>> from the heart of where innovation, money and power collide in silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. ♪ caroline: on caroline hyde in new york. ed: i'm ed ludlow in san francisco. this is bloomberg technology. caroline: full market coverage ahead as cathie wood cells nvidia by cutting tsmc stake. ed: the supreme court will hear challenges today on two walls

that aim to prevent social media platforms from censoring posts. we will have the latest. caroline: jeff bezos nvidia join openai in developing humanlike robots. we will discuss that and more throughout the hours. checking on the markets, a little croaky like my voice. we get the core pce details, how is inflation going at the moment? it is all about the eyes on macro. a little bit of cautious training in europe as well. 10 year yield up three basis points. let's look at what's happening in the world of crypto. bitcoin, as the dollar, flat on the day. crypto spiking. ed: kkr is buying a software unit for about 4 billion u.s.

dollars. this is a unit that basically provides the software for remote desktop collection. it is something they got out of the amway deal last year. you can cav geo -- see avgo. the other movers story we are looking at is nvidia and the u.s. adr. both moving to the upside. nvidia up 1.2%. tsmc is higher by .4%. what we saw is selling down the position. you can look at it as a re-weighting. it's the first time they have offloaded tsmc shares since 2021. tsmc, the lead manufacturer

globally, so much of the run-up in the space has been the carry through from the ai hype around nvidia. we can get deeper into that. it's something many money managers around the world are having to deal with even the recent performance. caroline: let's talk to one of them. nvidia, largest holding among the global training portfolios. it's good to have you. after a week like we've just had, are you still committed to nvidia when we talk about valuation discipline? what do we look at? >> it's a good question. thank you for having me on your program. for us, it is still a case of looking at how the gross opportunity translates and how the gross profile for nvidia comes through. when you look at the basket fall over 50 stocks, there has been a

rapid appreciation. over the 12 months, we've got a 60% move in share prices on average. earnings only moved by 7%. you compare that to nvidia, who is up almost 280% but it's earnings have been upgraded by 380% plus. you had multiple contraction. that's what aspect you highlight. we want to focus on companies that can monetize from ai and where there is more likely to be earnings momentum that follows through. caroline: so, as you've been reporting, do you re-wait on a more regular basis? do you have to think about broadening your perspective from tsmc to some of the others that have not quite come up so fast? >> -- in other words, companies

that will benefit from the significant investment spend, hyper scalars. corporate will be spending more on ai. we track the companies that can monetize from that. for us, it's companies like nvidia that are really well position. we believe nvidia is in the same position asml was 10-15 years ago as a croissant monopoly enabler of the ai opportunity. then you have companies like microsoft which is positioned, firstly there stake in openai. second, their cloud provision. third, the fact they have connection with enterprises. corporate's are the most likely entities in the economy that will need to harness ai to ensure that they stay productive, competitive. because, ultimately, you don't get computed away by ai, you get computed away by another company

using ai faster and better than you. ed: this is what cathie wood said. she's been in the game a long time and felt like she was early to be bold thesis around ai. our bloomberg intelligence specialist makes the point that, don't get bogged down on the selling of any given position. think about it from a weightings perspective which caroline mentioned. this is the table. if you look at the weighting of tsmc, the adrs, and also nvidia within a are k q, -- arkq, it remains relatively constant. what you seem to have in common with her is the bull thesis is intact that there will be an infrastructure bill. this is something you and i have talked about for a long time read where do you look for that infrastructure benefit if you are -- time. where do you look for that infrastructure benefit if you are an investor? >> at the time, we

discussed the nvidia valuation. the stock was up over 80%. it has had a strong run for us. it's still about focusing those companies as i mentioned that can monetize. nvidia is really well-positioned for that. the debate will be what is a runway of growth. for us, over the last 12 months, we have seen a tip of the iceberg in terms of spending channeled in ai. if you look at the big tech companies, there are plans to increase capex i-22 percent to 100 -- by 22% to $180 billion. ed: you mentioned microsoft. you mentioned being able to monetize. do you have the same attitude toward google, alphabet, the parent, google? >> we are one of the investors that is underweight magnificent

seven in terms of the -- has under weighed the magnificent seven in terms of the name. we do that through an assessment of growth. we touch profile and valuation and take into account various risks that we assess. caroline: you have such a global perspective which love. in your notes, you talk about some of the risks and one of those is geopolitical. how are you factoring jensen saying i will remain in china and want to own that market when geopolitics are as they are? >> it's a good question. the geopolitics is the most thing investments should focus on. it's also the most difficult to quantify. we took the view that we wanted to reduce the geopolitical risk and move to the beneficiaries of fragmentation, which is when we switched out of tsmc to asml.

