCUS, I'M INTERESTED IN THE EXPANSION.

YOU HAVE ALWAYS BEEN KNOWN AS A PROVIDER FOR TOOLS FOR MOM-AND-POP SHOPS, AND IT IS CLEARLY GROWING. THE ENTERPRISE AND INTERNATIONAL FOCUS IS GROWING, AND WHOLESALE IS GROWING. HARLEY: IT IS PRETTY REMARKABLE. THIS ALL STARTED BECAUSE OF EXISTING MERCHANTS ON SHOPIFY WHO WERE VERY STRONG IN DIRECT TO CONSUMER, SELLING DIRECTLY TO THE END CONSUMER. THEY BEGAN TO ASK IF WE COULD HELP THEM SELL WHOLESALE ON THE B TO B SIDE, ALLOWING EXISTING MERCHANTS TO SELL TO B TO B FASHION. A LOT OF EXCLUSIVE MERCHANTS CAME TO SHOPIFY, LIKE CARRIER SELLING INDUSTRIAL HEATING AND COOLING PIECES OF TECHNOLOGY. THE RESULT IS GROWING OVER 130 5%, FIVE CONSECUTIVE QUARTERS.

OF GROWTH. WE STARTED AS S&P SPECIFIC, BUT NOW WE ARE SEEING A LOT OF SUCCESS AROUND B2B INTERNATIONALLY BUT ALSO OFF-LINE. WE ARE POWERING MULTI-LOCATION. OFF-LINE B TO B WAS UP 27% YEAR ON YEAR. WHEN YOU BRING THIS TOGETHER, YOU ARE CREATING A UNIFIED SINGLE RETAIL OPERATING SYSTEM SO THAT LARGE BRANDS AND SMALL BRANDS CAN SELL ACROSS EVERY SINGLE SURFACE AREA. CAROLINE: WE HAVE VERY LITTLE TIME, BUT WHAT DO YOU PUT IN PLACE IF WE ARE GOING TO SEE MORE TARIFFS? HOW WILL THAT AFFECT YOUR BUSINESS? HARLEY: WE HAVE BEEN OPERATING FOR 20 YEARS AND I HAVE BEEN AT SHOPIFY FOR MORE THAN A THIRD OF MY LIFE. OUR JOB IS TO NOT PREDICT EXACTLY WHAT WILL HAPPEN, WHAT EVERY ADMINISTRATION WILL DO.

OUR JOB IS TO ARM OUR MERCHANTS WITH EVERYTHING THEY NEED TO BE SUCCESSFUL, NO MATTER THE OUTCOME. WE WILL CONTINUE TO DO THAT. CAROLINE: THE SHOPIFY PRESIDENT, THANK YOU. LET'S TURN ATTENTION TO THE SINGLES' DAY HAUL, ONE OF THE BIGGEST YET ACCORDING TO CHINA'S E-COMMERCE PLATFORMS, WHICH SHOWED ROBUST GROWTH DURING THE COUNTRY'S BIGGEST ANNUAL ONLINE SHOPPING GALA. BUT THERE ARE SELECTIVE DISCLOSURES, AND INVESTORS ARE CONCERNED THEY ARE GETTING AN INCOMPLETE PICTURE. HENRY: THIS IS THE 15TH ANNIVERSARY OF SINGLES' DAY. UNLIKE THE PREVIOUS YEARS WHEN YOU HAD THE E-COMMERCE PLATFORMS THROWING OUT HUGE PARTIES AND DISCLOSING SALES DATA ON AN HOURLY BASIS, THEY

DISCLOSE DATA ON A SELECTIVE BASIS. FOR EXAMPLE, SHOPPERS INCREASED BY 20%, WHILE PREMIUM SHOPPERS ON ALIBABA PLATFORMS INCREASED 50%. THESE ARE ALL SELECTIVE DISCLOSURES. ALTERNATIVE DATA, FOR EXAMPLE, THIRD-PARTY PROVIDERS, INCREASED BY 27% YEAR-OVER-YEAR. WE HAVE TO TAKE THAT WITH A PINCH OF SALT, BECAUSE THESE DAYS E-COMMERCE PLATFORMS ARE ELONGATING THEIR DOUBLE 11 DISCOUNT PERIOD TO ALMOST A MONTH. THAT DATA NEEDS TO BE TAKEN WITH A PINCH OF SALT. THE MACRO IS STILL WEAK IN CHINA, AND THE HOUSING MARKET IS IN A DOWNTURN, AND CONSUMERS ARE CAUTIOUS. CAROLINE: IS SINGLES' DAY LOSING SIGNIFICANCE? HENRY: YOU CAN SAY THAT.

