>> from the heart of where innovation, money, and power collide, silicon valley and beyond, this is "bloomberg technology," with caroline hyde and ed ludlow. ed: live from new york, i'm caroline hyde. mike: i'm mike shepard in washington, in for ed ludlow. this is "bloomberg technology." caroline: the sec goes over elon musk over disclosure violations related to twitter. and his other company, spacex, makes strides with lunar rover probes headed for the moon. and we will hear from d.c. as we make -- we hear -- wait for a decision from the supreme court on the fate of tiktok this week. the markets really liked the cpi

print, a core inflation coming in at a cooling rate of not 2.8 percent. bitcoin and risk asset management driving higher. moving on to see what's happening with a contribution to the nasdaq 100, tesla. even as he gets sued by the sec, they shrugged it off with that inflationary read. quantum, once again, what a volatile ride. a number of quantum names are going higher. they get a deal with care a lot as they look to sell further into real customer bases for quantum. tsm seven c, these were positive traits in the united states trading lower in asia but higher in the united states. this as we get yet more focus coming from the administration on biden trying to limit the access of tsmc, samsung, other chipmakers into china. while way, for example.

but actually, some of these details around the announcement are better than the market anticipated. peter elstrom can anticipate it. bloomberg intelligence had a note saying that some of the limitations are not that bad for phones and pc chips, in particular. >> that's right. we are seeing the biden administration rushing out a couple of last rounds of regulation before they leave office and hand off to the trump administration. in the latest round of what we are hearing, the commerce department is asking tsmc, which makes chips for apple and nvidia, samsung and other foundries, to put new restrictions on their business with chinese customers in particular. the reason is they know there was a chinese company that was an intermediary for chips made by tsmc that ended up in the hands of huawei technologies. the chinese companies has been blacklisted by the u.s. and isn't supposed to get those

kinds of chips and instead they got it. the commerce department is asking for new regulations were producers like tsmc and samsung will need a license from the u.s. before they do business in china for the most advanced semi conductors. mike: peter, do we expect these measures to get the same kind of unwelcome reception and objections that the ones unveiled on monday regarding ai technology received? >> that really was an exceptional situation. they hit nvidia in particular. nvidia had a sharply critical comment at that time saying it's not the time for the biden administration to put in new rules days before they step out the door and hand off to another administration that has different priorities. to be fair, the biden administration gave a long comment, the rules wouldn't go into effect until well into the

trump administration. it's a good question, the chip companies are not happy seeing new rules being bowled out daily now that affect their businesses going forward. especially from an administration that won't be around to enforce it. mike: peter, thank you. in other chip news, intel, the once dominant chipmakers struggling to revive its business and finances planning to turn their venture capital arm into a separate fund with a new name. ian king is here with more. thank you for joining us. how much of a blow is this latest development for this storied company? this intel capital venture arm has invested and put money into the likes of asml and vmware. it's not really -- ian: it's not really a blow for the company so much as them needing to focus on the core mission of better products and better production. those things will get them back in the game. the venture capital arm is a

kind of prototype. it was the venture capital arm for corporations and has been for years. something they used to promote other parts of the industry and other technologies. you could argue that it's peripheral to the job at hand right now. caroline: as you say, the job at hand is focusing in. the other moves, you talk about the future of altera, for example, which has a significant holding. ian: it has these investments they have made over the years, companies they have brought in. you know, this started under the previous ceo, pat gelsinger, who said these things aren't realizing the value they should be, so we need to find a way to monetize them. all tara, i think they paid $15 billion for it back in the day and they are looking for investors, people to bring in money to own a part of that as they try to take that particular unit to ipo in the future.

mike: what is the timeline on a successor and when might be here how this new venture arm being separated will be rebranded? they have a lot of moving parts right now. ian: it is an awful lot to track with this company. they haven't given a timeline for when they will bring in a ceo, but they need to do that, right? they need to do this quickly if they are going to change direction and make it work. it's not like things are getting better. in terms of what's happening with intel capital, like i said, it's going to be a separate entity by the second half of this year. they wouldn't answer our questions about what it means for the financiers and where the money is going to come from. all they said was that this would free the venture capital unit up to raise capital from external sources, implying that they are not going to give it as much money as they had in the past, if at all. mike: ian king, we thank you. caroline: coming up, did elon

musk just cheat twitter shareholders? the sec claims so. we discussed the alleged disclosure violations that happened way back when when he spent 420 billion on twitter. this is bloomberg. ♪

mike: elon musk is being sued by the u.s. a securities and exchange commission. the sec claiming that the tech billionaire cheated twitter shareholders out of 150 million dollars by waiting too long to disclose his growing stake in twitter as he prepared a

takeover bid. for more, we are joined by nicola white, here in washington. thank you for all of your reporting on this. this case has been building for a while. yet, it didn't end to the usual way a lot of these do, with a settlement announcement. nicola: that is pretty on brand for elon musk. mike: yes. nicola: normally these kinds of cases are usually settled because they are, even though this has generated tons of headlines, it's a straightforward case, filing this forum or not and it is you it on time? he did not, according to the sec. not only that, he apparently did the wrong form. the sec said in the process that he made $150 million and you know, that didn't go over well for the rest of twitter shareholders. caroline: $150 million, not so

