> 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." ADOBE DROPS AFTER A DISAPPOINTING ANNUAL SALES OUTLOOK AS INVESTORS FEAR AI-DRIVEN COMPETITION.

SERVICETITAN GOES PUBLIC. SHARES ARE INDICATED TO ROCKET AT THE OPEN. WE SPEAK WITH THE SOFTWARE COMPANY'S CO-FOUNDERS. AND KLARNA JOINS US; THE CEO JOINS US TO DISCUSS HOW IT IS ALL-IN ON AI.

BUT FIRST, A QUICK CHECK ON THESE MARKETS. WE ARE DOWN 0.3% AS WE AWAIT THE OPENING TRADE. AT THE MOMENT, THE MOOD IS A LITTLE BIT LOWER. WE HAD SOME INFLATIONARY NUMBERS FROM THE PRODUCER PRICE INDEX COMING IN A LITTLE BIT HOTTER. REMEMBER, WE ARE SO CLOSE TO RECORD HIGHS WE MET YESTERDAY.

WHIPPING ON FROM THE NASDAQ, WE HAVE A KEY POINT TO STRIKE IN

ADOBE. IT IS THE WORST PERFORMER ON THE NASDAQ 100, THE WORST DAY SINCE MARCH WHEN IT HAD ITS UNDERWHELMING NUMBERS THEN.

Fast-forward to today, and after the bell yesterday, they signaled that the AI inflection point is not there yet. We are still seeing revenue coming in at about 11% or 14%.

I'm looking at NVIDIA on the downside. Look, it is interesting that it is pushing back against the anxiety that maybe it is pulling back from China, pulling back from social media to emphasize that the Chinese

market is still there despite U.S. trade curbs. Bloomberg is reporting that the chip giant is expanding its research capabilities in China, adding hundreds of staff.

Let's bring in Bloomberg's Peter Elstrom. This is notable. They are pushing back against that worry and beefing up in China. >> That is exactly right. There are a lot of crazy rumors

in China. This got serious enough that NVIDIA felt they had to respond and clarify they are continuing to deliver products and services into China. They are expanding quite a bit in China.

The company has been growing by leaps and bounds, but we have heard that in China they should go from about 3000 employees at the end of last year to about 4000 at the end

OF THIS YEAR. SPECIFICALLY, THEY WANT TO EXPAND IN THE
AUTONOMOUS DRIVING AREA. IT IS ALSO IMPORTANT FOR SOME
OF THESE CUTTING-EDGE TECHNOLOGIES LIKE EVs, ETC.
NVIDIA CANNOT SELL ITS MOST

ADVANCED AI CHIPS INTO CHINA,
BUT THEY DO STILL WANT TO INVEST IN THE MARKET AND IN
SOME OF THESE GROWTH AREAS LIKE AUTOMOBILES. CAROLINE: THIS HAS BEEN AN EVER-EXPANDING
AREA OF NEW NAMES GETTING INTO

THE EV SPACE IN CHINA.
WHAT ARE THE REGULATIONS? IS IT EASIER TO BE PUTTING
AUTONOMOUS DRIVING ON THE ROADS? IT IS NOT SOMETHING ELON MUSK
HAS SIGNALED. PETER:

THE GOVERNMENT CERTAINLY HAS
BEEN SUPPORTIVE OF SOME OF THESE NEW TECHNOLOGIES.
THE EV MARKET IS BOOMING. YOU HAVE DOMESTIC PLAYERS LIKE
HUAWEI MOVING AGGRESSIVELY INTO

THIS SPACE, PROVIDING THE
TECHNOLOGIES THAT THE CAR COMPANIES NEED TO BE ABLE TO
EXPAND IN THAT MARKET. NVIDIA WANTS TO BE PRESENT IN
THAT MARKET. THEY ARE FORGING RELATIONSHIPS
WITH IMPORTANT COMPANIES.

