>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology." caroline: i'm caroline hyde in new york. ed ludlow is off. this is "bloomberg technology." we will bring you all of the details from apple's let loose product launch. and we will hear from the cfo of disney as shares fall hard after a cautious outlook for screaming subscriber -- streaming subscribers.

our interview with both of the company's ceo later this hour. first let's check in on these markets. he turned to the green, even on the nasdaq after some strong days we have had for the last three days. monday we had the best three-day run for stocks more broadly that we had had since november. i'm going to bring you back to the benchmarks. i will get onto these individual players in a moment. we have seen bond markets rally as well as of that three-year auction. we are also seeing crypto, keeping an ion what is happening with bitcoin. we have seen it up about 1.25%. now let's take it onto the some -- onto some of the individual movers. earnings still coming, of course, after the bell yesterday and this morning. disney down more than 9%. some of the numbers were pretty strong. we are seeing a focus on bringing about profitability by bob iger.

however, subscriber numbers looking to be a more cautious outlook coming from the cfo. palantir came after the bell yesterday. you're once again seeing some rapid growth, but not as fast as people want to see, particularly with the u.s. commercialization growth. we had seen 70% in previous quarters. we are down to a 40% increase in overall sales growth. so, a little bit of caution after evaluation had run up. looking at apple, up .4%, the juggernaut unveiling new products. this one all about the ipad. look on a i-focused ipad pro and larger ipad air. -- ai-focused ipad pro and larger ipad air. dana, were you impressed? katie: this is the first ipad news we have received from the company in two years. the announcement felt incomplete, to me.

this announcement was all about the hardware. the ipads are thinner than before. they are faster, as you would expect. apple did can't at the device's ai capabilities. -- did hint at the device's ai capabilities. i imagine everyone is thinking, the ai capabilities. the company is not expected to get into that until his annual software development conference, which usually takes place in early june. right now we have some promising notes. we know a lot about the hard way. we are still wondering, what can it do with the software? and who is it for? i always say that because devices are increasingly laptop-like, apple also sells laptops, which were not mentioned today. caroline: for me an ipad makes a lot of sense. if you are a designer are you going to be getting this and an ipad? who do you think the overall consumer is? dana: i think these are,

perhaps, laptop replacements, or secondary laptops. it is interesting to me, the higher end ipads, the first ipads that have oled screens, a much more advanced screen technology than even the macs have. if you are looking for a laptop-like experience with a superior display the ipad be a better choice than some macs. caroline: people like the ability with which you can interact with it as well. overall we have been waiting. do think ultimately the fact that a drought of new ipads will just galvanize demand going into this product? dana: apple would certainly hope so. the most recent quarter was disappointing for apple in terms of ipad sales. it would make sense when you remember that the hardware really was so stale. consumers are not stupid. they do understand something

about the rhythm of ipad, and apple update cycles in general. i would not be keen on buying something that had not been updated in over a year, knowing that apple is likely to have an update around the corner. caroline: then we have the handwringing issue of apple being behind the curve when it comes to artificial intelligence. many would say, it always comes in a little bit slower, within comes with strength. are you feeling from an investor perspective that ai on an ipad or device is going to be a winning formula for apple? dana: yes, i expect apple to have some interesting news. i don't know what it is going to be, but i believe apple is going to be talking quite a bit about ai in its coming conference. i also think to some extent this is a little bit about marketing and the language apple has chosen to use. i remember there was different -- a different competing software conference about a year

ago, and they would not stop saying ai. you can choose to say ai over and over again. does that make it true that you are doing a better job? i think a lot of what apple already has in its products is to an extent ai-power. even if they are not using the words ai. they have more to share and need to say more. if not to actually catch up, to at the very least correct the perception they have lagged behind the competition. caroline: a little bit of storytelling here when you already have the chip in there that makes it ai-ready. dana wollman, so great to have you on on this product launch date. coming up, disney's turnaround efforts. they gain momentum, but wall street also really focused on the company's streaming mess. he cautious outlook. we are going to be digging into that with the cfo next. meanwhile, let's focus on what is happening with going.

