>> this is "bloomberg technology" with caroline hyde and ed ludlow. caroline: live from new york, i am caroline hyde. >> i am mike shepherd in washington. this is "bloomberg technology." caroline: coming up reports of nvidia's biggest customers facing delays adding to concerns of export limits from the white house. i-phone anxiety as research shows sales drop globally. the l.a. wildfires, they rage on with high winds predicted for this week. we talk to lyft about how the company is helping in relief efforts. but first we check in on these markets. mike, we are seeing some risk

tone across the market. the nasdaq is off a percentage point. key inflation data. the start to earnings season but really big tech is being dragged lower. i signify two key points drags, one of then apple. research coming out saying look, we are seeing sales down 5%. losing market share 18% globally. plenty more to do with apple. let's dig into nvidia. the most valuable company out there off by 3%. is it interest rate focus? is it the white house in particular finally unfolding what are key limitations that will come in, in one year arys time to the power they can export globally? to add to this, the latest out of the information saying that yet more delays potentially surrounding blackwell that house their latest greatest chips. and very briefly with the information report here, is

there anything new? we know that the latest innovations take time to roll out and perhaps it's not surprising that you get these snafus when it comes to glitches in the system. >> yeah, we don't know whether the reports are based upon fact or just speculation at this particular point. what we can say in fact is that the senior executive and his c.f.o. last week said no problems, the issues that we had trying to get broadwell to market are behind us, everything is going full tilt. very complicated system but we are making progress is what they said. >> there is a big head wind coming nvidia's way from the direction of washington, and that is in the form of these new a.i. chips curbs the biden administration announced this morning. the company has expressed unusally vocal opposition to this. where do you see this headed? is this something they could

persuade donald trump once he takes office to roll back or change? >> yeah, there is a lot of to and free throw on -- fro on this. the company started saying things. what is key here and what you are hinting at is whether this new set of rules can survive the transition in administrations. who knows? here in washington, you probably know better than we do. clearly this is another restriction that investors do not want to see. this is another limit to what they can do coming in another direction which would potentially hurt them. mike: thank you. now apple sold 5% fewer iphones globally and lost ground to chinese rivals in the final quarter of last year according to research data. let's break it down with bloomberg's mark german. tell us what the back story and undercurrent to this all is. it seems that artificial intelligence seems to be a

thread holding this all together. investors don't seem to be and consumers don't seem to be satisfied with what they are seeing in terms of apple's a.i. offerings to date. >> thank you so much for having me. so back in june apple announced apple intelligence. this is their new a.i. platform. the good news is that apple is here too with a.i. the bad news is their a.i. is not up to snuff in comparison to the competition. you have samsung, which has google gemini deeply integrated. microsoft products have open a.i. deeply integrated at the core of their stack. you see meta with integration in different applications. the industry knows that apple is behind. but here is the other side of the coin. i don't think that 95% of consumers care about a.i. i am not sure consumers are making their purchasing decisions based on apple intelligence, based on open

a.i., or gemini etc. i think consumers are making their buying decisions still very much because of design, hardware features, and what we have seen from apple is no major hardware upgrades. i think that is what is holding back iphone sales. i think a lot of people are anticipating in the market at least big iphone redesigns in the fall of this year. so there's probably consumers holding off on their purchases until the end of this year wanting something that's a bit thinner, better camera capabilities, new designs. i think it's really the design stagnation that's driving a little bit of this pessimism on the iphone in particular. caroline: interesting time given that potential pessimism around the iphone to be seeing a big pay increase go to the c.e.o. >> yeah, if you look at a comparison to a few years ago, he was getting paid nearly $100 million per year. his pay did go up 8% in 2024, went up to something in order --

north of $70 million. base salary is the same. the shares were the same. but because of the stock growth in the past year, you saw the stock go up so you saw his pay increase with a little more share as well. so i think that's the driving force there. in terms of how apple is going to fare this year, in my column yesterday, i gave a look at the road map for the apple product line for 2025, and what you are seeing are a lot of devices, this is going to be an extraordinarily jam-packed year in terps of new pro-- terms of new products for apple but nothing revolutionary or innovative. i still think it will drive a good chunk of sales. i think that apple engineers and people who work on the iphone in particular are excited about the road map. this year you will see a new iphone 17 air model, much thinner device. they think that's going to do well. in the years to come, you will see foldable phones and other types of phones. i think they're excited about

