FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE -- 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, THE SOFTBANK CEO IS SET TO ANNOUNCE PLANS TO INVEST IN THE U.S.

AFTER A VISIT WITH DONALD TRUMP. PLUS, BITCOIN RISES TO A RECORD HIGH. APPLE HAS PLANS FOR A NEW FOLDABLE IPAD, PLANNING TO BRING IT TO MARKET BY 2028.

THE MARKETS HAVE A RISK-ON ATTITUDE TODAY AS WE ANTICIPATE KEY FED DECISIONS. CHIPMAKERS ARE DRIVING HIGHER ON BROADCOM WITH BITCOIN UP 3%, 4%.

WE ARE ONCE AGAIN ESCALATING TO NEW LEVELS. TRUMP BEING ONE OF THEM, THE FOCUS ON THE NEW ADMINISTRATION. WE ARE UP AT 106,000 DOLLARS PER TOKEN. THE BIG BREAKING NEWS OF THE

DAY WHEN IT COMES TO TECHNOLOGY IS THAT THE SOFTBANK CEO IS SET TO INVEST OVER $100 BILLION IN THE UNITED STATES IN THE NEXT FOUR YEARS AS HE PLANS TO

MEET WITH TRUMP TODAY AT MAR-A-LAGO. WE ARE EXPECTING TRUMP TO SPEAK IN A FEW MOMENTS. PETER, WE SAW BIG PROMISES MADE BY THE SOFTBANK CEO IN

THIS TIME HE IS NOT THEM. PETER: YOU WOULD BE FORGIVEN IF YOU FELT LIKE THIS WAS DÉJÀ VU; IT WAS EIGHT YEARS AGO WHEN MASAYOSHI SON TALKED ABOUT $50 BILLION IN

INVESTMENT. NOW HE'S DOUBLING THAT WITH AN ESTIMATED PLAN FOR 100 THOUSAND JOBS COMING TO THE UNITED STATES. THIS IS THE FIRST MAJOR INVESTMENT WE HAVE SEEN AFTER

THE TRUMP WIN AND A PLEDGE TOWARDS WHAT TRUMP HAS BEEN TRYING TO DO IN TERMS OF REINVIGORATING THE ECONOMY. IT'S ALSO A BIG PUSH INTO THE UNITED STATES FOR SOFTBANK.

LAST TIME THEY PUSHED THIS MUCH, THERE WAS PLENTY OF CAPITAL WITH INVESTMENTS TOWARDS WEWORK, DOORDASH, AND PLENTY OF OTHERS, AND RIGHT NOW HE DOESN'T HAVE THAT KIND OF

CASH ANYMORE. YET HE IS DOUBLING HIS PLEDGE. HE HAS SOME WORK TO DO HERE. CAROLINE: SOME WORK, BUT ALSO WANTING TO KNOW THE FINER DETAILS OF WHERE HE ALLOCATES. HE HAS BEEN ALL IN ON AI, SAW

THE CURVE COMING BEFORE MANY OTHERS, OF COURSE, AS EVIDENCED BY HIS ARM HOLDING ACQUISITION IN TAKING IT TO MARKET. WHERE ELSE DO YOU THINK HE COULD BE INVESTING?

PETER: AT SOFTBANK WORLD THIS SUMMER, HE TALKED A LOT ABOUT ARTIFICIAL INTELLIGENCE AND HOW HE WANTED TO INVEST IN EVEN MORE KINDS OF COMPANIES.

HE'S INVESTING IN OPENAI IN PARTICULAR, RIGHT IN THE PROCESS OF A TENDER OFFER RIGHT NOW WHERE HE IS OFFERING OPENAI INVESTORS THE ABILITY TO SELL SHARES AND GET ANOTHER $1.5 BILLION.

HIS AMBITIONS GO FAR BEYOND THAT, HAVING TALKED ABOUT HAVING NVIDIA CHIPS IN PARTICULAR, AND THAT ENERGY IS A HUGE FACTOR FOR AI RIGHT NOW. HE HAS BEEN INVESTING QUITE A BIT IN AUTONOMOUS DRIVING.

