경기 부양책으로 중국 기술주가 급등하다

### 경기 부양책에 따른 중국 기술주 급등과 미국 칩 법제화
* 📈 중국의 경기 부양책에 힘입어 **골든 드래곤 지수가 6% 이상 상승**하며 1년 만에 최대 상승폭을 기록하는 등 중국 기술주가 큰 폭으로 반등하고 있습니다.
* 💡 알리바바, JD닷컴과 같은 주요 기업들은 이러한 성장의 혜택을 누리고 있지만, **다른 많은 기술주들은 올해 들어 여전히 압박**을 받고 있습니다.
* 💻 미국은 또한 특정 칩 제조 프로젝트에 대해 **연방 허가 요건을 면제하는 법안**을 통과시켜 반도체 산업을 강화하는 조치를 취하여 개발을 가속화하고 있습니다.
* 🏗 이러한 입법 움직임은 국가 안보를 위한 중요한 프로젝트가 지연될 수 있는 **긴 환경 검토 절차에 대한 칩 업계의 우려**를 해소하기 위한 것입니다.
* 💰 인텔과 삼성과 같은 기업들은 **미국 칩 생산 능력에 수십억 달러**를 투자할 것으로 예상되며, 인텔은 **퀄컴의 잠재적인 우호적 인수**에 대해 논의 중인 것으로 알려졌습니다.
* 📊 아폴로와 같은 사모펀드가 기존 기술 기업에 대한 투자에 관심을 표명하면서 **M&A 환경이 뜨거워지고 있으며, 이는 시장 역학 관계의 변화를 나타냅니다.**
* 🛠 한편, 스트리밍 기능이 내장된 스마트 TV의 성장 추세에도 불구하고 **Roku는 새로운 버전의 스트리밍 장치를 공개**하는 등 셋톱박스 사업에 전념하고 있습니다.
* 🌐 Google은 또한 **최신 모델을 소비자 제품에 통합**하여 하드웨어와 소프트웨어 부문 모두에서 지속적인 기술 발전을 보여주는 등 AI 분야에서 진전을 이루고 있습니다.

중국 정부의 부양책으로 투자 심리가 개선되고 전자상거래 성장 전망이 높아지면서 중국 기술주가 급등합니다.

>> FROM THE HEART OF HER 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 AND SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. CHINA TECH STOCKS ON A TEAR AFTER BEIJING'S PUSH FOR GROWTH. ED: THE CHIPS ACT GETS A BOOST. CAROLINE: ALL THINGS M&A WITH CITIGROUP'S HEAD OF TECH DEALS. WE START WITH THE MOVE OF THE DAY. CHINA STOCKS. CHINA TECH STOCKS. THE GOLDEN DRAGON INDEX HERE UP MORE THAN 6%. THE BIGGEST MOVE IN MORE THAN A YEAR. WE ARE TRADING AT THE HIGHEST LEVEL IN MORE THAN THREE MONTHS. STIMULUS TO THE CHINESE ECONOMY

HELPED KEY NAMES YOU ARE WATCHING. ED: AND UNDERSTANDABLY THOSE KEY NAMES, ALIBABA AND JD.COM. MULTIFACETED TECH COMPANIES. TWO OF THE NAMES IN POSITIVE TERRITORY YEAR TO DATE. MANY ARE NOT. WE WILL GO TO OUR REPORTER LATER IN THE HOUR TO TALK ABOUT THE IMPACT OF STIMULUS ON CHINA TECH. ALSO LOOKING AT CHIP STOCKS AT THE NEXT LEVEL. UP FOR A SECOND DAY SO FAR THIS WEEK. INTEL, WHAT MIGHT HAPPEN TO IT MIGHT BE DOMINATING HEADLINES BUT THERE'S NEWS ABOUT PROGRESS ABOUT ON THE INDUSTRY IN THE U.S. CAROLINE: LET'S DIVE IN BECAUSE THE U.S. APPROVED LEGISLATION THAT WOULD EXEMPT SOME CHIP MANUFACTURING PROJECTS FROM FEDERAL PERMITTING REQUIREMENTS.

IT IS A BID TO SPEED UP THE SEMICONDUCTOR INDUSTRY. MACKENZIE HAWKINS JOINS US NOW. MACKENZIE: ONE PROJECT WHICH EVERY SHIP COME TO GETTING MONEY IS GETTING NORTH OF THAT, THEY HAVE TO GO THROUGH THE NATIONAL ENVIRONMENT OF POLICY ACT PERMITTING PROCESS WHICH REQUIRES ALL FEDERAL AGENCIES TO REVIEW THE ENVIRONMENT TO IMPACT OF THEIR MAJOR ACTIONS AND OPENS UP PROJECTS TO SIGNIFICANT LITIGATION. THERE'S BEEN CONCERN IN THE CHIP INDUSTRY FROM COMPANIES LIKE INTEL AND SAMSUNG AND TAIWAN SEMICONDUCTOR MANUFACTURING THAT THIS COULD PRODUCE MONTHS OR YEARS OF DELAYS ON PROJECTS THE COMPANIES'S UNDIVIDED ADMINISTRATION HAVE SET ARE CRITICAL TO NATIONAL SECURITY. THE BILL THE HOUSE PASSED -- IT IS GOING TO BIDEN'S DESK AND IT

WOULD EXEMPT SOME PROJECTS FROM FEDERAL ENVIRONMENT TO REVIEW. THEY HAVE TO GO THROUGH STATE AND LOCAL PROCESSES. THIS IS A SIGNIFICANT ROTATE CUTTING AT THE FEDERAL LEVEL. ED: WHAT YOU DO SO WELL FOR OUR AUDIENCE AROUND THE WORLD IS THERE ARE BILLIONS OF DOLLARS COMING FROM THE CHAMPS ACT. LOTS OF NAMES ON PAPER SOUND TO BENEFIT. BUILDING A FAB TAKES A LONG TIME AND MONEY. IS THERE EVIDENCE THAT SOMETHING HAS STARTED IN AMERICA? THAT THERE IS SOME INFRASTRUCTURE POPPING UP AROUND THE PLACE? MACKENZIE: WE HAVE SEEN MORE MONEY PUT INTO CHIP FACTORY CONSTRUCTION IN THE PAST FOUR YEARS LEADING UP TO THE CHIPS ACT. PEOPLE THOUGHT THE SUBSIDY PACKAGE MIGHT BE COMING.

DURING ITS INFLUENCE A. IT COMPANIES ARE COMMITTING REAL MONEY TO THESE CONSTRUCTION PROJECTS. THEY ALSO NEED TO WAIT AND SEE CONDITIONS BEFORE THEY DECIDE WHEN AND HOW AND AT WHAT LEVEL TO FULLY BUILD OUT THEIR PROJECTS. DC COMICS MAKE COMMITMENTS TO ONE OR TWO FABS BUT THEY HAVE SITES THAT CAN ACCOMMODATE EIGHT. IN TERMS OF THE PROCESS, THAT IS WITH A PERMITTING STUFF COMES INTO PLAY. FOR COMPANIES THAT HAVE BEEN WAITING TO SECURE ENVIRONMENT PERMITS OR HAVING GOING TO THE PROCESS ALONGSIDE PUTTING SHOVELS IN THE GROUND, THIS COULD BE A BIG DEAL AND GETTING CONFIDENCE OF THEIR CONSTRUCTION TIMELINES FOR PROJECTS THAT IN MANY CASES ARE ALREADY WELL UNDERWAY. ED: MACKENZIE HAWKINS WITH THE LATEST ON THE FLOW OF DOLLARS.

