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This is Bloomberg business Week inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news. The Bloomberg Business Week Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio.
Last week, you know, the House of Representatives here in the United States passing a bipartisan bill that would effectively ban TikTok from the US unless it's Chinese parent company, ByteDance, divests the app. The measure now moves to the Senate. President Biden, who has previously blocked TikTok excuse me from government devices and titaned restrictions on data sharing, says he will sign it if it ultimately passes.
Okay, yet, Carol, A TikTok you know ban may not be enough, so notes a story featured in the new issue of BusinessWeek magazine, which is available on newstands, on the Bloomberg Terminal and at Bloomberg Slash BusinessWeek. This story by Anna Edgerton, Bloomberg News Seattle Bureau chief and Alex Brinka,
Bloomberg News Technology reporter. Ana joining us from Seattle, Alex from our Los Angeles Bureau, and I do want to start with you and just take a step back here before we get going on the intricacies of privacy and what these privacy advogets are saying. Just give us the latest on a potential TikTok ban or divestment. What is the most recent news.
Yeah, So what we did with the story was we wanted to look at where the opposition is unified. The opposition to this bill is unified. So this bill passed overwhelmingly in the House. There's a lot of bipartisan support for it, but about I think it was sixty two members from both Republicans and Democrats voted against it, and almost all.
Of them said.
The way to safeguard US user data is not by banning one company or even forcing its parent company to sell. The way to protect US user data is to pass a federal data privacy standard that applies to all companies. So China can still have access to that's my dog can still have access to UH to US user data, buying it from data brokers.
You know that's got it, that got it from from Facebook.
So there are other ways for Chinese authorities to get this information that's not TikTok, and so just banning this one company is not going to solve the problem. And that's where we see, you know, a lot of the opposition in the House and also some of that's starting to bubble up in the Senate. And that's where this is really going to be important, is to see how senators line up either in support of this measure or wanting to take a different approach.
And don't tell me, Anna, but your dog is a TikTok store star, but we'll we'll maybe talk about that later.
Has the potential, that's the potential, don't we all.
Alex come on in on this. You understand the tech community. You're out there on the West coast, but you've been reporting on the sector for a long time. Is there rumblings that they're nervous and concerned that there could be more regulatory oversight or they're like, yeah, we've heard this before. Because it is kind of staggering right that there is a lot of freedom still in the social media space when it comes to oversight.
We have certainly heard concerns about that privacy before. We have certainly seen transgressions by the likes of Meta when it was called Facebook by other companies. The CEOs have been trotted down to DC to have these conversations. What we haven't seen is any kind of legislation that over arches the entire industry in the same way that this
TikTok bill does for the byte danced own social media app. Now. Look, a lot of the executives from TikTok's rivals have largely said we would love to see federal privacy regulation because currently there's a patchwork of laws in different states, So give us the rules and we'll follow them. That being said, Carol, we've also seen them fight every bill and legislation and different legal venues. That wouldn't necessarily be an easy path.
So while we did have reporting of Meta in the past kind of lobbying against TikTok in past years, we haven't heard a lot of that just yet. That doesn't mean it's not happening, but certainly the companies like Meta or Alphabet's YouTube would stand to benefit if TikTok, word it Snap disappear because of this legislation.
Alex is absolutely right, But I think there is also concern from these companies that what the US does in forcing by Dance to sell TikTok could set a really bad precedent for you know, the operations of Meta abroad. So I think while they would not mind TikTok or disappearing, there is a lot of concern about the government forcing that to happen.
Well, I want to I want to Anna for you to for a moment talk a little bit about what these privacy advocates would actually like to see here, because yes, these companies say they you know, quote unquote want regulation, but we've seen, as Alex mentioned, what they've done in the past. When the bills are up, what do these companies or what do these critics say the regulation should exist for these companies, like, what would that look like?
So the best example to look at is a bill that was passed by the House Energy and Commerce Committee last years. I think the ADPPA, the American Data Privacy Protection Addicts and that has kind of the like agreed upon tenants of data privacy. Now, a lot of these are similar to the GDPR in Europe. They're similar to
the standards that some of the states have set. But the most important thing for tech companies is that it preempts all of the all of the state standards, so that way they would have one standard that they would have to comply with in the US. There's also a question about how it would be enforced, whether it be up to the Attorney General, or whether there would be a private right of action where individuals could sue these
tech companies. But the most important elements are being able having the option to delete your data, having the option to withdraw consent for being collected, knowing to whom it's being sold. So a lot of this is about giving users in the US more control over what happens their data in just the normal kind of interactions of existing online as so much of ours.