A LOT OF AMBITIONS WITH A LOT OF DEALS AND INVESTMENTS HE WANTS TO MAKE. WE WILL SEE WHERE HE PUTS THE MONEY. RIGHT NOW HE DOESN'T HAVE THE CASH ON HIS BALANCE SHEET; HE HAS TO BE ABLE TO GO OUT AND GET IT FROM SOMEWHERE.

CAROLINE: PETER, THANK YOU. DISCUSSING TRENDS IN THE MARKET MORE BROADLY, WHAT THE INFLUX OF MONEY INTO AI MEANS FOR THE INDUSTRY.

U.S., we love having you on
because of the historical context you can give us on
investments, but looking at what's happening in the market,
$100 million coming into the

U.S., AI and energy, it feels
like a lot of that money is already gone in that direction. >> Looking at it relative to
sales and market cap, you haven't seen much of a move.
We talk about it all the time

with cash on the sidelines in
terms of nominal capex. When you re-normalize that,
given the move we have seen in the marketplace over the last
five years, it's a lower

percentage than you would think.
Interestingly for tech stocks and for software stocks, capex
is very much an alpha factor. Meaning the spending is usually
a good thing for stocks because

it is very correlated to
earnings growth. Caroline: I won't ask you to opine as to
where you think Masayoshi Son will put his investment, but
looking at everyday retail or

institutional investments right
now, allocating opportunities, are you put off by some of the
valuations or do you keep chasing the momentum? >> It's interesting, technology
has had a bit of

UNDERPERFORMANCE OVER THE
COURSE OF THE LAST SIX MONTHS AND BECAUSE EARNINGS GROWTH HAS
BEEN SO STRONG, YOU ARE ACTUALLY OUT OF A NOMINALIST --
OUT OF AN ANOMALOUS VALUATION

SO WE HAVE FALLEN OUT OF TOP
QUARTILE LEVELS, WHICH IS WHERE YOU SEE RISK-REWARD BECOME
NEGATIVE FOR TECH. ENTERING 2025, COMING OUT OF
THAT TOP QUARTILE VALUATION

ZONE, IT SETS UP A POSITIVE
RISK-REWARD AND FOR ALL THE TALK OF MOMENTUM STOCKS, FOR
OUR DATA WITHIN TECHNOLOGY SPECIFICALLY I'M NOT SEEING
ANOMALOUS BEHAVIOR.

I'M NOT SEEING TOP QUARTILE
RELATIVE PERFORMANCE AND I'M NOT SEEING TOP QUARTILE
VALUATION ON MOMENTUM, MEANING THAT BECAUSE EARNINGS IN FREE
CASH FLOW WERE SO STRONG,

THERE'S NO VALUATION SITUATION
WHERE YOU SAY YOU ARE OVERPAYING ON A CONSISTENT
BASIS FOR TECHNOLOGY STOCKS THAT HAVE BEEN LEADERS IN THE
S&P 500. CAROLINE:

FEELS LIKE THERE ARE
OPPORTUNITIES IN THE MAG SEVEN. WHAT ABOUT THE NEXT YEAR DOWN
WHEN SOFTWARE NAMES REALLY CAME TO THE RISE AS PEOPLE
REALLOCATED FROM SEMICONDUCTORS INTO KILLER APPLICATIONS.
IS THAT SOMETHING YOU WOULD

LIKE TO SEE MORE OF? >> THAT'S A GREAT QUESTION AND A GREAT POINT. WITHIN THE THREE AREAS OF TECHNOLOGY, DATA ON SOFTWARE LOOKS VERY INTERESTING. GIVEN THE EARNINGS VALUATIONS, IT'S IN THE BOTTOM HALF OF THE DISTRIBUTION WHEN YOU LOOK

AT THE DATA BACK TO 1962. YOU SEE THAT SKEWED RISK-REWARD ODDS FOR THE SOFTWARE SECTOR SPECIFICALLY. WITH STRONG GROWTH AND VALUATION SUPPORT, IT'S A VERY POSITIVE RISK-REWARD FOR THE SECTOR.

OF THE THREE, SOFTWARE IS THE ONLY ONE OF THOSE THREE INDUSTRIES THAT LOOKS LIKE THAT. AS WE ENTER 2025, THAT'S WHERE IT LOOKS LIKE THE OPPORTUNITIES ARE. CAROLINE: IN THE U.S.

