innovation, money and power collide in silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. ♪ caroline: live from new york, caroline hyde. mike: i mike sheppard and fred ludlow. this is bloomberg technology. caroline: could elon musk be tiktok's savior. nvidia ceo goes to china this week as the company is slapped with the curves on the sale chips abroad. off to the space race. the infrastructure startup out with funding news to operate its satellites in low-earth orbit.

we check in on the markets which have not moved around from the volatile perspective on the positive side. inflation or headwinds cooling if you look at the wholesale prices. does that bode well for cpi tomorrow? we have how we impose tariffs on other countries? in particular on china in the next administration. we are trading flat as we have scoop after scoop from the washington-based colleagues. bitcoin fended off risks intimate. trading 2.2% higher. perhaps looking towards where we can see trump in the next administration eyeing crypto. a look at in terms of the individual movers. a key story of the day. we are analyzing if elon musk could take over the u.s. operations of tiktok. it is being eyed by chinese officials and by meta. there are concerns running the fact that they will be offloading some of the lowest performers at a faster rate. slap off by 6% if tiktok u.s.

could be staying for longer here in the u.s. by january 19, it is deemed it has to be banned or divested. good that you divested elon musk? -- could that be divested elon musk? where has this narrative come from that officials, not bytedance but chinese officials might think elon musk could be a good owner of this key social media company question mark sarah -- company? sarah: they have and evaluating options for tiktok should the ban go through which it looks like based on the supreme court arguments. it is likely that we will see the law be enacted. elon musk's appeal -- musk appeals to the chinese government. he has a long-standing

relationship with that country. the thing i want to give pause on, the whole point of this entire exercise of trying to disentangle tiktok from its ownership was to reduce the links to china. with the u.s. government go with a solution that involved somebody that is expected to be friendly with china? maybe it won't matter because of elon musk's ties to donald trump, which the chinese government sees as a positive. he has been at trump's side. he gave more than $250 million in support of his campaign. we are trying to get -- they are trying to get this app out of connection to the chinese government and the chinese government has a say in how that happens because of the tiktok

algorithm. it is getting very complicated very fast. mike: back to elon musk, but more from the perspective of him as a social media platform owner already. how would acquiring tiktok work for him? is this something he has floated before or thought about before? how would he come up with the financing? it would be an expensive purchase. sarah: it would be relatively insane to do this. if he just bought -- exceeds me, he just bought twitter for $44 billion in 2022. he is still paying off the loans. he's the richest men the world but his money is not very accessible to him. if he were to buy tiktok or propose such a thing, it would cost many billions. we don't know exactly how much but some estimates put it around $40 billion to $50 billion for

tiktok u.s. it could be a different price depending on the interest in that kind of deal. we don't know if tiktok would be sold, which no one is talking about just yet in the company. if it would be sold, then what it happened in a competitive process or more of a diplomatic arrangement between china and the u.s.? the company and whoever wants to buy it? some people are already working on it. they have a bid. it is something that could be an elon musk financing situation but also not even get to that point. caroline: the irony is that other chinese-owned social media companies are doing rather well. people are moving off of tiktok potentially defined new-home. go to apple's app store, what is

trending? sarah: the top apps are from china. this is indicating the u.s. consumer is already embracing multiple chinese apps. timu, shian, social apps that are moving right now. i think this will be a whack-a-mole problem. one of the solutions to the tiktok potential ban is they rename a new one. mike: sarah frier, thank you. let's bring in sarah kreps into the conversation, the director of the policy institute at cornell university in ithaca, new york. this question of tiktok is coming to a head. any buyer would have to really demonstrate a complete separation from china. how would they go about doing that? what would be the process once

the sale were to actually emerge if bytedance and china agree? sarah: it is such an interesting question. it came up in the supreme court last week. the tiktok lawyer said he did not even think it was possible to divest or separate tiktok from the owner bytedance. it could take years if it is even possible. at the same time, the solicitor general said she thought maybe the chinese government was playing a game of chicken and mite at the last minute float some alternative. the tiktok lawyer shot themselves a little in the foot in the sense that he said this is really complicated. as your last guest was just saying, essentially the u.s. tiktok is bytedance and the chinese government is stepping in and confirming what numbers of congress thought a year ago and years ago, which is there is