This is where we've got to jump in. And I'm curious because we are certainly hearing the drum beat for that for individuals like you me Tim, for us to have more control on our data. Having said that, I'm looking at this nineteen sixty five US Supreme Court case that unanimously struck down rules for the US Post Office to restrict the spread of communist propaganda from the Chinese
Communist Party. So, I mean, I know there's national security concerns about TikTok, but there's also concerns about all of our data and how it's being used Alex. If that didn't happen, what hope is there for lawmakers to come together and say it's time to really rain in these social media companies. We've already seen the implications politically and on individuals, the negative implications. That's not critics saying it,
it's just a reality. So how likely is it that something really comes down hard regulatory on the social media universe.
What I'm hearing from experts, particularly in the privacy space, is they are looking at this moment and saying, look, there's a lot of energy. People are really energized behind the idea of raining and TikTok. Maybe we can expand the scope as to whether or not that would happen. Look, this is this TikTok bill has kind of gone the furthest that any of these bills have ever gone in getting and passing a vote in one of the chambers. So in terms of actual federal privacy regulation, this moment
seems to be one. That is why we see the opposition to this bill potentially circling around this idea because there's a lot of energy here. But we've had I was in the room for hearings about child safety and child data privacy. I was in the room for hearings with TikTok CEO where they were talking about kind of
broader data privacy issues. And we've also had some legislation that's been introduced around data brokers, those third parties who vacuum up information on the Internet and sell it for a price to kind of whoever would want it for
an adversary or otherwise. So we've heard about this. The social media era is almost what a decade old, and this is kind of the furthest legislation we've seen, So I'd be hard pressed to put a percentage on it yet, Carol, Yeah, but will certainly be keeping an air to the Senate to see what happens.
Well, you both have great perspectives on this. You both are now on the West coast. But and I used to be certainly covering DC and understood politics in a big, big way. I mean, I do wonder, as we all watched TikTok last week, how much of it was politics versus real kind of needs and want to change policy. So politics versus policy, how do you kind of game it out?
Anna?
Yeah, there's a lot of that going on.
I mean when this first kind of appeared to come out of nowhere, you know, Alex and I were following us really closely last year, and then it kind of got overtaken by AI, and I could it was really hard to find someone on the Hill who wanted to talk about TikTok, you know, summer.
Of last year.
When came back up, my first thought was, well, House Republicans want to make this awkward for Biden because he just started a TikTok.
Account for his campaign.
And I think that is part of it in you know, trying to create this hippocrisy for Biden and saying it's a national security threat, but.
I'm going to use it to reach young voters. However, I think there.
Are a lot of people in Capitol Hill who are genuinely concerned about Chinese ownership of this really powerful app. You know, this is not you know, while Facebook is perhaps the still still the biggest, you know, has the most users. You know, other apps have their kind of niche uses. There are one hundred and fifty one hundred and seventy million Americans that spend hours on TikTok every day and have a very kind of emotional connection to the app, and you know, Alex can talk more about that.
But the concern you know here over and over again about national security is that the Chinese Communist Party can get access to US users data and also like kind of aggregate level of like patterns of USB behavior, and also that they could put a.
Thumb on the algorithm to show not necessarily a.
Communist propaganda, but harmful content to US users.
Hey guys, we're gonna have to run. We know this conversation that will continue again in the future. Anna Edgerton and Alex Barinka, both of Bloomberg News, joining us with what's next maybe for social media.
You're listening to the Bloomberg Business Week podcast. Catch us Live weekday afternoons from two to five pm Eastern Listen on Apple car Play and then brout Auto with a Bloomberg Business app, or watch us Live on YouTube.
We did also get some economic news this morning, new US home construction bouncing back sharply last month from weather related weakness at the start of the year. This is builders benefit from slightly more favorable mortgage rates and a dearth of existing houses for sale.
Team Yeah, building permits a proxy for future construction made it rise to a rate that's the fastest since August. Both permits and starts figures for January were also revised higher. And yet for investors, the focus is all about tomorrow's FOMC meeting, which of course kicked off this morning.