the future. mike: moving away from apple, we would like to ask about news from sonos today, the audio technology provider changed its c.e.o. it promoted tom conrad to replace patrick spence. this is in part due to troubles with their new app. what sort of challenge will tom conrad face as he takes this new job? >> i would say this is almost entirely or it is entirely because of the new app. some background here, about a year ago last may, they revamped their app. for the is sonos user experience, the app is how you control your speakers so if the app doesn't work right, your ecosystem and in some cases tens of thousands of dollars in your house, it's not going to work properly. this was driving people really mad, right, not able to control volume, not able to control music properly, not able to play the songs they want, not able to search, alarms not going off.

this really led to a sales decline. you will see another 15% decline in the current quarter. they chose the c.e.o., the new guy has been a board member for several years and helped create pandora. caroline: mark, we thank you so much. coming up, mark zuckerberg joins the joe rogan podcast to share his thoughts on corporate culture. this is "bloomberg technology." ♪

so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. caroline: meta c.e.o. mark zuckerberg joined the joe rogan podcast friday to talk about

culturally muted companies. take a listen. >> the masculine energy i think is good. i think corporate culture was really trying to get away from it. having a culture that like celebrates the aggression a bit more has its own merits. caroline: let's bring in bloomberg's riley griffen for more. you go back in history and mark zuckerberg's first business he belt was about rating women's attractiveness at harvard university. he has progressed and changed and become the c.e.o. of a massive company, so too his changes around culture ebb and flow it seems. >> no doubt. he said it in his own words there. the use of that very strong language culturally neutered companies has drawn the attention of several and he talked about feminine energy. he grew up around women and has three daughters himself, but those comments have been controversial over the weekend to say the least. mike: we have to ask also about

another comment that he made during this exchange with joe rogan. that was about the company's relationship with the biden administration. it sounded like it was not a very fruitful and it might even have been hostile. tell us about that and tell us what change in direction he is looking for as the trump team comes in. riley: it's a great question, mike. the three-hour interview with rogan was wide ranging and much of the conversation was spent talking about the biden administration and specifically content moderation in the covid era. he described the biden administration and staffers as hostile to the company, shouting, cursing, and it was a tone that shifted when he then talked about donald trump and the incoming administration. he described a lot of optimism there, and it's no surprise that this podcast has come at a time in which zuckerberg is positioning himself as a closer

ally to the administration. just last week, he actually went to palm beach, reportedly to mara la gorks as well. it was a big week for meta, one that began with news of reporting dana white an ally to trump and ending third party fact checking in the ups, changing its hateful conduct policies, ending some d.e.i. programs and moving closer to the trump administration. mike: riley, thank you. in other news, shark tank star kevin o'leary met with president-elect donald trump over the weekend to discuss his plans to buy tiktok. this after the u.s. supreme court appeared likely to uphold the law on friday, which would ban tiktok on january 19, less than a week from now, unless it divests from its chinese owner.

let's bring in jennifer huddleston, senior fellow in technology policy at the cato institute for more. jennifer, where do we go from here? it really looks like the high court is going to uphold this law. what are the options do we see a purchase happening? do we see donald trump enforcing this law with any vigor in the event the transaction doesn't happen? jennifer: what we see is there is a deadline of january 19 which would be the last day of the biden administration before the trump administration took office. there is in the law an option of a 90-day extension, so we could see that happen. that would then kick any further conversations around a potential divestment or around other options into the trump administration. we also could see the supreme court act either issue a final decision on the constitutionality of the law or provide some sort of preliminary injunction or even an administrative stay as was discuss during oral arguments that could extend the timeline a bit further for what in any case