we are looking at boeing for a multifaceted reason, but the reason the texture was interested is because the star liner launch, now targeting friday after that technical issue that prevented the initial flight coming on monday. this is about the first mission, space capsule. we will see if they can get it off the ground on friday. the joint venture making an atlas five rocket carrying the capsule. this is "bloomberg technology." ♪

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caroline: after that board fight was won, we now see running coming off the table at disney when it comes to its share

price. earnings are out, and there was some caution when it comes to subscriber growth. let's dig into where the numbers did beat. in looking at earnings-per-share, looking strong. also the fact that they are on course to mainly focus on profitability come the fiscal next quarter. even by the fourth quarter you could see profitability in their streaming unit. we are still seeing they are off by 7.4% over the last two trading days. there is a lot of weakness in tv. they had twin strikes that impacted the revenue they are getting overall from movies. maybe we are seeing a steer toward slowing insatiable demand to be getting to those parks and on those boats disney has. he spoke to the cfo, hugh johnston, earlier. here his cautious take. hugh: the quarter was a strong one for us. 30% eps growth. that is what led us to raise guidance to 25% eps growth for the full year. which is obviously strong.

two big stories. number one, you were just talking about our experiences business was up 10% on a revenue basis. 12% on an oi basis. so, we do feel good about that. obviously i watch other stocks and have seen that the value consumer is really struggling a bit and making choices right now. we are not really seeing as much of that in our portfolio products. the other positive for us is obviously the streaming service. last year we lost about $6 million during this year we are about break-even and we saw 12% revenue growth. we are encouraged by the progress we have made in a relatively short period of time. >> you said you are not seeing that price sensitivity. how much could you increase prices from here? hugh: it is a great question. we took prices up a little bit in the beginning of this year, and not really see much of an impact. as to what the future brings, we

are obviously very judicious with the way we price. you want to provide access to his many guests as we possibly can, but we do believe that the great experiences we provide, people are willing to pay for. >> over the past six months we have been talking about the cost cutting operations at disney. have we finished the paring back, and are you back on some sort of growth trajectory? hugh: we are definitely back on a growth trajectory. that said, we are always going to be looking hard at our cost structure. in particular looking to reduce costs where they add less value than they used to and redeploy that money back into the business so we can grow the balance of the business. i think that is a never-ending exercise, of looking for ways to be more efficient so you can invest in your future. >> when you talk about growing, where is that focused on geographically? in the u.s. you have a very strong parts business. in europe there is a parks presence. in particular china, that has

been a growth area. how much cannot be a bright spot at a time of increasing geopolitical tensions? hugh: i do think not just china, but all of asia represent growth opportunities for us. in terms of the streaming service in select markets, as well as in terms of the parks and cruises business. we do see good growth opportunities there. europe and latin america continue to be good growth opportunities. make no mistake, north america, we are not done growing yet. >> when it comes to asia-pacific, is it domestic demand within those countries, or is it tourists in the region? hugh: a combination of both. i would not tie it one of the other. annmarie: when you look at china, we are going into a very heated political election coming up in november. very hot rhetoric regarding china. is it becoming more challenging to deal with authorities in beijing and business on the

ground, given the increased geopolitical tensions? hugh: it has not been for us. one of the benefits of what we do for a living is, we make people smile. we bring them happiness. we bring them the most magical place on earth. candidly, the government is investing in infrastructure to make it easier for guests to get to and from the park. we are continuing to invest in their park in order to drive growth. it is doing better than it ever has. we are the beneficiaries of bringing people joy in a world that needs it. caroline: hugh johnston, disney cfo there. we are going to be hearing from eric schmidt on china as well. his think tank holds its first-ever ai expo on competitiveness in that field. meanwhile, let's have a look at what is happening on the share front of infineon. this is a chip-focused business looking at china as well. looking at auto demand, saying china is bottoming.

