Intel Wins Big Incentives and Huawei Risks Sanctions

From the Heart where Innovation, money and power Collie in Silicon Vallet NBN.

This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

I'm Caroline Heider Bloomberg's Worlday quarters in New York, and I'm Ed Ludlow in San Francisco.

In this is Bloomberg Technology.

Coming up, we'll talk all things chips as Intel wins nearly twenty million dollars of incentives from the US government.

Plus the Biden administration weighs sanctions on Huawei's secretive chip network as the US seeks to curtail China's tech ambitions.

And look, we've got to talk IPOs Reddit tomorrow. The company and shareholders guiding that they could price the offering at the top of its marketed ranger, above Astera Labs. The CEO joins US later as we expect to pop in those shares.

Exclusive report at from Bloombog.

The US is considering blacklisting a number of Chinese semiconductor firms linked to Huawei. That's after the telecom giant, of course, made that significant technological breakthrough.

It seemed like last year.

According to sources, We've got to get into it with Bloomberg's executive editor for US Government, Michael Shephard.

Michael, it's great to have you on the show. And perhaps we've.

Seen the reading of the tea leies anticipating yet further action on Chinese names.

Well, I think you're right. What we're seeing is an extension of the Biden administration's push to keep China's chip making and technological pursuit in check. We have already seen them negotiating with the Netherlands, with Japan, with South Korea, and other countries to try to prevent China from acquiring the gear needed to make those advanced chips like the one that we saw Huawei deploy in that phone last summer.

Michael.

We're just showing the list of Chinese domestic chip names that the US, according to our sources, is considering sanctioning. Swayshore pst CXMT, the d ram maker. What they all have in common, based on my understanding of the reporting, is existing ties to Huawei, either they're an affiliate of Huawei or Huawei has basically been using those companies to try and get access to chip making equipment to which Huawei is banned or sanctioned from accessing.

Well, you're right, Huawei has been on the so called entity list, this blacklist since twenty nineteen, and that prohibits any US company from selling technology to Huawei unless it could spell permission from the Commerce Department. And the concern is that while we may have been able to develop this advanced chip that I just mentioned by using some of these companies as proxies to help get some of

Okay, and it's important to note that the White House National Security Council, the Commerce Department did not comment on our story. Representatives all those Chinese domestic names that we show didn't respond to comment, but the Ministry of Foreign Affairs in China reiterated to us that it resolutely opposes US actions that disrupt market order and harm Chinese Enterprises's Michael Sheppard out of DC on an incredibly important Bloomberg piece of reporting.

Thank you the other chip News. Let's get back to it.

US will award Intel eight point five billion dollars in grants and as much as eleven billion dollars in loans to help the company fund and expansion of its semiconductive factories. That's the largest award from a program designed to reinvigorate the domestic chip industry. Here with me and San Francisco, Bloomberzie and King, we've gone the phone last night with Pat Gelsinger. It's a big chunk of money. He told us he would have liked more, but he's pretty happy

Yeah, I mean there are two things that play here. Obviously, the concentration of advanced manufacturing who's currently in East Asia, predominantly Taiwan, but also South Korea. That, as we saw during the pandemic and this ongoing dispute with China, is a security risk, it's a stability risk. The Biden administration wants contingencies, it wants manufacturing in this country. It's backing Intel as the best chance of getting that. For Intel,

Let's also think about some of the other names that are likely to be incentivized to build here in the United States, because it's notable. The US name gets the big chunk of change and the announcement, but others are going to be receiving it from the likes of Samsung for example.

Yeah, I mean, you can't just back Intel. Intel, you know, let's be honest, has kind of fallen behind over the last five years. They say they're making a good shake of a comeback and that they're close to being back where they should be. But if you're looking at it from a purely objective point of view, then you have to back the winners as well, and that would be Samsung, and that would be Taiwan semi conductor Manufacturing, and both of those companies are building new facilities in the US.

I think Pat Gelsinger was honest with us last night that the semiconductory industry in this country over a thirty year period, went elsewhere. Therefore, it's not going to happen overnight bringing it back. But walk our audience through the footprint of what they're trying to do. Arizona and Ohio are the focus. They also have plans for New Mexico. The twenty billion actually goes quite a long way towards getting things built.

It doesn't, It doesn't. I mean, you've got to bear in mind one of these plants, twenty billion is just about going to cover.

