From Mahard where Innovation, Money and Power colle in Silicon Valley, NBN.
This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Live from New York and San Francisco. This is Bloomberg Technology coming up in video games to become the most valuable tech company. Amid plans to add it to the Dow Jones index, Intel will be removed from the one hundred and twenty year old XD benchmark.
A day out from the US election, cyber officials fight to curb vote distrust and the risks of AI.
Chap Watson minors. We speak to the lawyer suing character AI, claiming it's responsible for the death of a fourteen year old. But first we check in on markets on Edge ahead of the all important US election. Ed I shannelight on crypto coin because the Nasdaq is not doing very much, bitcoined off by sevent tens percent, many feeling this is a proxy, of course, for the Trump trade. We're at sixty eight thousand, six hundred and seventeen.
What are you watching?
Yeah, there's a few news items out there. One you already mentioned right in video being added to the Dow Jones at Intel's expense, and that is driving the name higher one point seven percent in the session, and as you point out, at this moment in time, it is leapfrogged above Apple in terms of market cap or value. I think we'll talk a bit more about that in the show with a very nice chart also looking at
Tesla down four tenths of a percent. It had been down more significantly than that data from China shipments slipping in the month of October. But I wonder how much this name Coro will be at the center of the election. And again throughout the hour, we should probably talk about that.
We're going to talk about the election.
It is centerfold here presidential candidate's Donald Trump Kamala Harris making their final appeals to voters before election day tomorrow, both campaigns targeting critical swing states.
As a flurry of.
Poll project very tight race from all bluegs KDE line. Some piece to say is right here in New York for US and the latest poll that you've gone an ie on, well.
There's a number of them.
One of the polls that is really the marque pole for the swing states, the New York Times Siena poll came out over the weekend and shows no surprise that
this thing is a dead heat. While there's marginal leads for Harris in a trio of states Nevada, North Carolina, Wisconsin, Trump leading in Arizona, them effectively tied in the remaining three, all of that is within the margin of error, So this race is just too close to Callwood Perhaps is most telling though about that poll is that among the eight percent of voters in these battleground states that said they only recently decided who they were voting for, those
broke to Harris by eleven points, fifty five to forty four percent. So as we consider the very small basket of undecided voters ahead of election day tomorrow, it does suggest that some of those late breakers are more in her favor. The other thing I would just note, as we consider how late this is breaking, more than seventy eight million people have already voted in this election. That is more than half of all of the electorate who
voted in twenty twenty. And when you look at some of these battleground states, North Carolina and Georgia have each had more than four million people vote already, that's eighty percent of what the total electorate was in twenty twenty, so it does suggest that turnout is quite high.
That's important data throughout the course of this election. True to the show's name, we focused on technology policy. Yeah, but we should probably note that both candidates are out on the road and over the weekend you continue to make their message to the voting base. What did the weekend look like and where are Harris and Trump as we speak?
Well, Trump is in North Carolina to start his day. Harris will be spending basically all of her day crisscrossing the swing state of Pennsylvania, where Trump will also be spending time before the day is out, before ending his day in Michigan. No surprise to see them centering their
concentration in the battlegrounds. I would point out that over the weekend we did see a number of attention grabbing headlines generating from Donald Trump and his campaign suggestions that he doesn't think he should have ever left the White House what was seen as a threat to the presses. He suggested a shooter could shoot through what he called the fake news, while Kamala Harris yesterday, when speaking in Michigan, didn't mention Trump by name at all, which is a
bit of a change to her final closing argument. We have seen as she takes that as he does to the battleground states. I would point out we also got an additional poll that is not in a state that was thought to be a battleground this cycle because Donald Trump easily won it in twenty twenty and twenty sixteen, that is Iowa. But the new des Moin Register poll that came out over the weekend actually showed Harris up three points in Iowa, forty seven to forty four percent
for Trump. And what was most telling, because this is seen as an outlier, is what the demographics in that poll actually looked like. Harris leading with women by a margin of twenty points, and more specifically, senior women support her by a margin of two to one, sixty three percent to just twenty eight percent who support Donald Trump.
So that voters sixty five and older favoring Harris is really important to note as that is one of the highest propensity groups of voters more likely to actually show up and vote on election day, and as we know, this election is going to be all about turnout, So statistics like.
