### 소프트뱅크의 투자 전략: OpenAI 지분 확대

### 기술 동향 시장 반응 및 향후 전망
* 📉 PC 판매가 주춤하면서 **Dell의 주식이 12% 하락**하는 등 PC 수요 회복이 예상보다 더디게 진행되고 있습니다.
* 💰 소프트뱅크는 AI 기술에 대한 높은 관심을 반영하여 **스타트업의 직원들로부터 15억 달러 규모의 주식**을 매입하여 **OpenAI에 대한 투자를 강화**할 계획입니다.
* 📊 경제 데이터에 따르면 **PCE가 2.8% 성장**한 것으로 나타나 연준이 금리 인하에 보다 신중한 접근 방식을 채택하는 데 영향을 미칠 수 있습니다.
* 💻 크라우드스트라이크에 영향을 미친 글로벌 기술 중단에도 불구하고 주가는 **4.5% 상승**했지만, 주당 순이익 추정치는 **0.84~0.86달러로 기대에 약간 못 미쳤습니다.**
* 🔍 소비자들이 팬데믹 기간 동안 구매한 현재 하드웨어에 만족하면서 **PC 시장의 회복에 대한 기대가 계속 밀려나고 있습니다.**
* 📈 분석가들은 스마트폰과 PC와 같은 분야에서 예상되는 성장이 AI의 발전과 관련이 있다고 지적하면서, **생성적 AI가 새로운 기술에 대한 수요를 창출**하고 있습니다.
* 🏭 반도체 산업은 **신규 공장에 325억 달러가 투자**되는 등 크게 성장할 것으로 예상되며, 이는 하드웨어와 로봇공학의 탄탄한 미래를 나타냅니다.
* 💼 특히 중국에 대한 차기 행정부의 무역 정책은 **중국 공급망에 크게 의존하는 기업들에게 어려움**을 줄 것으로 예상되며, **Apple과 인텔과 같은 기업들에게도 잠재적인 파급 효과**가 있을 것으로 보입니다.

### 암호화폐, 시장 동향 및 미래 투자에 대한 인사이트
* 💼 에버그린 웰스의 CEO인 빌 해리스는 암호화폐 분야의 규제 변화를 예측하는 것이 중요하다고 강조하며, **암호화폐와 같은 새로운 자산에 대한 규제 부담이 줄어들 수 있음**을 시사했습니다.
* 📈 해리스는 암호화폐가 **ETF에서 주목**을 받으면서 더 많은 사람들이 암호화폐에 관심을 갖고 있지만, 대부분의 보유자는 이미 **직접 투자를 위해 거래소**를 이용하고 있다고 지적합니다.
* 🏛 규제 환경을 탐색하는 기업에게는 정부 관계자와의 소통이 매우 중요하며, **Harris는 내년에는 투자 세법에 큰 변화보다는 연속성이 유지될 것**으로 예상합니다.
* 💰 해리스는 세금 측면에서 암호화폐는 재산으로 취급되기 때문에 **양도소득세가 20%에서 35%까지 부과**될 수 있다고 강조하며, 세금 영향을 최소화하기 위해 판매 시기를 정하는 것이 중요하다고 강조합니다.
* 🎁 자선 기부와 가족 증여는 양도소득세를 피하기 위한 효과적인 전략이 될 수 있으며, **기부자 자문 펀드**는 절세형 기부를 위해 권장되는 방법입니다.
* 🌌 벤처캐피털 업계에서는 **776의 카틀린 할로웨이**가 우주 채굴 스타트업의 잠재력에 대해 이야기하며, **SpaceX와 Blue Origin 같은 민간 기업의 기술 발전**으로 새로운 기회가 열리고 있다고 강조합니다.
* 🎬 다가오는 연말연시에는 **"위키드", "글래디에이터 2" 등의 호평**에 힘입어 **5일 동안 최대 3억 7천만 달러의 매출**을 올릴 것으로 예상되는 등 박스오피스 매출이 증가할 것으로 전망됩니다.
* 📉 나스닥의 하락에도 불구하고 비트코인은 **9만 5,000달러의 탄력성**을 유지하고 있으며, 델과 크라우드스트라이크 같은 기업들은 시장 낙관론에 영향을 미치는 도전에 직면해 있습니다.

PC 판매가 주춤하면서 Dell과 HP는 변화하는 시장 환경 속에서 어려움을 겪고 있습니다.

>> 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.
PC SALES ARE STALLING CAUSING DELL TO FALL.
PLUS SOFTBANK WANTS TO BOOST ITS STAKE IN OPENAI, LOOKING TO
BUY $1.5 BILLION IN

SHARES FROM THE STARTUP'S
EMPLOYEES. AND 'WICKED' AND 'GLADIATOR II'
HAVE KICKED OFF WHAT IS LIKELY TO BE A STRONG SEASON FOR
CINEMAS. FIRST WE CHECK OUR MARKETS.
WE HAVE A STRONG SET OF DATA IN

THE ECONOMY. WE STILL HAVE PCE, THE GAUGE OF
CONSUMER PRICE POINTS COMING IN WHERE WE EXPECTED, 2.8% GROWTH.
THAT IS STILL STRONG AND MAYBE WE GET A MORE CAUTIOUS FED INTO
A RATE CUTTING CYCLE.