THEY HAVE A PRESENCE ON THE
GROUND. THEY ARE EXPANDING THEIR HEADCOUNT.
IT IS A SIGNAL THEY ARE SUPPORTING THE CHINESE MARKET.
THEY WERE ABLE TO SELL ADVANCED AI CHIPS IN THE PAST AFTER A
COUPLE OF ROUNDS OF EXPORT CONTROLS.

CONTROLS FROM THE BIDEN ADMINISTRATION. THEY HAD TO PULL BACK ON SOME OF THOSE MOST ADVANCED AI CHIPS. JEN-HSUN HUANG HAS BEEN VOCAL THAT HE WOULD LIKE TO

SELL AS MUCH AS HE CAN INTO THE MARKET, PROVIDED THAT THE REGULATIONS ALLOW IT. HE IS CERTAINLY INVESTING WITH A VIEW TO THE LONG TERM. CAROLINE: HOW GOOD IS THAT FROM A BUSINESS PERSPECTIVE?

WE HAVE SO MUCH UNCERTAINTY WEIGHING ON U.S.-CHINA RELATIONS. IT SEEMS AS THOUGH TRUMP IS EXTENDING AN OLIVE BRANCH, AN INVITATION TO XI JINPING TO

COME OVER FOR THE -- FOR THE INAUGURATION. IT FEELS LIKE THE TIT-FOR-TAT IS ENDLESS. PETER: IT DOES FEEL LIKE THAT WHEN YOU LOOK AT THE DYNAMICS BETWEEN WASHINGTON AND BEIJING RIGHT NOW. THERE HAVE BEEN A LOT OF

TENSIONS IN THE PAST. ONE THING THE DEMOCRATS AND REPUBLICANS AGREE ON IS THAT THEY WANT TO GET TOUGHER ON CHINA. IT SEEMS LIKE IT IS HEADING IN THAT DIRECTION. REMEMBER, JUST

10 YEARS AGO, YOU HAD COMPANIES INVESTING IN CHINA WHEN THE RELATIONSHIP BETWEEN THE TWO COUNTRIES WAS STRONG. NOW, ALL THESE COMPANIES WANT TO

IS INVESTING IN WHAT THEY CAN.
NVIDIA wants to position itself so it is able to capitalize if
the market opens up. It is not small, but they
cannot sell their highest-end

chips right now.
Instead, they are selling those into the hyperscalers like
Microsoft and OpenAI, Google, and Amazon.
Long-term, they would like to sell as many as they can.
That includes the Chinese

market. CAROLINE:
Thanks so much for the breakdown.
Let's stick with China. It has been signaling further
stimulus measures. All of this is about
maintaining economic growth,

some sort of stability.
Let's discuss the U.S., China, and the economic outlook.
Chief Investment Strategist Marta Norton is here with us.
What is interesting is your

view on valuations,
opportunities to be investing in China.
Is it right for investment? >> It is a critical question.
The argument for China's big tech in general is the valuation.
You look at big tech and the

types of companies you have
there, very strong competitors, very strong balance sheets,
shareholder-friendliness, and very low valuations.
In a world in search of yield, that is attractive.
But of course, you don't get

THOSE VALUATIONS FACE SOME headwinds. That is on the geopolitical front, but also the economic front, whether you are looking at property considerations or consumer demand.

There are a lot of considerations I think would give investors pause. The upside is there is a margin of safety that can cover that. We would not suggest that investors pile all of their assets in China, but we would

argue the devaluation is enough that some exposure would make sense. Caroline: You compare and contrast that to the lack of opportunity here in the U.S. I'm looking at NVIDIA trading at 47 times, let's call it,

future earnings. We have a $3.3 trillion market cap. The margin for error there is very small. When you are considering China?

Marta: That is exactly right. You have in the U.S. a yin-yang in what you see in China. The valuation argument is not there.