>> YES. CAROLINE: THIS U.S. EXCEPTIONALISM, IS IT GOING TO DOMINATE 2025? >> IT LOOKS LIKE THAT TO ME. EVERYTHING OUTSIDE OF THE U.S., WHAT YOU WILL FIND IS THE VALUATION SCREEN LOOKS LIKE A

QUANTITATIVE VALUE TRAP TO ME. WHEN YOU BUY INTO THE RELATIVE VALUATION ON EARNINGS OR CASH FLOW, THERE'S ONLY A 30% ODDS ON PERFORMANCE. IT'S NOT ZERO, BUT AT THE SAME TIME IT'S HARD TO SAY THAT THE

VALUATION IS A CRITICAL DRIVER. THE REASON IT'S NOT IS BECAUSE OFTEN INTERNATIONAL STOCKS ARE CHEAP FOR A REASON. EVEN ON A SECTOR-NEUTRAL BASIS, THE S&P 500 OUTGROWS THEIR

INTERNATIONAL PEERS BY 300 TO 400 BASIS POINTS PER YEAR ON EARNINGS, AND IT IS GROWING EVERY CYCLE. UNLESS YOU THINK SOMETHING IS GOING TO CHANGE, AND THAT HASN'T BEEN THE CASE FOR 15 YEARS, THE RISK-REWARD IS THE MORE

IN THE U.S. CAROLINE: WHICH IS WHY HISTORICAL CONTEXT IS SO IMPORTANT. WE ARE SEEING THE MICRO NEWS ON INVESTMENT, BUT ALSO THE MACRO NEWS OF WAITING ON RATES TO GO DOWN.

WHAT DOES IT MEAN FOR THE CASH ON THE SIDELINES STILL WAITING TO ENTER? >> LET'S TALK ABOUT RATES BEING THE ALPHA FACTOR FOR THE MARKET. I THINK THAT PEOPLE GET CONFUSED WONDERING WHETHER A

PLAYBOOK IS A GOOD THING OR A BAD THING. RATES ARE NOT THE CRITICAL DRIVER. EARNINGS GROWTH IS A CRITICAL DRIVER. SOMETIMES THE FED CUTS BECAUSE THEY HAVE TO, NOT

GOOD FOR THE MARKET; SOMETIMES THEY CUT BECAUSE THEY CAN. WHAT YOU SEE IN A QUANTITATIVE DIFFERENTIAL IS THAT THE STARTING POINT MATTERS A LOT. OUR STARTING POINT USUALLY

PREDICTS A MORE BULLISH SITUATION FOR THE S&P 500. YOUR STARTING LEVEL OF THE FEDERAL RESERVE MATTERS A LOT AS WELL. IT'S ESSENTIALLY A MATHEMATICAL

DEFINITION OF FED PUT. IF IT'S HIGH RELATIVE TO INFLATION, THEY CAN DO SOMETHING TO THE EXTENT THAT THE ECONOMY IS HIT WITH A SHOCK. THAT'S THE SITUATION ENTERING

2020 FOUR. MOST IMPORTANTLY, THE FED CAN CHANGE ITS WILLINGNESS TO LEND TO BANKS. BECAUSE THAT HAS BEEN IN A CONTRACTION AND IS LIKELY IMPROVING, EARNINGS GROWTH IS LIKELY TO BROADEN IN 2025 TO

INCLUDE SMALL BUSINESSES THAT ARE LAGGING, SKEWING THE RISK-REWARD RATIO POSITIVELY BY THE END OF 2025. CAROLINE: HOW RISK-HUNGRY DOES THE EDGE OF THE MARKET BECOME?

MICROSTRATEGY HAS BEEN LEVERAGED ON BITCOIN, OUTPERFORMING BITCOIN ITSELF, AND IS NOW BEING ADDED TO THE NASDAQ. IS MORE MONEY NOW GOING TO FLOAT TO THE RISKIER EDGES?