Its soutariety of that one fab.

Right, So, I mean, and it's not actually building the factory, it's the equipment. It's what the money you give to apply materials and everything like that. So it's a massive amount of public money. But as you said, as you reminded us, he said, it's not as much as I want.

Right.

This helps this balances the economics. This makes investing in a US facility sort of equivalent to doing it in Taiwan or doing it in South Korea. But this is not a free pass. This is not a ten year kind of extension of Intel's life to do what they want for free for free. It's considerable help, but we're going to need more money if we want to create that basis.

While the real gem of the chip ecosystem in the US and video has still been going out there discussing its future plans. It's vision for an AI focused reality in what are we learning more from in video? And also who they're bathing in their own glory?

Are they anybody that Jensen Wang mentioned during his massive keynote, they start got a bump, and you know, my colleagues on the market team wrote a good story about that, So have a look at that one. And that's exactly what's going on here. They are absolutely central to what's going on. The big message was, hey, here's a great new tip. Of course it's twice as good as the

It's everything.

That was the big message that they kind of rammed down our throats over the last couple of days.

It's Sam sang up the most of six months to getting Jensen Lang's blessing a little bit earlier, inking across it all in the world of chips, We've got more to come. We thank you so much. I mean, while coming up, Look, let's just check in on the implication of the chip market on the rest of the markets. Remember Magnificent seven still driving us to New hus yesterday.

Where is it going in the future?

Principal Asset Management chief Global strategist Semashal joins us ed, what are you looking at?

Well, I'm looking at shares of Micron because we're at the tail end of earning season. But Micron memory chip maker, incredibly important, DRAM highly commoditized, and we've seen recovery in d RAM prices and the streets. Expectation is that that will result in some feel good for Micron. Where do the memory chip makers sit in this AI story? We still kind of want to learn that if they're building all these data centers, surely they need the memory to

Go ahead of the FED decision today, This so called Magnificent Seven, a few of them taking a breather, having powered benchmarks to new records yesterday. I made all this AI hype and indeed the reality being served to us from in video for example, the Laters unveilings. They've made some of these Magnificent seven names the most crowded trade according to Bank of America.

So is this rarely going to be sustained? Let's get into it.

Principal Asset Management chief Global strategist Seemacha is here with us and to talk us through the macro and the micro and just tell us how much you think, with the macro policy as it is, with the fared as it is, whether or not the Magnificent Seven can continue to just own this rally.

Yeah, well, thanks for having me on. It's an interesting question right now because coming to this year, there was a perspective that actually there was going to be a ship away from the MAG seven into other parts of the market. But actually what we've seen is because there has been in so much macro volatility, so much debates still going on about what the FED is going to do,

And let's talk about other parts of the market.

Is it therefore a broader part of the AI ecosystem we look at other names? Are the global names in particular, I think of ASML's done really well over there in Europe, We've done some other Asian names doing incredibly well.

Or is it just getting into other industry groups.

So there's a bit of both. I mean typically looking across TU Asia for the parts of that tech space which can do well, but it is also about looking at just other parts of the market, other sectors and the regions which haven't performed as well, particularly in twenty twenty three. So that has been some interest in small cap space, but really quite hesitant, but hopefully looking to see that once they know what the FED is going to do, that they can start dipping their toes more

I've been thinking a lot sooner about what's supporting the sort of large or megacap tech space in the United States right. Earnings are really strong, and even if you debate the timing of rate cuts, I think most people still think some rate cuts are coming this year. But the thing supporting all of it is like this investment cycle driven by AI. How much carry does that give us through the end of the year. If you call it a tailwind, for how long does the tail wind flow?

It's interesting because actually I would say that that narrative for a lot of people is not just the interest for the rest of the year, and it really takes up a very significant part of the strategic gap allocation, not necessarily the tactical ass allocation. The valuations mean that from a tactical side, this probably isn't going to be the time that you want to be adding your exposure.

I want to go back to the example of Intel, because we were talking about it earlier in the show. You know, if you just as a comparison, put Intel side by side with the MAG seven, I think it's down sixteen seventeen percent so far this year, just got twenty billion dollars of awards from the US government, and it's another example of something supporting that sector, at least the CHIPSAC support. Do you expect investors to kind of pay that more credence in the back half of twenty twenty four.