That or keep Kaylee Elon Musk is playing a role in this election. In the last two hours in Pennsylvania, there's been a hearing about his one million dollar sweep stakes for registered voters. What's the latest there and any impact that it's having.
Well as we consider the sweep takes itself, which of course, is is in legal jeopardy or has at least brought this lawsuit because the Philadelphia District Attorney is contending that it violates election law because you can't actually pay anyone to vote or register to vote. So this idea that it's limited to registered voters is what has caused this legal issue. I would point out the hearing today is
back in state court. Despite America pack which is the group that is running this back by Elon Musk's effort to move it to federal court that was denied by a judge. So it is now back in the hands of the state. It's unclear if this will all be resolved in time considering election day as tomorrow that is the day the sweepstakes was set to end. But obviously it puts a spotlight on the money and influence Elon
Musk has had for Donald Trump in this campaign. He's donated, of course, tens of millions of dollars to the group, which is also organizing part of Donald Trump's ground game.
Keep in mind Trump's campaign.
Has outsourced a lot of that get out the vote effort in this cycle. Elon Musk's group has paid a massive role in that, and it'll be interesting to see how when the final results are in, we decide whether or not that was a strategy that worked for him.
At Trump ling those Kadie lines at the start of a critically important week, Thank you very much. Let's get the market's perspective and bringing Nancy Tengler of Lafetengla Investments and Nancy, I do want to start with Tesla as a case study if Donald Trump were to claim a second term in the White House. The idea is that Elon Musk takes on some sort of role in the
Department of Government Efficiency. You're a Tesla investor, right, how do you prepare for either scenario with the name like Tesla in the center of it.
Well, you know, the rhetoric is hard to parse through because we hear, you know, tariffs, we hear cost cutting up two trillion just that side of the aisle, and yet we have no idea what's really going to happen. So I think what Elon has been able to do pretty effectively is run multiple companies and do it pretty well. So as a Tesla investor, I'm not alarmed at this point. I think you sit back. You know, we've talked in the past about the Mega pac business. That was the
fastest growing business and it is the most profitable. That's the utility grade battery storage.
So while EVS may come under some.
Pressure, I think you're going to see other parts of his business benefit. And also, I think everyone ultimately acts in their own best interest, and that includes Donald Trump and Elon Musk, So if this election goes in that direction, I think they'll figure it out.
Nancy, what everyone is going to wonder about is the relationship with US and China going forward post this election. And we get that sort of case study with Tesla today with a Shanghai output in their manufacturing in China and just not living up to the expectations and many warring that they're going to hit that full year record amount of deliveries for twenty twenty four. What did you make of the data coming out of Tessa's manufacturing in China.
Yeah, I mean, I think that was a bit of a disappointment. The stock doesn't seem to be under a lot of pressure, but I think we've also seen over time these fits and starts historically with not hitting numbers, not hitting deliveries, even in the US. So I haven't had a chance to really dig into it, Caroline. We will, But the stock is trading as though everything is going
to go perfectly. I mean, I think it's trading at a peg of price earnings to growth ratio of about forty times, and so we do need earnings, and we do need earnings growth, and we did get margins expanding. I didn't think the report was that great, but I think it was a relief rally in the stock, and so we'll see what happens, Nancy.
I promise there is much more we need to discuss. But our colleagues at Bloomberg Intelligence put out some basic research this morning that if Trump is to win, it's likely will impact the scope of the IRAV tax credits.
Do you model for that?
We will if it happens, I think. I think one of the things you have.
To remember, though, is it's very difficult to a lot of these analyzes are done in a static environment and it's very difficult once the new administration, whoever they are, comes in to go back and make adjustments to bills that have already been passed. And we saw that when the Republicans swept in twenty sixteen, they promised to fix or do away with Obamacare and they did nothing. So I don't necessarily think that that's a big threat.
To the stock price, but we are aware of it, and we are looking at.
It talking about things that are in flux and not static. Market capitalizations of US today, it looks like if Nvidia holds at these levels, it will be more than Apple in terms of worth three point three four three six trillion dollars. As Apple slips on the day, what do you make of and video being.
Added to the Dow?
What do you make of it when crucially also who comes out of it, and of what was happening Intel?
Well, sadly, Caroline, I remember when Intel was added to the Dow in nineteen ninety nine, and talk about bad timing, which, by the way, this committee that makes the selections often does not necessarily time these things very well.
