Trump Rattles Europe Defense Tech Stocks

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President Trump seeks quote immediate negotiations on acquiring Greenland for national security reasons.

Will recap his speech.

In Davos, US Netflix shares, they drop on spending to buy Warner Brothers, Discovery and Zipline.

CEO Keller Clifton joins us to discuss the robotics startups do seven point six billion dollar valuation and expansion.

At first, we return to these public markets, then actually bounced back somewhat on the walking back from the edge of President Trump, the idea that Greenland will not be something that is taken by force. European stocks rally from We see in fact the NAZA one hundred now up one point four percent as the mood music changes.

But there are real.

Details in which industries benefit and which are pulling back from this significant speech. Over at Davos, we're looking at the S and P five hundred now up a percentage point. But really, ed, we have to get to the details of that speech.

We just heard, Yeah, and here to recapital is Bloomberg Surveillance co host Amri Horden, who is out in Davos. The central feature of the President's speech was Greenland, not just ruling out the use of force amh in acquiring Greenland, but the commitment to continuing on that path. What do we need to know?

Yeah, the President made it very clear he doesn't want to use force, he won't use force, and he talked about how he is coming here to have intense negotiations for the United States to acquire Greenland once again. So coming into this, you know, the Europeans really feeling like this was an existential threat. This has really taken up all the oxygen in every single meeting room you'll attend

And we've seen the President.

Use this tactic before in the past. In the first term, there was so many leaks about maybe the United States would leave the NATO alliance.

At the end of the day, NATO.

Came to the position the President always wanted it to, which is to spend more in collective defense. Another time this happened, of course, was more recently last year during Liberation Day.

This is what the.

Treasury Secretary spoke about earlier in the week here at Davos. He said, the hysteria around this is like Liberation Day. Everyone needs to take a step back, take a deep breath.

That was what it feels like.

Now.

The President anchored this debate negotiation dialogue, what you may want to call it, to the extreme and is now here for some sort of potential negotiation.

Of course, we need to see how this goes.

The President did say he will be having bilateral meetings with European LEO, so we'll see what comes of this. But it does seem to be like this has taken the tone of the rhetoric down a notch.

And yet he chastised European leaders, particularly around energy and we think here on the Technology show about the nuclear commitment. That was something he talked told of nuclear stocks react. We also hear a lot about the Golden Zone. What took your attention, Imrie, Yeah, the.

Golden Dome has been linked with this administration to Greenland. They also spoke about the fact that Canada wants to

Lu Mexamory Hodden long Day's davors, we so appreciate it.

Thank you.

Now, let's return to tech and the earnings release of Netflix. You'll see that shares they're sliding. They're down by the most in the month. At the moment, the company delivering and disappointing profit forecast for the current quarter, and that's a spending is mounting. Let's get more of Luemgs Entertainment editor Felix Chillette, and look, the seventy six cents a share for the fiscal quarter we're currently in that forecast

Yeah, I mean, I think investors have every reason to be concerned about spending at this point. I mean, it's not just that Netflix is pursuing the biggest acquisition in the company's history, but they're also said yesterday that they're going to be spending more in twenty twenty six than they did in twenty twenty five on programming, whether it's TV series or movies. They spent about eighteen billion dollars last year. They're going to be up to about twenty

Felix.

You'd think that the Warner Brothers Discovery deal would be the b or and end all of that earning school. But what executives were talking about with these attractive investment opportunities, we seem to suggest buying properties, you know, catalog. They've looked at Sony for example, for movie rights. Did we learn any more about how great sid Netflix is going to be in acquiring more ip.

I mean, what we learned is they see the competition as being incredibly fierce out there, you know, talking about YouTube, talking about competition from you know, other places like Instagram, TikTok, and I think from Netflix's perspective, they can't have enough library, franchises, content.

And it rather serves Netflix to be talking about competition in those fields. Particularly they want to get regulatory approval for the deal with.

One of others.

Discovery just remind us where we are on that deal, Felix, because because the twenty first of January was going to be a key date.

Yeah, I mean, so Netflix came back yesterday, they had they amended their offer slightly. It's now an all cash offer. Before it was cash and stock, and so yeah, they're moving forward. They'll put it in front of Warner brother Discovery investors sometime in the spring before the annual meeting. At the same time, Paramount hasn't completely gone away. You have David Ellison still breathing down the neck with this tender offer, you know, still trying to keep them in play.

