>> THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. COMING UP, APPLE FAILS ON WEAKNESS AROUND CHINA. WE WILL DIG DEEP ON TECH EARNINGS. ED: INTEL'S THIRD-QUARTER RESULTS SPARK OPTIMISM ABOUT ITS TURNAROUND EFFORTS. OUR CONVERSATION WITH PAT GELSINGER. CAROLINE: THE ELECTION DRAWS NEAR. WE SIT DOWN WITH FORMER REPUBLICAN CANDIDATE ERIC RAMASWAMY. BUT FIRST WE CHECK IN ON THESE MARKETS, WHICH TODAY ENDS ON A HIGHER NOTE, BUT WE ARE DOWN FOR THE WEEK. ON THE NASDAQ WE ARE OFF 1.2%. HE SAW A SELLOFF YESTERDAY, THE BIGGEST WE HAVE SEEN SINCE

SEPTEMBER 6, ALL ON TECH AND ITS ABILITY TO SHOW UP IN TERMS OF EARNINGS. I WANT TO DIG IN ON THE MICRO. ED: I'M GOING TO BE LOOKING AT THE TWO BIG NAMES. THE AMAZON STORY IS PRETTY CLEAR. THERE IS GROWTH IN THE CLOUD UNIT. IT IS TIED TO AI. GIVE US THE OUTLOOK FOR THE FINAL THREE MONTHS OF THE YEAR. IT GIVES US A STRONG SIGNAL AND WE ARE GOING TO GET INTO THAT. APPLE GREW IN EVERY GEOGRAPHY APART FROM GREATER CHINA. IPHONE REVENUE EAT, BUT THE SIGNAL IS THEY ARE GOING TO GROW IN THE LOW SINGLE DIGITS IN THE FINAL THREE MONTHS OF THIS YEAR. WHAT DOES THAT MEAN? DID IPHONE GROW IN CHINA? THERE IS PROBABLY STILL MORE QUESTIONS THAN ANSWERS AT THIS POINT. CAROLINE:

LET'S GET SOME ANSWERS, THEN. GENE MUNSTER IS WITH US, MANAGING PARTNER AT PLOTTER. THERE HAS BEEN ONGOING CONCERN WHEN IT COMES TO APPLE IN CHINA. IS THAT THE KEY TAKEAWAY FOR YOU? GENE: THE KEY TAKEAWAY FOR ME IS SOMEONE WHO IS OPTIMISTIC THAT THESE FEATURES ARE GOING TO ACCELERATE REVENUE GROWTH. AND I HAVE MUCH MORE AMBITIOUS EXPECTATIONS FOR THE NEXT TWO YEARS. ONE OF THE TAKEAWAYS FOR ME IS THE GUIDANCE THROUGH COLD WATER ON THIS 20% OUTSIDE HOPE THAT WE WOULD START TO SEE SOME BETTER ACCELERATION IN THE DECEMBER QUARTER. AS YOU MENTIONED, A LOW SINGLE-DIGIT GUIDE. PROBABLY ANALYSTS ARE GOING TO SHAKE OUT SOMEWHERE BETWEEN 5%

TO 6%. SIMILAR GROWTH RATES TO WHAT WE SAW IN THE SEPTEMBER QUARTER. FROM MY PERSPECTIVE, THE BIG TAKEAWAY HERE IS THAT THE STREET WAS RIGHT, THAT THIS IS GOING TO TAKE SOME TIME. A FEW QUARTERS BEFORE WE START TO SEE THIS ACCELERATION IN GROWTH. I THINK THE GUIDANCE JUST CONFIRMED THAT. TO DIVE INTO THE CHINA QUESTION, I PREVIEWED THIS AND SAID, GOT TO, THEY HAVE TO HAVE CHINA GROWTH IN THE QUARTER. I THINK IT WAS UP .5%. IT WAS FRACTIONAL. COMPS WERE REALLY EASY. THEY SHOULD HAVE BEEN UP 5%, 6% WHERE THE STREET WAS OUT. I THINK THERE IS SOMETHING ELSE GOING ON IN CHINA. ED: IT IS A FAIR QUESTION OF WHERE THAT FUTURE GROWTH WILL COME FROM.

YOU CAN TALK ABOUT TECHNOLOGY. YOU HAVE BEEN USING APPLE INTELLIGENCE, AND WHEN WE THINK ABOUT CHINA, THERE WAS SOME EVIDENCE, ALBEIT YOUR PARTY DATA EVIDENCE, THAT THE CONSUMER IN CHINA MIGHT BE BUYING IPHONE 16 THAT IN THE HOPE THAT THE FUTURE -- THAT IN THE FUTURE THE PLATFORM WOULD BE AVAILABLE THERE. HOW ARE YOU MODELING THAT? GENE: FIRST, I HAVE BEEN USING THE FEATURES AND I WOULD DESCRIBE THE FEATURES AS NICE TO HAVE, BUT NOT NEED TO HAVE. THEY DO A GREAT JOB OF CONSOLIDATING MY MESSAGES AND NOTIFICATIONS. AS FAR AS HOW THIS PLAYS OUT IS, THE GEOGRAPHIC PIECE -- PIECE IS REALLY IMPORTANT. IT IS GOING TO BE ADDITIONAL ENGLISH COUNTRIES FOR THE REST OF THIS YEAR, AND SO THAT IS GOING TO BE THE U.K., CANADA, AUSTRALIA. BUT THEN WE HAVE THIS

UNANSWERED QUESTION ABOUT WHEN DOES EUROPE START GOING? THEN CHINA, THEY ARE GOING TO HAVE TO DO SOME SORT OF PARTNERSHIP WITH BAIDU TO GET THERE. FOR THIS TO BE A SUPER CYCLE, THERE ARE ALMOST THESE GEOPOLITICAL THINGS THAT NEED TO FALL INTO PLACE. AND ULTIMATELY, I BELIEVE THAT THEY WILL FALL INTO PLACE. APPLE HAS CLOUT TO MAKE THOSE THINGS HAPPEN, AND THEN ADDITIONALLY, EVEN THOUGH I HAVE DESCRIBED THE FEATURES AS NICE TO HAVE, NOT NEED TO HAVE, I WANT TO QUICKLY FRAME IN WHY I BELIEVE THESE WILL BE NEED TO HAVE IS STARTING FIRST QUARTER OF NEXT YEAR ONCE THEY START INTEGRATING MORE OF THE GPD FUNCTIONALITY, BUT ALSO OPEN UP MORE THIS WITH DEVELOPERS, WE GET AI. CAROLINE:

THERE IS OPTIMISM THAT APPLE INTELLIGENCE WILL BEAR FRUIT. WHAT IS BEARING FRUIT NOW IS THE SERVICES SIDE. BUT THAT IS UNDER DURESS FROM A REGULATORY PERSPECTIVE IF WE ARE THINKING ABOUT THE APP STORE, FOR EXAMPLE. I WERE YOU THINKING ABOUT REGULATION? GENE: IT IS THE BLACK SWAN POTENTIAL NEGATIVE EVENT HERE. SERVICES GROWTH AT 12%. I THINK THAT THIS CAME UP ON THE APPLE CALL LAST NIGHT. IT CAME UP ON THE GOOGLE CALL TWO NIGHTS AGO. SERVICES CONTINUES TO DO WELL BECAUSE THEIR BASE CONTINUES TO KEEP GROWING, HITTING RECORD HIGHS, BUT I THINK THERE IS STILL THIS PIECE OUT HERE -- AND I WOULD PUT A LOW PROBABILITY, 10, 15 PERCENT -- THAT SOMETHING HAPPENS BETWEEN THE RELATIONSHIP BETWEEN GOOGLE

