>> from the heart over money and power collide in the silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. caroline: we are at world headquarters in new york. ed: and in san francisco, this is uber technology, happy 2024. caroline: a brand-new year, on the year, full market coverage ahead, u.s. stocks and bonds

look to kick start day in the red. ed: we look at the movers went on the benchmarks as apple dropped amid a barclays downgrade. caroline: the health of the ev market as it is levels behind a chinese company. that and so much more coming up. let us check in on the markets. we had the push and pull of apple and tesla and some of those sales, not transportation but losing when it comes to a key chinese competitor. nasdaq off, this is a global born market selloff. we see in europe in particular. we have corporate issuance coming through, some supply-side issues coming in play here a little bit with the borrowing costs. i we called it right? we will see as many rate cuts as the market anticipates? the market recalibrating that this morning. the world of crypto, as the dollar strengthens, the bitcoin

does too. eclipse saying the $35,000 handle and that is important as a watch out for the etf and they approve the spot bitcoin etf. ed: the logic follows that demo script related stocks in the equities markets are higher. the familiar names you see, hired single-digit gains, what exception to the rule is coinbase. softer by 4.4%. look at the performance of the stock in 2023. look at the run up ahead for the end of october through to the year end. maybe there is some profit-taking or going into the free market this morning. there something going on and we are not sure what is. the single-story and downward pressure on the market more broadly is apple. barclays downgrading, slightly lower per share. they said we are looking at the

volumes and makes for the iphone 15 and we are not convinced. if we get an iphone 16, we do not see the technological upgrades in that generation to move the stock higher. apple had multiple courtesan 2023 were expectations were missed but the stock continued to run up. that is an interesting equation going into it and it is the biggest point to drag as it stands on the nasdaq 100 and s&p 500 this tuesday morning. caroline: when it is shy of 81 point $2 trillion market cap, it does have a huge impact on the overall s&p. let us talk about all of this with the portfolio manager at the hartman group. it is so good to kick off 2024 with you. talk about the impact of the magnificent seven, the apple impact, and on the day, of course people starting to think they can really continue to outperform? that seems to be questioned. >> happy new year to you. yes. with apple it is probably our

least favorite. the magnificent seven. text overall was up 56% as a sector within the s&p 500 in 2023. starting off 2024 with a little bit of a breather. not a big surprise here. with apple, as barclays mentioned in their downgrade, the slowing of their hardware sales. it is going to be a problem. the one thing that keeps the stock up was all of the buybacks. when the multiples are closer to 30 times, it is less attractive on a going forward basis year. ed: how much does the reaction and apple signify a broader concern that all of the fantastic growth and in the tech sector lease on 2023 is not going to carry through 2024? >> reversals tend to happen in january. we all love to hear about the

dogs of the doubt and how they tend to perform better in january. we the some profit-taking going on today. in magnificent seven names. we like technology from a long-term perspective. a lot of these names have been a lot of growth in them over the long-term. however in the short term, profit-taking happens. it is good to lock in some of the returns we saw in 2023. and pay those taxes in 2025. ed: in order to realize those returns you needed to buy seven names. the magnificent seven. how will that be different in 2024? there were so many unique stores within those seven, nvidia it was a clear ai story on the compute side. can it continue on? do you have to go specific? forget the bundle of seven. the magnificent one? which when you go down? >> the video was a leader within

the magnificent seven. over 239% in 2023. will that repeat? not likely. we have to remember that in 2024 nvidia was down over 50%. that great growth we saw in 2023 was after a significant decline. longer we continue to like nvidia and what they are doing. they continue to grow. their total addressable market starting with gaming, leading into machine learning and going onto the center nai. we continue to like that. we do not think it will have the type of returns that we experience in 2023. the diversification it was not your friend in 2023. i think going into 2024 we believe that a broadening of the overall market is what is going to benefit investors. caroline: talk about the broadening. do go broader within the u.s.?