Intel is down cumulatively.
Since nineteen ninety end of nineteen ninety nine, three and a half percent. So this is a company that has has not pivoted to new technologies, has squandered innovation, and so we've been out of the stock for quite some time.
Think of Xerox who developed.
The mouse but didn't commercialize it. Who commercialized it, Apple and Microsoft. So I think Nvidia has stepped in the wings or has stepped onto the stage, and Intel is fading to the wings. That doesn't mean the company will go out of business, but I mean we've seen recently it's in fact a takeover target. So I think you want to be long in video here. The earnings growth is remarkable, and again on a price earnings to growth basis, which is really how you have to look at this stock.
It's trading at one point one times versus as I mentioned, Tesla over forty and Microsoft.
At two point two times. So I think it was a good ad. I don't know about the timing.
We'll see, but I do think we're early in the runway and of generative AI and computing.
I'll just say one last thing.
I loved the story Larry Elson told about him and Elon Musk going to dinner with Jensen and just saying, please take our money, please take more of it.
We please give us more GPUs.
So I think the backlog in Blackwell's pretty significant and ambidious poise to do very well in the coming years.
We always love you bringing the story and indeed the way to invest around it. And that's Leffetango Investments.
Thank you.
Coming up warnings on voting confidence. Why the Director of the Cybersecurity and Infrastructure Security Agency says we may have to wait before final election results. This is what my technology.
As the US election looms, the director of the Cybersecurity and Infrastructure Security Agency warns of potential threats to voting confidence, urging the public to ready themselves for a potential waiting game before results could be finalized. Let's go out to Bloomberg's Jamie Tarra Bay and we'll get to the role Jenniesli and all of this. But let's help our audience understand what is the problem here or the instruction that officials are asking the electorate to brace.
For right now?
I think the question and that what they really are trying to tell everyone is trust the process, the election system and all of the networks are secure and resilient, and the idea of you're a vote being hacked or being rigged or taken away from you is a fallacy, and they have spent the better part of the last year preparing to refute those claims and push back against any question of the integrity of the election system.
What's interesting is about who leads SISSA and how it's become sort of a personalized agency as well.
In many ways, that's right.
Jenny Silly has come on board as the head of SISSA, the Cybersecurity Infrastructural Security Agency, in twenty twenty one, and she has really sort of centralized the focus of the agency on her herself. She's a West Point graduate. She's done tours in Iraq and Afghanistan. One thing that I didn't really know about about her is that she can actually solve a Rubik's cube behind her back, which I
thought was very interesting. But she has literally tried to make this I know, right, she's trying to make this a very personal effort because, as she's said, people trust people, and she's been very forward facing. She's been out, she
goes to conferences, she's been speaking before Congress. Her whole sort of posture is transparency and candor, and she's doing everything she can to really build relationships not just with the private sector, but also with public sector and with the public at large.
Jamie, let's talk a little bit more about the threats themselves. You've come on the show, the team have come on the show and talked about literally voting technology in the cybersecurity contexts, threats online. Where is their most risk in this week of the election.
I think one of the real big challenges that not just folks like Jennie Stily have been facing, but state election officials, local election officials have been dealing with, is really where people are getting their information from, how they are verifying their relation that information, and the question of whether people will see something through social media and actually believe it, and really it's got to be a.
Question of trust.
But verify and look at where look at what your state election officials are saying, look at what they're doing, and it's going to come from everywhere, and it's already we're already seeing it. It's online, it's on x it's on TikTok, it's on YouTube, it's on all of your social media platforms, which, by the way, has taken a bit of a backward step in terms of mediating and
being more involved in sort of political transparency. So just being able to trust those institutions themselves is harder these days. But it really becomes a question that if you see something online that doesn't look right, ask look, try to find out go to your state election official website and see what they're saying, particularly when it comes to the voting process, and also the idea that the election is not going to be decided on the day, we may not have a result on the day.
Hang tight and just.
Don't let that overwhelm you have faith in the institutions to that.
Point, many don't have faith in institutions, and that is interestingly why Easterly has made it so much about herself correct sort of the face to an agency that she doesn't have much bang, well, doesn't have much bark, but it's certainly trying to have more bang.