So we are, and I think that is actually a really important story is we're trying to see, you know, we know how the MAG seven is done, but it's now about thinking about whate of the second round effects, which are the other parts of the universe which are really going to benefit And as you said, Intel is one perfect example, but also if you just look outsidely in the tech sector, looking to maybe towards agribusiness, healthcare, data centers, these are all areas that will benefit as

See, man, you are a global strategist, and you are a cross asset strategist. I would like to do credit, but instead I go to crypto and more broadly, is that something you're getting some clients more questions as to whether that rallies run out a little?

Of course.

I mean when you see the moves that we've had in the crypto in flu that you're going to get a lot of questions. And you know the questions are, of course, is can it continue? But also what we're seeing is that investors are looking and saying, well, look, this has been legitimized now and there is a real runway.

And more.

Principal asset management chief global strategies seem as are great. To catch up with you here on invo technology. Steri Labs indicated to open at fifty two dollars fifty six cents a share. That's pretty significantly above its IPO price of thirty six dollars a share. Shares indicated to open at fifty three dollars as of around fifteen minutes past eleven Eastern time fifteen minutes past eight am Pacific time. It's a forty six percent premium on where they priced.

Your reaction, Well, this is the excitement that IPO market is needed. There've only been three venture backed IPOs since twenty twenty one. Is Sarah Labs popping significantly, which you know this is after already pricing above their revised range. They kept revising it higher because there was so much demand from institutional investors and so the fact that Sarah Lab's roadshow went really well shows it proves that there is an US through demand for the right companies for tech IPOs right now.

And the reason that it's so well liked is well.

It developed semiconductor based connectivity solutions. Basically, this is about AI, Katie, And do you think therefore we are needing to have this element of AI to get investors really excited at the moment.

Yes, that's what it seems like. This is definitely an AI related company. They're in chips and you know that's been something that's drawn more excite and back to tech again. Obviously twenty twenty two was rough, and then twenty twenty three people started to get more excited about AI. And now in twenty twenty four we're seeing this make it to Wall Street in IPOs and there's a lot of excitement there.

Let's get to the other technology IPO due in the next twenty four hours. Reddit sources are telling us that we're looking at the top end of the range. The range was thirty one to thirty four dollars a share, which on a diluted basis values.

Reddit six point four billion. What do we know?

So, you know, technically hasn't priced yet, but we're already hearing positive indications about where it will price. You know, they're writing off of the excitement from Astra, which helps, you know, excited investors for tech generally, and you know, they saw how the market was trading today and they're thinking already that this could go well. Technically, it doesn't get priced until after the bell, but you know already it's looking positive for Reddit.

Yeah.

I mean it's going to be music to some of the banks. Is when we're at record highs and in the days before the IPO being led by Monges Standing, Goldman, sax Shaping, Morgan, Bank of America, Katie. This is a name that people have anticipated coming to the market for so long. How is some of the allocation going to the regets themselves? Because they want to ensure that their community is supportive of them going public.

That's right. They're allocating shares to some of their top Breddit users. And you know the way this works is normally it's a wall street that gets access at the IPO price. Normally, an average retail investor can only buy after it begins trade on the first day, and they don't have access to that much of that pop that we see, and so this is a way to kind of gift that to some of their top users. We have seen this with a couple of other consumer facing IPOs now but this is part of that trend.

I think what's interesting about Reddit is relatively complicated history. Founded two thousand and five, had a y combinator as well, then bought by Conde Nas very quickly spun out twenty eleven, and as carry pointed out, we've been waiting.

A long time.

There is also how this IPA is going to work. So some of the sheds to insiders and staff, some of them to redditors themselves. How does that impact the mechanics?

Sure?

So, you know, what we saw on this is that we had smaller than usual stakes for some of the institutional shareholders like venture capitalists, and that's part of that, you know, because they were spun out of Advanced the Conde Nas parent, the founders had really small stakes, you know, less than five percent for them, and that's not something we typically see at the time of an IPL. But you know, this is a company that's going public after

Question is profitability from these companies as of when it's hit Katie Woof, We thank you so much for breaking it down. It feels like a bit of an IPO Mini Frenzy. Welcome back to Bloomberg Technology and carolinehid in New.

York and I'm Med Lodlo in San Francisco. The Buying Administration is toughening auto emission mandates in order to boost EV sales. In the near term, there's actually some easing in tail pipe requirements, but in the long term it's going to be an EPA cat for car and truck tailpipe emissions through the model years twenty thirty two. The idea is that it will push the automakers, particularly the legacy auto makers, to move more quickly in boosting their

This is an interesting that Semashah.

We just had that conversation about how much regulation and US incentives are going to be changing some of the investors' mindsets so across chips and cars. Meanwhile, let's just go to Microsoft for a moment.

Get this.

It's tapped DeepMind co founder and the stuff are Cinnemon to head up its consumer artificial intelligence business, basically hiring most of the stuff from his Inflection AI startup. As a software giant, it's trying to be fending off Google in the highly competitive market for AI products, really targeting consumers. Joining us now from more bloom Moost Jackie Deavlos, And this is so interesting because once again Microsoft getting in

It's a really interesting agreement between one of the biggest players in AI right now, Microsoft and what was seen to be is a really promising AIS startup. Now, both companies were pretty careful not to call this an acquisition, but nonetheless the agreement effectively has Microsoft absorbing this team for them, it means they get to acquire this massive talent. Mustafa Suliman, as you mentioned Caroline, comes from Google and

I think there's more than a few questions with this.

So when we put the story out on social media, people start calling in Aqui higher and then this is the most bizarre thing about the whole thing. Open Ai felt compelled to issue a statement congratulating the stuff on his new role, and I think that we spoke to in Thedella as well, right Jackie, and he reiterated Microsoft's commitment to open up. It's a very complicated situation.

It really is, because at the end of the day, open Ai is a competitor to Inflection in many ways. Inflection runs its own chat pot pie, which it said it will continue to keep running for how long That's unclear, but for what we do know is that Inflection plans to focus more on enterprise business. Of course, that's right

Public companies private companies making moves. Another example of a public and private company getting closer aligned Blue Most Jack Davolos, Trivic Reporting, Thank you AI, Let's stick with it and let's stick with private markets is also on ivp's mind.

The forty four year.

Old Silicon Valley venture firm wanting to take advantage of the great opportunities it sees with this technological shift, and it's launching it's eighteenth fund with a one point six billion dollar raise. Springing IVP partner Caac Wilhelm for more in today's VC Spotlight. Welcome to the studio in San Francisco. Let's start with the fund one point six billion.

Explain it to me.

What is it going to be used for, what is the thematic focus, and how did it come together?

Absolutely?

Yeah, So you mentioned one point six billion and eighteenth fund. That means, you know, Fund one was back in nineteen eighty Fund one was a grand total of twenty two million dollars.

So as you can see, we've come a long way. We've invested through.

Cycles, and I think the key cycle right now is AI.

But it's a crowded space, a crowded cycle because you not only have the like, well one point thing's been in early stage or so it's a good question.

You know, venture means many things, so many people ventures everything from you know pre.

Seed and seed all the way to pre IPO.

We are squarely in the sort of super growth phase. So you're raising a Series B in a Series C, you have early data. We believe in you, your team and your market, and that's where we're trying to hone in interesting in venture. You know, lots of people have moved to a platform model, so everything to everyone. We have consistently over eighteen funds, we've been really focused on doing this one stage in this one stage way.

How I didn't mean to lose my train of thought there, but I was just reflecting, having been at GtC, that this is a space where it's not just venture firms jumping in. You have strategic investors like in video as well. There's a lot of people putting capital to play.

Yeah, it's super competitive.

And for that instance, when you're trying to therefore woo in this new era of founders and ensure that you're managing to write the write checks rather than well, the corporate vcs at the same time, CAAC, I'm assuming some of the past precedents really win out. I think of some of the exits that you've had Data Dog here in New York. I think of Klana coming up. I mean, how much does that track record help show that you should be as part of that winning team for them?

Yeah, exactly. I mean I think longevity really helps. I think brand matters and venture capital. So I think the brand of IVP means something we wanted to mean, substance and soul. We wanted to mean that warrior partner. We're going to lead the round and we're going to be

What do you make there for of inflection going with Microsoft and a future of Perplexity. I mean, it feels as though the big tech companies are not only writing with their vcs, but they're also making these very extraordinary partnerships that end up feeling.

Like M and A.

Yeah, I mean on this one you guys were discussing earlier. I would like this inflection deal does sort of like smells like an acquisition, looks like an acquisition. I think everyone's focused on the CEO and his his move and his role and Microsoft. But I think this does sound and smell more like an acquisition than it does anything else to me.