we are seeing healthy demand for infineon products. up 12%. another key chipmaker or builder that is showing we have seen the bottom out in terms of the ev lackluster demand we have seen of late. this is "bloomberg technology." ♪

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or call 1-800-sandals caroline: time now for talking tech. first up, nintendo says a successor to its switch game console is on the way. the announcement is coming after it forecast a degree than expected profit decline for the current fiscal year. the company's president said the new device is said to be announced in the coming year. investors have long been waiting on this news. chipmaker nvidia is investing in u.k. autonomous tech startup

wave. the venture is led by softbank group. the cash injection underscores the continued demand for ai, especially among the auto industry. the evaluation of wave, not disclosed. tesla faces a july 1 deadline to submit information to u.s. regulators over their concerns about its autopilot system. the carmaker issued a recall of over 2 million vehicles in december on reports of drivers crashing while using the future. the national highway traffic safety administration says it has opened up a query as to whether tesla's software update was sufficient in preventing crashes. today's the special competitive studies project, and it is kicking off its first-ever ai expo for national competitiveness in washington. i sit down with the scsp chair and former google ceo eric schmidt to discuss how the u.s. is going on in the ai race.

eric: the u.s. is way ahead of china and everybody else, and i think that is going to continue for a while. to me, national competitiveness is the challenge for the next 10 or 20 years, because the chinese are really focused on dominating certain industries, and we need to compete with them and make sure we win. in the case of artificial intelligence, we are well ahead, two or three years probably ahead of china, which in my world is an eternity. i think we are in pretty good shape, and the crazy valuations, all of the money, all of the new experimentation, this indoor mass adoption of ai will have a lot of implications on society and very good for business. caroline: what about the pace of regulating artificial intelligence? is there any risk we stifle innovation in so doing? eric: there is always the risk of premature regulation. my example is europe. i spent 10 years trying to

convince europe to innovate instead of regulate, and they just keep regulating. current eu ai act is essentially regulation, not investment in the future. you can see that europe is highly unlikely to be relevant. china is struggling because of chip shortages and so forth, although they are ready to win if they can get the hardware they need. and the rest of the world is not focused on enough -- focused enough on this. the good news from my position, in terms of america -- here we are in d.c. -- we are the likely winner if we don't screw it up. caroline: he say perhaps china is being pushed behind. are we currently navigating that nuance well? eric: the trump administration, followed by the biden administration, did a good job getting those rules in place. it is a good example, and not a common example, of how a targeted intervention has a positive measured outcome from the standpoint of the national security. i think we are good there.

it is very important -- and i led the national security commission on artificial intelligence a few years ago for congress. it is very important, if we get more money the government -- money out of the government for research. we are building a new form of non-human intelligence that will change the world in a good way. and furthermore, it needs to be done with our partner companies. the u.k., some of that sort of thing, some european countries. and done with american values. so, using china as the bogeyman, imagine if they were in charge of the internet and the rules? could you imagine how very different your experience as a user on the internet would be? today you can show up, you can be anonymous, you can do whatever you want within reason. that freedom is central to the spirit of the internet. caroline: talking about a bogeyman and the chinese-related bogeyman, tiktok became a bogeyman many are now trying to

regulate, ban, or sell. there has been some reporting that you have been interested in potentially purchasing u.s. tiktok. would you still be? eric: i'm not currently looking at that. i looked at it for a while. i personal view on this is, you are better off regulating than bangalore judicial action -- banning or judicial action. i would prefer to see a regulatory regime that has the right incentives in the right prohibitions for these things. i own view of tiktok is that tiktok is not really social media. it is television. you can regulate television through the equivalent of the equal time rule. caroline: what is interesting is, you say many big tech companies are entangled from a time perspective what the doj. one of them being google. where do you write, from a

personal perspective, where google is in the ai competition race? eric: it is interesting that all most all of the technology you are seeing today was invented at google about five to 10 years ago. and it is one of the great things that during that period google had a roughly, in my estimate, two thirds of the world's talent in ai. google had a very strong headstart. i think google is a complicated place. there is a lot going on. openai in particular came out with gpt and did a fantastic job. i think if that was the competitive nudge, it has gotten google back in the game. what i like is you have these two huge companies, microsoft and ai together, and google alphabet operating together, and have been putting billions of dollars of hardware and enormous software teams to invent this new future. this is not to take away from anthropic, another competitor.