this chinese government control over a u.s. social media company. it is hard to see how you can do that, certainly not by the 19th if at all. mike: how would this fit into the broader exchange relationship between washington and beijing over matters including trade and other technology related security issues? is this something china can offer as a bargaining chip as trump takes office? sarah: it is pretty savvy. they are mindful of the influence elon musk has as an advisor in the administration. also, the incoming administration seems to want to be making some -- opening a door for better relations with china. both countries in the last several years, including in the first term of the trump administration, technology really was at the center of this rivalry. they have gone back and forth

with tiktok is -- they have gone back and forth. tiktok is in the medic of this rivalry. the administration and the white house -- divide administration in his last days issued a new policy, and ai diffusion policy to make it more difficult for china to access u.s.-made chips. caroline: no comments have been made by thus far the chinese officials. elon musk has not responded to this report. bytedance itself has called it fiction. i'm interested what the outcome seems to be of a potential tiktok ban as in the movement to other chinese social media companies. how big of a national security issue is that? sarah: it's interesting to me. either they don't understand the law or they are banking on the fact that it will be just too difficult to enforce. last week they were trying to

lemonade, which is also bytedance-owned. now to readnote -- rednote, also chinese owned. there must be an assumption that enforcement of this will just be a cat and mouse game. maybe the incoming trump administration who seems warm to the idea of -- has looked at and indicated they don't support the ban might turn a blind eye to these complicated ownership structures. just kind of stand enough behind it to perpetuate it. what i think the members of the national security risk here is you had 170 million americans in one space. to the extent they migrate elsewhere, that is actually win. caroline: rednote seems to be an organic movement going over

to that particular app. it is not related to bytedance. lemonade certainly is. push us forward as to how difficult it is to disentangle u.s. tiktok from ultimately the rest of the parent company. china has authority here even though there's not much direct ownership over bytedance, but they can control who gets to have access to algorithms sold by chinese companies. do you think the chinese would ever want its algorithm held by a u.s. company, whether it is elon musk-owned or otherwise? sarah: i don't see that scenario. it is too lucrative. tiktok is this very sophisticated and very effective algorithm. this is highly valuable to bytedance. there is no incentive for them other than to keep operating in the u.s. but to share any of that. as the lawyer himself said last

week, i don't see how you can actually disentangle these. then tiktok, without the algorithm, just becomes any other social media platforms. caroline: sarah kreps, great to have your equities. thank you -- your expertise. thank you. the companies planning to cut about 5% of its lowest performers. the memories, "i've decided to raise the bar on performance management and move low performers faster." the memo mentioned intention to backfill these roles this year. all with an eye around ai for the company in the future. mike? mike: the white house rolls out new measures to bolster u.s. car manufacturing and ai development. details coming up next. this is bloomberg. ♪ ♪ for generations. ♪♪

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mike: the biden administration is rolling up measures to boost car manufacturing and ai development in the u.s., even as it looks to sharpen curves on chinese technology and free up -- tee up restrictions for donald trump to enact. let's bring mackenzie hawkins for more. you have done so much reporting on this wave of restrictions on everything from semiconductors to ai technology. this is the final shot from the biden team. do we see the incoming trump administration holding onto some of those curves? mackenzie: we have seen almost a new regulation or two every day targeting china's tech industry

and trying to boost america's. national security advisor jake sullivan says he does anticipate trump will maintain a lot of the china contours biden is setting up in his 11th hour of his and administration. trump is a wildcard on china and many things. we will see what policies he will keep intact in which she will do away with. caroline: remind is how expensive these new rules are, what it includes. mackenzie: the restrictions announced are targeting chinese automotive technology. restrictions on the import of cars that contain certain software and hardware from china. specifically internet connected cars. that is pretty much every car. you can think of a car like a smartphone on wheels. the goal is to prevent china from gaining access to americans' personal data as they travel along american roads. this is a preemptive measure. there are not that many chinese cars in the u.s. thanks to