you go to smaller capitalizations? do you go global? >> hugo all of it. we saw in 2023, small caps had a significant come back in november and december. december small caps her up over 12%. having that diversification really helps out. i know that we talked about the dollar rebounding at least recently. our weakness -- dollar weakness helps out emerging market stocks. we expect some of the broadening to benefit over all investors. especially as interest rates come down. that is the expectation. caroline: you said how perhaps apple was the least favorite among those key names. which one is your star performer? which names you have to hold onto with both hands? >> we like microsoft, i think

here. it is a broad, diversified name. they have so many areas of growth. they continue to grow within cloud. they do have the partnership with openai. in regards to artificial intelligence. we like all of that. they continue to grow outlook and microsoft 360, they have copilot which launched in november which will introduce more ai capabilities across all of the microsoft platforms. we continue to like microsoft over the long-term. ed: the huntsman group, a terrific way to kick off what i'm sure will be a joy enormous year. the magnificent seven or on the way. coming up [knology, we dive deeper into the other big story of the day, ev, tesla and rivian coming up next. this is bloomberg technology. ♪

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ed: turning to the ev automakers, tesla topic estimates, rivian falling short. we start with tesla and our global auto editor out of london. tesla does 484,000 570 ev's in the final three month of the year. it beats estimates and the target of 1.8 million vehicles for the year. the other storyline is that they lose their crown as of the world's biggest seller of the these? --of ev's? >> byd outsole tesla.

this was a trend that we can see coming looking at how byd was trending in china. they dominate that market and have done so in dramatic fashion. very quickly, a few years ago, this was a company that decided to make a full transition to only every electric and plug-in hybrid sales for their lineup and in short order, they managed to pass up tesla in that market. there ahead on a global basis. this is a company that you hear elon musk talk about vertical integration and controlling your own destiny. making all of your parts or many of your parts in house. byd does not do an greater extent than tesla does, then it he own battery, chips, this is a company that has out tesla'd tesla. caroline: fully electric in the last quarter. there is going to be increasing competition coming on its home

turf, byd is selling cheaper cars and making less profit than tesla is an there's more competition coming from china as well. how do you think tesla will fare in that? >> it is a massively competitive market and the price differences here between tesla and byd are hugely different. guesstimate for the average transaction price for tesla among analysts surveyed by bloomberg is something under the order of $45,000. byd is half of that. that is a different couple of companies. we are seeing byd move up market where tesla has been moving in the other direction. the china market is usually competitive. musk will tell you that it is the most competitive in the world. whether byd is able to weather that, i think they have made a statement in terms of their ability to do so. it only will get more difficult

in the year to come. especially as we see some of the cell phone makers in china enter the space to do so through contract manufacturing arrangements through the state owned companies. that will be a trend that is interesting to watch in 2024. ed: i was in the hot seat for rivian. when i was writing by production and delivery, the intensity of the share reaction. they beat their for your production guidance. you made a chart that looks at how sequentially deliveries have started to lag a bit? >> i think this is a company that was production constrained. this was their issue for quarter after quarter which as you documented really well, this is a company that has managed to sort out some of the kinks in production and overcome the growing pains. the deliveries part of the equation, they have work to do and of course, the investors are

not going to look particularly fondly when you will produce relative to deliveries by the amount that rivian did the fourth quarter. there will be concerned about whether you are pushing on a string and whether you may need to cut prices in the future. that will be something for us to watch. also, i am curious and whether the delivery van production and the change in rivian being constrained to only being able to deliver those to amazon. to be very late in the quarter, sort of being able to get out of the deal and start delivering livery vehicles to other customers. maybe there was a complication with that in the fourth quarter that accounts for this differential? caroline: we will drill into demand-side equation of all of these things. so much more with that, great to have you. we are going to do a real deep dive of tesla and particular.

meanwhile, let us talk about the other elon musk company. we are going to talk x. fidelity has cut the value of the stake it has in the social media company. the latest in a series of markdowns by fidelity ever since most concluded the acquisition of the platform in 2022. kurt wagner, we got the numbers, just remind us how much they are cutting and what sort of number we are looking at for evaluation of twitter? >> i believe the cut from the end of november was around 11%? in total, more than 70% of the value has been cut down since the close of the acquisition now. you'll remember it was a 44 billion dollar acquisition of the end of 2022. it has been cut more than 70%. when looking at a company that at least fidelity believes is valued close to 12.5 or $13 billion.

