announcer: heart of where innovation, money and power collide. in silicon valley and beyond. this is bloomberg technology can caroline and ed. katie: live from new york and san francisco. this is "bloomberg technology." coming up, the race to reward. the biden administration is against the clock to complete chips act deals with top companies before the trump takes office. ed: and come to saudi arabia. the country's $100 billion pitch

to become an a.i. powerhouse hub. caroline: and draft kings shares bounced back. a tough end of the year. we speak with the c.e.o. but first, let's check in on these markets. because i'll give you a five-day chart. today we're just flat, slightly lower on the nasdaq 100, coming off those record highs but we did power to new records on this particular benchmark. a flurry of earnings is something we need to dissect. so too is a federate cut that helps us push higher but of course the election result also, we're up 5.2%. the best week since midseptember. what are you watching on the micro? ed: we're in a stage where you look at single names and we're thinking about winners and losers post-election day tesla continues to have momentum. it is trading at its highest level since early may of 2022. gone beyond $1 trillion in market cap, whether it closes there or not. but there's the association trump with musk and then there's the analysis of whether trump policy adjustments will impact negatively or positively that name. elsewhere, there is a scramble in d.c. and across this country

in the chip sector about what happens next. intel is modestly higher in the session but on the week, over five days, on track for its best week since june. could it be a beneficiary of the trump ad administration? what bloomberg is report something that deals are done. negotiations settled for chips act funding. but in some cases is there re-negotiation? to try and actually get access to money through the biden administration before trump 2.0 takes effect and president-elect trump takes office in january of next year? caroline: i know pat spoke to you after the earnings with a frustration at how slow that money has been coming out of the door. let's discuss that all a little bit more. bloomberg has a great piece out. just talking us through how chip companies are basically racing as is the biden administration to get access to that chips act funding. what is the latest? >> so earlier this year, the biden administration announced a slate of multibillion-dollar awards for some of the most

important companies in the semiconductor industry to build factories on american soil. the funding comes from the chips act which he signed in 2022. it's a major bipartisan initiative to revitalize the american industry. since those announcements, companies have been going through pretty onerous due diligence. and some of them still haven't reached final term sheets. so now the biden administration and those couple of companies, in particular intel and samsung and mike ron are the big ones we're watching, are trying to get those incentives locked down so they can get money out the door before there's a potential for renegotiation under a trump admin. ed: intel and micron, micron lower in the session. sources are telling us that those names, the i's are not dotted and the t's are not crossed. which areas do they still have to negotiate? >> it varies by company. one hang-up is a change of contract provision which is a fancy way of saying what happens if intel spends manufacturing

business or is acquired in part or in whole? gel singer has said, we're going to keep intel together. intel has said it's making good progress on the award negotiations but you can imagine why that's a sensitive provision with a company that's going through serious financial troubles. caroline: the key issue here, this is bipartisan in nature. so where might we see changes made? we have heard in recent days, weeks, key podcast, trump rail against what he sees is money out the door when he thinks tariffs will just bring tsmc to build in the u.s., for example. >> the general consensus among industry lobbyists and government officials in washington is that the broad contours of this program will stay the same. it passed with bipartisan support. it was trump's first administration that recruited tsmc to arizona in the first place. but republicans are already taking aim at what they consider to be social provisions of the biden administration's implementation. things like requirements for childcare facilities or expectations that companies will work with local labor unions or try to limit the environmental

impact of their facilities. ed: thank you for your reporting. let's get the market's perspective. bring in eric friedman, chief investment officer at u.s. bank asset management. i think we start with semiconductors, right? i talked at the beginning of the show about still trying to discern the winners and losers in trump 2.0. through that lens, how are you viewing chips right now? >> we're still favorable on the chips space. i think the distinction that we're really trying to make is, number one, in terms of the beneficiaries of a.i., that's certainly a story that lots of people talk about. because there is still some concern in terms of hardware and peripheral sales, with a weakening labor market and softening not just in the u.s. but across the globe, what does the upgrade cycle look like, what will corporate cap x, specific to peripherals and hardware look like? we're seeing some stabilization but really not necessarily an uplift. so probably more the idea of

