>> 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.
COMING UP, BITCOIN BLASTS PAST $100,000.
WE DIG INTO THE SENTIMENT INCLUDING THE S.E.C.
CHAIR'S ANNOUNCEMENT.

PLUS, IT IS TIKTOK -- TICK TOCK
FOR TIKTOK AS IT AWAITS A DECISION ON A U.S. BAN.
ASIAN STOCKS RECORD. CAN TECH KEEP AMERICAN
EXCEPTIONALISM ALIVE?

-- CAN TECH KEEP AMERICAN
EXCEPTIONALISM ALIVE? WE ARE SO CLOSE TO THE RECORD
HIGHS WE SAW ACROSS BENCHMARKS YESTERDAY.
WE HAVE NERVOUSNESS AHEAD OF NONFARM PAYROLLS TOMORROW.
DOUGLAS CLAIMS COME IN AND WE

LOOK AT WHAT IS HAPPENING
GEOPOLITICALLY SPEAKING. CHIPS TO THE DOWNSIDE.
IT GETS BUSY. OPTIMISM COMING FROM BANK OF
AMERICA AS THEY VISIT THE GIGAFACTORY.
A MOVE IN SOME ASSET CLASSES.

BITCOIN, 100,000.
WE WENT PAST 103 THOUSAND EARLIER, UP 3.6%.
A WHOLE FLEDGE OF POSITIVE SENTIMENT.
MAYBE IT HAS A LITTLE BIT TO DO

WITH FED CHAIR JAY POWELL SAYING IT IS AKIN TO GOLD, AND HE WOULD NOT BE RESTRAINING CRYPTO. BUT YOU HAVE PAUL ATKINS. LET'S GO TO MIKE SHEPPARD.

WE DO HAVE SOMEONE FROM THE TRUMP ADMINISTRATION, THE FUTURE S.E.C. CHAIR PICK, PAUL ATKINS. GIVE US HIS BACKGROUND. WHY IS HE SEEN AS CRYPTO-FRIENDLY? MIKE:

HE HAS EMERGED, AFTER YEARS OF BEING A WELL-KNOWN REGULATOR HERE IN WASHINGTON -- HE PREVIOUSLY SERVED ON THE S.E.C. AS A COMMISSIONER DURING THE GEORGE W. BUSH ERA, SO HE HAS THE STREET CREDIT AS A REGULATOR. BUT MORE RECENTLY HE HAS EMERGED AS AN ADVOCATE FOR DIGITAL CURRENCY AND FINTECH. NATURALLY, INVESTORS AROUND THE

WORLD WERE ENCOURAGED TO SEE DONALD TRUMP SELECT HIM AS THE INCOMING S.E.C. CHAIR. DURING THE PRESIDENTIAL CAMPAIGN, TRUMP ADVOCATED FOR CHANGES IN U.S. POLICY TOWARD DIGITAL CURRENCY. HE WANTS TO MAKE THE U.S. A CRYPTO HUB. ONE OF THE KEYS IS MAKING CHANGES AT THE S.E.C., WHILE PRESIDENT JOE BIDEN HAS CRACKED

DOWN ON THIS MARKET AFTER SEEING SOME EXCESSES WE SAW DURING 2022 WITH FRAUDULENT BEHAVIOR. THE CURRENT AGENCY CHAIR, GARY GENSLER, HAS SINGLED OUT.

TRUMP HAS SOUGHT A CHANGE IN THE CRYPTO INDUSTRY. INVESTORS WHO SUPPORTED HIS CANDIDACY ALSO WANTED TO SEE A CHANGE AT THE AGENCY. HENCE THEIR ENCOURAGEMENT NOW.

CAROLINE: SOMEONE WHO HAS NOT ONLY SERVED ON THE S.E.C. BEFORE AS A COMMISSIONER BUT HAS GONE ON TO ADVISE FINTECH AND CRYPTO COMPANIES. TELL US A LITTLE BIT MORE, OTHER THAN CRYPTO.