with plans being built in the u.s., japan and europe. when you look at nvidia, we believe that it will have some challenges operating in china but it will be on the right side of the regulation. ed: about 10 days before nvidia repeated earnings, i spoke with jensen on the idea of sovereign ai. he sees a world in which nvidia starts doing more business directly with nationstates. countries. it's one of your top holdings and i wondered if the analysts on your desks assignment models that come from a purely government contract? >> we believe there is upside to the forecast from that angle. we agree with jensen that there will be a growing demand coming from sovereign ai as well.

there is a geopolitical angle to it. jensen explained that well in his earnings call and we believe that creates an element of tailwind to the earnings momentum. it also highlights the importance of making sure that when we forecast companies, we always use different type of scenarios. caroline: it's always great to have you here. thank you for popping in with us. ed: another story in the ai space, msft announced a partnership with microsoft. the move comes as microsoft faces political scrutiny globally for its deep ties to openai, which competes with mistral. social media is front and center

at the supreme court as they hear laws that prevent social media from censoring posts. a quick check on shares of zoom, up 8/10 of 1%. why do we look at that? earnings are around the corner. it's interesting to continue to dig into what the post pandemic story is for zoom, increasing ai and how people use the platform from a commercial standpoint. that will be one to watch for later today. this is "bloomberg technology." ♪ ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds.

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caroline: -- ed: today, the supreme court is hearing argument over whether two state laws preventing social

media companies from moderating content is violating the first amendment. you have a fantastic quicktake, explaining what is a complicated legal system. let's start with the basics. what is this case about? >> this case is a challenge from two of the tech industries biggest lobbies. net choice and ccia. they are challenging laws in florida and texas, that are aimed at preventing social media companies from taking down certain kinds of political speech. the question in the case is are the social media companies protected by the first amendment? the arguments are going on right now. ed: when i read your quicktake, i'm reminded of what happened in the last election cycle. the content moderation or policy from tech companies came as a reaction to what happened in that election cycle. the political story, to me, it

seems like, in certain sections of d.c., that they overdid it. that there is a feeling that conservative voices in particular were over censored. is that the political story, emily? emily: definitely. both florida and texas laws were written and ultimately passed in the wake of the biggest social media companies booting or suspending trump from their services. a lot of what we are seeing now is fallout from that. should the social media companies be allowed to take such a prominent politician off their platform? can you write a law that prevents them from doing it again or do you sweep in all kinds of speech that is perfectly reasonable for them to have some editorial control over? ed: it's hard on your beat but i will ask you anyway, what do you think the supreme court is likely to do with your crystal

ball? emily: i've been listening to arguments for the past hour and there is so much skepticism of the florida law. there are distinctions between the florida and texas laws but the questions at the center of them are the same. we are hearing skepticism from the liberals and the conservatives, including some of those swing justices like cavanaugh -- brett kavanaugh. they are all confused about the law. they say it is so broad sweeping. how does it even get implemented? why are we talking about this? it's not looking good for the states. ed: it's great to have you on the show. i urge the audience to check out emily's quicktake because you get a clear understanding of what is a complicated story. sticking with d.c., we are waiting on some news from the commerce department. it could, anytime, potentially regarding grants from the chips act. guess who's with us? bloomberg's kailey leinz.