tariffs of over 100% on chinese ev's. mike: looking more broadly, some of these restrictions including the ones unveiled yesterday on ai technology have started to hit a nerve. we heard nvidia really objecting pretty loudly. do we expect some of those objections to really take hold and have influence? mackenzie: we saw yesterday the administration expanding what has been several years of curbs on the exported ai chips to china and a bunch of other nations to the entire world. with caps for countries and the maximum amount that can go to a company. this set off a massive opposition led by nvidia's chips will be the most affected. they have been lobbying hard. they are hoping they can get a better ear when trump takes office. we saw the data pretty heavily worded statement to nod towards the trump administration have a liss -- less regulatory

approach. jensen huang said he is sure trump will do the right thing. caroline: mackenzie hawkins, thanks so much for tracking it. let's hone in more on nvidia. while washington is slapping on the new curbs, jensen is embarking on a trip to china. let's discuss with peter elstrom. interesting timing. jensen huang visiting the capitol. peter: we know that jensen huang will be in taiwan this week. he will attend a party on friday. we heard according to sources he will go over to mainland china. he will stop into shenzhen for a new year's party. we understand celebrating with the employees there and then he will go to shanghai and beijing. he could still change these plans. it's a very sensitive time and

it comes just ahead of trump's inauguration. there is some excitation he would go to that too, but he's building a more substantial business within china at this point. they have been adding employees around autonomous vehicles. they had a bit of a setback as mackenzie was laying out earlier with this new regulation around ai exports that affects nvidia very directly. they have enough -- been outspoken. jensen huang is trying to build a bridge between different markets that are important for his company. mike: peter, one destination that does not seem to be on his list is washington or mar-a-lago. the incoming president's base of operations. do we expect them to actually pay a visit, pay a call to donald trump? so many other big tech ceos have done so already. peter: so far i would say we don't know anything about his plans to attend either mar-a-lago or the inauguration.

i would stick up pin and that and see what happens. i would be surprised if he does not try to build that bridge to the trump administration. so many of the tech companies have done this. elon musk has sort of lead the weight. many others including mark zuckerberg have also been trying to build a closer relationship with the trump administration as they come to power and will begin implement thing these policies that -- implement and these policies -- implementing these policies. i would be surprised if they don't meet sometime soon. caroline: he spoke with ed ludlow last week, saying he's invited and would love to go. how precedented or unprecedented is it for a ceo like jensen to be going out to china when he's upping spending on ev's and r&d? there are a lot of companies when facing antitrust issues and political overhang that tend to make visits? peter: we see a lot of these companies.

it was not that long ago that localization was the standard of business every place in the world. many readers went to china and other parts of the world to build whatever kind of global operations they possibly could. tim cook is another one who very regularly visits china. their partner foxconn builds most of the iphones we use around the world. in china, they are trying to do more with india too. it's important either for their manufacturing operations, their research and development, or in some cases the marketing of their businesses. mike: peter elstrom, thank you. coming up, data bricks gets over $5 billion in financing from lenders. we will have all the details next. this is bloomberg. ♪ ♪

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mike: software maker databricks has clinched more than $5 billion in financing from lenders, including blackstone, apollo and glue al cap according to sources -- blue owl capital. let's bring in brody ford for more. what does all this money from this big raise mean for the company and how does it help in this competition? they are going to toto -- going toe to toe with snowflake. the company's have really locked horns in this space they are in. brody: we have been seeing a lot of headlines with databricks and billion numbers. a lot of big headlines. what is going on here? in a different reality, if we were in 2019, 2020, databricks

would have been public already. there's a trend with big startups, they are pushing the label startup. they are able to access these huge pools of funding through private institutions. databricks talks about the virtues of remaining private a little longer. they are able to do things like make big acquisitions or higher aggressively. they say a lot of these ai startups, the monetization did not work out so they will try to either bring in the right people and technology. this allows databricks to offset some of the tax burden for employees selling their shares. two, invest in the business in a pretty aggressive way. caroline: that is what is interesting. they are alleviating the tax burden for employees. they can satiate this with a secondary market. they don't need to ipo. brody: their fundraiser last month was ipo sized. the fact they then have to raise $5 billion to help their employees offset tax burdens

shows the gargantuan scale of databricks at this point. caroline: extraordinary amounts and new ai products and acquisitions to be making. we appreciate it. coming up, we will speak with alan baratz. the company has risen 400% since october and everyone got very exuberant about one willow chip coming out of google and the movement of quantum. this is bloomberg technology." ♪