IN THE CHIPS ACT. THANK YOU VERY MUCH. INTEL IS ONE OF THE CHIP COMPANIES THAT PLEDGED TO INVEST BILLIONS IN THE U.S. CHIP CAPACITY. THE TOP STORY FOR THE INDUSTRY NOW IS REPORTS THAT RIVAL QUALCOMM HAS APPROACHED INTEL OVER A FRIENDLY TAKEOVER. BLOOMBERG REPORTING MONEY MANAGER APOLLO HAS OFFERED BILLIONS OF DOLLARS TO INTEL AND EQUITY-LIKE INVESTMENT. THE STAGE IS SET. WHAT HAPPENS NEXT? LET'S DISCUSS WITH PHILIP DRURY FROM CITIGROUP. WHEN I WOKE UP ON MONDAY MORNING I WAS RECOVERING FROM THE WEEKEND WHERE I WAS RECOVERING FROM FRIDAY IN A HEADLIGHT WHERE ONE OF THE BIGGEST CHIPMAKERS, QUALCOMM, REPORTEDLY GOING FOR INTEL. IN THIS ENVIRONMENT DOES THAT

DEAL HAPPEN? PHIL: YOU PROBABLY WILL NOT BE SURPRISED. INTEL HAS A STORIED HISTORY DATING BACK TO 1968 AND A COLLECTION OF PHENOMENAL ASSETS. THE COMPANY IS CLEARLY GOING THROUGH A TRANSFORMATION. PAT AND THE TEAM HAVE BEEN CLEAR IN THE PLANS HE OUTLINED, INCLUDING SOME SIGNIFICANT CAPEX REDUCTION. I WOULD SAY I'M NOT SURPRISED THERE IS SPECULATION AROUND A NUMBER OF INTERESTED PARTIES. WHETHER THAT BE STRATEGIC OR WHETHER THAT BE PRIVATE EQUITY WHO IS LOOKING TO INVEST MEANINGFULLY ACROSS THE WHOLE ARTIFICIAL INTELLIGENCE ECOSYSTEM, WHICH WE HAVE ALREADY SEEN AND SEEN APOLLO WORK WITH INTEL. ED: REITERATE AS WELL THAT NEITHER INTEL NOR QUALCOMM COMMENTED ON

THAT REPORT. THE OTHER PIECE WAS THAT APOLLO, WHICH HAS AN EXISTING RELATIONSHIP WITH INTEL AND STRATEGIC IN THE SENSE THEY COINVEST IT IN A SPECIFIC PROJECT. WHY ISN'T INTEL ATTRACTIVE TO A NAME LIKE APOLLO? IT'S A DURATION BET. IT'S INFRASTRUCTURE. IN THE WORLD OF AI, IT IS BUILDING SOMETHING PHYSICAL AND WAITING FOR THE PAYOFF LATER. PHIL: THIS IS LONG-TERM GENERATIONAL INVESTMENT. FUNDS LIKE APOLLO TAKE AN EXTREMELY LONG-TERM VIEW BEYOND THE MORE SHORT-TERM NATURE OF THE PUBLIC MARKET. WHEN WE LOOK AT M&A AND THE TRENDS WE HAVE SEEN IN THE LAST YEAR, ACTIVITY IS UP QUITE MEANINGFULLY AFTER TWO LOW YEARS. WE ARE SEEING STRATEGIC MUCH MORE ACTIVE.

WE ADVISED ON IBM. NOT AS TRANSFORMATIONAL NECESSARILY AS INTEL, BUT WE ARE SEEING STRATEGICS BE MORE PROACTIVE AS IT RELATES TO GROWTH VERTICAL ADJACENCIES. PRIVATE EQUITY IS ON DISLOCATED PUBLIC MARKET VALUATIONS. BUT WE HAVE NOT SEEN SO FAR IS THE HUGE NUMBER OF PRIVATE COMPANIES WITH HIGH WATERMARK VALUATIONS IN 2021 STARTING TO COME TO MARKET. TIME RESULTS IN VALUATION COMPOUNDING, AND THAT IS WHERE WE HAVE HIGH EXPECTATIONS FOR 2025 AND 2026. CAROLINE: AND IT'S ALREADY HAPPENING. ONE OF THE BIGGEST TAKE PRIVATES IN THE SOFTWARE AREA. BLACKSTONE VISTA EQUITY MAKING A BILLION-DOLLAR TAKE PRIVATE OFFER TO SMART SHEET. IS THAT THE SORT OF SOFTWARE LONG-TERM REVENUE THEY WANT TO BE DIGGING INTO?

WHERE DO YOU SEE OTHER OPPORTUNITIES IN THE TECH PRIVATE FIELD? PHIL: THAT'S EXACTLY SPOT ON. WE ANTICIPATE TO SEE MORE OF THIS. I THINK ARTIFICIAL INTELLIGENCE EMBEDDED ON TWO YEARS OF DATA POINTS AND ENTERPRISE SOFTWARE IS GOING TO START TO BECOME REALLY INTERESTING. WHEN YOU THINK ABOUT THE FIRST QUARTER OF THIS YEAR, THE AI INVESTMENT BOOM FOCUSED ON HARDWARE, FOCUSED ON CHIPS. WE SAW WEAKNESS IN SOFTWARE DRIVEN BY A DIVERGENT ENTERPRISE FUNDS TOWARDS AI. NOW WE HAVE MORE DATA POINTS AND WE ARE STARTING TO SEE A PICKUP IN ACTIVITY FOR ENTERPRISE SOFTWARE WITH EMBEDDED AI AND HOW THAT CAN BE A CATALYST FOR ENTERPRISE. YOU ARE SPOT ON. WE WILL SEE MORE OF THIS IN

2025 AND 2026. WE WILL SEE THE PRIVATE SUPPLY COME TO MARKET, WHICH HAS HELD OFF BECAUSE COMPANIES WERE WELL-CAPITALIZED. PRIVATE EQUITY HAS NOT HAD TO DO ANYTHING. NOW THERE IS SOME PRESSURE AROUND DPI, AND WE WILL SEE A MORE VIBRANT SELL SIDE AND BUY SIDE. CAROLINE: THAT PIGEONHOLES THE POSITIVE SIDE OF MAKING DEALS AND TAKING PRIVATE. THE NEGATIVE SIDE OF STRESSED ASSETS, LIBERTY BROADBAND. TRYING TO PUT TOGETHER SOME OF HIS STRESSED STREAMING AND CABLE ASSETS. I'M LOOKING AT LIBERTY BROADBAND AND CHARTER COMMUNICATIONS SEEMINGLY GETTING TOWARDS SOME SORT OF MERGER DEAL HERE. THEY HAVE TO TO SURVIVE BECAUSE OF INDUSTRY PRESSURE. PHIL:

YOU WILL SEE COMBINATIONS. I ALSO THINK YOU WILL SEE COMPANIES LOOKING TO CARVE AND SPLIT AND BREAKOUT VERY VALUABLE ASSETS AS WELL. THERE'S NO DOUBT WE ARE IN A MOMENT OF TIME DRIVEN BY AI, WHICH IS CAUSING CORPORATIONS TO LOOK AND REFLECT ABOUT HOW THEY WILL CRYSTALLIZE AND MAXIMIZE THE VALUATION FOR THE COMPANIES. THAT CAN RESULT IN ADJACENT COMBINATIONS BUT ALSO RESULT IN ILLUMINATION OF VALUE THROUGH CARVEOUT, THROUGH SPLIT OFFS. WE HAVE NOT TALKED ABOUT ACTIVISM. WE THINK THAT WILL BE A THEME THAT ACTIVISTS FOCUS ON IN THE NEXT COUPLE OF YEARS. WE WILL GO THROUGH CHANGE. WE ARE GOING TO GO THROUGH CHANGE THROUGH A GREATER SENSE OF CERTAINTY ON THE GEOPOLITICAL. THIS HAS BEEN A YEAR OF TRANSITION.