WE SEE A SELLOFF IN THE MARKETS
AS PERHAPS THAT IS THE CHANGING OF THE GUARD WITH THE FEDERAL
RESERVE. YOU. BIG TECH SELLS OFF THE MOST.
NVIDIA DOWN MORE THAN 3%.

WHAT LEADS US LOWER ON THE S&P
IS SOME OF THE EARNINGS WE'VE GOT. LET'S LOOK AT WHAT IS HAPPENING
ON THE LIKES OF DELL, HP, BOTH KEY DRAGS ON THE S&P 500 TODAY.
DELL DOWN 12%.

BOTH ARE SIGNIFYING THE
RECOVERY IN PC DEMAND IS NOT REALLY HAPPENING AT THE PACE WE
WERE ANTICIPATING. WE ALSO HAVE AI IN ALL OF THIS.
WE CAN DO IT WITH BLOOMBERG'S

BRODY FORD.
LET'S START WITH DOUBT. THIS IS A COMPANY THAT IS NOT
ONLY FOCUSING ON THE AI SERVER PERSPECTIVE BUT THIS IS ABOUT
PC HARDWARE AND A RECOVERY THAT IS NOT HAPPENING. BRODY:

I AM SPEAKING TO YOU ON A
LAPTOP THAT I BOUGHT IN THE SUMMER OF 2020 AND I AM STILL
HAPPY WITH IT. THEY WANT ME TO BUY A NEW ONE,
I AM STILL STICKING WITH THIS

LAPTOP THAT IS PUSHING FIVE
YEARS OLD. THE DATA SHOWS I AM NOT ALONE.
IT SEEMS LIKE A LOT OF BUSINESSES AND CONSUMERS BOUGHT
LAPTOPS IN THE EARLY DAYS OF

THE PANDEMIC AND FOR A WHILE
NOW THE HP'S AND DELL'S OF THE WORLD HAVE SAID THE PC MARKET
RECOVERY IS JUST A QUARTER OR TWO OUT.
IT IS COMING, IT IS TIME.

AS WE HAVE SEEN IN THESE
EARNINGS IT KEEPS GETTING PUSHED OUT AS FOLKS ARE TIGHT
ON THEIR BUDGET AND SPENDING MONEY ELSEWHERE AND STILL HAPPY
WITH THAT HARDWARE THEY GOT A

COUPLE YEARS AGO. CAROLINE:
ALL EYES ON THE FORECAST, BEING A LITTLE BIT LESS THAN EXPECTED.
WE HAVE MORE EARNINGS. CROWDSTRIKE SHARES UP 4.5%. TO THE SUMMER, WE GO TO THE
IMPACT ON MICROSOFT. WE THINK

ABOUT THE OFF-LINE IMPLICATIONS
OF CROWDSTRIKE. HAVE THEY RECOVERED? >> JULY 19 WE HAD THIS GLOBAL
TECH OUTAGE AFTER CROWDSTRIKE PUSHED OUT A SOFTWARE UPDATE
IMPACTING DEVICES USING WINDOWS

OPERATING SYSTEMS. IT LOOKS
LIKE IT WAS THE SECOND REPORT SINCE THIS GLITCH, AND IT LOOKS
LIKE SALES HAVE NOT BEEN HIT BY IT. HOWEVER, SHARES DROPPED WHEN
INVESTORS READ ABOUT THE

ESTIMATES FOR THE EARNINGS PER
SHARE EARNINGS REPORT. IT IS $.84 TO $.86 WHEN
ANALYSTS WERE EXPECTING $.87, WHICH SUGGESTS THEY ARE NOT OUT
OF THE WOODS QUITE YET AND THE

HEADWINDS COULD CONTINUE.
CAROLINE: TALK TO US ABOUT A $32 MILLION
DEAL AND WHETHER WE ARE GETTING DEALS PUSHED OUT OR CANCELED OR
ANY RETHINKING ULTIMATELY ON

DEMAND FOR PRODUCTS COMING FROM
CROWDSTRIKE? >> THE COMPANY DID REFER TO
THIS DEAL IN THE EARNINGS REPORT, BUT CURRENTLY THEY SEEM
FOCUSED ON TALKING ABOUT THEIR PRODUCTS IN TERMS OF AI AND
UPDATES THERE.

IN TERMS OF DEALS WITH THE
GOVERNMENT, THEY WERE PRETTY TIGHTLIPPED ON THAT.
MORE TO SEE WITH THAT. CAROLINE: IT MUST BE NOTED THAT
THIRD-QUARTER REVENUE DID COME IN BETTER-THAN-EXPECTED.
THE BREAKDOWN ON WHAT HAPPENED WITH CROWDSTRIKE.
MORE EARNINGS AND TECH MORE BROADLY. ANGELINE IS WITH US. IT IS WONDERFUL TO HAVE SOME
TIME WITH YOU.