to put that into a little bit of historical perspective you may remember caroline in 2016 twitter almost sold to disney. muscle to salesforce. the company was around the same value in 2016 as it is today for fidelity. -- per fidelity. a huge erasure of value since elon musk took over. ed: the curious thing about this is fidelity is one of the investment firms that participated in the take private deal in the first place. behind this i guess, we do not know the factors behind fidelity's decision or how they arrived at the evaluation we have done some reporting on how the financials have changed in the last 12 months? >> we talked about this if you remember right before the new year. we had a story come out that the advertising revenue on x is predicted to be somewhere around 2.5 billion. that may be on the high side because some of the productions

were made earlier in the quarter before elon went on stage and started swearing at twitter's advertising partners. the value of twitter's business or the size of the business has decreased so much before elon showed up. they were bringing in more than $5 billion a year. most of that is advertising revenue. we are talking about half of that. a lot of this is quite frankly self-inflicted. a lot of the issues that they had seemed to be things that they could have avoided. with some different approaches, to the advertising business. caroline: to that end, self-inflicted wounds as they are? this ultimately other the leadership and ma paths who went on on the deal to take -- this may bother the people who went in on the deal and putting pressure to build on the value? >> only are they not a publicly

traded company, investors are investing in elon musk. x may be part of that investment. they want to be involved with the law when it comes to spacex or neural link or whatever types of things he does. i think there is a lot more patience with people who invest in elon musk because they see the bigger picture. we are losing money on our x investment but our relationship we had that what you want and the support we are giving him on that side will pay off in the other businesses that he runs. i do nothing there will be a willingness to just continue to run this into the ground over time. i think he has more runway than most companies would in this situation because of all of the other businesses that he has. caroline: that is kurt wagner starting the year with the story of x, formerly known as twitter as we started 2023. some things do not change.

another big story, but it blocks chipmaking equipment to china. he tells behind the attempts to curtail -- the attempts to curtail china's technology. this is bloomberg. ♪

ed: first off in the news, dish network finalizing their merger. the companies close the deal on december 21, this comes as a dish chairman seeks to move away from the dwindling pay-tv business and to water services to challenge the likes of verizon, at&t, and t-mobile. baidu's bid for joyy lapses. the offer did not get approval by december 31. the deadline for regulators, the

potential acquisition was in a november 2020 as the chinese and i was trying into advances in the digital video arena. bt group may face some fines. they mr. kate advised to move data out of core network equipment which was manufactured by chinese manufacturers. there were national security concerns. caroline: the geopolitics that is china versus developed nations. chip equipment manufacturer asml is based in the netherlands has canceled shipments for some of its machines that were headed to china at the request of the biden administration. this is according to people familiar with the matter. it will mackenzie hawkins. winning us from washington. they front run the date that the ban was coming in. they had to hold back in theory, what they were allowed to be selling them? >> exactly.

the dutch government actually imposed restrictions on these machines that were set to go into effect on january 1. the biden administration pressured the dutch government to cancel licenses for asml through the end of last year because of were worried that china would continue making semiconductor advances -- they were worried that china will continue making semiconductor advances. caroline: making equipment or specifically the cutting edge of ultraviolet lithography machines. this is what asml defined this as. it is the ability to cram as many transistors onto a chip as possible, the small form factor. the relevance is that you know is that reporting last year about hallway and what they were able to do with the cutting edge --h huawei was able to do with

cutting edge machines. >> the dutch government has banned asml from sending machines to china for a long time. huawei was able to produce a chip with its chipmaking partner using duv machines, i less advanced model that asml was allowed to ship to china. with the america government working on emerging du machines, there was a lag time on machines in the u.s. stepped in and said you need to cancel the shipment and those are the conversations that happened over the last couple of months. ed: interesting politics behind this as well. u.s. national security adviser jake sullivan phoned the dutch and says can you get asml to do it and the dutch say phoned them yourselves. make the request direct. >> who had jake sullivan

reaching out to the dutch government and they say contact asml. u.s. has the conversation with asml. then you see the doctor revoke these licenses. they are creating a work around here where the dutch government wants to be able to point to the u.s. and say this restriction is coming from washington. you saw the u.s. tightness restrictions on overall chipmaking equipment and the advanced computing exports to china. affecting some dutch machines and some of the emerging lithography equipment from asml. you have a tension from washington and amsterdam and other governments are dragged into this battle as well. ed: terrific reporting. chip stocks are under pressure today. caroline: particularly in china. that would depend on such sort of lithography. we thank you so much. we will dive back into the world of ev's. tesla and rivian or i would

their quarterly deliveries. we break down the numbers and whether it matters who leads the pack in terms of the amount of autos sold. witnesses about demand worldwide -- this is about demand worldwide. this is uber technology. bloomberg technology. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know.

