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Go this is Bloomberg Tech coming up video and am d a great p fifteen percent of their revenues from Chinese AI chip sales to the US government.
Plus Intel CEO Lib Boutan is set to visit the White House today, just days after President Trump.
Called for his resignation and lithium prices and stock spike after c atl Holtz operations at a major mine in China.
But we returned to.
These public markets and ed this is an entire show really focused on the semiconductor world. So I bring you the chip sector in particular, and I'm looking at the socks of course, the Phillies. The Philadelphia Semiiconductor index is currently up almost a percentage point. We're coming off of la highs. But really a focus on the macro picture right now when near record hires, the stocks, bonds waiver, We're looking at inflatory data, but we on the show
are looking at semiconductors. Dive into them for a moment.
There are so many chip stories Micron is raising its guidance for the current period because of pricing power, particularly in dram There's a lot going on in high bandwidth as well. Intel's up four point eight percent. Its CEO, Lip Bhutan is off to the White House to meet with President Trump. Will bring the reporting later in the hour.
Then the top story, Nvidia and AMD, according to a Bloomberg source, have agreed to give the United States fifteen percent of any revenues from chip sales to China, AI chiphails to China in exchange for export licenses in what is a very clear quid pro quote character.
It is unprecedented. Many people say, let's get out to Bloomberg Balance of Power host Joe Matthew, who we welcome to the show for the perspective of the administration, I do this, Je.
Well, boy, it's a great question.
It is unprecedented, remembering the golden share that the White House scored in the Al the Pond takeover of US Steel, this is a whole new level and it's raising a lot of questions, beginning here in Washington, at least with National security. Wall Street might have slightly different questions here, but of course, remembering that these chips were going to be off limits to the Chinese, and it's something that we've talked about a lot here on the air. That
was only a couple of weeks ago. Then you saw the turn to making them available. The licenses even after that moment were not actually being given to Nvidia or AMD for a couple of weeks.
So this apparently unlocks the license.
But my goodness, the role of the administration is now playing in business. I think we can say openly that the US government is now part of the semiconductor industry. They're invested in the business. And the big question is where's the line. If fifteen percent is enough to get the H twenties on sale in China, is there a number that Jensen Wang can come up with to sell even more.
I want to point out that AMD has not said anything about this reporting. It was first the ft, then it was US. Nvidia has said something. They've said a lot, actually, but they haven't addressed the fifteen percent number. To your point, Joe, what they've indicated is that so far, at least I think in this fiscal year, they haven't shipped any H
twenties to China. So that's important for Wall Street to kind of model for But boy, they're kind of indicating that they're getting what they want in some sense because China is such a key market. And the President seems right now, if this reporting is accurate, to be willing to oblige them because he's getting something in return.
He's done a deal.
That's right, He's done a deal.
And this is the same president who just days ago, of course, asked for the resignation of the Intel CEO. As you mentioned, Lip Bhutan is at the White House today and it had us last week asking the question if President Trump is in fact the chairman of the board at any major company. We've seen him do this before, calling for boycotts of certain goods, calling for personnel change,
is calling for policy changes within companies. You've certainly seen the impact that he's had when it comes to DEI, But actually exchanging money with these companies is a whole new prospect. And it's unclear exactly where this fifteen percent would go.
Will that be used to pay down the debt or do something else?
In terms of national security, we have a lot of questions that remain. The President, by the way, is briefing reporters right now at the White House talking about crime here in the city and his effort to federalize Washington, DC. It's a very separate and big story here, but they will go to questions and I suspect that these will come up today.
We suspect so too, Bloomberg Balance of Power host Joe Matthew, thank you very much. Let's get more in the reaction to the Nvidia and AM deal with Riva Goujon. She's a director at Rhodium Group, an independent research firm that analyzes economic and political issues, including those relating to China. Reva, you have more than two decades of experience as a geopolitical strategist advising companies and what on earth's happening around
the world. Have you ever seen the United States impose what is essentially an export tax in exchange for those companies being able to export technology to a specific market.
Well, an orthodox is an understatement here, right, And there's that whole pesky detail of what about Article one, section nine of the Constitution that says no tax or duty shall be laid on articles exported from any state, meaning any part of the US government, to include the executive branch. So yeah, we're in uncharted territory here, but it does
fit with a highly transactional administration. But as you just referenced earlier, what is exactly the line here if the administration is driving toward revenue generation, not just in trade policy with tariffs, but even in export controls right to include high end semiconductors, what's the line on what is considered too advanced right as it balances against this revenue generation goal.
