caroline: i'm caroline hyde. ed: and i'm led ludlow. caroline: stocks and crypto pushed to record highs, bitcoin at $70,000 and the ai rally as nvidia adds $1 trillion to its

market cap year alone ed: and while ways chip -- huawei's ship that used technology from two u.s. manufacturers. caroline: a macro environment paints the picture of a good environment that is not so hot that the fed cannot pull back on rates. 6/10 percent higher on the nasdaq, a new record high for the nasdaq and s&p 500. yes, tech leads the charge and ai is the area of focus, but we cvs -- see the s&p push higher. what else do we see it clips? the record we saw on bitcoin. we get a new number. 70,000 is where we managed to push up to, we are back down

briefly, but this seems to have legs. ed, what do you have going? ed: let's start with rivian -- a day two, feel-good vibe after it unveiled its are two. for me -- pausing plans for a new factory in georgia. broadcom earnings, sales missed in the order, but their outlook for this fiscal year is saying that ai is going to contribute to growth early 5%. they'd previously said 25%. these are the u.s. chip makers that are implicated in this scoop from bloomberg, right? according to sources, inside the huawei mate 60,'s make used equipment from both companies to do it. we will talk about why that is so important. nvidia is a name we have to take

a look at. continued momentum in this name. it has exposure to china, but there is not the same concern. i bring this chart up, because year to date, $1 trillion of value have been added to nvidia. it is momentum that is unstoppable, but they justified it with earnings. in seven or eight days time, they will have the gt see developers conference, where they have more big news. but they don't have the negative surroundings against china. huawei and its partner rely on u.s. technology to produce a chip. china cannot rely entirely on its domestic supply chain and need foreign components and equipment required for cutting-edge products like semiconductors. the reporter who broke that news, mckenzie hawkins.

this has a seven nanometer processor from's make, who used -- from smick. tell me the rest. mckenzie: this seven nano meter chip was lauded in china. the u.s. was trying to keep the country from getting it due to advanced ai capabilities that could give it a military edge. the u.s. has issued sweeping controls on equipment that could be shipped to china starting in 2022. machines used to create this chip were shipped prior to the ban. cash up to the united states, to the netherlands, to japan,

companies that are dominant in the global chip industry, they still rely on foreign technology. caroline: mckenzie, we know the u.s. is applying pressure to ultimately those other countries that they want to ensure the ways of navigating through the blocks don't still happen. they are turning to the netherlands and japan to squeeze even tighter. what about indigenous makers and china? are they getting to a place where they can do it alone? mckenzie: certainly the hope from the u.s., the netherlands and japan, part of this agreement to squeeze china on semiconductor technology, they hope that the controls they have already imposed will keep china from ever catching up. the reality is, there are significant differences between the controls imposed by those three countries. u.s. firms are not allowed to

send their employees to service equipment that is in china. those employees cannot do repairs come but there dutch and japanese peers are able to in many cases. there are big gaps the u.s. seeks to close between those three countries' regimes, and then you have the u.s. reaching out to south korea and germany to get them to join in on this accord and squeeze china further. caroline: really quick -- ed: really quick, seven nanometers is two generations removed from the three nano meter, but the lithography machines were obtained prior to the october 2022 ban. there is more to go on this story, more to get into on how they get the domestic industry up to speed. mckenzie hawkins, terrific

reporting. thank you. china is in the process of raising more than $27 billion for its largest ship fund to date, accelerating the development of cutting-edge technologies as it faces restrictions on u.s. tech. the big fund is expanding as china plans -- the u.s. plans to curtail chinese curbs. a tit-for-tat, caroline. caroline: are we looking to put more money in companies that have exposure to china? the cio, ceo of lashley tanker -- you are joining from the cboe, the day after ringing the bell to celebrate not only international women's day, but the launch of your own etf.