obviously whatever elon is doing. and meta has released an model, or is in the process, that looks really good. that competition is the right answer to the regulators and to everyone's question, competition brings out enormous value to consumers. and eventually people will see this and they will say, oh my god, look at what this does, and it is free. and of course, all of that money was paid out of the markets, billion's of dollars going in right now. and they will monetize it somehow. caroline: eric schmidt there. the current chair of the as csp. we are going to continue the conversation on artificial intelligence competition with the ceo of that organization. meanwhile, let's stick with china. it was likely behind a recent hack in -- hack into british armed forces personnel. it obtained the names and bank

account numbers of the royal air force and some veterans. his comes as jean jinping is visiting europe -- xi jinping is visiting europe this week. let's return to some corporate news for you now and some shares we want to be watching. amazon currently on the move. aws looks like it has been pouring money into asia, but it is singapore where they are focusing. committing $9 million to singapore's cloud push. it is growing in southeast asia to diversify away from, guess where? china. we are up .25% on amazon. this is "bloomberg technology." ♪

caroline: welcome back to "bloomberg technology." let's check in on these markets. after a strong three days of gains we are still on a march high. the nasdaq 100 up .3%. this as we anticipate more room for the fed to cut throughout the rest of the year. 10-year yield currently off by six basis points. have a lot of auctions coming this week. we are at 4.42 on the 10 year. : managing to turn around. we are up .9%. a little bit of risk appetite creeping into crypto. have a look at some of the individual movers. there has been a raft of earnings.

some of them slightly more cautious than the market wanted to see, particularly when it came to subscriber growth for disney. maybe some profit-taking coming off the table for disney. we are seeing data dog often 11%. many had anticipated strong growth. maybe did not feed across in the way the market had anticipated. nvidia off by 1.7%. the chipmaker, we are seeing chuck and miller saying he is winding down -- taking off some of his chips, his bets on nvidia and reducing some of his holding in that stock. doordash, off by 2%. interesting moves coming from uber and instacart. we are seeing restaurant deliveries being folded into instacart. again, adding uber eats menus to its apps. let's talk about that. bloomberg's emily chang spoke with the uber eats ceo on the tactics here. take a listen.

>> we have heard from instacart customers that the app to order groceries for the week, but sometimes you want dinner for the night. so, we wanted to enter restaurant delivery without distracting ourselves from our number one priority, which is grocery. we looked for a partner that would allow us to come up from day one, have hundreds of thousands of restaurants available to instacart customers on the app. we are very excited to be doing so. emily: instacart is a competitor . why cross enemy lines? >> certainly instacart is a very strong competitor as it relates to grocery. for us it was an opportunity to expand, essentially, the uber eats business. especially into the suburban market, where instacart is particularly strong. families, etc.

uber has historically had a real strength in the cities, the younger, affluent customers in cities. that is where rideshare originally came from. as we have expanded into uber eats, uber eats is much stronger in city centers than suburbs. we thought that the opportunity to put our brand and service in front of the incredible instacart customer base in a way that is a terrific experience, would be good for business, but also really good for restaurant partners. what uber eats is all about is bringing more business to our restaurant partners, bringing more opportunities to earn for our couriers. and you're certainly hoping that those instacart customers are big tippers. emily: investors seem to like uber's push into grocery. why give them a foot in the door?