Bloomberg's Felix chouette with the Netflix breakdown, thank you very much.

Let's stick with Netflix earnings.

Helen and Wang, research analyst at Philip Security, says the company is quote in an ideal position and has an accumulate call on the stock. She joins us, Now, Helena, why then is Netflix in an ideal position? What are the data points that you point us to from that earnings call and earnings print.

Hello, thank you for having me.

I guess to sort off just diving straight into their financials. They have very strong financials, so they do have a bet on both the top and bottom line, as that is not just for the FOS quarter, it is also for the entire year. So overall numbers look very solid and that is the actual organic volume coming, so people are actually engaging in paying for the services.

Helena like like, oh, and list, you're trying to model for what happens next, and you put things in the pro column and the con column. Where does this situation with Warner Brothers Discovery fit into which column?

Well, I guess it really depends because for Netflix right now, they're clearly in the leader position in the streaming business. So even compared to their closest Robbery Disney, they have a much bigger membership base and they stop recording the numbers. But they did disclose in this earning that their membership is three hundred and twenty five million, so that and

So that is the question that's coming in.

Yeah, and for this fiscal culture, it looks like margins can't under pressure, so do stop buybacks? But they said, look in the longer term, they're committed to margin increase. Helena, I'm looking at at the stock that's the lower since January of last year. How confident are you and the investor base that they can not get distracted during the m and A process and indeed interweave it well if they managed to clinch it well.

Their operating margin guide seems to be a little bit of life for the next quarter. They've guided thirty one percent while the consensus was thirty two to thirty three percent. So there is a question of whether we will be expecting its operating expense.

To expand further.

But I guess what my view is they might want a guide more conservatively at the start of the year, given all the uncertainty of the water brother, do you they're leaving more scope to outperform expectation as the year of progresses.

So I do believe there is a little bit of a wiggle room in terms of margin for years to come.

I mean, and let's just just haven't liked the idea of them making this purchase. Really, since the minute they put their hand in the ring, shares are off by about thirty percent.

Should they be buying this asset?

How integral is it that they buy this storied Hollywood asset?

Well, okay, I would like to point out that financially they're very strong, so they don't necessarily need a merger to survive. So it's not necessarily a lifeline for them. So from the Netflix point of view, it's more of a power move for them to aiming at total dominance. So our power moves sort of needs to come as

Helena, for the last few years, several years Caroline and I have been told constantly that in this streaming race, content is king Netflix not getting more support, particularly in the stock for just going out there and being aggressive to keep the library growing having more content.

Well, I guess right now, because they already don't have a competitor in terms of the streaming business.

They already have a very strong content slate.

The twenty twenty five we got all the Sweet Game, Stranger things Wednesday, so all these are very very popular, and twenty twenty six lineup is also very strong. So they have this incredible ability to have the amazing content with more to come, and still have very impressive traditional

Herne, which piece of this Warner Brothers Discovery proposed transaction interests you more the studios or taking HBO Max and doing something with it, Well.

I think it would still be the HBO Max because HBO Max right now is still considered the fourth biggest streaming company. So with HBO Max together adding up together, they will essentially have more than four hundred and fifteen billion of subscribers, so that is more than almost more than half of the streaming industry. So that would definitely give them entire monopoly in that field.

But Helena, I look at mister Beast who has more than four hundred and fifty million subscribers on his YouTube platform alone, let alone the dominant force of YouTube. So how do you see the market and who their competitors are.

Well, I guess that is exactly exactly why they wanted to expland more to the field because they've already reached almost a monopoly leader position in the streaming business, so they're looking to expand into something else because the entertainment industry is always forever changing, so they're always trying to make sure that they have a foot in the ring before the environment.

Changes, Helen and Wang of Philip Security staying up late for us in Asia. We so appreciate you having time for us on the show.

Thank you. Now, let's turn attention to Invidia's Jensen Wang.

He plans to travel to China as he works to reopen a crucial market for his company's AI chips.

From that next, this is Blueberg Tech.

We're going to be listening now a little bit more to what's been being said across in Davos.

In particular, we've.

Been hearing from the CEO of Invidia, Jensen Wang, who is being interviewed by Larry Fink himself, talking about the trillion dollar opportunity that continues and indeed where we might indeed see job losses or not. Let's get out to Bluemberg's Ian King, who covers all things semiconductors right now, and Ian, let's talk a little bit about what's been happening in terms of Jensen and where he sees the

Yeah, I mean he's traveling around the world preaching basically to whichever audience he can get in front of and trying to convey the message. I mean kind of last night for us time, as message was, look, hey, AI is going to change the economy. But listen, Europeans, you don't need to worry about regulating AI too much because it's actually going to help create certain jobs and make certain jobs stronger. And again he's delivering a very nuanced message.