All right, everybody with a preview what to watch out for? Back with us as doctor Steve Skanky, chief economic advisor of a keel Point. He's a former US Treasury in White House National Security Council staff member. And then right here in studio we've got Bloomberg Economics US economist Stuart Paul.
Steve is in Palm Beach, Florida. Stuart, as I said, right here in studio, Stuart, I want to start with you first up, remind us of what the data backdrop is that FED chair and the FOMC members will be reviewing today and tomorrow ahead of that decision.
The thing that's going to be most pressing and that's going to be most front of mind for them, is just a hot inflation prints that we've seen so far this year. That's of course Number one. Other side of their mandate is focusing unemployment, and again we've seen hot We've seen hot non farm payroll print so far to start the year, the household survey has been a little bit weaker. We've seen it not taken the unemployment rate.
But if we're seeing the pace of hiring that we've seen over two one hundred thousand jobs a month to start the year, plus hot and hot inflation, they're going to feel comfortable keeping their foot on the breaks, messaging relatively hawkishly perhaps in the state.
That's right, okay, Stuart, So what does it all mean for the summary of economic projections the dot plot? What are you and the folks over at Bloomberg Economics thinking in terms of a median part the median rate that the Fed participants are expecting.
We're still expecting to see them showing seventy five bases points of cuts this year, and that's really weighing the two things we've had. Hot inflation. So in their summary of the economic projections, we're going to expect to see an upward revision of their core inflation forecast for twenty twenty four up to maybe two and a half percent from two point four percent. Not huge, but taking into
account the printed inflation that we've seen. And then we could also see a upward division of their unemployment forecast again, because we've seen the uptick already.
And they're going to see two Percent's never going to happen. No, I'm just kidding. I'm just kidding. All right, Steve, come on in on this conversation. What are you expecting from the Fed and why?
Well?
I think, as Stuart says, they're they're not going to give any guidance one worthy the other about what they're going to do with interest rates. Jerome Powell was probably most forthcoming when he did is semi annual congressional testimony a couple of weeks ago, in which he said that you know, when they get the confidence, and he added, and we are not far from it, it'll be appropriate to dial back the level of restrictions so that we
don't drive the economy into recession. So I think the real pivot point is at what point do they have what's the balance between believing that the economy is not close to tipping into recession and also that inflation is not taking back up. You know, when we when we look at the numbers, when when we were on at the end of January, the core personal consumption expenditures inflation metric was annualizing at one point nine percent, below their two percent target, and now after January it was up
to two point four percent. And just based on a construction of what it would be like based on what we've seen with the CPI and PPI data, it'll probably be two point nine percent annualized over the last six months. And that doesn't give the Fed a justification to start cutting rates.
See if you think that. Do you agree with Stewart and the team of Bloomberg Economics that the median FMC participant will still see seventy five bases points and cuts this year?
I do. I do that that sort of has been where they've been, and when you hear what some of the Fed Fed Bank presidents have said, there is growing concern about the specter of recession and not sticking the soft landing. I grew Stewart that they are going to come in with MEETI and inflation at two point four or two point five percent. That's not a big difference.
But I don't think that they're going to change the medium projection calling you know, four for three cuts sometime in twenty twenty four.
So nothing's changed from the end of the last stop line is that what's happened Stewart. I mean, it's right, because that's what it was.
Three.
I think a lot of the data has changed.
Well, has it, though?
That's right?
So it's interesting how it nets out, right, Because with inflation running as hot as it has so far to start the year, you would think so much has happened during the intermeting period. But if we look at some of our growth surprise indices, and we keep track of something like sixty eight sixty nine seventy different growth indices and economic activity indicies, about forty of them forty out
of the sixty eight or so surprise to the downside. Right, So the FED is keeping track of everything on its own dashboard as well, right, And so yes, we've seen hot inflation, but we've also seen growth balancing the other side.
I mean, how important. Not every one of the those economic indicators has created equal though. I mean sure inflation and the jobs numbers are those are pretty important ones start.
That's right. Yeah, So absolutely within the Fed's balance of risk, the two things that are on either side of the seesaw are inflation and full employment. Now, yes, we've seen hot NFP on the other side of the seesaw, but we've also seen a weak household survey for the past two months.
Steven Stewart, I want to get your both thoughts on this. The economic data points that's we're talking about that, I mean, are they showing that it's getting easier for the FED to navigate manage policy without tipping the US economy into
recession or is it getting tricker trickier? And Stuart, let me start with you first, Like the data points giving the FED more runway to kind of manage things, making it easier for them in terms of not tipping the and then so not tipping the economy into recession.
