>> from the heart of where innovation, money, and power collide in silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. caroline: live from london and san francisco, this is "bloomberg technology." close your eyes and buy. why muddy waters founder carson block is bullish on big tech. ed: the future of disease kingdom, details on the new leadership -- disney's kingdom, details on the new leadership moves. caroline: we will hear from the taiwanese premier on the thriving chip business. a quick check of the markets, which are perhaps taking a slight pause.

i focus on crypto, down by more than 2%. we have seen more than 2 billion flow into etf. we were near $70,000, putting back slightly as rick sentiment changes head of all-important earnings week and election. we focus on crypto. just to show us what risk sentiment is, you are looking at the micros. ed: a futex stocks. disney has named the former morgan stanley ceo james gorman as the new chair of the board and promising to name a new ceo early 2026. microsoft has new ai agents. it is taking on salesforce for the we go to our correspondent on that. look at the u.s. shares of the time any continuing to gain momentum. we have a very important interview with taiwan's p remier when we talk about the golden jewel of the industry but also the broader context of what

is happening in semiconductors. you don't want to miss it halfway through the program. caroline: we returned to the macro picture, because earlier today muddy waters capital founder carson block joined blooming television and offer this pretty bullish advice. >> there is a debate on what really drives when you talk about the was markets, especially the s&p 500 or hte mag 7. i am in the camper that although i have -- i don't have the facility map to prove this out, but i'm in the camp that believes that will drive the next a -- drives the index are flows. u.s. workers, a lot of them come paychecks go into the 401(k)s, which are retirement funds come in there is a robo bid for the stocks. what happens is you reduce the effective supply of the stock because you are taking out the active owners of stocks that will decide at this price i am a

seller in the lower price i am a buyer. you were replacing that with older that will never sell unless and until it has outflows. according to that view, as long as the labor market is reasonably strong in the u.s., which it is, you will not see outflows. you will see inflows especially in the most heavily weighted names in the s&p 500. i have in the past few years looked back on my career as an activist short seller and kind of done the math and felt like a, well, i probably could have been long the s&p 500 and deferred my taxes and gone through a lot less bs and be in more or less the same position financially. yeah, that does make the market

more fragile, but there is a fed put, there is always a fed put. does there come a time when the system breaks in the fed can't fix it? theoretically, yes. in our lifetimes, i don't know. i think for now it pays not to think too much, just close your eyes and buy. probably mag seven. caroline: muddy waters capital founder carson block. let's bring in the chief global strategist and principal asset management. close your eyes and by that mag seven still here? >> well, hi, caroline. there is the continue to demand and agree with a lot of what was just said. the environment in terms of the sweet spot for u.s. equities, you have a strong economy. there's a couple of risks out there was something we wouldn't necessarily expect to have a sustained impact on the market. from that perspective, yes, the u.s. looks attractive.

rather than being a short-term play, a lot of people are looking at that as something to deliver not just for this year, but a strategic allocation played that we want to continue to have exposure to those. in a positive environment for u.s. equities with rates coming down, you should see broadening out. i think there are opportunities which may be not as expensive and have not seen catchup trade post-covid. ed: seema, carson's core ideas that the market, particularly those mag seven stocks, will be supported because retirement money is on autopilot. how does that impact your job if you are genuinely interested in the technology sector as an investor? seema: i think he is right in

that there is always going to be that continued stream into the mag seven. remember that the mag seven because of the cash levels, because of a safety defensive play on the u.s. market, it is almost like a continued stream of it will be consistent throughout. until it isn't, it will continue to attract plays. we have seen that play out the last couple of years where things get tough. it almost becomes a safety trade. i think that still holds. there is going to be opportunities that investors should considering outside adjust mag seven. ed: this week starts earnings season in earnest. how important is this order of all quarters especially given that the we have now seen the fed to move in reducing rates?