MORE ELECTIONS THAN ANY YEARS IN THE PAST. WE WILL HAVE A LOT GREATER CERTAINTY ON BOTH THE MACRO AND THE GEOPOLITICAL BEGINNING TO 2025 AND 2026. I BELIEVE WE WILL SEE MORE ACTIVITY FOR A HOST OF REASONS. ED: WHAT WAS THE OTHER ONE YOU MENTIONED YOU ADVISED ON? PHIL: IBM. ED: WHAT IS UNIQUE IS THEY GOT DONE. YOU WILL NOT COMMENT ON INTEL AND QUALCOMM, BUT IN THE CONTEXT OF ANTITRUST, DO DEALS OF THAT SCALE ON PAPER PROCEED? PHIL: IT WILL BE A MIXED BAG OF RESULTS. WE ADVISED ON THE BROADCOM VMWARE DEAL. MICROSOFT ACTIVISION WENT THROUGH. THERE'S A LOT OF DEALS THAT HAVE NOT GONE THROUGH. THERE'S A LOT OF FOCUS AND PREPAREDNESS GOING ON EARLY ON WITH ADVISORS AND CORPORATIONS.

IN TERMS OF HOW CERTAIN CAN WE BE WITH REGARD TO GLOBAL ANTITRUST DECISIONS. CITI IS WELL-POSITIONED OPERATING IN 160 COUNTRIES. IT GIVES US A GLOBAL SPOTLIGHT ON HOW REGULATORY BODIES ARE GOING TO REACT. YOU ARE RIGHT. ALL YOU CAN DO IS BUILD IN CONTINGENCIES EARLY ON IN CASE DEALS BREAK. IT CAN BE A DISTRACTION WHEN M&A IS AN OUTSTANDING TAKES 18 TO 24 MONTHS TO COMPLETE. CAROLINE: SOMETIMES THE LAWYERS ALWAYS WIN. PHIL DRURY, THANK YOU FROM CITIGROUP. COMING UP, ROKU REMAINS LOYAL TO THE HARDWARE THAT PUT THE COMPANY ON THE MAP. MORE ON THE COMPANY'S STREAMING AMBITIONS. ED: I WANT TO GO BACK TO LIBERTY BROADBAND. LIBERTY WENT BACK TO CHARTER.

WITH A COUNTER OFFER. THAT IS WHAT IS PUSHING UP THE SHARES 27%. IT'S A BIG MOVE BUT LIBERTY IS A COMPANY THAT CARRIED AND UNDER PRESSURE. THE STOCK DOWN SIGNIFICANT OVER A PERIOD OF TIME. THIS DEAL PRETTY DRY IN TRUTH BUT IT'S ON THE MARKET -- BUT THE MARKET IS PAYING ATTENTION. THIS IS BLOOMBERG TECHNOLOGY. ED: ROKU SAYS THE COMPANY REMAINS VERY COMMITTED TO ITS SET-TOP BOXES AS IT UNVEILS A NEW FASTER VERSION OF ROKU ULTRA STREAMING BOX. THIS IS THE ELECTRONIC INDUSTRY SHIFTING THE SMART TV'S WITH BUILT-IN STREAMING TECH. FOR MORE, MARK GURMAN JOINS US NOW. I HAVE A ROKU TV STILL, BELIEVE IT OR NOT ALONGSIDE A SAMSUNG

SMART TV. THAT SET-TOP BOX IS SUCH A SMALL PART OF THEIR BUSINESS. THEY ARE KEEPING IT GOING. WHY? MARK: THE SET-TOP BOX IS AN INTERESTING THING FOR ROKU. THAT IS HOW THEY MADE THEIR MONEY. THAT IS HOW THEY DEVELOPED INTO A BRAND. IT'S ABOUT CONTENT. TWO, IT'S ABOUT INTEGRATION OF THE ROKU OPERATING SYSTEM INTO TVC BY OFF-THE-SHELF AT TARGET AND BEST BUY AND ON AMAZON, YOU NAME IT. THE SET-TOP BOX IS INTERESTING. THEY DO MAKE A TON OF MONEY OFF THESE THINGS. THEY CAP AT $100 APIECE. IT BRINGS CONTENT WHICH THEY ARE MAKING MONEY OFF OF INTO MORE PEOPLE'S HOMES, AND IT'S A LOT CHEAPER FOR CONSUMERS TO GET INTO THE ROKU EXPERIENCE.

TO GET INTO THE SMART TV EXPENSE IF THEY DON'T HAVE A SMART TV BY BUYING ONE OF THESE BOXES INSTEAD OF BUYING A SEVERAL HUNDRED DOLLAR TV. THERE'S A LOT OF OVERLAP. ONE JUST REQUIRES YOU TO BUY THE WHOLE TV AND THE OTHER REQUIRES YOU TO JUST BUY THE BOX AND PLUGGED INTO YOUR HDMI PORT. CAROLINE: WE'RE LOOKING AT A ONE-YEAR CHART. IT HAS BEEN UNDER PRESSURE. THE EARNINGS HAVE NOT BEEN PLEASING INVESTORS. DOES THIS PART OF DRUMMING UP SUPPORT FROM THE INVESTOR BASE? MARK: THEY HAVE BEEN SUFFERING. I DON'T THINK THE BASE IS ENTIRELY HAPPY OR FIXATED ON THE SET-TOP BOX BUSINESS. IF YOU'RE INVESTED IN ROKU, IT'S BECAUSE OF THE CONTENT BUSINESS, THE ADVERTISING, THE PLATFORM, THE INTEGRATION INTO

SMART TV SET OTHER PRODUCTS. THIS IS MOVING AWAY FROM THAT FOCUS AND INVESTORS ARE WANTING TO SEE IT. AT THE SAME TIME, IT'S A CHEAP WAY TO BRING MORE PEOPLE INTO THE ECOSYSTEM AND GATHER MORE SUPPORT FOR ITS PLATFORM AND MORE USERS THERE. THE MAJORITY OF SALES ARE VIA FIRST AND THIRD PARTY TV. ADDING PEOPLE TO THE USER BASE THAT CAN BE EXPOSED TO CONTENT IS NOT NECESSARILY A BAD THING. THE HOPE FOR INVESTORS IS IT DOESN'T TAKE AWAY FROM THE CORE COMPETENCY THAT'S MAKING THE COMPANY MONEY. CAROLINE: MARK, THANK YOU. LET'S TALK ABOUT GOOGLE. IT HAS SEEN FASTER PROGRESS IN ARTIFICIAL INTELLIGENCE BECAUSE OF A CLOSER COLLABORATION BETWEEN ITS CLOUD COMPUTING UNIT AND ITS AI RESEARCH LAB. GOOGLE CONSTRUCT DEALS TO LEAVE