I think it's really important to point out despite the news headlines and Arscle's written, none of this is new, picularly the point that the investment in AI infrastructure will generate skilled labour jobs plumbing electricians for example. Also, there were no questions put to him in an extended on stage conversation about China. But Bloomberg's reporting citing sources that he will go to China. That is in and of

Yeah, I mean always at this time of year, as you know, we have, you know, the Chinese New Year, and he'd likes to go to Taiwan. He likes to go to Beijing, to sort of look after his employees there. They have parties and things like that. Previously, when he's visiting China he has managed to have meetings with senior officials. We don't know whether he's going to do that this time, but obviously if he could, then it's really important to get Beijing to sign off on H two Just.

One quick introduction team, which I apologize for. Remember that he only told me two weeks ago. We don't speak directly to the Chinese government. Our communication is through the companies. But sorry, carry on in.

Yeah, whether he does directly or whether he does it through intermediaries. Getting sign off on those H two hundred ships, which the US government has said, hey, it's okay to an extent to send them to China. Getting China to accept them is going to be key, and that'll be something that you know, our audience will focus on heavily.

And of course, all.

Of this access to China is something he's been talking about as a total total addressable market of at least fifty billion in this fiscal year alone. I just want to go back to what he said at Dabos yesterday when being in discussion whether we call it an interview with Larry Fink. China wasn't on the agenda, but certainly the size of the market was.

Just take a listener.

This is the largest infrastructure built out in human history that's going to create a lot of jobs. And it's wonderful that the jobs are related to tradecraft. And we're going to have plumbers and electricians and construction and steel workers and network technicians and peopleeople who are installed and fit out the equipment and now all of these jobs in the United States. We're seeing quite a significant boom

We've heard Paneteer CEO Alex Karp talking about the death of humanities, but the study of vocations in how long do those sorts of jobs last. You're a man who knows significantly what the data said to build out looks like many would say electricians were they going to be in the short time?

Any Yeah, I mean it really depends that this is all about focus. If you're Jensen Wang, you want the focus on the economic benefits of AI. You want everybody thinking about how this is going to propel the economy forward and help everybody. You don't want people thinking about questions like the one you just gave me, and also about the amount of jobs that maybe go away because of AI. So this is a this is like a hey, look over here type of directional kind of assertion that

Thanking across all things in Nvidia. As always for us, we appreciate it Meta well.

It says it's looking to boost its online safety features as Europe weighs tougher rules and the possibility of restrictions on social media platforms for young adults. Remerg's Frasie Laua sat down with Nicola Mendelssohn, who leads Metas Global Business Group, to talk about new teen accounts designed to give parents more control.

Take a listen.

Keeping young people on safe on our platform is incredibly important to us. It's an absolute priority, and we've been investing in this area for a number of years.

It's why we.

Launch teen accounts back in twenty twenty four to keep young people safe, to give parents, supervisionary come trolls so that they can also work with their children. They're young people in terms of keeping them safe.

So what does that mean.

It means restricting the amount of time that they spend on the platform.

It means that they can restrict.

Who comes in and we place them all in that category automatically. So this is very important. But of course we're going to work with regulators wherever they are.

Do you think the band will come through?

I'm not going to speculate. I'm not going to speculate with you on that. So first off, we use AI when it comes to people on our platform to see more of the things that they want to see. So we have growth across all of our different platforms, which is fantastic to see.

Then we have the advantage suite.

It's very simple. I mean some of the practices that you used to talk one hundred and fifty different steps, now you can do it in one step. We also see more and more the increase in our generative AI tools, how they can use it for text, for translations, for even the creation for video. Now we have over two million advertisers doing that. So all these things are combining alongside both reels as well to really give growth for our advertising.

Nigga, what do you think is still untapped in your mind?

Oh?

So many things.

I mean, that's how I've got our whole Smager's board of things. So definitely messaging, we're seeing a continuous uptake in more personalized communication between businesses and people. There's now over a billion messages sent every day between people and businesses. We see eight percent of people around the world globally that are speaking with a business every single week. So this is an area both on the marketing side, but increasingly more on the utility and the authentication side.