Let's just repeat that. Now we've had for video. We are hearing from AMD as well saying that in initial China licenses have indeed been approved in AMD and confirming it received the China AI chip export licenses, and something that we quizzed Lisa Su on just last week after her earnings, and that's what the market really wanted to hear about REVA. But go further a little bit here as to ultimately companies looking to sell into China thinking
longer term whether they'll remain to have access. The response from China thus far has been one of concern about what the amount of information and so called backdoors they've been questioning, particularly with Drens and Wang.
Well, Tramp has made himself intrinsic to the US China chip wars. So now we need to see how far this actually goes. Le Bhutana is going to be in the White House. Can he pull off at Jensen? That still remains to be seen. But Intel has a lot of problems attached to it, and there is an American imperative to create an American ship champion out of you know, Intel's setbacks, and so I think there's a lot more
deal making to come out of that as well. But you know, with this level of transactionalism, there's always a degree of uncertainty of how long does this actually last. If we are applying a sliding scale to chip sales to China, then at what point does that start to retrench? As US China AI competition is undoubtedly intensifying, we're still
in the early stages of AI division. As we start to see more of these physical AI applications become more real, right as we wrap our heads around that, as we wrap our heads around the competitiveness issues around that, the critical inputs where China still has intense leverage, will we start to see a delayed reaction in the US that freak out moment so to speak, where these kinds of controls could fall back to a more restrictive nature.
What a push US forward house the American president decided to forego national security concerns for a billion dollars at least per quarter coming home from or if our math is right, and what fifteen percent earns them, or do you think that they can manage to in some way location track and understand what really ultimately gets into the Chinese tech stack and how it is used.
Well, there are a couple different issues here, right. H twenty's are optimized for inference compute. So the assumption that the administration is making here is that inference compute is not the chief national security concern. Now that raises a question again, if Huawei is able to produce comparable chips to Nvidia or AMD, will we see US chip controls ease right to allow US technology complete head to head
with Huawei? So again, where is that line drawn? But still, you know, we're in a highly transactional phase here, and so we need to see just to what degree is the US going to be concerned about those end uses. And again the economic competitiveness concerns are still in play here.
I don't know H twenty can be used for training.
You know it's had performance engineered out of it, but I know talking to a lot of people inside the company, there are lots of credit here. You said something a minute ago, doing a Jensen or pulling a Jensen. I find that so interesting because his principal argument, in line with what we've just debated about age twenty, is if you don't export American technology, China will use a domestic champions technology and then they'll start exporting it to under
international markets. Forget the revenue side of this for a minute. Is this smart by Trump to kind of have the pr effect of allowing them to export technology to an economic adversary and at the same time doing a deal showing that he's got something out of it.
It's a slippery slope. And as we're seeing the preparation for a US China summit between Trump and She, what is Beijing thinking at this point? Obviously it wants to take advantage of this highly experimental, transactional phase. So what is it going to push for. We know they're pushing for an easing of the twenty percent ventanyl tears on the chip controls front. They're going to want to push
for an easing of high bandwidth memory chip restrictions. Now that's really tricky, right because if you start to say, okay, because Chinese memory chip makers are becoming competitive in this domain, that the US will allow Micron, for example, Samsung SK to export these chips to the US. That doesn't help in Vidia because Huawei is getting access to HBM chips that are going to improve its production. Right, So you
see a selective application of that sliding scale approach. And the US so far is also not easing semiconductor manufacturing equipment controls, right, so the tools to actually make those chips. If the US imperative is to throttle Chinese chip production, really constrain that so that US companies like Nvidia and AMD can flood the zone in the Chinese economy, get the Chinese technologists addicted. So to speak to US tech, you don't necessarily want to help hualy right in its production either.
How do you anticipate China is going to respond to this?
Well, China has a ton of leverage at this point with the critical raw material, the rare earth licenses, and if you look at comments from US tr recently Jamison Greer, and what you can see from those tops is that that issue of licensing for critical inputs seems to be
a major theme of the US China bilaterals. So if the US raises threats on tariffs or raises technology controls in any significant way, China can basically say, look the terms of Stockholm or whatever European capital they're off and you're not getting your licenses and your production lines are going to be paralyzed, and good luck with your manufacturing ambitions. Right for this big Ai renaissance, for your manufacturing renaissance, we hold the cards. And at least for the duration
of the Trump term. That is an uncomble troop.