ITS LATEST AI MODELS INTO POPULAR CONSUMER PRODUCTS, SHARING WITHIN 75 CUSTOMER STORIES. ONE OF WHICH WAS THE SOCIAL APP SNAPCHAT, WHICH WILL START USING GOOGLE'S GENETIVE AI MODEL TO HELP THEIR CHATBOT. ASIA COUNTS JOINS US MORE. THEY STARTED LEANING INTO GEMINI IT SEEMS LIKE? ASIA: SNAP RELEASED THEIR CHATBOT LAST YEAR THESE MODELS FROM OPENAI. THE REASON I STARTED TESTING USING GEMINI IS WHEN YOU GO ON SNAPCHAT A LOT OF TIME IT'S COMMUNICATING THROUGH VIDEOS OR IMAGES AND THEY FELT LIKE GEMINI'S MODEL WAS GOOD AT AT DOING THAT. ED: I THINK I'M RIGHT IN SAYING YOU ARE AT SNAP THE OTHER DAY AND YOU HAVE SEEN THE LATEST GEN OF HARDWARE FROM THEM. THIS IS HEATING UP. META, IT WAS A SURPRISE STORY

THAT AT LEAST THE RAY BANS AND YOUR INTERACTION USING A VOICE-BASED AI SYSTEM WOULD TAKE OFF. I'VE HAD EXPERIENCE WITH IT. DO THEY THINK THIS IS GOING TO BE THE FUTURE FOR THEM? AISHA: I THINK THEY DO. THEY ARE SPENDING A LOT OF MONEY. THEY ARE SUPPOSED TO SPEND ABOUT $1.5 BILLION THIS YEAR, HALF THEIR EXPENSES ON THINGS LIKE INFRASTRUCTURE TO SUPPORT THE NEW TOOLS. AUGMENTED REALITY THROUGH GLASSES, MACHINE LEARNING, THOSE SORTS OF THINGS, THEY ARE DOUBLING DOWN ON THIS. IF YOU THINK ABOUT AI, IT IS NOT JUST A CHATBOT BUT IS AI IN THE GLASSES AND AI TO RECOMMEND CONTENT, CREATE NEW EXPERIENCES. THEY ARE BETTING ON THIS AS A KEY PART OF THE COMPANY AND A

KEY PART OF THEIR FUTURE. ED: AISHA COUNTS, THANK YOU VERY MUCH. COMING UP, X LOSES A LEGAL FIGHT UNDER UNPAID SEVERANCE TO A FORMER TWITTER EMPLOYEE. WE WILL HAVE THOSE DETAILS COMING UP NEXT. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: TIME FOR TALKING TECH. GRAHAM R -- GRAMMARLY IS ANNOUNCING A NEW CTO. BOTH NEW EXECUTIVES ASSISTED THEIR PREVIOUS COMPANIES IN THE IPO PROCESS. GRAMMARLY IS CURRENTLY VALUED AT $13 BILLION. BOEING HAS SWEETENED THEIR DEAL FROM EARLY THIS MONTH BUT LESS THAN THE 40% SOUGHT BY THE WORKERS UNION. THE TERMS ARE FINAL AND VALID UNTIL THE ANOTHER DAY CONCEPT, 27. TIKTOK WILL BE SHUTTERING ITS

MUSIC SERVICE IN NOVEMBER, IN AN EXTREME AND TO COMPETE WITH SPOTIFY AND APPLE THAT STARTED IN 2019. TIKTOK MUSICAL BE SHUTTING DOWN ON NOVEMBER 28. CUSTOMER DATA WILL BE DELETED. WHAT DO YOU HAVE? ED: ELON MUSK AND X LOST A LEGAL FIGHT OVER UNPAID SEVERANCE TO A FORMER TWITTER EMPLOYEE WHO WAS LAID OFF WHEN MUSK TOOK OVER. -- MUSK TOOK OVER IN 2022. THEY DEFEATED A LAWSUIT FOR THEY SAID $500 MILLION IN SEVERANCE WAS OWED TO 6000 LAID OFF IN PLACE. IN ABOUT 2000 EMPLOYEES SAID THEY WERE SHORTCHANGED WHEN THEY WITH ECHO. WE SPOKE -- WHEN THEY WERE LET GO.

WE SPOKE TO SOME OF THEM OVER THE YEARS. WHAT ARE THE SPECIFICS OF THIS CASE? >> THIS IS SEPARATE FROM THE COURT PROCEEDING. THIS IS HAPPENING IN ARBITRATION. THIS WAS A PRIVATE PROCEEDING AND THERE ARE MORE THAN 2000 AND PLAYS THAT BROUGHT COMPLAINTS AGAINST THE COMPANY. THEY HAVE PROCEEDED IN ARBITRATION AND ARE FIGHTING AGAINST THE COMPANY. NOW WE RECEIVED LAST WEEK THE FIRST REALLY IN ONE OF THESE ARBITRATION PROCEEDINGS. IT LOOKS LIKE IT WAS A WIN FOR THE WORKER. THERE ARE THOUSANDS MORE OF THESE COMPLAINTS THAT WILL BE ARBITRATED. 15 CASES SO FAR HAVE BEEN ARBITRATED AND WE ARE WAITING FOR RULINGS ON OTHER CASES AS WELL. CAROLINE: HOW SEISMIC IS THIS ONE OFF

RULING? WILL IT FORCE ULTIMATELY FOR X TO SETTLE IN A BROADER NUMBER? MALATHIA: IT DEFINITELY IS A GOOD SIGN FOR THE EMPLOYEES. ONE WIN CAN LEAD TO MORE WINS IN THAT POTENTIALLY ALLOWS THEIR ATTORNEYS TO SIT ACROSS THE TABLE WITH TWITTER AND MUSK AND SAVE MAYBE IT IS EASIER IF WE JUST SETTLE THIS AND GET DONE WITH THIS DISPUTE ONCE AND FOR ALL. DEFINITELY A GOOD POSITIVE SIGN. THIS IS THE FIRST OF MANY CASES. NOW THAT WE ARE SEEING THE FIRST RULING BEING A POSITIVE ONE, IT'S POSSIBLE THE TREND WILL CONTINUE FOR THE OTHER ARBITRATION PROCEEDINGS AS WELL. ED: IT IS THE FIRST OF MANY, WOULD YOU TAKE US INTO THE MYSTERY WORLD OF TECHNOLOGY SEVERANCE

DISPUTES? THERE ARE MANY PEOPLE INTERESTED IN THIS. THE LAWYERS ARE INCENTIVIZED TO GET THEIR CLIENTS SOME PAY. I REMEMBER THE EARLY DAYS OF MUSK TAKING OVER AND THE CHAOS IN THE CHAT FORUMS OF WHAT WAS HAPPENING. WHAT WAS IT LIKE COVERING THESE? MALATHIA: THIS PARTICULAR ARBITRATION PROCEEDING IS HAPPENING BEHIND CLOSED DOORS. I WISH I COULD BE A FLY ON THE WALL BUT I CAN'T. I'M NOT ALLOWED TO ENTER. JUST TALKING TO ATTORNEYS, THESE ARE DIFFERENT FROM COURT PROCEEDINGS. THE RULES TOGETHER EVIDENCE TENDS TO BE A LITTLE DIFFERENT. IT IS VERY PRIVATE. EVEN THE MEMO WE GOT, KURT WAGNER REPORTED THE STORY WITH ME. SOURCES SHARED A MEMO. THAT IS HOW WE GOT TO KNOW

ABOUT THE RULING. YOU NEVER KNOW UNLESS THE ATTORNEY ENFORCED THE RULING. IN COURT WHEN WE DO HAVE THIS, THERE'S A LOT OF DRAMA. IF THERE'S A TRIAL YOU GET TO SEE A LOT OF, YOU KNOW, INSIDE INFORMATION ABOUT WHAT HAPPENED BEHIND THE SCENES IN TERMS OF THE CHAOS THAT HAPPENS BEHIND THE SCENES OF THESE COMPANIES AND ALL THE DIFFERENT PLAYERS THAT MAY BE MADE DECISIONS THAT POTENTIALLY HURT THE EMPLOYEES. ED: OK. CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I AM CAROLINE HYDE NEW YORK. ED: ONE OF THE BIG STORIES IS THE U.S. LISTED SHARES OF CHINESE TECHNOLOGY COMPANIES. THE NEWS IS THAT THE CHINESE GOVERNMENT IS COMING WITH A BIG STIMULUS PACKAGE TO KICKSTART