>> THAT'S A GREAT QUESTION. WITHOUT TALKING ABOUT IDIOSYNCRATIC NAMES, WHEN I LOOK AT QUALITY, THE OPPOSITE OF WHAT YOU'RE TALKING ABOUT, IT'S BEEN A DARLING OF A FACTOR, ONLY UNDERPERFORMING IN THREE OF THE LAST 20 YEARS,

LEAVING QUALITY STOCKS FAIRLY EXPENSIVE. THAT DOESN'T MEAN THE HIGH-QUALITY STOCKS NEED TO UNDERPERFORM BY A LOT, BUT AS THEY START TO INFLECT LOWER,

IT USUALLY LEADS TO
UNDERPERFORMANCE IN THE FACTOR. ANYONE WITH A QUALITY BIAS, I
THINK ABOUT SCRUBBING THAT PORTFOLIO FOR BETTER RISK
REWARDS IN WHAT HAVE BEEN

HISTORICALLY RISKY NAMES.
CAROLINE: UNBEATABLE, THANK YOU FOR
COMING ON, DENISE. HAPPY HOLIDAYS. COMING UP, WE FOCUS A BIT MORE
ON BITCOIN AND MICROSTRATEGY

WITH CRYPTO AND BITCOIN ITSELF
HITTING A RECORD HIGH OVER THE WEEKEND AND THE LONGEST WEEKLY
WINNING STREAK SINCE 2021. WE DIG IN.
LATER IN THE SHOW WE ARE FOCUSING ON VIVENDI.

TODAY IT'S CURRENTLY
DISTRIBUTING ITSELF AS IT BREAKS ITSELF INTO THREE
DIFFERENT COMPANIES, BUT I WANT TO EXPLORE THAT VIVENDI TELECOM
ITALIA STAKE.

THIS AS THE BILLIONAIRE IN
CHARGE IS TRYING TO MAKE HIS ASSETS WORK FOR HIM. CAROLINE:
AND WE ARE EXPECTING TRUMP TO SPEAK LIVE FROM MAR-A-LAGO IN A
FEW MOMENTS.

ALL EYES ARE ON THAT REPORTED
100 BILLION DOLLAR INVESTMENT COMING FROM MASAYOSHI SON INTO
THE UNITED STATES WITH 100,000 JOBS TO BE CREATED.
WE WILL BRING YOU THAT WHEN IT

OCCURS. FOR NOW, LET'S LOOK AT ANOTHER AREA RALLYING AROUND FROM BITCOIN AT A RECORD HIGH. DIGITAL ASSETS WITH OPTIMISM OVER THE UPCOMING INCLUSION OF MICROSTRATEGY IN THE NASDAQ 100 AND WHAT IT MEANS FOR

FUTURE PURCHASES. THEY ARE GETTING INTO THE NASDAQ 100, MEANING TECHNICALLY THAT MORE FUNDS WILL HAVE TO ALLOCATE TO IT, RIGHT? >> IT REALLY REPRESENTS AN INSTITUTIONAL ACCEPTANCE OF

BITCOIN, WHICH IS INTERESTING BECAUSE MICROSTRATEGY HAS LONG BEEN RIDICULED BY SPECIALISTS. AND THEN TODAY, AGAIN FOR THEIR SIXTH STRAIGHT MONDAY, THEY BOUGHT A TOTAL CACHE OF 45

BILLION. BUT IT'S REALLY THAT THE STOCK HAS RALLIED 500%. YOU ARE RIGHT, $400 BILLION IN ETFs TRACKING ON THE NASDAQ 100. CAROLINE: THANK YOU. WE WILL HAVE TO CUT IT SHORT.

WE UNDERSTAND THAT TRUMP IS NOW STARTING HIS PRESS CONFERENCE IN MAR-A-LAGO. >> I'M SURE YOU MIGHT HAVE QUESTIONS. WE WILL DISCUSS A COUPLE OF POINTS. I WOULD BE SHOCKED IF YOU DIDN'T. VERY IMPRESSED.