even if a divestment were found to be possible would be a significant transaction. caroline: how unpress departmentsed would a stay, a delay by the supreme court be? our own analysis says basically there is only a 30% chance of tiktok winning this. jennifer: i think some of the question there is what does the court see in terms of is there enough of a possibility? is this considered enough of a risk? do they need more time to analyze the underlying constitutional issues of the case such that they want to issue that preliminary injunction on the likelihood that it might happen. again, there is also that option of the biden administration doing something to extend that deadline slightly, but i think it remains to be seen whether or not given that this would be a very quick turnaround and we have seen that things in this particular issue have moved very quickly, almost unprecedentedly quickly at times, could we see a bit longer of a timeline just to make sure that those deep issues

around free speech, around executive power, around what this means about balancing national security versus free speech, some of the questions around the appropriate levels of scrutiny can really be analyzed the way the court wants. caroline: we had frank mccord jr. who is presenting this offer to byte dance we had them on the show friday. he said this is a win for the consumers to keep tiktok in the u.s. and a win for investors because they get some value. and more broadly this is a win for national security. with a different tech stack with moving to decentralization would it solve some of these national security concerns from your perspective? jennifer: i am an online speech expert and technology policy expert, not a national security expert, but i think there are questions around what a divestment looks like. there is underlying question of what exactly are you divesting? is it the branding? is it the data? some of these questions about

what a satisfactory divestment looks like remains a bit unknown. that's been one of the underlying issues. the government will have to approve any potential divestment as alleviating the concerns about potential foreign influence, and of course that remains to be seen what that would look like both in a biden administration before the 19th sws an incoming trump administration. mike: jennifer, let's pull the lens back on this whole tiktok story. what are the broader implications of the government singling out the ownership of this app? what happens in other areas? where could we see some ripple effect? jennifer: this underlying discussion is much bigger than just tiktok itself. a lot of questions we saw raised at the supreme court were not just about this particular app or this particular relationship to the parent company. there were underlying questions about what does it mean for a ban bill to be a restrictive

means? is this something that implicates speech and forcing a parent company or a u.s. subsidy to divest from a parent company or is that a secondary effect? that's going to have a much broaderrer impact in the future if we see this come up as it relates to other apps. there also were questions about what does this mean for the underlying users' speech? we focused on tiktok and tiktok speech as it relates to their choice of algorithms but there is a imiendz case that -- combined case that involves tiktok users for content creation and could the supreme court rule on how the government impacts those users' choice of venue. mike: it also puts a specific burden on companies like apple and google and even the internet service providers to ensure that this law is upheld. where does it leave them? do they have any say in this? the heads of the house-china committee wrote to those

companies ahead of time last month to warn they expect full enforcement. where does it leave them? jennifer: this is a very interesting and often underappreciated element of the law. what the law does is it impacts the updating, maintenance and distribution of this app or of other apps that may find themselves subject to the law. that means that ultimately the enforcement as you mentioned comes down to app stores like google and apple, it comes down to various i.s.p.'s that does mean there is an option where in some cases tiktok could move the data to continue to allow people to access it potentially, but that would be cumbersome and that raises its own data security issues for potential users. there are a lot of questions for the users of the app, what this means if on january 20 they wake up and the law has gone into effect. but this does impact the american companies just like it impacts the american users, and i think we have to pay serious attention to what that means as

well. caroline: of course, the principal of the cato institute are liberty, lipted government and the like. can you broaden out what has been seen to be done elsewhere other than in the united states? tiktok is in europe but europe has far stricter rules around con tent moderation for example. jennifer: so we have seen a broader ecosystem around conversations as it relates to tech and online speech more generally. here in the u.s. when we looking at this particular issue, we will be looking at the potential first amendment issues here as well as the broader free speech environment in general. so of course one of the concerns is if we start to see the u.s. create divester ban requirements around this app or other apps, could we see other countries start to go after those leading american platforms, platforms like facebook or x around actions that they don't like that those platforms are taking when it comes to their content moderation and what kind of

principles does that give the u.s. and its leadership to push back against potentially some of those attacks if we see the u.s. restricting speech because of how it feels an algorithm is choosing to portray that speech. caroline: this is a key test. jennifer huddleston, senior fellow at the cato institute, thank you. coming up, competition with tesla. that's next. this is "bloomberg technology." ♪

mike: the weynoc.e.o. plans to extend testing of autonomous driving this year. she sat down with bloomberg's ed ludlow last week, where she claimed that competition with tesla is a good thing.