THE ECONOMY. SO YOU SEE ALIBABA DOING REALLY WELL. THE NASDAQ GOLDEN DRAGON INDEX IS ON TRACK FOR THE BEST DAY SINCE JANUARY 2023. LET US GO OUT TO HENRY WHO IS IN LONDON AND COVERS CHINA TECH STOCKS. SOME OF THESE NAMES HAVE UNDERPERFORMED YEAR TO DATE AND RECENTLY THEY REBOUNDED. A BIG STIMULUS PACKAGE THAT HELPS THE CHINESE ECONOMY WILL HELP THE TECH SECTOR AS WELL. HENRY: INDEED. WE SEE CHINESE AUTHORITIES REALLY MADE A CONCERTED PUSH TO BOOST THE ECONOMY. THE STIMULUS MEASURES CAN BE SEEN IN THREE BUCKETS. ONE IS PROVIDING LIQUIDITY TO THE ECONOMY IN TERMS OF CUTTING RATES AND THE SECOND IS ABOUT HELPING THE HOUSING MARKET INCLUDING LOWERING THE MORTGAGE

RATES FOR EXISTING MORTGAGES. AND THE THIRD PART, WHICH IS PROBABLY THE MOST EYE-CATCHING PART, IS ABOUT PROVIDING DIRECT SUPPORT TO THE STOCK MARKET. THE CENTRAL BANK HAS PLEDGED 800 BILLION, REMEMBER THE AND HAS SAID THAT IT IS CONSIDERING IN TERMS OF PROVIDING A STOCK STABILIZATION FUND. ALL OF THOSE MEASURES PUT TOGETHER HELPED USED INVESTOR SENTIMENT IN CHINESE INTERNET -- INTERNET STOCKS THAT WE HAVE SEEN TODAY. ED: WHY E-COMMERCE AND WHY THOSE NAMES ARE DOING SO WELL? HENRY: BECAUSE WE KNOW THAT ALL OF THOSE CHINESE COMPANIES AND E-COMMERCE COMPANIES HAVE BEEN HIGHLY RELATED TO CONSUMER SPENDING. AND WE CAN SEE THEM UNDER QUITE HEAVY PRESSURE GIVEN THE

CHINESE ECONOMIC SLOWDOWN. WE HAVE BEEN HEARING THOSE COMPANIES' EXECUTIVES TALKING ABOUT ALIBABA, FOR EXAMPLE. THE E-COMMERCE BUSINESS JUST GREW BY SINGLE DIGITS IN THE PAST QUARTER, AS WELL AS THE STOCK MARKET DARLING. IN AUGUST, IT ISSUED A PROFIT WARNING SAYING THAT GROWTH HAS BEEN SLOWING AND WE NEED TO INVEST MORE COMPETITION, AS IT BECOMES MORE INTENSE. SO, SEE THE STOCKS REALLY UNDER PRESSURE. AND THOSE MEASURES CAN BE SEEN GETTING MORE SERIOUS IN TERMS OF BOOSTING THE ECONOMY. CAROLINE: THESE COMPANIES HAVE GLOBAL PUSHES. HOW ARE THE REVENUES SO FOCUSED ON CHINA OR HOW GLOBAL IS COMING? HENRY: IT DEPENDS ON THE COMPANY. SO, LIKE PDD AND HAS A BIG GLOBAL

PUSH IN EXPANDING TO EUROPEAN MARKETS. HOWEVER, FOR THE INTERNATIONAL BUSINESS, IT IS UNDER PRESSURE, AND THEY HAVE OTHER ROLES. THE DOMESTIC AND LOCAL MARKET IS REALLY KEY FOR THOSE COMPANIES, EVEN THOUGH ALIBABA HAS THE INTERNATIONAL PUSH AS WELL. THE LOCAL MARKET IS STILL KEY BECAUSE OF TEMU AND TA. UBAU IS TWO THIRDS OF ITS REVENUE GENERATION. THE LOCAL REALLY MATTERS, AND WHAT WE HAVE BEEN SEEING IN TERMS OF STIMULUS MEASURES REALLY HELP THE INVESTOR SENTIMENT. CAROLINE: WHAT IS THE NEXT CATALYST? WHAT ARE PEOPLE SAYING AS I CONTINUE TO BUY? HENRY: ON THE FISCAL SIDE, WE HAVE SEEN A LOT OF MEASURES ON THE MONETARY SIDE OF CUTTING RATES AND LOWERING DOWN PAYMENT RATIOS OR CUTTING RATES FOR

EXISTING MORTGAGES. ON THE FISCAL SIDE, IT IS WHAT PEOPLE CARE ABOUT. THE PROBLEM WITH THE ECONOMY IS NOT JUST ABOUT LACK OF LIQUIDITY; IT IS ABOUT LACK OF CONSUMER DEMAND AND WEAK CONSUMPTION AMONG CONSUMERS. WE HAVE THE NATIONAL HOLIDAYS COMING UP, AND IT IS ABOUT HOW TO HELP CHINESE CONSUMERS TO BUY AND SHOP MORE. THE FOCUS FOR INVESTORS IS REALLY ON THE FISCAL SIDE AND WHETHER FISCAL POLICIES WILL COME THROUGH AS WELL. CAROLINE: THANK YOU VERY MUCH INDEED. IN THE POLITICAL SPHERE, FORMER PRESIDENT DONALD TRUMP HAS BEEN DISCUSSING CHINA AND ACCUSING THE NATION OF FAILING TO BUY $15 BILLION -- $50 BILLION WORTH OF AGRICULTURE. BOTH TRUMP AND HARRIS HAVE

VOWED TO TAKE A TOUGH STANCE AGAINST BEIJING. ED: THE UN'S GENERAL ASSEMBLY IS IN FULL SWING, AND CHINA IS A KEY DISCUSSION FOR PRESIDENT BIDEN IN HIS ADDRESS. LET US GET A QUICK READ ON HOW THEY STAND WITH NICK. PRESIDENT BIDEN WAS SPEAKING AHEAD OF THIS PROGRAM STARTING. WHAT DID HE SAY, PARTICULARLY IN THE CONTEXT OF THE THINGS WE CARE ABOUT, TECHNOLOGY, AI, AND NATIONAL SECURITY? NICK: IT WAS A VALEDICTORY ADDRESS. A BIG THING HE SAID WAS, LISTEN, DO NOT CLING TO POWER. SOMETIMES YOU HAVE TO DO WHAT IS RIGHT FOR YOUR COUNTRY AND REMEMBER YOU SERVE THE PEOPLE AND NOT YOURSELF. A SHOT ACROSS THE BOW. IT WAS INTERESTING THAT HE DID FEATURE AI PROMINENTLY IN HIS SPEECH, MOSTLY A LOOK BACK AT