THE SINGLES DAY HAS BEEN RUNNING FOR ALMOST A MONTH. IT CAME RIGHT AFTER THE NATIONAL DAY HOLIDAY, EARLY OCTOBER. YOU CAN SAY THAT THOSE TWO EVENTS ARE PACKED UP ALONG WITH EACH OTHER. IN THE MEANTIME, WE ARE HAVING OTHER SHOPPING EVENTS THROUGH THE YEAR, LIKE 618, WHICH IS ANOTHER EVENT THAT PEOPLE ARE WATCHING ABOUT. THERE IS INDEED A SHOT FOR FATIGUE -- SHOPPER FATIGUE BECAUSE THERE ARE SO MANY DISCOUNTS ALL OVER THE YEAR. CAROLINE: WE APPRECIATE IT. LET'S TURN OUR ATTENTION TO SNAP. SHARES ARE UNDER PRESSURE BY MORE THAN 4%. REPORTS THAT TRUMP IS EXPECTED TO TRY TO HALT A TIKTOK BAN AFFECTING SOME OF THE SOCIAL MEDIA COMPANIES TODAY. THIS IS BLOOMBERG TECHNOLOGY.

CAROLINE: LET'S TAKE A LOOK AT TESLA SHARES. THE STOCK IS GIVING AWAY A LITTLE BIT OF ITS GAINS. IT HAS RUN UP MORE THAN 40% SINCE TRUMP'S ELECTION. THE MARKET CAP IN EXCESS OF $1 TRILLION AGAIN. THE MARKET LOVE FOR ELON MUSK HAS BEEN FOCUSING ELSEWHERE AS WELL WITH SUPPORTERS BUYING UP SPECULATIVE ASSETS LIKE DOGECOIN AND MANY RETAIL INVESTORS HOPE TO PROFIT FROM DONALD TRUMP'S RE-ELECTION. WHAT HAS THE RETAIL COMMUNITY AND OTHERS BEEN BUYING UP? >> WE HAVE SEEN INCREDIBLE EUPHORIA IN THE RETAIL TRADER. WE HAVE SEEN RECORD TRADER OPTIONS. RETAIL TRADERS GO TO WHEN THEY WANT TO CHANGE THE GAINS. THERE IS A LEVERAGE WHICH ALLOWS INVESTORS TO GET TWO TIMES THE GAINS OF TESLA.

IT HAS BEEN ONE OF THE MOST TRADED. INVESTORS ARE REALLY LOOKING TO DOUBLE THEIR BETS, GO ALL IN. LOOKING AT DESTINY 100, THE GAINS HAVE BEEN INCREDIBLE BUT WE HAVE MORE THAN 280%. TODAY SOME OF THE GAINS HAVE FADED, BUT WE HAVE VOLATILITY SO HIGH THAT TRADING WAS HALTED. HIGH RETAIL ACTIVITY. THOSE DOGE COIN, IN THE RETAIL SPACE WE ARE SEEING ACTIVITY, IT WAS OUTPERFORMING BITCOIN. THE SPECULATIVE FEVER IS STRONG. CAROLINE: GO BACK TO DESTINY 100. WHAT IS THE CLOSED INDIA FUND AND WHY IS IT DOWN 25% WE KNOW THAT IT IS A VOLATILE PRODUCT TO BE TRADING. WHY DO PEOPLE HAVE CONCERNS? >> THIS HAS EXPOSURE TO A LOT OF COMPANIES THAT HAVE -- CAROLINE:

IT IS EXPOSED TO SPACEX, AND THAT IS WHY PEOPLE ARE BETTING ON IT? HENRY: WE SEE VOLATILITY IN SPACEX. THE MOVES ARE SO BIG ON THE UPSIDE AND DOWNSIDE. THE STOCK WAS UP MORE THAN 1000%. IT WAS HEAVY VOLATILITY. WHAT WE SAW WITH TESLA ON A SMALLER SCALE, NOW THE GAINS ARE MUCH BIGGER. A COMPANY LIKE SPACEX, THAT IS PRIVATE AND MORE LIQUID, WE SEE MORE VOLATILITY. WE HAVE SEEN SIMILAR FUNDS WITH EXPOSURE TO SPACEX, LIKE A FUND THAT WAS DOWN BUT IS NOW UP ON THE YEAR BECAUSE OF THE SPACEX AGAIN. IT IS AMAZING HOW MUCH IT CAN GIVE IN TERMS OF PERFORMANCE. CAROLINE: THE LEVERAGE OF THREE X TESLA ETP THAT IS CURRENTLY TRADED IN