I'M HONORED TO WELCOME ONE OF THE MOST ACCOMPLISHED BUSINESS LEADERS OF OUR TIME, FOUNDER AND CEO OF SOFTBANK. EVERYBODY KNOWS MASAYOSHI SON RUNS ONE OF THE

LARGEST COMPANIES IN JAPAN AND ONE OF THE MOST SUCCESSFUL INVESTMENT COMPANIES AND TECHNOLOGY FIRMS IN THE WORLD. ONE OF THE MOST SUCCESSFUL INVESTORS IN THE WORLD. WE JUST CONCLUDED A VERY PRODUCTIVE MEETING, AND TODAY

I'M THRILLED TO ANNOUNCE THAT SOFTBANK WILL BE INVESTING $100 BILLION IN AMERICA, CREATING A MINIMUM OF 100,000 AMERICAN JOBS. HE'S DOING THIS BECAUSE HE FEELS VERY OPTIMISTIC ABOUT OUR

COUNTRY SINCE THE ELECTION. MANY OTHER PEOPLE ARE COMING IN WITH TREMENDOUS AMOUNTS OF MONEY. YOU PROBABLY NOTICED THAT THE POLL THAT WAS JUST TAKEN SHOWED BUSINESSES WITH A 39-YEAR HIGH, NOTHING LIKE IT.

BIGGEST INCREASE. SMALL BUSINESS OWNERS GAVE IT A 41% JUMP. THE BIGGEST JUMP WE HAVE HAD IN 39 YEARS. NOBODY HAS EVER SEEN ANYTHING LIKE IT. IT'S JUST A VERY -- THEY ARE VERY OPTIMISTIC.

THIS INVESTMENT IS A MONUMENTAL DEMONSTRATION OF CONFIDENCE IN AMERICA'S FUTURE, AND IT WILL HELP ENSURE THAT ARTIFICIAL INTELLIGENCE, EMERGING TECHNOLOGIES, AND OTHER

INDUSTRIES OF TOMORROW ARE BUILT, CREATED, AND GROWN RIGHT HERE IN THE USA. ONE OF THE BEAUTIFUL THINGS ABOUT MASAYOSHI SON IS THAT HE'S VERY MUCH INVOLVED IN EMERGING TECHNOLOGY; HE MAY KNOW IT BETTER THAN ANYBODY.

IT'S A GREAT HONOR. SOME OF YOU MAY REMEMBER THAT AFTER THE 2016 ELECTION, SOFTBANK INVESTED IN OUR COUNTRY. THEY KEPT THAT PROMISE IN EVERY WAY, SHAPE, AND FORM.

NOW THEY ARE LOOKING TO EXPAND THE POSSIBILITY OF INVESTING MORE. I'M GOING TO ASK THEM TO SPEAK. MASA, THANK YOU. >> >> I APPRECIATE IT. THANK YOU. I'M VERY EXCITED. I WOULD LIKE TO CELEBRATE THE

GREAT VICTORY OF PRESIDENT TRUMP. MY CONFIDENCE IN THE ECONOMY OF THE UNITED STATES HAS TREMENDOUSLY INCREASED WITH HIS VICTORY. SO, BECAUSE OF THAT, I AM NOW

EXCITED TO COMMIT THIS $100 BILLION AND 100,000 JOBS TO THE UNITED STATES. THIS IS DOUBLE LAST TIME, AS PRESIDENT TRUMP SAID. PRESIDENT TRUMP IS DOUBLING DOWN. I'M GOING TO HAVE TO DOUBLE

DOWN. THIS IS MY CONFIDENCE LEVEL. IT HAS DOUBLED. SO, I AM TRULY EXCITED TO MAKE THIS HAPPEN. OF COURSE, BUSINESS IS IMPORTANT. TECHNOLOGY IS IMPORTANT. ONE MORE THING THAT I'M REALLY

HOPING IS THAT PRESIDENT TRUMP WILL MAKE THE WORLD BRING ABOUT PEACE AGAIN. THAT'S MY ADDITIONAL HOPE. I THINK THAT HE WILL ACTUALLY MAKE IT HAPPEN. ANYWAY, I'M EXCITED TO GO FOR MORE, RIGHT?

>> I'M GOING TO ASK HIM NOW, MAKE IT 200 BILLION [LAUGHTER] [LAUGHTER] DOLLARS. CAN YOU DO THAT? >> WELL, MY PROMISE IS A HUNDRED. NOW HE'S ASKING TO DO MORE.