Riva Boujeon, director at Rolling In Group, fascinating to talk to you. Thank you now coming up, Intel CEO lit bou Town we just mentioned it. Reportedly going to be meeting with President Trump today. That story's next, ed. What are you looking at?
I'm going to take another look at Micron Becauches are pushing higher again. They've upped their guidance for the current period, saying that just a EPs will be up to two dollars ninety two cents. Previous end of their guidance at the top range was two point two dollars sixty five cents. But it's all about kind of favorable dram pricing because
margins also looking better as well. Again, this is a company that wants in on this great build out in data center in particular, but its historic business has been so commoditized in cyclical. But investors in this moment really liking what they're seeing. Micron up three and a half percent, will be right back. This is Bloomberg Tech. Intel CEO lit bou Tan is set to visit the White House today.
This is just days after President Trump called for his resignation due to potential conflicts of interest.
Blue Basie and King joins us.
You've also kind of gone deep on like where Litboo fits in right now with Intel strategy with the White House. But what do we understand that he will be discussing with President Trump when he's in DC later today.
Yeah, I mean it's still a TVD obviously, but there's an awful lot going on in Washington right now regarding chips. But fundamentally, what the Trump administration wants is an affirmation that all of these projects, all of this physical building of semiconductor plants in the US is going to go ahead.
They don't want any sense that, oh, maybe we will maybe we won't, And that has been the message that kind of Intel have delivered recently because from Wall Streets perspective, we don't want to build these factories until they can actually fill them. So there's kind of a push and pull there. Whether they're investors one one thing and frankly the White House once another. So the topic has got to be how do we get the two sort of
positions closer together. What kind of language can Intel come up with that will keep the White House happy and also not scare investors?
Ultimately, ian what would scare investors a lack of access to the chipsacked money, a pullback more broadly from fabrication in the US, or is it more worrying that they're going to be plowing money in before the.
Demand is certain?
Right, Investors really don't care where chips are made. They care whether the companies who are making them are making money or not. Building plants when you don't have orders is not a good way to make money. It's a
way for your company to go out of business. So that would be their position ultimately, though there is a lot of realism out there and obviously, as we're discussing, the supply chain is becoming more complicated and the geopolitical imperatives are becoming stronger and stronger, So there will be some understanding that, hey, maybe we do to build out capacity. But Intel has a lot of capacity in the US already, So why does it need to build these megafactories unless
it has orders. What they want from Intel more than anything else, is hey, we've got some giant customers who want to use our factories the moment, Intel cannot say that in.
King always across the reporting, we thank you so much for more on Intel and look the broader chips sector. Johann Foene's with US and Vice's Capital Management Partner Portfolio manager, Johann, what is it that you would like to see lip Bhutan managed to navigate today? Is it better that he promises more investment into the US, more manufacturing and that he has extricated himself from China or ultimately does he even need to stand down in some way as CEO.
It's truly unclear. Caroline.
Obviously, I think he can defend himself from the concerns that he's conflicted, and that's his main mission today. I don't know if that means he needs to do more to separate from his prior work and investments. I don't
know how much capacity he has to do that. I think Ian is right that the administration wants to be able to continue to push the narrative that they are doing something to bring more chip manufacturing back to the US, and so his announcements of less investment or delayed investment, you know, is a concern to the administration.
But they don't have the customers yet.
Maybe he can say, hey, we've got these guys on the line, we're reeling them in.
Maybe that would be reassuring.
But ultimately Intel needs to keep those subsidies, but not at the cost of having to spend so much CAPEX in the near term when they don't have customers. So a very fine line for the CEO to walk.
Here.
The stock's up six percent, so the market likes something about the idea that lit Bhutan's going to go to DC and meet with the president. Present day, you're fund manager looking all across tech, but you had a long career in semiconductors. Lit Bhutan also has had a very long career in semiconductors. A lot of this affiliation with China or indirectly has been well known.
Were you aware of it? Do you understand his history?
Yeah, I mean, you know, I don't know him that well, but I think the public information about his prior work is pretty clear. He's obviously very highly respected. He was brought in by the board to take Intel in a different direction, one that is more measured, less capital spending forward than Pat Gelsinger wanted to do. And so it's it's just worrisome right that he might, you know, have to be removed because of concerns that really.