nancy, how does this factor into your investing thesis? nancy: it's a tricky one to navigate, caroline. our portfolios have 3% to 5% exposure in terms of revenues to china. we have been careful about it, and the company said it is intending to underperform in the last year, companies that do have exposure to china not just in technology, but across the board. i am not as concerned about the $27 billion chip fund china is starting. that is what intel spent in terms of r&d and capex last year alone. it is a drop in the buckets, but you have to be conscious of the fact that there will be continued hostilities, if you will, trade hostilities. caroline: which might factor into whether we pull back from these record highs.

nancy, the nasdaq set a record high, the s&p 500 set a record high, it's interesting that we have broadcom -- i know you have called it the poor man's version of nvidia, but there is some weakness in that name after its earnings. how are you ranking the ai frenzy in the chip names to be owning? nancy: i have shared with you, our investing theme is all the companies embracing ai. we trimmed back on broadcom, a number of networks a couple of weeks ago, and then yesterday. i think you have to be disciplined in this environment. we still own plenty, but have been adding to names like axp. i have a aaa, or a cubed stock for you. amazon and adobe, the unsung hero of ai.

you have to pick and choose and navigate around, really focused on domestic revenues if you can. caroline: the thing up -- ed: the thing about broadcom, it has a custom silicon business but is really in the server design build out. it provides networking tech. they have a specific forecast that ai will be 35% contribution to revenue, up from 25%. does that signal anything bigger to you about how you continue to sustain the ai buildout and how it is going to be? nancy: you pieced together from a lot of different companies, but the security i have in owning a name like broadcom, it is consistently underestimated. we were buying it at $200 a share when he did the computer associates deal and everyone

hated it. there is more to broadcom than ai, but we are sitting on an earnings season -- everyone is talking about it across sectors, but they are using ai. that is why this market is analogous to the 1990's. we will continue to see productivity improvement, driving stock prices higher. if you look at the all times highs, that is true, caroline, but if you go 22 to 23, the nasdaq was down 3%. we are not in nosebleed territory yet. ed: the differences the contribution from nvidia, at $927 a share. stock split? stock split nvidia? nancy: please. ed: you would favor that? would you go for it? nancy: they have done it before, so it is likely.

it would be great if broadcom split as well and some of these stocks that trade at high levels. it makes it harder to manage them in portfolios. we will take what we get, griffith -- dividend increases, share buybacks, whatever it takes to drive the price higher. caroline: and you care about the retail investor, you have been writing books for them and we have an actively managed to etf -- managed etf coming your way. what is your edge, nancy? where do you want to be offering to this clientele? nancy: this strategy is different from what you would normally think of as an equity income portfolio. there is no electric utility, but we buy what i call fallen angel growth stocks. we do a lot of research, because everyone knows the problem when the stocks are out-of-favor. we have our own proprietary

research model and metrics, and what we use in that portfolio is relative dividend yield. management sets the dividend based on what they think long term sustainable earnings power is, so it is a returnable strategy with dividend growth as the focus. i have the majority of my assets in this strategy, so you do not own some of the sexier names, but you get really consistent risk-adjusted returns that can generate returns above the benchmark over time. ed: nancy tengler, great to have you on the show on this friday and congrats on the etf. coming up, microsoft says russian hacking group midnight blizzard is making attempts to access its systems. updates on that story next. this is bloomberg technology. ♪

ed: first up, microsoft says information from an account compromised by a russian link tack are known as midnight blizzard was used in recent weeks to try to gain access to corporate data. in a blog post, microsoft revealed that hackers made attempts for source code repositories and internal systems, but no customer facing systems were compromised. semiconductor connectivity company asteria labs is set to be raising $500 million in an ipo, hoping to tap into to -- investor demand for artificial intelligence, according to a filing. the stock will trade on the nasdaq and debut under the ticker alab.

and rivian hits the brakes in georgia. in the company filing, not building the factory will save the company $2.2 billion in capital expenditures. this comes as its mass-market r2 model will be made in its existing farm in illinois. the ceo channeling his inner steve jobs, but the news was a change of plans. caroline: channeling the inner steve jobs with a surprise. vr two, we have a leak on, but the r3, what do you think? ed: it is a crossover, and i am glad it is not leaked. it is a prototype, far in the future, but did boost the stock. caroline: $45,000 for in r2,

starting to get more economical. ai, the answer to evaluating job candidates -- is it doing it fairly? bloomberg ai finding chatgpt might not be as objective as some might think. we will have that for you next. this is bloomberg. ♪ 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. book now.