LONDON IS JUST DOWN ON THE DAY, BUT WE WILL GET YOU A LONG-TERM CHART ON SOME OF THESE THINGS. THEY HAVE CERTAINLY BEEN A WINNING FORMULA SINCE THE ELECTION. RATE REPORTING. WE APPRECIATE IT. RIDE SHARING AND DELIVERY APP GRAB BOOSTS ITS FORECAST FOR THE YEAR. WE SPEAK WITH THE CEO, PETER OEY. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: WELCOME BACK. I'M CAROLINE HYDE IN NEW YORK. THE MARKETS ARE PERHAPS TAKING A BREATHER AFTER A PHENOMENAL RUN HIGHER POST-ELECTION RESULTS. WE ARE DOWN BY .2% ON THE NASDAQ. SOME OF THE KEY NAMES ARE TESLA, WHICH WE HAVE BEEN SHINING A LIGHT ON AFTER A 40% RUN HIGHER AFTER THE ELECTION. BITCOIN, IT WAS CLOSE TO

$90,000. WE PULL BACK A LITTLE BIT AS THE TECHNICAL INDICATORS SHOW THAT WE ARE OVERBOUGHT. LET'S GET AND ON INDIVIDUAL NAMES. THERE IS KEY NEWS AT HONEYWELL. ON THE UPSIDE WHEN YOU'RE LOOKING AT THE NASDAQ 100 MORE THAN 3%. AN ACTIVIST INVESTOR HAS BUILT A $5 BILLION PLUS DECISION IN HONEYWELL PUSHING FOR A BREAKUP OF THE INDUSTRIAL GIANT THAT IS FOCUSED ON AEROSPACE AND AUTOMATION. NVIDIA IS UP. WE ARE SEEING SOME SHIP STRENGTH -- CHIP STRENGTH FOR NVIDIA. WE WILL DIG INTO WHY CHIPS HAVE BEEN WEAKER. SOFTBANK IS UP BY MORE THAN A PERCENTAGE POINT. THE ADRS, REPORTING'S BIGGEST QUARTERLY PROFIT IN TWO YEARS. SUCCESSFUL INDIAN LISTINGS ARE

COMING. REALLY TRYING TO GET THE COFFERS BACK TO MAKE THE NEXT BAT AROUND AI. THEY TOOK A HALF BILLION DOLLAR POSITION IN THAT OPENAI LATEST FUNDRAISING ROUND. ASIA, A KEY SOUTHEAST ASIA TECH COMPANY REPORTED EARNINGS. SHARES ARE RISING AFTER THE RIDE-HAILING AND DELIVERY COMPANY BOOSTED ITS FORECAST FOR THE YEAR. PETER, IT HAS BEEN A LONG DAY FOR YOU. WE APPRECIATE YOU COMING ON THE SHOW. TALK TO US ABOUT WHAT IS DRIVING THE GROWTH. WE SAW 17% INCREASE IN REVENUE AND YOUR FORECASTS WHERE EVERYONE IS EXUBERANT. PETER: SURE. WE SAW A VERY STRONG RESULT IN Q3. WHAT WE'VE SEEN WE HAVE MORE USERS ON OUR PLATFORM THAN EVER BEFORE, AND WE ARE SEEING GROWTH ACCELERATION ON OUR

ON-DEMAND BUSINESS WITH MOBILITY AND DELIVERIES BUSINESS. A LOT OF THIS IS DRIVEN BY THE NEW PRODUCT SETS THAT WE'VE BEEN ROLLING OUT OVER THE LAST THREE QUARTERS. THOSE ARE REALLY COMING INTO ACTION. OUR FINANCIAL SERVICES BUSINESS CONTINUES TO BE OUR FASTEST GROWING SEGMENT TODAY. WE ARE FIRING ON ALL CYLINDERS WITH STRONG DEMAND GOING INTO THE BUSIEST QUARTER, THE HOLIDAY SEASON IN FRONT OF US. CAROLINE: HOW MUCH ARE YOU HAVING TO FOCUS ON THE COST-CUTTING SIDE, ON NET PROFIT, OVER ABOVE PERHAPS EXPANDING THE MARKET SHARE WHERE BEFORE IT WAS REVENUE GROWTH AT ALL COSTS? PETER: ABOUT Q3, WHICH WAS A VERY STRONG RESULT ON THE TOP AND BOTTOM LINE -- WHAT WE SAW WAS

WE POSTED A $90 MILLION QUARTER, THE 11TH CONSECUTIVE QUARTER IMPROVEMENT. WE POSTED NET PROFIT ALONGSIDE FREE CASH FLOW. BALANCING GROWTH AND PROFITABILITY, WHAT WE'RE DOING IS MAKING SURE THAT THE DEMAND IS STRONG, WE CONTINUE TO CAPTURE THOSE DEMANDS, BUT AT THE SAME TIME BALANCING COSTS AND MAKING SURE THE OPERATING LEVERAGE AS A BUSINESS CONTINUES TO GROW AND SUSTAIN. WE ARE BALANCING BOTH. YOU CAN SEE IN THE THIRD QUARTER OF OUR RESULTS WITH GROWTH AT THE TOP AND PROFITABILITY AT THE BOTTOM. CAROLINE: YOU ARE BALANCING INVESTORS' DESIRES FOR RETURNS WHEN IT COMES TO BUYBACKS. JP MORGAN ANALYSTS SAY THAT WITH THESE HEALTHY FREE CASH