Aren't, you well, well founded.
So he seems like he's a very good person to run Intel at this when an Intel desperately needs the help they need to take that company in a different, more streamlined, more efficient direction while they sport out the recipe for designing and manufacturing chips, which was a huge stumbling block for them, and that that's why they're in the position they are, right, why AMD has taken so much care from Intel over the year in server chips and elsewhere. So you know, this is something this is
a company we would avoid. We are avoiding at this point. We don't think it's a good place for investor money. There are just way too many uncertainties about the potential of Intel to make a comeback.
Meanwhile, the uncertainties loom large about access to China and what you have to pay to do that from an AMD and an Nvidia. But an uncertainty you're willing to swallow if the underlying tailwinds are still so strong. Make of it what you will tell us what you thought about the AMD and n VideA deals.
Yeah, so clearly right, the companies need act. The companies are better off with access to China than without. Even with the fifteen percent export tax.
The you know, the potential revenue at risk, you know, thirty ish billion dollars for Intel, six to ten billion for AMD, likely to potentially grow over time, you know, So to pay fifteen percent on that, it's going to cut into their margins to some degree. They probably get a fifty sixty percent gross margin on those sales.
I think that they're to have to swallow this.
Right, they're charging what the market will bear right now for those chips selling into China and elsewhere.
I don't think they'll be able to pass on.
This tariff or this sorry, this export tax to the Chinese customers. They're charging them as much as they can get away with already, so you know, it's definitely going to be a hit to margins on a what is a you know, minority part of their businesses. But it's better to have access than non And I think the stocks are up because maybe this resolves the uncertainty.
Maybe people will say, Okay, they're.
Going to have to pay this, but hey, now we can rely on the fact that they'll have these export licenses, whereas before it was this sort of vague national security concern. No, you can't sell ships to China. Now that's gone away, right, It's clearly not a national security issue if the government is willing to let them pay a fee to gain that access.
AMD put a statement out this morning saying they have an initial export license. They didn't address the fifteen percent revenue split. Nvidia put out a statement saying they've not yet shipped any H twenty to China for months, but they hope to. Can you and your desk analysts start modeling for some real China revenues in the near term from both those companies, Yeah, I think.
Well, you know, from what we know, Yes, I mean it's good that AMV has confirm they have the licenses, so I think we can and we would definitely model in that fifteen percent hit to revenue. And it's unclear, by the way, where this goes legally, right, it's unconstitutional to impose an export tax like this, but it's not clear who would have legal standing to.
Object to the tax.
And clearly Nvidia and a MD aren't going to because they don't want to unbalance the apple cart here and risk those export licenses. But perhaps you know, one of the business associations does. This is unclear whether this shouldn't stand. But you know, we're seeing more and more of these kinds of pay to play arrangements by the US government that could increasingly, you know, put a tax on businesses and should be known this is an ex post tax.
Right.
This has happened after the fact of the company's having designed these ships and begun to sell.
Do and they want to sell more.
What what we worry about is that now companies are going to take this potentially into account. You know, do I want to develop the next ship or do I want to develop the next you know, whatever medical device. If I'm going to be subject abound fifteen percent revenue.
Techs toun feeny of Advisors Capital Management throughout a time, but really grateful, thank you know. Coming Up Forward announces a quote tremendous pivot for its electric vehicle strategy and can have those details next.
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Time now for Talking Tech and first up Forward. It plans to invest five million dollars building a new line of budget evs something at thirty thousand dollars mid price pickup truck in twenty twenty seven a now, the move represents a massive shift and strategy for Forward. If it's like the F one fifty lightning plug and pickup just failed to meet lofty sales expectations. Plus, Paramount is spending seven point seven billion dollars for exclusive rights to show
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Okay?
Coming up We speak with Bernstein senior analyst Stacey rascon As. Nvidia and AMD agreed to pay fifteen percent of their China chip revenues to the US government. We're going to get back to that story next. From London and from New York City. This is Bloomberg Tech. Welcome back to Bloomberg Tech. Let's get right back to our top story. Nvidia and AMD have agreed to share fifteen percent of their revenues from China AI chip sales with United States government.
Bloomberg's reporting that, citing an anonymous source and videos basically flat. AMD's pushed higher since it confirmed it has been granted an initial export license, but neither of those companies in their statements have talked about the fifteen percent revenue payment to the United States government at all. I'm looking car
at the sell side reaction and it's pretty mixed. Yes, many say good to have access to the China market, but there is a number of names on wall streets that say this sets a bad or worrying precedent.