caroline: so ai is helping drive stocks to new highs today, but they remain the ongoing concerns about its limitations, particularly when it comes to generative ai and ethical standards, safety. this is something i discussed with the ceo of salesforce ai. >> there are many ways of thinking about trust. it is the number one company value at salesforce. but when it comes to ai, we have heard the stories of chatgpt and

the equivalence out there making things up or spewing out toxic outputs or biased outputs, because consumer chatbots are trained on the data on the internet. caroline: which is unfortunate. clara: inhumanity, there is a lot of incorrect information out there. that is the difference between consumer ai and business ai. business ai, it is unacceptable to make up an answer to what your forecast is or responding to a customer service request. that is why my team has spent so much time building out our trust layer. from data masking test citation to zero retention prompts, keeping an auto trail to make it trusted for companies. caroline: what about the developers you are talking about on a day like today? where are they seeing worries about what they look like, the bias or what they are producing?

or are you seeing a more diverse group of customers coming and building, as ai is made easier with copilot? we might not all have to be coders or prompt engineers. clara: this is an amazing democratization moment for app developers. one of the secret sauces of salesforce, no code and low code platforms. business analysts can build apps without knowing how to code. even pro code developers, who are good at developing, can use our tools to code faster. ai is an accelerated amplifier of both of these. we had a series of exciting announcements that make it turnkey for any no code developer as well as a pro code developer, to use ai to build faster. caroline: do you think the ai systems we are building right now are as diverse as the use

cases we are having, or are you worried about the bias that is there inevitably because of what is ingesting? clara: more broadly, we should be more concerned about model development and regulation of ai not being diverse enough. it's important to have rooms like this and dialogues like this to ensure that a diverse set of perspectives are going into creating the ai itself, as well as creating a governance, policy, and regulation around responsible ai finally, ai will create tremendous wealth and value for shareholders, stakeholders, the people and businesses that utilize ai. we cannot leave behind women and minorities in this value creation moment. caroline: ed, we are going to dig in more. ed: let's stick with ai bias

concerns, and turned to bloomberg's big take. our reporters have been working on an experiment, wondering if chatgpt has discriminatory results. it can win prompted to rank resumes that are equally qualified. let's bring in davey alba -- this is a must-read, but it is complicated. let's start with the methodology. explained to the audience what you did. davey: we carried out this experiment where we used gpt's api. we prompted gpt 3.5 and gpt four with eight equally qualified resumes, keeping all of the qualifications of the resumes equal, equivalent, and the only thing that we changed was the name that was on top of the resume. that name, we derived it using

conway tatian -- computational methods and made it representative of a particular demographic group. we had male, female, white, black, hispanic, or asian demographically distinct names. we set it loose, and we had gpt rank these resumes, thousands of times for four different jobs. we found some pretty stark evidence of racial bias and disparities depending on the job that we asked gpt to rank it for. the candidates it was evaluating. caroline: so you are looking for a financial analyst, one of the examples. who ends up in probability coming out on top? who comes off worst?

davey: yeah. that was one of our really good examples. we found that black men and women were disproportionately ranked at the bottom. they were chosen as a top candidate the least frequently. it was so stark, we actually measured adverse impact, which is sort of what the u.s. federal agencies use as a benchmark to see whether a group is badly impacted by a particular hiring process. i wanted to add, this is not just theoretical, people are using gpt to use these, to sort and rank resumes. in our reporting, we found a lot of businesses are indeed using it for this particular use case, and it's important to consider these things.

caroline: openai in response, saying you are not meant to use our technology straight out-of-the-box in this way, but start reporting from davey alba. more to come, this is bloomberg technology. ♪ hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management.