ONE OF THE FEW PLACES WHERE HE LOOKS FORWARD WAS SAYING THAT AI HAS A LOT OF PROMISE, BUT THERE ARE INHERENT DANGERS TO IT. AND ESSENTIALLY SEEKING A CAUTIOUS APPROACH. THE BIG THING IS THE MESSAGE THAT HE MIGHT WANT -- MIGHT NOT WANT TO SEND, BUT IS INESCAPABLE, IS THE FACT THAT HE IS OFF THE STAGE, LITERALLY AND METAPHORICALLY, IN A FEW MONTHS. THERE IS NOT A LOT HE CAN SAY TO LOOK FORWARD, GIVEN THE UNCERTAINTY AROUND WHO WILL SUCCEED HIM AS PRESIDENT. CAROLINE: LET US TALK ABOUT WHAT KAMALA HARRIS WILL BE SAYING AT FUNDRAISERS IN MANHATTAN ABOUT AI AND WANTING TO FOSTER IT AROUND CRYPTO. IT IS NOT JUST WORLD LEADERS, ELON MUSK IS IN TOWN, GETTING AN

AWARD FROM THE ITALIANS AND THEN SAME -- AND THEN SAM ALTMAN WHO IS SPEAKING ABOUT REGULATORY -- REGULATING AI. WE ARE HEARING A LOT ABOUT THE GOVERNANCE OF ARTIFICIAL INTELLIGENCE. NICK: THAT IS A BIG THEME BECAUSE THE SECRETARY-GENERAL IS SAYING WE ARE NOT ABLE TO MAKE ANY PROGRESS IN ANY OF THE ISSUES THAT THE U.N. WAS FOUNDED TO HELP WITH, PEACE AND SECURITY SO WE WILL TRY TO STAKE A CLAIM ON ISSUES THAT MATTER FOR THE FUTURE, AI AND CLIMATE. THE BIG CHALLENGE IS THAT THE U.N. CAN SAY WHAT IT WANTS BUT IT HAS NO ENFORCEMENT MECHANISMS, THIS WILL HAVE TO COME THROUGH NATIONAL LAWS. ONE OF THE BIG THINGS HE SAID WAS WE HAVE TO NOT USE AI IN MILITARY TARGETING.

THIS IS CRUCIAL. ALL OF THE EVIDENCE WE ARE GETTING IS THAT COUNTRIES WITH THE ABILITY TO USE AI IN THAT WAY ARE DOING SO. ALREADY WE ARE SICK -- SEEING THE SITUATION WHERE THE U.S. AND OTHER COUNTRIES ARE DISREGARDING THESE WARNINGS AND IT IS STILL VERY EARLY DAYS. ED: YOU HAVE BEEN AT THIS A LONG TIME, RESPECTFULLY, IN CHINA AND THEN EC. IN ERIC'S -- D.C. IN YOUR EXPERIENCE WHAT COMES OUT OF THESE WEEKS. TECH CEOS MEETING WITH LEADERS AND SO WIDE. EXPLAIN THE SUBSTANCE. NICK: YOU SHOULD NOT FOCUS ON WHAT IS ACTUALLY HAPPENING AT THE U.N.. THERE ARE SPEECHES AND YOU CAN GET A SENSE OF THE MOOD AND PREVAILING TRENDS. WHERE YOU REALLY SEE THE ACTION IS THE SIDELINES WITH THE

BILATERAL MEETINGS AND THE BACKROOM DEALS IN THE HOTEL CONVERSATIONS. AS CAROLINE MENTIONED, MUSK AND SAM ALTMAN ARE HERE. WORLD LEADERS ARE GOING TO SWING STATES, TRYING TO FIGURE OUT AND GET A SENSE FOR THE HORSERACE OF WHAT WILL HAPPEN. SO, YOU MIGHT SEE SOME BACKROOM CONVERSATION AROUND A POTENTIAL UKRAINE PEACE PLAN. CONVERSATIONS WITH IRAN, SOMETHING LIKE THAT. IT IS NOT FOCUSING ON THE U.N., BUT LOOKING AT THE NETWORKS LEADERS ARE TRYING TO BUILD WITH TECH TITANS LIKE ELON MUSK AND SAM ALTMAN. CAROLINE: BLOOMBERG NATIONAL SECURITY BRINGING US TECH. WE DROP -- WE DIVE INTO THE WORLD OF INVESTMENT AND WHAT

ARE YOU LOOKING AT? NICK: WE ARE WATCHING SHARES OF BANK OF NEW YORK MELLON ROLLING OUT CUSTODY SERVICES FOR THE BITCOIN ETHER HELD BY ETF CLIENTS AFTER A REVIEW ALLOWED COMPANIES TO AVOID TREATING THE ASSETS AS A BALANCE SHEET LIABILITY. THIS IS BLOOMBERG TECHNOLOGY. APPLE, SPOTIFY AND I HEART. THIS IS BLOOMBERG. FRACTAL ANALYTICS IS SAID TO BE CONSIDERABLE -- CONSIDERING FILING FOR AN IPO AS SOON AS NOVEMBER TO RAISE $500 MILLION ACCORDING TO SOURCES. KNOWN AS INDIA'S FIRST AI UNICORN IT IS SEEKING A VALUATION OF $3.5 BILLION. DISCUSSIONS ARE GOING ON AND THE SIZE AND TIMING COULD CHANGE. ED: CERTAINLY WANT TO TRACK.

IT IS TIME FOR THE SPOTLIGHT, AND WE WILL TALK ABOUT INVESTING IN AI. SAPPHIRE VENTURES ANNOUNCED THEIR COMMITMENT TO AI BY INVESTING MORE THAN $1 BILLION FOR -- AND FOCUSED STARTUPS. KATHY JOINS US NOW. ONE BILLION IS A COMMITMENT. HE HAS USED -- THE EASIEST PLACE TO START IS HOW TO >> AND HOW DID YOU GO ABOUT DEPLOYING CAPITAL. CATHY: WE ARE FOCUSED ON COMPANIES IN THE MID TO LATE STAGE, COMPANIES WITH PRODUCT MARKET FOR GENERATING REVENUE AND ARE PROVEN BUSINESSES. WITH AI, THERE HAS BEEN SO MUCH INNOVATION AND WAVES OF ADOPTION. WHAT WE SAW IN 2023 WAS A YEAR OF EXPERIMENTATION. 2024 WAS A YEAR OF RIO VALIDATION AND PEOPLE PLAYING WITH THE TOOLS AND GETTING USE OF IT.

WE BELIEVE THAT 2025 WILL BE THE YEAR OF WIDESPREAD ENTERPRISE ADOPTION. WE HAVE BEEN VERY ACTIVE AND MADE SEVERAL INVESTMENTS ALREADY. CAROLINE: I SENSE -- ED: I SENSE TENSION BETWEEN THE VENTURE CAPITALIST AND LARGE TECH COMPANIES MAKING SIMILAR INVESTMENTS. ONE OF YOUR HISTORIC COMPANIES IS MULESOFT. ULTIMATELY, SALESFORCE WENT ON TO ACQUIRE THEM. IT WAS AN INTERESTING EXIT. HOW DO YOU FIND THAT NEXT COMPANY BUT IN THE AI CONTEXT? CATHY: I THINK THIS CONVERSATION IS SO INTERESTING WHEN WE TALK ABOUT GEN AI. IN MANY WAYS, SALESFORCE, MICROSOFT, AND AMAZON ARE ACTIVELY INVESTING IN YOUNG AI STARTUPS AS THEY TRY TO ENSURE THAT THEIR FUTURE WILL HAVE A