seema: every quarter is going to be more important than the last terms of whether it will maintainth rally going forward. for tech, the ice in the tech sctr are increasing with each earnings season. expectations in consideration of the fact that valuations are quite frothy, there is always those who say are they going to continue to deliver on the left expectations investors have. i think that -- let's say we have a disappointing quarter where you see a slight pullback in the performance relative to expectations. it does not necessarily sound the death knell. it is a bit of a recalibration of expectations back to something which is a little bit more realistic. i think investors will still believe that mag seven with the ai narrative has something to deliver. caroline: i want to go exactly there seema, and we bring up

what is happening with nvidia with the like of palo alto networks as well. nvidia is the ai trade come up to near record highs. seeing key cybersecurity names and a new record high, too. how important is the chip sector, the ai trade to keep on leading these gains? seema: they are important. i think they are reducing in importance, though, because of the strong backdrop we have. but we feel some continued enthusiasm about nvidia and and i generally and other sectors of companies that benefit from ai. you have to look at chips, the ones related to ai, the ones not ai-related, and there is a bifurcation coming to the market. investors are focusing on working ai play a strong part. what are the next companies that

could benefit from this new theme in the market? caroline: seema, we love talking to you because you can go cross assets, too. the team at goldman sachs go cross asset again today because on the flipside of what carson block is saying, they are saying the s&p 500 cannot keep up the rate of returns we are used to. we get the annualized 3% return in the future, for example, because they go to bonds and other assets. are you seeing investors wanting to go there? seema: from an asset allocation perspective we think this is the time to have exposure to fixed income. if you want to go safety, you should be long-duration. in terms of yield income over the strength of the u.s. economy, credit is the place to be. specifically with regards to the 3% return going forward, i think it is true you are not likely to

see the same kind of returns we have enjoyed the last 10 or 15 years. a lot of the narrative was driven by the fact that the fed cut rates really low which we are not anticipating going forward. nothing returning to the easy monetary policy of zero monetary expansion. means is a little -- it is still a compelling proposition. in this environment there are opportunities across risk assets, and it makes sense for investors to have its diversification because it continues to deliver. ed: seema shah, thank you very much. coming up, changes on disney's board and a pledge we will get a new ceo in early 2026. this is "bloomberg technology." ♪

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ed: the new chairman of disney's board. the company announced james gorman will take on the role of chairman in 2025, while also announcing that a new ceo will be revealed in early 2026. felix gillette joins us. james gorman, foreman worker stanley ceo, has been leading to success and chase since august --the succession tray since august. why is he taking on the additional responsibility of being chairman of disney's board overall? felix: disney has been telegraphing this for a while. gorman is the new face of the board coming as a strong track record in terms of succession, succession is the number one issue in a disney's future, who

is going to replace bob iger. he doesn't have the same baggage that his predecessor did in terms of what went wrong in the previous disney succession plans. i think this makes a lot of sense in terms of just elevating him and giving him a formal role in terms of making the next choice. caroline: mark parker retires, james gorman to the help. take us back to the ceo and who are the names in the running internally and maybe externally. felix: i think it's the four direct reports to iger, head of parks, head of tv, head of movies, head of espn. kremlinologists at disney, everyone is speculating who is up, who is down. the company has done a good job of keeping the cuts close to its vest. if there is a leading candidate, it hasn't gotten out. i don't think this move changes

that at all. ed: we want to wait a few weeks until disney has earnings, but based on post-netflix, how is disney doing right now? felix: disney has had a good last year, when you think about the recent emmys, the strongest emmy performance of the company's history on the tv front, winning with "shogun." "inside out 2" did well. parks have been a little more mixed. there is a lot of open questions about the company's future, but it's been a little bit better especially on the entertainment side. ed: felix gillette out in new york city, thank you so much. caro, what are we looking at? caroline: microsoft is down but it is ramping up the ai rollout, ramp a company set of, guess what, ai tools. we bring in brody ford, who be getting a little bit sick of ai

agents, autonomous agents. it is competitive. >> everybody wants to have an agent now. it seemed like for a year everybody was building a copilot even if they didn't call it that. every software company and a little box on the side that i could ask, hey, could you draft this email, what is the six figure cities in germany. a lot of software companies have found is that users, it is not natural to go ahead and think about mo, -- think about, oh come what should i ask this copilot. a lot of companies are leading into the agents idea, we are going to have 10 tasks that easily replaceable by ai and we are going to have it run l by itself and do that in the background. ed: this puts microsoft in competition with salesforce. if you are on x, you would have seen marc benioff talk about microsoft's ai tools.