And I think one of those names is joining US now.
Stacey Raskin's joining US bens and senior analysts to talk through the whole semiconductor spectrum. Stacey, we start with what you say, initially, look eighty five percent looks better than zero percent in terms of revenues, but what is the precedent here? What is their long term access to China too?
Yeah, so again I don't like the president that it sets. It feels like a very slippery slope again, you know, like eighty five percent better than zero. I think it's better for them, well for them as frankly, as well as for the US in general, to to be able to sell into China, Like you don't want to hand the Chinese market for Ai over to Huawei.
We want to be able to compete there.
So I think it's good this idea of like I don't know what you want to call it, pay for play or like export tax or whatever you want to call it.
I don't like it. Quid pro quo, Yeah, yeah, I mean it's a slim Why does it stop here? Why does it stop with China Ai? Why why not other products other companies? I mean, Stacey, I don't I don't like I don't like it. Now it's not up to me.
We'll quite the reason. I jumped in, and Caroline forgive me. But the reporting was really clear, right, citing the anonymous source that it is a quid pro quo in the sense that it is fifteen percent in exchange for an export license. That's what the reporting tells us. Have you got enough information on your desk now to model for what you think and when you think? And Video and AMD can stop booking that revenue, so.
You'll let me.
Let me put the fifteen percent aside for a minute. They have to restart these supply chains. Both companies have some some work in progress, not really any finish goods that they can just sell. They've got some work in progress that it was halted that they can restart. It will take some time. It will take even more time if they have to start actually new wafers from the beginning of the process to run them through. That'll that'll take it could be six months, even longer nine months maybe.
So to the extent that they do ramp this up, it will take some time. Maybe you get a little bit.
You know, we had spoken with Nvidia about a month ago when the news came out that the licenses were getting I'm.
Sorry to jump in. We'll be back with you in a moment. But President Trump is just speaking on this very topic.
Just take a listen.
I think President's a landski to join them.
So you have to understand, there's a war that should have never happened. There's a war that wouldn't have happened. If I went president, would have never happened. It wasn't It was the apple of I get along very well with President but if you look under President Bush, they took a lot of.
Ter let's jump out. Sorry, Stacy, we returned to you because he's just pivoted quickly away now back on relationships with Russia and of course with Ukraine.
But he was.
Mentioning AMD and indeed the China relationship, and I go to you on that because longer term, what will AMD's access, what will in Video's access be to China, because China doesn't seem thrilled thus far by what the sentiment is coming out of the US.
Yeah, I mean, look so in terms of these things.
By the way, in Vidia has a roadmap with new products that are supposedly already compliant that they don't require a license for, so I don't know if they would have to kick back some of that once they get products actually below the threshold of the license enters, and they do.
Have a roadmap to sell in China.
AMD has been a little less forthcoming about their future China roadmap, So I don't know what products they have that may go.
Presumably they do have a roadmap and we'll hear about it in due course.
For the long term in China, though, I mean, you got to remember, like these these thresholds are fairly punitive. China actually does have local products that have better performance than what both in Vida and A and D are actually allowed to sell.
There.
The benefits that in Vidia and especially in Vidias is around ecosystem, which is why we don't want them to shut off, because we do not want the local developers in China to coal us around other local alternatives like Quaale. But you have to think, like over time, the gap between what and Vidia and even AMD are allowed to sell in China versus what they're allowed to sell in the rest of the world is going to get bigger
and bigger and bigger. They're not going to really be allowed to improve the performance of these products in China to the extent that they could do it anywhere else, and the Chinese are going to do their best to improve the performance of their own products as much as they can give.
In the constraints that they're under.
So like over time.
Look, China, it's a big market.
Hopefully they will get some of it, but I mean it's going to be a competitive market, and it probably will be impaired relative to their to what they would be able to sell their if there were no constraints at all.
Stacey, Caroline and I had the opportunity to quiz Lisa sou about this in the middle of last week. I just wanted to play her thoughts on China right now.
Ninety days ago, you know, we did not expect to believe to ship, to be able to ship to China because of some of the regulations. I think this administration, the Department of Commerce, the government has actually been very open to trying to find the right balance between national security and ensuring that we have AI USAI technologies proliferated across the world.