that's because safe driving is a big goal that will take more than one company to meet it. take a listen. >> we welcome competition in this space. making the road safer is an important mission and it's too big for one company. that's a great thing. as far as a national framework, that would be great. it's just that that framework should require people to demonstrate their safety record. ed: do you have faith that elon musk if he were to influence that process would do it in a way that is fair to companies pursuing the same goal as his? >> i am not going to talk either about my faith or elon musk in that context. i have a lot of faith, though. i do have a lot of faith as a person, as a human, in humanity. no, i mean i think it's -- i think, you know, i have been at waymo for almost eight years.

when i joined waymo, donald trump was president. secretary powell was transportation secretary. the administration was very forward leaning on advancing e.v.'s. i feel really strongly that there is an opportunity to do so in a very different context, globally the race around autonomous vehicles has matured, and so this is a real opportunity for u.s. leadership. and so enabling safe, sustainable transportation that's autonomous is very aligned with what i think this administration will want to do. >> that was the waymo c.e.o. caroline: jeff bezos' blue origin has delayed its inaugural launch of its new rocket. the company says the temporary pause was due to an unspecified issue with a vehicle. blue origin did not provide any launch date but says they're

reviewing opportunities for its next attempt. plus, investors in china are doubling down on 10cent. ownership by on shore traders has swelled to an all-time high, following the biden administration's move to black list the company over agd military ties. they're planning a second hong kong listing and is looking ing to raise $10 million. they're said to be hiring banks like j.p. morgan chase to arrange what could be the biggest hong kong offering in recent years. coming up, how snowflake plans to meet the growing demand for a.i. skills. sridhar ramaswamy is joining us next. this is "bloomberg technology." ♪

caroline: welcome back to "bloomberg technology." i am caroline hyde in new york. a quick check on the markets for you. we are in sell-off mode when it comes to the nasdaq. all of the magnificent seven are in the red. worries about inflation this week. we have the start to the earnings season and where inflation rates and interest rates are therefore going, what it means for big tech. a look at the key movers, the one i choose is nvidia. it's second in terms of market cap stahlization on the nasdaq 100 below that of apple. we have wiped off all of 2025 gains. this latest issue is of course surrounding the white house implementation from at least this current administration. there will be limitations on the ability to sell their high end a.i. chips. export limitations will hit revenue growth. but then there is also this new headline coming from the information that there are still

delays affecting blackwell in particular. we are off by 3%. we wants to talk about generative a.i. and the implications of it for you and i when it comes to our own skill base. snowflake wants to upscale one million people in the next four years to meet the growing demands for a.i. across the tech industry. the first phase of the plan being announced sowed is it will train 100,000 users on the snowflake a.i. data cloud. here for more, c.e.o. sridhar ramaswamy. so good to have you on the show. this focus on skills is global in nature. where are you focusing the investment? sridhar: thank you, caroline. excited to be here. we all know this. data and a.i. are transforming the world. snowflake is right at the center of it. it is the most consequential platform for data and a.i. we thought it was really important that we help upscale people. we will be investing a lot into this. this is the one million mindsen

a single platform. a lot of it is dedicated to emerging markets but it also benefits companies that are in the u.s. because they have competency centers in india. as you were saying, we want to get 100,000 people trained right this year but the ambitious plan is to train a million people in data and a.i. more generally data on how a.i. can be used over four years. caroline: philanthropic in nature but what about the skills shortage here in the united states where snowflake is based? how confident are you that you can get the right talent in the door to help build your generative a.i. offerings right now? sridhar: so we have been at this for several years. we have an amazing team. we also work extensively with all of our customers. in fact one of the programs with our customers here are hands-on workshops that our sales engineers surround the customers

