Softbank's $100B Pledge

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Soft Bank CEO Masiyoshi's son set to announce plans to invest one hundred billion dollars in the US during a visit with President elect Donald Trump. We're bringing the news plus Bitcoin rises to a record high. I'm in microstrategies inclusion in the Nasdaq, and Apple's got plans for a new foldable iPad and aims to bring it to market by twenty twenty eight.

A first we.

Check in on these markets which have a risk on attitude to the day, as we anticipate key Fed decision come Wednesday. Ahead of that, and as that one hundred a new record high. We're up nine tenths of there, and chip maker is managing to drive higher Micron broadcon. But also we're seeing Bitcoin up three point four percent. We are once again escalating to new levels. We dig into the reasons why, but of course trumping one of them the focus on the new administration, but also micro

Yeah, you'd be forgiven if you thought this was deja vus. It was eight years ago, in fact, eight years ago December when masiosche Son went and met with Trump and he talked about investing fifty billion dollars. Now he's doubling that pledge. It's one hundred billion dollars that he's planning to invest. According to our sources, and also he's planning on creating and estimated one hundred thousand jobs in the United States. So this is the first major investment that

So we had some work to do here, had some work.

We're also wanting to know the finer details of where exactly he allocates. He's been all in on AI saw this curve coming before many others, of course as evidence his arm holding's acquisition and then taking that to market. But where else do you think he'll be investing in the United States?

Yeah, well, more recently, including at SoftBank World this summer He's talked a lot about artificial intelligence and how he wants to invest even more and more kinds of companies. So he is putting money into open Ai, in particular to Pioneer of course behind chat GPT. He's put in five hundred million so far, and he's right in the process of a tender offer now where he's offering open Ai investors the ability to sell him their share so he can get another one point five billion dollars. But

He has to be able to go out and get that close.

Peter, that's from we thank you so much, bringing us up to speed on the anticipated announcement. Now, let's keep discussing trends in tech markets more broadly, what this influx of money into AI really means for the US at least densisms with US directoral quantitative market strategy. Over at Fidelity, we love having you on because of the historical context you can put today's investment advice. But I mean we

Like a lot of money has already gone that direction.

Yeah, Well, when you readbase it relative to sales or relative to market cap, I mean you haven't really seen that much of a move.

I think we talk about this all the time with.

Money funds on sitting on the sidelines, how much cash is on the sidelines, or how much cash in terms of nominal capacs.

But when you actually.

Renormalize it, given the move that we've seen in the marketplace over the last five years, it's a much lower percentage than you would think. Interestingly enough, specifically for tech stocks, and I would say more specifically for software stocks, cap BAX is very much an alpha fact, meaning that that spending is usually a good thing for stocks because it's very correlated to earnings growth.

Okay, so I'm not going to ask you is to opine as to where exactly a Masayoshi Son is going to be putting his investment. But if you're looking at an every day, whether it's retail or it's chootion investor right now allocating to opportunities, do you have to be put off by some of the valuations right now or actually do you keep chasing the momentum, keep chasing the names that have.

Done well well.

It's interesting. So technology has had a little bit of underperformance over the course of the last six months, and because earnings growth and free cashulow has been so strong, you're actually out of anomalist valuation situation. So I define anomalist valuation as top quartile. So we have fallen out of top quartile levels, which is where you see the

So it still feels like there's basically opportunities in the mag seven.

What about the next tay down?

We started to see software names really come to the rise as people started to reallocate perhaps from the semiconductor trade out to the Kila applications being born out.

Is that something that you'd like to see moral No, that's.

A great question and a great point because of the three big areas within technology, if you say hardware, software, or semis, where are the opportunities. It looks very interesting on the data and software to me, given the strength and free cash flow and earnings valuations, we're actually in the bottom half of the distribution a valuation perspective when you look at all the data back to nineteen sixty two.

And in the US todays, yes, in the US.

What of the US exceptionalism on this trade that we all keep talking about, I mean, is it going to dominate for twenty twenty five?

It looked to me it does look like that.

So everything outside the US, whether you want to talk about EFA EM or AQUI X THEUS, what you find is that valuation screen looks like a quantitative value trapped to me, meaning that when you've bought in that bottom quartile relative valuation on earnings are free cash flow, you only have thirty percent odds about perform. It's like thirty percent is not zero. But at the same time, it's hard to say that that valuation is a critical driver and the reason why it's not a driver is because

In the US. This is why your historical context so important. Dennis. I go therefore to the macro picture.