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ed: welcome back to bloomberg technology. caroline: caroline hyde in new york, let us get a quick check of the markets. first print 2024, profit taking risk coming off of the table. we are reassessing how much rates are going to rise or fall and how quickly they might be cut here in the united states. we are looking at the two year yield, it is up, a global bond selloff. an everything selloff kind of a day. nasdaq 100 off by 1.4%. or stay for tech stocks since

december 20 -- worst day for tech stocks since december 20th. july 10, we are looking at an up clips of the $45,000 handle. moving onto to the individual players. who are seeing a joke such as apple on the downside outbreak keynote out of barklay's. off by more than 3% for a company that is worth $1.3 trillion. no wonder it has key points waiting. microstrategy, the crypto names as bitcoin goes higher. progress energy keeps elements in the balance sheet. bitcoin is up 11%. looking at tesla. this has been the news of the morning. tesla managing to live up to the 1.8 million for the full year in terms of ev's sold. it is being eclipsed by the big chinese player. we have to dissect how much of that really matters. ed: destocked is flat, it has been all over the place.

higher than lower and higher and then lower again. let us keep the conversation going. the analyst with barclays who has an equal rate rating on tesla. a price target. what is the storyline for you? you meet the stated 1.8 million target. i remember a year ago the first earnings or of the year in january 2023. musk town and we could do 2 million, maybe. what does this show? >> thank you so much for having me. i think the story of 2023 was that we were pulling back from a period of ev euphoria. if we contract what is going on now -- contrast what is going on now from when the market was supply constrained and demand was not at all concerned, that is not the case anymore. we have questions about demand. even so much to the point that

tesla acknowledged on the last earnings call that there were some medical concerns and it would not be producing as much as it could in its berlin facilities because of these micro questions. the story going forward is how do we deal with this period of some demand and uncertainty within the ev market? ed: the storyline we are leaning on a bloomberg is tesla has lost its crown to byd. this big a standalone seller affect. electric vehicles. we knew that was coming. does it matter if tesla is eclipsed by asml? -- byd? >> it is not necessarily matter per se in the sense that there is room for multiple players and if we break apart the market, byd eclipses tesla this year. tesla still beat byd.

tesla was at 1.8 billion, byd was 1.6 million. something along those lines with the remainder being plug-in hybrid vehicles. if you look at it on a regional basis that is where the dynamics really very. in the u.s. tesla is still the dominant ev name. in europe tesla still a top three or so player in the ev market. china and tesla, it is still top two or three. byd is really taking the crown. it is china where we saw a lot of people -- byd sales accelerate. the other story we saw emerging and 2023 was the rise of chinese exports to europe and other markets. there is more competition. there is still room for tesla to grow, it is a question of in the markets were tesla surveying, where is the demand for that? caroline: spinoffs into 2024.

when we think about byd getting into hungry and producing their, different price points ultimately remaining in terms of profit and revenue. they make more expensive cars. what tesla ever want to go lower to serve and get in on the highly competitive state that there is in china or should be staying in its lane? >> that is ultimately the goal for tesla. that is something that they outlined in their investor day last march. a path to microscale. 2024 from a volume perspective was below consensus of 2.2 million. it is some growth. it is low double digit growth versus 2023. it is below the long-term growth tesla has laid out. that is because there is not much in the way of incremental product for tesla in 2024. he cyber truck is niche -- the

cyber truck is niche and somewhat dated models. the story for tesla on volume is whenever that is released. we have that as some kinds 2025. they go down to the lower price point and drive at lower costs to get there. caroline: let us go back to the cyber truck. that is something i'm sure that frustrated you and many analyst investors. they did not give us the intricacies of how many of the actual vehicles were sold. was it on the low-end, high-end? where does he cyberattack -- where is the cyber truck landing? >> it was probably a small set of volumes. we model in something like 200 units. it was possible to be below that number. i think tesla has been clear that there are a number of