Over the course of 2024, looking at the maximum seven-year sell-side price estimated earnings at the start of the year around 35 and today it is around 40. That is not at the extreme levels we have seen over the past five years, but it is certainly above that five-year

AVERAGE. IT MEANS IT'S GOING TO TAKE A LOT MORE TO SURPRISE INVESTORS ON THE UPSIDE FOR THERE TO BE A POSITIVE REACTION. WE'VE SEEN THAT OVER THE COURSE OF THIS YEAR.

MOST NOTABLY IN THE SUMMER WHEN NVIDIA LARGELY BEAT EXPECTATIONS, BUT THE MARKET SOLD OFF. I THINK THAT TAKES AWAY A LOT OF, MAYBE THAT EXCESS RETURN FEEL, FROM THESE NAMES. CAROLINE: LOOK AT ADOBE.

CASE IN POINT TODAY. THEY MANAGED TO DELIVER ON THIS QUARTER, BUT THE FORECAST DIDN'T LIVE UP TO EXPECTATIONS. I'M INTERESTED IN ALPHABET MANAGING TO REACH NEW HEIGHTS.

FROM AN ANTITRUST PERSPECTIVE, ARE WE PUTTING THAT TO THE BACK BURNER? ARE WE NOT WORRIED ABOUT THE POWER OF THESE MAGA SEVEN? MARTA: THE ANTITRUST AND REGULATION CONSIDERATIONS AROUND BIG TECH HAVE BEEN SOMETHING OF AN

OVERHANG FOR THESE COMPANIES FOR QUITE SOME TIME. NOW WE ARE STARTING TO SEE THAT COME TO THE FORE A BIT MORE. WHEN WE'RE TAKING A LOOK AT ALPHABET AND LOOKING AT SOME OF

THESE CONSIDERATIONS ON THE REGULATION OR ANTITRUST FRONT, THERE ARE STILL SOME UNKNOWNS, SOME CHALLENGES THAT WILL COME ABOUT AS THESE COMPANIES NAVIGATE EXACTLY HOW THEY ARE

GOING TO PLAY OUT WITH
ANTITRUST AND WHAT STEPS THEY ARE GOING TO TAKE. I DON'T THINK THAT IS CLEAR, AND IN THE MEANTIME, WE SAW HOW A FUNDAMENTALLY HEALTHY COMPANY LOOKS TO ACCELERATE SOME OF THE OPPORTUNITIES FROM AI.

CAROLINE:
YOU ARE HELPING OVERSEE $57 BILLION IN MANAGEMENT. I'M INTERESTED WHERE YOU DO SEE THE RISK-REWARD RIGHT NOW? IS IT ABOUT DIVERSIFYING AT THE MOMENT? MARTA:
I THINK IT IS HARD TO STEP AWAY

FROM THE MAGNIFICENT SEVEN.
MOST OBVIOUSLY BECAUSE IT REPRESENTS A LARGE PART OF THE OVERALL MARKET. A THIRD OF EVERY DOLLAR IN THE
S&P 500 IS GOING TO THESE NAMES. SO, HARD TO DIVERSIFY AWAY FROM THEM COMPLETELY.

YET AT THE SAME TIME, THEY ARE
KEYING OFF A HIGH. THERE IS NOT AS MUCH MARGIN OF SAFETY. AS WE HEAD INTO 2025, OUR OUTLOOK CALLS FOR BALANCE OVER CONVICTION. THE WAY TO PLAY THAT, WE THINK,

IS TO HAVE A MODEST UNDERWEIGHT
TO SOME OF THESE MAGNIFICENT SEVEN NAMES, OR THE BIGGEST COMPANIES IN MARKET CAP, AND ADD IN SOME OF THESE SMALL-CAP AREAS THAT HAVE RELATIVE VALUE IN THEIR

CORNER AND TAILWINDS. WE START TO THINK ABOUT TRUMP'S TAX POLICY OR POTENTIALLY LOWER RATES OVER THE COURSE OF THE NEXT YEAR. CAROLINE: YOU MENTIONED RATES. WHERE SHOULD YOU BE FROM AN

ASSET CLASS PERSPECTIVE? IS IT ALL ABOUT EQUITIES? IS IT WORTH GOING INTO THE CREDIT SIDE OF THESE TECH NAMES? MARTA: I THINK WHEN WE ARE TAKING A LOOK AT WHERE RATES ARE HEADED, THE EXPECTATION EARLIER IN THE

YEAR WAS THAT WE WERE GOING TO SEE POTENTIALLY FALLING RATES IN A MEANINGFUL FASHION OVER THE NEXT, CALL IT, 12 MONTHS. AS THE ECONOMY HAS COME IN STRONGER AND AS THE MARKET

GRAPPLES WITH WHAT TRUMP POLICIES MIGHT LOOK LIKE, THE EXPECTATION IS THERE FOR LOWER RATES BUT MAYBE NOT TO THE SAME DEGREE AS PEOPLE HAD THOUGHT PREVIOUSLY. WHEN WE ARE LOOKING AT THE

FIXED INCOME TRADING YIELDS, THEY ARE ATTRACTIVE, BUT WE ARE SEEING THIS AS MORE OF A COUPON-CLIPPING YEAR AND LESS OF A TOTAL RETURN YEAR. WE ARE EXPECTING MORE MODERATE RETURNS ON THE EQUITY SIDE, TOO. IN THE SENSE OF RETURNING TO THAT THEME OF BALANCE, FROM AN

ASSET CLASS PERSPECTIVE AS WELL. CAROLINE: YOU ARE NOT EXPECTING ANOTHER 100% INCREASE IN NVIDIA'S STOCK PRICE FOR THE YEAR? IT IS SO GOOD TO HAVE TIME WITH YOU. I APPRECIATE IT. COMING UP, WE ARE EXPECTING A

BIG POP WHEN SERVICETITAN FINALLY GOES PUBLIC. ITS IPO PRICING IS ABOVE THE RANGE, SO WE ARE EXPECTING A BIG JUMP. WE HAVE THE FOUNDERS JOINING US. MEANWHILE, SHARES OF WARNER BROS. DISCOVERY. WE ARE CURRENTLY SEEING A

DIVISION ONCE AGAIN. THEY ARE GOING TO BE PUTTING CABLE ASSETS ON ONE SIDE, STREAMING BUSINESSES ON THE OTHER. DOES THIS HINT AT THE DIRECTION OF TRAVEL, POTENTIALLY SELLING OFF OR DOING OPPORTUNISTIC

DEALS? THAT IS WHAT DAVID ZASLAV HAS BEEN TALKING ABOUT. WE ARE UP 14%. THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE: SERVICETITAN HITS THE PUBLIC

MARKETS IN WHAT COULD BE THE LAST U.S. IPO OF 2024. SHARES INDICATED TO JUMP TO $109 AFTER THEY WERE PRICED AT $71. ARA MAHDESSIAN IS HERE.

HOW DO YOU FEEL IN THE STATE?
ARA: WE ARE VERY EXCITED. IT IS AN IMPORTANT DAY FOR OUR COMPANY, BUT MORE IMPORTANT FOR THE INDUSTRY WE SERVE. THINK OF THIS AS THE NATIONAL DAY OF THE TRADES AND WE CELEBRATE AND HONOR ALL OF THE

HARD WORK AND DEDICATION OF THE YOUTH CONTRACTORS WHO WORKED SO TIRELESSLY TO SERVE THEIR COMMUNITIES. CAROLINE: BOTH OF YOU HAD FATHERS, IMMIGRANT FATHERS COMING INTO

THE UNITED STATES AS CONTRACTORS, AS PLUMBERS. YOU ARE SOLVING THEIR PROBLEMS. HOW DIFFERENTIATED IS YOUR OFFERING FROM A TECHNOLOGY PERSPECTIVE? VAHE: WE LIKE TO THINK WE PROVIDE A BUSINESS IN A BOX, THAT

PROVIDES A SOLUTION THAT GIVES YOU EVERYTHING YOU NEED TO RUN A SUCCESSFUL TRADES BUSINESS. WHEN WE WERE GROWING UP, WE SAW THE STRUGGLE OUR PARENTS HAD RUNNING THE BACK OFFICE,

WITH SHOEBOXES FULL OF RECEIPTS. HE KNEW WE HAD TO DO SOMETHING. THAT IS OUR BIG FOR NGA SHOULD. IT IS AN ALL-IN-ONE SOLUTION FOR THIS INDUSTRY.
CAROLINE:

WE SEE THE TEAM BEHIND YOU. YOU ARE SERVING 100,000-PLUS CONTRACTORS. YOU HAVE ABOUT A $7 BILLION VALUATION. IT IS GOING TO BE MORE THAN THAT AT THE OPEN. IS THERE A CONCERN YOU LEFT

MONEY ON THE TABLE? YOU COULD HAVE RAISED MORE THAN $6 ON A $25 MILLION? ARA:
WE ARE FOCUSED ON THE THINGS WE CAN CONTROL. THAT IS OUR CUSTOMERS, DELIVERING SUCCESS FOR THEM. THAT HAPPENS TO DRIVE OUR OWN

FINANCIAL SUCCESS. THIS IS OUR LIFE'S WORK. WE HAVE PUT OVER A DECADE INTO BUILDING THIS BUSINESS. WE ARE EXCITED FOR THIS NEXT CHAPTER IN OUR JOURNEY, WHERE WE GET TO PARTNER WITH LONG-TERM INVESTORS WHO WANT TO

SUPPORT THAT JOURNEY WITH US.
CAROLINE: WHAT IS IN YOUR CONTROL IS YOUR CONTROL OF THE COMPANY. YOU REMAIN MAJORITY SHAREHOLDERS FROM A VOTING PERSPECTIVE. THEREFORE, WHAT DO YOU ALLOCATE

THIS MONEY RAISED...INTO?
OR DO YOU PUSH TO EXPAND THE BUSINESS? VAHE:
OUR MISSION IS TO BUILD THE OPERATING SYSTEM FOR THE TRADES.
THAT IS OUR NUMBER ONE PRIORITY. THE MONEY WE ARE RAISING
TODAY IS GOING TO GO PRIMARILY

TO CONTINUING TO EVOLVE THE PRODUCT AND MAKE SURE THIS INDUSTRY IS NOT LEFT
BEHIND FROM A TECHNOLOGY PERSPECTIVE, LIKE OUR PARENTS
WERE GROWING UP. CAROLINE:

SPELL OUT WHAT TECHNOLOGICAL
INNOVATION YOU'RE PRESENTING. HOW DOES THIS INNOVATION CHECK?
IS IT ABOUT TALENT? IS IT ABOUT INTEGRATING
GENERATIVE AI? WHAT IS THE PRODUCT'S NEXT STEP
FROM HERE? ARA:

IT IS INTERESTING YOU MENTIONED
AI. IT IS ALMOST IRONIC THAT SUCH
A BLUE-COLLAR STORY HAS IMPLICATIONS FOR AI.
THIS IS NOT HYPED; THIS IS ALREADY REALITY. SERVICETITAN OFFERS THREE
AI-BASED PRODUCTS FOR THINGS

LIKE OPTIMIZING HOW CONTRACTORS
DO MARKETING, AUTOMATING HOW THEY DO SCHEDULING AND
DISPATCHING, AND IMPROVING THE LEVEL OF SERVICE THEY PROVIDE.
OUR CUSTOMERS ARE ALREADY ADOPTING AND UTILIZING THEM.
CAROLINE:

THE TEAM IS HAVING FUN BEHIND
YOU. IT IS GOOD TO SEE. I'M INTERESTED IN THE LONG-TERM INVESTORS YOU ARE GOING TO HAVE.
THESE INSTITUTIONAL INVESTORS

COME ON BOARD, BUT A LOT OF PEOPLE KEEP THE OVERALL EXPOSURE. WHAT HAPPENS WITH ICONIC GROWTH? DO YOU THINK THIS IS THEM EXITING MORE FULLY? DO YOU SEE YOUR INVESTOR BASE CHANGING?

VAHE: YOU HAVE TO ASK THEM. AS FAR AS WE ARE CONCERNED, WE ARE FOCUSED ON THE MISSION AND BRINGING ON A NEW FAMILY OF LONG-TERM SHAREHOLDERS THAT WE HOPE TO DELIVER A SIMILAR LEVEL

OF SUCCESS AS WE DID OUR ORIGINAL BATCH THAT BELIEVED IN US. WE TAKE THE TRUST VERY SERIOUSLY AND WE INTEND TO BE GREAT STEWARDS OF THEIR CAPITAL AS WE DEPLOY IT TO CREATE MORE OPPORTUNITIES FOR OUR CUSTOMERS. CAROLINE:

I'M GOING TO GO A SLIGHTLY DIFFERENT DIRECTION HERE, BUT YOU ARE THE CHILDREN OF IMMIGRANTS. YOU ARE THINKING ABOUT SERVICING THE CONTRACTORS IN THE UNITED STATES. WHAT DOES YOUR CLIENT BASE LOOK

LIKE IN 2025? ARA: OUR CUSTOMERS HAVE, THANKFULLY, THRIVED THROUGH MANY MACROECONOMIC SITUATIONS. IT IS SIMPLY BECAUSE THE WORK THEY DO IS SO CRITICAL, IT IS SO ESSENTIAL.

WHEN YOUR AIR CONDITIONING IS NOT WORKING, OR YOUR HEATER GOES OUT IN THE DEAD OF WINTER, OR YOUR PLUMBING BREAKS DOWN RIGHT BEFORE YOUR FAMILY GATHERING, YOU HAVE TO GET THAT FIXED, AND

GET THAT FIXED IMMEDIATELY.
OUR CUSTOMERS ARE THOSE UNSUNG HEROES WHO OFTEN FLY ACROSS
TOWN TO TAKE CARE OF THE COMMUNITIES THEY SERVE.
CAROLINE: WHO HAS BEEN SERVING YOU IN
THIS IPO ARE GOLDMAN SACHS,

MORGAN STANLEY, WELLS FARGO,
CITIGROUP, AND 10 OTHER BANKS WORKING ON THE DEAL. IF YOUR SHARES DO POP BY MORE
THAN 100%, DO YOU THINK THEY HAVE DONE A GOOD JOB OR A BAD JOB?
VAHE: WE HAVE BEEN INCREDIBLY

GRATEFUL TO THE PARTNERS WE
HAVE HAD THROUGHOUT THIS PROCESS.
THIS IS OUR FIRST TIME DOING THIS, SO HAVING PEOPLE WE TRUST
AROUND THE TABLE, SHEPHERDING US THROUGH THE PROCESS, HAS BEEN
REALLY GREAT.

FOR US, IT DOES NOT MATTER WHERE
THE PRICE ENDS TODAY. WE ARE FOCUSED ON THE LONG-TERM
AND WHAT WE CARE ABOUT IS BUILDING A GENERATIONAL
BUSINESS. CAROLINE: AT THE MOMENT, THE BUSINESS IS
LOSS-MAKING.