>> there are a lot of companies that compete in one area and collaborate on another. this is a good example where on the restaurant front we find a lot of alignment. we think this is going to be a -- be highly beneficial for customers. we have the leading selection in grocery. 1500 retailers, 85 thousand stores in grocery, combined with hundreds of thousands of restaurants. we are also making an instacart membership more valuable. when we see these kind of way and -- win-wins, we love them. eric: tell me about the logistics. will instacart customers be redirected? -- will customers be redirected? how are you splitting fees? >> i can get started. the experience is an instacart experience. if you go to the uber rides app,

you will see the original rides experience, but there is also an eats experience that looks like it is built into the rides app. we have taken that technology that we perfected as part of the platform we are building and are extending at in partnership with instacart. so, the branding is going to be joint branding. it is the look in the field, and the experience is going to feel a lot like instacart. i think the user is going to sit within instacart and the experience is going to be an experience that is quite consistent with what those users are accustomed to. caroline: the uber ceo there, along with her own emily chang. that's return to washington now. the special competitor studies project is kicking off its

first-ever ai expo for national competitiveness. i sit down with the scsp fair -- scsp chair to discuss. eric: national competitiveness is the challenge for the next 10 or 20 years, because the chinese are really focused on dominating certain industries, and we need to compete with them and make sure we win. in the case of artificial intelligence, we are well ahead, two or three years, ahead of china. i think we are in pretty good shape. caroline: needless to say, we can dig in on this conversation with the ceo, ylli bajraktari. i'm interested as to ultimately how optimistic you are of china, vis-a-vis the u.s.. eric schmidt saying we are years ahead of china. what makes you confident in that? ylli: [indiscernible]

they have put enormous resources behind this strategy. in a short period of time they have gained a lot of ground. we are ahead of china. that should not make us slow down. i think we need continued investing. [indiscernible] caroline: i'm so sorry, we have some technical difficulties on the line and we are hearing an. you will be back to in a moment. this is "bloomberg technology." ♪

caroline: you are looking at a live shot of the principal room. we are less than a week out, quite a few days from the bloomberg technology live event in san francisco.

check out the qr code for all of the details. this is bloomberg. let's get back to washington, we are pleased to say the ceo of the scsp is with us. more broadly a want to the take issue and the use of generative ai within the area of, particularly when it comes to intelligence agencies. this is an area you have experience in. are we seeing an adoption of generative ai within intelligence agencies in the u.s.? ylli: like with any previous technology, i think our intelligence community is adopting. you could argue they are two steps forward, one step back, but everyone recognizes these technologies are going to be so powerful that our intelligence community needs to adopt -- adapt. the intelligence community runs through strict codes of how they

use technologies. obviously there are privacy-related issues. everyone recognizes how these are important technologies we need to adopt for the intelligent mission purposes. i think what is making some -- it is making some sort of progress in the area of their mission. caroline: you were chief of staff to national security advisor mcmaster. going back broadly to what the project is doing, you are also trying to find what would stymie the competitiveness of the u.s. one issue with generative ai's access to energy, access to chips. where are you thinking of thought leadership, ensuring u.s. stays ahead when it comes to energy? ylli: the chips act, you had broad bipartisan support. to bring back and build in this country some of the manufacturing capabilities we lost over the last 20-plus years.

i think hardware and chips are really important. i think now we are uncovering that energy demand is going to be a true capability you need to build this next generation ai technology. there is a lot of energy around fusion, i would argue. we have a lot of companies here at the national competitiveness expo that present some of the key companies. we have other pathways toward getting to the energy, but i think ai could help us transform also the energy resources we have and energy sources, and diversified going forward because of the demands we have to get to the next generation. caroline: when you are bringing together government institutions, you are bringing together academics, you are bringing together corporate's, what outcome ultimately do you want? do you think we are firing on all cylinders when it comes to discussion on how to harness this leap forward?