explain how they an competition. brody: this is the segment of microsoft which competes with salesforce. it is all about crm, supply chain management, things like that. they both want to have the hat of we are leaving ai-- leading ai in the sas field. each of them want to lead it forward. benioff has always done aood job getting press. throwing shots of competitors, this is certainly in that tradition. ed: brody ford on all things microsoft, ai agent, thank you very much. coming up on "bloomberg technology," details on russia's major hack on the nation of georgia ahead of that country's upcoming elections. important reporting on next. this is "bloomberg technology." ♪

ed: it's time for "talking tech." process says its e-commerce division is expected to surge more than 950% this fiscal year. adjusted earnings will be $400 million in the 12 months ending in march. the new ceo made the announcement earlier today and will join bloomberg's london tech summit tomorrow. lumien technologies and meta-have announce a partnership in support of meta's ai ambitions. it will provide integration for meta's infrastructure that the company says will be crucial for future ai development. russia has been operating a multiyear hacking campaign targeting the nation of georgia.

that is according to documents and technical reports seen by bloomberg news. the conference of espionage attack focused on georgia's foreign ministry, finance ministry, central bank, and key energy and telecommunications providers. let's get more on that story. caroline: such a significant report. we go to alberto the deli, who is leading the charge along with colleagues. how is russia managing to hack on such a significant degree? >> well, i think the thing to understand about russia in terms of countries like georgia is that it targets them with disinformation and then puts great efforts into these hacks. and looking for folk abilit -- vulnerabilities within critical infrastructure and government ministries. it spends a lot of time doing that, that allows it to eventually enter into the systems undetected, and for

years together information, and very seriously about them in a position to commit potential acts of sabotage. ed: the headline is severe, russia targeting a nationstate with these hacks. but how serious were they, alberto, and what was their impact? alberto: i think the key point is the severity of these hacks, because we are not talking about things like denials of levers that take a website down for a couple of hours. there were two main aspects to the operation. the first was gathering intelligence, so they were able to gather information such a the emails of government officials, emails of employees working in key companies. but also they were able to put themselves in a position that had they wanted to and had the need arisen, they would've been able to sabotage key bits of the

country's critical infrastructure such as parts of the energy grid, telecommunications, railways, oil terminals, things like that. ed: in your reporting, did you get a sense of what russia's goal was, what is motivation in doing this was? alberto: on the one hand it is gathering information. if you look at the hack of the foreign ministry, they were targeting and gathering information about key georgian embassies in places like the european union, countries in the baltics. areas that russia has an interest in and is looking at. and the second strategic objective, let's call it, is to put itself in a position that if politics in the country -- if georgia goes in a direction that russia does not like, it then has the ability to take things a

step further and commit these acts of sabotage such as targeting electricity grids, telecommunications systems. it is a pattern we have seat elsewhere -- seen elsewhere, they've done similar in the past in ukraine. ed: this was the reporting -- deep reporting, investigations or documents did russia through official channels have anything to say about the reports? alberto: usually what happens is we asked for, and they never reply. after a while you will see in a press conference or statement, military or foreign affairs or some other government department will refer to stories in western media. and that is where we might expect there to be a reaction in the coming days. ed: equally, this is contemporaneous, the elections in georgia are this week, i believe.

we talked about the severity any impact, but will this nation be able to proceed with its democratic process free of any interference in that sense? alberto: i think the elections will take place. what tends to happen, if you look at the election that took place nearby in moldova, there were reports of russia paying people to vote in a certain way, intense campaigns of disinformation. yo we'll have a similaru -- you will have a similar environment in which these elections take place, and depending on the results of the votes, we will see what happens next. ed: this was reported you did with our colleague brian gallagher. without giving it away, what happens next? where does your reporting take you? alberto: we report a lot. we keep reporting on what russia does in the world in terms of

the so-called hybrid campaigns, the use of disinformation and hacking and non-military methods to try and achieve its goals. in the case of ukraine, obviously military methods. we' re staying on this beat because obviously georgia is not the only country russia is targeting. caroline: alberto nardelli, we thank you. extraordinary reporting. go read it. we talk to taiwan's premiere on the future of the country's semiconductor business. this is "bloomberg technology." ♪