AND APPLE ON THE SEARCH PLACEMENT DEAL WITH SAFARI. SO I THINK THERE IS SOMETHING ELSE I'M FOCUSING ON. ED: SUNDAR PICHAI SAID WE SAW THE REGULATORY OVERSIGHT WILL HAVE AN ATTENDING CONSEQUENCES -- UNINTENDED CONSEQUENCES -- UNINTENDED CONSEQUENCES. LET'S TALK ABOUT THE OTHER BIG ONE, AMAZON AND ITS EARNINGS. RAMIZ CHELAT, PORTFOLIO MANAGER OF VONTOBEL'S ACROSS ALL OF THESE NAMES. I THINK WITH AMAZON, AWS. WHAT WAS YOUR READ ON THAT? RAMIZ: I THINK THE REVENUE TRENDS ACROSS THE BOARD WERE IN LINE WITH VERY HEALTHY LEVELS OF Q1, SO A GIVE U.S. GROWING AT 19% -- A W S GROWING AT 19%, I THINK THIS INCREMENTAL GROWTH FROM AI-RELATED SERVICES THEY ARE OFFERING, PROBABLY WE ESTIMATE

AROUND 600 BASIS POINTS. THERE WAS COMMENTARY THAT THERE WAS VERY STRONG DEMAND, WHICH I THINK WAS AN INTERESTING TAKEAWAY. CAROLINE: SET THAT INTO CONTEXT. YOU'RE SUCH A GREAT GUEST BECAUSE YOUR PORTFOLIOS DO NOT JUST OWN AMAZON, BUT ALSO THE COMPETITORS IN THE HYPERSCALERS SPACE. WHAT DOES AMAZON'S SHARE LOOK LIKE RIGHT NOW AND WHAT DOES IT MEAN IN TERMS OF HAVING ITS OWN SUPPLY SUSTAINABILITY? IS IT LESS DEPENDENT ON NVIDIA, FOR EXAMPLE? RAMIZ: IT IS AN INTERESTING QUESTION BECAUSE IT HAS IMPLICATIONS FOR NVIDIA. AMAZON IS ANNUALIZING REVENUE OF AWS AROUND ONE HUNDRED $10 BILLION RIGHT NOW. AZURE IS AT ABOUT $67 BILLION. SO, STILL A GOOD WAY AHEAD, BUT

AZURE IS GROWING FASTER VERSUS AWS. THE WAY I WOULD THINK ABOUT IT IS THEY ARE BOTH STRUCTURALLY GROWING AT AN ATTRACTIVE RATE AND IT IS TWO PLAYERS MOVING AHEAD, AND GOOGLE A DISTANT THIRD. I THINK THE MARKET SHARE IS FINE. THEY ARE DOING ALL THE RIGHT THINGS AND IN REGARDS TO THE QUESTION ABOUT CUSTOM SILICON, WHAT THEY DID SOUND THE CALL WAS THAT THE DEMAND FOR THE CUSTOM SILICON WAS VERY STRONG AND THERE WOULD BE ASKING THE SUPPLIERS TO INCREASE MANUFACTURING CAPACITY. SO, THAT IS IMPORTANT, BECAUSE CUSTOMERS DO WANT TO HAVE LOWER-COST OPTIONS. NOT EVERYONE WANTS LARGE LANG WHICH MODELS THAT USE NVIDIA CHIPS, AND AWS IS IN A GOOD POSITION TO CATER TO THAT DEMAND AND POTENTIALLY LOWER COSTS FOR THEIR CUSTOMERS. ED:

IT IS NOT NEW THAT IN THE CONTEXT OF AMAZON WE FOCUS ON THE CLOUD BUSINESS, BUT THERE IS MUCH MORE. WHAT DID YOU MAKE OF THE E-COMMERCE BUSINESS? PARTICULARLY IN AREAS WHERE ANDY JASSY HAS MADE CUTS AND SCALED-BACK THAT? -- SCALED-BACK SPINNING A LITTLE BIT? -- SPENDING A LITTLE BIT? RAMIZ: IF YOU RECALL IN Q2 THEY PUT OUT GUIDANCE THAT WAS BELOW EXPECTATIONS ON MARGINS. THE REASON FOR THAT IS, CONSUMERS ARE DEMANDING MORE DAILY ESSENTIALS AND YOU ARE SEEING A LEVEL OF BASKET SIZES WHICH MEANS HIGHER COST TO SERVE. THAT ENTAILS LOWER MARGINS FOR THE E-COMMERCE BUSINESS. WHAT THEY HAVE BEEN ABLE TO DO TO OFFSET THAT IS CONSOLIDATE MORE PACKAGES INTO THE ONE DELIVERING AND ALSO LEVERAGE

THIS STRATEGY WITH THE REGIONAL DISTRIBUTION CENTERS, WHICH HAS BEEN SOMETHING IN PLAY FOR THE LAST COUPLE OF YEARS, WHICH MEANS THEY ARE CLOSER TO THEIR CONSUMER, WHICH LOWERS THE COST TO SERVE, BUT ALSO THAT THEY CAN INCREASE THE NUMBER OF NEXT DAY DELIVERY ITEMS. SO, IT IS BOTH GOOD ON A CUSTOMER SATISFACTION LEVEL, AS WELL AS IMPROVING OPERATING EFFICIENCIES. MARGINS BEAT ON THE CORE ECONOMY SIDE, AND I THINK WE NOW HAVE GOOD VISIBILITY FOR MARGINS TO EXPAND AT A GOOD, HEALTHY LEVEL FOR THE NEXT YEAR OR SO. DESPITE INVESTING IN THAT BUSINESS. CAROLINE: LET'S TAKE IT BACK TO THE REAL INVESTMENT OUTLAY. A CAPEX OF $75 BILLION BEING ARTICULATED FOR 2024 AND WHERE

THAT PUSHES FORWARD TO. HOW MUCH DO THEY HAVE TO CONTINUE TO DOUBLE DOWN ON INVESTMENT FOR INFRASTRUCTURE FOR AI? RAMIZ: WELL, THE 75 BILLION IS A BIG STEP UP. THERE IS ALREADY A LARGE STEP UP RELATING TO AWS, AMAZON DATA CENTER, AND SERVER-RELATED INVESTMENT. SO, WHILE THEY NEED TO STEP UP INCREMENTALLY FROM HERE, I THINK IT IS GOING TO BE MORE MODERATE GOING INTO 2025. BUT CLEARLY, THERE IS A LOT OF DEMAND FOR AI-RELATED SERVICES AND GENERAL CLOUD. YOU HAVE TO REMEMBER THAT GENERAL CLOUD IS RECOVERING AS WELL, AND THE COMMENTARY KEEPS INDICATING THAT THERE IS MORE DEMAND IN THE SUPPLY THEY CAN OFFER. I THINK THEY WILL CONTINUE TO INVEST IN CAPEX, BUT THE IMPORTANT THING FOR INVESTORS IS THAT AWS WAS STILL ABLE

TO PRODUCE A 38% OPERATING MARGIN. DESPITE THE INVESTMENT WE HAVE SEEN TODAY. THAT MARGIN WILL PROBABLY COME DOWN, BUT I THINK WHAT WE CAN TAKE AWAY IS THE MARGINS ARE PROBABLY GOING TO BE HIGHER THAN WHAT PEOPLE WERE EXPECTING BEFORE THIS RESULT. CAROLINE: RAMIZ CHELAT, IT IS GREAT TO HAVE TIME WITH YOU. WE ALSO HAVE OTHER EARNINGS TO CATCH. ED: INTEL IS THE OTHER BIG STORY. INTEL SHARES ARE UP ALMOST 7%. THAT IS THE BIGGEST JUMP SINCE THE LAST DAY OF AUGUST. THE STORY? PAINFUL CUTS IN THE QUARTER GONE. IMPAIRMENT CHARGES. A BIG MISS ON THE BOTTOM LINE BUT AN OUTLOOK THAT IF MARKETS HOPE THAT INTEL IS FINALLY