Definitely, she's definitely done more in terms of being much more outward speaking, trying to push you know, you're right, it's voluntary guidelines for a large part of industry. We've seen so many hacks and so many compromises of critical infrastructure and it really is a question of what private sector can do, what organizations can do, and she's been really at the forefront of trying to get everyone on board,
and she's had some success there. But it really is a question of how much how much everyone will meet in the middle. But also, you know, I mean, she's just it's she's got a long way ahead of her. Everyone is not going to sort of you know, it's really going to be a question of sitting time and looking to see and trusting the results and waiting to see what these elections are not going to be decided
in one day. It's going to take a long time for every single vote to be counted, but that's really the integrity of the process, for every single vote to be counted.
Jamie Taabey, we thank you so much.
In the world of social media, both x and Meta have indicated they went too far on content moderation back in twenty twenty. Now academics say all the elements are in place for abuse of those platforms despite efforts to suppress misinformation around this election. Let's discuss with Bloomberg's social media reporter Alexandro Levine, who has some really interesting perspectives on how the landscape has changed from twenty twenty four versus twenty twenty, how has it.
I say the biggest changes have really occurred across three main platforms, being Meta, Twitter, now, X, and TikTok. So just to start for X, back in twenty twenty, it was still really the center of the political universe.
It was the online.
Political capital, the digital water cooler, if you will, where journalists always were spending their time, where political figures public figures were spending their time, and really a primary destination for funding news. When Elon Musk took over a couple of years ago, I think a lot of that really changed.
And in addition to him deciding that he did not want to build off a lot of the election integrity work and safeguards that hadn't been built by Twitter for twenty twenty and also for twenty sixteen and even earlier than that, Elon Musk has also really been using the platform to rally support for Republican candidate Donald Trump, and so that has completely changed the nature of the platform for many people. The second being Meta, Meta really saw
its role. Mark Zuckerberg saw Meta's role in previous elections as really being proactive and really being proactive in allowing discourse, but also protecting it and being very forward thinking about labeling and trying to really fight proactively missin disinformation around the election. Now Meta is actually doing really a hard one to eighty. They are moving away from promoting political content altogether. They are really now favoring posts that don't
have anything to do with pout. So when I was on my Instagram feed this morning, I actually saw nothing related to the election. And then the third big piece of this that is totally different from where we were at in twenty twenty is was TikTok. TikTok was around during the last election, but it was nowhere near as big and as powerful as it is today. Now we're you know, roughly twice the size. TikTok is roughly twice the size in the US today.
That it was, you know, in twenty twenty.
There's more than one hundred and seventy million users, and I think that a lot of the political discourse has really moved over there.
You know, it's strangely to say, it feels like yesterday, the twenty twenty election cycle, and how often on this program we were covering misinformation that names themselves. But it's a different time. Is there anything that's sort of specific or unique to this election cycle, Alexandra, that you've been focused on in that Business Week piece.
Yeah, well, I think miss in disinformation to your point, it's been talked about now for a lot longer, Like people are much more savvy about it than they were, both people consuming misindisinformation and also the social media comp and He's trying to handle it, and also the journalists and researchers trying to understand it.
I think what's different is just the role.
That the platforms are choosing to take this time, and also our ability as the public to be able to understand what we are seeing, where it is coming from, and who's behind it. Both Twitter and Meta as I just said, they are taking a much more hands off approach this time to the election. Both Mark Zuckerberg and Elon Musk have slashed members of the teams that were responsible for protecting the election, the Election Integrity and Trust
in Safety teams. And then on top of that, our ability to actually understand what is trending on the platforms has gotten worse so in the last year, last couple of years, Elon Musk, for example, has turned has made it.
A lot harder for folks who.
Previously had to access, like researchers to all of the analytics that shows what is trending on Twitter. He's made it much much more expensive for most research to be able to researchers to be able.
To access that.
Earlier this year, Meta shut down crowd Tangle, which has basically made it harder for misinformation research just to track what's going on the platform.
And last but not least, TikTok.
Just earlier this year as well removed video, sorry video of view acounts on viral hashtags on the platform, so you can no longer look at a hashtag and know how many people around the world are looking at it
at one time. And I think, on top of that, because so much of the conversation that floy twenty was fixated on just a couple of main platforms, being Facebook, Twitter, and YouTube, now you've got everything happening on TikTok, on truth Social Trump's platform, and on many small or less moderated forms as well, just creating a lot more of a chaotic atmosphere where all of this missing disinformation that people have grown more accustomed to is just becoming harder
to understand, it harder to track.