we have our eye on the flow of capital from this key piece of lawmaking. what do you think is going on? >> we heard from the commerce secretary when she hinted there should be a drumbeat of bigger announcements in the next 6-12 weeks. bloomberg's own reporting indicates they want to have the grants announced by the end of march. could we get more hints from the commerce secretary when she speaks in moments to give an update on chips act implementation. we are talking 35 billion dollars in direct grants and 75 billion dollars in loans and loan guarantees. another company getting access to these incentives next could be tsmc and samsung. they are expected to be major recipients. pat gelsinger said it could be coming soon and blue brick has reported the intel incentive could be to the tune of $10 billion, which would be the largest among any chips act

funds granted as the commerce secretary is trying to dole these out. she's beginning to speak now so, we will be watching for the headlines she makes and bring you the latest on that news. ed: the chips act money is one of the keys of pat gelsinger's approach. coming up on the program, some of the biggest names in tech are investing in a business, developing humanoid robots. it might not be the one that you think. more on that, next. the news keeps coming out of d.c. we are looking at shares of discover and capital one. a group of lawmakers, led by senator elizabeth warren and representative alexandria ocasio-cortez are urging the fed, the occ, to block this deal that broke last week. a big one in the financial technology and consumer credit card space.

theres are reacting to that. both up one 10th of a percent. this is bloomberg technology. ♪ with everything from managing your social posts, and events, to email and sms marketing. constant contact delivers all the tools you need to help your business grow. get started today at constantcontact.com constant contact. helping the small stand tall. as the head of hr, i help lead a successful home security firm. our teams work hard to secure our customers' most valuable assets. and while they do that, i work hard to secure ours... ...our people. that's why we chose principal to provide the benefits and retirement plan that show our people just how much we appreciate them. benefits help us keep top talent. —hey mom. benefits help us grow. because we know how important security is to all. ♪♪

♪ ed: it's time for talking tech. first up in the news, mark zuckerberg will travel across asia with stops in japan, south korea and india. the meta-ceo is working on artificial intelligence services and forges ties with business and government leaders across asia. in seoul, he will meet -- he's tentatively scheduled to meet with south korea's president. talking about joint development of an extended reality headset. in group outbid citadel securities for credit suisse.

the bid to build a securities business using credit suisse's operations will face a thorough review. ubs will have to choose between the higher local bid from aunt or the lowest citadel offer -- ant or the lowest citadel offer. following the inquiry from the u.s. sec, alibaba disclosed a wider web of chinese government states in its business units than previously shown. in the notice, the company said the disclosures were made in response to certain comments from the staff of the sec as an amendment to its earlier filing for july. the filings come as china's communist party says it will play a bigger role in steering the country's technology and science develop and. -- development .

jeff bezos -- the start of company is raising $675 million in funding that carries a pre-money valuation at $2 billion. that is according to bloomberg's sources and that was reported by mark gurman. i've been digging into this companies interesting round. the numbers are big. what have you learned? >> this is an alternative to what optimists like elon musk are building. they are building humanoid robots, to address labor shortages but also to substitute for humans for more dangerous jobs. perhaps on production lines and such. we are told there could be an announcement this week for a slew of funding, topping $675 million, like you said, at that to billion dollar or about $2 billion valuation.

you have a lot of big names in one funding round. that is rare. you have jeff bezos's personal form, explore intel coming in with a $25 billion -- million dollar investment. amazon's vcr, samsung's vcr. microsoft coming in with 95 million dollars. openai coming in at $5 million. you have a who's who of companies interested in artificial intelligence, robotics and future technology. this will be interesting to see how it all develops. ed: the nvidia piece is interesting. they have invested all over the place, privately and in some public companies as well. i think i'm right in saying at one point, openai thought about just buying figure ai outright. what can you tell me about the company's progress? do they have anything to show for their work in humanoid

robotics so far? >> before sam was ousted as ceo last year, there were some deep negotiations regarding an acquisition of figure by openai. there were extensive conversations around open investments. it came down to $5 billion -- $5 million. i say only in comparison to the 50 million from nvidia and the $100 million from jeff bezos. certainly, the openai deal fell apart amidst the whole sam altman situation last year. in terms of the progress the figure has made, they have published some videos and specifications on their website. it is unclear who is further ahead, figure or elon musk's optimists. they are selling the goods to these investors and getting enough money from them. you can see the video nvidia is

playing, it's unclear if that is real or an mockup. it's going to be years or a decade plus before what you see in the video is a reality. but the companies have enough money to put in what amounts to change under their couch to place some bets here and there and hope that it works out for them. ed: bloomberg's mark gurman. check out the great photographs of you wearing the next generations smart glasses. trump won south carolina's primary over the weekend, further tightening his grip over the nomination. the role of ai in this election cycle and much more on the states targeting that tech with new legislation. we will also get shares of intuitive machines, we are down 32%. you know the image in your head.