will we see diffusion of a.i. chips beyond a hyperscale? hyperscaleers have a ton of free cash know and that's what we've seen consistently throughout this earnings season. the ability to almost self-fund a.i. chip demand we think will continue. so i think there's almost a business to business versus business to consumer angle. then more specifically, will we see that diffusion out beyond hyperscalers, will a.i. chip growth, again, meet end demand? we still think there's a backlog there and why we're still bullish. ed: how is the u.s. bank asset management team modeling for trump tariff policy? >> i think it's important to really discern probably by country and by region. and i think that almost a knee jerk reaction that we saw heading into election day and the immediacy following the election is that, look, there would be this almost broad tariff policy set across not

just china, which is a very common refrain from both parties heading into the election, but also western europe in particular. if you look at the performance in particular of efa developed international stocks, you look at what's happened within the currency realm, there's still this view that, look, tariffs are coming. i do think that our modeling work suggests a differentiation is probably an underappreciated point in the marketplace. as we await not just the specific tariffs, but also who is going to be in the cabinet? that can have a material impact on just maybe the glide path of what tariffs look like. last thing i would say is this. there's the possibility of more of a flied path approach -- glide path approach. almost an initial set and then perhaps an expansion, depending on success, as well as depending on how the other side reacts. the reaction function of those impacted by tariffs is one that we again have to also model in, that's something we're very focused on. caroline: to that point, has any

of your feelings changed on big american companies with large exposure to china? do you get more nervous around that or actually just things stay the same? >> i think it is a bit more nervous. when i say nervous, the rage of outcomes we're modeling has to expand. i think when you look at, for example, what's happening in the chinese stock market, we view as complete anom lowls. that's more of a policy-driven, china really trying to regain some of the spotlight with the challenges they have structurally within their economy and most of the issues we're seeing within the supply chain, that's the part that we think is key. and there's a lot of rhetoric and discussion about the supply chain and what requirements we're going to be really im-- were going to be really imposed if you were, pre-election. now that we have the election results largely behind us, the extent of the supply chain is probably our next area of focus. so i do think that in terms of our modeling work and if we're

looking at the range of opportunities and considerations, it's widened. but again, having more of a bias toward morejon shoring and -- more onshoring and inflation is probably more of a base case. caroline: talk to that inflation. we've had a raft of consumer-facing tech companies come out with their earnings and they move on the day today. not individual names, but more broadly, tech exposed to the consumer. are they going to have a better time of it or a harder time in 2025 if inflationary pressures are there? >> i think that on balance, we're still optimistic about the consumer. especially amongst the middle income and upper income consumer in the u.s. we do think there is some level of stability in continental europe. i'm not saying it's a gang buster, consumer electronics demand cycle but that idea of a k-shaped recovery we think is intact. one thing we've looked at in addition to our role as a bank,

we have a lot of understanding what's happening within credit knows, there is a very marked difference between middle and upper income consumers and lower income consumers. and what i mean by that is if you look at just the bar that lower income consumers have had to overcome, expenses on rents, expenses on credit cards, those are going up. and so that marginal consumer who is maye we end, consumer electronics demand, is probably going to be challenged for some time. we think that middle income and upper income consumers will spend. so we think that that refresh cycle will exist. on balance it's still ok. it's really not gang bust arts this point right now -- gang busters at this point right now. caroline: really appreciate you coming on today. meanwhile, coming up, saudi arabia betting big on a.i. more of their potential $100 billion investment. that's next. this is "bloomberg technology." ♪

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ed: time for talking tech and first up, sony lifts its sales outlook. the jap neek tech maker saw strong music sales and a surprise boost from its playstation unit due sales of the video game blaict wukong. sony now expects a net revenue of $83.2 billion. plus, bydu is set to -- baidu set to introduce a device in shanghai next week. sales of the glasses could start as early as 2025 and would

likely cost less than meta's $299 price point. nvidia has named nasa veteran as a board. ochoa ran the space center in houston and was the first latina astronaut in space. caroline: let's talk saudi arabia right now. it is set to make a big push into artificial intelligence. investing up to $100 billion in new projects. we're talking data sent, startups, other a.i.-focused infrastructure. all according to sources. we welcome bloomberg's tom on now to talk about, this was initially potentially an agreement we'd heard alphabet, google, helping fund a.i. focus in saudi arabia but this is much, much bigger in scale now. >> there's a lot of ambition behind this project. what the saudis are trying to do is make sure that they have a

seat at the table, part of the a.i. revolution. what can they do? they have a lot of money. they're not -- basically there's a lot of money and they want it invested in infrastructure. something we've been writing about and talking to you about for a long time. is the need for all of the data centers, all of that computing power, that's necessary to drive generative artificial intelligence? the saudis have plenty of resources to help invest in that. so they are putting a lot of money and time and energy into this effort that they hope will essentially put saudi arabia on the map as a major force behind generative a.i. ed: code name project transcendent according to our reporting. what we know from our report something it's almost a quid pro quo. that saudi is ready to invest, hand over money to startups, big-name players, but in return