Blim begs Alexandra Levine, who's worked with the team on this in an upcoming business sweep piece, thank you very much for doing coming out important Reportingcome back to Bluemotechnology.
I'm Karen Hyde and New York.
Named Ludlow in San Francisco. It is November fourth or November fifth. We have a US election, and when you look at markets, particularly in the context of tech and then index level, we're treading water, not really having any direction. It's a dead heat. We've talked about that throughout the program. But what I find so fascinating carriage if you look at single names or specific examples. That's also reflected. Right, we just talked about social media policy on misinformation sharing
election related content. Well, Meta is completely flat in the session this Monday. Snap is down one point seven percent, but remember it rallied hard last week on earnings, and then there's the Trump trade DJT, the parent company, a true social modestly higher three tenths of one percent, but not the sort of big move in either direction that we've seen as a barometer maybe of sentiment in the
markets that any outcome. It's a dead heat. Keep saying it, but I think there's a lot to discuss for both campaigns throughout the rest of the show.
There is, we'll get to it, but first up in his time now for Talking Tech, and we're going to discuss the EU regulators saying that they'll review an Apple report showing that its iPad operating system now complies to the Digital Markets Act. According to the Act, Apple must allow users to set a default web browser of their choice, allow alternate app stores on its operating system, and allow accessories to access iPad os features.
Plus.
In a surprise move, Schneider Electric has outsaid its CEO Peter Herwork after only a year and a half in the role. Now Herk will be replaced with group veteran Olivier Bloom, effective immediately. In the company's statement, Schneider, which has focused a lot on AI energy management, cites disagreements with the board over the strategic direction for the ouster and in ol Musk was dealt a setback in court. A judge ruled late Friday that former Twitter CEO parag Agrowl and other high ranking.
Officers could proceed.
With claims that must terminate them as he closed the buyout deal, cheating them out of severance pay before they could submit regasignations.
A little bit more on in a Musk.
Now, and yeah, let's stay with Elon Musk's recent pro Trump packed sweepstakes have been undiscrutinated amid a heated election season and are now being contested in court. Bloomberg's Tony Aaron's, a legal editor, joins us. Now, we're talking about legal proceedings happening in Pennsylvania playing out in the last two hours or so. What's the latest, Tony, Oh.
The hearings there.
The judge indicated he's not going to rule, probably before noon, so it's going to be a little while until we know what's going to happen. The question is how significant the ruling's going to be. Today's the last day that he was going to have the sweepstakes, And even if the judge stops it, that's one payment and it'll probably go ahead and the other sweep stakes. So the only thing that will probably happen is one person from Pennsylvania won't be able to get a million dollars.
What is the legal elements to this? What is so taught around it?
Well, but when people were talking about the federal issues, it was whether Elon Musk was buying voters and that's not what's going on in Pennsylvania, and Pennsylvania are doing two state laws. Which that's why it was thrown out of federal court because it's just about these two state issues. It's one is it a consumer protection issue? Is he taking advantage of consumers? And two is it an illegal lottery?
There are certain there are a lot of rules about how you have a lottery and how you ensure it's really random. And that's what the Philadelphia District Attorney is saying, isn't happening here.
Ed, I think we've taught a lot about that particular face that we've got plenty more on the election next though.
Yeah, the election's fast approaching, and we have been speaking to voices in technology in venture capital on both sides of the race. I want to bring back to the show Shannon Nash, co founder of the Tech for Kamala Group, supporting the bid of Vice President Kamala Harris for president, and your support of Vice President Harris is well known. I wondered if we could move the conversation forward and all of the time that you've spent on the road
with the campaign and with your peers in industry. Have you a firm or understanding of the Vice president's policy platform as it relates to the technology industry.
Yeah, and you know, thanks for having me back.
I think we've gotten a lot from Kamala Harris over the last it's only been two months, by the way. A lot of it has been a focus on just the approach on how she in that in her administration will be open and collaborative to technology, to innovation, to
hearing different voices. You know, Look, there's lots of people who have done a lot of coverage on the big billionaires with the microphones, but not enough coverage on the seven million people who make up the fabric of tech and what their voices say and what they want to see in a new administration. And that's what she's been very open to listening to.