TURNING THE CORNER. LATER IN THE SHOW, WE ARE GOING TO GO OVER OUR INTERVIEW WITH THE CEO, PAT GELSINGER. IMMEDIATELY, WE ARE GOING TO TALK ABOUT CRYPTO REGULATION AND WHAT COULD COME ON THE HORIZON REGARDLESS OF THE WINNER IN NEXT WEEK'S U.S. PRESIDENTIAL ELECTION. THAT DISCUSSION IS WITH KRISTIN SMITH, THE CEO OF THE BLOCKCHAIN ASSOCIATION. THAT IS NEXT. THIS IS BLOOMBERG TECHNOLOGY. ED: NEW ELECTION DATA FROM THE FEC FINES VICE PRESIDENT KAMALA HARRIS' RE-EMBRACE OF THE TECH INDUSTRY IS PAYING OFF. SHE HAS RECEIVED MAJOR DONATIONS FROM MARK CUBAN AND REID HOFFMAN. WHO TOLD US THIS YESTERDAY. LISTEN. >> WITH THE TECH INDUSTRY NEEDS IS KIND OF A STABLE ENVIRONMENT

IN ORDER TO, YOU KNOW, KIND OF FOLLOW THE RULES AND PROSPER. GOOD GLOBAL RELATIONS IN ADDITION TO STABILITY. AND AN ABILITY TO KNOW YOU ARE FOLLOWING A RULE OF LAW VERSUS WHAT I THINK OF AS GRIFTER CAPITALISM. ALL OF THAT LEADS TO COME I THINK, THE REASON WHY I AND OTHERS LIKE ME SUPPORT VICE PRESIDENT HARRIS. ED: LONGER -- BLOOMBERG'S BIZ CARSON HAS BEEN WRITING ABOUT THIS FOR THE PAST WEEK TRACKING THE RELATIONSHIP BETWEEN SILICON VALLEY AND THE CANDIDATES. THE REALITY IN VICE PRESIDENT, HARRIS'S CASE, IT IS ABOUT GETTING FUNDING AND SUPPORT. THERE ARE BIG NAMES BEHIND HER IN THE WORLD OF TECHNOLOGY. >> SHE HAS HAD TO REENGAGE THE INDUSTRY IN A WAY THAT WAS

UNEXPECTED FOR HER CAMPAIGN TO BRING IN THESE DONATIONS. SHE HAS GOTTEN MONEY FROM THESE NAMES YOU NAMED, BUT SHE HAS HAD TO WORK FOR. CALIFORNIA IS A BIG ATM FOR BOTH CANDIDATES, SO SHE HAS HAD MULTIPLE FUNDRAISERS HERE, AND SHE HAS REALLY PULLED ON THE TECH INDUSTRY TO PROP UP HER CAMPAIGN. CAROLINE: SHE IS HOLDING NEARLY WEEKLY ROUNDTABLES WITH LEADERS AND TECH INVESTORS AND BUILDERS. THAT IS A CADENCE THAT IS EXTRAORDINARY. BIZ: YEAH, SHE HAS BEEN HITTING THE PAVEMENT, HER AND HER CAMPAIGN TEAM. RYAN NELSON AND 20 WEST ARE THE TWO BIG ENVOYS FROM HER CAMPAIGN TO TECH LEADERS, AND

THEY ARE HAVING ROUNDTABLES, FOR EXAMPLE, AT Y COMBINATOR, WHERE THEY ARE SAYING STARTUPS WILL HAVE A SEAT AT THE TABLE. THESE ROUNDTABLES ARE MEANT TO LET THE TECH INDUSTRY KNOW THAT HER CAMPAIGN WILL BE LISTENING. THERE HAS BEEN A BIG BITE TRUST GAP SO FAR AND A LOT OF THE PEOPLE IN THE TECH INDUSTRY FEEL LIKE THEY WERE NEGLECTED BY THE BIDEN ADMINISTRATION. THESE ROUNDTABLES ARE A WAY FOR HER TO SHOW THAT THEY ARE HAVING TRUST WITHIN THE TECH INDUSTRY. ED: LATER IN THE PROGRAM WE HAVE VIVEK RAMASWAMY ON THE SHOW TO TALK ABOUT TRUMP AND TECH HAS ALSO SUPPORTED TRUMP, AND SO HAVE VENTURE CAPITALISTS. BIZ: THERE HAS BEEN A MAJOR TRUMP

TIDE, AND I THINK THAT IS DUE TO THE ACTIONS OF THE BIDEN ADMINISTRATION, WHERE A LOT OF PEOPLE FEEL IT HAS BEEN DESTRUCTIVE TO THE TECH INDUSTRY SO FAR. THERE ARE A LOT OF BIG NAMES. MARC ANDREESSEN, BEN HOROWITZ, WHO HAVE SUPPORTED TRUMP, AND WE HAVE SEEN THIS TRUMP TIDE. THESE ROUNDTABLES HAVE DONE A GOOD JOB IN STEMMING THAT TRUMP TIDE. ED: BIZ CARSON. IMPORTANT REPORTING JUST A FEW DAYS OUT. LET'S GET BACK TO THE MARKETS. CAROLINE: AND LET'S FILTER THAT BACK INTO THE CONVERSATION WE WERE JUST HAVING. IN MANY WAYS, PEOPLE FELT PART OF THE TRUMP TRADE HAD BEEN HIS CRYPTO ADOPTION AND SUPPORT, WANTING TO MAKE THE U.S. THE KEY AREA OF GROWTH FOR CRYPTOCURRENCIES.

AND IN MANY WAYS, BITCOIN HAS BEEN MOVED ABOUT WHEN WE LOOK AT HOW THE MARKET IS PREDICTING A TRUMP WIN OR NOT. WE ARE CURRENTLY UP ABOUT 4.8 PERCENT WHEN YOU ARE LOOKING AT BITCOIN OVER THE COURSE OF FIVE TRADING DAYS. AT ONE POINT, WE WERE $200 OFF THE HIGH WE SET BACK IN MARCH. WE ARE AT 70,937. IT IS NOT JUST BITCOIN THAT HAS BEEN MOVED AROUND. SO TOO HAS DOGE. UP 54%. THERE IS AN ACUMEN THAT HAS BEEN ADOPTED THAT PERHAPS IF WE DID SEE THE DEPARTMENT OF GOVERNMENT EFFICIENCY BORNE OUT BY ELON MUSK, WHAT DOES DOGE SPELL? MANY ARE FEELING THAT IS GETTING A TAILWIND FROM THE EFFECTIVE ELON MUSK'S BACK FOR

TRUMP. WE ARE GOING TO DELVE INTO CRYPTO A LITTLE MORE NOW. ED: VERY CREATIVE. THIS ELECTION CYCLE MAJOR MONEY IS BEING FUNNELED TO CANDIDATES WHO SUPPORT CRYPTO. IT COULD HAVE AN IMPACT ON REGULATION AND OVERSIGHT OF THE INDUSTRY. KRISTIN SMITH IS CEO OF THE BLOCKCHAIN ASSOCIATION. WE HAVE MADE MULTIPLE ATTEMPTS TO ASK SARAH GETS OF BOTH CANDIDATES FOR A DEFINITION OR EXPLANATION OF THEIR POLICY TOWARD CRYPTO. ARE YOU ABLE TO DO THAT? KRISTIN: LISTEN, I THINK BIZ SAID SOMETHING INTERESTING. PEOPLE HAVE BEEN VERY INTERESTED -- FRUSTRATED WITH THE IDEA IN ADMINISTRATION'S FOCUS ON TECH, AND CRYPTO AS PART OF THAT. IT IS ONE OF THE REASONS WHY WE PARTNERED WITH HARRIS X.