FLOWS MAYBE YOU COULD RAISE PROSPECTS FOR AN INCREASE IN BUYBACK PROGRAMS. WOULD YOU DO THAT? PETER: WE HAVE A BUYBACK PROGRAM IN PLACE TODAY THAT IS A 500 MILLION DOLLAR BUYBACK PROGRAM INITIATED IN THE FIRST QUARTER OF THIS YEAR. WE ARE ABOUT 40% OF THE WAY THROUGH, SO WE HAVE SOME WAYS TO GO AND WE ARE CONTINUING TO MAKE GOOD MOMENTUM IN THE BUYBACK PROGRAM. WHAT I WOULD SAY IS, THINK ABOUT OUR CAPITAL ALLOCATION FRAMEWORK. THREE THINGS. ONE, MAKING SURE THAT WE ARE INVESTING IN THE ORGANIC GROWTH OF OUR BUSINESS. WE ARE SEEING THAT COMING INTO PLAY WITH ALL OF THE NEW PRODUCTS THAT WE HAVE BEEN INVESTING IN. ORGANIC GROWTH IS THE HIGHEST YIELD.

WHEN IT COMES TO MORE M&A OPPORTUNITIES IN ORGANIC GROWTH, THE BAR IS HIGH FOR US. WHEN WE HAVE EXCESS LIQUIDITY, WE WANT TO RETURN THEM TO OUR SHAREHOLDERS. YOU'VE SEEN OUR FIRST STEP IN DOING THAT EARLY THIS YEAR BY THE $500 MILLION BUYBACK PROGRAM. CAROLINE: MIGHT HAVE TO HOLD ON A LITTLE LONGER FOR ANY ARTICULATION OF A RAISE IN THE NEXT ONE. WHAT ABOUT THE AREAS OF GROWTH? THE FINANCIAL PRODUCTS BUT ALSO ADVERTISING COMING TO YOUR PLATFORM. THAT IS SOMETHING WE HAVE SEEN WITH UBER, A BIG HOLDER OF YOUR STOCK. HOW MUCH WILL WE SEE THAT CONTRIBUTE TO REVENUE GOING FORWARD? PETER: ADVERTISING OUR FLEET IS ANOTHER COMPONENT THAT'S GROWING VERY FAST AT THE MOMENT. WE ARE AT A CLIP DOING $200

MILLION ON AN ANNUALIZED BASIS. IF YOU LOOK AT THE PENETRATION OF ADVERTISING, WE ARE CONTINUING TO GROW THAT AS A REVENUE. WE FINISHED THE QUARTER OF 1.6%. WE CONTINUE TO GROW THAT AND WE ARE UP ON A YEAR-OVER-YEAR BASIS. WE ARE BRINGING MORE MERCHANTS ONTO OUR PLATFORM FOR THE ADVERTISING SERVICES. IT IS A WIN-WIN SITUATION. WE BRING TRAFFIC BACK TO THEM AND WE SEE ADVERTISING TO BE A LOT OF UPSIDE IN FRONT OF US. WE CONTINUE TO DOUBLE DOWN ON ADVERTISING AND, AS WE CONTINUE TO LOOK TO THE EXPANDING OF GROCERY DELIVERY, THAT WILL BRING ANOTHER LAYER OF ADVERTISING BUSINESS FOR US. ED: OVERALL, IT FEELS AS THOUGH YOU ARE FIRING ON ALL CYLINDERS WITH THE SHARE PRICE UP A LOT.

ON THE DAY. I WANT TO TAKE A LONGER-TERM PERSPECTIVE. A FIVE-YEAR CHART IS DOWN SIGNIFICANTLY FROM PREVIOUS HIGHS, AND MANY HAVE BEEN TRYING TO UNDERSTAND THE EXTENT OF THE GROWTH IN THE MARKET, PARTICULARLY WHEN YOU HAVE MACRO HEADWINDS FOR SOUTHEAST ASIAN CONSUMERS. WHEN THE NEXT FIVE YEARS TO GET SHARE PRICES BACK AT ALL-TIME HIGHS? PETER: IF YOU STEP BACK ON SOUTHEAST ASIA, 660 MILLION PEOPLE. 50% OF THE POPULATION IS UNDER THE AGE OF 30. IT IS A SMARTPHONE-FIRST NATION. WE OPERATE IN EIGHT COUNTRIES AND 78 CITIES, WHICH IS PRETTY MUCH THE WHOLE OF SOUTHEAST ASIA TODAY. WE BELIEVE THAT WE ARE STILL UNDERPENETRATED.