INA. AS AN INVESTOR, WHAT WE LOOK FOR CLOSELY ARE COMPANIES THAT STANDALONE AND/OR AMAZING BUSINESSES AND CAN GO TO IPO, AND WE CONSIDER OTHER EXIT PATHS, INCLUDING M&A. WE PAY A LOT OF ATTENTION TO COMPANIES THAT WE BELIEVE HOLD STRATEGIC REAL ESTATE. CAROLINE: WHAT ARE THE VALUATIONS LIKE IN THE SPACE YOU ARE TRYING TO PUT MONEY TO WORK? YOU'VE DONE A COUPLE OF DEALS IN 2024 ALREADY. CATHY: THAT IS A GREAT QUESTION. THE SHORT ANSWER IS YES. THE REALITY IS THAT AI IS SO CONSENSUS, WHICH MEANS IT IS A DIFFICULT TIME TO INVEST BECAUSE EVALUATIONS ARE HIGH. PERFECT DEAL MEANS A PERFECT VALUATION. OUR AND MY APPROACH AT SAPPHIRE IS YOU HAVE TO TAKE A DIFFERENTIATED APPROACH AND

BECAUSE AI IS STILL IN THE early stages of manifestation into different types of companies, you have to take a leap of faith on some dimension. For me, for example, a leap of faith that I am taking based on data and research is that industries that have historically been technology laggards in terms of adoption are going to adopt technology en masse. Two examples are verticals: manufacturing, construction, health care, and legal. These companies are operating on pen and paper and mainstream mainframe computers. The other one is small businesses, the backbone of the U.S. They are companies under 10 people who have historically been unable to research the

LATEST AND GREATEST. CAROLINE: I LOVE WHAT YOU SAID ABOUT THE VALIDATION, THE POINT WHERE YOU HAVE TO VALIDATE THE RETURN ON INVESTMENT. I DO NOT FEEL LIKE WE HAD THAT. I AM WONDERING IF YOU ARE SEEING IT IN THE STARTUPS YOU HAVE BACKED AND HOW YOU ARE MEASURING IT. CATHY: THAT IS SUCH AN ON-POINT QUESTION. WE HAVE ALREADY STARTED THAT DAY IS. I WILL GIVE YOU AN EXAMPLE. SAPPHIRE BACKED ALISE AI, WHICH OWNS THE ENTIRE CONVERSATION END TO END BETWEEN A PROSPECTIVE TENANT AND A RESIDENTIAL BUILDING. A LOT OF THEIR CUSTOMERS ARE SOPHISTICATED RESIDENTIAL REAL ESTATE COMPANIES AND DO A LOT OF INTERNAL BENCHMARKING. THEY JUST DO NOT TRUST THEM TO SHOW THEIR OWN BENCHMARKS, THEY DO IT IN-HOUSE AND THE DATA

SHOWS SIGNIFICANT IMPROVEMENTS IN ACCURACY, AND IN ACTUAL RESULTS INCLUDING CUSTOMER SATISFACTION. ED: SOME OF THE NEWS HAS BEEN THE BIG PRIMARY AT A VERY HIGH VALUATION AND THEN REPORT ABOUT IN THROBBING -- ENTRHOPIC GETTING ORGANIZED. AND THE MINIMUM CHECK IS $250 MILLION. WHAT IS THE TRICKLE-DOWN EFFECT FOR YOU? CATHY: CAN YOU EXPLAIN IT A LITTLE BIT MORE? ED: EVERYONE IS CLAMORING TO GET INTO SMALL CONCENTRATION NAMES. DOES THAT OPEN UP FIELD TO HAVE MORE ACCESS TO STARTUPS WHERE PEOPLE ARE NOT PAYING ATTENTION OR JUST THAT YOU HAVE TO SAY I HAVE TO BE INVOLVED IN THIS ROUND EVEN IF IT IS A STRESS -- STRETCH ACRO STAGE. CATHY: AS INVESTORS IT IS OUR JOB TO

ALLOCATE CAPITAL IN THE FUND CONSTRUCTION, AND THAT MEANS WHAT WE INVEST IN. THERE WILL ALWAYS BE GREAT DEALS THAT WE HAVE TO FIND THE BEST USE OF OUR CAPITAL BASED ON OUR STRATEGY. IT IS A GREAT FOR COMPANIES LIKE SAPPHIRE. OTHER INVESTORS ARE CHASING MEGA DEALS AND ULTRA LATE STAGE COMPANIES BEFORE THEY ARE GOING SUPER EARLY FOR THE AI COMPANIES WHICH MIGHT NOT HAVE A LOT OF REVENUE. THAT LEAVES MORE GREENFIELD FOR COMPANIES LIKE SAPPHIRE FOCUSED ON THE MID TO LATE STAGE COMPANY. IT IS NOT JUST AI. THERE ARE PLENTY OF AMAZING COMPANIES THAT ARE NOT GENAI NATIVE AND AS MORE PEOPLE ARE LOOKING AT AI THAT IS GREAT PRESS. CAROLINE: NAME ONE THAT HAS BEEN EXCITING TO GET INTO OR ANALYZE? CATHY:

I THINK ONE INTERESTING WAY TO PLAY A BROADER STRATEGY IS TO THINK ABOUT COMPANIES THAT ARE LEVERAGING GENAI FOR THEMSELVES. METABOWL IS A SOFTWARE PLATFORM THAT ALLOWS CLINICAL TRIALS TO BE PERFORMED IN A DECENTRALIZED MANNER. IT IS NOT A GENAI NATIVE COMPANY, BUT THEY ARE ACTIVELY USING GENAI TECHNOLOGY TO VASTLY IMPROVE IMPLEMENTATION TIMES. THEY ARE WORKING WITH THE LARGEST LIFE SCIENCE COMPANIES IN THE WORLD, AND IMPLEMENTATION CAN TAKE A LONG TIME. NOW, CONVERTING A 1000 PAGE TRIAL DOCUMENT IN A WAY THAT IS AUTOMATED AND SOMEONE WITHOUT TECHNICAL EXPERTISE CAN SET IT UP IS A GAME CHANGER. CAROLINE: THANK YOU SO MUCH FOR JOINING US. MEANWHILE, AI IS HERE TO STAY.

AND IT CANNOT HAPPEN WITHOUT NUCLEAR. ACCORDING TO CONSTELLATION ENERGY CEO. THESE ARE COMING AFTER THE COMPANY DECIDED TO REOPEN THE NUCLEAR REACTOR WITH MICROSOFT AGREEING TO PURCHASE THE ENERGY FOR TWO DECADES TO POWER THE AI BOOM. THE CONSTELLATION SAT DOWN WITH KATIE GREIFELD YESTERDAY TALK ABOUT THE DEAL. >> EARLIER THIS YEAR WE TALKED TO MICROSOFT ABOUT IT. WE HAD PARTNERED WITH MICROSOFT ON DIFFERENT PRODUCTS BEFORE. THEY MADE SENSE AS A CLIENT. AND THEY HAVE THE NEED. KATIE: THE RELATIONSHIP WAS THERE AND WE SEE THE CULMINATION. WHEN IT COMES TO THE NUCLEAR INDUSTRY YOU HAVE BIPARTISAN SUPPORT AND YOU READ A LOT OF ACADEMICS AND OTHER THOUGHT

PIECES THAT NUCLEAR MAKES SENSE. BUT THERE IS A REPUTATION CLOUD, IF YOU WANT TO CALL IT, HANGING OVER IT. WHEN YOU THINK ABOUT THE INDUSTRY NOW VERSUS WHEN YOU WERE SPUN OUT OF EXXON, HOW HAS IT CHANGED? JOE: IT FEELS LIKE 10 YEARS, AND IT IS REALLY 31 MONTHS THAT WE HAVE BEEN -- AND BACK THEN, THE THOUGHT WAS THERE WAS NOT GOING TO BE A CATALYST. IT IS ALWAYS ONE OF THESE THINGS WHERE IN RETROSPECT, YOU THINK THAT THE PIECES ARE COMING TOGETHER, ELECTRIFICATION, HOME HEATING, AND INDUSTRY. WE ARE ON SHORING A LOT OF INDUSTRY TO DEAL WITH SUPPLY CHAIN ISSUES. AI WAS THE THING THAT REALLY DROVE THE LOAD PROJECTIONS TO A CAROLINE: LET'S HEAD TO THE BLOOMBERG