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ed: welcome back to "bloomberg technology." caroline: we have to get a check on the markets. they are at record highs. this is a macro picture. ai leads us higher. the federal reserve able to cut rates later this year. it shows we can cut into this economy. europe seeming to signal a similar thing. nasdaq 100 turning to the red. it looks like we are managing to

be dipping into the rest of the trading days. the nasdaq 100 pushing lower. bitcoin managed to eclipse $70,000 in earlier trading. we are now at 60 69 that -- we are down 66,959. -- we are now at 66,959. what is pushing to the downside? an onset of earnings has been disappointing. this is a company that has not lived up to expectation when it comes to growth. this has been driving up 25% year to date. ai demand is there for stop -- ai demand is there. apple is actually finally higher after a couple of weeks of trading lower, up 1.7%. nvidia is tumbling 3.7%. we had been trading higher on nvidia.

this led us to new record highs. profit taking, volatility. we will dig into the reasons. more on ai coming. ed: nvidia dropped a percentage point in the last five minutes or so. let's keep the jobs report in mind and dive deeper into the tech sector and bring in the ceo of the upscaling platform tribe ai. unemployment two year high but hiring continues. i will make the jump towards what is happening in ai will stop there is a scarcity of roles or a scarcity of the skilled workers we need to meet that hiring demand in the eye context. do you think that is -- in the ai context? do you think that is right? >> i am thrilled to be here on a day that's is the potential for ai and value creation. when you talk about ai and talent and opportunity, we

cannot underscore that we are just at the beginning of this massive wave. today we absolutely have specialists who have been living and breathing and sleeping ai for years. who has been doing on the ground generative ai on top of these large language models. these models have only been accessible to a broader population for a year, and that population of people who has the experience companies need to do this well is limited. ed: what is tribe seeing in the job market? we know jobs are being added in this context. what are the roles? all of these companies are saying they are using ai but who are they hiring as a result of that? ed: this is it -- >> this is an

interesting moment because i believe we are energy real inflection point where the conversation around ai has been around efficiency, around cost-cutting, and potentially the fears have been around job reductions. i believe where we are headed is there will be efficiency gains. that will become table six. where we are going is ai used for innovation, for product growth. examples like service now. using ai and already being able to cite quantitative value that can contribute millions of dollars to net new acv. this is where i think we have the potential to look at value creation from ai, not just on the bottom line in the top line, but also on jobs and opportunities for people that extend far beyond the builders themselves, but also the people thinking about the commercial

implications of these technologies. the legal and compliance implications. the operational challenges and back and engineering needs. there are so many pieces that we are looking at a -- we are looking at ai as a new wave, how do you develop products and commercialize those products? that is the interesting conversation. caroline: it is interesting you have got it with a consultancy model. it seems like you have to be integrated into every single part of a business. how do you get that buy in from a company? >> i would say it starts even higher. right now all of the boards are yelling at their ceos and saying what is your ai strategy, all of the ceos are yelling at their team saying what is your ai strategy, they are saying i don't know. maybe they are nicely asking. every company wants or needs to

become ai company and they do not know how. that is where tribe comes in. we can work with companies in every stage of that adoption journey and work with them to build products that matter for their business and at real value to their companies and showcase the success and make it tangible rather than this buzz word soup and then get them on this train or journey to continuing to invest in ai in ways that really makes sense and do real things. caroline: the demand is clear and i'm sure your business is thriving on the back of it. you have to bring in the right engineers who are being offered plenty of permanent jobs at extraordinary offerings in terms of their salary. why work with the tribe ai, why be a consultant? >> this is a trend i have

spotted that people who have the expertise have just worked at a handful of companies. not everyone wants to stay at those companies despite the cushy jobs in the large salaries. especially right now in this moment of intense ai demand you just described, the demand for these talented folks is off the charts. they have their choice of these very massive bloated salaries with these big companies. that comes with a lot of bureaucracy. that comes with being tied up at that company and ip constraints that they cannot innovate outside of their jobs. if they are independent, what they come to tribe for his the opportunity to plug in on the work they are best at. not to do any of the boring meetings, but do the heart engineering they know how to do better than anyone else.