and this is great for them because they get to learn about new technology, how they can be more efficient with snowflake. it raises the general level and so we are doing this across the board both within snowflake but also with our customers that are here and in emerging markets like india and others. caroline: talking of india, the u.s. gets an awful lot of talent from india via h1b visas. how confident are you -- it seems as though trump thus far is pro-the visa scheme. sridhar: look, i came as a student. i was on a viva -- visa. lot of people have had amazing opportunities and impact in areas like high-tech where there is a real shortage, so we use it but we also hire pretty -- a lot of folks from our own universities here in the united

states. we are fairly confident that the program is a win-win and that it will continue. caroline: i think the thing we talk to most with leaders such as yourself is an anxiety over talent, but also currently an anxiety over infrastructure when it comes to the future of generative a.i. you heard the latest worries of a slowdown or some curtailments in getting the latest blackwell chip into the data centers that are so needed. are you hearing that from clients, worries about access to chips and ones that will work? sridhar: there is a lot of attention that is going into this space in terms of how do you do -- how do you use these a.i. models and for a company like snowflake we care a little bit more about doing inference right so that our customers can do these models than training. when it comes to training, we work with wonderful partners which went live last week by the

way, to help them train great models and while there is some shortages in some areas, but there are also lots of great new things that are coming, new kinds of chips, lots of new incompetent novations, new models that are smaller, we feel confident about being able to meet demand for the kind of use cases that our customers want to use. caroline: there's been confidence from your own investors, it's been building in terms of the product pipeline you are building. tell us through the product road map at the moment as to whether or not you are meeting demand, what does demand feel like right now? for many it felts like a hype cycle in terms of being able to be productive with some of these tools. sridhar: that's right. yeah, so i have been c.e.o. for a year, and a lot of my attention has gone into accelerating product delivery and i am happy with what we have done with our products that we

made available to all of our customers including many in a.i. and what is unique about flow flake is that -- snowflake is that we work closely with our customers to help them reaize -- realize it. they think of business function that we can help them fulfill. in a.i. we have over 1,000 cases that are in production, thousands of customers that are using our a.i. products, a lot of strength in the core snowflake product which is around analytics, plus momentum around new things doing with data engineering and a.i. and this combination of core strength doing well that makes me feel optimistic about 2025 and what we are able to do. absolutely we are meeting demand. we think there is a lot more business to be created. caroline: where are most of the inbounds coming from? is it brand-new wins you are

making, people who are adopting generative a.i.? are you managing to take from competitors? we have talked often about data bricks ramping up its own private numbers. microsoft is a key competitor. how are you managing to make inroads? sridhar: you know, snowflake is the easiest to use, fastest time to value, and most efficient data platform that there is. a lot of our competitors are still implementing features that we had five, six years ago, so it is a world class product. what we did with a.i. was make it a natural complement to how people use existing snowflake products. this is why you have customers like disney use things for example in machine learning on top of snowflake. and so when it comes to incremental revenue that is being generated, for snowflake it typically comes from existing

customers. most new relationships that snowflake has with companies tend to start small, like $50,000, but they can rapidly ramp up to millions of dollars in areas like a.i. what we are very clear is in our ability to enhance the value of data that people already have in snowflake. we don't compete with open a.i. we partner with them. it is that combination that unlocks value very quickly for our existing customers. caroline: you are such a great mind to talk about this because not only are you offering the latest in generative a.i. products to be used in the real world rather than hypothetical but you are busy building an application previously that used large language models. i want to understand the future of 2025, will we get the reality of return on a.i. investment do you think? sridhar: well, i think the reality of a.i. is here. when it comes to any kind of

content that even you and i want to generate, whether it's the new block or better thoughts that we have or even generate a fun new image, we are already turning to a.i. that was the promise that my previous company, a search engine saw and that was the main reason why snowflake acquired the company because we were able to see into the future of making a.i. easy to use as well as powerful. i think this is absolutely going to be the year, you are going to see broader and broader applications of a.i. i often tell people any visual interface that we have used so far probably has a better version powered by a.i. information is going to be a lot easier. data traps formations are easy when you use language models. somebody that knows how to write signal is now an a.i. analyst

because they can use the power of the models in their day to day work. this year will be a technology that permeates everything we do and we are at the forefront of how our customers are making this happen. caroline: almost a year into the job of c.e.o. at snowflake, sridhar ramaswamy, it's great to speak with you. thanks so much. coming up, as california wildfires continue to rage, social media is battling fast spreading conspiracy theories related to this disaster. more on that next. this is "bloomberg technology." ♪