PHILANTHROPIES EARTH SHOT PRIZE JUST HAPPENING RIGHT NOW. ALIX STEEL AND DAMON JOIN US AND IT IS ALL GOING ON AT THE PLAZA HOTEL. ALIX: THIS IS QUITE A SET OFF -- SET UP AT THE EARTH SHOT PROJECT. THIS IS HOSTED BY BLOOMBERG PHILANTHROPIES BUT IT IS ABOUT TRAILBLAZING SOLUTIONS. LATER ON TODAY THERE IS A GLOBAL BUSINESS FORUM WHERE YOU HAVE BLOOMBERG PHILANTHROPIES TEAMING UP WITH THE GOLD -- THE BANK AND THE IMF. AND THAT WILL BE AI. AND HOW TO GLOBALLY REGULATE THAT. WE HEARD FROM PRESIDENT BIDEN TALKING ABOUT THE AI SECURITY AND HOW TO HELP THAT CONVERSATION ON A GLOBAL LEVEL AND WE WILL BE SPEAKING WITH ERIK, AND THE PRESIDENT AND CIO

OVER AT GOOGLE. DAMIEN GOT STUCK IN HERE. DAMIAN: CENTRAL-BANK ABBASID ERRORS AND HEADS OF STATE, ALL OF IT IS HAPPENING. WE ARE TALKING TO THE MONETARY AUTHORITY OF SINGAPORE. WE ARE GETTING A SENSE OF HOW THEY ARE FINANCING SUSTAINABLE DEVELOPMENT AND CLIMATE CHANGE SOLUTIONS. IT IS AN UNBELIEVABLE VIBE. ALIX: EVERYONE IS POSITIVE IN TERMS OF THE FINANCING. THE REAL INFORMATION COMES IN ON THE GROUND, LIKE CAN COMPANIES MAKE A RETURN WHEN THEY GO GREEN. AND WHAT THAT LONG-TERM OUTLOOK WINDS UP BEING. CAROLINE: MONEY TALKS. ALIX STEEL AND DAMIAN LOVING THE ENERGY. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. CLEARLY SOME KEY CONVERSATIONS

COMING UP LATER TODAY. ED: DO NOT FORGET TO RECAP THE PODCASTS ON THE TERMINAL OR APPLE, SPOTIFY OR IHARD.

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중국 기술주 급등과 미국 칩 산업 호황

중국의 성장 부양책으로 골든 드래곤 지수가 6% 이상 상승하는 등 중국 기술주가 큰 폭으로 상승했습니다.

미국은 반도체 산업을 가속화하기 위해 일부 칩 제조 프로젝트에 대해 연방 허가를 면제하는 법안을 승인했습니다.

인텔은 아폴로가 상당한 투자를 제안하면서 퀄컴의 잠재적인 우호적 인수에 직면해 있으며, 다양한 당사자들의 변화와 전략적 관심에 대한 추측이 난무하고 있습니다.

아폴로에 대한 인텔의 매력과 M&A 동향

인텔과 아폴로의 관계는 전략적이며, AI에 대한 장기적인 인프라 투자에 초점을 맞추고 있습니다.

한동안 주춤했던 M&A 활동이 다시 증가했으며, 사모펀드는 이제 낮아진 공개 시장 밸류에이션을 활용하고자 합니다.

기술 사모 분야는 2025년과 2026년까지 AI와 엔터프라이즈 소프트웨어의 기회에 힘입어 더 많은 비공식 거래와 활발한 매도 및 매수 거래가 이루어질 것으로 예상됩니다.

업계의 변화 속에서 셋톱박스를 위한 Roku의 노력

업계가 스트리밍 기능이 내장된 스마트 TV로 전환하고 있는 가운데, Roku가 더 빠른 새 버전의 울트라 스트리밍 박스를 공개합니다.

셋톱박스는 Roku의 중요한 수익원이었으며, 소비자들이 보다 저렴하게 콘텐츠를 이용할 수 있는 진입점을 제공했습니다.

이 회사의 주가는 압박을 받고 있지만, 셋톱박스 전략은 사용자 기반을 확대하고 더 많은 TV에 운영 체제를 통합하는 것을 목표로 하고 있습니다.

기술 분야의 법적 분쟁과 비즈니스 움직임

Grammarly는 기업 가치가 130억 달러에 달하는 새로운 CTO를 발표했습니다.

보잉은 노동조합과의 협상을 수정했지만, 여전히 요구했던 40% 인상률에 미치지 못함니다.

틱톡은 2023년 11월 28일에 음악 서비스를 종료하고, 엘론 머스크의 회사 X는 전직 트위터 직원에 대한 미지급 퇴직금을 둘러싼 법적 분쟁에서 패소했으며 2,000건 이상의 불만이 중재에 회부되었습니다.

중국의 경기 부양책과 기술주 반등

경기 부양을 위한 정부의 대대적인 부양책에 힘입어 중국 기술주들이 반등세를 보이고 있습니다.

경기 부양책에는 금리 인하, 모기지 금리 인하, 주식 시장에 대한 직접적인 지원 등이 포함됩니다.

소비자 지출과 밀접한 관련이 있는 이커머스 기업들은 이러한 조치의 혜택을 받고 있지만, 해외 비즈니스는 여전히 압박을 받고 있습니다.

엘론 머스크와 샘 앨트먼을 비롯한 세계 지도자들과 기술 기업 CEO들이 모여 중요한 대화를 나누면서 AI의 가능성과 위험성에 대한 논의가 주목을 받고 있습니다.

유엔은 AI와 기후 변화와 같은 미래 문제를 해결하기 위해 노력하고 있지만 강제 메커니즘이 부족하여 각국의 법률이 필수적입니다.

한편, 사파이어 벤처스는 10억 달러 이상을 중후반 단계의 AI 스타트업에 투자하여 이 분야의 빠른 혁신과 채택을 강조하고 있습니다.

2025년은 주요 기술 기업들이 젊은 스타트업에 투자하는 등 기업의 AI 도입에 있어 중요한 해가 될 것으로 예상됩니다.

AI 분야의 높은 밸류에이션으로 인해 투자가 쉽지 않은 상황에서 사파이어는 차별화된 접근 방식을 취하고 있습니다.

제조 및 중소기업과 같이 기술이 뒤처진 산업에 초점을 맞추고 있으며, 중기 및 후기 단계의 기업도 투자 대상으로 삼고 있습니다.

성장을 위해 GenAI를 활용하는 기업

메타보울은 GenAI 기술을 사용하여 분산형 임상시험의 실행을 개선하는 소프트웨어 플랫폼으로, 주요 생명과학 기업과 협력하고 있습니다.

컨스텔레이션 에너지의 CEO는 원자력을 통해 AI 붐을 일으키기 위해 20년간 에너지를 구매하기로 마이크로소프트와 계약을 맺었다고 발표했습니다.

블룸버그 필란트로피 어스샷 프라이즈는 AI 규제와 지속 가능한 개발 금융을 논의하는 글로벌 비즈니스 포럼을 개최하고 있으며, 기업의 친환경화가 미치는 영향에 대한 주요 논의가 이루어지고 있습니다.