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caroline: welcome back to "bloomberg technology." i'm caroline hyde in london. ed: i'm ed ludlow in san francisco. bringing us some markets. caroline: they are under pressure from a macro macro's -- there are some names i want to shine a light on. they are coming to session lows. worried about big earnings. tesla later this week. move on and have a look at some of the bigger names. the market waits and watches. disney under pressure as they announce -- not completely unsurprising james gorman comes to the helm in 2025 and promises

a new ceo that will be delivered early on in 2026. a new record high only clinging onto gains. nvidia 1.7% higher. interesting that the week after this we get most of the customers giving us earnings. think alphabet and microsoft and meta. what will that say for the ongoing demand. ed: i once economy has seen massive growth thanks to chip manufacturing. still the premier says the country cannot solely rely on its high-tech industries. he sat down with the bloomberg editor-in-chief matt winkler. >> i wants economic resiliency comes from the partnership we have with friendly countries. domestically waive a strong vertically integrated supply chain. this is why we believe taiwan can play a crucial role in the democratic supply chain.

we are reliant on high-tech industries, especially in the rapidly developing semiconductor sector. for taiwan's economy to achieve comprehensive growth, we cannot rely solely on high-tech industries. that is why we propose dual access transformation for small and medium-sized enterprises. we aim to help our traditional industries and small to medium-sized enterprises enter the ai era and use government resources to assist them in adopting ai applications and integrating with this industry, allowing taiwan's economy to grow comprehensively. >> the u.s. is going to have a presidential election weeks away. former president trump previously said that taiwan took chip business from the u.s. and asked taiwan to pay protection fees. you think taiwan should continue to allow semiconductor manufacturers to build factories overseas?

>> taiwan also needs to rely on advanced countries for new technologies and equipment. i often say the government has a responsibility to taiwan's industries and taiwan has a responsibility to the world. matt: mr. trump also said taiwan should increase military spending to 10% of gdp. i wonder if that is possible in your view? >> taiwan has a very large neighbor with significant ambition toward it so taiwan must take responsibility for safeguarding our sovereignty and national security. next year's government budget we have allocated 640 billion taiwan dollars for defense that will bring our defense spending to 2.4 to 2.6% of gdp. while we cannot allocate 10%, we have increased the budget compared to the past. we also hope that through

taiwan's efforts the world recognize taiwan's determination and provide greater support. what we are maintaining is not only taiwan's security but also the peace and stability of the entire region. matt: you mentioned artificial intelligence earlier in this discussion. given the importance of ai and how fast it is expanding, there is a debate about electricity supply. i am just wondering, do you think new nuclear power technology is an option for taiwan you could consider? >> we know many other countries are actively developing various forms of nuclear energy. currently we expect taiwan will have no issues with power supply before 2030. our nuclear power plants are being decommissioned and operations are stopping.

this is because we need to prepare for future nuclear technology developments and respond to legal changes in taiwan. when we take the next step forward and consider it existing nuclear power plants, we will need some sick -- we will need to get manpower. the personnel must not be risk born -- must not be dispersed. they will need to research news technologies or solve current issues. ed: that was the taiwan premier. caroline: meanwhile come in pennsylvania, governor josh shapiro expressed concern over elon musk's plan to give money to voters, suggesting law enforcement reviews. this follows elon musk's announcement to donate $1 million randomly daily to a supporter of his pac. >> i think it is something law enforcement could take a look at. i'm not the attorney general but

it does raise some serious questions. caroline: bloomberg's kurt wagner joins us now who covers all things elon musk but all things x as well. how does this dovetail into what you are seeing on his social media platforms? kurt: he is using x as a very pro-trump megaphone. i opened the app yesterday and on my feet that is supposed to be tailored recommendations, 11 of the first 15 posts i saw were from elon musk himself and all of them were supporting trump, pushing trump's republican agenda. he has very much taken this social network and is using it to hammer home his own personal politics in this fight to help trump win the election in a couple weeks. ed: the activity is notable. i would also point out vice