it's the lander on its side on its moon. america is back on the moon. it is just not standing upright. this is bloomberg technology. ♪ 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. book now. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

♪ ed: welcome back to bloomberg technology. as mondays go, it's a business one peer let's start with some markets. this is more like a psa from last week. amazon has replaced alliance on the dow jones industrial average. that is an index where weightings are done on a shareprice basis, not on a market capitalization basis. something that was announced last week after tuesday's market close but i was on vacation. i missed it. the point being it is effective as of monday's session. if you look on your bloomberg terminal, you will see amazon

down 2% rate what precipitated it was a three for one stock split, not by walgreens by walmart. another stock we are watching closely to the downside is alphabet, parent of google. there has been so much discussion, particularly on x about the image generator on gemini. an update from google in the last hour or so, the company plans to resume the image jim rader on jeni --image generator on gemini. it was pulled last week because of criticism over the inaccurate historical depictions of race. you will have seen that elon musk has been vocal about this issue of the gemini and image generation on gemini in the last 24-48 hours. a slew of states have been targeting ai deepfakes ahead of the november election. that also includes new york state. new legislation from democratic

governor kathy hochul would make new york the first in the nation to explicity empower voters to file lawsuits against ai made political deepfakes. we want to bring in zach williams from bloomberglaw.com a who has been writing about this. this would be new york going first on something. what's the proposal that's on the table? zach: governor kathy hochul is proposing in a state budget due on april first, that new york state take action against deepfakes on multiple fronts. images of child and deepfakes in elections within 60 days of election day. what's so interesting about this one, compared to the handful of states that have current laws or those considering summer legislation is the enforcement mechanism. there are no civil or criminal velti's for creating a deepfake under kathy hochul's proposal but she would empower voters. if they see a deepfake, whether

or not it concerns them personally, they consume to have someone removing it -- remove it from online. ed: when you look at the language in the bill, there is a similarity with other states. first, arizona. broadly, even though new york is getting early at this, there is momentum behind the same initiative in other parts of the country. zach: a big issue facing states is not only how to enforce these laws but the type of behavior to actually cover. five states currently have existing laws against ai created deepfakes. most of them apply to people that are portrayed or to political candidates specifically. the new york proposal and others really get at deepfakes that arguably tried to influence a voter or influence election, which is a much wider type of behavior. think of the ai deepfake of joe

biden in new hampshire. that is specific to a candidate. hochul's proposal and others across the country, what they might do is make any type of ai phoning material illegal. whether or not it shows a real person. ed: zach williams of bloomberg law, great to you have you on the program. let's keep the conversation going with denver riggleman. the founder of the security firm , rigell meant information. he's also a former republican congressman for virginia's sixth district. he's also the author of the breach, the untold story of the investigation into january 6. denver, we just heard from our reporter about, at the state level, action on deepfakes. we heard earlier from our reporter in d.c. about the supreme court's consideration of

content moderation. lean in on your work, research and your political career, how big an issue is content going to be in this election cycle for 2024? >> everybody is saying it's a massive issue. there is that problem on the other side when you look at technologies that people believe it. we look at the point of origin of these videos which is why i started my company. where does the disinformation line come from and what the d-backs has -- deep x has is people believe it. i don't know what the enforcement mechanism is going to be on satire. i don't know how the enforcement mechanism is going to work because people are doing it because they think the ai deepfakes are effective in making fun of these ended its or are asking for violence against these candidates or violence in general. it's going to be interesting to see how this comes down as far as a legal methodology of this.