caroline: welcome back to bloomberg technology. i'm caroline hyde. mike: i'm mark sheppard. caroline: macro is at play and calling of inflationary pressures. bitcoin higher as risky sentiment is jumpy at some tariff headlines 1.8% higher for bitcoin. stocks we have been watching. volatile over some of the most highly known quantum stocks d wave quantum, regarding, quantum computing. affirming a positive view of the sector. the long-term potential, recent developments offering encouraging technical advances. this comes on the back of rather cooling words from nvidia's ceo

last week. jensen huang saying it might be 20 years until you get useful quantum computing. with us is the t wave ceo. 20 years, does that sound right? >> i know, not great at all. there are many approaches to building quantum computers and some of them will take many years to mature. but at d wave, we have selected an approach that is actually commercial today. we have customers that are using our systems today in support of their business operations. not 20 years, today. mike: alan, can you talk more about the products and how customers are already putting it to commercial use? alan: the approach we have taken to quantum computing is different from what everyone

else in the industry does. we have done this for 15 years and we are on our fifth generation system. we have companies like ntt docomo that is using our quantum computers to optimize resources at cell towers allowing them to support up to 15% more phones for towers. we have other countries like pattison food group. we have countries your commercialization. companies like interpublic group or mastercard. >> allen, to follow up on the dead -- development and the timeline in debate now, there is another question hanging over quantum computing, the degree of government support industry might need and might be seeing. what more can washington do to help support development in this area? government support is certainly important. i will say, at d wave, we built our business from -- primarily

on commercial customers. we had over 70 commercial customers. government support is important. we have an issue now. the premier u.s. government funding mechanism for quantum was passed during donald trump first administration. it was due to be authorized almost a year and a half ago. under biden, it has still not been reauthorized. we are hopeful that with trump coming back in it will be authorized to provide incremental funding to the quantum industry. caroline: there have been incremental and significant breakthroughs of light with quantum. the reason your shares have been up into the right sick -- to significantly has been at the announcement, for example, on the willow chip coming from google. how alan: what is called date model quantum computing, the

approach pretty much everybody in the industry has taken, other than d wave, but error correction is critical. there is no evidence that without error correction yield you could ever do anything useful with a quantum computer. the willow announcement, basically for the first time, showed how ever correction could work on a quantum computer at an interesting scale. that was a very important advancement. caroline: why, then, do you think nvidia, that actually partners with google's quantum team, is casting some sort of shade on how quickly this could be useful? alan: when you are talking about gate model quantum computers we are many years away. caroline: how many? alan: 7, 10, 15. we are many years away. what jensen huang got wrong as

he did not recognize that there was more than one approach to quantum. i guess he has in his head the only gate model with very significant challenges still to be overcome, versus quantum computing that is in use today. what are some of the limitations that are currently posing a challenge or even an obstacle to further development of the kind you just talked about? alan: when it comes to the systems we have in the market today, we are already capable of supporting business applications at commercial scale. we are continuing to work on growing the size of our quantum computers to solve even larger problems. and, not being able to solve them even faster. we can solve things pretty fast today. we have been able to solve problems in their material simulations in minutes that would have taken years to solve on classical computers. we are pretty good today.

but there is a need for increasing size and speed even in quantum computers and we continue to work on that. caroline: what is interesting is your share price got swept up in the exuberance one, perhaps, -- when, perhaps there were breakthroughs being made in a different type of quantum computing. we are seeing all kinds of players, retail investors, new exuberance of our the next field of innovation. how has your shareholder base change? you are offering up to $150 million in new shares. alan: the willow announcement is applicable to gate model and we are building a gate model system as well. it is applicable to work we are doing. it is just that, with these computers it is not required today and we are commercial today. as far as financing the company, we recently announced we now have over $170 million in the bank. we have the cash we need to

execute. we will always be looking for opportunities to increase that, if we can do it with limited dilution. we are very sensitive to dilution in the stock. mike: alan baratz d wave the ceo, thank you. next we are joined by loft orbital chief officer.