I THINK, YOU KNOW, WITH THE DEALERSHIP, WITH YOUR SUPPORT, I'M GOING TO TRY TO MAKE IT HAPPEN. >> THAT'S GREAT. 200 BILLION DOLLARS IN INVESTMENTS. [LAUGHTER]

>> HE'S A BRILLIANT GUY. UNBELIEVABLE JOB. PEOPLE OF JAPAN, AND ALL OF THE WORLD, VERY PROUD. TREMENDOUS RESPECT. I WOULD BE SURPRISED IF YOU DIDN'T GO.

>> I WILL REALLY TRY. I NEED YOUR SUPPORT. >> YOU HAVE MY SUPPORT. YOU HAVE OUR COUNTRY'S SUPPORT. >> FANTASTIC. FANTASTIC. THANK YOU. >> THE PEOPLE OF JAPAN, THEY ARE ALL WATCHING.

>> I'M SURE OUR PEOPLE IN JAPAN ARE PROUD TO MAKE THE PARTNERSHIP BETWEEN THE U.S. AND JAPAN STRONGER. I'M VERY EXCITED TO MAKE THIS HAPPEN. THANK YOU, THANK YOU, THANK YOU. [CLAPPING]

>> AMAZING GENTLEMEN. LATER, INVESTOR. THOUGHTS FROM HIM. SO MANY COMPANIES COMING IN NOW. ANNOUNCING. THEY WILL ANNOUNCE THEMSELVES WHEN THEY CAN DO IT.

AS I SAID, SMALL BUSINESS
OPTIMISM TOOK A 41-POINT JUMP. 41 POINTS. IT WENT UP 41 POINTS.
THAT'S UNHEARD OF. THE BIGGEST IN RECORDED HISTORY.
AT LEAST A MINIMUM OF 39 YEARS.

THAT'S GREAT.
ON BEHALF OF THE AMERICAN PEOPLE, I WANT TO THANK MASA
FOR HIS FAITH IN WHAT'S HAPPENING IN OUR COUNTRY AND WHAT'S
HAPPENING AROUND THE WORLD.

THERE'S A LIGHT AROUND THE
WORLD. SOME REPORTERS SAID, YOU KNOW,
IT'S TRUE. A COUPLE OF THEM ARE NOT NECESSARILY FRIENDS OF
MINE, BUT THEY SAID IT'S ACTUALLY TRUE THAT THERE IS A
LIGHT SHINING OVER THE WORLD.

WE ARE TURNING TO HELPING
STRONGLY AND GETTING THOSE HOSTAGES BACK IN ISRAEL, AS YOU
KNOW, IN THE MIDDLE EAST. WE ARE WORKING VERY HARD ON THAT.
TRYING TO GET RID OF THAT

HORRIBLE WAR GOING ON IN
UKRAINE WITH RUSSIA. UKRAINE. RUSSIA. UKRAINE.
WE ARE GOING TO MAKE A LITTLE PROGRESS. IT'S A TOUGH ONE.
IT'S A NASTY ONE. IT'S NASTY.

PEOPLE ARE BEING KILLED AT
LEVELS NO ONE HAS EVER SEEN. IN THE FIELDS.
THE ONLY THING THAT STOPS A BULLET IS A BODY. A HUMAN BODY.
THE NUMBER OF SOLDIERS KILLED

ON BOTH SIDES IS ASTRONOMICAL.
NEVER SEEN ANYTHING LIKE IT. I GET REPORTS EVERY WEEK.
IT'S NOT EVEN, YOU KNOW? IT'S LIKE, IT'S NOT GOING DOWN.
IT'S A FLAT SURFACE. FLAT LAND.

THAT'S WHY IT'S GREAT FARMING
LAND. IT'S THE BREADBASKET FOR THE
WORLD, ACTUALLY. BUT IT'S VERY FLAT.
THERE IS NOTHING TO STOP A BULLET BUT A BODY.
NO PROTECTION. NO NOTHING.

WHAT IS HAPPENING THERE IS FAR
WORSE THAN PEOPLE ARE REPORTING ON BOTH SIDES. WE ARE DOING OUR BEST. WE HAVE
BEEN WORKING TO PUT THE WORLD AT EASE.
THE WHOLE WORLD IS BLOWING UP.