ylli: i don't think we are. that is why we organized this expo. innovation happens in pockets. we have most of the innovation happening on the east coast, on the west coast, and then in washington you have federal agencies doing two things, both trying to extract these technologies, but also they are injecting policies into how we use these technologies. they can exchange ideas, they can exchange business cards, and ultimately here talk about the benefits and challenges of all these technologies, and how do we move faster in adopting all of them for the next five to seven years? caroline: we wish you well on that, bringing together of academics and government, and see what the outcome is. we thank you so much for your time today. special competitive studies project ceo in washington.

let's talk about what microsoft has been doing. it has deployed an ai model completely divorced from the internet, saying intelligence agencies can safely harness the technology to analyze top-secret information. most models rely on the cloud services to infer patterns from data. this is the first time a major large language model can actually operate fully separated from the internet, which allows spy agencies to use ai while avoiding the risk data could leak out into the open. this narrative is one we are going to stick with now. we are going to talk about cybersecurity. the rsa conference is in full swing, bringing together the world's top cybersecurity business leaders. they are going to strategize on the best practices to tackle threats. spring in palo alto networks' lee klarich. i can imagine ai as the topic of conversation. what is leading out?

bad actors adopting it or cybersecurity adopting it? lee: the attackers, when chatgpt first launched, the first thing they started doing was finding out how they could leverage ai to their advantage. the first thing we did in cybersecurity was figuring out how we could leverage ai to counter that. today we have had a series of ai security announcements focused on how we bring precision ai to combat these attackers that are going to be using ai everywhere. caroline: you bring outcome ultimately, the things that people put in their arsenal to fend off such attacks. can you give us the size and scope of how much we are seeing more cybersecurity issues, threats amount because of generative ai? lee: it is hard to trace it specifically to generative ai. we see millions of new attacks launched every single day. we see this in our telemetry. see this in our machine learning models, our ai models detecting

these attacks in real time. all of that translates into billions of attacks being blocked every day. how much of that is specifically the result of generative ai versus traditional mechanisms? it all blends together, but it definitely points to the increase in scale. you're also seeing, may be even more importantly, an increase in sophistication of these attacks. where attackers are able to use generative ai to improve their chances of actually carrying out a successful attack. caroline: of course, regulation has tried to keep apace of this. the sec and mandating disclosure whenever a corporate has had a material incident. how are you seeing that prompting their leaders in security within the corporate's to come to you? make sure they have invested at the right product -- in the right product at the right time? lee: it is a great question. i see a lot of value in these regulations, in driving the

necessary investment, given the security landscape. a lot of these measures are oriented toward making sure that organizations have the right security capabilities. increasingly that means the need to be real-time in their security operations, and when something does happen, prompt disclosure. which, of course, is good for the industry. it helps everyone understand what is happening so we can learn from it quickly. it also make sure that the end consumer understands what is happening and can take necessary actions, if needed. all of that culminates in the other side of cybersecurity, which is, this is a battle we can win. i'm in cybersecurity, but i'm also optimistic about the benefits of ai and other technology benefiting those of us who are all trying to defend organizations around the world. caroline: you have been trying to defend it since 2006 at palo

alto networks. lee klarich, leaving us with optimism there. we thank you. from new york and san francisco, this is "bloomberg technology." ♪ ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it. caroline: the rsa conference is upon us, so we are deep diving on cybersecurity. steve stone joins us now, head

of rubrik zero labs, out with a report called the state of data security. i imagine a lot of data is at risk right now, and i want to understand just how many incidents you are seeing, ultimately having to be identified by corporate's right now? steve: thanks for having us on. we look at the scope and scale of this problem, you are absolutely right. it is systemic. if we take one example, hhs data, we see that the equivalent of one out of three americans had their personal data impacted in just events against health care in just the u.s. in just 2023. so on the corporate side we are very busy working on this issue. caroline: i'm so so we have to cut this short, but we are going to have to turn our attention to washington. steve stone, we hope you can return. president biden is delivering remarks before congress in his annual holocaust memorial speech.