production challenges along the way the need to be met with cyber truck. that is why to us cyber truck is a different model for them and it does help motor diversification which they have needed. that being said, i would -- we went to set our expectations accordingly on cyber truck. we are assuming that you are not going to get more than 20,000 units in 2024 because it is such a slow ramp. there are questions on demand. we think that it will draw on some consumers who want more lifestyle type vehicles but we do not see cyber truck entering that core large pickup market which is used for work purposes and commercial purposes. ed: i want to go to the demand question and zoom out and the legacy auto names like ford and gm and rivian there is a question about the wave of first or early adopters being gone and how you just go after the

everyday household. tesla is using price cuts as its lover. the federal tax credit in this country is clearly a big factor. how do you model demand for this year? >> volume for the ev market will be increasing. even for the legacy players where there are questions on the demand and they are slowing pace volume there is going to be growth. from a subsidy standpoint in the u.s., one key step forward is at the center $500 credit will now be made on a point-of-sale basis. you get it immediately when you purchase the vehicle as opposed to when you are filing your taxes. that can help. there are some vehicles losing eligibility. as you know, there is barely a question about -- there is a question about the early adopters going to the early

majority where you have to do with the questions of range anxiety and charting availability -- charging availability. these need to be addressed. there is still a path forward for ev volumes to be increasing in 2024. it is just at the pace of growth is slowing. the other piece of this and this is the point of the price cuts, tesla can cut it price because its cost structure allows it to do so. for the legacy automakers that have struggled on the cost front and there is only so much they can cut on their price because the costs are or what they are. -- are what they are. they can sell more volumes at a more appropriate price point. caroline: thank you so much. sales data at that. coming up we were talking about -- we are talking about apple

facing a ban on his watches. if knology litigator over at alen and every. caroline: but shares spiking up 16% as it stands. printing at the highest level since late august of 2023. the news being that the stock has been given an upgrade to outperform from the film oppenheimer. the firm expecting to see real returns, topline sales growth for moderna in 2025 talking about increased visibility on the sale of covid-19 vaccines. that is a big move on moderna. this is bloomberg technology. ♪

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caroline: let us check. a big hit. this is after barklay's cut the tech joined to following expectations of what they see is soft demand for the latest iphone. they expect a reversion after a year when most quarters were missed and the start outperformed in the last. mark, that is the point, we think of the report earnings they posted in 2023. they missed the expectations but shares rallied on the 2023? why does barclays think it cannot manage to pull out of the bag? >> they have seen holes in apple's story. four quarters of holiday declines. the earnings report that has come at the end of january and early february indicating that q1 was either in line or maybe a little bit more or less the

prior quarter. you have the patent situations which are likely to crop up in higher frequency when the success of that mossimo has had. were not saying anything in the -- we are not seeing anything in the short term i will reduce sales to any degree. they are sensing some fragility there in the apple story. that is what sent the shares down pretty considerably on this tuesday morning after new year's day. new iphones, i'm not expecting anything significant. the bigger picture is camera improvements on the smaller pro model. some minor size and varying displays on the high end iphones and will get the biggest ipad revamp and five or six years. you are getting the vision pro that will be coming within the next 30 days. a month or so. we are not expecting the vision

road to drive revenue in 202 5. that's been underperforming the past couple of years or so in the iphone, i would expect to be stagnant, not necessarily the high-growth as it has been in prior years. certainly, it is a risk to bet against apple. they do seem to find a way to come out of numbers that could surprise the street. ed: is your performance in 2023 would speak to that argument -- the performance in 2023 what is going that argument. apple is facing a ban w on imports of itsathes. overcoming a patent infringement. keeping apple watches off of shelves during the holidays. and a knology litigator, his practice focuses on high-tech intellectual property

international trade competition. there are some avenues they can go down on a fixed, and deadlines coming up, and the first instance it was a wild holiday period where apple seemed to rely on procedural wrangling to push back against the original decision. that was two months ago? >> that is right. thank you for having me. as someone who practices in the international trade commission quite a bit this has been an interesting case to follow. what it shows is when companies like apple are facing a potential import bans, they can actually consider during the lawsuit making changes to their product designs and getting authorization to sell those designed products even as the commission would find infringement and order a ban on the current models. this is a common plan b that we see in these cases. based on my review of the commissions' public decisions. apple did not have an authorized