at a ton of value. there is a lot of mutual value where companies are getting outsized value for working with the engineers that have the on the ground experience to deliver value and the ai experience are getting tremendous learnings working at the cutting edge bringing these models to life in production at scale. caroline: so great to have you on and talk about the fixers coming and how you can drive productivity with all of this ai hype. let's stick with artificial intelligence. state of the union, president biden calling for a ban on ai voice impersonations. pres. biden: has bipartisan privacy legislation to protect our children online. harness the promise of ai to protect cash ban -- band ai

voice impressions and more and train and equip the people we send into harm's way and care for them and their families when they come home and they do not. caroline: the president did not elaborate on the types of guardrails or the penalties he would plan to institute around the rise in technology or if it would extend the entertainment industry. ed: coming up, it has been almost a year since silicon valley bank collapsed. we will speak with stephanie kirkpatrick about the lessons learned. what individuals and businesses have done in reaction over last 12 months. let's go back to nvidia. at the session high it was up 5%. at the low it was down 5%. we are now down 2.8%. this was a pullback. that means the stock is overbought in layman's terms. we talk about a fresh record.

now the idea that a stock split might be on the table to make it more accessible to the retail investor and more manageable for the institutional investor. either way, nvidia euphoria continues. the stock is down 2.5%. this is "bloomberg technology." ♪ nvestor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

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caroline: this is "bloomberg technology" and you're looking at a live shot of the principal room. coming up at 12:00, bloomberg real yield. >> we are profitable in the u.s. we have a very meaningful presence in the u.s.. at the same time we are still .5% of the total payments market. there is visa, there's mastercard, tremendous companies. caroline: ceo talking earlier

today to tom mackenzie. we want to stick to the fintech theme. look at what is happening around the space. silicon valley bank collapsed almost exactly a year ago. joining us is stephanie kirkpatrick. more on what businesses and individuals have learned and how you are bringing faster transactions deeply embedded into apis that help businesses access their money that much faster. i am interested as we think about -- we are about to get a ton of media coverage on it being the anniversary. lead the charge. it is an anniversary since silicon valley bank poke holes in banks ultimate business models. have startups fully recovered? stephanie: i think startups are recovering. i think the banking system is looking healthier than a year ago and what we have learned is for payments and banking the things that are systemically important to running this economy, whether it is small

business, commerce, we get to the point where relying on a single financial institution is no longer sufficient. the collapse highlighted that even banks of a certain size carry risk. what we are seeing with our customers is the opportunity to work with tier one financial institutions. we have recently reached a milestone where we connect directly to the federal reserve bank as a service provider, which means are we -- we are delivering on the complete promise of payments which means our customers who work with us for payments or any position to have all of the benefits of lower cost, no downtime, efficient routing, and access to all federal reserve bank transfer rails in a dish into a portfolio of notable banks we work with in the tier one category, thus providing that resiliency and redundancy that needs to keep in in the event there is something unexpected in the financial institution space. ed: -- caroline: it does seem we

have ended up leaning on the too big to fail institutions. we talk about the ghost of the past. we are confronted by commercial real estate being an issue. we talk about new york community bank. how have you felt people are reticent to work with the banks? stephanie: actually think community bank's and local banks play a big role and an important role in how we think about what is going on in financial services. it is the simplest api for fast payment. it is important we work with and offer services to all size and scale of banks. how we provide those services is diversified and i think there is something to be said for working with smaller banks who can provide certain types of independent variables. some of them have very discrete protections that provide higher interchange rates. things that are very good for

fintech. we are building the innovative economy. to have a single point of failure in a system is generally a risk. companies are more eyes wide open to the fact that having that risk is something not as worth taking as it once was. ed: concentration risk was a lesson from the silicon valley collapse. people were open-minded to using multiple service providers. has that made the market you operate in more competitive? stephanie: what we hear from our customers and where we are often brought into work with someone in the payments ecosystem for our products is at a scale it which a company says it is no longer a good idea to work with a single payment processor. we are hearing from every part of the market emerging companies to software and technology companies that it is important

to diversify payments and banking traffic. we see more financial companies that have multiple bank accounts, which we think is a great idea. two they are working with a company that can automate the process of how payments operate. it is just two weeks or less to integrate for fast reliable payment. ach is orchestrated and it is two years to go directly to a bank. multibank is a high problem. we want to sit in the middle of this ecosystem so software companies and financial services companies have the benefit of diversification. they do not get stuck but to not have to spend years achieving that when they can work with us in a sprint of technology work. ed: what data do you have about the financial health of those customers you onboard it in the wake of silicon valley bank's

collapse? stephanie: one year later is what i am seeing is a big comeback. the venture capital market, the stock market. for us that is a very optimistic part of beginning 2024 with this new product that we can offer to folks, connecting directly to the federal reserve bank means delivering on the instant payment promise. furthering our vision and helping our customers with delivering on time to value. time to money is a very hard problem to solve for small businesses. you think about wage payout, insurance claims comey think about logistics, what runs our economy, and you think most settlement has historically been five days on ach and now can be 24/7, 365, literally around-the-clock. we are in a fundamentally different place and our customers are growing as a result of the capabilities available and we feel great optimism into the year.

ed: i remember the phone calls and anxiety about moving money one year ago. stephanie kirkpatrick, thank you very much. we agreed monday is the technical one year in a bursary. we will have khosla ventures founder join us. his think was i was the first to make a personal loan. alongside silicon valley bank he has a lot to say about some other stuff. coming up on the show, we will hear from the hotspot ceo. how companies need to approach diversity. caroline, what are you looking at? caroline: we have to check on the markets. we were at record highs. no longer. we have recovered significantly. the nasdaq off .4%. the nasdaq 100, what takes us

lower? broadcom not living up to expectations. nvidia turning lower. we are down 3% on nvidia. keep a close eye of volatility as we take a look at the weekend and see profit-taking. from new york and san francisco, this is "bloomberg technology." ♪ xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

caroline: bloomberg just hosted

its international women's day celebration in san francisco and highlighted the philanthropic work the organization does. i had the chance to sit down with the hub spot ceo on her thoughts about how she approaches running her business, ai integration, and diverse leadership. take a listen. >> our leadership team is 50% women and our board is 60% women and people of color. our entire leadership team is 49% women. caroline: do think that is accidental? you have been purposeful finding those people? >> is intentional. i started in the mid-1990's. it did not look like this. what we have thought about, diversity is not an initiative, it is not an annual program, it just needs to be built into the dna of the company.

why? we build products to serve communities. if we cannot represent how the communities represent themselves , bias enters and we do not represent the views of our customers. for us we have never treated diversity and inclusion and belonging as one initiative. it is built into the dna of the company and it has been intentional. 2017, the percent of women leaders was in the 30's. we have intentionally moved up. in 2017 the percent of bipoc was 17%. we have moved it up to 35%. it has been intentional, but part of building it into the entire dna of the company, from recruiting to hiring to promoting to coaching. caroline: when you look at your latest earnings they have done pretty well. you have to show to your other

stakeholders, not just your employee base, but the investor base and those who have analyzed your company that this is bang for the buck? >> i am done trying to prove diversity with data. we just need to be diverse. as an engineer and as a person that is really focused on data, this is one area i am not willing to go there. there is enough proof. if you look, there is enough proof. if you want the communities to be reflected in your companies, you just need to do it. if your product needs to be unbiased, you just need to do it. i do not think you need to tie performance to this. we are past that. i hope we are past that. i am past that. caroline: the hub spot ceo unwavering in her focus on dei. on this international women's day, that does it for this

edition of bloomberg technology. what a ride for the markets. caroline: -- ed: really important conversations which you can recap on the podcast. we love that 70 people are going to the podcast for the show. wherever you get them. apple, spotify. this is bloomberg. ♪

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sonali: from new york city for our viewers worldwide, i am sonali basak and "bloomberg: real yield" starts right