I think people want specifics. So, for example, our colleagues at Bloomberg Intelligence, which is our in house research arm, say that if former President Trump reclaims the White House, the ira EV incentives will be impacted. Conversely, with Vice President Harris, they basically see continuity that nothing will change. But that's not in and of itself policy. It's just maintaining the status quo.
It's that policy, and quite frankly, I think you have to look at things like let's go to climate tech, for example, and look at what her opponent has said about climate tech, and of course Project twenty twenty five has said about climate tech. One of my co founders is Julia Collins, who is the CEO of a climate tech company called Planet Forward, and we're very concerned about not climate tech just for it's good for the economy, but what it really spurs in terms of innovation and
growth for our economy. Her opponent has said that they're willing to dismantle the EPA, FEMA, ETCA. Kamala Harris has come out and said, no, we're actually going to support climate tech. We're going to look at growing this industry. And so she has come out and actually been very vocal about certain areas in tech. For sure, I could
also talk about AI. She's come out and talked about being very collaborative in terms of looking at how we approach AI regulation in a way to stifle competition, but a way to be ethical, in a way to be supportive of a very new technology that we're all just really trying to wrap our arms around.
But let's just talk.
About regulation for a moment and place. He went there, Shannon, because we had Vivik Ramaswami, of course, who is a supporter of Trump and the campaign there on the show on Friday, and his main focus is the fact that we need to reduce regulation.
Just take a listen to what he said.
Problem with Washington, DC is every time they pass one of these laws, the Inflation Reduction Act or the Chips Act, there's so much other baggage they sneak into there that it dilutes the original vision or purpose of the Act in the first place. You want to foster semiconductor production in the United States, as I do, Here's how we do it, mass deregulation that lifts those regulatory constraints in the United States.
Is there a risk that people believe that Vice President Harris is synonymous to more regulation and therefore lack of innovation.
I think the risk is that having this wild wild West where we have no regulation is very dangerous for in the v is very dangerous for progress for our country. And I also think that it actually will stifle our competitive advantage. So I think it's actually the opposite I think that when industries have guardrails that are balanced in the way that don't stifle competition, but in a way that give us like a playing field, I think we
do better as an industry, if you will. So I disagree with that in quite frankly, I think that Kamala Harris is really working on policies that will allow us to come up with those guardrails in a way that we can continue to be competitive and stay innovative.
What about the people that need to be surrounded if she does become the next president leads an administration many many would say synonymous with her as vice president were those that lead the SEC those that lead the FTC. And therefore that's an issue for m and A for your sector. It's also an issue for regulation, particularly around the crypto area. How do you want to see change, if any, of leadership of those sorts of areas.
I do think that some of those areas do need a change of leadership, and I think that's healthy that I think that that will. You know, we are in a different age, if you will, for the next four years, in terms of even how you look at, you know, things like generative AI. So we do need to have some new leaders, but I think that she is open to bringing together different voices to do that, So I
think you'll see some changes. Look, you know, she's been very vocal about she's going to be her own president that just because certain things happen during the Biden administration doesn't mean it's just going to be status quo and just the same old thing. She's a new person, a new president, with different experiences. She's very qualified in terms of what I think about candidates qualified to be president, having served you know, our beautiful state of California as
the Attorney General. So what I think you'll see is some changes needed changes, quite frankly, but you'll also see more innovation in more people at the table.
Shannon, there are high profile individuals in the world of technology and bench capital on both sides. Right and last week Read Hoffman was on the program the LinkedIn co found a grey Lock partner. One of the points he made was this has been divisive. It's caused tension in relationships, you know, literally between LPs and the bench caps as they work with or getting in on deals. What's your experience been of that, you know, somebody established in the industry, I got to tell.
You my experience has been and I've been out there, I've been cam As saying, I've gone to different states. My experiences, even starting with being at the Democratic National Convention, is that she's bringing in more joy to politics. I'm actually seeing, you know, out there when I talk to people, even if they don't agree with you, people are willing to listen one on one in a way that is not divisive. You know, Kamala Harris has recently even said
that it's okay that you don't agree with her. She wants to be the president for all. She knows that there's people out there that there aren't going to vote for her. She knows that there's people out there that are not going to agree with her, and that's okay. And I think that's how we've been approaching this, is that we still need to come together as one United America.