We are, of course seeing the micro news on an investment coming from Massa, but we're also seeing the macro news of we're waiting on rates to go down. What does that mean for that cash on the sidelines that still perhaps is waiting to enter.

Yeah, so rates, let's talk about rates being an alpha factor for the market. I think people get a little confused in terms of thinking about whether or not the playbook is a good thing or a bad thing, saying rates are not the critical driver. Earnings growth is the critical driver. So when you look at the FED from a playbook perspective, sometimes the fed's cutting because they have to. That's not good for the market. Sometimes the Fed's cutting

The s and P.

Five hundred. You're starting level of the Federal Reserve matters a lot as well, because that's essentially a mathematical definition of the FED put meaning if the FED is high relative to inflation, they can do something to the extent that the economy is hit with a shock. That's a good thing. That's our situation as we enter twenty twenty four.

But then, how risk hungry did the edges of the market become. I mean, we look at a day where micro strategy, which has basically been a leverage bet on bitcoin hugely outperformed Bitcoin in and of itself, is not going to be added to the NASDAC. I mean, are we going to see more money flow to those sorts of risky ridges.

Now that's a great question. So I mean, without the talking about the idiosyncratic names. When I look at quality, which is sort of the opposite of the factor that you're talking about, it's been a darling of a factor, much like Lovall was only underperforming I think three in the last twenty years. Well, that's left quality stocks fairly expensive.

Tenny's unbeatable, thanks for coming on. Tiny's s tism Happy.

Holiday's director of quantitive market strategy at Fidelity. Coming up, we're going to focus a bit more on Bitcoin and MicroStrategy.

Of course, crypto bitcoin himself.

And a new record high throughout the weekend and now longest weekly winning runs is twenty twenty one.

Will dig in.

Also, we're going to be focusing on later in the show a bit more about Vivendi.

But look at it.

It's currently don't look at Vivendi stock today because it's currently distributing itself up and is breaking itself into three different companies. But what I want you to focus on is what CBC is up to at the moment, exploring a potential purchase of a Vendi's Telecom Italia stake. This is as we know that Vincenbalaure, the billionaire in charge of Vivendi, is trying to make his assets work for him.

We'll bring you that as and when.

It occurs, but for now, let's just focus on another area that Trump has helped rally, and that is Bitcoin rising to a record high, large part because of the next administration supported digital assets, but also there's this optimism about the upcoming inclusion of micro Strategy in the NAZAK one hundred and what that means for future purposes and purchases Isabelle Lee is here with more and mstr gets into and as that one hundred, it means technically that more funds will have to allocate to it.

Right, It really is a big deal. It's really it.

Represents kind of like this institutional acceptance of bitcoin, which is interesting because micro Strategy, and it's called founder Michael Salor has long been ridiculed by Wall Street a specialist since they started just in bitcoin in twenty twenty and today again for the six straight Monday, they bought one point five billion worth. Their total cache is forty five billion. But it's really that the stock has rallied five hundred percent.

We thank you.

We'll have to cut it short there because we do understand that President ect Donald Trump is now starting his press conference in mar Logo.

We're listening.

We'll discuss a couple of points. We'll take some questions later if you'd like. I'm sure you might have one or two. I'd be shocked if you didn't, I'd be very impressed. But I'm honored to welcome one of the most accomplished business leaders of our time, the founder and CEO of soft Bank. Everybody knows Masa Yoshi San. Masa runs one of the largest companies in Japan and among the most successful investment and technology companies anywhere in the world,

You probably noticed that the poll was just taken.

Its business is literally in thirty nine years, has been nothing like it. It's been the biggest increased small business owners gave it a forty one percent jump.

It's the biggest jump that we've.

Had in thirty nine years, and nobody's ever seen anything like it, and it's just they're very optimistic. This historic investment is a monumental demonstration and confidence in America's future, and it will help ensure that artificial intelligence, emerging technologies, and other industries of tomorrow are built, created and grown right here in the USA.

One of the beautiful things about Massa is he's.

Very much involved with emerging technology, probably knows it may be better than almost anybody.

So it's a great honor.

And some of you remember after the twenty sixteen election, also SoftBank committed to invest fifty billion dollars in our country, and they did in a very place to say that they kept that promise.

In every way, shape and form.

And now they're looking to do one hundred and I've looked at their books. They do have the possibility of doing more. I'm going to ask them to do a little bit more. But first I'm going to ask him.

To speak, and just to say a few words. Massa. Please, thank you, thank you, please.