I mean, I think what it does is, you.

Know, from the perspective of a perplexity for example, very focused on Google and their positioning visa be Google. I think Microsoft historically conventionally has been very much an enterprise business. So I think what this does is this puts Microsoft consumer on the map in a way that maybe people hadn't appreciated more recently.

Thinking of consumer, I'm thinking of you know, Klana for example, as one of those companies that is very consumer facing, is looking at tapping the markets itself. We today are anticipating a non consumer business a Steri Labs coming to the market. It looks as though it's going to price well, it's going to start trading well above where at priced we got Reddit tomorrow. How do you feel about the exits at the moment, not only just big joint ventures, but the public markets.

I'd say we're cautiously optimistic. I mean, if you think look back on history, look at twenty twenty one for IVP, we had fifteen IPOs in that single year. That's of one hundred and thirty total over we discussed since nineteen eighty. So those heyday you know, that heyday we all lived at. You know, maybe we want to go back, but those days are probably over for the next you know, ensuing years.

I'm interested in where the one point six billion is coming from in the context of exits, but also the competition. We are obsessed with the FED because we're Bloomberg and that's all we talk about. But who would be an LP right now in a venture firm like like yours. Are they kicking down your door and saying I want on that fund or was it difficult to bring the fund together?

Yeah, a little bit of both.

I mean, we started in nineteen eighty and so we have an investor base money of whom we've been with us since nineteen eighty. You know that is a makeup of a lot of US in Europe sort of mainstream LPs. That being said, if you had taken a pulse check with me six months ago, five months ago, four months ago, I would have had different answers for you. It wasn't straightforward. I think you guys know as well as we do.

One of seven GPS over their IVP of course oldest one on the black block when it comes to Slickon Valley and cac. But you need to get into your running prowess and how that's all going. IVP partner CAQ Wilhelm, We thank you so much for coming on and talk about the new fun. Meanwhile, coming up, we've got to get into the IPO. We're just mentioning Asta Labs. It's about to go start moving on the Nasdak it priced now we're going to see where it starts to trade.

CEO Ja Tendra Mohun's joining us.

Ed what if you got I want to go back to those kind of legacy automaker and EV names we were watching.

The Biden administration is bringing in.

Tougher tailpipe rules effective or caps through model year twenty thirty two. The we ease the short term requirements, but the idea is make long term tail pipe emissions regulations tougher. Now to get some of those names like GM and Ford to move more quickly on transitioning to battery electric. There wasn't really a knee joke reaction in the moves

This is Bloomberg technology.

We've got to talk IPOs, We've got to talk the listing day over stra Labs, which provides purpose built connectivity solutions basically for artificial intelligence and for cloud infrastructure.

Company will soon be busy trading on the.

Nasdack and of the ticket symbol alab A Lab here for more as the Estera Lab CEO Tendra Mahanjatendra, you own what about six percent of a company that's going to rock it to more than about a ten million dollar valuation.

How do you feel?

Feels great, feels awesome. It's not about me, though, it's if you think about Esthera, It's really all about the people who have helped us get to this valuation, and it's the people who are going to push us to new heights. So very excited.

About today to Tendrey, Good morning from San Francisco, and sorry to interrupts you. Just a few minutes before you joined us on the program, Bloomberg reported that your stock is indicated to open at fifty two dollars fifty six cents a share. That's a forty six percent premium on where.

The IPO price. What's your reaction to that?

Thanks, stock market prices are something that we should be aware of, but not let them drive us. It's my philosophy. I think it's an indication of the confidence that our investors are placing in us. So we are very, very glad. We have a lot of gratitude for them. But we'll keep our heads down, continue executing, continue building products.

And let's talk about that execution that's driven your revenue to last year one hundred and sixteen million dollars, almost doubling but you're still got a net loss of twenty six million dollars when you think you will be able to provide that profitability that so many investors want to see.

So we declared that the last quarter we were indeed profitable. A focus for ester Labs from the inception has been to build a strong business, one that can stand on its own to feet without external support, and that's what we've been doing for the last six years. We turned in a profitable quarter last quarter, and we will continue to drive our business forward in the coming quarters and years to come.