caroline: this is bloomberg technology. mike: loft orbital announced 170

million dollars in new funding. the space infrastructure startup helps customers deploy and operate satellites in low-earth orbit. we are joined by the company coo alex greenberg. alex, thank you for joining us. first we want to ask how you plan to deploy the latest injection of capital. where will it go and how will it help you? alex: thank you for having me. i appreciate the opportunity to chat. following this round we will be focused on two key things. first, launching satellites we have in backlog for our customers. there are over 30 satellites we are set to launch over the next couple years. we have been investing in production scale, automation, and fleet management capabilities focusing on deploying satellites rapidly for customers that have entrusted us with their missions to get to space. second, we are focused on more

of a nascent market, the ability to fly our customers ai applications in space. we have a lot of customers that are just intent to collect data. they want to make their satellites martyrs and things can be detected in real-time. to do that, they are developing satellite apps and loft enables you to deploy an app to a satellite as easily as deploying software to the town. we are a service in space that allows the apps to function. caroline: ai knows no bounds, not even earth. alex, i am interested what your customers ultimately want to achieve by going to space, nasa, microsoft, the u.s. space force, the european space agency. what are they using your satellites to achieve? alex: there are three fundamental things we are enabling. we aren't focused on one specific application or an infrastructure company that enables our customers to deploy any mission in orbit. it comes down to three things.

connectivity and data. there is a national security and sovereignty and then there is understanding our climate. we have customers across all three areas. fundamentally that is what space is being used for today, pretty big problems impacting all of humanity. caroline: you have raised a lot money with a lot of french vcs involved. i am interested about the competitive nature of space now and the fact that somebody very close to the next administration is pretty prevalent when it comes to spacex. how are you finding your niche and to sing the industry evolve? alex: we started the company eight years ago. michael sanders and i had worked in this industry a while and we saw that it just took too long to get satellites in space. it can take five years from kicking off a satellite mission until it actually launches. for an industry that has to iterate quickly, innovate, and provide real value, five years is too slow so we started loft

to get customers to space in months, not years and be the fastest, reliable, and most simple way for customers to get to space and that is where we differentiate. today you are seeing commercial space entering a golden age. there is no better time to be a space company. we have been building this company eight years. we raised over $300 million of venture capital. now we have over $500 million of aggregate contract value over the life of the company since inception with some of the customers you have mentioned. we are ready to focus on scaling over the next few years. mike: caroline referred to elon musk and his proximity to the president. spacex is one of the biggest players in the field. what opportunity do you see the incoming administration offering you in terms of expanded business and also what sort of challenges? alex: spacex has really changed to the game in space by -- i

would not say making launch a solved problem -- but certainly lowering the barriers for companies like us to get to space so we are thankful for their contribution to the industry. the incoming administration has a history of being very friendly towards commercial space. budgets we rely on for our customers will certainly go up. that is very good for us. but i think that space is more that a u.s. issue. it's a global issue. we have an office in toulouse, france that enables us to do business with customers in france on the government and commercial side and in the broader european union. so that is in europe. we also see demand for space also in countries that don't have their own industrial base but want more sovereignty over their space infrastructure. we have a joint venture in the uae. we created the first company in the middle east dedicated to high-volume satellite production, a joint venture with an excellent partner in the uae. the first satellites will be built in the uae starting in

2026 mike:. do you foresee expanding more international security and defense? that some -- seems to be a theme of other silicon valley investors that have aligned themselves with trump. they see opportunity. do you as well with the pentagon and intelligence agencies? alex: absolutely and we actually already have 100 million dollars of contract value in aggregate with u.s. defense customers. a couple years ago we set up a subsidiary called loft federal with the ability to do work with classified customers. it is based in colorado. we are very focused on the u.s. government, both on the civil side and the defense side as a key customer for us. we have set up a company to serve that customer. we are really excited for the fact that they have embraced commercial space over the last couple years and we see that as a trend that will continue and increase. mike: alex greenberg, coo of

loft, orbital, thank you. caroline: the eu is considering expanding its investigation into elon musk's x for a contract moderation rules. for allegedly failing to tackle illegal content and disinformation. plus, google facing its first u.k. investigation under tougher digital antitrust rules. set it as a decide on whether the u.s. tech giant is distorting the market. and, microsoft named jay parikh as executive vp of the new ai engineering unit. part of microsoft he worked at facebook building infrastructure there and mike: data centers. coming up, ai extends into the kitchen. we speak with union square

hospitality founder danny mayer next. this is bloomberg.