You think, thank you very much, appreciate it, thank you, Helm.

Thank you so much. I'm very, very excited.

I would really like to celebrate the great victory President Trump. And my confidence level to the economy of the United States has tremendously increased with his victory. So because of that, I'm now excited to commit this one hundred billion dollars and one hundred thousand jobs into the United States. This is double of last time, as President Trump said, because I say, oh, President Trump is a double down present, I'm gonna have to double down, you know, one hundred

Is not enough. Maybe you know, go for more. Right, That's what.

I'm going to ask him right now. Would you make it two hundred million dollars he can, would you do that?

Well, my promise is hungry. But you know he's now asking to do more.

I think you know with your leadership, my pop messive is you is your support.

I will, I will try to make it happen. That's good. Five two hundred kill make it two hundred. Sh He is a great nego say that he's a brilliant guy and an unbelievable job.

And the people of Japan and all over the world are very proud of and a uh tremendous respect for himself what he does, what he just did, and and I would be surprised if if what didn't go to do And when you say you'll try, uh.

I know you'll do it. I will. I will really try it.

Yeah, And and I need your support though you'll have my support alright, we have our country support all fantastic, Thank you, my sport, fantastic, thank you, thank you.

Where are saying legend the people of Japan who were all.

Watching, well, uh, I'm sure uh our people in Japan uh proud to uh make the pop muss of US and Japan be stronger. And I'm very excited to make this happen.

Thank you very much. Thank you, thank you, thank you, thank you. That's a good job.

Thank you.

It's amazing.

It's a great gentleman at a great leader and a great investor.

So to have that offerm it.

And we have so many companies coming in now where that will be announcing or they will announce themselves. We'll not have to be with them to do it, but they'll be announcing. And as I said, small business optimism took a forty one points jump forty one points.

It went up forty one points.

That's unheard of, and that's the biggest they think in recorded history.

But they know at least a minimum of thirty nine years. So that's great.

But on behalf of the American people, I want to thank Massa for his faith and what's happening with our country and what's happening with the world. There's a whole light over the entire world. Many people, some reporters, and speaking to them, they said, you know, it actually is true. A couple of them are not necessarily friends of mine, but they said, it is actually true that there's a

It's a nasty one. It's nasty.

People are being killed at levels that nobody's ever seen, you know. It's very level fields and the only thing that stops a bullet is.

A body, a human body, and the number of.

Soldiers that are being killed on both sides is astronomical. I've never seen anything like it, and rapidly I get reports every week and it's not even you know, it's like just going down. Nobody's seen anything like it. It's a very flat surface, a very flat land. That's why it's great farming land. It's the it's the bread basket for the world actually, but it's very flat and there's

World is blowing up.

But there's great optimism, and you saw that by soft bank.

Starting on day one, we'll implement.

The rapid series of bold reforms to restore our nation to fold prosperity. We're going to go full prosperity and to build the greatest economy the world has ever seen, just as we had just a short time ago. We had it in my turn, with the greatest economy that the world had seen.

We were blue owing away everybody.

Our country was doubling up on China, doubling up on everybody, and everybody knows it. And then we had to slow it down with COVID, unfortunately at the end. But even then I gave it back with a substantial increase of the stock market.

Bigger than it was pre COVID, So it was pretty amazing.

Already, preparations are underway to slash massive numbers of job killing regulationsing eliminating ten old regulations for every new one. You put a new regulation on.

You have to get rid of ten and we'll be able to do it. And that was about the percentage we had.

We cut more regulations than any president has ever cut by far, actually by approximately five times. Some of those regulations, unfortunately, were put back on.

But we'll catch up very quickly. We'll catch up with it.

One of the things I'd like to ask the Biden administration, as you probably heard, there are two events that took place.

We're talking about.

A friendly takeover, a friendly transition, as they like to say, this is a friendly transition, and it is, but there are two events.

That took place that I think are very terrible.

One is that if people don't come back to work, come back into the office, they're going to be dismissed. And somebody in the Biden administration gave a five year waiver of that so that for five years people don't have to come back into the office. It involved forty nine thousand people for five years, they don't.

Have to go. They just signed this thing. It's ridiculous.

So it was like a gift to a union and we're going to obviously be in court to stop. And the other thing is really terrible. We spent a tremendous amount of money in building the wall.

The wall was.