IF YOU LOOK AT THE MOBILITY BUSINESS, HIGH SINGLE DIGIT PENETRATION, THE DELIVERIES BUSINESS IN THE MID TEENS, THERE IS A LONG WAY TO GO. IF YOU LOOK AT THE FINANCIAL SERVICES SIDE, 60% OF SOUTHEAST ASIANS ARE UNDERBANKED OR UNDERSERVED. THERE IS A BIG OPPORTUNITY. FROM A MACRO PERSPECTIVE AND A DEMAND, IT IS NOT SLOWING DOWN. IF ANYTHING, IT IS GOING THROUGH STRONG MOMENTUM. ONE OF THE COMPONENTS THAT WE ARE SEEING IS THE LEVEL OF TOURISM IN SOUTHEAST ASIA. IT IS A CRITICAL COMPONENT THAT IS AN IMPORTANT SECTOR OF THE SOUTHEAST ASIAN ECONOMY. WE HAVE SEEN AN INCREASE INTO THE DIFFERENT COUNTRIES IN SOUTHEAST ASIA, ESPECIALLY OUT OF THE COVID DAYS WHERE WE ARE

TODAY. WE ARE ONE OF THE BIGGEST BENEFICIARIES OF TOURISM IN RIDE HAILING AND FOOD DELIVERY. IF YOU LOOK FROM A LONGER-TERM PERSPECTIVE, THIS SIDE OF THE PARTY REPORT THAT CAME OUT LAST WEEK, OVER THE NEXT FIVE YEARS THE DIGITAL ECONOMY OF SOUTHEAST ASIA WITH MOBILITY DELIVERIES WILL BE GROWING AT DOUBLE-DIGITS. WE ARE VERY BULLISH ON SOUTHEAST ASIA AND WILL CONTINUE TO DOUBLE DOWN ON SOUTHEAST ASIA BY DOING MORE PRODUCTS AND SERVICES FOR OUR CUSTOMERS. CAROLINE: BROUGHT THAT BULLISHNESS TO OUR CFO BRIEFING RECENTLY AND STAYING UP FOR US UNTIL HALF PAST MIDNIGHT YOUR TIME. WE APPRECIATE IT. GERMANY'S BIGGEST CHIP MAKER

SEES A TURNAROUND AT THE END OF THE 2025 FISCAL YEAR, FORECASTING A DROP IN SALES IN THE FIRST QUARTER, BUT THEN EXPECTING A RETURN TO DOUBLE-DIGIT GROWTH BY THE FOURTH QUARTER. >> WE SEE A MUCH MORE PRONOUNCED SEASONALITY IN TERMS OF MANAGEMENT BY MAJOR CUSTOMERS, MANAGING STRICTLY TOWARDS THEIR FISCAL YEAR END. CAROLINE: LET'S LOOK AT THE REST OF THE MARKET. EMILY GRAFFEO IS WITH US. EARNINGS, THE ELECTION? EMILY: IT LOOKS LIKE THE MARKET IS TAKING A BREATHER BECAUSE WE HAD THE BIGGEST RUN-UP IN THE S&P 500 ALL YEAR THAT CONCLUDED YESTERDAY. IT SEEMS LIKE PEOPLE HAVE BEEN BIDDING UP TRUMP TRADE STOCKS. BITCOIN WAS A BIG TRUMP TRADE. WE ARE SEEING TAKING A BREATHER.

LONG-TERM INVESTORS ARE PRETTY BULLISH THAT TRUMP'S POLICIES WILL SUPPORT SECTORS LIKE FINANCIALS, TECH NAMES, BITCOIN. TODAY, PEOPLE MAY BE TAKING SOME PROFITS. A NOTE FROM CITI SAID THAT THE POST-ELECTION ADVANCE IN U.S. STOCKS CAN RUN OUT OF STEAM AS INVESTORS START TO TAKE PROFITS. INVESTOR SENTIMENT IS FAVORABLE, BUT VALUATIONS OVERALL LOOK STRETCHED. LOOKING AT SOME NAMES IN PARTICULAR, THE SEMICONDUCTORS ARE DOING PRETTY POORLY. WHAT IS INTERESTING IS THAT NVIDIA IS UP OVER 2%. THE SEMICONDUCTOR INDEX IS LOWER WITH ONLY FOUR NAMES HIGHER. YOU CAN SEE THE WEAKNESS IS PRETTY BROAD-BASED. NVIDIA'S GAINS CAN'T EVEN CARRY THAT