Or is it getting harder.
I think that overall, I think is a data point to the FED having more of a runway, allowing the data all allow the FED to keep its front of the break for a little bit longer. Yeah, growth has been relatively resilient, despite the fact that a lot of the indicators underneath the surface have been surprising to the downside. Of course, the FED is trying to scape to where
the puck is going. So we're going to expect the FED, and we all should be expecting the FED start cutting before it hits the two percent inflation targeting, before we were to drive off that cliff, so to speak.
Hey, do you want to bring a headline to everyone's attention this crossing the Bloomberg terminal? Just moments ago? Supreme Court allows Texas deportation law in lass for President Biden.
All right, well, keep an eye on that. Give you some more context on that in just a moment. Having said that, actually we're getting a little bit more context.
So let's go through at the.
US Supreme Court letting Texas to start arresting and deporting people who enter the country illegally. Refusing to block a new law that the Biden administration says will be an unprecedented intrusion on federal power to set immigration policy.
Yeah, over three percents of the justices rejected the administration's request to keep the Texas law on hold while a illegal fight goes forward at a lower court, as is customary with emergency orders. The court as a whole gave no explanation, and I.
Should put out the rebuff. Definitely a blow to President Biden's administration on an issue that is defined really up to this point. The twenty twenty four presidential election campaign. Let's go to Steve. Steve, let me put that question to you that Stewart has talked about. Do you think the economic points show that it's getting easier for the FED to navigate and manage policy without tipping the US economy ultimately into recession or is it getting trickier.
I believe it's getting trickier, and I believe that the FED is becoming increasingly nervous about how sensitive things can be. You know, the thing about unemployment is well, none of these data are linear. When the unemployment rate starts going up, it tends to continue to move in that direction for a period of time. And the FED certainly doesn't want
to see unemployment above four percent. And we're basically there now with the with the last data, as Stewart does point out, there there is increasing weakness in the economy, although some in the metrics still look pretty good. The other thing is the inflation data have just been peculiar. But you know, when we look at the January PC inflation core where we're owner equivalent rent, what was up
way I aligned with what new leases have been. Portfolio management fees also contributed that, and then you look at February, and we see a huge vehicle. Right, we use vesical prices up, which is inconsistent with the associated data, and I think the FED is trying to figure that out, but I just think they're having a harder time, okay, to know which way to go.
All Right, we got to leave it on that note, Doctor Steve Skanky, chief economic advisor of at keel Point Bloomberg Economics, US economist Stuart Paul. Right here in our studio, you're.
Listening to the Bloomberg Business Week podcast. Listen live each weekday starting a two pm Eastern at Apple Car Play and Android Auto with the Bloomberg Business ad You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa Play Bloomberg eleven thirty.
Well, the Biden administration is preparing to roll out the toughest ever limits on pollution from the nation's cars and light trucks, after making changes likely to mollify some automakers.
All right, So, tim emission limits set to be finalized by the Environmental Protection Agency within days, would propel electric vehicle sales well beyond current levels. The EPA has projected that to meet proposed mandates, electric models would need to make up roughly two thirds of car and light truck sales and twenty thirteen folks. That's up from less than a tenth last year.
All right, So that's the consumer side, Carol. On the consumer side, ev Reality is a MV infrastructure development platform company. Simply put evre real time. He puts built EV charging hubs for delivery, logistics and services fleet customers.
Right.
So the commercial side, right, commercial and consumer. Ev Realty CEO Patrick Sellivar joining us from joining us for Bloomberg Plugged in our weekly look at the World of Electric Vehicles, joining us from San Francisco. We'll get there. We'll get there. It's one of those days. It's a Tuesday, Patrick, good
to have you here with us. Tell us, first of all, give us a little perspective about your company and what you guys are doing, the specific projects that you've already completed, size scale, who they are, and who is making use of them.