HOW ELSE IS HE GOING TO BE FACING THE FINANCIAL MARKETS? LIKE: I'M GLAD YOU BROUGHT THAT UP BECAUSE HE IS FAR FROM A ONE-TRICK PONY. HE IS A SEASONED REGULATOR. ONE OF THE ANALYSTS I SPOKE TO

REFERRED TO HIM AS THE GODFATHER OF CONSERVATIVE CAPITAL MARKETS IDEOLOGY, AND THAT IS A BIG STATEMENT, BUT HE WILL BE COMING IN WITH AN AGENDA TO MAKE BROADER CHANGES AT THE AGENCY, WHICH OVERSEES MARKETS REPORTING TO INVESTORS AND HOW COMPANIES REPORT TO INVESTORS AND MARKETS. AND WE WILL BE LOOKING POSSIBLY

FOR CHANGES IN DISCLOSURE RULES
AND EASING UP PERHAPS ON SOME OF THE HEAVIER FINES WE
HAVE SEEN -- FINES WE HAVE SEEN THE S.E.C.
IMPOSE UNDER GARY GENSLER.

THAT IS SOMETHING ATKINS HAS
SINGLED OUT IN THE PAST, AND WE CAN LOOK FOR HIM TO TRY TO
TARGET AGAIN IN THE FUTURE. CAROLINE:
MIKE SHEPPARD WITH ALL THE CONTEXT. WE THANK YOU.
FOR MORE ON BROADER

IMPLICATIONS FOR THE CRYPTO
MARKET, CATHERINE DARLING IS WITH US, A CHIEF COMPLIANCE
OFFICER. FOREMOST, MORE THAN $100,000.
FOR PEOPLE WHO HAVE BEEN IN CRYPTO FOR A LONG TIME, THAT
MUST FEEL EXTREMELY VALIDATING.

CATHERINE:
THANKS SO MUCH FOR HAVING ME THIS MORNING.
IT WAS FUN TO WATCH IT GO OVER SIX DIGITS LAST EVENING AND SEE
IT CONTINUE TO HOLD TODAY. CAROLINE: WHEN YOU THINK OF THE
FUNGIBILITY, BUT ALSO THE

REALITIES OF WHAT PAUL COULD
MEAN, DIG INTO THE ANNOUNCEMENT AND WHAT YOU MADE OF IT.
KATHERINE: FIRST OFF, LEADING UP TO THIS
ANNOUNCEMENT, ALL OF THE NAMES THAT WERE FLOATED WERE POSITIVE.
WE HAVE THAT.

WHAT WAS GOING TO BE BETTER.
THERE WAS REALLY NO WRONG ANSWER.
IN THIS CHOICE, IT IS A GREAT CHOICE, QUITE SIMPLY.
YOU COULD HIT THE GROUND RUNNING.
HE HAS BEEN A COMMISSIONER

BEFORE. HE KNOWS HOW THE COMMISSION WORKS. ONE REALLY IMPORTANT FACTOR WE ARE HEARING ABOUT PAUL ATKINS IS THAT HE GETS ALONG WITH PEOPLE. YOU CANNOT UNDERESTIMATE HOW IMPORTANT THAT IS. HE NEEDS TO BE ABLE TO WORK WITH THE INDUSTRY, WITH

LAWMAKERS. I HAVE BEEN AT THOSE HEARINGS IN CONGRESS WHERE IT WAS ANTAGONISTIC. QUESTIONS WERE NOT BEING ANSWERED. EYES WERE ROLLED. THIS WAS THE ENVIRONMENT IN

WHICH CRYPTO WAS TRYING TO ACHIEVE REGULATORY CLARITY. IT WAS NOT GOING TO HAPPEN WITH THAT BACK AND FORTH AND THE TENSION THAT WAS CREATED IN THE GENSLER EUROPE.