they have to have a presence in-country. >> that's right. one of the conditions is they want to see those operations have a strong toe hold right there in the kingdom. something else that you need to bear in mind when you look, when you think about the role that the middle east is going to play in investing in global startups and investing in this, again, i keep referring to it as a revolution because it is transforming the way we do business, the way we live our lives. something that's really important, something that we've seen come up time and time again is the west, led by the united states, wants to ensure that the companies that have a really strong stake in a.i., in these startup, in these global startup, these global businesses, is that they be allied with the west. something that we've seen before is that when parts of the country, parts of the world, excuse me, become too closely allied with, say, china, that starts to make people nervous. so one of the things that you're going to see is if the u.s., if

u.s. companies are going to take part in this, they're going to want to see the middle east allying itself with the west, and away from china. caroline: interesting. that's sort of the global context. when you get into the nitty gritty, it's going to be the p.i.f., that's their sort of sovereign wealth fund, aligning themselves and co-investing with big international companies. it's going to have similar feel to it, right? can you spell out how the funding might look? >> we're still getting our arms around that. we know that they want to invest in startups. they want to invest in infrastructure. these data centers cost a lot of money. all the servers, all the chips, all this computing power that's needed to general -- for generative artificial intelligence, the chips themselves, the equipment needed to build the chips, and you see the potential for saudi arabia to become this major world center of global -- of the global infrastructure needed

around artificial intelligence. we talk a lot about the role that taiwan plays, we talk a lot about the u.s. and the chips act and its desire to bring chip making capabilities in the u.s. this is saudi arabia saying, we want to have a stake in this as well. we're going to incentivize you to come, to build and invest right here in our backyard. ed: bloomberg technology senior executive editor, tom giles. thank you. happy friday, boss. coming up, jason robin, draft kings c.e.o. a lot to talk about in the world of sports betting. stay with us. this is "bloomberg technology." ♪

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ed: all right. shares of draftkings bouncing all over the place but currently up almost 5%, after reporting third quarter results. look at that stock go. 5% gain. the sports betting company cut its full-year revenue forecast below analysts' estimates and reported a wider than expected loss per share. draft king's c.e.o., there's an idea that the street is fixated on that there were customer-friendly outcomes, particularly in the realm of nfl. is that true to your mind and what's a customer-friendly outcome? >> well, q-3 actually, we said that we had neutral outcomes. so we had exactly kind of as we expected and we ended up having a beat in q-3 which was great. q-4, aside from these outcomes, would have been on track for the same. so basically what it means is that the favorites won a lot and the big-name players scored

touchdowns and had a lot of yards. sometimes that happens in sports. the book sometimes wins, sometimes the customers win. it's hard to know because we're only halfway through the quarter yet how it's all going to end. it could easily swing the other way. but at this point for the quarter at least, the five weeks that we're into it, the customers are winning and over the long-term, that's great. we need our customers to win sometimes. they want to win sometimes. that's part of experiencing the product. we're really excited, though, that the fundamentals are super strong. we saw a year over year improvement. lots of really good things going on. ed: there's lots of things full-stop going on. let's get to technology in a little bit but in a week where you have a u.s. election and it's getting toward the end of the year, the holidays are fast approaching, how does sports betting stand out? like what is the consumer attitude towards placing a bet in a week like this one? >> obviously a lot of distraction with the election going on.

but as you might imagine, people are even talking about speculating on one side or the other the election markets. and that was available in certain places too. so i think it's very much part of the culture now that people want to be, you know, a participant by having an idea, a prediction, a viewpoint on what they think is going to happen and i think betting is really just part of that overall trend. caroline: i want to jump in on that. would you go there, would you expand past sports? >> we would only do it if it were in a legal and regulated fashion. these types of markets on elections are regulated at the federal level. it's different than the way betting is regulated. it's something that maybe we would consider looking into before the next election. but i do think that it's only something that we would do in a legal, regulated environment which is what differentiates us from some of those that are offering -- some are offering it legally now too. there is a legal framework for it as well.