as far as ai deepfakes are concerned, i've seen biden deepfakes with him on video. i'm working with a company on deepfakes for licensing the ai of each individual who wants to use ai for themselves. ed, i'm worried that it's not just affect the deepfakes are being generated. it's the populace, a credulous populace, tens of millions who are going to believe this because they don't understand the technology and are ignorant about what's happening on social media and what is happening with ai. ed: in the body of work that your current firm is doing, do you see any specific focus or center of activity, either across the two political parties or focusing on any specific candidates? >> what you are going to see with ai and what you've seen from generating ai already, i think right now, i don't think independent, center-right republicans or democrats have any idea about how effective ai

can be if it's in the hands of those specific individuals who have moral boundaries. that's the thing that worries me, ed. the lack of moral boundaries and the technology is widely available. it's not something hard to do. you can hire firms to do ai. you can do some of it yourself. it's not that difficult. what you are seeing is the disinformation campaigns can be effective with ai, with deepfakes specifically. with other things, it's like audio. ai audio is so easy. you have the ability to do it on a massive scale that will make memes, drops and videos passe. ai and deepfakes specifically, coming from foreign in ami's and threats and people who have no moral boundaries. it could cause a lot of violence starting in the spring and summer, late spring and early summer of 2024, which is my biggest worry. ed: you say it's not difficult to do, i think you're saying in the context of content moderation, the actions of the

platforms themselves. we talked about this earlier in the program, what came out of the 2020 presidential election cycle was content moderation policies. and now, the political argument is that those resulted in the over censorship, particularly of conservative views. tie that into the deepfakes issue. either the tech companies take action or they don't. should it solely rest with them to be responsible? >> we are to a point where it might solely rest with them based on the enforcement mechanisms. i've done enough investigations now that government has a tough time moving at speed against new technologies. when you talk about these large companies, there will have to be some kind of ability to self moderate, when you looking at these ai deep takes. my biggest fear is that ai, as far as being able to radicalize people in a way that we can't

even imagine at this point, is something we are going to have to fight with forever. the information war is the forever war. i think that's the issue that we have. these large tech companies, there's going to have to be some responsibility on how these ai deepfakes are promulgated. i don't see -- with the massive amount of ai platforms, what do you have? 40 major, maybe social media platforms. hundreds of minor platforms. we have emails, you still have facebook and private groups. so much stuff out there. i don't know how you actually do it unless the tech companies take some responsibility for deepfakes or ai generated content. ed: denver riggleman, founder of riggleman information trade come back in the next few weeks and months -- information. come back in the next few weeks and months. jr. ramondo is speaking to

chips. leading edge firms are seeking over $70 billion from the chips act. you are looking at live pictures of the event. she's talking about the u.s. prioritizing chips projects that can be operational by 2030. we spoke with kailey leinz about intel as an example. in the smart capital approach, they are relying on access to the chips act grants to create operation alliance. the last point is ray mondo giving a forecast that the u.s. is going to have 20% of leading edge chips by the end of the decade. we are talking about the ones ian king comes on the show and talks about so often. we will continue to monitor the event. there is some significant headlines coming up. coming up on bloomberg technology, the strikes were a

topic of conversation. one of the major concerns was brought over to the show artificial intelligence. we will have nick, the cofounder of a company that uses generative ai to correct out of sync dubbing. more on the relationship with hollywood and ai coming up. this is bloomberg technology. ♪

♪ ed: at the sag awards, the twin strikes, the actors and writers strikes were a topic of major conversation.

one of the union's biggest concerns was brought to the stage. ai will entrap us in a matrix when none of us knows what's real. let's bring in nick lines. the founder of a company that uses ai to correct out of sync dubbing. let's bring in his thoughts about what is the relationship between hollywood and ai. one quick thing about the statement there about being caught in limbo where you don't know what is real and what is. you're building ai that directly impacts this world. what's your take? >> thanks for having me on this show. i think the reality is we have to be careful. i think the approach that we have taken is to be actually, one of the reasons we have come on the show is we have been talking to sag-aftra for a number of years, working with them to figure out the best

applications and uses for this technology. we have, from day one, made a stance around data that we would not trump artistic or ownership rights. we build technologies that support that. i think it is a collaboration and it is a mechanism to move forward to enable an industry to re-energize and go into the next decade. ed: let's talk about flawless and understand the work you are doing in the context of those concerns. using generative ai to amend and correct out of sync dubbing. how does that work? >> you look at the news around warner and paramount and there is lots of highlighting. the fundament of problem's production costs. -- fundamental problem is production costs.