Designed specifically by the Border Patrol because it's very hard to climb. They need to have see through They needed to be steeled because you can't get it's very powerful steel. It's very hard steal. It's a special type of steel, but very very hard to cut. Inside the steel. As you know, we pour concrete and that's a Grade ten concrete, which is a very strong concrete, very as though you were building about a sixty story building.

It's very powerful concrete.

They've made tremendous technology advances in the word concrete. Who would think that, but I know that from the construction industry today. What you can do with concrete is incredible. So we have a very strong concrete and then we have a rebar. We put rebar inside the concrete and the rebar, likewise, is very hard to cut. So it's a very expensive process, very expensive wall. And then we

So I said, all right, I guess we're going to put it on that.

Plate on top, which I never loved the look of it, but it works so unbelievable.

Well, you have to do it.

So we spent a lot of money in building it, and we have hundreds of miles that we put up. A lot of people don't realize, but we did five hundred and seventy one miles of wall. That's why we had such good records, in addition to the fact that Mexico helped us with their military. They kept people out and they were actually very good under the past leader.

Building the same wall that we already have.

And people have already come back to us that have deals at five cents and four cents, and one guy at three cents on the dollar, and they offered to sell it back to us at more money then it costs us to build substantially, can you believe it. So they make a deal with the United States to buy it for pennies and then they call us, and they say, do you want to buy it back? We'll sell it back to you for hundreds of dollars a foot, hundreds of dollars from pennies to hundreds of dollars a foot.

And we can't let this take place. Now, we're going to go.

I spoke with the Attorney General of Texas. I spoke to the Senators of Texas. I spoke to a lot of people, and hopefully they'll be able to stop. We're going to be having a restraining order. But just think about how ridiculous it is. And this is just people that don't want this country to succeed. And this has nothing to do with Democrat or Republican. This has to do with common sense. We won on common sense, and this is maybe one of the most egregious examples I've seen.

We're going to use that.

To create a strong barrier.

And it worked.

That's why our numbers were so good. It really worked, and it worked well, and it's very expensive to do, and I'm asking Joe Biden to stop his people from giving it away. It's something that people can't even believe is happening. So hopefully Joe will be able to stop it. We'll soon unleash American energy and this will be done at the levels not seen before, issuing quick approvals for pipelines,

Here.

We brought it down from forty four percent forty two percent. In some cases it was thirty nine. We brought it all the way down to twenty one percent, and now we're bringing it down to fifteen but only if they make their product, their car or whatever they're doing in the United States in the US and people are thrilled. I've had the smartest people on Walston called me. They said, when do you get that idea? And it doesn't seem that complicated, right, but it's nobody else.

It's like the paper clip. Nobody ever thought of it. One guy thought of it.

Everybody looked at it, and they said, Wow, that was a good idea.

Why didn't I think of it?

But we're bringing it down six more points and that will put us really at the UH the best level we've ever had for bringing in business. We've never been down to. That level will be among the lowest tax states, and a lot of businesses are going to come in Between that and our taxing and tariff policies, We're going to have business like nobody's ever seen in this country before. That's why we're, you know, having a forty one year record in optimism from small businesses and big businesses.

And I'll keep my.

Promise to pass historic tax cuts for families, workers, and businesses that create jobs in America. Any business that invests one billion dollars or more in the United States will be eligible for fully expedited permits and approvals, including environmental approvals, from the federal government. So when companies come in, if they're going to invest a billion dollars and more, there'll be many of them, and they'll go into Detroit, and they're going to a lot of places where we want them.

Actually it'll make life better, but it'll have no impact on people.

It's not like we're we will never cut social security things like that. It's just waste, fraud and abuse. And we'll immediately restore the sovereign borders of the United States and stop illegal immigration, which is costing US I believe trillions of dollars a year. I think it's a cost that nobody's ever seen anything like it. I don't know how can you be satisfied releasing prisoners into the Uniteds.

I would talk about it all the time.

They're a very big sender of people, but from all over the world. They're sending prisoners out of their jails. Some of their jails are empty, and they will be empty soon. If this ever continued, I spoke with a president of Mexico, and as you know, I spoke with Justin Trudeau of Canada, and we told them, not fair, not right. Can't let these people come into our country. And they understand they're very much unnoticed and they're going to have to stop this from happening. They're going to

That can't go wrong.

Then I get along with the people of Mexico and Canada very well, but we can't let that happen. Why are we supporting and giving other countries hundreds of billions of dollars. It's not fair, it's not right, and the people of Mexico and Canada fully understand that. We've talked about it before, but now we're doing something about it. We started and then we had to fix the COVID situation, and that's what we did. But now we're doing it. We're doing it from the beginning. Howard will be largely

President elect Donald Trump was discussing.