but not everybody is. caroline: let's talk about that passage of legalization. is that going to be easier under the next administration? i mean acialtion just from the point of sports betting too. we see missouri come online, for example. >> definitely for us it's really the states that are legalizing and so a lot of what we were watching were the various outcomes in state houses and governors races around the the nation, obviously there is some impact from federal -- federal government impacts every industry in some way or another. tackless, other ways, corporate taxes. but in terms of legalization, our action is really at the state level. so as you note in missouri, big win past the ballot initiative to legalize sports betting and very excited about that. missouri's the 18th largest state and a huge sports state. really great sports fans in missouri. so excited about that one. hopefully that will get up and running soon and hopefully we'll see even more action when the legislatures come back in

session in q-1. ed: we focus on this program about how sport is access, the technology, right, the transition from linear television to o.t.t.. and i'm fascinated by how the betting markets either benefit or don't benefit from that, right? the consumer has so many options about how to watch sport and pay for it, you know, it's astonishing actually what flies out of my bank account each month. is that a tailwind or a headwind to you? when you're thinking about bets being placed in parallel? >> i think it's actually a tailwind in that it's part of the overall trend we're seeing which is, sports and interest in sports continues to grow and betting is a part of that. they're very intertwined. so i think they feed off each other as more and more people can see, more and more sports from articled -- can see more and more sports around the world. not just their favorite sports or teams, but they can watch any team or any sport and that access is there. that's going to be a benefit to our business.

but it's really part of the same overall megatrend which is, you know, information is easy err to come by for the consumer -- easier to come by for the consumer and the consumer wants to be a more active participant because they have more information and a viewpoint on things. i think that's why you're seeing this megatrend around betting that continues to grow, the overall industry in the u.s. and really internationally as well. caroline: megatrend that you're going to continue to enhance products into. jason robin, we appreciate your time. draftkings c.e.o. we'll have more from draftkings next. we tune in to bloomberg chief future officer, a conversation with the c.f.o. coming up. meanwhile, we've got plenty more to be dissecting when it comes to tech earnings season. as it continues. we'll bring you the latest out of pinterest, out of airbnb. so much more. at the moment, pinterest off by more than 15%. this is as the numbers looked tbrood a revenue perspective for this quarter but really it's the forecast and increased spending on a.i. that's got people's

attention. ed: airbnb down but a name that was up significantly in after hours. what does a good night's sleep do to an investor? we'll find out. this is "bloomberg technology." ♪

caroline: welcome back to "bloomberg technology." i am caroline hyde in new york. ed: i am ed ludlow in san francisco. caroline: when it comes to fed rate cuts, the election outcome, we are completely unchanged at the nasdaq 100. seeing big tech on top after those electoral results. trump media back higher today. it dropped 20% yesterday.

maybe rumors that president trump could sell off some of his earnings. he said no, he fights back and says he is holding. up 9.5% on the day. i am looking at pinterest, up 15%. we are seeing pinterest with double-digit revenue growth. 40% earnings growth on adjusted earnings per share. the forecast looks a little bit weak. we are worried about advertising trends and spending on ai that my top $500 billion. spending is also a worry for airbnb. they are managing to show pretty good numbers for their fiscal quarter. not so for paramount. revenue on the downside. down 5% year-over-year. a company in transition.

we understand the deal with edison will be tied up by the second half of 2025. good tv results relatively speaking. ed: let's get some team coverage. if you go under your bio on the bloomberg terminal, literally every single company and taker is listed so i do not envy you. many names reported. is there a common theme between the technology sector names that posted results? ryan: good morning and thank you for having me. it has been a mixed bag. there have been some companies that came out with some strong forecasts, real double-digit gains. there has also been a number of companies that you can point to any number of factors, may be the outcome was weak, maybe the stock rallied so much going into

the report that it had to give some back. generally positive but it is easy to point to some stocks that forever reason were not able to continue with recent advances. caroline: can we go in more on pinterest? it has underperformed the entire year. yes, it rally last year. when its actual forward-looking ratios are much cheaper than rivals like meta. what is the concern? ryan: you mentioned the weak forecast. that was the key issue. there was a lot of optimism building. this forecast does throw some cold water on that. this has been struggling. it is hard for the smaller social media companies to compete with the metas of the world, the other major companies. this is an example of that.