caroline: ai's use cases are extending beyond the office. a company bringing artificial intelligence to the red -- restaurant space. we are joined by the ceo of the company ingo storck as well as the union square hospitality manager danny mayer investor in present space. you have a plethora of ai investments. how and at what point did you decide that artificial intelligence would change the game of restaurateur? danny: we are facing, as we always have in our industry, a business model with very thin margins. the restaurant industry is notoriously competitive. and i think what a lot of people may not realize it is by the time you are done paying your rent and the talent on the team and the food costs and the insurance and the florists and all of those expenses that only go up over time you are left with much. we are constantly needing to find ways that we can become

more productive. machine learning, as it turns out, is really, really good at a number of things. it helps us to not only have much better data, because we can take much better care of our guests, by the proper amount of food, because we never want to run out of food. on the other hand we don't want too much food. have the right amount of labor and talent. we never want too little. we never want too much. we don't necessarily have the ability to think about that and to be very, very present to offer great hospitality for guests. the more we can find outstanding applications for machine learning, ai, what that does is we get to be a lot smarter. and we also get to be better at hospitality. caroline: that's precisely where you want to be getting better. ingo you have been applying ai in the real world for a long time whether in academia.

you really wanted to change the back of kitchen. what drew you there and how quickly did you manage to scale? ingo: i did my phd in machine learning when i still needed to explain to everybody what that is. but, since a couple of months, almost, just two years when chatgpt your google ai -- or google ai, and other chat agents came to market, now it is a big hype. everybody has ai capabilities now in a chatbots. but a chatbot has limitations. you can have it drive your car or prepare your meal. you need specialized ai capabilities like using computer vision to identify what is going on. machine learning predictions that break down, ok, what does this weather forecast and this pos forecast and this trade

inflation mean for my kitchen right now in does a 15 minute increments? so then my crew can deliver the best to optimize those razor thin margins that exist in restaurant ai. for this specialized ai, that is what it brings to the table. and it is also the missing puzzle piece. why software could not come into the kitchen. kitchens are often still run like the 50's. ai is the missing puzzle piece that can help bring true help to those kitchen operations. caroline: interesting puzzle pieces from investments, seven ships, seven rooms, present taste and i. you have often gone forward breaking boundaries with two been culture, with talking to your own workplace. -- tipping culture, with talking to your own workplace. how have they reacted to artificial intelligence? with fear, with excitement? mike: with excitement.

everybody we hired is somebody that is a learn it all, not a know it all. we are all looking for ways to learn to be better. the bit the different companies we are showing here. each one of these is providing the opportunity to make us better at the thing we were doing anyway. there is nothing there we were not doing before. it is much quicker, much smarter, much more productive. everybody likes it. when you get a new toy, if i get a new update to my apple phone, my iphone, it takes me a day to get used to it. when i get used to it, i get exactly why they made those changes. i will not say that the first day we put something into practice everybody goes, hallelujah, a new reservation system. a new scheduling system. we have any way to talk to our guests. a new way to get to know our guests. and a new way to actually deploy

our talent to be as productive as possible per task. that is what i want to be clear about. presitaste knows all of our recipes and it knows exactly what we sold and what we are excelling and it can see how busy our restaurant is and given the kitchen in real time predictions about how much food you should be preparing to replace what just got sold, how much food you should not be preparing, who should do it. it is the kind of thing managers have done an ok job of it year after year, but now those managers, instead, are taking their time to taste the food and make sure it is perfect before asos goes out -- a sauce goes out. caroline: this is bloomberg. caroline: this is bloomberg. safari?

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sonali: live from bloomberg headquarters in new york i'm sonali basak. tim: i'm tim stenovec. welcome to bloomberg crypto. sonali: bitcoin stumbling to start that year. kriti gupta joins us. tim: the crypto industry is eager to have donald trump's administration in charge. sonali: we hear from blackrock. tim: a look at bitcoin this year. a little stumble out the gate. so far in 2025 it is up about 2%.