WE ARE LOOKING FOR A PERSON WHO CAN HIT THE GROUND RUNNING, WORK WITH THE OTHER COMMISSIONERS, AND HOPEFULLY ALSO HAVE A DIALOGUE WITH THE CFTC AND WITH LAWMAKERS, SO

THAT IN THE NEW CONGRESS WE CAN GET SOME CLARITY AND MAKE SOME FORWARD PROGRESS. A STABLE FARM BILL. MARKET STRUCTURE. THIS IS AN EXCELLENT CHOICE AND HE IS ANOTHER GREAT ADDITION YOU CANNOT FAULT.

REGARDLESS OF YOUR POLITICS, YOU CANNOT FAULT THE ECONOMIC TEAM BEING PUT TOGETHER BY THE TRANSITION TEAM HERE. CAROLINE: I WANT TO SPEAK TO THE CYNICS OUT THERE, THE PEOPLE WHO SAY

CRYPTO HAS A PRO-CRYPTO S.E.C. CHAIR. ALL HELL IS GOING TO BREAK LOOSE. ALL OF THE BEHAVIOR THEY BELIEVE GOES ON IN THE SPACE. SPECIFICALLY, YES, YOU ARE IN

THE ECOSYSTEM. YOU ARE SOMEONE WHO COMES FROM A FEDERAL PROSECUTOR BACKGROUND. YOU HAVE WORKED FOR ATTORNEY GENERAL OFFICES IN CALIFORNIA. SPEAK TO THE CONCERN YOU WILL

SEE RIPROARING IN CRYPTO WITH NOBLES BARDA. KATHERINE: YOU ARE GOING TO HAVE THAT APPROACH. YOU ARE GOING TO HAVE FOLKS WHO ARE GOING TO SAY THERE IS GOING

TO BE NO REGULATION. BUT IF YOU ACTUALLY LOOK, THE FOLKS IN THE INDUSTRY, WE ARE NOT ASKING FOR NO REGULATION. WE ARE ASKING FOR CLARITY IN REGULATION.

NOT JUST ENFORCEMENT ACTIONS. I KNOW WE HAVE HEARD THAT QUITE A BIT. WHAT DOES THAT REALLY MEAN, IF YOU BREAK IT DOWN? THE ENFORCEMENT ACTIONS ARE EXPENSIVE. THEY ARE LIMITED TO THE CASE IN

POINT. YOU DON'T GET A BROADER RULE THAT WILL HELP BUSINESSES WHO EITHER HAVE ENGAGED WITH THE INDUSTRY OR ARE TRYING TO ENGAGE IN THE CORRECT WAY. HAVING WORKED VERY CLOSELY WITH THE S.E.C., THE LIGHT DOES NOT

FLIP OVERNIGHT. IT IS NOT THAT SUDDENLY ALL THE CASES ARE GOING TO DISAPPEAR INTO THE ETHER. IT IS JUST THAT YOU ARE GOING TO HAVE A BETTER DIALOGUE.

YOU ARE GOING TO GET COLLABORATION. YOU ARE GOING TO HAVE A MORE POSITIVE APPROACH TO HOW WE GET THERE. WE ARE NOT GETTING RID OF EVERYTHING. WE ARE JUST GOING TO GET THERE IN A MORE COLLABORATIVE FASHION, AND THAT IS WHAT YOU NEED.

CAROLINE: WHAT IS INTERESTING IS WE ARE SEEING CRYPTO-RELATED COMPANIES TURNING TO THE DOWNSIDE A LITTLE BIT. A LOT OF RUN-UP INTO THIS ANNOUNCEMENT.

PERHAPS A LOT OF PROFIT-TAKING GOING ON. YOU TALK ABOUT CERTAIN LAWS AND REGULATIONS THAT NEED TO BE PUT IN PLACE. WE HEAR ABOUT STABLECOINS BEING TACKLED. IS THAT THE NUMBER ONE ITEM ON THE AGENDA? WHERE DO YOU THINK REGULATION IS GOING TO COME?