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caroline: this is "bloomberg technology." you are looking at a live shot of the principal room. check out the technology podcast. you can find it online on apple and spotify. this is bloomberg. caroline: as california's dead deadly fires look to reignite, some social media users are

pushing political agendas as well as conspiracy theories. for more we have the latest on political agendas being one thing, disinformation another. how does this compare at the moment to prior such events? >> one of the things we are seeing is this really becoming a normal part of these disasters. if you remember back in 2023, there was suspected chinese operatives that were spreading conspiracy theories around the wildfires that struck in maui, as social media has become the way that people consume news, instantaneously a lot of conspiracies unfounded, bizarre conspiracy theories, gain a lot of attention very quickly. mike: jeff, you and i have worked on a number of disinformation stories over the past year, including natural disasters but in other areas too including online extremism. but one thing that we have noted in our work is that it doesn't stay online. what are some of the real world

impacts of these kinds of bogus claims? >> that's right, mike. last year around the time that some of the hurricanes were really hammering the southeast united states, we saw the biggest example, some armed militia groups, extremist groups showing up in some of the worst hit areas where fema and other u.s. federal agencies were trying to support communities as they were rebuilding their homes, picking up some of the mess, instead of being able to respond to those areas, they were turned away as some of these armed groups were trying to stop them from getting involved. it got to the point where fema administrators needed to give a press conference and send instructions that in fact they were there to help rather than try to exploit the situation in some way. mike: thanks. for more on the l.a. wildfires and what some companies are doing to help in relief efforts, we are joined by lyft cheap policy officer jerry golden here

in washington. thank you, jerry. i wanted to ask you about in light of this immense tragedy that we are seeing unfold even now about your company's efforts and what is being done and how much more frequently you and other companies are finding yourselves having to step in to pitch in in times of crisis. jerry: thanks for the opportunity to be here to talk about this. lyft tries to show up in a very lyft way when there are times like this, big crises, natural disasters and the like. in this situation we are providing the ride code ca fire relief 235 to enable anyone affected bit wildfires to get free or discounselled rides through lyft. it's a way we can contribute to the riders and to the communities we serve. caroline: how many drivers are continuing to do their role at the moment, jerry? jerry: pardon me? caroline: how many drivers are able to full fulfill their role at the moment?

jerry: drivers like anyone else in the community are affected by the wildfires. the first thing we always tell drivers is safety first. make sure you are not entering into dangerous places. turn to 9-1-1. we have seen these instances, more than 15,000 riders are taken the ride claim codes already. we see that number continuing to grow. i think both riders and drivers who are on the driving side or sometimes the drivers themselves become riders in these situation, are hopefully benefiting from the service. caroline: you are a long serving policy leader across various industries, one of them being the insurance industry interestingly. how are you able at the moment to speak to leadership, to governments, to those in california, to those currently in the white house, how easy has it been? jerry: we have been trying to keep open lines of communication. we have found those lines of communication very positive in the sense that lyft is trying to show up in a way that's in the spirit of partnership.

whether it's local officials, rider, drivers, community leaders or ouprtips, one thing anyone can do whether you are in the l.a. area or not is in your lyft app go to the doe donate feature, click within the lyft app, click for the american red cross for your round-up and donate opportunity. for someone like me who is a lyft rider all the time besides being the chief policy officer, i really love the fact that if a ride costs me $9.02 i use the round up and donate, round it up to $10, goes to the american red cross to serve those in need for the wildfires. that's something that's been really sort of important for us and high impact. mike: jerry, wanted to ask about coordination with other businesses that are also seeking to help victims in this area. how is that happening and who is actually doing the coordination, not only with lyft but others like amazon that may be trying to provide help? jerry: we have been finding it really positive to see all of