ed: ryan, the big one. november 20. market close. nvidia. is that everything? ryan: it certainly feels that way. we have gotten some positive data points that look well for nvidia. the capex spending plans, all that points onto ongoing demand for ai chips, everything surrounding artificial intelligence. that is pretty positive for nvidia's growth outlook. there are a lot of concerns about how much more can this company keep rising after it has done so well in 2024. there is reason for optimism. there are strong signs the company's demand drivers are intact. will that be enough given how much it has moved up and getting mixed signals from other companies? that is the $3 trillion

question. caroline: how much it has moved up is almost 200%. we thank you so much. let's get more market perspective. let's bring in fiona cincotta, senior analyst for city index. the people who pick up the phone to you, post wednesday and throughout the week, is it one of optimism around big tech and the continuation of market cap increases? fiona: yes. the bottom line is yes. the optimism was reflected in what we saw happen in the stock market and what we have seen happen in the stock market since trump won. it seems big tech is a big favorite once again. we are coming into the elections and before the elections there was a sense that big tech was out-of-favor and we had seen the nasdaq underperforming and the

s&p 500 and the dow jones which were trading at record highs but we have seen that turnaround. the nasdaq is now trading at record highs as one we have seen a tremendous rally with tech stocks. there is a lot of optimism this can continue. stocks such as google, tesla, apple is underperforming a little compared to the rest but there is a lot of optimism. this is on the back of expectations of a more favorable regulatory environment. we have other factors playing in. there is the optimism around end of year seasonality. federal reserve still cutting interest rates, albeit more gradually than expected. there is a positive outlook. there are some risks ahead but that does not seem to be the focus right now. caroline: there are fundamental

risks ahead on your side of the atlantic, the boe is cutting, similar echoes here in the u.s. i want to dig more into europe. what was the reaction when people wanted to invest in european tech but it was a big week for that -- big week for the german market. fiona: it does feel like there is a lot of uncertainty in europe and there seems to be concerns regarding the political situation in germany. fragile growth. broadly speaking the outlook does not feel the same. on top of that now with trump taking the helm in the u.s., there are also concerns what that might mean as far as tariffs are concerned. geographically speaking, the u.s. is now without a doubt the preferred geographical location

for investing, particularly in big tech. you can get some feed across into europe which will be beneficial but we will see the big positives play out more in the u.s. compared to other areas. ed: is there a single man that clients and investors have been most focused on this week? fiona: tesla. [laughter] ed: why? fiona: we have had trump and elon musk recently and that does not seem to be ending anytime soon. tesla has absolutely outperformed. there are expectations that will continue to do so. it is interesting, the tesla story, because there is the expectation trump might have reduced benefits for the ev industry within the u.s. tesla is already such a big, well established company that that means it will benefit from

the disadvantage to its competitors. that is one of the reasons we think tesla -- it has been on the phones, mentioned. it has seen volumes go through the roof. the share price after having a dodgy start to the year is looking much better. ed: is it even possible to model into an equity a relationship between the world's richest man and president-elect donald trump? fiona: good question. it is not something we would typically do or have had too much experience doing previously. i think it is definitely something that needs to be taken into account when we are looking at tesla valuations going toward 2025. it has been reflected in the optimism in the share price. ed: just reflect on gary cohn

and steve mnuchin, fiona cincotta, senior analyst, happy friday in thank you very much. coming up on the show it has been a stellar week or the crypto community as donald trump's victory paves the way for deregulation. look at bitcoin. this is "bloomberg technology." ♪

caroline: this is "bloomberg technology" and you are looking at a live shot of the principal room. check out the podcast on apple, spotify and i hurt. this is bloomberg. -- and iheart. this is bloomberg. ed: this is bitcoin. it is trading at its highest level ever, just below $76,000 per token.

highest level ever. that is all. bitcoin. caroline: there is a reason for it. many feel the next administration and congress will be crypto friendly. kavita gupta is with us. what action do you need to see to make the new record highs indicated? kavita: just the president-elect. you have elon musk standing next to him. this election has been one of the biggest crypto money going into a political motor and we saw a positive return. everything is up. bitcoin is at all-time high. look at even dogecoin. it has literally jumped up 21%. caroline: look at some of your investments. one protocol for example,

polygon, has had an epic time. it was singled out as not living up to security. how important is a change at the top of the sec and clarity around regulation for project such as this? kavita: we are seeing the ecosystem and all the protocols bumping up their prices 20%-30 5%. everyone is expecting a change in attitude. where president trump has actually said at one of his rallies he will change the current fcc commissioner and have a more friendly agenda. everyone is respecting more clarity on regulations. the feeling within that crypto ecosystem is it will be crypto for america and america for