WE NEED TO STOP THE REGULATION BY ENFORCEMENT AND GET A NEW LAW INTO PLACE. WITH DONALD TRUMP, HE HAS HAD A REMARKABLE CHANGE OF HEART ON CRYPTO FROM WHERE HE WAS WHEN HE WAS PRESIDENT LAST TIME. HE HAS HAD INCREDIBLY CLEAR LISTS OF PRIORITIES. HE IS VERY INTERESTED IN INCLUDING PEOPLE WITH UNDERSTANDING OF CRYPTO IN HIS ADMINISTRATION. WE KNOW THAT HE IS GOING TO FIRE GARY GENSLER ON DAY ONE. ED: YOU ARE WORKING WITH THE HARRIS CAMPAIGN, BUT YOU ARE COMPLEMENTARY OF WHAT FORMER PRESIDENT TRUMP, HOW HE IS APPROACHING THIS. WE HAD GARY GENSLER ON THE SHOW LAST WEEKEND CAROLINE ASKED HIM VERY SIMPLY ABOUT HIS RETENTION OF HIS JOB. WHAT IS YOUR POSITION ON LEADERSHIP AT THE SEC IN THAT RESPECT? KRISTIN:

GARY GENSLER HAS GOT TO GO. THERE IS NO QUESTION ABOUT THAT. WITH THE CHANGE IN ADMINISTRATION, THERE IS AN OPPORTUNITY TO MAKE THAT CHANGE. I THINK WE KNOW IT IS PRETTY CLEAR WHERE TRUMP STANDS. HARRIS, I THINK WE ARE HOPEFUL. SHE HAS HAD THE SHORTEST PRESIDENTIAL CAMPAIGN IN HISTORY, BUT SHE IS TALKING WITH THE TECH COMMUNITY. SHE IS OPEN-MINDED. SHE SAID SOME POSITIVE THINGS ABOUT CRYPTO. SHE IS NOT AS PRECISE IN HER POLICIES, BUT I THINK WE ARE OPTIMISTIC THAT IF SHE WINS, THERE WILL BE AN OPPORTUNITY FOR CHANGE AT THE TOP AS WELL. CAROLINE: CAN YOU ARTICULATE THE PRECISION OF THE POLICIES COMING FROM THE TRUMP CAMPAIGN? FOR ME, IT SOUNDS LIKE WE WANT TO BE MORE ADOPTED IN THE U.S.,

WE WANT TO BE THE NUMBER ONE PLACE TO HAVE CRYPTO, BUT I DIDN'T GET MUCH NUANCE ON HOW THEY DO THAT FROM A GUARDRAIL PERSPECTIVE, FROM A CONGRESS BRINGING IN RULES PERSPECTIVE. KRISTIN: PRESIDENT TRUMP GAVE A GREAT SPEECH IN NASHVILLE WHERE HE LAID OUT A COUPLE OF ITEMS. THE BIGGEST THING THE CRYPTO INDUSTRY RIGHT NOW NEEDS IS TO STOP THE REGULATION BY ENFORCEMENT. WE HAVE CONGRESS COMING IN THAT WE THINK IS PRIMED TO PASS AN APPROPRIATE REGULATORY FRAMEWORK. THEY DID A LOT OF WORK THIS CONGRESS, BUT WE ARE GOING TO NEED CONGRESS TO GET THAT WORKED ON. AS PART OF OUR CAMPAIGN WE -- HARRIS X FOUND THAT TWO THIRDS OF VOTERS AGREE THAT CONGRESS SHOULD ACT FIRST BEFORE THE SEC.

SHOULD TAKE ACTION. I THINK IT SHOWS THAT FOR CANDIDATES WHO ARE RUNNING FOR CONGRESS, I'M A FOR THE HOUSE AND SENATE, THAT EITHER THEY BE REPUBLICAN OR DEMOCRAT. IT IS HELPFUL TO THEIR CAMPAIGNS TO TAKE A PRO-CRYPTO POSTURE. IT IS ONE OF THE REASONS WHY WE THINK THAT WITH A CHANGE OF ADMINISTRATION, WE ARE HOPEFUL WE CAN GET NEW LEADERSHIP AT THE REGULATORY AGENCIES AND SOME OF THE EXECUTIVE BRANCH AGENCIES THAT WILL HELP WORK WITH CONGRESS TO MAKE THAT A REALITY. CAROLINE: I'M NUMBER OF THE BRANDS WE CURRENTLY SEE IN FRONT OF US, OR COMPANIES, HAVE BEEN MAKING LAYOFFS OF LATE. MANY HAVE BEEN TRYING TO MAKE CLEAR THAT BITCOIN HAS BEEN ON A TEAR, BUT THE ECOSYSTEM IN GENERAL PERHAPS HAS NOT BEEN

THRIVING MORE BROADLY. HOW DO YOU SEE THAT CONTINUE TO EVOLVE? KRISTIN: THE INDUSTRY HAS BEEN STRUGGLING IN THE UNITED STATES. THEIR LEADERS FIGHTING TO KEEP IT HERE AND GET THE FRAMEWORK THAT ALLOWS US TO KEEP IT HERE, BUT IT IS VERY RISKY TO CREATE A NEW BLOCKCHAIN AND LAUNCH A TOKEN TO DO THAT KIND OF ACTIVITY IN THE U.S. IT HAPPENS IS, THESE COMPANIES TAKE THEIR LAPTOPS, GO OVERSEAS, AND WORK OUT OF THERE INSTEAD OF WORKING HERE IN THE U.S. THIS IS ONE OF THE THINGS THAT CANNOT BE MEASURED. YOU KNOW, THERE ARE SOME FACTORS, LIKE WE HAVE OVER 100 ENFORCEMENT ACTIONS. THERE HAS BEEN OVER $400 MILLION IN LEGAL FEES SPENT. WHAT CANNOT BE KNOWN AS THE

NUMBER OF JOBS AND THE OPPORTUNITY FOR THE U.S. ED: WE HAVE A FEW DAYS UNTIL THIS HAPPENS. HAVE YOU CALCULATED OR GAME PLANNED FOR THE SCENARIO YOU THINK IS MOST LIKELY? KRISTIN: IT IS INTERESTING. I'M WATCHING THE SAME SIGNALS EVERYBODY ELSE'S. I THINK THE EARLY VOTING, WE LOVE TO LOOK AT THE PRODUCTION MARKETS. I LOOK AT POLY MARKET ABOUT EVERY HALF-HOUR TO SEE WHETHER NUMBERS ARE OUT. IT DOES SEEM TO THINK THAT TRUMP IS IN THE LEAD BUT I HAVE BEEN AROUND LONG ENOUGH TO KNOW IT IS HARD. YOU HAVE TO GET THROUGH THE DAY. I THINK ARE CARLESS OF WHAT HAPPENS WE HAVE TURNED THE CORNER. I THINK WE'RE GOING TO HAVE A PRODUCTIVE CONGRESS AND I THINK

WE'RE GOING TO HAVE A NEW ADMINISTRATION THAT'S GOING TO BE MORE OPEN TO WORKING WITH THE CRYPTO INDUSTRY. CAROLINE: WE THANK YOU. CEO OF BLOCKCHAIN ASSOCIATION. MUCH MORE COMING UP ACROSS TECHNOLOGY. THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: TIME NOW FOR TALKING TECH. WAYMO IS VALUED AT MORE THAN 45 BILLION DOLLARS, INCLUDING ITS LATEST ROUND OF FINANCING. THE BUSINESS SAID LATE LAST WEEK IT HAD RAISED 5.6 BILLION DOLLARS IN NEW CAPITAL AFTER AN UNDISCLOSED VALUE. CROISSANT HAS HIRED ONE OF THE ENGINEERING CHIEFS WHO KEPT FACEBOOK'S INFRASTRUCTURE COMING. THIS AS THE -- J PARIKH WILL JOIN THE LEADERSHIP TEAM AND REPORT TO SATYA NADELLA. AIRPODS AND THE MAKER OR TECH

HAS PICKED BANKS TO WORK ON THE PLANNED HONG KONG IPO OF ITS SEMICONDUCTOR UNIT. ACCORDING TO SOURCES WHO SAY THE LISTING COULD HAPPEN AS SOON AS NEXT YEAR, AND RAISE AT LEAST $300 MILLION. ED: COMING UP, OUR CONVERSATION WITH INTEL CEO PAT GELSINGER FOLLOWING THE COMPANY'S EARNINGS. THE STOCK IS PUSHING HIGHER. THERE IS A BIT OF OPTIMISM RETURNING TO THAT OLD NAME OF SILICON VALLEY AND SEMICONDUCTORS. STAY WITH US. WE WILL BE RIGHT BACK. THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I'M CAROLINE HYDE IN NEW YORK. ED: AND I'M ED LUDLOW IN SAN FRANCISCO. WHAT A WEEK REFLECTED IN THE MARKETS. LOOK AT THE NASDAQ.