A good example is Air France.

So Airfront's when they switched this on within a few days, it became their primary source of communicating with their customers, and they're doing it to deliver boarding passes, tell you about where your baggage is also remarketing as well. So that's a very good example of some of the changes that we're seeing.

That was mesi's head of Global Business, Nicola Mendelssohn speaking with Bloomberg's Francine Lacroix. Let's get back to Bloomberg Surveillance co host Emory Horden who's standing by in Davos Emrie.

Thanks so much, Ed.

I'm now joined by the Dutch Prime Minister Shuff, an individual who's really at the center of what's going on with Greenland as well as someone is really important to United States when it comes to national security. Regarding China, I want to start with the President's speech. Though you were one of those countries listed potentially more tariffs, the President said he's here for earnest negotiations. What did you make of his speech? Are you feeling more relaxed.

Well, I think it's good that he use the word negotiations, and I think we shared the common interest of security of the Arctic, and I think we should work it out in NATO and then make sure that's a security from the national security of the United States Canada and you will benefit from it.

The President also used the words I don't want to use force.

I won't use force.

So when you say you're looking forward to the security of the Arctic kind of agreement do you think Washington can come to with the continental Europe.

Well, that's difficult to say, but I think American presence on we already have a base, and I think we could intensify that also with European troops and then we're very close together for the security of the Arctic and try to prevent influence from Russia and China.

In the Arctic.

Do you think this means the trade threat is over the higher tariff levels.

Well, not yet, and I think we have had a European Council tomorrow evening, and I think we should step up and make make very clear that this is it's unjustified. It makes no sense to use straight seriffs to achieve security goals, and we have to push back, but in the meantime and ready to act from it as European Union. But at the same time use the time in between for diplomatic efforts because I think we should solve this diplomatically.

How has Netherlands been involved in that diplomatic outreach to the Trump administration.

Well, we are involved in you and we are involved in a lot of ways. And of course the Secretary General of the Native is also a Jutchment is.

On the lea.

Yeah, yeah, you're aware of that.

I mean, do you feel like if you text now US official that it might become you know, public knowledge?

Yeah?

No, I don't think anybody expected that, but anyway it happened. But I think we are evolved because we are always have a very strong tends Atlantic bond. We have a big, thraight relationship with the United States. We consider the United States as a big friend of ours. But at the same time, I mean, that's not the way we have to create a friendship with imputteriffs.

That's very difficult.

You are sounding optimistic that there is an off ramp.

Do you think the European Union should use the anti coercion rule?

Well, we should look into every measure we can take if the imput tariffs are being implemented the first of February, but at the same time we should try to prevent it from happening and find a solution for the Arctic security.

Right now, you're joining me.

It's the evening in Davos, but it's very early on the West coast the Bloomberg Technology Show, and one company they do track is ASM Now it's a huge chip maker, it's really a crown jewel of you. You recently met with the chief executive officer. What is your sense of what is going on in terms of chips to China and the national security framework? Because we saw the United States has had a lot of almost ups and downs in terms of what they will allow go to China and what they want.

I think we should Moorderligne and I think that ASML is delifering a lot of machinery for China in the lower end chips, and I think that's a good business for ASML, and in that way they can really produce the top north technology that we need in the West, and I think that's also important for the US. So I think ASML is a crime rule with the Netlands and the all ecosystem around ASML is very important and we should cherish.

What was the assessment you recently met with the CEO, I believe this week. What was his assessment on how having to really walk this tightrope between Washington and Beijing and.

Then you have to walk also the titrope with the Netherlands, Right, So I'm.

Guessing that one might be a little bit easier, but maybe.

Not all partics.

Yeah, but we have our own arrangement when it comes to national security. But I think he knows very well that it's not about top notch in technology that's going to be shifted to Beijing, not to China, So we have to discuss all kinds of issues related that we make it possible for ASML to earn money in China as well and make sure that they create a top notch technology for US, for Europe, for the United States.

Last year, when you joined Bloomberg, you talked about how under the Biden administration there was concerns about national security comes to chips to China, and you expected that to happen under the Trump administration. But with all this hot rhetoric from the Trump administration regarding Greenland, do you think that has made it more difficult to align yourself with Washington on national security for a key adversary like China.

Well, I think on China it's maybe more easy because we are more aligned and of course we have all our trade interests and also the US as a trade interest.

Well, it's different than.