WE ARE TRYING TO UNDERSTAND
WHETHER THIS WHOLE EXUBERANCE AROUND GENERATIVE AI, THE
DESIRE TO GET INTO INFRASTRUCTURE IS IMPLICATING
YOUR OR MY DEMAND FOR PC, YOUR OR MY DEMAND FOR PROTECTION AND
CYBERSECURITY THAT INVOLVES GENERATIVE AI.
IS IT BEING TRANSLATED YET? >> I THINK THERE IS A HUGE
EXPECTATION ON GENERATIVE AI. IT HAS BEEN TWO YEARS SINCE THE
LAUNCH OF CHATGPT. WHAT IS INTERESTING IS THE
BUILD UP IS CREATING A LOT OF

DEMAND FOR ALL SORTS OF NEW
TECHNOLOGIES. YOU MENTIONED THE PC, THE
SMARTPHONES. NO ONE WOULD BE EXPECTED THAT A
MAN TO BE SO HIGH EVEN A YEAR AGO.
I THINK THAT TRICKLES DOWN TO PC SMARTPHONES.
LACKLUSTER NUMBERS TODAY, BUT WHEN YOU THINK ABOUT AI ON THE
EDGE AND WHAT CAN COME AROUND ANY SMARTPHONE INCLUDING THE
IPHONE 17 WHICH IS ONLY EXPECTED TO INCREASE MEMORY BY
50% FOR THE NEXT ROUND OF

INNOVATIONS, I THINK AI ON THE
EDGE, HP WITH HIGH-BANDWIDTH MEMORY, MOORE'S LAW EMBEDDING
MORE MEMORY IN ORDER TO RUN GENERATIVE AI.
THAT BUILDUP IS CREATING A LOT

OF DEMAND FOR DIFFERENT
TECHNOLOGIES. ALSO, THE ACTUAL EQUIPMENT
MAKERS WHO NOW SEE DEMAND FOR THIS ADVANCED PACKAGING I
MENTIONED EARLIER. I THINK WHERE WE ARE IS ALSO AN
S CURVE UP THE INFRASTRUCTURE

BUILDOUT IS IMPORTANT.
IN THE SECOND AND THIRD PHASE, THERE ARE INTERESTING
INVESTMENTS WE SEE IN SOFTWARE NOW STARTING TO EMBED MORE AND
MORE IN GENERATIVE AI. YOU MENTIONED CROWDSTRIKE
EARLIER WHERE THERE IS A

SHORTAGE WHERE GEN AI CAN HELP.
CROWDSTRIKE HAS A PRODUCT THAT HELPS YOU FIND PROBLEMS OR
DATA-DRIVEN INFORMATION AND BE USED WITHIN GENERATIVE AI AS
WELL AS WITHIN THE PRODUCTS THEY SELL, AND THAT IS QUITE
INTERESTING. CAROLINE:

THE QUESTION FOR MANY IS THERE
ARE INTERESTING S CURVES, THERE ARE INTERESTING OPPORTUNITIES.
YOU TALK ABOUT THE BANDWIDTH WHERE YOU COULD BE ALLOCATING
MONEY, BUT ARE VALUATIONS

AFFECTING OPTIMISM THAT WE GET
FOR AI AND WE START ADOPTING IT? >> ON VALUATIONS, IT IS AN
INTERESTING DILEMMA. THERE IS A LOT GOING ON IN
TERMS OF THE PROFITABILITY OF

REVENUES YOU SEE TODAY AND
PROBABLY JUSTIFIES A LOT OF IT. I THINK MOVING FORWARD TO A
BIGGER POOL OF POTENTIAL INVESTMENT OPPORTUNITIES BEYOND
THE TECH STOCKS FOR THE

INFORMATION TECHNOLOGY STOCKS,
I THINK YOU SEE A LOT OF OTHER AREAS WHICH ARE NOT NECESSARILY RELATED TO I.T., WHICH CAN HAVE
INTERESTING VALUATIONS, ALSO INTERESTING OPPORTUNITIES.
YOU LOOK BEYOND AN INDEX OR

BEYOND A HANDFUL OF STOCKS,
THERE CAN BE INTERESTING OPPORTUNITIES WHERE THE
VALUATIONS MAY NOT BE AS HIGH AND THE POTENTIAL REMAINS
STRONG. CAROLINE: GIVE US SOME EXAMPLES.
ARE YOU TALKING ABOUT ENERGY

OPPORTUNITIES OR OTHER SPACES
WITHIN SOFTWARE THAT HAS NOT ALREADY BEEN PRICED IN LIKE
PALANTIR? BRODY: WE LOOK AT EVERYTHING -- >> WE
LOOK AT EVERYTHING LIKE SOME OF THE EQUIPMENT MAKERS THAT PLAY
A BIG ROLE IN THE U.S.

RE-SHORING.
THERE ARE HUGE SUBSIDIES AND HUGE INVESTMENTS THAT ARE ALREADY
OUT THERE FOR A HUGE NUMBER OF THESE NEW BUILD OUTS OF
SEMICONDUCTORS. CAROLINE: SO INTEL AND EVEN TSMC IN THIS
ENVIRONMENT?

>> IF YOU TAKE UNDER THEIR
RE-SHORING SCORE, MICRON OR TSMC AND INTEL AND SAMSUNG YOU HAVE
325 BILLION EXPENSES OUT THERE IN TERMS OF BUILDING OUT THESE
MANY FACTORIES.

I THINK THAT MEANS, EVEN INDUSTRIAL ROBOTICS WITHIN THOSE FACTORIES.
THESE CHIPS ARE SO HEAVY YOU NEED ROBOTIC ARMS TO CARRY THEM.
THAT IS WHY YOU CAN LOOK BEYOND

SOME OF THE OBVIOUS I.T. STOCKS THAT VERY OFTEN WOULD FALL INTO THAT CATEGORY OF
VALUATIONS BEING TRICKY. CAROLINE: OR CB IS SO FASCINATING BECAUSE

YOU STARTED FOCUSING ON THE BOND MARKET. YOU DIVED INTO NICHE AREAS
EVERYONE IS NOW INTERESTED IN. ROBOTICS, SECURITY.
WHERE ARE WE GOING TO SEE ROBOTICS REIMAGINING COME IN?
IS IT U.S.-BASED COMPANIES, IS

IT GLOBAL? >> ON THE ROBOTIC SIDE YOU CAN
LOOK AT EVERYTHING FROM INDUSTRIAL ROBOTICS, FACTORY
ARMS THAT HELP YOU BUILD SEMICONDUCTOR CHIPS, BUT THE
AUTOMATION BEHIND ROBOTICS IS

QUITE INTERESTING IN TERMS OF
EXPANDING THROUGH SOFTWARE THROUGH ALL OF THESE DATA
DRIVEN DECISIONS FOR INDUSTRIAL AND ENTERPRISE.
THERE IS A VERY INTERESTING CHART THAT ARGUES ABOUT THE GROWTH
SINCE 2021 TO 2030 ABOUT THE

SEMICONDUCTOR INDUSTRY.
YOU SEE THE GROWTH RATE IS QUITE INTERESTING, THE
AUTOMOTIVE AND INDUSTRIAL SECTOR.
THAT IS ALSO DRIVING A LOT OF M&A. EVEN SYNOPSYS, THERE IS M&A IN
THAT SPACE.

THE HARDWARE IS SOMETHING THAT
IS SUPPLEMENTED MORE AND MORE WITH THE SOFTWARE BUT ALSO THE
DATA-DRIVEN DECISIONS. I THINK THAT IN THE FIELD OF
ROBOTICS WILL BE INTERESTING MOVING FORWARD. CAROLINE:
GREAT TO HAVE SOME TIME WITH

YOU. COME BACK. COMING UP, WE'LL BE JOINED BY
THE CEO ON THE COMPANIES EARNINGS RESULTS.
THIS IS BLOOMBERG TECHNOLOGY. CAROLINE:
INFRASTRUCTURE SOFTWARE COMPANY REPORTED FISCAL FIRST-QUARTER
RESULTS AND GIVE OUTLOOK SEEN

AS POSITIVE BY ANALYSTS.
SHARES TRADING LOWER. LET'S TALK ABOUT IT WITH THE
CEO. PEOPLE FEELING THAT PERHAPS YOU
HAD A GOOD SET OF GROWTH BUT A CAUTIOUS OUTLOOK, PARTICULARLY
WHEN IT COMES TO FEDERAL

SPENDING.
CAN YOU TALK US THROUGH SOME OF THAT CAUTION. >> RIGHT TO BE ON HERE.
WE HAD A GOOD QUARTER AND EXCEEDED ALL OF OUR GUIDED
METRICS. WHY WAIT RAISED OUR FREE CASH
FLOW GUIDE.

WE HAD A WEEK FEDERAL BUSINESS
THAT IS USUALLY THE PEAK BUSINESS FOR THE FED. WE EXPECT FED SPENDING TO
RETURN TO NORMAL LEVELS IN Q2 BUT THEN WE HAVE A NEW
ADMINISTRATION COMING ON IN

JANUARY.
WE DO NOT EXACTLY KNOW WHAT IS GOING TO HAPPEN BUT WE HAVE TO
ADAPT TO WHAT MAY HAPPEN WITH THE NEW ADMINISTRATION.
WE ARE BEING A BIT CAUTIOUS ABOUT THE FED OVERALL FOR THE
REST OF THE YEAR.

IS ONE OF THE REASONS WE KEPT
OUR FULL-YEAR REVENUE OUTLOOK THE SAME. CAROLINE:
THE LAST THREE MONTHS YOUR SHARES HAVE DONE WELL.
MORGAN STANLEY WAS PUTTING IT OUT THAT THEY FEEL TECHNOLOGY
SPENT IS MORE IMMUNE THAN THE

BELT-TIGHTENING WE WILL SEE
MORE BROADLY WITH THE NEW ADMINISTRATION.
DO YOU FEEL THAT VIEWPOINT? USUALLY YOU WRITE OUT ANY
CUTBACKS? >> FUNDAMENTALLY WHEN I LOOK AT
EVERY COMPANY, OUR BECOMING

SOFTWARE ENTITIES MORE AND MORE
BECAUSE THEY RELY ON APPLICATIONS AND DATA TO DRIVE
THEIR BUSINESSES MORE SO THAN EVER.
FROM THAT PERSPECTIVE THEY HAVE TO MAKE THE RIGHT INVESTMENTS
AND TECHNOLOGY.

TECH SPENT WILL DO SLIGHTLY
BETTER. SOFTWARE SPENDING WILL BE
BETTER BECAUSE THEY HAVE TO INVEST IN THESE KEY INITIATIVES.
THAT IS WHAT WE THINK OF AS A COMPANY WHEN CUSTOMERS PICK US
TO RUN DATA.

CAROLINE:
I'M INTERESTED THAT WITH THAT COME SUPPLY CHAIN HEADACHES YOU
HAVE SUFFERED IN THE PAST. I GO BACK A FEW YEARS AND YOU ARE
WELL VERSED IN TALKING US

THROUGH MACRO HEADWINDS.
WHEN YOU LOOK AT GEOPOLITICS DO YOU HAVE ANY WORRIES ABOUT YOUR OWN
SUPPLY CHAIN AND ACCESS TO CERTAIN HARDWARE? >> WE ARE A SOFTWARE COMPANY
BUT CUSTOMERS RUN OUR SOFTWARE

ON HARDWARE.
THERE ACCESS ON HARDWARE IS IMPORTANT AND THAT IS THE
DIRECT DEPENDENCY WE HAVE. WHAT WE HAVE DONE ON OUR FRONT
IS PROVIDED A LOT OF DIVERSITY AND FOR OUR CUSTOMERS.
THEY CAN TAKE THEIR CHOICE OF

SERVERS ACROSS THE SPECTRUM,
ANY SERVER AND RUN OUR SOFTWARE ON IT.
THAT HELPS THEM DIVERSIFY FROM ANY SUPPLY CHAIN SHORTAGES THAT
MIGHT COME ON BOARD BECAUSE THEY DO HAVE THIS BROAD CHOICE.
THE SOFTWARE COMPANY WE TRY TO

PROVIDE FLEXIBILITY AND FREEDOM
OF CHOICE SO OUR CUSTOMERS CAN CONDUCT THEIR BUSINESS.
CAROLINE: ON THE SAME DAY OF YOUR NUMBERS WE DIGEST DELL, BIG AI SERVERS
AND GROWTH THERE FOR THEM.

I'M INTERESTING HOW THE MARKET
IS DIGESTING YOUR OWN GENERATIVE AI FOCUS? >> OUR FOCUS IS PRETTY EARLY.
AI AND THE MARKET, A LOT OF MONEY HAS BEEN SPENT TRAINING
LARGE LANGUAGE MODELS WITH A

SMALL NUMBER OF HIGH SPENDERS.
THE VAST MAJORITY OF ENTERPRISES AND GOVERNMENT
ORGANIZATIONS, THESE ARE OUR CUSTOMERS.
THERE ARE 100,000 AROUND THE WORLD.
THEY ARE STILL IN THE EARLY

STAGES OF DEPLOYING AND
ADOPTING GENERATIVE AI. MOST OF THEM ARE GOING TO BE
CONSUMING THESE MODELS AND THEY WILL BE USING IT FOR FINE
TUNING AND INFERENCING SO THEY

CAN GET REAL PRODUCTIVITY GAINS.
THEY'VE IMPROVED CUSTOMER SUPPORT AND GET BETTER MEANS TO
DO FRAUD DETECTION AS AN EXAMPLE. THESE ARE SOME OF THE
APPLICATIONS COMPANIES AROUND

THE WORLD AND ORGANIZATIONS ARE
TRYING TO BUILD. WE PROVIDE A SIMPLE PLATFORM
THAT PROVIDES A WAY FOR THEM TO BUILD AND DEPLOY GENERATIVE AI
INFERENCING APPLICATIONS. THAT MARKET IS STILL EARLY.
MOST COMPANIES ARE INCUBATING

THESE APPLICATIONS.
WE HAVE SEEN SOME GO TO PRODUCTION.
I THINK 2025 AND 2026. CAROLINE:
IS GREAT TO HAVE SOME TIME WITH YOU. COMING UP, PRESIDENT-ELECT DONALD TRUMP'S PICK FOR TRADE
WANTS TO STEER CLEAR OF CHINA.

DETAILS NEXT. CAROLINE:
PRESIDENT-ELECT DONALD TRUMP'S PICK FOR THE TOP TRADE POSITION
SEES CHINA AS A GENERATIONAL CHALLENGE FOR THE UNITED STATES AND HAS
ADVOCATED FOR A STRATEGIC

DECOUPLING FROM THE COUNTRY AND
HAS PLAYED A KEY ROLE IN IMPOSING TARIFFS ON CHINA
DURING TRUMP'S FIRST TERM. LET'S GET TO GRIPS FROM A TECH
PERSPECTIVE WITH MIKE SHEPPARD.

WE ARE GETTING THE FEELING THAT
ANYONE WITH EXPOSURE TO THE CHINA SUPPLY CHAIN WILL HAVE A TOUGH
TIME. THAT -- >> THAT IS RIGHT.
THE SELECTION OF GREER SIGNALS THE DIRECTION OF TRAVEL FOR THE
UPCOMING ADMINISTRATION THAT

MAY BE HARDER FOR COMPANIES TO
AVOID. THERE HAS BEEN SOME HOPE THAT
THE NAMING OF SCOTT PERRY AS THE INCOMING TREASURY SECRETARY
COULD MEAN TRUMP MIGHT TEMPER

HIS DESIRE TO IMPOSE TARIFFS OF
AS MUCH AS 60% ON CHINESE GOODS THE WAY HE HAD PROMISED ON THE
CAMPAIGN TRAIL. PICKING JAMISON GREER FOR THIS
KEY TRADE POSITION THAT WILL

NEGOTIATE AN ELABORATE U.S.
TRADE POLICY SUGGESTS OTHERWISE VERY MUCH SO.
WHEN WE TALK ABOUT THE STRATEGIC DECOUPLING, GREER HAS
LEFT US A FEW CLUES.

HE HAS FLOATED THE IDEA OF
REVOKING CHINA'S PERMANENT NORMAL TRADE RELATIONS STATUS.
THIS IS ONE THAT WAS GRANTED TO BEIJING IN 2000 WHEN CHINA WAS
TRYING TO ENTER THE WTO.

THAT WOULD PUT CHINA ON THE
SAME FOOTING AS RUSSIA AND CUBA AND NORTH KOREA AND SUBJECT
CHINESE GOODS TO A RANGE OF TARIFFS THEY ARE EXEMPTED FROM
RIGHT NOW.

THE OTHER THING HE HAS TALKED
ABOUT DOING IS EXPANDING EXPORT CONTROLS OF THE KIND WE'VE SEEN
THE BIDEN ADMINISTRATION IMPOSE ON A RANGE OF TECH PRODUCTS AND
ALL THIS HAS HUGE RAMIFICATIONS

FOR COMPANIES LIKE APPLE AND
INTEL AND EVEN VENTURE INVESTORS. CAROLINE: EXACTLY. I AM TIM COOK READING THIS
HYPOTHESIS ON THE GENERATIONAL CHALLENGE.
IN MY CONFIDENCE THAT I WILL GET

SOME EXEMPTION? MICHAEL:
IF YOU ARE TIM COOK YOU ALREADY KNOW DONALD TRUMP PRETTY WELL
FROM HIS FIRST TERM IN OFFICE AND YOU WILL REMEMBER THE
EXPERIENCE THAT YOU WENT

THROUGH AS HE IMPOSED TARIFFS
ON GOODS COMING IN FROM CHINA AND HE KNOWS HE WILL NEED TO
INTERCEDE AND INTERVENE PRETTY QUICKLY AND PERSONALLY WITH THE
PRESIDENT.

DONALD TRUMP IS SOMEONE WHO
LIKES TO ENGAGE WITH CEOS AND BUSINESSES AND IS WILLING TO
HEAR THEM OUT. THE TIME TO ACT IS SOONER
RATHER THAN LATER. YOU CAN EXPECT TOP EXECUTIVES
WILL BE TRYING TO GET DONALD

TRUMP'S EAR AND ALSO TALKED TO
JAMISON GREER AND OTHER TOP ECONOMIC OFFICIALS LIKE SCOTT
BESSENT, THE INCOMING TREASURY CHIEF, AND ALSO THE PERSON HE
DESIGNATED AS HIS NATIONAL

ECONOMIC COUNCIL DIRECTOR AND
THAT IS KEVIN HASSETT. CAROLINE: ANOTHER PERSON RECOGNIZED FROM
THE FIRST ADMINISTRATION. MIKE SHEPPARD, THANK YOU SO
MUCH. ONE KEY CEO WHO HAS TRUMP

STEER, LET'S GET TO TODAY'S
TECH DAILY. ELON MUSK IS ABOUT TO
TWITTERIZE THE U.S. GOVERNMENT. IT IS HIS NEW OFFICIAL
ROLE AS THE HEAD OF THE DEPARTMENT OF GOVERNMENT
EFFICIENCY, AND UNOFFICIAL

TRUMP GROUP TEST WITH
IDENTIFYING $2 TRILLION IN SPENDING CUTS.
WE CAN DEBATE WHETHER $2 TRILLION IS EVER A REALITY.
WE CAN KIND OF SENSE WHAT IS COMING FROM WHAT HAPPENED TO
TWITTER.

>> WE HAVE BEEN HERE BEFORE.
TWO YEARS AGO WE WERE WATCHING HIM BASICALLY GO INTO ANOTHER
INSTITUTION, IN THIS CASE TWITTER, AND TAKE OVER THE COMPANY.
WE ARE SEEING A LOT OF THE SAME

STRATEGIES COME FORWARD IN THIS
SORT OF FIRST COUPLE WEEKS OF THE DEPARTMENT OF GOVERNMENT
EFFICIENCY. HE SAID HE WILL ELIMINATE WORK
FROM HOME. HE WILL HAVE DRAMATIC COST CUTS
ON HEADCOUNT FOR PEOPLE.

WE KNOW HE IS GOING TO DO
THINGS AT A MILLION MILES PER HOUR.
THAT IS WHAT ELON MUSK DOES WITH EVERYTHING.
THE POINT OF THIS COLUMN THIS MORNING WAS FROM -- WAS FROM PEOPLE THAT WHEN HE DID THAT AT

TWITTER HE DID SUCCEED IN THE
SENSE THAT TWITTER STILL OPERATES ON A MUCH SMALLER
BUDGET THAT HE DID BEFORE, BUT HE BROKE A LOT OF THINGS ON THE
WAY. CAROLINE:

HE BROKE AND HE MADE THE POINT
IT MIGHT BE ACHIEVABLE BUT IS IT HEALTHY?
ONE SOCIAL MEDIA PLATFORM VERSUS THE U.S.
GOVERNMENT FUNCTIONING IS A VERY DIFFERENT THING. >> IT IS NOT A PERFECT APPLES
TO APPLES COMPARISON BUT I

THINK WHAT WE SAW FROM THE
TWITTER EXAMPLE WAS THAT HE WAS VERY COMFORTABLE SAYING WE WILL
DO THESE CUTS, WE WILL DO THEM AS FAST AS POSSIBLE AND THEN WE
WILL GO BACK AND FIX THINGS

AFTERWARDS.
I DO NOT THINK IT WILL BE THAT SIMPLE WHEN YOU DO THIS AT THE
SIZE AND SCALE OF THE U.S. GOVERNMENT.
MY HOPE AS A CITIZEN OF THE U.S. IS HE IS MORE THOUGHTFUL AND HE
DOES NOT JUST SLASH AND BURN

AND TRY TO GO BACK AND FIX
THOSE MISTAKES LATER ON BECAUSE THAT MIGHT NOT BE POSSIBLE IN
THE GOVERNMENT SITUATION IN THE SAME WAY HE TRIED TO DO WITH
TWITTER. CAROLINE:

THAT IS A GREAT READ.
CHECK OUT THE TECH DAILY TODAY. THANK YOU SO MUCH FOR COMING ON.
COMING UP, SOFTBANK LOOKING TO BOOST A STAKE IN OPENAI.
WE ARE DISCUSSING HOW THAT IS

NEXT.
THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE:
WELCOME BACK TO "BLOOMBERG TECHNOLOGY."
LET'S TALK ABOUT CRYPTO AND THE FUTURE OF IT AT THE MOMENT WITH
THE RELATIVELY UNDERFUNDED

REGULATOR THAT HAS BEEN
OVERSHADOWED BY THE SEC, NOW A PATH TO PROMINENCE IF THE
INCOMING TRUMP CRYPTO POLICY. REPUBLICANS CONTROLLING
CONGRESS AND THE WHITE HOUSE, THE AGENCY'S JURISDICTION MIGHT
EXPAND DRAMATICALLY, INCLUDING

TWO MAJOR TOKENS SUCH AS
BITCOIN. LET'S BRING IN BILL HARRIS FOR
MORE ON HOW WE SHOULD BE THINKING ABOUT CRYPTO, CEO OF
EVERGREEN WEALTH AND ALSO FORMER CEO OF PAYPAL AND INTUIT.
WHEN YOU ARE LOOKING AT THE

REGULATORY OVERVIEW, SUDDENLY
EVERYONE PULLING UP ASKING HOW INVESTMENTS IN CRYPTO ARE
LOOKING AND HOW THEY SHOULD MAKE THE MOST OF THEM, YOU MAKE
CHANGES AHEAD OF AN

ADMINISTRATION CHANGE? BILL:
WHAT YOU DO IS TRY TO ANTICIPATE WHERE IT IS GOING. IN FINANCIAL TECHNOLOGY THERE
IS LIKELY TO BE A SIGNIFICANT REDUCTION IN THE REGULATORY
BURDEN FOR PARTICULARLY THE

PEOPLE WHO ARE WORKING WITH NEW
ASSETS SUCH AS CRYPTO. CAROLINE: PAYPAL HAS BEEN MAKING INROADS
INTO THAT SPACE. THEY HAVE BEEN OFFERING IT FOR
MORE. HAS THIS BECOME A MORE

UBIQUITOUS ASSET CLASS? BILL:
AS IT STARTS TO SHOW UP IN ETF'S AND THINGS LIKE THAT, YES.
IN TERMS OF HOLDING, I DON'T THINK SO.
MOST OF THE PEOPLE WHO WANT TO HOLD IT DIRECTLY ARE ALREADY
WORKING THROUGH EXCHANGES.

CAROLINE:
BEFORE I GET ONTO WHAT EVERYONE IS ASKING YOU ABOUT HOW TO HOLD
CRYPTO AND HOW TO MAKE IT THE MOST BENEFICIAL, I WANT TO KNOW
WHICH YOUR HAT ON HAVING LED

BUSINESSES SUCH AS INTO IT AND
PAYPAL, HOW DO YOU START TALKING TO PEOPLE IN GOVERNMENT?
HOW DO YOU START TALKING WITH YOUR EMPLOYEE BASE HOW THINGS
MIGHT LOOK MORE IN CERTAIN --

MORE UNCERTAIN INTO THE NEW
YEAR? BILL: IN TERMS OF TALKING TO
GOVERNMENT IT IS IMPORTANT TO TRY TO MAKE CONTACTS WITH
PEOPLE WHO ARE LIKELY TO BE IN DECISION-MAKING POSITIONS,
PARTICULARLY IN MY CASE.

BUT THE EMPLOYEES THERE IS NOT
A WHOLE LOT TO SAY. WE FOCUS ON INVESTMENT TAXES
AMONG OTHER THINGS. IT IS LIKELY TO BE MORE OF THE
SAME RATHER THAN BIG CHANGES.

THE REASON BEING THE REAL
UNKNOWN HAS BEEN WHETHER THE TAX CUT AND JOBS ACT WOULD BE
EXTENDED AT THE END OF 2025. IT IS NOW CLEAR IT WILL BE
EXTENDED. WHAT IS THE IMPACT?

THE IMPACT IS THERE WILL BE NO
CHANGES IN MANY ASPECTS OF THE INVESTMENT TAX ARENA. CAROLINE:
LET'S TALK ABOUT WEALTH BUILT UP DURING 2024?
CRYPTO HAS EXPLODED.

WHAT DOES ONE DO?
DOES ONE THEREFORE SELL OUT IF IT IS THAT SORT OF FUN THEY
HAVE BEEN GETTING INTO? WE ARE NOT TALKING ABOUT YOUR
401(K). WE'VE BEEN TALKING ABOUT PEOPLE
WHO HAVE BEEN TRAINING THIS. BILL:

PC Sales, SoftBank and Holiday Box Office Trends | Bloomberg Technology

Welcome to the Bloomberg Technology YouTube channel. Subscribe for original series and mini-docs on game-changing technologies, profiles on innovators, live conversations with experts, and breaking technology news & analysis from Bloomberg TV.

Bloomberg Technology

Market Overview and Tech Stock Performance

PC sales are stalling, negatively impacting Dell's stock price.

Softbank plans to increase its stake in OpenAI by purchasing $1.5 billion in shares.

Strong economic data, including PCE growth of 2.8%, is reported.

Market selloff occurs, with Big Tech experiencing significant declines (e.g., Nvidia down over 3%).

Dell and HP's earnings reports indicate a slower-than-anticipated recovery in PC demand.

Discussion on the slow recovery of PC demand, with analysts attributing it to consumers holding onto their existing laptops.

Anecdotal evidence supports the trend of consumers keeping older laptops due to their continued functionality.

The anticipated PC market recovery continues to be delayed due to budget constraints and consumer satisfaction with existing hardware.

Crowdstrike shares rise despite a software update causing a global tech outage.

Discussion on the impact of generative AI on various tech sectors, including PCs and cybersecurity.

Increased demand for various technologies due to the development of generative AI is predicted.

The infrastructure buildout for generative AI is creating demand for advanced packaging and related technologies.

Software companies are integrating generative AI into their products to address various needs, such as cybersecurity.

Investment Opportunities Beyond Tech Stocks

Discussion on whether valuations are affecting optimism regarding AI adoption.

Analysis of the profitability and revenue of technology companies and the justification for their valuations.

Exploration of investment opportunities beyond traditional tech stocks, including energy and other sectors.

Discussion of investment opportunities in equipment makers involved in US reshoring initiatives.

Analysis of investment opportunities in industrial robotics related to semiconductor manufacturing.

Potential Impact of Trump's Trade Policies on Tech Companies

Discussion of President-elect Trump's pick for the top trade position and his advocated strategic decoupling from China.

Analysis of the potential challenges for companies with exposure to the China supply chain under a Trump administration.

Discussion of the possibility of Trump tempering his desire to impose tariffs on Chinese goods.

Analysis of potential ramifications of revoking China's permanent normal trade relations status.

Discussion of the potential impact of expanding export controls on companies like Apple and Intel.

Elon Musk's Influence on US Government Efficiency

Discussion of Elon Musk's new role as head of the Department of Government Efficiency and his plans for cost-cutting measures.

Comparison of Musk's strategies in his new role with his previous takeover of Twitter.

Analysis of the potential successes and drawbacks of Musk's approach to government efficiency.

Comparison of the challenges of restructuring a social media platform versus the US government.

Concerns about the potential negative consequences of rapid, drastic cost-cutting measures in the government.

Cryptocurrency Regulation and Investment Strategies

Discussion on the potential impact of a Trump administration on cryptocurrency regulation.

Advice on how investors should prepare for potential changes in cryptocurrency regulation.

Analysis of the increasing prevalence of cryptocurrencies in investment vehicles such as ETFs.

Discussion on how to make investments in cryptocurrencies more beneficial.

Advice on how to communicate with government officials and employees about potential regulatory changes.

Discussion on the tax implications of cryptocurrency investments and strategies for tax efficiency.