IT IS A 1% DECLINE OVER THE COURSE OF THE WEEK, WHICH TECHNICALLY IS THE BIGGEST DISRUPTION SINCE THE FIRST OF SEPTEMBER. EARNINGS IS A PART OF THAT MOVEMENT TO BOTH THE UPSIDE AND DOWNSIDE, BUT FOLDED IN SOME ECONOMIC DATA AND THE FACT WE ARE BRACING FOR AN ELECTION NEXT WEEK, THERE IS A LOT GOING ON. THE THREE NAMES WE ARE LOOKING AT ARE THE BIG ONES. EARNINGS LAST NIGHT WAS WILD IN TERMS OF THREE NAMES THAT REPORTED AT THE SAME TIME. STARTING WITH AMAZON, REALLY PUSHING HIGHER. BIGGEST JUMP SINCE FEBRUARY OF THIS YEAR. STRENGTH IN AWS, BUT GOING INTO THE FINAL THREE MONTHS OF THE YEAR. APPLE DOWN. GREW EVERYWHERE IN THE WORLD APART FROM CHINA. AND INTEL IS REALLY PUSHING

HIGHER. REALLY DIFFICULT QUARTER GONE. SOME HOPE IN THE OUTLOOK FOR THE QUARTERS TO COME, BUT THEY ARE STILL BEHIND IN THAT KEY MARKET OF AI ACCELERATORS. INVESTORS LOOKED PAST THAT. CAROLINE: IT IS AMAZING HOW INVESTIGATORS -- INVESTORS ARE NAVIGATING ANY OF THIS. ULTIMATELY FIVE OF THE MAGNIFICENT SEVEN CAME THIS WEEK. AND IT DID THE HATE TRAINED IN MANY WAYS. >> IT WAS THE BIGGEST AND BUSIEST SEASON AND FIVE OF THEM REPORTED. THEY DID NOT REALLY INSPIRE, WHICH IS INTERESTING, BUT WE EXPECT THAT NOT EVERYTHING THAT GOES UP WILL KEEP GOING UP. AS A WHOLE, WALL STREET ESTIMATES THE REPORTS THAT BEAT FOR ONLY 73%. IT IS THE LOWEST SINCE THE START OF 2023.

YOU CAN SEE SOME KIND OF fizzing, BUT ON TOP OF THAT YOU HAD A SLEW OF ECO-DATA. WE HAD HIRING RISE, BUT AT THE SLOWEST PACE SINCE 2022. AND WE ALSO HAVE NEXT WEEK. ALL OF THAT IS SORTING INTO THIS BIG BALL OF ANGST. RISK FACTORS ROSE TO ITS HIGHEST IN 18 MONTHS. IT SHOWS INVESTORS ARE JITTERY AND THAT RESULTED IN VOLATILE TRADING ACROSS ASSET CLASSES. THAT INCLUDES EMERGING MARKETS, GOLD, S&P, NASDAQ, EVERYTHING, AND IT IS VERY VOLATILE. ED: TYPICALLY WE LIKE TO KEEP IT LIGHT AND BREEZY ON A FRIDAY ON THIS PROGRAM. BLOOMBERG TECHNOLOGY. THE POINT OF YOUR COLUMN, ANXIETY IS BUBBLING, IS PARTLY, AS I SAID, BRACING FOR AN

ELECTION NEXT WEEK. IF YOU ARE AN INVESTOR, YOU HAVE TO THINK ABOUT THE IMPACT OF THAT ON ALL SORTS OF CLASSES. IN TECH, WHAT IS THAT SPECIFIC ANXIETY? ISABELLE: THE ANXIETY IS, HOW FAR WILL THIS AI RALLY GO? THE CAPEX OF THE FOUR LARGEST INTERNET COMPANIES ARE SET TO TOTAL WELL OVER TO HER BILLION DOLLARS THIS YEAR. THAT IS A RECORD SOME, SO YOU SEE INVESTORS STILL INVESTING IN AI, STILL HINGING ON THE PROMISE OF AI. THERE IS THE ELECTIONS, BUT ALSO THE FOMC, AND WEEKS AFTER THAT WE HAVE ECO-DATA. IT IS GOING TO THE YEAR END, BUT WHERE ARE WE HERE? I TALKED TO A SOURCE EARLIER. HE SAID, WE ALREADY LANDED. BUT SOME INVESTORS ARE STILL

BRACING FOR THAT HARD LANDing. THE DICHOTOMY COULD NOT BE SO STARK. IT IS A MESSY MARKET, BUT I WANT TO BRING YOUR ATTENTION TO NEXT WEEK DURING THE HALF POUND TEAR, RIVIAN, SO IT IS NOT GOING TO END. NEXT YEAR MIGHT EVEN BE A BIGGER WHAT A WEEK. ED: ISABELLE LEE KEEPING IT BRIGHT AND BREEZY ON A FRIDAY. WE HAVE SO MUCH MORE TO COME ON THIS EDITION OF BLOOMBERG TECHNOLOGY. CAROLINE: WE DO INDEED LOOK TOWARD THOSE ELECTIONS NEXT WEEK. VIVEK RAMASWAMY IS JOINING US, FORMER REPUBLICAN PRESIDENTIAL CANDIDATE AND SARAH GET FOR THE TRUMP CAMPAIGN. WE ARE GOING TO TALK POLICIES, TECHNOLOGY, CRYPTO, SO MUCH MORE.

THIS IS BLOOMBERG TECHNOLOGY. ♪ STARTING AT 5:00 P.M. EASTERN. AN EXTENDED EDITION OF BALANCE OF POWER. ED: U.S. ELECTION IS UPON US, AND THE GAP BETWEEN REPUBLICAN NOMINEE DONALD TRUMP AND PRESIDENT KAMALA HARRIS ON PREDICTION MARKETS IS NARROWING. CLICK TRUMP HAS HELD A LEAD. WE HAVE BEEN SPEAKING TO VOICES IN TECHNOLOGY AND VENTURE CAPITAL BOTH SIDES OF THIS RACE. TODAY WE ARE JOINED BY VIVEK RAMASWAMY, A SUPPORTER OF DONALD TRUMP, A FORMER REPUBLICAN PRESIDENTIAL CANDIDATE HIMSELF, SOMEONE WHO HAS BEEN ACTIVE NOT JUST ON SOCIAL MEDIA, BUT ON THE GROUND. WELCOME TO THE PROGRAM. A SIMPLE QUESTION TO START. WHY IS FORMER PRESIDENT TRUMP