president harris has two accounts on x. her official presidential account and her personal campaign account and she also posts daily and that appears in my timeline, maybe not as much as elon musk's posts appear. the point we would make is it is the content and the commentary. it is very similar to what one might find on truth social. kurt: i jokingly called x truth social 2.0 in a newsletter i wrote because it feels like you are seeing president trump's message hammered home repeatedly through elon musk, through trump himself, through other supporters. i also have seen a lot of posts from kamala harris and others. it feels like my feet is almost 100% u.s. politics right now. back in twitter 1.0 days used to

say this is obviously an important new cycle, but it is not the only thing. you can still see basketball, baseball, sports. it feels like they have dialed up the algorithm to make the election front and center for every user and i am certainly noticing it every time i open the app these days. caroline: does that matter long-term for grok, it's ai chatbot, and more broadly what we end up wanting your social media platforms for? kurt: it has been interesting to see x's approach to the election compared to meta with instagram and facebook. on the meta side they say we are leading away from the election. x is doing the exact opposite. it is going to be interesting to see does this burn people out or is this what people want? to they want to go and see

alexion 24/7 information in which case may be x is making the right choice or is mark zuckerberg right that people do not want this thrown in their face 24/7? for me personally, it feels a little overkill. it feels like burnout on x. that is the decision elon musk has made. interesting comparison to have meta and mark zuckerberg going in very different directions in terms of how to prioritize alexion content. caroline: particularly -- prioritize election content. caroline: vertically after the election. coming up next, zip code founder joins us next as the ai focused business raises money. this is bloomberg technology. ♪

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caroline: you are looking at a live shot of the principal room. tomorrow bloomberg tech in london. asml ceo joins us on the stage. 4:00 eastern, 9:00 in london. this is bloomberg. ed: ai powered procurement software startup zip is changing the way companies obtain the supplies they need to operate in recently announced its latest funding. here with more is the zip

founder and ceo. the back story is interesting and worth getting right to it. you used to work at airbnb and you had a specific job and you are basically like this is not working so you went with some friends and colleagues and design something better and were like let's start a company that does this. that is pretty fair? >> that is absolutely fair. my colleague and i were at airbnb and had to go through a confusing procurement process of where we had to buy something one or all of the approvals between budget and i.t. and security and all of the different teams and that is what we started zip to solve for by providing one front door for any employee in the business to request a purchase. caroline: i am interested that you are ai powered. is this generative ai or more broad ai? you are serving openai so you

built upon that large language model. what are you building that they cannot? >> that is a great question. it is absolutely generative ai. if you think about the procurement process, we have access to so much relatively unstructured data. when employees that organizations are buying things, there are millions of contracts, invoices, order forms, so much data available and we can take ai and apply it at a really practical way which is what we do for our enterprise customers today to do everything from helping invoices to reading ms'' s and contracts for the risks and the like. caroline: you are hiring engineering talent, r&d talent, and i go back to what is underlying all of this. are you building your own large language models to be able to do

this. are you looking to develop those tools? >> we are absolutely using these funds to invest in create an ai lab and double-click -- the data we have access to is part of procurement and thinking about how we best apply it in a practical way. ed: so which large line which model are you using? >> we are largely using openai. ed: it was probably two years ago you and i first met. in that time you've raised a lot of money and have a decent valuation. have you built a business in that time? have you managed to take this product and technology and sell into other businesses and enterprises who are using it themselves? >> we have been privileged to

work with some of the largest enterprises in the world, companies like discover financial, snowflake, prudential, coinbase, and many others. discover financial has saved every 3000 different business approvals they realize they do not need any more or snowflake has over $305 million of zip supported savings logged. procurement is the second-largest area of spend for any business in the world after payroll. it is trillions of dollars in the world that employees are buying for office supplies, software, and the like. there is so much opportunity. ed: building on top of openai, what has that been like? as a customer or partner what was it like for you? caroline: it has been great -- >> it has been great and the

feedback we've received from customers has been positive. coinbase has saved thousands and thousands of hours with the zip processing hundreds of hours of -- hundreds of thousands of hours invoices. caroline: zip code founder and ceo thanks for coming. details on another one. perplexities new funding round is taking place. it plans to take on google. this is bloomberg technology. ♪