And so that is what I'm hearing.
When I talk to people one on one about this, not this deviceive like kind.
Of hate speak.
If you will, you come with experience in the financial areas and startup CFO of wing of other businesses you're on the boards. How have you talked about companies strategizing for this. If indeed Kamala doesn't become the next president and we know instead a Trump presidency, how do you navigate?
Yeah, I think that, you know, we will have to you know, we we will have to navigate if that does happen. But I don't like to put those type of things out there in the universe. So we do believe that Kamala Harris is going to win, and we do believe that we will have a seat at the table.
And that's what's really important.
And so honestly, that's what we've been focusing on, is how do we bring together these diverse voices, get them at the table and really talk about spawning and continuing the innovation in our competitive advantage.
Shanna Nash, we appreciate your time. Texta Comma co founder coming up plenty more when it comes to the election and the United States and technology, the SI Blomberg technology.
We just talked with someone on the Democratic Party side of this election. Let's bring in someone on the other side. All Off VC founder Crystal mckeller, who's supporting the Republican ticket of former President Donald Trump along with JD Vance, whom mckeller has previously worked with and welcome back to the program.
Thank you so much for having me back.
I think what we're trying to find out is that in the time that's passed, has anything changed or developed. You've emphasized deregulation, as of many other Trump surrogates and Trump himself, is that the totality of why you think President Trump, former President Trump is best for the technology industry.
So deregulation is an important part of the story. The regulations that are promulgated by the administrative state, the unelected administrative state is certainly a problem, but more globally, the reason that I support President Trump and JD. Vance is because they are going to implement not just they're not going to just roll back regulations that are stifling American industry, but they're actually going to actively implement policies that will
stimulate growth and encourage innovation. I encourage American ingenuity, which is absolutely essential to usher in a boom in American industrial manufacturing.
And this is an issue not.
Only of American prosperity, but also of national security. Is something that people like myself who invest in the national security space spend a lot of time thinking about because the policies of the current administration which have led to the continued offshoring of critical components of American manufacturing, of the American defense industry, as well as our disastrous energy policies. They've made the United States less prosperous and less safe, and that goes beyond just regulation.
Well, some might say, on the other hand, you have the Chips Act, the Inflation Reduction Act that has legislated to unsure those two specific industries. Companies like Anderil have thrived in the last four years.
I would argue that Anderil has thrived despite the last four years. I mean, what do you need for a healthy manufacturing base. You need cheap, abundant energy, you need low inflation, you need low interest rates.
And the current.
Administration gets a CNS on all of this. So, yes, tech founders will find a way despite the policies of the current administration, not because of them. You can't legislate growth, you can legislate policies.
And I'll give an example.
So, for example, one of the critical inputs for manufacturing is energy. Nuclear is the cheapest, safest, most energy dense form of energy based a form of baseload power that we have here in the United States, and yet the Harris Biden administration has blocked the development of a million acres on the Arizona, Utah border, which is the sole source of US based high grade uranium. And so rather than sure this absolutely critical domestic source, what.
Are we doing.
We are the largest buyer of Russian You're enrich uranium.
I mean, this is just bananas that not only have we made ourselves reliant on a foreign adversary for American base load power, but we've also were also literally funding the Russian nuclear weapons complex because why because of a policy decision, Because the Harris Biden administration, that White House decided to bow to the very well funded lobbying of a particular interest group in the United States, and they chose that interest group above the national security interests of
the United States and our allies. That is one example that's not regulation, that's a policy.
Now, I don't know the nuances of exactly that particular investment in nuclear however, I'm pretty sure that limitations on imports from Russia.
And I'm also certain.
That we've seen deals from Microsoft, from Google, announcements from Amazon saying that they will invest in nuclear energy, and that happens under this current administration, not a future potential Trump one.
And so I'm.
Interested more broadly about what you're trying to articulate when it comes to actual policies that you think will be brought in that bring the innovation you talk.
To absolutely, and that is and it's a great development that there is an understanding that nuclear is one hundred percent the answer not only for United States manufacturing, but also frankly, how are we going to keep up with the energy requirements of AI, which is a good thing, and how are we also going to respond to the concerns about climate change? How are we going to mitigate
climate change? Nuclear is an essential part of that. And one thing I should mention is that six members of Congress, I mean, to your point, we should not be enriching the Russian state, and six Republican members of Congress earlier this year passed a bill limit.