crypto after a very long time. ed: prior to the election -- hello, by the way -- i was having some fun with the bitcoin chart. prior to the election a lot of people came on this program and said look at the inflows of the eft products. the vibe shift, things were more positive before we knew the outcome of the election. i want to know how important those factors still are, whatever happens with this trump presidency. kavita: just the day of the election, $1.2 billion in flow for bitcoin etf. now people are expecting other etfs. at the same time a lot of ipos, companies that have been sitting quiet, a bunch of them, they

basically have been sitting and waiting. we had that conversation with you like three months before the election. are we going to see a big ipo boom? are we going to see legal construct and etfs coming in? i feel like the next six months will be gold for the crypto industry. ed: will trump open the door to modernization of the financial system? kavita: i think the most important thing we have been asking for over eight years is the clarity on regulations. every crypto founder across the world wants to work with the government and the sec and any regulatory body for clarity. having legal clarity and a clear and safe environment for customers and technology builders to work together. i think that will be the biggest reasons for all the movement of prices to be up. caroline: kavita gupta, really

great to have your take today. coming up, we will talk about president-elect trump more and what the impact is for tiktok. this is "bloomberg technology." ♪

ed: some tiktok staff and

creators are hoping president-elect trump can become a social media savior as it faces a potential ban come january. there are many questions. president-elect trump has hinted he wants it out right ban. what have you written about? >> biden signed a law that would effectively ban tiktok unless bytedance sells it. the big question has been will this actually happen? the feeling is if harris was elected she would finish the job that biden started. now that trump has been elected, he was originally the president who tried to be on tiktok in 2020. on the campaign trail he did a stunning 180. his rhetoric has completely

changed, leaving folks inside the company wondering if you will follow through on what he has said. caroline: there is the closeness with musk, who has x, and if he sees tiktok as a rival. what do we look for in the legal action? >> there are a bunch of things trump could try to do once he takes office to reverse what has been done or try to stall it. i think a lot of the things he could do would be really difficult. they would be uphill challenges, politically unpopular to folks in his own party to ban the platform. he could come up with another plan. he could look for an american buyer. there are people who are interested who are political allies of his. he could also try to get congress to repeal or amend the

law they passed. the most likely thing in the path of least resistance is to let the legal process play out on its own. we are expecting a decision in december, where the courts in d.c. will rule whether the law president biden signe should be overturned or upheldd. it is likely legal proceedings will cite will drag on. the easiest thing for trump will be to sit back, watch the legal process play out in that with the legal process takes care of it without him having to be proactive and he does not need to do an about-face on his 2020 crusade against tiktok when he initially tried to ban it. he would avoid being seen as softening his stance on china. caroline: all things tiktok, we appreciate it. traditional executives at warner

bros. see a positive for more merges. an d regulation s donald trump returns to the presidency. it comes to the more local news and tv side of the equation. >> if the broadcast executives have their way, that is right. we have heard on earnings calls over the last couple days that these executives are looking for a trump administration that is more friendly to dealmaking of all kinds. whether that is in the broadcast space, the content space, permitting some mergers that maybe would not have even been pitched under the biden administration. it has a lot of folks watching the space. ed: let's think about a name like next are, how its business -- nexstar, how its business is

set up. what happens to them under trump 2.0? >> nexstar has previously tried to buy more stations. they got in trouble with the fcc and had to pay a $1.2 million fine earlier this year because as part of a merger agreement they were supposed to divest some stations and they maintain control of the station in new york. that is what the fcc found and they hit them with a fine. nexstar has been looking for other ways to expand their broadcast empire and they are hoping under the trump administration the fcc could get rid of some of the broadcast ownership restrictions that have held them back in the past. caroline: some rule changes could help.

>> we are looking at an incoming republican administration across the government and that means big changes at the fcc. my sources are telling me we are likely to see the senior republican at the fcc been nominated as fcc chair. he could make big changes for broadcast executives with some deregulatory action that would benefit the broadcasters. it could have some big effects on the media landscape. he has aligned himself with elon musk. he has talked a lot about tiktok and rolling back its presence in the u.s. over national security concerns. it could be a very different fcc. we will be watching that. ed: great reporting. happy friday. thank you very much. caroline: what a week, what a

day, what another edition of "bloomberg technology." ed: if there is any data recap today, go on the podcast. thank you to the team in new york city. a historic week. in the team here in sf. this is "bloomberg technology." ♪ ♪♪ ♪♪ ♪♪

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>> from the world of politics to the world of business. this is "balance of power."