Jitendra, there were no fewer than two hundred and seventy one mentions of the word AI in your most recent SEC filing before this morning, and I think it's worth discussing what a stera actually does. Right, You make the hardware or the chip that allows for the high speed connection between different parts of the server rack war as is now more commonplace to call it the computer the

Yeah, that's a great question, and let me give you a little background. So whenever you enter a querry into a chat GPT or you look for a recommendation coming from Netflix or Amazon. What happens in the back is in a data center, thousands, hundreds of thousands of computers you know, many times based on GPUs come into action and they talk to each other very very rapidly, at very very high rates. And in fact, the rates are so much that they are not able to talk very

Briefly, you've raised seven hundred and thirty million dollars. What are you doing with it?

Chatandra?

We have so much opportunity in front of us. We are in a very unique position where our customers are coming to us and telling us, build me this, build me this. You guys are good at semiconductors. You can build hardware you can do software. We've earned a trusted advisors status with our customers and so much opportunity in front of us, so we will use this money to really accelerate the product development that we've done, hire more people.

Apply Sarah Labs CEO to Bendromo and great to have you on the program. After Hollywood filmmaker George Lucas showed support for Disney CEO Bob iger in his proxy battle of activist investors, let's get the take of Gerber Kawasaki CEO and President Ros Gerber, who's point posting on x that Nelson Peltz quote does not know his way around Hollywood or anything related to the entertainment industry.

Ross is here with us on the program.

So I guess the latest piece of news is what we reported on Tuesday that George Lucas, who sold his production house to Disney for stock, is coming out and saying Bob's the man.

Does that carry weight for you?

I mean, George Lucas is like one of the geniuses of Hollywood, and Bob Igrew, who you know, I've met and talked to many times, is like one of the best CEOs in like America or maybe the world, but also one of the best CEOs in Hollywood. And like getting this deal yesterday with ESPN in college sports, getting

And his former CFO, who would have known how to make money in Hollywood before.

And I'm actually okay with replacing one of the board members with Joe Rossulo, especially somebody like Mary Barrow who has no reason to be on the board of directors at Tesla. So like, I don't think it's a horrible thing to have one board member switched for one of their picks, especially Joe. But like in general, Disney's doing well right now and they're doing everything they need to do to fix the business.

Because real quick, I think you said Tesla, but did you mean you meant Disney Disney. Yeah, I'm sorry, Elon's on your mind a lot at the moment.

I get it.

Yeah, let's let's not go there, us.

Let let's let's not go there. Let's stick with Disney.

We're speaking so much about a proxy fight and an activist investor battle that actually, I don't think we've got any real good sense on how things are going at Disney. Because the accusation from those that want change, like Nelson Peltz, is it's not going very well, right, That's why they want change. But what do you feel about the performance of disney streaming business. It's studios and it's parks.

Well, that's not the vibe I'm getting. You know, I live here in Hollywood, and you know I have deep connections through the entertainment industry. You know, Disney and Hollywood is going through a major retrenchment now on what they're spending on streaming and what they're spending on shows and what content's being made, and it's not just Disney, It's it's Netflix and many of the other players are really looking at profitability now and with the ad support and

You know?

Showgun is a great show, so the number one show out there if you haven't seen it, amazing show. They've got Taylor Swift on the platform, you know. So Disney Plus is doing well. ESPN is making all the right moves they need to make to move into the next stage for its growth, and parks and resorts is great as well. They just need to make some good movies. That's the only thing. And the best person to make good movies is Iiger and his team. There's nobody else that I would trust doing that.

Well, they can just license Area's Tour, which got four point six million views on Disney Plus apparently in its first weekend.

So go with the hits.

But Ross, I am interested in the successor eventually. As much as you love Bob Iger, he's got to go in twenty twenty six.

Who do you like?

Well, you know, the truth of the matter is, I've been around since the Eisner era, so until he's actually gone. I don't know. I don't know if I believe somebody's replacing him, because you know, Bob Iger's in phenomenal shape, and you know, if Joe Biden's running for president, certainly

Goba Kawasaki, CEO, President ros Gerber always great to catch up with you. Thank you so much for Meanwhile, Well that does it for this edition of Bloomberg Technology.

Boy, what a busy show.

Ed.

Yeah, it's interesting how there is this kind of little IPO euphoria window of the next twenty four hours recap the ASTERA conversation in particular on the pod Apple Spotify.

iHeart the Bloomberg platforms.

So many of you are checking out the pod on your way to work, or when you're on the treadmill, whatever it is. Tune in daily from New York and SF. This is Bloomberg Technology.

James wol