How Lonk, of course, and he's been discussing tax cuts being promised, also asking on the current president Biden to.

Stop selling the border wall parts.

Is seeking a restraining order for border wall parts sales, he says, criticizing basically the administration's.

Selling of border war parts. He says, they're going to be.

Fighting as well what they call federal workers return to office waiver, and there's work underway to slash regulation more broadly. He named checks FIVEK and of course Elon Musk there and they made some progress as well in stopping the war in Ukraine.

You want to go back to.

Also, though, the business being announced by, of course, the CEO of SoftBank, Massioshi's son. He's the founder who's coming on to talk about the one hundred billion dollars that's going to be invested by soft Bank into the United States over the next four years, the one hundred thousand jobs made, and in fact, he was saying he's going to try and make it even bigger two hundred thousand potentially. Let's get to Mike Shephard and just let's focus first on the tech side of all of this, because.

It's deja vous.

We saw half the amount promised, and they are said to have been delivered by Massa back in twenty sixteen.

This is an echo of what we saw eight years ago, almost to the day, when Masa Isshu saw him made this promise at Trump Tower of a fifty billion dollar investment with fifty thousand jobs. And as Peter our colleague discussed earlier in the program, he largely made good on that. Trump is putting him on the spot today a little bit already inking this one hundred billion dollar promise one hundred thousand jobs and trying to get him to double

And the support of the next administration. The support of Donald Trump as president shouldn't come as a surprise, Mike.

No, not at all.

And what was interesting also is how the president After Somem left the stage, he talked about his commitment to trying to I guess, revive and reinvigorate the economy from the business perspective, not only by cutting corporate tax rates, but by trying to cut red tape. And just last week we heard him make the pledge that he reiterated today that anyone investing a billion dollars or more in

We can indeed see onto social web. Presidentelect Trump had to discuss the one billion dollars or more that can be allocated to the United States and therefore getting that expedited approval and permitting. Mike, it is seemingly all about AI, all about energy when it comes to Mass's investment. Last time, it seemed to be a whole host of I mean people talking to the hundreds of companies that Soft Bank put money into it via the Vision Fund and indeed buys.

Soft Bank directly.

We already see this money being allocated to Open AI, for example. Are we expecting a mixture of startups and publicly traded companies? Is there anything discerning as to the direction of travel of which companies are going to be backed?

You know, it's really tough to say right now exactly how this money would be applied if it refers back to already planned investments by soft Bank in other ventures and vehicles, we just don't have those details. And in a way, just like Trump's truth social post on cutting red tape and regulation, we really don't know exactly how he intends to do that either. So we're going to

Mike Shepherd always a joy. Thank you for breaking it all down. Meanwhile, coming up, we'll have plenty more on the future of the media landscape as well as costs of AI's power hungry features. More next this bloombag technology. We are watching bloombag technology right now and we're bringing you the latest out. Of course, Trump speaking in Mara Lago at a press conference discussing the future of TikTok at the moment, so keep a close eye. They said

That following on, of course, for the.

Fifty billion dollars he promised back in twenty sixteen. ARM holding is interestingly down on the news. We're off by five percent. It happens to me having its day in court. We understand being reported that ARM and Qualcom had their first day in court. Of course ARM and qual Com buying over the future of their relationship. But maybe some hypotheticals as to what ARM would mean in terms of the ninety percent holding that SoftBank has in it if

Matt, you are.

Someone who's just been allocating interestingly to a public company is of course based in Europe, but thinking about AI infrastructure, about access to the cloud. Nimbus is the name of the company you're looking at, But you're also just thinking of the turf warfare that's out there to allocate money to generator AIAI.

This is just going to add to the party.

Right, Yeah, absolutely, Well, first, thanks for having me on. But we had Excel our big believers that we're only in the early innings of laying down the infrastructure that's going to be required to actually support this massive technological wave of AI. So this committed investment doesn't surprise me at all to see it coming in because we do need that infrastructure. So I'm excited to see more infrastructure being laid down for AI.

Okay, where are you seeing the biggest opportunities. You've just made this allocation of funds into a publicly traded allocator of cloud. We've got Core, We've already out there as a big pivot from all these companies that we're looking at bitcoin mining and now getting into the world at cloud computing. But what next in terms of areas that you think are fruitful?

Yeah, absolutely so.