INTO POSITIVE TERRITORY. CAROLINE: SOME NOTES FROM ANALYSTS ABOUT WEAKNESSES AND AREAS OF PARTICULARLY FOCUSED ON CHIPS. OVERALL, WE ARE SEEING THE WEAKNESS IN CERTAIN CHIPS AND SOME OF THE SOCIAL MEDIA COMPANIES ON THE BACK OF THE WASHINGTON POST REPORT THAT MAYBE WE SEE A TIKTOK BAN OVERTURNED BY TRUMP. THE EARNINGS, THE FUNDAMENTALS WE ARE LIKELY TO STILL GET FROM BUSINESSES? EMILY: I AM WATCHING TENCENT. THIS WILL BE ONE THAT INVESTORS ARE WATCHING BECAUSE AS PEOPLE ARE FOCUSED ON CHINA'S MACROECONOMIC PICTURE AND HOW COMPANIES ARE GOING TO FARE WITH MORE STIMULUS, IS IT WORKING OR TRICKLING DOWN INTO BUSINESSES, TENCENT IS

OUTPERFORMING THE S&P 500 THIS YEAR. THEY ARE UP ABOUT 35%. ANALYSTS ARE SAYING THAT THEY EXPECT TENCENT TO ACCELERATE OR SUSTAIN REVENUE GROWTH BECAUSE THEY ARE NOT AN E-COMMERCE COMPANY AND MAY NOT BE AS EXPOSED TO WEAKNESS IN CHINA LIKE SOME OF THE MEGA-CAP CHINESE COMPETITORS ARE. I WILL BE WATCHING THAT NAME. CAROLINE: WATCHING DISNEY FOR LATER IN THE WEEK AS WELL. COMING UP, A BIG ANNOUNCEMENT FROM A MAJOR PLAYER IN THE FIELD OF GENERATIVE AI. WE ARE JOINED ON A FUNDRAISING ANNOUNCEMENT. THIS IS BLOOMBERG TECHNOLOGY. THIS IS BLOOMBERG. CAROLINE: AI STARTUP WRITER ALREADY HELPS CLIENTS LIKE L'OREAL, SPOTIFY, AND UBER PRODUCE

CORPORATE CONTENT. IT HAS MAJOR GROWTH PLANS. THE PLATFORM IS ANNOUNCING TO SPEARHEAD THAT GROWTH, $200 MILLION IN THIS FUNDING ROUND. HERE IS THE WRITER CEO. 1.9 BILLION DOLLARS. WHAT WILL YOU USE THE $200 MILLION TO DO? MAY: IT IS WONDERFUL TO BE HERE. WE WILL USE THE MONEY FOR THE NEXT BUILDOUT FOR THE NEXT PHASE. AUTONOMOUS AI SYSTEMS THAT CAN PLAN AND EXECUTE COMPLEX WORKFLOWS ACROSS SYSTEMS AND TEAMS. IT IS THE ACROSS SYSTEMS PART THAT HAS GONE ADOBE, SALESFORCE, AND WORKDAY EXCITED WITH A SHARED VISION FOR HOW SYSTEMS CAN TALK TO EACH OTHER TO MAKE GENERATIVE AI INCREDIBLY VALUABLE IN THE ENTERPRISE. CAROLINE: SALESFORCE IS ONE OF YOUR INVESTORS.

IT IS AN AREA THAT IS FOCUSING VERY MUCH ON BUILDING AGENTS TO MAKE ME AND YOU AND EVERYONE FAR MORE PRODUCTIVE IN THE WORKPLACE. HOW ARE YOU ADDITIVE? MAY: FOUR YEARS AGO WE STARTED WORKING ON PIONEERING THE ENTERPRISE GENERATIVE AI CATEGORY. SALESFORCE HAS BEEN A CUSTOMER FOR A LONG TIME. BUT WE'VE HEARD FROM THEM AND OTHERS OVER THOSE FOUR YEARS IS THAT ENTERPRISES WANT COMPLETE END-TO-END SOLUTIONS. IT IS LLM'S WITH RETRIEVAL, WITH OBSERVABILITY, WITH GUARDRAILS IN ONE PACKAGE HELPING THEM GET TO VALUE FASTER. IT IS A LITTLE DIFFERENT THAN WHAT SALESFORCE BUILT INTO THEIR PLATFORM, WHICH IS VERY COMPLEMENT AREA. CAROLINE: WHERE IS THE COMPETITION? OPENAI WHICH HAS BEEN DOUBLING DOWN ON ITS ENTERPRISE FOCUS?