THERE WERE NO WARS WHEN I WAS
IN OFFICE. YOU SAW THAT. SOFTBANK, STARTING DAY ONE,
IMPLEMENTING A RAPID SERIES OF BOLD REFORMS TO RESTORE THE
NATION TO FULL PROSPERITY.

FULL PROSPERITY, BUILDING THE
GREATEST ECONOMY THE WORLD HAS EVER SEEN.
JUST AS WE HAD A SHORT TIME AGO. WE HAD THE GREATEST ECONOMY THE
WORLD HAS EVER SEEN.

BLOWING AWAY EVERYBODY.
OUR COUNTRY IS DOUBLING DOWN ON CHINA, DOUBLING DOWN ON EVERYBODY.
EVERYBODY KNOWS IT. IT SLOWED DOWN WITH COVID AT
THE END. THERE WAS A SUBSTANTIAL
INCREASE IN THE STOCK MARKET.

BIGGER THAN PRE-COVID, PREPARATIONS ARE UNDERWAY TO CUT MASSIVE NUMBERS OF REGULATIONS, ELIMINATING 10 OLD ONES FOR EVERY NEW ONE. WHEN YOU PUT A NEW ONE ON, YOU

HAVE TO GET RID OF 10 AND WE CAN DO IT. WE CUT MORE REGULATIONS THAN ANY PRESIDENT HAS EVER CUT BY FAR, ACTUALLY, APPROXIMATELY FIVE TIMES. SOME OF THOSE REGULATIONS WERE PUT BACK ON, UNFORTUNATELY.

WE WILL CATCH UP QUICKLY. CATCH UP WITH IT. ONE THING I WOULD LIKE TO ASK THE BIDEN ADMINISTRATION, AS YOU HAVE PROBABLY HEARD, TWO EVENTS TOOK PLACE, WHICH I KID

ABOUT. A FRIENDLY TAKEOVER. A FRIENDLY TRANSITION, AS THEY LIKE TO SAY. IT IS. THEY LIKE TO SAY THAT. IT IS. TWO EVENTS TOOK PLACE THAT ARE TERRIBLE. IF PEOPLE DON'T COME BACK TO WORK, COME BACK TO THE OFFICE,

THEY WILL BE DISMISSED. SOMEBODY IN THE BIDEN ADMINISTRATION GAVE A FIVE-YEAR WAIVER FOR THAT. FOR FIVE YEARS, PEOPLE DON'T HAVE TO COME BACK INTO THE OFFICE. IT INVOLVED 49,000 PEOPLE.

FOR FIVE YEARS, THEY DON'T HAVE TO GO. THEY SIGNED IT. IT'S RIDICULOUS. IT WAS LIKE A GIFT TO A UNION. WE ARE OBVIOUSLY GOING TO BE IN COURT TO STOP IT.

THE OTHER THING IS REALLY TERRIBLE. WE SPENT A TREMENDOUS AMOUNT OF MONEY ON BUILDING A WALL THAT WAS DESIGNED SPECIFICALLY BY THE BORDER PATROL. THEY NEEDED IT TO BE STEEL. IT'S HARD STEEL.

A SPECIAL TYPE OF STEEL. VERY HARD TO CUT. INSIDE OF THAT, WE POUR CONCRETE. IT'S STRONG CONCRETE. IT'S AS THOUGH YOU WERE BUILDING A 60-STORY BUILDING. IT'S POWERFUL CONCRETE.

AMAZING TECHNOLOGICAL ADVANCES IN CONCRETE. I KNOW THAT. TODAY, WHAT YOU CAN DO WITH CONCRETE IS INCREDIBLE. AND THEN WE PUT REBAR INSIDE OF THE CONCRETE. THE REBAR IS ALSO HARD TO CUT. IT'S A VERY EXPENSIVE PROCESS.

VERY EXPENSIVE WALL. WE PUT ANTI-CLIMBING PLATES ON THE TOP. YOU SAW THAT. I DIDN'T LIKE THE LOOK OF IT. BUT I WATCHED; WE HAD MOUNTAIN CLIMBERS TESTING IT.

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