KATHERINE: STABLECOIN LEGISLATION FROM CONGRESS WILL PROBABLY BE THE FIRST ONE OUT BECAUSE IT IS A SMALLER, NICHE PIECE. THERE HAS BEEN BIPARTISAN SUPPORT. I THINK THAT WILL BE THE FIRST MOVER. THE MARKET STRUCTURE LEGISLATION WILL TAKE A LITTLE LONGER. MORE OF A DIALOGUE HAS TO HAPPEN. THAT IS THE DEFINITION.

THAT IS WHO IS GOING TO BE THE
REGULATOR, DEPENDING ON WHERE THESE ASSETS SIT, FROM A
DEFINITIONAL STANDPOINT, ALONG THE SPECTRUM.
THAT WILL TAKE A LITTLE LONGER.

BUT WE WILL HAVE MORE FORWARD
MOTION ON BOTH OF THOSE POINTS. CAROLINE: IS THERE ANY RISK?
COULD WE SEE PAUL ATKINS RETAKE THE ROLE OR BE ACKNOWLEDGED FOR
THE ROLE? KATHERINE:

THERE IS ALWAYS RISK, BUT WE
ARE HOPEFUL THAT IT GOES SMOOTHLY. I SEE NO OBSTACLES OUT THERE
THAT SHOULD BLOCK IT. HOWEVER, AS I MENTIONED
EARLIER, THERE IS A LIST OF

OTHER FOLKS, ALL OF WHOM WOULD
BE GREAT CHOICES. I AM REALLY LIKING THE PAUL
ATKINS CHOICE, GIVEN HIS INVOLVEMENT WITH THE INDUSTRY,
HIS UNDERSTANDING, AND HIS

DEMEANOR AND ABILITY TO
COLLABORATE AND WORK WITH OTHERS, WHICH IS QUITE SIMPLY
IMPORTANT IN HAVING A NEGOTIATED POSITION WITH REGARD
TO SOME OF THIS REGULATORY ACTION. CAROLINE:

CATHERINE DARLING -- KATHERINE
DOWLING, GREAT TO HAVE YOU JOIN US. ELON MUSK IS STOKING
CONGRESSIONAL ENTHUSIASM, HE HOPES, FOR HIS AMBITIOUS EFFORT
TO SLASH $2 BILLION FROM

THE FEDERAL GOVERNMENT. HE AND VIVEK RAMASWAMY PLAN TO MEET WITH GROUPS OF LAWMAKERS AND THEN A SESSION ALL REPUBLICAN HOUSE MEMBERS HAVE BEEN INVITED TO. WE DISCUSSED THE IMPACT OF FRENCH GOVERNMENT TURMOIL ON

THE COUNTRY'S BUSINESS AND STARTUP SECTOR. ♪ CAROLINE: I THINK WE ARE JUST GOING TO HEAR FROM THE NATIONAL RALLY LEADER, MARINE LE PEN, WHO WAS SPEAKING TO BLOOMBERG EARLIER TODAY. TAKE A LISTEN. MARINE:

[SPEAKING FRENCH] THE PRESIDENT'S RESIGNATION CAN ONLY TAKE PLACE IN A POLITICAL CRISIS OR AN ENTITY'S CRISIS, WHICH CAN NO LONGER HAVE ANY OTHER SOLUTION THAN THE RESIGNATION OF THE PRESIDENT OF THE REPUBLIC.

FOR SURE, THERE WILL BE NEW LEGISLATIVE ELECTIONS IN THE NEXT FEW MONTHS. WE SHOULD WORK ON A VOTING SYSTEM BY THEN THAT ENABLES US TO HAVE A REAL MAJORITY, WHATEVER THAT MAJORITY MAY BE. THE COUNTRY NEEDS A MAJORITY.