THE BEST CANDIDATE FOR THE TECHNOLOGY INDUSTRY? AND THE VENTURE CAPITAL INDUSTRY THAT SUPPORTS IT? VIVEK: I WILL GIVE YOU A SIMPLE ANSWER TO A STRAIGHT QUESTION, WHICH IS HE IS THE PRESIDENT IN FAVOR OF NASTY REGULATION AND MASS REFORM OF THE ADMINISTRATIVE STATE. I THINK THE ADMINISTRATIVE STATE AND REGULATORY STRAIGHT IS THE SINGLE GREATEST COMPETITIVE -- -- THE ACTIONS OF THREE LETTER AGENCIES, WHO WERE NEVER ELECTED, YOU GO STRAIGHT DOWN THE LIST, THOSE THREE LETTER AGENCIES ARE MAKING MOST RULES THAT GOVERN BUSINESSES IN THIS COUNTRY TODAY. THOSE RULES WERE NEVER PASSED BY CONGRESS. THE CURRENT SUPREME COURT, WHICH DONALD TRUMP GAVE US MUCH OF THE COMPOSITION OF THAT

COURT HAS DECLARED MANY OF THOSE REGULATIONS UNCONSTITUTIONAL. AND DONALD TRUMP HAS MADE IT CLEAR THAT HE WANTS TO GO IN AND NOT JUST INCREMENTALLY TINKER AROUND THE EDGES OF THAT RECORD, BUT SHAKE IT DOWN TO ITS SMALL COURT SHOULD HAVE BEEN IN THE FIRST PLACE. THAT WOULD -- THAT IS THE CASE I WOULD MAKE TO ENTREPRENEURS, THAT DONALD TRUMP IS GOING TO BE THE PRESIDENT WHO STANDS FOR PAINTING IN THAT REGULATORY STATE. ED: COULD I ASK AS AN EXTENSION OF THAT, IS THERE A SPECIFIC AREA, BE IT CRYPTO, BE IT ELECTRIC VEHICLES, BE IT SPACE THAT YOU FEEL FORMER PRESIDENT TRUMP IS MOST FOCUSED? IN A LIST OF PRIORITIES? VIVEK: HE IS MORE FOCUSED ON AN

OVERALL AMERICAN REVIVAL. ALL OF THOSE FIT ON THE LIST. ENERGY IS BIG FOR DONALD TRUMP. ALL FORMS OF ENERGY WHERE AMERICA CAN BE THE LEADER. DONALD TRUMP FAVORS IT. DRILLING, FRACKING, AREAS WHERE AMERICA CAN ESTABLISH ENERGY ABUNDANCE. ESPECIALLY IN THIS ERA OF AI AND INCREASING DEMANDS FOR ELECTRICITY, FOR POWER, FOR ENERGY. THAT IS PARTICULARLY IMPORTANT FOR THE UNITED STATES. YOU THINK ABOUT BASELOAD POWER GENERATION FOR THE ELECTRIC GRID. COAL AND NATURAL GAS ARE KEY INPUTS. ANTI-FRACKING POLICIES, ANTI-COAL POLICIES. DONALD TRUMP'S PRO-ENERGY POLICIES ARE NOT JUST GOOD FOR BRINGING DOWN PRICES, BUT ALSO FOR FUELING THE FUTURE GENERATION OF AI-BASED.

TECHNOLOGY REVOLUTIONS. THAT IS ONE EXAMPLE, BUT I COULD GO INTO EACH OF THE AREAS YOU NAMED. CAROLINE: WE HAD A VENTURE CAPITALIST, WELL-KNOWN NAME, REID HOFFMAN, ON THE SHOW YESTERDAY. HE FAVORS THE OTHER SIDE OF THE EQUATION. WANTING CONSISTENCY, WANTING A STEADY HAND. BUT ALSO IS WORRIED ABOUT FORMS OF RETRIBUTION. YOU TAKE A LISTEN TO WHAT HE SAID YESTERDAY? VIVEK: SURE. >> TRUMP, HIS PRESIDENCY SHOWED A LEVEL OF AFTER CAPITALISM. TRYING TO PENALIZE HIS OPPONENTS. CAROLINE: WILL THERE BE ANY PENALIZATION OF THOSE WHO HAVE OPPOSED HIM? VIVEK: NO, THERE IS GOING TO BE NO RETRIBUTION UNDER TRUMP. I FIND THAT WHICH COMING FROM A

KAMALA HARRIS SUPPORTER, WHERE THERE IS ONLY ONE PRESIDENT AND ADMINISTRATION IN HISTORY THAT HAS PROSECUTED OR TENDED TO PROSECUTE THEIR ARRIVAL IN THE MEDICAL -- THE MIDDLE OF A POLITICAL ELECTION. IT IS THE PARTY THAT DONALD TRUMP IS RUNNING AGAINST. I THINK THIS IDEA OF A STEADY HAND, I ALSO WANT TO GIVE SOME AIRTIME TO THIS. THE IDEA THAT KAMALA HARRIS IS GOING TO BE SOME KIND OF STEADY HAND WHEN SHE HAS REVERSED HER POSITION IN A MATTER OF MONTHS ON CENTRAL QUESTIONS, ALL OF THESE ARE POSITIONS SHE HELD VERY SHORTLY BEFORE RUNNING FOR U.S. PRESIDENT THAT IN A MATTER OF MONTHS, FOUNDATIONAL QUESTIONS ABOUT ENERGY POLICY THAT HAVE CHANGED IN A MATTER OF MONTHS, I DON'T THINK IS A STRONG CASE FOR A SO-CALLED STEADY HAND.

ONE MORE POINT TO INVESTORS. I KNOW THIS IS A TECHNOLOGY-FOCUSED SHOW. PARTICULARLY TO FOUNDERS THAT MAY BE PRIVATELY HELD. KAMALA HARRIS STANDS BY HER SUPPORT. THIS IS ONE AREA WHERE SHE HAS NOT CHANGED HER SUPPORT. SHE STANDS FOR A TAX ON UNREALIZED CAPITAL GAINS. THAT MEANS MANY BIOTECH ENTREPRENEURS WHO MAY HAVE PAPER GAINS IN A PRIVATE COMPANY WOULD HAVE TO PAY TAXES WITH CASH THEY DON'T ACTUALLY HAVE. THAT WOULD STIFLE IMMIGRANT -- STIFLE THIS COUNTRY AND COULD BE THE BIGGEST TRIGGER FOR A STOCK MARKET MARKET TRACK -- STOCK MARKET CRASH AND GREAT DEPRESSION. FOR A MARKET-FOCUSED AUDIENCE THAT IS A BIG DIFFERENCE.

YOU COULD BE A SINGLE ISSUE VOTER ON THAT ALONE, I WOULD ARGUE. CAROLINE: I THINK MANY WOULD FEEL THAT THE ARTICULATION AROUND UNREALIZED CAPITAL GAINS HAS NOT BEEN MADE SO SUBSTANTIALLY BY A HARRIS CAMPAIGN. I'M GOING TO GO BACK TO THE TECHNOLOGY FOCUS, AND I'M GLAD YOU WENT THERE, BECAUSE THERE IS A TECHNOLOGY FOCUS THAT IS CHIPS IN PARTICULAR. YOU ARE CURRENTLY IN OHIO. OHIO WAS GOING TO BE A BENEFICIARY OF THE CHIPS ACT. BILLION'S OF DOLLARS TO GO TO MANUFACTURING WITHIN THAT STATE. THERE IS A POTENTIAL CONCERN THAT DONALD TRUMP IS AGAINST THE CHIPS ACT. HE VOICED OUT AGAINST IT RECENTLY. DO YOU WORRY ABOUT THAT BEING

CHANGED IN DIRECTION? VIVEK: NO, I DON'T. THE REASON I WAS AGAINST THE CHIPS ACT IS THERE IS BAGGAGE IN THERE THAT SHOULD NOT BE THERE. HIRING IMPEDIMENTS. SEMICONDUCTOR COMPANIES ARE HIRING PEOPLE OUTSIDE OF THE UNITED STATES BECAUSE OF THE REGULATORY BURDENS HERE. THERE WAS ALSO EXTRA BAGGAGE IN CHANGING THE WAY THE NSF MAKES GRANTS. THAT IS THE PROBLEM WITH WASHINGTON, D.C. EVERY TIME THEY PASSED ONE OF THESE LAWS, THERE IS SO MUCH OTHER BAGGAGE THEY SNEAK INTO THERE THAT IT DILUTES THE ORIGINAL PURPOSE OF THE ACT IN THE FIRST PLACE. HE WANT TO FOSTER SEMICONDUCTOR PRODUCTION? HERE'S HOW WE DO IT. MASS DEREGULATION IN THE UNITED STATES.