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ed: the ai company trying to build a search project that rivals google is an early talks to raise funding from investors at a valuation of $9 billion according to a bloomberg source. what we know about the round? this is the name coming up a lot at the moment. >> that's right. it is a reflection of how much there is interest in continuing to invest in this ai bubble. we see a make around. there seems to be continued interest in getting in on that complexity.

caroline: any have felt this is a clear competitive threat to google and google can take it on itself. >> that's right. perplexity had the head start in using the most cutting edge ai to make a standalone app where instead of googling something you can search for it and get all of your research and all of your answers right there in one product. they had a head start with that. google is also increasingly integrating ai into their answers. i talked to a lot of folks who have stopped using google and are starting to use perplexity. it is very popular with early adopters in ai and that is it reflected -- and that is reflected in investor interest. ed: perplexity wants to raise $500 million. do we know who wants to get in

on this? i have in the back of my mind that openai does not want its investors looking elsewhere. >> we are still reporting that out. one thing i will say is perplexity has been in an enterprise search. searching through customer data. that will be a focus on something investors are looking at. ed: another great piece of reporting, thank you. caroline, what have you got? caroline: we will turn our attention to apple. the new ipad designed with ai in mind -- it was power on this weekend. very well read throughout. tell us what is new when it comes to the ipad. >> earlier last week apple announced a new ipad many, the first update to that product in about three years. this ipad mini does not have a lot of new functionality but they upped the memory and the

processed or to match last year's iphone. that allows it to support apple intelligence. as we talked about a few times, apple intelligence, the first few iterations, not that impressive. you're missing some of the first features like generative ai and creative emojis but you get things like notification summaries. i do not find the ai features that impressive but apple does have an advantage. once the ai starts working well, once they build or pay their way to successful ai features, this new ipad mini shows the company's ability to rapidly add support for new features across this ecosystem in a way that is not matched by google and samsung. while it is a small update it is indicative of the larger ability the company has to bring features online very quickly. ed: and it makes the price point interesting. from a processor standpoint it is the same as the iphone 15

probe. they both have a17 and they're kind of double dipping a little bit. you talked about the secret advantage. goa little bit further on that. -- go a little bit further on that. mark: this processor is a chip they no longer make other than for this product. there is a process which essentially means processors that lose some of their components during the production process. the 15 probe version of the a17 has six cpu cores. once in the new iphone mini have five processing cores which means they have lost the cord during production. i am not saying these are the bad ones that they threw away, but what i am saying is it is a stripped-down version of last year's processor, something that has been recycled from an operational standpoint.

it is a big win for apple. caroline: am i going to be able does -- to design my latest nikes. you been writing about tim cook's other key role? mark: the new ipad mini does support the pencil pro. you could certainly draw your nikes there. a lot of people do not realize tim cook has a side gig being the lead independent director of nike. nike has been going through a tumultuous period and tim cook has been helping out. he helped bring on their new ceo that has all of the hallmarks of a tim cook higher so we will see what happens to nike with the new leadership. ed: -- caroline: busy as always. we appreciate it. that does it for this additional bloomberg technology. ed: a recap on the pod. find it online on apple, spotify, high heart.

from london and san francisco this is bloomberg technology. ♪

♪ ow! whoa! watch where you're going. yeah mom, pay attention. what if it's a concussion? hang on, i'll look it up. uh... i'm probably fine... probably? we noticed something wasn't right and got her to a doctor. i thought i was okay, but i had a concussion. sometimes, it's hard to tell on your own. don't mess with your melon. if you hit it, get it checked. ♪ ow! whoa! watch where you're going. yeah mom, pay attention. what if it's a concussion? hang on, i'll look it up.

uh... i'm probably fine... probably? we noticed something wasn't right and got her to a doctor. i thought i was okay, but i had a concussion. sometimes, it's hard to tell on your own. don't mess with your melon. if you hit it, get it checked.

scarlett: welcome to bloomberg etf iq. katie: how was your weekend? scarlett: i spent a lot of it watching baseball. katie: go yankees. that's get to the top story in the global etf industry. we will discuss the rapid expansion of the active fixed income etf market. scarlett: and we speak to mac markovich -- matt markowitz. katie: i'm in has been arrested