pres. biden: speaker johnson, peter jeffries, members of congress, and especially the survivors of the holocaust, god love you all. abe foxman, and all other survivors that embody dignity and grace, are here as well. during these sacred days of remembrance, we grieve, we give voice to the 6 million jews who were systematically targeted, murdered by the nazis and their collaborators during world war ii. we honor the memory of victims, the pain of survivors, the bravery of heroes who stood up to hit laura pasta has unspeakable evil. and we recommit to heating the lessons of one of the darkest chapters of human history, to

revitalize and realize the responsibility of "never again." never again, simply translated for me, means never forget. never forget. never forgetting means we must keep telling the story. must keep teaching the truths. must keep teaching our children and grandchildren. and the truth is, we are at risk of people not knowing the truth. that is why growing up my dad taught me and my siblings about the horrors of the show -- shoah. that is why i visited with my family as a senator, as vice president and president. and that is why i took my grandchildren to dachau. germany, 1933, hitler's and his

nazi party rise to power. by rekindling one of the world's oldest forms of prejudice. anti-semitism. israel did not begin with -- his rule did not begin with mass murder. it started slowly across economic, political, and cultural life. propaganda demonizing jews. boycotts of jewish businesses. synagogues defaced with swastikas. the harassment of jews in the street and in the schools. anti-semitic demonstrations, pogroms, organized riots. with the indifference of the world, hitler's new he could expand his reign of terror by eliminating jews from germany, to annihilate jews across europe through genocide. concentration camps. gas chambers. mass shootings.

by the time the war ended 6 million jews, one out of every three in the entire world, were murdered. this ancient hatred of jews did not begin with the holocaust. it did not end with the holocaust either. or even after our victory in world war ii. his hatred continues to lie deep in the hearts of too many people in the world, and requires our continued vigilance and outspokenness. that hatred was brought to life on october 7, 2020 three, on the sacred jewish holiday, the terrorist group hamas unleashed the deadliest day of the jewish people since the holocaust. driven by ancient desire to wipe out the jewish people off the face of the earth, over 1200 innocent people, babies,

parents, and parents, slaughtered, massacred at a music festival, brutally raped, mutilated, and sexually assaulted. thousands more carrying wounds, bullets of shrapnel from the memory of that terrible day they endured. hundreds taken hostage, including survivors of the shoah . now here we are. not 75 years later. but just 7.5 months later, and people are already forgetting. they are already forgetting. that hamas unleashed this terror. it was hamas that brutalized israelis. it was hamas who took and continues to hold hostages. i have not forgotten, nor have you. and we will not forget. [applause]

and as jews around the world still cope with the atrocities and trauma of that day and its aftermath, we have seen a ferocious surge of anti-semitism in america and around the world. vicious propaganda on social media. jews forced to talk jewish stars into their shirts. on college campuses, jewish students blocked, harassed, attacked while walking to class. anti-semitism. anti-semitic posters, slogans calling for the annihilation of israel. the world's only jewish state.

too many people are denying, downplaying, rationalizing, ignoring the horrors of the holocaust. on october 7, including hamas' appalling use of sexual violence to torture and terrorize jews. it is absolutely despicable, and it must stop. silence. [applause] silence and denial can hide much, but it can erase nothing. some injustices are so heinous, so horrific, so grievous they cannot be buried, no matter how hard people try. in my view, a major lesson of the holocaust is, as mentioned earlier, it was not inevitable. we know hate never goes away, it

only hides. it comes out from the rocks. we also know what stops hate. one thing. all of us. the late rabbi jonathan sacks described anti-semitism as a virus that survived and mutated over time. together we cannot continue to let that happen. we have to remember, our basic principles as a nation. have an obligation. we have an obligation to learn the lessons of history, so we don't surrender our future to the horrors of the past. we must give hate no safe harbor against anyone. anyone. our very founding, jewish americans represent only about 2% of the u.s. population. from that experience, we know