THE REASON NVIDIA HAS BECOME A MULTITRILLION DOLLAR COMPANY IS NOT BECAUSE OF THE CHIPS ACT. IT IS BECAUSE OF BOOMING DEMAND LED BY THE ADVENT OF AI WE HAVE SEEN. THAT LOWERING OF THE COST OF CAPITAL IS FAR MORE VALUABLE FOR SEMICONDUCTOR COMPANIES THAN THE INCREMENTAL MONEY IN THE POCKET THAT CAME FROM THE CHIPS ACT. ED: MAY I JUST JUMP IN ON THAT POINT ON NVIDIA? NVIDIA ARE NOT IN ISOLATION, BUT MANY OF THE CHIP COMPANIES HAVE HAD THEIR ACCESS TO THE CHINA MARKET IMPACTED BY THOSE EXPORT CONTROLS. & PUT, CHINA IS THE BIGGEST END MARKET FOR CONSUMER ELECTRONICS. CRITICALLY IMPORTANT FOR CLOUD. ARE YOU ABLE TO ASK PLANE TO OUR AUDIENCE FORMER PRESIDENT TRUMP'S POSITION VIS-A-VIS

CHINA ON KEY AMERICAN COMPANIES BEING ABLE TO DO BUSINESS IN THAT MARKET? VIVEK: I WILL GIVE YOU A BASE PRINCIPLE I HOPE PEOPLE CAN AGREE WITH REGARDLESS OF THE PARTISANSHIP. WE SHOULD NOT DEPEND ON OUR ADVERSARY FOR OUR OWN NATIONAL SECURITY. TALK ABOUT CHIPS? 4% OF THE SEMI CONDUCTORS FEEDING OUR DEPARTMENT OF DEFENSE, INCLUDING THE ARMY, NAVY, AIR FORCE ACTUALLY COME FROM CHINA. THAT DOESN'T MAKE ANY SENSE FOR OUR OWN MILITARY INDUSTRIAL BASE, OUR OWN MILITARY STOCKPILES TO DEPEND ON OUR ADVERSARY TO PROVIDE THEM. GOD FORBID WE ARE IN A CONFLICT SCENARIO. AND THAT IS SOMETHING NOBODY WANTS, GOD FORBID, THEY ARE NOT GOING TO KEEP SUPPLYING THOSE INPUTS.

I THINK IT IS A SENSIBLE POLICY -- AND I DON'T CARE IF YOU ARE A REPUBLICAN OR DEMOCRAT -- FOR THE UNITED STATES TO SAY, IN SECTORS CRITICAL TO NATIONAL SECURITY, WE SHOULD NOT BE DEPENDENT ON OUR CHIEF ADVERSARY. I THINK THAT IS A SENSIBLE POLICY. ED: INTERESTING. VIVEK: DONALD TRUMP, HE IS A PRAGMATIST WHEN IT COMES TO THESE FOREIGN POLICY DEALINGS. THAT PUT THE U.S. IN A STRONGER POSITION IN A LOT OF THOSE NEGOTIATIONS. ED: THERE WAS SOME INTEREST IN YOU WHEN I SAID YOU WERE COMING ON THE SHOW. WE GOT A NUMBER OF QUESTIONS FROM THE AUDIENCE. I'M GOING TO PUT ONE TO YOU. ONE USER SAYS, PLEASE ASK HIM HOW MUCH OF HIS OWN MONEY WAS SPENT ON HIS OWN CAMPAIGN?

I THINK A REFERENCE TO YOUR RUN AS A CANDIDATE. HAS HE GIVEN YOU AN ACCEPTABLE ROI, AND WHAT WAS THE EXPOSURE AND NETWORK EFFECT FOR YOU IN DOING THIS? SUPPORTING FORMER PRESIDENT TRUMP? CAROLINE: THIS IS ALL PUBLIC RECORD. IT WAS A LITTLE OVER $30 MILLION OF MY OWN HARD-EARNED MONEY. MY PARENTS CAME TO THIS COUNTRY WITH NO MONEY, BUT I AM A SELF-MADE ENTREPRENEUR. THE ROI ON THAT IS NOT RELATED TO ME, IT IS RELATED TO THE IMPACT WE HAVE ON OUR COUNTRY. I WAS THE YOUNGEST PERSON EVER TO RUN FOR U.S. PRESIDENT AS A REPUBLICAN. ONE OF THE THINGS I WAS PROUD WE WERE ABLE TO DO IS BRING DISENGAGED CITIZENS BACK INTO POLITICS, ESPECIALLY YOUNG PEOPLE.

I SHOWED UP ON A COLLEGE CAMPUS IN PENNSYLVANIA YESTERDAY. THERE WERE 2000-PLUS PEOPLE THAT SHOWED UP JUST TO HEAR THE CONVERSATIONS WE WERE HAVING ONE-ON-ONE. THAT GAVE ME A SENSE OF INSPIRATION. IT GAVE ME A SENSE OF SATISFACTION TO SAY THAT THIS JOURNEY THAT I BEGAN IN FEBRUARY OF LAST YEAR WHEN NOBODY KNEW MY NAME, LET ALONE COULD PRONOUNCE IT, WAS THAT 0.0% IN THE POLLS, AND BY THE END OF THE RACE HAD BEATEN A VICE PRESIDENT AND FORMER SENATOR. IT PROVES WHAT IS POSSIBLE IN THE UNITED STATES OF AMERICA. WAS IT WORTH IT? ABSOLUTELY, AND I HOPE OUR BEST DAYS AS A COUNTRY AND MY OWN ABILITY TO HAVE AN IMPACT ON IT

ARE STILL AHEAD OF US. CAROLINE: SOME OF THOSE YOUNG PEOPLE CARE ABOUT CRYPTO. ONE OF THOSE COMPANIES YOU FORMED IS GOING TO BE GOING AND BUYING IN ON BITCOIN FOR THE FIRST TIME. COULD YOU JUST ARTICULATE FOR US WHAT YOU THINK THE CRYPTO POLICIES WILL BE UNDER TRUMP? VIVEK: FIRST OF ALL, AM INCREDIBLY PROUD. STRIVE IS A BUSINESS I COFOUNDED. I'M SO PROUD OF THE TEAM AND WHAT THEY HAVE ACCOMPLISHED. MATT COLE IS THE CEO WHO WAS FORMERLY A SUCCESSFUL MANAGER AT CALPERS. HE IS LEADING STRIDE WITH A VISION FOR FINANCIAL FREEDOM. MY VIEW ON THE FUTURE OF CRYPTO POLICY IS IT IS LESS RELATED TO HELPING ONE SECTOR AND MORE RELATED TO JUST REVIVING THE PRINCIPLES THE COUNTRY WAS FOUNDED ON IN THE FIRST PLACE.

UNBRIDLED INNOVATION, COMPETITION AS THE ANSWER. CAROLINE: IT SHOULD BE TOTALLY UNBRIDLED? VIVEK: THE FIRST THING I WOULD SAY IS, UNBRIDLED INNOVATION. WHAT WE NEED IS REGULATORY CLARITY. IT IS A SAD STATE OF AFFAIRS WHERE YOU SEE A PARADIGM OF REGULATION BY ENFORCEMENT, MANY PARTICIPANTS DO NOT KNOW WHAT THE RULES ARE IN THE FIRST PLACE. WE CAN DEBATE WHAT THE RULES SHOULD BE. I THINK THAT IS A REASONABLE DEBATE TO HAVE. WE CANNOT HAVE IS A SITUATION WHERE PEOPLE ARE GUESSING WHAT THOSE ROLES ARE. I WILL GIVE YOU AN EXAMPLE. WHEN THE COMMISSIONER OF THE SEC COULD NOT ANSWER WHETHER A THEORY WAS EVEN A SECURITY. EITHER WAY AT LEAST THE INDUSTRY DESERVES TO KNOW.

I THINK REGULATION IN THE FIRST PRINCIPLE, WHETHER YOU ARE ON THE LEFT OR RIGHT, SHOULD BE CLARITY. ED: VIVEK RAMASWAMY, THANK YOU FOR COMING BACK ON BLOOMBERG TECHNOLOGY. WE WILL BE RIGHT BACK. THIS IS BLOOMBERG TECHNOLOGY. ED: INTEL GAVE A FOURTH-QUARTER REVENUE FORECAST THAT IS SPARKING OPTIMISM IS CAPABLE OF RECLAIMING SOME LOST MARKET SHARE. WE SIT DOWN WITH INTEL CEO PAT GELSINGER YESTERDAY, STRAIGHT FROM THE COMPANY'S ANALYSIS. PAT: WE WORKED VERY HARD THIS QUARTER TO GET THIS DONE. AND THE PEOPLE ACTIONS, THE RESTRUCTURING CHARGES, LARGELY FINISHED THIS QUARTER. IT WAS A CHALLENGING QUARTER THAT WAY, BUT TO ALSO DELIVER BETTER-THAN-EXPECTED RESULTS IF

WE ELIMINATE THOSE ONE-TIME CHARGES AND TAKE OUR GUIDANCE UP FOR Q4. I'M VERY PROUD OF OUR TEAM BEING ABLE TO DO BOTH OF THOSE THIS QUARTER. SOME OF THE MOST READ -- SOME OF THE MOST DIFFICULT RESTRUCTURING CHARGES SINCE OUR MICROPROCESSOR DECISION ON MOST 40 YEARS AGO. GETTING THAT DONE AND STILL BEATING RESULTS AND TAKING THE GUIDE UP. THIS WAS A VERY SIGNIFICANT QUARTER FOR OUR TEAM TO EXECUTE. ED: YOUR AI ACCELERATOR DID NOT GET THE TRACTION YOU HAD HOPED AND YOU WILL NOT BE MAKING THE OUTLINE TARGET OF I'VE HUNDRED MILLION DOLLARS IN SALES FOR THIS FISCAL YEAR. OR, CALENDAR YEAR. WHY? IS IT A USE CASE ISSUE THAT THE DATA CENTER IS OPERATING ON, LOOKING AT IT, OR SOMETHING

ELSE? PAT: TWO FACTORS WE POINTED OUT. WE HAVE GAUDI THREE COMING OUT, SO THERE IS MORE ENTHUSIASM FOR THE NEXT GENERATION PRODUCT THAT WE ARE JUST STARTING TO RAMP. THE SECOND ONE IS THE SOFTWARE. THE SOFTWARE USE CASES, THE AI WORLD HAS MOVED VERY RAPIDLY AND INNOVATING VERY QUICKLY. THE ROBUSTNESS AND COMPLETENESS OF THE SOFTWARE STACK HAS NOT BEEN AS GREAT, AND IT IS AN ACCELERATOR, NOT A REPROGRAMMABLE GPU. THAT MAKES SOME OF THE OPTIMIZATIONS MORE DIFFICULT. OBVIOUSLY, AS WE GET MORE OF THAT RUNNING ON GAUDI, WE SAW THE SOFTWARE PROBLEMS, BUT SECONDLY, IT IS ALSO TO MOVE TO A COMPLETE GPU CAPABILITY, WHICH WE WILL BE DOING OUT IN TIME. AND THAT DEVELOPMENT EFFORT IS

WELL UNDERWAY. WE FEEL WE HAVE A SOLID POSITION. CAROLINE: PAT GELSINGER THERE. MEANWHILE, OPENAI IS FURTHER CHALLENGING GOOGLE BY ADDING A NEW SET OF SEARCH FEATURES THAT WILL LET CHATGPT USERS SEARCH FOR TIMELY INFORMATION. MUCH AS THEY WOULD IF THEY WERE USING GOOGLE. SHEARING THE FIERY JOINS US FOR MORE. NOW IT IS ACCESSIBLE IF YOU ARE PAYING FOR CHATGPT. HOW MUCH IS THIS GOING TO MAKE GOOGLE AND GEMINI A RUN FOR ITS MONEY? >> I THINK THIS IS GOING TO BE A POTENTIALLY VERY BIG LONG-TERM COMPETITOR AND THREAT TO SEARCH AS A WHOLE. WE HAVE SEEN VIRAL GROWTH OF CONSUMER CHATBOTS SINCE CHATGPT'S RELEASE, SETTING RECORDS FOR THE AMOUNT OF USERS

GAINED IN A SHORT PERIOD OF TIME. IF THAT CONTINUES AND WE SEE THIS CONSUMER SHIFT TOWARD CHATBOTS IN A MEANINGFUL WAY, WHY WOULDN'T USERS START SEARCHING WITHIN CHATBOTS RATHER THAN GOING TO A WEBSITE? ED: I GOT ACCESS TO SEARCH THROUGH PAYING FOR CHATGPT YESTERDAY, AND YOU AND I WERE LOOKING AT THE APPLE VERSION. THAT I THINK THERE IS A BENEFIT FOR OUR AUDIENCE IN YOU EXPLAINING WHAT IS DIFFERENT BETWEEN CHATGPT AND WHEN SEARCH IS ENGAGED IN-OUT? SHIRIN: THAT'S RIGHT. YOU CAN RIGHT NOW IF YOU ARE A PAID USER OR A TEAM USER ACTUALLY GET ACCESS TO THIS WITHIN ONE SPECIFIC MODEL. IT IS CALLED 4.0 IN CHATGPT'S CHATBOT. CHATGPT HAS ALWAYS HAD THE OPTION FOR YOU TO BROWSE THE

WEB, BUT NOW IT IS MUCH MORE INTEGRATED INTO THE APP. YOU SEE LITTLE CARDS THAT KIND OF GIVE YOU A PREVIEW, FOR EXAMPLE. I LOOKED UP RESTAURANTS IN SAN FRANCISCO AND WE SAW, YOU KNOW, LITTLE IMAGES OF DIFFERENT RESTAURANTS YOU CAN LOOK AT. YOU SEE A MAP. IT FEELS A LOT MORE LIKE YOU ARE GETTING A GOOGLE-LIKE EXPERIENCE WITHIN THE CHATBOT OTHER THAN SIMPLE TEXT, RIGHT? ED: I POINT OUT AND WE PROBABLY SHOULD POINT OUT THAT WHEN YOUR STORY HIT THE BLOOMBERG SHARES OF ALPHABET FELL TO A SESSION LOW. THAT IS HOW SERIOUS EVERYONE IS TAKING THIS BATTLE TO SEARCH -- RESEARCH. SHIRIN GHAFFARY, THANK YOU SO MUCH. WHAT A WEEK. CAROLINE: AND THERE IS GOING TO BE SO MUCH MORE TO COME NEXT WEEK.

THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. ED: A REALLY IMPORTANT CONVERSATION ABOUT TECHNOLOGY, THE ELECTION, SO MUCH MORE. RECAP ON THE POD. YOU KNOW WHERE TO FIND IT. HAPPY FRIDAY. THIS IS BLOOMBERG TECHNOLOGY. ♪

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