backup design. the commission decided to order the ban on the watches. you have seen apple scrambling to implement these emergency strategies over the last several weeks. i think it shows that when companies do not litigate this plan b, they do not have a fallback in these cases, they are exposing the business to lost sales and i think options are loss going forward. caroline: only to lost sales but probably a mental impact on the consumer that is questioning the winning formula and technology of apple. to that end, if apple does want this in the here and they now, how do we see this big issue ironed out? is it about an agreement with maximo --with mossimo? >> companies like apple who are in this position and want certainty, they need to implement hardware or software changes to the products and pro thoseve changes --

and prove those changes do not impact the patent. apple has started this process. it has presented redesigns. it expects the decisions by next week. we do not know what the redesign will look like. when companies go this route and they need a quick approval, to get products back on the market, they want to present customs with a very simple hardware or software change they already implemented and there is no dispute does not infringe the patents. this means removing the infringing feature completely from the product. it is possible that apple could get approval to sell these watches again but they may not have the same features that they have right now including blood oxygen monitoring. ed: that is the fascinating part for me. we reported on december 28th that apple's software is being the long-term fix. it relates to a specific functionality on a hot piece of hardware. a wearable.

who are the people in the other side of the table who are reviewing the compromise? and deciding if it works or not? it is a software fix to hardware functionality? >> that is right. apple is asking for approval from a specific ranch of customs that -- branch of customs that administers these exclusion orders from the commission. they are experienced in assessing these types of redesigns. it is true that if apple is proposing some sort of complicated software fix, we do not know. if they are it would be challenging to get a fix like that through customs in the time they have allotted. for example, apple may want to present the cleanest, most obvious fix that it can to get these products back on the market. the apple watch series s can be sold because it is not equipped to measure blood oxygen levels. apple's may be present a solution such as that. caroline: thank you for pushing

us for. james gagen, thank you. bitcoin surpassing $35,000 for the first time in a couple of years. we will tell you why, next. this is uber technology. -- bloomberg technology ♪ the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free

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out there that we can use to gain exposure to bitcoin -- there are now other products other than we can use to gain exposure to bitcoin. generally eighth -- january 8th,, but out of an abundance of we do not want to take any risk. caroline: the caution is why the exited grayscale the queen trust. they plow their money from the next generation etf instead into proshares, bitcoin stretching etf, on the question of whether or not grayscale bitcoin pro's indeed be converted into an etf and all of this, the anticipation of the approval of a spot bitcoin etf opportunity has been driving the bitcoin up more broadly past $25,000. -- past $45,000.

any spot bitcoin etf is going to be good for holders of the bitcoin in and of itself? >> a big week for the bitcoin industry, there is expectations that the ftc will make a decision about approving spot bitcoin etf. we thought bitcoin rallied in the past year based on the anticipation of this news which analysts think will drive institutional funding into bitcoin. there is uncertainty and approval. by 100% guaranteed. caroline: we are embracing the by the rumors and sell the news. it does get approved? do you know any of the details as to what happened? they generally eighth through 10th, the sec says yes. will the etf be there for the training? as a take weeks or months --

does it take weeks or months to get executed? >> if they do approve the bitcoin etf fund, the other shorts and operators that are associated with the bitcoin etf are preparing to get ready to launch and trade the shares. coinbase for example which is the custodian provider for a lot of these etf issuers who told us last week that they or operational ready. we are seeing things like everybody is preparing as if they will be able to get approval. we will get to see how much training or how much buying will contribute to bitcoin. caroline: my husband is a senior manager over at coinbase. we thank you so much for all of the details. it is going to be busy for the next couple of days. when you want out in the want of crypto -- for anyone out in the

world of crypto. ed: one day into the new year and i'm not going to say what the story of the year is. after 2023 you would not take that risk. recap on the podcast, thank you for listening to apple, spotify, from new york and sf, this is bloomberg technology. ♪

>> live from bloomberg's headquarters in new york, i'm sonali basak. kailey: welcome to bloomberg crypto. a look at the people, transactions and technologies shaping -- >> highest level since 22022. eye-popping run fueled by the spot bitcoin etf. kailey: