>> 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. ed: i'm ed ludlow in san francisco. this is bloomberg technology. we get the outlook for technology stocks with denise of fidelity as risk on bets take hold we are trading in the green. plus we will discuss the state of retail trading and beyond with vlad as the company expands into the credit card business. we will sit down with mike nova

gratz of galaxy digital talk all things crypto ahead of the sam bankman-fried sentencing which is tomorrow. let's turn back to the breaking news we've been covering out of baltimore. joining us on the ground is kailey leinz. we have had operational updates on what's happening with the recovery and search and rescue effort. what's the latest? >> there is no more rescue effort underway in baltimore which ended around 7:30 p.m. when the coast guard to the six individuals construction workers are presumed to be dead at this point. this is a recovery operation that began around 6:00 a.m. eastern time. we are for five hours into this now. the governor of maryland speaking to reporters saying right now his top priority is recovery providing closure to the families of those who have been affected by this tragedy. as you can see i'm sure

conditions are not great. it is rainy and windy. there was a lot of debris in the water so this recovery effort is quite a treacherous one. it's not the only effort underway in baltimore. the ntsb on the scene planning to board the vessel as they conduct a thorough investigation into what happened on board leading up to it ultimately culminating in its collision with the key bridge. they will do that work with a team of 24 investigators trying to figure out what happened and where this goes next. there's also the much larger task that is still ahead, clearing the debris out of the water leaking this port transit about once again and then ultimately reconstruction of the bridge which could take a lot of time and money. ed: we are also trying to understand how long the impact will last. yesterday i was on the phone with automakers. mercedes has a facility on the others of that bridge.

and therefore any shipments won't be able to get through. what are you hearing about the timeframe here and the concern at the state or area level on lasting impact. kailey: the timeframe is frankly unclear. no official we have spoken with in the last 24 hours has been willing to give a firm estimate on how long this port will remain closed. all of them stressed the imperative of getting it back open as soon as possible because as we are talking about. many industries, this is the biggest port in terms of handling autos. commodities as well, millions of tons of shipments of coal for example are exported out of here. companies have had to diverge around it and that's one of the concerns for marylanders in particular.

over 100,000 people whose jobs depend on the activity of this port that could potentially be disrupted. as we talk about funding provided by the federal government to reconstruct the bridge and also according to the governor about funding for the economic security of these thousands of workers affected. the maryland state legislature introduced a measure today to provide some economic aid to those workers impacted by this so there is a lot of economic disruption not just locally and regionally but potentially nationally as well as we talk about supply chains that will have to move around and could face delays in terms of parts for cars and many other things. ed: kailey leinz on the ground in baltimore and will bring us updates on bloomberg television. but nasdaq 100 is flat. the s&p 500 higher 3/10 of 1%. i want to talk about the outlook for technology shares in particular with denise chisholm.

at fidelity investments. let's start with baltimore, let me put it this way. you've modeled the prior shocks of the pandemic, of the impact on supply chain, do you consider baltimore a data point that may show up down the line in these markets or are you saying about that lasting effect here -- sanguine about the lasting effect. >> when you see supply shocks that affect the overall economy need to be a hit of about a percent and a half to 2.5% of consumers income to tip us into a recessionary impact. we are far from those measures on this. it doesn't mean that there won't be some errant issues but i think there are other crosscurrents that are less inflationary than potentially what we are seeing from baltimore as well. ed: just considering materially what's happening on the ground i know the scale seems small.

it is march 27, unbelievably we are almost at the end of the first quarter. two consecutive quarters of gains if you use the nasdaq 100 as the technology focus proxy. what's your assessment of where we are in the technology sector right now as we approach april unbelievably. >> statistically it looks almost like it's early innings. there was a lot of concern from investors technology stocks had moved too far too fast. what you're seeing they more than delivered on the earnings that there were expecting. the hockey stick we've seen in terms of the second derivative of earnings improvement is really something we have not seen since coming out of the pandemic and before that coming out of the financial crisis. so despite the fact we did not have a recession this looks like a recessionary earnings recovery historically speaking. when you go back and you look at those they tend to be very