MAY: ENTERPRISE GENERATIVE AI IS EVERYTHING, EVERYWHERE, ALL AT ONCE. IT IS VERY CONFUSING FOR THE ENTERPRISE BUYER. THIS IS WHY ARCHITECTURE MATTERS, AND OURS IS WINNING. INVESTORS IN THIS ROUND HAVE UNDERWRITTEN EXTRAORDINARY GROWTH IN THE ENTERPRISE BECAUSE WE ARE HELPING FOLKS GET MISSION-CRITICAL USE CASES TO PRODUCTION. FOLKS LIKE MARS, UBER, QUALCOMM. VERY POWERFUL USE CASES THAT ARE ACCELERATING THEIR BUSINESSES. CAROLINE: FOR THOSE FRUSTRATED WHEN THEY SAY I DON'T SEE THE RETURN ON INVESTMENT IN AI, I WANT TO KNOW WHERE IT IS MAKING US MORE PRODUCTIVE, IS ABOUT CONTENT GENERATION? MARKETING? WHERE ELSE DO YOU EXPAND? MAY: WE'VE HELPED COMPANIES CUT DOWN

LEGAL COMPLIANCE REVIEWS BY MORE THAN 75%. WE HAVE HELPED FOLKS INCREASE REVENUE ON THEIR RETAIL CHANNELS MORE THAN 20%. FROM DOG FOOD TO FACE CREAMS, WE HAVE HELPED CUSTOMERS GET PRODUCTS TO MARKET FASTER. IT GOES BEYOND THE MARKETING FUNCTION. ANY FUNCTION WITHIN YOUR COMPANY THAT CAN USE A KNOWLEDGE-ASSISTANT, KNOWLEDGE RETRIEVAL APPLICATION IS BENEFITING FROM WRITER. CAROLINE: THIS MONEY, DOES IT GET ATTRIBUTE IT INTO TALENT? WHAT IS YOUR SCALE OF PACE? MAY: WE ARE BUILDING OUR NEXT GENERATION OF LLM'S, MODELS TRAINED ON DATA THAT IS A VISION, ACTION TOGETHER. OUR VISION IS ENTERPRISES THAT ARE MORE INTELLIGENT, MORE CREATIVE, FASTER AS A RESULT OF

O AUTONOMOUS AI. CAROLINE: WHERE DO YOU ATTRIBUTE THIS MONEY? YOU ARE TALKING ABOUT HOW THE REAL FOCUS WILL BE ON THE PRODUCT AND INNOVATION OF LARGE LANGUAGE MODELS AND ALL OF THIS, BUT THEREFORE IS IT GETTING MORE SALESPEOPLE OUT THERE? IS IT ABOUT THE UNDERLYING ENGINEERING TALENT THAT YOU NEED TO BEEF UP? MAY: IT IS ENGINEERING AND GO TO MARKET. WE ARE HIRING AI ENGINEERS, FULL STACK ENGINEERS. ON THE GO TO MARKET SIDE, SALES AND CS PEOPLE, WE TAKE A DIFFERENTIATED APPROACH WITH HOW WE PARTNER WITH CUSTOMERS. IT IS INCREDIBLY INTIMATE. FOR US, DOUBLING DOWN ON OUR ENGINEERING AND GO TO MARKET TALENT. CAROLINE: GREAT TO CATCH UP WITH YOU. THE CEO AND COFOUNDER OF WRITER. RIVAL SOCIAL NETWORKS TO X ARE

SEEING AN INFLUX OF NEW USERS SINCE ELECTION NIGHT. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: IT IS TIME FOR TALKING TECH. NETFLIX HAS 70 MILLION VIEWERS WATCHING SHOWS WITH ADVERTISING EVERY MONTH. THEY DOUBLED THE TOTAL FROM MAY. NETFLIX PLANS TO MAKE ADVERTISING A MAJOR REVENUE SOURCE TO COMPLEMENT PRESCRIPTIONS BUT IT IS STILL PRETTY SMALL COMPARED TO ITS PEERS. UALA, THE LATEST FUNDING HALL FOR ONE OF THE MOST VALUABLE STARTUPS IN LATIN AMERICA. MEANWHILE, DONALD TRUMP, JR. WON'T BE JOINING HIS FATHER'S ADMINISTRATION AND INSTEAD WILL BE JOINING 1789 CAPITAL, A VC FIRM INVESTING IN CONSERVATIVE-LEANING COMPANIES. IT WAS FOUNDED BY A TRUMPET DONOR AND IT HAS ISSUED ESG