the efforts that have been coalescing around rising to this occasion. i know that for lyft our direct clines of -- lines of communication have been with the elected officials and with transit people in the governments we are working with. i think fundamentally our opportunity has been to make sure that we are keeping safety as one guidepost and opportunities for both ridesser and drivers to round up and donate and through the ride code itself. mike: as a point person on public policy we would be remiss if we didn't ask you how this seeming unending wave of disasters, hurricanes this fall, and the wildfires now, how this shapes what you are asking the government to do? jerry: we have found more and more need for natural disaster support in our time. lyft up, our program that provides disaster relief, began in 2017. since that, we have found $33 million contributed to 22 nonprofits throughout the united states and canada by very generous round up and donate

support from our riders. all that we have been asking for governments do is to turn to lyft and other partners in a spirit of partnership to make sure the private sector and public sector rise to this occasion and recognize that we are all in this together. mike: lyft chief policy officer jerry golden, we thank you. coming up, open a.i. races to gain a.i. support ahead of donald trump's return the white house. more on that next. this is bloomberg. ♪

caroline: a win for elon musk amid his on going fights with open a.i. the udz just justice department has sided with the tech billionaire arguing that overlapping board directors at tech giants could harm competition even if the people then resign. in musk's lawsuit open a.i. and microsoft are claimed to have violated antitrust laws by allowing reed hoffman to serve on the board of both companies from 2017 to 2023. meanwhile, open a.i. is focused on bolstering support for investment in artificial intelligence in the changing political lapped scape. the company is planning to host events in washington, d.c. and two other key swing states. for more, we are joined -- is there anxiety around future commitments to a.i. investments

as the administrations shift? >> i think open a.i. is really making its case and framing their policy recommendations under a sort of u.s. interest first angle and saying that if the u.s.a. wants to win this a.i. arms race with china that the government needs to support open a.i. in its request for support to build out a.i. infrastructure and things like data centers as well as taking investment from foreign investors. caroline: it's interesting that once again china is almost put up as the reason why we need to have this commitment to investment. we heard that previously when it comes to talks with washington. what do you think these events will actually stir? >> i think that this is some sort of testing ground to see how a new washington, d.c. reacts to open a.i.'s suggestions and i think one c.e.o. goes to d.c. later this

month adds he -- and he will be attending trump's inauguration. we will see how receptive this new audience will be. caroline: you have been speaking with the vice president for a.i. affairs. what is he seeing as the narrative with the new administration amid what happens between elon musk and open a.i.'s leadership and its birth and how close elon musk is to the president elect? >> i spoke with him and what he told me is that he has seened -- seen the administration being receptive to this u.s. interest in a.i. and understands the economic stakes here. they're hopeful, he is hopeful that they will find a receptive audience for this message. caroline: the money, what sort of money do they deem necessary at the moment to come from the

administration in the future? >> well, we don't know specifics about how much or if or exactly when they're trying to fund raise, but what we know in a.i. is if you are a private company you are always fundraising. that's a common refrain i hear from c.e.o.'s, so there is an upper limit to how much domestic investment you can even take. that's why we see foreign interest in investment in some of the most important a.i. companies. caroline: they're wanting to vif in open a.i. like we have seen from masayoshi son. plenty of reed across there. great interview. i urge you to read it online. meanwhile, to the infrastructure story of open a.i. and of generative a.i. writ large, nvidia on the down side down by 3%. it is only the second most valuable company on the nasdaq after apple. once again concerns about policy. this is "bloomberg technology." ♪

let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives.

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♪ >> welcome to etf iq. let's get to the biggest stories right now in the more than $15 trillion global etf industry. u.s. stocks under pressure to start the week. tech remains one of the biggest laggards so far in 2025. and we've seen volatility not just in the u.s., but also across the pond in the u.k. as global yield surged and in just a moment, we are going to be speaking about all the market stress with christie of blackrock. and as always, eric from bloomberg intelligence is here with us looking at the flows. >> you said it, under pressure. that is a good word for it, especially on the tech side. that's over what we see in the inflows first.