when streamers are investing heavily -- it was heavy carbon footprints and consequently very costly. all of the benefits that ai is going to bring is the ability to be able to reduce those production costs. but also, if you are watching, a proxy for reduction costs is enabling a global audience. subtitling has been a mechanism for globalization now for years. there's a lot of people who don't like that and that's represented in the value when you sell films and tv series into other language territories. the ability to have a global audience is to consume content in a way that is digestible and enjoyable. it's also going to enable these same companies to benefit from distribution at a level that will be near game changing for them. ed: you just spoke to the

economics of what, frankly, was one of the biggest technology stories of the year so far, when openai released sora. my cohost, caroline hyde, and i were talking about tyler perry and a reporter saying he had plans for an $800 million studio expansion on hold when he saw the results. i made a quick on -- quip on x is most of it -- that most of it is 62nd clips -- 60 second clips of dogs doing stuff. what was your reaction? >> i think positive is the operative word. once the people understand they are a long way off from professional production, you know, it is a 60 second scene.

there is not looking around corners and there is not much art performance in there. i think most important, we are talking about -- most importantly, we are talking about these videos are created from unclean data. we built a business based on clean data where everything has been signed off commercially and artistically and is clean. i think that despite mixing these things together and it's exciting, i think there will be a benefit in reduced production costs. i think tyler will find quickly that -- with the same tools that allow for those reductions and production costs, giving more creative control and intuitive storytelling, we will see it increase in the percentage of commercially successful projects. consequently, it becomes quite a wise investment which is

something people have been cynical about i think what we are looking at is, yes, there might be some people who are scared when we look at something like that. but it represents boom times. ed: flawless co-ceo nick lynes, great to have you on the program. appreciate your time. it's time for the vc round. interview kickstart has raised $10 million from bloom to expand a library of courses and fields from machine learning to data sciences. the demand for which is surging alongside global development. -- aims to help supply the skilled engineers needed to support them in artificial intelligence. deepx is close to raising $90

million. the south korean firm has secured $45 million from skylake equity partners and $22.5 million from timefolio asset management. that is all according to sources. what's coming up next on the program? how the u.s. military is using ai to guide its airstrikes. we will discuss that, next. this is bloomberg technology. ♪

♪ ed: the u.s. used artificial intelligence to identify targets that were then hit by airstrikes in the middle east this month. that's according to a defense official. katrina manson spoke with them and did that reporting. she joins us with more details. this is interesting. you had to be clear on what the ai was used for. it was to identify the targets. but that's where it stops. katrina: that's right. these are computer vision algorithms the pentagon has been developing since 2017. they are now using them operationally. the central command that runs u.s. forces in the middle east confirmed to me they have identified more than 85 targets

for the strikes on february 2. those were against iraq and syria and they have used ai to help narrow down those targets that were subsequently struck using fighter aircraft and bombers. ed: the other way of looking at it is in their experimentation, they found clearly that there are limitations to the use of the technology. and those immediately obvious ones are the order of attack and which weapon the u.s. should or should not use. katrina: they've been experimenting with ai for more than a year. skyler more, the chief technology officer told me that ai is not ready to make recommendations. they worked with nai recommendation engine. -- an ai recommendation engine and humans are better than ai at that -- at this point.

it's not just intelligence anymore. it really is delivering weapons with the help of ai targeting. ed: very quickly, is there any element of human verification here? did a human check the work that the ai proposed? katrina: absolutely. the targeting is making a series of recommendations. humans then verify it. i was told it was pretty obvious when it was off. so, humans are correcting it, giving it that feedback, the classic way of iterating the algorithm before they go forward. this is something the national intelligence agency is working to improve the ability of. ed: thank you so much. that does it for this version of "bloomberg technology." last week i was off, i listened to the show as a podcast. i know so many of you listen to the podcast on the way to work. we are on apple, spotify and i heart.

-- iheart. we are also on youtube and your television screen as i speak. from san francisco, this is "bloomberg technology." takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

♪ katie: welcome to " bloomberg etf iq." it feels like a solid month since i have seen you. i was off, you are off, now we are back together. have a lot to talk about in the global etf industry. we will talk about the ai frenzy connected to etf. cathie wood trimming her stakes in the key customer of nvidia. scarlet: we will discuss the