Sure, Carol, Tim, it's nice to be here. So you captured it well. Ev Reality develops, deployes, and owns high powered EV charging hubs and these are specifically for commercial fleets. So think of anything from your local delivery van to a truck that takes containers from the board. And our approach in thinking about this, which really I think dunk Hill's well with the Biden administrationsnnouncement around the clean freight corridors,
is we start with the grid. When you think about our power system, it was never designed to fuel trucks or for that matter, of cars. And while it's the only twenty four to seven sort of instantaneous matching marketplace in the world, matching supply and demand instantaneously, it was
never designed to fuel all of these vehicles. So that's really where we start when you think about thirty million, forty million vehicles on the road over the next fifteen twenty years, finding those locations today that have a lot of power where you can bring the infrastructure forward sooner and allow that infrastructure to serve commercial fleets, especially some of the large fleets that produce so much of the
emissions from the transportation sector. That's really what we're all about. Patrick.
Is there a way to your question, I just want to jump in real quick. Is there is there a way that you're potentially closing off some business by focusing exclusively on commercial and fleet.
I don't.
I don't think so. In fact, I think we're really purposeful about thinking about the fleet sector for a few reasons, and and and in particular fleets that returned to a home base, whether it's to a warehouse, the parking lot where the vehicles are stored overnight. When you think about planning for large amounts of electrical infrastructure, knowing how the vehicles, how your customers use the trucks or the cars for whatever they're doing delivering a good, delivering a service, there's
more certainty around routes, around planning, around schedules. Think of that as compared to building out a national like passenger vehicle infrastructure, where you're in some degrees guessing or anticipating uncertain demand. So that's that's one reason. And then the second I touched on is when you think about the emissions from the transportation sector nationally, it's now larger, obviously than emissions from the power sector, and that's been due to a lot of really good work over the last
fifteen years. But within that, roughly twenty nine percent of emissions coming from transportation, about twenty five percent of it comes from medium and heavy duty trucks, and so you really and by the way, those are only about five percent of the vehicles on the road, So you can really target a significant emissions reduction with a relatively small number of vehicles. And again, those vehicles generally follow predictable routes.
Patrick, how much more of those needs to be built out? And help me understand because on the consumer side, we've talked a lot about while there's still growth in the uptick if you will, of evs, we've seen a lot of slow down, right, and that consumers aren't jumping in so much. What about on the commercial side, how is the growth? Is it the uptick continuing? How does it compare to the last six to twelve months, give us a little perspective and just got about a minute and a half left here.
Sure, carolcl the reality is right now today there's I don't know, ten or fifteen thousand electric, medium and heavy duty trucks on the road in the United States. That said, when you think about the plans that the administration has that states like California, and I think at this point eleven other states have adopted California's plans. Just in California, eleven you're looking at over five hundred thousand medium and heavy duty trucks on the road by twenty thirty five.
When you think about the amount of charging and then the amount of power that needs to be pulled from the grid, you're talking about two hundred and sixty thousand chargers that need to be installed. You're talking about twenty five gigawatts of new power for a system that was never designed for that.
Well, and forgive me, we've only got about twenty five seconds left here. I get it that there's a lot to be built out. Is its slowing down the demand for it? I'm just trying to get a feel on the commercial demand just quickly.
No, And in fact, I think the National Freight Corridor strategy is actually really catalytic to focusing that demand, to finding those locations, these these hubs in major cities near ports where you have such a significant volume. If anything, I think you're starting to really see that use case, which the technology and the market and the policies are now well aligned, is really gaining traction amongst commercials.
The operators, all right, Patrick, really love spending some time with you. Do come back soon, because we'd love to kind of dig a little bit deeper if we may in the future. Patrick Sullivan, Chief Executive officered ev Real to joining us from San Francisco.
Timm the Journal.
How about you let me drive?
Oh no, no, no, no, who's going to drive?
All right?
Please?
I'll do the riding gravels.
I want to drive.
It's a good question, good time.
This is good drive to the globe down Trimmer effect Well, bri around on Bloomberg Radio.
What is the drive to the closes? Less than twenty minutes to go until the close of trading and after that we do, of course get to fed Wednesday. As Charlie said, no question, Carol that the megacaps have gotten a lot of focus lately. After all, in video was up nearly two hundred and forty percent just last year. It's up around eighty percent so far this year. Our next guest, though, argues, it's time to think beyond those megacaps.
All right, so let's get to it. Time for our drive to the close. Guest with us is Jatania Kanhari, Deputy CIO of the Solutions and Multi Asseid Group over at Morgan Stanley Investment Management, joining us right here in New York City. Jatania, nice to have you here with Tim and myself. Talk to us a little bit about your thinking of where the gains are going forward. Do you like the tech megacap names or the big megacaps, but do you also like other areas of the market.
Yeah, I think you know it's time to be a little discerning and markets are also doing the same for you. If you look at the year to date moves, it's a couple of the megan seven outperforming, not all our outperforming now And just like any past tech innovation and revolution that's happened in the past, I think the gains will start disseminating to other sectors. So from the enablers which are the cloud and the semis companies, to adopters that are companies that will deploy AI and enhance their
offerings and services and enhance their earnings and productivity. And we see opportunities in the cybersecurity space. You know, AI means a lot of data. Data proliferation means security of that data. So that's like the second derivative way of playing it, along with sectors like healthcare and even industrial itself.
I wanted to jump in because you also like the energy space. We just came off a great interview with our own Alex Steele, who was talking with Jeff Curry over Carlisle Group. He's their chief strategy officer when it comes to energy pathways. So looking at the energy space holistically and kind of where there are opportunities, where do you see are the best opportunities when it comes to the energy space specifically.
Yeah, so I do think oil is underinvested, underappreciated, and undervalued. Right when you look at oil, even despite evs becoming twelve to thirteen percent of the global fleet from less than a percent a decade ago, oil consumption is at an all time high. So demand has been keeping up so much.
For the energy transition. Is that just because there's more of us out there using it or is it just like what like what are you know, how do you think about them the energy transition?
I think energy transitions are marathons, not sprint sprints. They take a long time. So even historically when you you know, when we from steam to electricity and gas to electricity, those transitions took anywhere between sixty and ninety years, So this time is going to be not different. You know, solar wind are still sub ten percent of the energy mix, they will continue to dominate, you know, increase presence, but by the time that diffusion to dominance takes place, it
can be decades. So in the interim, I do think that given the underinvestment in oil, if you see oil capics has been cut by half since twenty fifteen. So you have a demand side that is keeping up, you have a supply that is constrained, and you have an energy transition, and I think the market's beginning to will begin to realize that that is going to take a long time, which makes these assets very compelling from an investment standpoint.
Yeah.
I mean, look no further than the sort of the one that Hurts has done Carol, no great point with the with its transition Avis exactly, and look at the Detroit automakers too. I'm really interested in you know, you talked about, uh, some of the tech companies that are using AI, you talked about energy. Uh what about industrials. Where do you see opportunities in industrials.
I do find industrials a very interesting group. It's a very diversified group within the you know, sector classifications, the typical classifications. But I think there are several tailwinds. You know, we we have the green capics, we have defense gapics, we have substitution capics. Because of supply chain diversion uh AI and data centers use a lot of energy, a lot of industrial capacity. Uh So, I think there are a lot of drivers for industry, Like it's related to AI,
the electrification, et cetera. All of these are you know, sub segments within the industrial space. It has been ignored, you know, because Teck has been the name of the game last many years. Of course, there's beginning, you know, to be signs of you know, some value accretion that's happening in that sector. But I think that continued.
Well to tell you one thing, and I just got it. We've just got about forty five seconds to go.
All right.
So I don't know, you're at a kid's birthday party or a family cocktail party or something over the weekend, someone says, so, how do you think about Nvidia? Like, how do you I don't know, what's the constructive conversation you have with individuals investors around a name like Nvidia.
You know, I think in Vidia clearly could be one of the companies that dominates in the top ten market cap companies by the end of this decade, just like every decade has different leaders. And you know, given the scale size and you know the footprint of this company, it could very well be there. Nothing goes up in a straight line. You could have you know, draw downs. But I do think that you know, outside of the Mega seven, you know, the top ten will look very
dramatically from today. Some of them made them.
Yeah, that's that's great perspective. And those kids' birthday parties, I don't mean the kids are asking, it's like the parents who are all there.
Depends on it depends on, you know, where the birthday party is. Some of these Silicon Valley birthday parties, they're talking about Copper and Blackwell.
Kids are savvy.
What do you in video?
Chip?
Oh my god, Christy crazy, great conversation, Jaitanya, thank you. Jatana Condri joining us, Deputy CIO of the Solutions and Multi Assy group of at Morgan Stanley Hundre ex let me excuse me, joining us right here on Bloomberg Business Week.
This is the Bloombird Business Week podcast Spotify and anywhere else you get your podcasts. Listen live weekday afternoons from two to five pm Eastern on bloomberg dot com, the iHeartRadio app tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Journal