IT CANNOT LIVE FOR YEARS WITH THREE BLOCKS WHICH IN REALITY CANNOT IMPLEMENT THE POLICY. CAROLINE: THAT WAS MARINE LE PEN COMMENTING ON PRESIDENT MACRON'S POSITION AFTER HE HAS BEEN FACING GROWING CALLS

FOR HIS OWN RESIGNATION FROM POLITICIANS ACROSS THE POLITICAL SPECTRUM. MACRON CAME OUT SAYING HE WILL SERVE HIS SECOND TERM IN FULL. HE IS SET TO TALK FURTHER AT

8:00 P.M. LOCAL TIME, 2:00 P.M. HERE IN NEW YORK. LET'S DISCUSS THE IMPACT OF THIS POLITICAL DRAMA ON FRENCH BUSINESSES AND TECH COMPANIES. HOW IS SENTIMENT AT THE MOMENT?

IS THERE A MOMENT OF CRISIS AMONG EXECUTIVE BOARDS? >> YES. I MEAN, IT IS A MOMENT OF UNCERTAINTY. AS WE KNOW, BUSINESS LEADERS DO NOT LIKE UNCERTAINTY.

THEY LIKE TO BE ABLE TO FOCUS THEIR BUDGET FOR NEXT YEAR. THE UNCERTAINTY STARTED IN JUNE WHEN MACRON CALLED THE UNEXPECTED SNAP ELECTION. THAT IS ONGOING, BASICALLY.

THE PRIME MINISTER WAS PREPARING A BUDGET FOR NEXT YEAR THAT WAS ACTUALLY GOING TO SLASH SOME HELP FOR INNOVATIVE STARTUPS. NOW, THERE IS UNCERTAINTY IF IT IS GOING TO HAPPEN.

THERE ARE A FEW WEEKS LEFT FOR MACRON TO PICK A NEW PRIME MINISTER AND VOTE, IF POSSIBLE, ON THE BUDGET. STARTUP LEADERS ARE WAITING TO

SEE WHAT IT IS GOING TO BE IN THAT BUDGET, OR IF THEY ARE GOING TO CONTINUE WITH THIS YEAR'S BUDGET, EXTENDED THROUGH NEXT YEAR. THROUGH A SPECIAL LAW. CAROLINE:

LEADERS LIKE ERIC SCHMIDT, A
FORMER GOOGLE CEO, HAVE FOCUSED ON GEOPOLITICS. HE CAME ON THIS
SHOW AND SAID FRANCE IS THE STANDOUT IN EUROPE IN TERMS OF
GETTING THINGS DONE AND HAVING

A REALLY HEALTHY ECOSYSTEM
WHERE COMPANIES LIKE MISTRAL CAN THRIVE.
HAS THAT BEEN QUESTIONED OF LATE? BENOIT: IT IS NOT BEING QUESTIONED, BUT
YOU ARE RIGHT. MACRON STARTED SEVEN YEARS AGO,
WHEN HE WAS FIRST ELECTED, A

PUSH FOR WHAT HE CALLED A
STARTUP NATION. HE HELPED COMPANIES HIRE --
HIGHER SCIENTISTS. CAN IT HELP TO GET VISAS FOR
TECH WORKERS, FOR EXAMPLE? AND THEN THE PUSH IN AI, LED BY
OPENAI, HAS LED TO NEW FRENCH

STARTUPS TRYING TO RIVAL OPENAI,
LIKE MISTRAL. THERE IS GOING TO BE A WORLD
SUMMIT IN FEBRUARY ON AI. THERE CERTAINLY IS THIS PUSH
THAT COMPANIES HOPE CAN

CONTINUE.
THE POLITICAL SITUATION IS NOT THE BEST, JUST TO ENSURE THAT
THIS MOMENTUM, WHICH IS QUITE FRAGILE, KEEPS GOING.
CAROLINE: IT IS GREAT TO HAVE YOU ON THE
IMPACT IN FRANCE AT THE MOMENT.

STICKING WITH INTERNATIONAL
POLITICS, SOUTH KOREA'S MAIN OPPOSITION LEADER SAYS IT MAY
BE DIFFICULT TO GET ENOUGH SUPPORT FROM THE RULING PARTY
TO IMPEACH THE PRESIDENT THIS

WEEK AFTER HIS DECLARATION OF MARTIAL LAW. HE REMAINS COMMITTED TO REMOVING THE PRESIDENT. THE DEMOCRATIC PARTY LEADER SAT DOWN FOR AN INTERVIEW WITH BLOOMBERG EARLIER TODAY. HERE IS WHAT HE HAD TO SAY.

>> [SPEAKING KOREAN] ULTIMATELY, POLITICS IS DONE BY THE PEOPLE. AND EVEN IF THE RESULT OF THE VOTE MAY GO AGAINST THE WILL OF THE PEOPLE IN THE CURRENT SITUATION, THE VOTE RESULT MAY CHANGE NEXT TIME IF INDIVIDUAL

MEMBERS OF PARLIAMENT ARE PRESSURED HEAVILY BY PUBLIC OPINION. THAT IS WHAT I THINK. CAROLINE: IMPORTANT FOR COMPANIES SUCH AS SAMSUNG AND TECH MORE BROADLY. LET'S DISCUSS THE IMPACT OF GEOPOLITICAL UNCERTAINTY ON

TECH MARKETS MORE BROADLY. JAY JACOBS -- THUS FAR, THERE HAS NOT BEEN MUCH IMPACT. U.S. STOCKS HAVE CONTINUED TO SHOW EXCEPTIONALISM, HAVING REACHED RECORD HIGHS AMID GLOBAL TURMOIL.

WHAT DO YOU MAKE OF THAT? J: THE TECH SECTOR IN THE UNITED STATES IS ONE OF THE MOST GEOPOLITICALLY EXPOSED. 60% OF REVENUE COMES FROM OVERSEAS. WITH GEOPOLITICAL

FRAGMENTATION, CAN YOU TILT YOUR EXPOSURES WITHIN THE TECH SECTOR TO COMPANIES THAT BUY IN THE UNITED STATES AND SELL IN THE UNITED STATES, TO TRY TO ISOLATE SOME OF THE GEOPOLITICAL RISK THAT I THINK IS VERY PRESENT IN THE TECH SECTOR.

IN PARTICULAR? CAROLINE: WHERE DOES THAT END UP LEAVING YOU?
YOU MIGHT THINK OF COMPANIES THAT HAVE BEEN BENEFITING FROM
THE CHIPS ACT, BUT INTEL HAS NOT BEEN HAVING THE BEST OF TIMES
WITH IT. JOY:

IT -- JAY:
IT IS COMING FROM A RANGE OF COMPANIES WITHIN THE TECHNOLOGY SECTOR.
WHEN WE LOOK AT ARTIFICIAL INTELLIGENCE, A LOT OF THE
LEADERSHIP IS WITH U.S.-BASED

COMPANIES.
YOU COULD LOOK AT DATA CENTERS AND POWER COMPANIES AS BEING
REALLY IMPORTANT PARTS OF THE AI ECOSYSTEM, BUT THEY ARE VERY
LOCALIZED TO THE UNITED STATES. YOU ARE GETTING SOME OF THAT
ISOLATION FROM GEOPOLITICS.

WE BOUGHT AN ENTIRE FUND BASED
ON THE STRATEGY, WHICH IS FOCUSED ON THE TECH SECTOR,
TILTING TOWARD U.S.-DOMESTIC COMPANIES TO
ISOLATE GEOPOLITICAL RISK.

CAROLINE: THAT IS INTERESTING.
THE INFRASTRUCTURE BUILD-OUT IS ONE THAT PEOPLE HAVE TURNED TO.
NVIDIA -- WE THINK ABOUT THE NEXT LAYER DOWN, THE ENERGY
COMPANIES. BUT WHAT ABOUT THE APPLICATION
LAYERS?

WHAT ABOUT THE NEXT FRONTIER OF
AI? JAY: THAT IS WHERE A LOT OF THE
CONVERSATIONS ARE GOING. IF YOU LOOK AT THE LAST TWO
YEARS, THERE HAS BEEN A HUGE FOCUS ON THE MAGNIFICENT SEVEN,
AND IT HAS BEEN A CONCENTRATED

RALLY WITHIN ARTIFICIAL INTELLIGENCE. AS WE ENTER THE THIRD YEAR OF THE BUILD PHASE OF ARTIFICIAL INTELLIGENCE, THIS IS WHEN MARKETS ARE GOING TO RECOGNIZE THAT THIS IS SOMETHING MUCH BIGGER THAT IS GOING TO IMPACT A WIDER

RANGE OF TECHNOLOGY STOCKS, SEMICONDUCTOR STOCKS, POWER STOCKS. IT COULD IMPACT CYBERSECURITY STOCKS. AS DATA GETS MORE VALUABLE, IT NEEDS TO BE MORE PROTECTED. YOU CAN LOOK AT HEALTH CARE,

WHERE AI CAN CREATE MORE PRODUCTIVITY AND EFFICIENCY. I THINK WE ARE GOING TO SEE A TRANSITION TO A BROADENING OF THE ARTIFICIAL INTELLIGENCE STORY. CAROLINE: HOW MUCH IS THE STORY PICKING UP IN CRYPTO? JAY:

IT IS SIGNIFICANT. BITCOIN PASSING 100,000 IS A SIGNIFICANT MILESTONE, BUT YOU HAVE TO TAKE A STEP BACK AND LOOK AT THE BROADER PICTURE OF WHY THIS IS HAPPENING.

I THINK THERE IS ANTICIPATION OF MORE FRIENDLY REGULATORY TAILWINDS. IN YOUR PREVIOUS SEGMENT, YOU WERE HIGHLIGHTING GEOPOLITICAL RISK. STARTING TO ACCESS DIGITAL ASSETS FOR THE FIRST TIME, WITH THE LAUNCH OF THE BITCOIN ETP,

THEY ARE THINKING ABOUT IT AS A HEDGE IN THEIR PORTFOLIO. THIS BEHAVES DIFFERENTLY FROM STOCKS AND BONDS. WITH GEOPOLITICAL RISK, BITCOIN COULD BENEFIT. CAROLINE:

IN YOUR ROLE, YOU ARE NOT ONLY
THINKING ABOUT STRATEGY AND CLIENTS.
YOU ARE ALSO THINKING ABOUT THE INTERNATIONAL ETF OFFERING.
I'M INTERESTED IN WHETHER ANYONE IS BETTING OUTSIDE OF
THE U.S. JAY:

THEY ARE, BUT IN MORE TARGETED
WAYS. WE HAVE SEEN SIGNIFICANT FLOWS,
LOOKING AT INDIA, CHANGING SUPPLY CHAINS, ESPECIALLY IF
YOU LOOK AT A LOT OF THE REASSURING THAT IS HAPPENING IN
THE UNITED STATES.

THERE HAS BEEN AN EFFORT TO
BUILD MORE DOMESTICALLY, BUT ALSO TO DIVERSIFY SUPPLY CHAINS
GEOGRAPHICALLY. INDIA HAS BEEN A MAJOR
BENEFICIARY. THEY HAVE BEEN FOCUSED ON
BUILDING OUT MORE CHIP

CAPACITY, AS WELL AS BUILDING
OUT MORE TECH MANUFACTURING. INDIA HAS BEEN A BIG
BENEFICIARY, AS WELL AS LOOKING AT
THE INTERPLAY OF GROWING TRADE RELATIONS BETWEEN THE U.S.
AND MEXICO. CAROLINE:

INTERESTING.
MEANWHILE, COMING UP, WE ARE GOING TO HEAR FROM THE AMD CEO,
LISA SU, ON HER PLAN TO KEEP TAKING ON NVIDIA. ♪ CAROLINE:
AMD CEO LISA SU SPENT THE

BETTER PART OF HER 10-YEAR
CAREER ENGINEERING ONE OF THE BIGGEST TURNAROUNDS IN
SILICON VALLEY HISTORY. SHE IS PREPARING FOR A VIDEO --
A BATTLE AGAINST NVIDIA.