At Excel we broadly invest across two different facets of AI. We think about infrastructure, which ATBs is very much an example of that, also investing in companies like Scale AI in the infrastructure layer helping build the data engine for AI. But then we can't forget about the applications that are going to run on that infrastructure. So we see great

So that is the tussle right at the moment. There is an awful lot of money being allocated to building picks and shovels infrastructure, and many feel the valuations potentially have gone out of whack. There we now go into the killer applications that many are still waiting on. Do you think we're actually there and people aren't seeing the application and generator of AI right now?

The real productivity games.

Absolutely, we see it from the ground up, and we see companies that are gaining real traction and driving real

To the end user.

But then when I think of enterprise, you've got salesforce all in on agent force, Who've got Microsoft trying to offerate so copilots. Where is the space or is it actually the all of these startups will end up being eaten up by these bigger enterprise companies.

That's the EXO strategy.

Yeah, it's a really good question. So speaking on the infrastructure layer with Nebus, what we actually see is that by pairing their four hundred software and hardware engineers against the problem of standing up infrastructure, but doing it with an AI specific approach, we're able to offer a level of flexibility that the large incumbents offering generalized clouds just

So as always, you see.

The innovation in their early startups tackling some of the holes and open opportunities in the large incumbents, and I expect to see the same thing. Salesforce obviously defending its territory, but we see a ton of activity and agentic approaches and apps going after their exact market, so we'll continue to see.

It is a gentaki going to be the next sort of over allocated area.

I mean, we've all got way too.

In the weeds when it came to chip and semi conductors for twenty twenty four. When it comes to twenty twenty five, we're all going to be parlaying and ergentic AI.

I don't think it's over hyped at all. I think in the reality is we're still in the early innings and the expectations are quite high on what agents are going to do within the enterprise. Application arena, and so it's easy to point at the flaws and agents today, but I tend to look at the progress of agents, and as an investor, I look at where value is going to be created over the next decade.

And over the next.

Decade, I think you're going to see really mature agents hit the market and scale in a meaningful way.

Come when they're ready and fit for purpose and can talk to us a little bit more. Accel partner Matt Wagan fascinating across the infrastructure and now of course the application layer too. Let's just move to public markets for a moment, because the Nastik debut for tech startup service Titan, bringing big windfalls for early investors, includes more than one million dollars going to Iconic Growth for example, over eight hundred million going to best in my mention partners.

This is all according to sources, and they told Katie Roof.

Katie bring us the breakdown on who the big winners were on this a well, it was culse enlisting that popped so much that many would say that some money was left on the table.

Sure, absolutely, so there's a few things to get at here. But so a service Titan, you know, they're an LA based software provider for like the plumbing industry, other home

For Bessemer.

Kh ruth all things on some of the allocations and those that are reaping the rewards when it comes to the latest IPOs, we really appreciate it.

Thank you coming out from LA.

I mean, while coming up AI's energy demand shock more on how businesses are preparing for a future that requires more resources as of.

Blue meg technology.

The AI boom has caused one unintended consequence. Businesses, investors in society are now bracing for an energy demand shock that comes with utilizing the resource intensive features bluem excellent dwe joins US now for is a real deep dive into the implications of artificial intelligence, one that perhaps one MASSIVEUSI soun is looking to help finance some of the issues in these issues.

Yeah, what a coincidental timing for US to have just put out this piece on the massive infrastructure demands of AI, and not just energy, right, we were talking about the demand on metals and mining, on land and real estate, on human beings, on data, on data centers, on steel, copper, gold, aluminum, and so if you put all of those together like we did in that massive AI supply chain piece that we did on Friday, you can understand and it's almost

To that point.

We've reported long and hard about Sam Altman trying to gather sort of a table of international investors wanting to bring on Yeah, coalition exactly, but how much are they looking on this being built in the United States?

So how geopolitically expose can you still be? You know, that's a really good question.

And I think that there is a narrative that is playing out in the tech community right now that acknowledges no specific country has all of the resources that are necessary to build and dominate AI as a hub, and so we will have to look for allies, We will

Do you think your story is shocked anyone?

Which, sorry, oh, I would hope So, I mean, I would hope that it's a wake up call that I think. If there is one message that I'd like to send out of that AI supply chain data visualization, it is that for all the talk of AI making the world more efficient, quicker, less human resources intensive, it is actually an incredibly resource intensive, inefficient technology.

For now, at least Injuan. It's a great story, go read it. Meanwhile, that does it for this edition of New bag Technology you do not want to.

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