durable and lasting. so when you back test what we've seen and it's not just from the mac seven it's usually the beginning of something durable into year two and three. that's what investors need to start considering. >> it's a question of weighing our data against sentiment. what i was afflicting on earnings season, so much of the story was around artificial intelligence when you see so many the infrastructure names talking about the server design companies. others in the stack giving us a strong outlook for this year. but actually the eps level, the number seemed good as well. which was the more important factor. >> that it was across-the-board and diffused. and it was through all of technology. for most of technology to the 90's and even some to the 60's. when you look at the breakpoints

in terms of operating margin expansion which i think is the driver behind the earnings recovery for technology is a sector you'll see from the 10% breakpoint at the median level all operating margins are now actually improving and that's the diffused driver for the sector. this is improvement off of a high level. there's nothing like what we saw in 99 or 2000. you're generating more free cash flow in the sector off a higher operating margin base. we saw a contraction and now we are seeing that in the stages of recovery. >> despite us talking about foam oh in january. fund manager surveys net positions i'm seeing a lot of outflows from technology funds prewired you not worried about that. denise: the biggest outflow ever in the last month but we've seen historically and that's true on a nominal basis when they rescale it for assets or for inflation, it starts to look

fairly innocuous relative to sort of the headlines that investors were reading and even though it is a bottom quartile level meaning there was a significant level of outflows, when you try to correlate them to anything in terms of relevant performance even past or future relative performance you cannot see very consistent correlation if anything over the last 10 years it's been a bigger buy signal than a cell signal. it is concerning a headlines, but i think data can always help to say what are the relationships here and do i feel secure in terms of betting on this as a top predictor and i would say based on my data i would say be careful with that bat. ed: you make your assessment and you review the model in the context of historical data. and you talk about data going back to the 90's. i know it's a single name, but

nvidia was not doing this in the 90's. there was not a euphoria around gpu and the ripple effect that goes to the rest of the server design, memory chips, the energy component of what's going on. explained to the audience how you model what i believe is a phenomenon. denise: it is always different. there are absolute differences cycle to cycle. sometimes you can look at the differences and find out if those of the anomaly is predictive in and of itself. we did see bubblelike conditions in the late 90's. there was a disconnect in terms of valuation relative to earnings growth or free cash flow generation. this cycle we are seeing the exact opposite is it's a free cash flow generation. that is actually the anomaly.

not this disconnect in terms of valuation. when you put that in historic model it looks like a less risky proposition. the riskiest propositions historically we can talk about the 90's or in other sectors as well is when you see a clear disconnect between fundamentals evaluation. right now you are not actually seeing that in a lot of stocks in the technology sector as a whole. ed: i was not doing this in the 90's admittedly but i have your analysis so i'm can go back and look. it's great to catch up and have you? bloomberg technology. coming up we will bring you the latest on former president trump's social media company, the shares extend gains for a second day. i'm looking at shares, we are modestly higher, a 4/10 of 1% but this is a stock little rose 15% or so in tuesday's session all on the back of comments from

rumble's ceo who went to x and other social media platforms to talk about the relationship between rumble which is a more conservative peter thiel back platform and truth social and trump media technology group. it's amazing what a public comment will due to a stock. this is bloomberg technology. ♪

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surging in their first trading day as a public company. this is a reverse merger with a blank check company. the point is it's now trading and bloomberg does what it does best, looking at the numbers given in the regulatory filings to it. bloomberg is looking at the numbers. the market seems to be looking past the numbers. >> you cover technology companies, if you use a traditional metric it trades north of 2200 multiple for context nvidia is closer to 38. the company lost $30 million in the last -- but is a punch up, $8.8 billion valuation. whether or not it's a meme stock or how you want to categorize it it is not trading on the hindsight valuation. ed: that was what prompted me to

look into nicola, reading what they were saying about the financials and it did not add up so we got digging in the rest is history so to speak. even so, this is a highly anticipated listing even though it was done via a d spac. what broadly is the investor interest in trump media and technology group. tell us about what the company is and does. bailey: the crown jewel is truth social, a twitter look alike which is donald trump's preferred social media platform. that's where he posts and engages with fans and followers. putting apples to apples comparisons he has about 8.6 million followers on stte truth social, about 10 times that on x even those posted one since january of 2021. when you look at the retail we've been tracking on truth social and wall street bets

forums is this as seen as a way to back donald trump or view him through his push for reelection in the 2024 campaign and that's what we saw the stock when it was trading under the blank check sticker, went up 80% when desantis pulled out of the race. it's been tied to his prospects to become president again. ed: bailey lipschultz, one of the best out there at reporting, coming up, robinhood unveiled its newest offering which is a credit card. the cofounder and ceo is about to join us and tell us all about it. a conversation i am looking forward to. a quick look at gamestop. shares down, have been down as much percent. just intraday drop since june of 2023. four score to revenues adjusted earnings missing estimates. gamestop doing gain stock -- gamestop things. this is one to keep an eye on.

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ed: robinhood best known for its trading services is rolling out a credit card to u.s. consumers as it looks to broaden its business and become a more expansive financial services company. they are joining us just joining us now is the robinhood co-founder and ceo. i think we get right to the why you decided to issue a credit card which is offering 3% cashback and basically everything. vlad: the simple reason is we see an opportunity in the credit card market to build something that is unique and we wanted to have the best rewards.

we wanted the best digital experience and design. we are proud of the work the team has done because we are not just business people and technologists, but we also have great artists and as you can see, the design on the credit card's most iconic that's ever been made. i think people will enjoy it. ed: we have got sony questions from our audience when i said you were coming on. a lot of them on the 3% cashback. the first is on asking how are they funding the rewards when consumer credit interchange are much lower than that. is it pfo f fees or some direct cost on the consumer elsewhere in the ecosystem. vlad: as i'm sure it won't be a surprise you're not going to enter a business without a path

to it being a profitable business on a standalone basis so for the credit card business in and of itself, we generate revenue from the interchange, but also we generate revenue from the lending side of the business. we do not think this credit card even though it will be great for customers paying off their balance in full, we also think it will be an incredible card for people building credit and getting started on their journey. so that is the credit card business as a standalone. we also see since it is through robinhood gold and you have to be a gold member to qualify, robinhood told members once they join adopt our products at a higher rate. the cash balance in the amount of assets they put into robinhood is much higher. they are getting this great value including 5% on cash, the

3% ira match. the 1% unlimited deposit boost, so as they are getting this value, the revenue we make from gold customers is also multiples of non-gold customers. there is an ecosystem benefit to having the finances in one place not just for the customers but for the business. we think that will accelerate with the credit card. ed: what is your big vision for robinhood now. the kind of big picture financial services goals. i thing about the success of retirement products. the first 12 months were pretty good. beginning of this year really deposits blew up. tell me what the robinhood of the future is. vlad: in the first 12 months we had decent look with retirement. the past three months we've gone from 1.5 billion to 4 billion assets under custody.

so the growth has gone through an inflection point and what gets us really excited is the actual individual retirement market in the u.s. has over 14 trillion in assets so the space is quite big and even though we are growing quickly there is just a lot of room to run and market share to be had and we have been taking market share not just on the trading side but also on the assets side. the robinhood of the future you look out over the long run. we would like to build a platform where for all of our customers we customize all their financial assets and their financial transactions should go through robinhood because we provide so much value across the board. ed: there are still questions about trust. audience questions were about trust. i will read you one given the meme stock outrage still a memory in 2021 how do you plan to win and maintain user trust while expanding robinhood's consumer credit offerings.

vlad: we have been listening and learning and we've seen her share of movies that came out recently as well. i think the focus is on providing as much value to customers as possible giving them not just access to trading tools but also to the highest quality wealth bidding tools we want to help customers build long-term wealth on our platform and we think we are delivering on that. if you look at the value proposition of robinhood gold in the same way we democratized access to trading and investments we think there is an opportunity to democratize the client experience in the private wealth experience. hundreds of thousands of dollars in account balance or net worth at some of these big banks to get access to the finance -- finest perks and benefits. we are providing that experience to you for as little as five dollars a month.

>> it's the first sign we had a chance to talk since don money. for robinhood and you personally was that movie a net positive? vlad: hard to say. i do not think it did very well in the box office, but i do think there is an opportunity to tell the robinhood story and to focus on the customer story in a way that is not necessarily pejorative. i was not a big fan of calling it dumb money. i'd makes funny -- make fun of house visited retail investors have gotten over the past several years. without robinhood, the whole retail investor movement would likely not have happened. we are proud to have played a role in that even though we had some learnings along the way. ed: really appreciate your time, thank you. we will talk crypto with mike

nova grass. that conversation you do not want to miss. this is bloomberg technology. ♪ we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

ed: welcome back to bloomberg technology. a very quick check in on the markets as we approach the end of the first quarter. basically flat on most major indices particular the tech heavy ones. philadelphia semiconductor index there's a few interesting stories out there. you can see just above my hand to sense a share delisted by the nyse monday. this morning's news that they are cutting prices to try and save themselves. go on bloomberg.com and read about what's happening.

nvidia also down 3%. there was so much material content out there at the moment. it still continuing to be the leader of the pack but it is from a points basis a bit of a drag on some of the indexes which is why i put it in that board. we are looking at bitcoin as we always do. over the last three days there's been some interesting trading. you reflected on monday in the u.s. section and then tuesday there was slightly more volatility and bigger moves. i reflected how common is it for bitcoin to make a sizable move sunday for example. the impact of asia trading but there's a brilliant piece on the bloomberg terminal about how we are seeing these moves in u.s. trading. we know on this show we don't make too much of a shorter moving bitcoin. there's a much bigger conversation to have. joining us is galaxy digital founder mike nova grass. you held my preamble but it's

been an interesting short-term watch particularly driven by flows into the bitcoin etf's. on the bloomberg there is a brilliant story, let's start a conversation with how you are and what you are thinking about right now. mike: bitcoin has broadly doubled since november so let's hold this in context. 35,000 -- 30 for thousand dollar price. it's been a monster rally. that rally was mostly fueled by adoption with the etf it made it easy for people in the u.s. institutions and the wealth most importantly to access bitcoin for the first time. what's happening at the same time this is happening in the u.s. we are launching etf's -- btp's with dws in europe. we have got a partnership in

brazil and you're seeing people around the world participating in the simpler form of bitcoin, i think this is just starting. what will happen to prices, they will consolidate for a while between 75 and maybe 62 or 58. you could see a consolidation. each 100 days our government is adding a trillion dollars of debt, we are 34 trillion right now, we will be at 35 and then 40. that story is so powerful it makes it easy for salespeople, a registered investment advisors to tell their clients a couple percent of your net worth and bitcoin and you're are seeing that happening. this is a process that will go for years, not for months. >> let's have a robust and

healthy debate about this. jack was on the show this week talking about the same thing. he looked at inflation and debt and makes the point because there are finite volume of bitcoin, of the price will continue going up in the context of those economic factors. the pushback that i gave him was if you look at bitcoin trading is a lot of short-term liquidity. the market does not think inflation is going, so let's get back into it where bitcoin fits into a portfolio for an investor thinking about the national debt , thinking about what's happening with rates. >> you could've bought a house in america in 2012 for $190,000 today that number is about 400,000. when you print as many dollars as we are printing, forget the headline inflation number, you

have assets inflation the doesn't go to cpi. at times you have food inflation so you a lot of different inflations. the purchasing power of the underlying currency goes down. look how much silver a british pound gets you today. it certainly doesn't get you a pound of silver. the long-term history of governments is they debase their currencies. we are in that process and we've had election coming up between biden and trump both who i think will expand the balance sheet. we are running 25% of gdp is a federal budget, that number should be 20. we are 5% of gdp off of where a real good tight government would be spending. i do not see that changing. populism is taking over the world. it's a scary world and that

respect. trump is a populist and biden is a populist breeze we don't have a centrist in the system so i'm skeptical we will have a simpson bowles amendment or something to balance the budget to cut spending and until that happens it is easy to sell bitcoin. ed: near-term things are going pretty well for you and galaxy digital. you swung to a profit in the quarter. reflect on that and how meaningful it is. mike: it feels different than it did six months ago. our phones are bringing off the hook. we have over one billion stake. which wasn't six months ago we were barely in that business. that's part of our infrastructure, we are mining coins cheaper than anyone else. any private company i can say because we are so well situated. our mining business is doing well. our derivative business is

booming, people are lending us money at much cheaper rates than they used to lend us money. institutional partners are reaching out looking at working together. it just feels like a different business than it did six months ago. we made money and owned a lot of assets. business is made money, our operating businesses are profitable. so could not be more excited. ed: i think you told investors the work on delaware was ongoing in the nasdaq listing ongoing. you have updates on those items. mike: for two and a half years we've been working diligently with the sec trying to get re-domiciled to the u.s. enlisted on the nasdaq. there was a change of philosophy after the last administration left and the new administration came in.

just looking at the facts, no companies that do anything other than bitcoin have made it through his public companies. and it's been frustration, it feels un-american that we've got this one group of companies that have access to nominal markets and cheaper funding and we are waiting on the sideline still. i am optimistic that things will change, there is an election coming up. no matter who wins i think there will be turnover at the regulators, i think democrats are realizing that crypto -- the american public is voting that they really like bitcoin, and they like crypto. so politicians usually consents where the wind is blowing and the wind is blowing at the backs of people who are engaging in crypto. i think they will see it as a big factor in a few elections, jon tester's election in

wyoming, sherrod brown, crypto packs are going after in ohio. because they stood in the way a little bit. i think the democrats are going to learn and have learned. in d.c. most democrats i talked to, they see this as a bipartisan issue, but it's been a small handful who have stopped any real advancement of legislation and pushing the sec to look at this industry as a tech forward industry and to be fair to all the players. >> it's a conversation i've had with so many of your peers, there is one other thing i want to discuss before we let you go which is later in the program we will look ahead to spf sentencing. i wonder how much of a bookend you see that moment for the industry and your thoughts toward it. >> we suffered a lot of damage

to trust in the end of 21, 2022. getting that behind us is a good thing. i wish spf well. i spent lots, criminal justice reform saying sentences are too long. but he did a lot of things and he is going to have to serve some time and deserves to. i think it's good for the industry to move beyond that. i think we have. the face of the industry and some weird way went from a little kid and bermuda shorts to larry fink. the head of the biggest asset manager in the world. i think that's a very positive thing for our company going forward in the industry. >> mike nova gratz with some energy this morning. appreciate the conversation. thank you. one of the biggest security incidents of the year hit the

crypto sector after a hacker select millions of dollars from blockchain based money troubles on wednesday. indicating the hacker stole 17,400 in ether tokens worth about $63 million at current prices. it seems the perpetrator had a change of heart according to blockchain data they returned the funds in fall later that same day. coming up, db rx, launching its own large language model. the conversation coming up with the ceo and of course it's co-founder. stay tuned we will be right back, this is bloomberg technology. ♪

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ed: this is bloomberg technology. a live shot of the principal room. coming up, a full special on the sentencing of sam bankman-fried. that's tomorrow and this is bloomberg.

here's some of the other news stories we are watching. alibaba scrapping plans to sell $1 billion of new shares and so it smart logistics unit. calling off the sale citing poor market conditions. the move added pressure to the financial hub of hong kong as it deals with a dearth in its ipo market international capital outflows. the u.s. commerce department agency is calling for sweeping audits on ai systems. a report from the national telecommute occasions and it information administration recommending the federal government imposes consequences on ai companies that introduces unacceptable risks or makes unfounded claims. it goes on to outline recommendations for the federal government including guidelines

for ai ordinance and the creation of nutrition labels to standardize information across ai models. mark your calendar. apple sets a day to kick off into ai future. the company announcing its worldwide developers conference will be held on june 10 where they are likely to unveil an ai roadmap. no details of what to expect were made available the event is expected to showcase major software updates across its ranges which are coming later this year. another piece of technology news. data branch -- data bricks watching its own large language model. it's part of their mission to deliver data intelligence to enterprises and help organizations understand and use their own data to build their own ai systems. let's bring in the ceo and cofounder for more. you've decided to do it. you and i talked about what's

happening in generative ai and the people building, added time you were agnostic. we can pick and choose. you've changed strategy. why? >> you can still use all the different but we built db rx and open source did. our strategy is most of these enterprises have proprietary data and they want their own large language models that understand that intelligence. others are building general intelligence. you can ask about world war ii but it doesn't understand the data so for that we have an open source model you can customize and own the ip so companies can build their own large language models that then understands their data. >> let's run with the examples. you are making a generative ai tool for them where within the

confines it can give answers based on a prompt specific. just explain the basics. ali: there ai models that they have can switch lanes, look at the cards in front of it -- cars in front of it. custom model on the data. another company large language model and you can interact when you register on devices and your interacting with the app. it can understand based on these large language models. so this is key to these companies. it's not general intelligence but data intelligence on their data. ed: founders and ceos of companies that come on this program know exactly what datab ricks is. i get it, there is a genova spot

he of people in the world who have not got a clue what this is and why it's important. explain this in the context of what data bricks does as simple as you can. >> what has happened over the last 10 years, every company on the planet is moving and outsourcing their i.t. infrastructure to google and microsoft. they also on the data platform. that means data they bring in so they can create tableau charts and xl charts but also predictions on it to protect what's my revenue going to be. what customers will turn next. so basically data and ai so we are the go to company to democratize data and ai. you probably use the hyper scalars for your infrastructure i.t. and for data and ai we do that for you with analytics that's backwards looking. but also forward-looking. what's my revenue could be next week. we democratize that.

>> you are an incredibly competitive person. you are doing this to make data bricks more competitive i'm assuming against snowflake. it's the first time we had a chance to talk. they brought in a more product focused leader. is my read. what's your reaction to all of that, what do you make of it? ali: it put a lot of pressure on them. they are actually a great company. a lot of respective frank actually who i think did an excellent job at that company. they are primarily a data warehousing company. its use to questions about the past. how did this product do last week. it is not predictive. we have been doing ai for the last decade so i think it shows it's going towards ai. the generative ai models with everything -- every ceo i talked

to will tell me ai is supercritical for our strategy. we think in our whole industry data and ai is how we become competitive. of course it makes sense a lot of vendors out there are pivoting towards ai. ed: great to have you back on the program here. coming up on the show, sam bankman-fried facing decades in prison at his sentencing which is tomorrow. we will look ahead to that sentencing with the key bloomberg voice. this is bloomberg. ♪

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ed: universal music has struck a distribution deal with gaming rights to the south korean roster of stars including bts, little baby and thomas ret among with the social media apps. universal signing an agreement in much of the world but also to invest in fan centric communication as part of the deal. this is what we are watching. sam bankman-fried facing decades in prison set to be sentenced tomorrow for what we are expecting and what's can happen, author of number go up inside

crypto's wild rise and staggering fall. the book on everything ftx. the sentencing, this is a bookend to a saga you covered closely. what you watching for? >> the judge has a lot of discretion to determine spf's fate -- sbf's fate. the defense arguing he should get a light sentence. the prosecution is saying this is one of the biggest frauds in history. they are asking for a 40 or 50 years. the judge could go for more than that. it is up to lewis kaplan. during the trial, sam annoyed him quite a bit it seemed like. it would be interesting to see how he handles this tomorrow. >> one of the other names in this is john jay the third who said sam bankman-fried zero harm argument was rubbish.

there was a lot of public pressure here. everyone is weighing in. will you be down there in new york city? >> i will be at the courthouse bright and early. reporters have been hanging out starting in the wee hours to get a seat for the sentencing so it is a bit competitive, but the weird thing to me honestly is how much the crypto market has moved on from this. it is like one of the most prominent faces of the industry is being sentence for a giant fraud and people are back to trading mean coins like nothing happened. ed: the circle of life zeek. bloomberg's zeke fox, thank. that does it for this edition of bloomberg technology. one day to go in the united states. a really big conversation on the show today. the podcast is for you.

the pod is on all the bloomberg platforms. thank you to everyone who listens in daily. this is bloomberg technology. ♪ r babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free.

>> welcome to bloomberg markets. traders positioning ahead of the shortened trading week. the final few days of the quarter. let's take a check of these markets. the s&p 500 trying to stay positive. if this holds that would break three straight days of losses. the s&p 500 2/10 of a percent higher. you take a look at big tech. it is underperforming the nasdaq 100 currently off to the tune of 2/10 of a percent. not huge moves either way. we are toward the end of the quarter. we will see if things