Carrie's point was that we're enriching the Russian state. I think her question was sure Russia is subject to both export and import controls.
It is, it should be.
And so six members of Congress passed a bill earlier this year to limit our import of uranium because we shouldn't be buying it from Russia under any.
Rationale point of view.
And yet what does this bill do. The Bill of the White House sign includes an enormous waiver that mandates that continue or essentially Mandy's to continue purchase of uranium from Russia through twenty twenty eight. So I agree, we should not be buying uranium from Russia. We should not be dependent on a critical input for energy in the United States from Russia, and yet we are. So that is a direct result of the Biden Harris administration's policies.
I spoke with the Energy Sectory a month or so ago, and she was very much focused on bringing nuclear energy back to power data centers back here in the United States. I just want to go to perhaps some of the level of tension and indeed ongoing relationships with people when it comes to November six, seventh, eighth, no matter what the outcome is. We had read Hoffmann on of course key bench capitalist founder, but also someone who supports the
Harris campaign. Now he articulated he's worried that there might be some sort of form of retribution.
Can you just take a listen.
Trump and Trump presidency won you know his early presidency has shown a certain.
Amount of grift or capitalism.
It's like trying to penalize his opponents using the instruments of state.
We have about thirty seconds.
But do you worry about penalization no matter what happens on the other.
Side, I don't think so.
No.
You know, I am a patriot, I am an American crew and threw I mean, first of all, I don't think that it's notable that he could not point to a single example of retribution by Donald Trump.
The current administration.
We had seen a tremendous uptick in prosecutions of people who are associated with the Trump administration. So perhaps, I mean, perhaps that there is some concern if the Democrats come back in office. But I'm optimistic enough to think that I don't think that the Democrats are going to retaliate against people who, you know, who voted their conscious and who spoke our conscience, and who spoke out against the policies that we believe are crushing American industry.
I just want to point out that on May thirteenth, President Joe Biden signed into a law of ban on imports of uranium into.
This country exactly. But we waiver.
We are our time, but I promise we will have you back again. Russell mckella, l our VC, founder.
Tech focused hedge fund KOTO, is looking to raise one billion dollars to amplify bets on artificial intelligence, first time it's looked for cash for its flagship fund in the years. No mag Tamma Palmer reports us out, joins us.
How big a deal is it that they're reopening. It's a significant move.
This is their flagship hedge fund, it's got fourteen billion dollars and they're looking to raise a whole billion dollars more to invest in AI. And it's been years since they've opened up their main hedge funds to new cash, so it's a significant move.
Hemmer. I feel like Felipe Lafont's name comes up a lot in the context of AI. Talk to us about him as a champion of the sector.
Yes, he has been a bullish, an avid enthusiast for AI and as technology and its potentiality. And you see it in their investments and the video is one of their biggest holdings and videos one of their biggest holdings.
You see it in the way he speaks about the space.
He has talked about how he thinks that humanoid robots are going to be part of the future in fifteen years. He sees a lot of opportunity when it comes to AI, but also peripheral areas like AI infrastructure and technology and energy sectors. So what you're seeing now is that really come to play in his portfolio.
Very briefly, the relationship with Raymond James, Well, does that signal yes.
So it's part of a broader trend we're seeing in the hedge fund space where they are increasingly turning to bank wealth platforms to raise money. This is a group of people that hadn't had access to hedge funds and private equity and venture capital for many years, and so it's also a space where they can these funds can raise money as institutional investors have become a little bit more cautious on the space and.
Have been a little bit more reticent. And that was individuals helping me.
Yeah, big thanks to Bloomberg's Hemma Palma with another big breaker.
Wow, what a show, and that does it.
With this very special Ed Ludlow Birthday edition of Bloomberg Technology, we wish you a very happy.
Birthday, Ed.
Yeah, It's quite a week to celebrate a birthday, which seems inconsequential. Things considered recap on the podcast, so many important discussions and pieces of reporting. You know where to find the pod online on Apple, Spotify, and iHeart, and of course on the Bloomberg platforms. Thank you to the team in New York City and all the team out here in San Francisco. This is Bloomberg Technology.