IS THAT GOING TO CHANGE IN
2025? ARA: WE ARE GRATEFUL TO BE CASH FLOW
POSITIVE, AND HAVE BEEN FOR THE PAST FEW QUARTERS.
THAT PUTS US IN CONTROL OF OUR

DESTINY AND ALLOWS US TO
CONTINUE TO INVEST IN THE SUCCESS OF OUR CUSTOMERS, WHICH
IS WHAT IS ULTIMATELY GOING TO DRIVE OUR OWN SUCCESS.
THE SAME THING THAT HAS GOTTEN US TO THIS POINT IS THE SAME
THING THAT IS GOING TO GET US

Toward this mission of building the system for the trades. Caroline: Come back as you continue to serve us. ServiceTitan CEO Ara Mahdessian. Thank you very much, indeed, both of you.

Meta, $1 million to Donald Trump's inaugural fund. This is "Bloomberg Technology." ♪ Caroline: Google, Samsung, just unveiling a joint push into mixed reality, introducing a headset

and glasses version of Android in a bid to rival Apple and Meta. It will allow a range of companies to design the devices, both headsets and lighter-weight glasses, while taking advantage of the latest AI advances, too?

We mock, China's Instagram-style app on track to double profits in 2024 ahead of a potential IPO. The app took off among younger Chinese

during the pandemic, partly at the expense of Alibaba and JD.com. Let's bring it home to Meta here, because it has just donated one million dollars to Donald Trump's inaugural fund.

It is part of an effort to build a positive relationship with the administration. Kurt Wagner joins us now. First of all, only $1 million? This is a drop in the bucket of

WHAT META COULD AFFORD, BUT IT
IS A SIGNAL HERE. KURT: THIS IS SYMBOLIC, RIGHT?
THIS IS NOT ABOUT THE NUMBER OF DOLLARS GOING TO THIS FUND.
IT IS A SIGNAL FROM META AND

MARK ZUCKERBERG THAT THEY ARE
SUPPORTING THE INCOMING PRESIDENT.
WE HAVE SEEN ZUCKERBERG MOVE IN THIS DIRECTION OVER THE LAST
COUPLE OF MONTHS. HE HAS REACHED OUT TO TRUMP ON
THE PHONE.

HE HAD DINNER AT MAR-A-LAGO
WITH PRESIDENT-ELECT TRUMP RIGHT BEFORE THANKSGIVING.
THIS IS A CONTINUATION OF THAT, SIGNALING THAT THE COMPANY
WANTS TO BUILD A RELATIONSHIP AND GET IN HIS GOOD GRACES.
CAROLINE:

A LOT IS ON THE LINE WHEN WE
ARE THINKING ABOUT A POTENTIAL BAN OF TIKTOK IN THE UNITED
STATES. THERE WERE EVEN THREATS AT ONE
POINT THAT TRUMP HAD A REAL FOCUS ON MARK ZUCKERBERG
HIMSELF.

BUT ULTIMATELY, WHERE DOES THAT
TAKE US?  BACK TO THE CONTEXT OF
WHERE WE LEFT OFF LAST TIME. KURT: IT WAS NOT THAT LONG AGO THAT
CANDIDATE TRUMP WAS ON THE

TRAIL TALKING ABOUT HOW
FACEBOOK WAS THE ENEMY OF THE PEOPLE AND MARK ZUCKERBERG,
SUGGESTING HE WOULD EVEN PUT HIM IN JAIL OVER WHAT
HAPPENED DURING THE 2020

ELECTION. This is a striking change in relationship for those two. I think when you look at what does Meta have to gain?  Perhaps Mark Zuckerberg is trying to curry favor.

We are not entirely sure what Trump and his administration are going to do around tech regulation. If you are Meta, the last thing you want is to have all of your AI products regulated,

the metaverse heavily regulated. The more he cultivates a relationship with Trump, the hope is that it will be returned in some type of favorable pathway. CAROLINE:

How do employees feel about it?
KURT: I'm sorry? CAROLINE: How do employees feel about it?
KURT: I don't know. Trump is such an unpredictable person that all of these

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