We've talked endlessly about Jensen Wong's ability to have a relationship with the President. But I just wondered if you've given a valuation of how Lisa Sue's doing in DC right now.
I mean, like she seems to be doing all right as well.
Like you have to remember Jenson's the dominant player here, like am D I mean and more power two of them. I mean they've done very well given where they're coming from, but I mean they'll do You know, they did five billion of sales overall in AI last year year.
I mean in Vidia didn't know what it was, one hundred billion.
Am d said that the China ban you know at the time, costs him a billion and a half this year in video B ten x A or even more so.
They're relatively small.
But I think Lisa, like in terms of building her case in the administration and helping them try to build that relationship with Trump, which for better for us is important, is important.
I think she's done a good job. At least she's been there, she's been present, she's been visible. Right, there are some other players in the industry that maybe have been a little less visible.
Stacy Reskin of Benstein, who thank you. We're actually going to head back to DC ourselves where the President in his press conference is talking about Vladimir Putin in relations with Russia.
You or even a third and was.
President Trump speaking at the White House, of course, in front of reporters currently talking about plan meeting with Putin that he currently has in minds and Sky will not be part of Friday's putin meeting. We understand, and Ziski has gone to a lot of meetings already. He confirms he will make then a pivot to the world of technology and to chips. Trump says he wouldn't make a deal on in Vidia's new chip. He's therefore referencing the
Blackwell chip system. Initially, you went talking about H twenties. He said he wanted a twenty percent tariff if he approved chip exports. But we understand he managed to negotiate down in Vida, Jansen Wang negotiated to a fifteen percent deal on a chip deal, confirming that fifteen percent chip payment that will go from Invidia on in H twenty to the US government. In videos H twenty, he says is obsolete but still has a market. But he thinks Jenson Wang is coming back to see him, he says
about the Blackwell chips. Let's go to Joe now, Joe Matthew, who is back to break it all down with us. There was a lot about Russia, There's a lot about geopolitics, but there's a lot about China as well. Joe, just for the technology audience, talk to us a little bit about what you learned in the Nvidio context.
Well he confirmed that fifteen percent, So Bloomberg as usual was ahead of the curve.
With this reporting.
But to go, I want to suggest that there could be a deal involving Blackwell, I think might be the closest thing that we have to news here. What he said is I wouldn't make a deal with that, referring to Blackwell, although it's possible I would make a deal.
He said a somewhat enhanced in a.
Negative way, Blackwell, taking off thirty to fifty percent of it. I think suggesting that somehow there would be a lower powered version of Blackwell. I suspect that Jensen one would have some things to say about that when they do meet again. But the idea here that we could see continued changes in Nvidia's export controls and relationship with China.
I suspect that goes for AMD as well.
It's quite remarkable to hear the President riffing on this in front of reporters today.
Okay, Bloomberg's balance a power host Joe Matthew the blow by blow of what President Trump had to say. Caroen, There's a lot more coming up to discuss on the show.
Certainly is Nvidia AMD. We return in a moment for their own Tom Giles as a Bloombag Tech.
Let's get back to our top story.
Bloomberg had reported in Vidia and amb both agreed to pay fifteen percent of their revenue from Chinese AI chip sales to the US government. In the last few minutes, President Trump has confirmed at least some of that in a video's case. Bloomberg, Senior executive editor for Tech, Tom Giles is in San Francisco.
What do we need to know?
Yeah, well, this is very This has very little precedent. This demonstrates just how important the Chinese market is to these companies. They really want to be able to sell their most advanced chips into the Chinese market. They have, They've hit a buzzsaw from the Trump administration, which has placed really strict.
Limits on what they can and can't do.
It's in the middle of negotiations with the Chinese government over terriffs, and so this shows that the Trump administration wants to cut deals, wants.
A cut of the these chips.
It's willing to turn a blind eye to the sale of advanced artificial intelligence chips into the Chinese market. If it can get a return, but this just this is going to complicate trade negotiations going forward.
We thank you Tom Giles for wrapping up the latest as DC crosses passed in San Francisco. But that does it for this edition of Bloomberg Tech Head.
Yeah, the bit we didn't get to.
We think Intel's CEO is going to meet with President Trump later today, so overynight we look for a read on that. So much to recap on the podcast, the focus on Nvidia and AMD. You know where to find the pods on Apple, Spotify, iHeart and all of your Bloomberg platforms from London and New York City.
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