PRINCIPLES TO FOLLOW ITS OWN ACRONYM, EIG, ENTREPRENEURSHIP, INNOVATION, GROWTH. THE TRUMP IMPACT AND ELON MUSK, BECAUSE THREAD AND BLUE SKY THAT LOOK A LOT LIKE X HAVE SEEN AN INFLUX OF NEW YEARS OR SINCE ELECTION NIGHT IN THE U.S. AS PEOPLE SEEK ALTERNATIVES TO THE SMALL, RIGHT-LEADING PLATFORM. KURT, ANECDOTALLY I'VE SEEN IT ON THREADS WITH PEOPLE SAYING I AM JOINING POST. IS IT HAPPENING IN MASS? KURT: I'VE SEEN IT ANECDOTALLY AS WELL. MY FEET HAS BEEN FULL OF PEOPLE -- MY FEET HAS BEEN FULL OF PEOPLE INTRODUCING THEMSELVES SAYING I'M COMING OVER TO SEE IF THE WATER IS WARM ON THE

SIDE LEAVING X. BLUE SKIES SAYS THAT IT ADDED 700,000 NEW USERS IN THE LAST WEEK, AND THEY NOW HAVE 14.5 MILLION TOTAL ACCOUNTS THAT HAVE BEEN CREATED. SEVEN HUNDRED THOUSAND IS A PRETTY SIGNIFICANT JUMP IN ONE WEEK. THREADS WAS THE NUMBER ONE FREE APP IN THE U.S. APP STORE FOR THE FIRST TIME IN A COUPLE OF WEEKS SINCE BEFORE THE ELECTION. YOU CAN SEE THAT BOTH RIVAL SERVICES ARE HAVING A LITTLE BIT OF A SPIKE AS PEOPLE, AS YOU SAY, ARE LOOKING FOR AN ALTERNATIVE TO X. CAROLINE: HOW ARE THEY USING THREADS? PEOPLE HAVE MANY WAYS OF SEEING THAT META HAS NOT WANTED TO BE A PLACE FOR POLITICAL DISCUSSION. IS IT THEREFORE GOING TO THREADS OR ARE PEOPLE BEHAVING IN A DIFFERENT MANNER? KURT: I THINK THAT PEOPLE WANT TO GO

TO THREADS AND FEEL LIKE THEY ARE GETTING THAT TWITTER EXPERIENCE. TO YOUR POINT, BECAUSE META IS LEANING AWAY FROM POLITICS, THEY ARE NOT GETTING IT FOR THE MOST PART. AS A RESULT, I SEE A MIXED BAG. I SEE SOME PEOPLE WHO TRY TO TALK POLITICS AND ARE NOT REALLY GETTING THAT ENGAGEMENT AND ARE COMPLAINING. FOR ME, ON ELECTION NIGHT, -- EXCUSE ME, THE DAY AFTER THE ELECTION. I PULLED UP SOMETHING ON THREADS THAT I THOUGHT WAS BRAND-NEW, ELECTION-RELATED INFORMATION AND IT WAS MORE THAN 24 HOURS OLD. IT ISN'T REALLY A GREAT PLACE FOR BREAKING NEWS. PEOPLE WHO USED TWITTER AND X FOR NEWS AND ESPECIALLY POLITICAL NEWS, THEY ARE PROBABLY NOT GOING TO SCRATCH THAT ITCH ON THREADS NOW. BUT THE PLATFORM ISN'T EVEN A

YEAR AND A HALF OLD, SO IT IS STILL FIGURING OUT WHAT IT IS FOR, BUT IT STILL HAS A LARGE ON IAN'S TO DO THAT. CAROLINE: IT HASN'T SWITCHED ON ADS GET. IN EUROPE WE REPORTED THAT THERE WOULD BE LESS PERSONALIZED ADS FOR META IN EUROPE, BUT ALSO THAT MAYBE WE SEE TIKTOK NOT BANNED IN THE U.S.. IS THAT IMPACTING META AND SOCIAL MEDIA COMPANIES? KURT: IT COULD. IF TIKTOK ULTIMATELY IS BANNED IN JANUARY, THE NUMBER ONE COMPANY THAT SHOULD BENEFIT WOULD BE META BECAUSE THEY HAVE A DIRECT CLONE OF THE TIKTOK PRODUCT WITH REELS AND INSTAGRAM. IF TIKTOK SURVIVES AND CONTINUES, A LOT OF THE UPSIDE THAT PEOPLE MAY BE BAKING INTO THE META STOCK PRICE WILL GO

AWAY. I THINK THAT IT'S LOGICAL TO THINK THAT IF META IS DOWN, IT COULD BE RELATED TO THE IDEA THAT TRUMP MAY TRY TO SAVE TIKTOK. CAROLINE: WE APPRECIATE IT. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. DON'T FORGET TO CHECK OUT OUR PODCAST AND FIND IT ON THE TERMINAL AND ONLINE ON APPLE, SPOTIFY, AND I HEART. THIS IS BLOOMBERG TECHNOLOGY.

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