From OAD issues. And I really hope that we can make arrangement around to Greenland. I really hope that US Bill Beck is up in the peace process in Ukraine. It was the still going on and at the same time we have to take care of national security issues related to economy. I mean, it's just what it is in the world of today.

The Prime Minister of Canada, Mark Karney, had a pretty spicy speech yesterday, provocative for some individuals.

The President made a nod to it today.

He didn't mention Trump by any but many individuals took it as he was signaling to what is going on in the United States. And he said, if you are a country in the middle, if you're not at the table, you're going to get eaten.

And he said the world order we live at now is dead. Do you agree with that assessment.

Well, the world order certainly has changed, and I think it's an illusion to think.

It will come back to the day that I grew up.

So we have to adapt to the new way in which countries I mean in China we got the United States have we still got Russias and military power coming entries. So we have to a dept as Europe, and I think Europe has to get itself stronger economically but also on the defense side within NATO, but we have to work much more together and make sure that the European Union is a real economic union and that Europe is really a defense force to reckon with.

In partments of your life is changing. You're leaving government. How is the formation now of the new government.

Well, it's on track. I expect to be to be inaugurated at the end of February, but the negotiations are still going on.

And what are your plans.

Yeah, well I'm officially already retired. Yeah, yeah, yeah. In a few days there will be the ninety six the we say it correctly, yeah, of sixty nine. What is it six anyway? Yes, you're definitely as much younger sixty nine. Yes, But of course I hope to I've worked for a very long time as if a servant on all kind of key positions in security, so I hope to get my experience and my knowledge and to make it failuable.

For the people.

And you can come share that with us on Bloomberg TV.

Oh that's great, Thank you so.

Much for your time.

Prime Minister.

That was the Dutch Prime Minister, Dick schaff There, an individual who was really his country's at the epicenter when it comes to Greenland. They're one of those countries labeled by the Trump administration potentially more tariffs if they don't get access to Greenland. The President really tempered that rhetoric though. Today had his speech which is giving a little bit of life, breathing some life into this story for European leaders to.

Have a sigh of relief.

But also when it comes to export controls and chips going.

To Beijing asml key for our audience. Great to have you and that interview. Thank you, Amory.

Let's stick with Dabos coverage salesforce.

C you.

Marc Benioff is striking a more cautionately note on AI technology, saying reports of teen suicides linked to AI should be a wake up call on unregulated AI.

He spoke with Bluebergsamini Chang. Just take a listen.

We are dealing with a new kind of very unwieldy technology which by left by itself, these large language models, they can do all kinds of terrible things. I mean, they can do a lot of great things too. You've used them, you know. They can summarize things, and you can ask them queries and you can get information. But unfortunately we saw this year, this horrible example or this company character AI specifically started to find that their product

So what should we do?

I mean, should CEOs be held personally liable? Should I was talking to Demis hassibus as CEO of Google Deep Mind, and he I asked, look, if we knew every company in every country would pause, should.

We pause AI?

So society and regulation can catch up and he said, yes, he would be in favor of that.

Would you be in favor, Emily?

Number One, Tech hates regulation.

You know that.

They hate it, right, they get people on, oh, it slows down innovation. They hate regulation. They hate it, they hate it. They hate it except one regulation they love Section two thirty, which basically says they're not held respond accountable for these deaths or for anything that their social media or their AI does, and that needs to change.

There was Salesforce CEO Marc Benioff speaking with Bloomberg's Emily Chang.

A crucial speech from the President of the United States and Davos eases some of the tensions in the market. We're now up eight ten percent on the Nasdaq one hundred, having had on the broader markets in the SMP the worst day since April yesterday. Now we bounce back a little bit. We've seen a holt and slides on bonds, on crypto as well as the President says he would not be wanting to use force when it comes to

After we saw well.

Profit forecasts disappoint the market after we got its earnings. We look what Blue Meg Intelligence has been writing, and it's calling the MNA noise also driving investor sentiment. Pleas to say, Bluemeg Intelligence is keithan rag and Atham.

Is here with us.

So ether the m and A noise is also MNA spending and that seems to be where the margin is getting a knock.