EMILY CHANG SAT DOWN WITH HER
IN AUSTIN, TEXAS, TO DISCUSS THE BETS SHE IS MAKING TO COMPETE IN THE
GLOBAL CHIPS SUPPLY CHAIN AND HER DISTANT FAMILY LINK WITH
THE NVIDIA CEO. LISA:

NVIDIA IS SEEN AS THE DOMINANT
FORCE, AND AMD IS WIDELY CONSIDERED THE NEXT BEST OPTION.
IS THAT GOOD ENOUGH FOR YOU? DO YOU LIKE BEING SEEN AS THE
UNDERDOG? LISA:

I WOULD NOT CALL IT A LIKE OR
DISLIKE. WHAT I WOULD SAY IS AMD HAS HAD
A HISTORY OF DOING AMAZING THINGS.
AND FROM THAT STANDPOINT, WE HAVE ALWAYS BEEN IN THIS POSITION
WHERE WE HAVE NOT NECESSARILY

HAD THE SAME NUMBER OF PEOPLE
THAT OTHER LARGER COMPANIES HAVE, BUT WE HAVE CERTAINLY
PUNCHED WELL ABOVE OUR WEIGHT IN TERMS OF TECHNOLOGY
CAPABILITY AND IMPACT

ON THE INDUSTRY. JENSEN:
THIS IS THE MOST COMPLEX -- EMILY:
PEOPLE ARE OBSESSED WITH THE FACT THAT YOU AND JENSEN ARE
DISTANT COUSINS.
I KNOW YOU ARE COMPETITORS, BUT

DO YOU EVER TRADE NOTES? ASA:
FIRST OF ALL, HE IS BRILLIANT. I ADMIRE HIM.
THEY ARE REALLY DISTANT. WE DID NOT GROW UP TOGETHER.
WE ACTUALLY MET AT AN INDUSTRY

EVENT. IT WAS NOT UNTIL WE WERE WELL INTO OUR CAREERS. EMILY: NO FAMILY DINNERS, JUST TO PUT THE RUMOR TO REST? LISA: NO FAMILY DINNERS. IT IS AN INTERESTING COINCIDENCE. EMILY:

SO MANY OF YOUR COMPETITORS AT GOOGLE, MICROSOFT, AMAZON -- IS THIS A THREAT? LISA: THIS IS A HUGE MARKET. THERE ARE MORE THAN ENOUGH CHIPS FOR EVERYBODY TO BUILD.

THE BEAUTY OF THIS IS EVERYONE HAS RECOGNIZED THAT CHIPS ARE IMPORTANT, SO IT IS NATURAL THEY ARE GOING TO HAVE THEIR OWN CAPABILITY. CAROLINE: HAS THE SHAKEUP -- EMILY: HAS THE SHAKEUP OF A VERY

ESTABLISHED INDUSTRY SURPRISED EVEN YOU? LISA: A LITTLE BIT, I HAVE TO SAY. CAROLINE: CHECK OUT THE FULL EPISODE TONIGHT. NOW, IT IS TIME FOR TALKING TECH.

FIRST UP, TALKS TO PRODUCE AI CHIPS AT THE NEW PLANT IN ARIZONA. THEY ARE SAID TO BE MAKING PREPARATIONS TO START PRODUCTION EARLY NEXT YEAR. PLUS, APPLE'S MAIN MANUFACTURING PARTNER, FOXCONN,

REPORTED A SECOND MONTH OF SALES GROWTH. APPLE HAS HISTORICALLY ACCOUNTED FOR ABOUT 50% OF THE OVERALL SALES. THE E.U.'S NEW COMPETITION CHIEF SAYS A POTENTIAL SPLIT OF GOOGLE BUSINESSES IS STILL

UNDER CONSIDERATION. TERESA RIVERA, WHO STARTS HER FIVE-YEAR TERM NEXT WEEK, SAYS SHE AIMS TO BUILD ON THE LEGACY OF HER PREDECESSOR, MAKING MICROSTRATEGY INTO

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