Yeah, that's exactly what it is, Caroline. And so we saw for the first time that you know, content cost is actually going to be higher than expected. Ten percent content cost growth is what they're forecasting for twenty twenty six. You compt that to about high single digits in prior years. And really, I mean this is just a microcosm of what we're seeing on a much bigger level with the

In the time that we've come on air here on Bloomberg Tech, Bloomberg's reported that the EU is going to probe both the Netflix and Paramount bids for Warner Brothers Discovery in parallel, which is a somewhat unprecedented approach for two companies to go head to head in the context of a regulatory probe. What is the regulatory risk on this to you? You know, I know that you're trying to model for what happens next, and I always ask you, he hearing a Nathan, what happens next?

Yeah, regulatory risk definitely is a big one there ed definitely much higher for Netflix compared to a paramount, especially as you look at the streaming concentration in some of the European markets. You just look at the basic size of Netflix subscribe base, it's about three hundred and twenty five million. Combine that with about one hundred and twenty five million with Warner Brothers. Again, you have four hundred and fifty million. And in some of those European markets,

Keith ranging up and from Bloomberg Intelligence. Great to have you back, Thank you so much. Let's turn to the private markets during delivery startup zip Line has closed the more than six hundred million dollar funding round, putting the company's valuation at seven point six billion dollars. Keller Clifton,

What are you going to use them for?

Well, I mean, you know, we spent most of last year expanding the service aggressively in Dallas. It's been an amazing place to you know, for almost a decade ZIP when operated mainly outside the US, and last year there was basically regulatory progression in the US that allowed this technology to start serving US citizens. And what we've seen is just like explosive growth and basically infinite demand on

And what's the scale of those launches at first? Right that you know, when I shared some of the data that you put out there on x there was a lot of interest on the rates of it expansion. You know, the headline is two million deliveries, but if you think about what we're talking about lost mile delivery, that's such a tiny fraction of what a delivery van will do.

How real is this?

I mean the data that we're seeing again just in a single metro in the US, but the data is mind blowing. I mean, we have municipalities in Dallas where just on Sunday, ten percent of homes placed an order with Zipline in the municipality. So it's like, you know, we have certain cities where more than fifty percent of homes are engaged Zipline customers. So this has definitely gone from like science fiction to completely normal and something people depend on day in and day out in just a

Kind of also unit economics of it, how much you having to spend on each of these deliveries.

The advantagement.

It shouldn't be that surprising, But actually, I think people may not realize when when you're talking about instant normal instant delivery, we're using a four thousand pound gas combustion vehicle driven by a human to deliver something to your house that weighs five pounds. It's actually a super expensive solution. This is the reason that there are so many fees. And then you know, tip on top autonomous systems are going to be less expensive ten times as fast plus

There is a lot of interest in this particular funding round because some of the names involved are the whole marks of a pre IPO round some anchor tenant investors. Is that a fair assumption to make?

I mean, zip Line has been really lucky.

I think that there's a lot you know, we've been building this company for twelve years, but I think it's finally kind of obvious that robotics is going to remake the planet over the last I mean, I think it's going to transform a lot of economies and logistics is one of the most obvious places where automation and robotics can have a huge impact. It can improve service, prove reliability, and it's something that people are going to depend on

We're building out.

It's complicated new kinds of infrastructure in each of these cities. It's the reason that every city has been so excited to have Zipline comme. It's creating high paying jobs. We're investing in the in each of those cities that were launching.

I'm not sure that was an answers to whether you're going to be ipoing or not, but I go really more to calor the fact that this is a global company. We're looking at your drones delivering food, but it's really about medicine and health and in particular over in Africa. Can you talk to us about how much of the scale of the business is there.

Well, yeah, Zipline.

You know, when we started the company, what we do what we do today was illegal in the United States, so not an ideal pitch for investors. But this was the reason that we initially partnered with the government of Rwanda. You know, today's Zipline serves five thousand hospitals and health facilities across the world outside the US, or a huge,

CAWT of those regulatory changes you were talking about were the President's EO in June and then later in the summer the line of sight rules. Right, this is all in the context of This is all in the context of the President's focus on this as a national security priority. I hope this question doesn't shock you, but how is Zipline thinking about literally weaponizing the technology its use in defense use cases? Conversations with the President?

Well, the great news is actually that you know, the government is trying to accomph a lot of things. They're really focused on AI and exports and commercial diplomacy.

This is the reason.

Just five weeks ago, Zipline announced a five hundred and fifty million dollars total partnership with the State Department as well as all of our African country partners to basically make sure that the developing world is built on top of USAI and robotics infrastructure. That's really good because it can make sure that these countries enables these countries to

It's a big funding round, is a big valuation Siplin C Kelly Clifton, thanks for joining us.