well for twitter shareholders. his lawyer said it was a sham and that he was a day late and he didn't mean to do any of this. usually you get a $100,000 fine. not a lot more than that. can you take the other side of the question? how much intent did we know of? nicola: there's lots of questions we don't know, right? according to the sec he knowingly was purchasing, stockpiling the stock while he was also considering a very, turns out very public takeover bid of twitter. and while he was doing that, i mean that triggers just straightforward sec disclosure requirements and he didn't do it. that is where the sec, it comes down to a black-and-white case of did you do it or did you not. mike: in fighting this, does elon musk hope for a better deal under trump? they've seen it as high

penalties for securities cases. is he likely to get a better hearing with a new administration and new sec chair? nicola: one would think that would be the case, but there is a lot we don't know. when it comes down to it this is a pretty straightforward case. the sec could have taken a more controversial angle, saying you allegedly committed fraud, but they didn't go that far. it is a strict liability case as it is known in securities law. did you do it or did you not? some securities lawyers i've spoken with have said that this is pretty straightforward and may not be such a controversial thing for paul adkins to pick up. adkins is on record over his years and years in the public eye of advocating for lower penalties. so, who knows? caroline: thank you. spacex is continuing to make

strides in rocket launchers as they launched commercial satellites carrying two learn -- lunar rover probes headed for the moon. here with more, chad anderson joins us now. look, we have perhaps got a slight push back in the next spacex launch we are anticipating, but let's talk about the lunar rovers in particular. what does it mean for >> the space industry? >>2025 is going to be a massive here for the space industry. you don't need more proof than yesterday. yesterday they launched 150 different payloads on a transporter mission. our portfolio companies made of half of those satellites and it was fun to watch. this morning they launched two lunar rovers on the same rocket. one is japanese. the other is a firefly based out of texas. those are robotic precursor missions for nasa. basically with sensors to do exploratory work for humans to go and band their.

there is another lunar mission launching next month. so, while the landers are on their way to the moon, we are launching another one as well. like you mentioned, the weather pushed it until tomorrow, the next gen launch vehicle for spacex is massive, it is going to bring the price of accessing orbit way down and transform the space economy and accelerate the growth we are seeing. caroline: starship, we wait, we watch. blue origin, we are also waiting to see if they get up with their test flight. what does this mean, this introduction of more competitors into the space race? chad: at the moment, spacex nominates. they are launching the majority of rockets. 2024 was a record year. spacex launched over half of the

global launch as last year, 90% of what went orbit went through spacex. they are the best option on the market and in some cases the only option on the market. so, to have other players and other competition is huge. the interesting thing between spacex and blue origin is you have bezos and musk, two billionaires, the companies were founded at the same time, 2002. until a couple of years ago they had invested the same amount of money into both companies and when you look at what spacex has done over that time, dominating the market and enabling this entrepreneurship, innovation and private capital with jeff bezos launching these luxury trips to the edge of space with small rockets. new glenn is the vehicle that is going to launch satellites and enable them to do things like lunar missions and everything else blue origin wants to do. it's important for them to get the vehicle up and it's important for the rest of us because competition brings

prices down for everyone. mike: chad, what do you see the incoming trump administration doing to help foster the space industry, from your standpoint, and what are some of the things you would like to see the new president do when he takes office? chad: we are certainly expecting a greater integration of commercial capabilities into government programs. i think we have already seen during this transition the geopolitical turmoil. i think a lot of that is going to spur additional growth in defense spending, a lot of which is going to go to space companies. there is going to be an increased reliance on the, the providers, again, that have the capability. spacex again is chief among them. they are the most likely to benefit here. not just because of his first buddies status, but because they have the best solution on the

market and in some cases the only solution on the market. the government will rely even more heavily on star shield and others will benefit as well, with more competition coming online. more novel and new capabilities. we expect to see a streamlining of regulation and progrowth stances to really help some of these new and novel space capabilities come online this year. mike: chad, let's talk about those regulations and the regulatory pressures the industry has faced. what are the specific areas of relief that the industry would like to see? chad: well, regulation plays a key role in a lot of space activities. interestingly, though, the u.s. government has been very responsive to this. there was an australian company that launched a satellite that could look up and to evaluate and see other satellites and what was going on there. you couldn't do that in the u.s.

and in many other countries, but there was a regulatory loophole in australia that allowed them to do that and as soon as they launched that satellite, the u.s. government responded and enabled u.s. companies to be competitive. we are now seeing a lot of that data coming down. we are already seeing responsiveness from a regulatory front. i think that an interesting angle here is that we expect to see an about-face on climate policy. i think that climate solutions are going to be a key area for private capital, as they were during this last term for companies to come in and provide innovative solutions funded by private capital. mike: chad anderson of space capital, we thank you. coming up, renee from the georgetown mccourt school of public policy joins us on the future of content moderation. next. this is bloomberg. ♪

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caroline: as we all wait for a decision from the supreme court on tiktok, let's look to the future of social media under the incoming administration and an alternative to content moderation as we know it. middleware is built into tech platforms and it gives users rather than platforms the power to moderate their own social media experiences. one of the people looking into it, renée diresta, co-authoring a report on this very topic from georgetown. what is so interesting is where the -- where the examples are being used and what this third party would offer. is it already being used in places like blue sky and what is it helping us do as a user?

renée: thanks for having me on. i'm excited to talk about this publicly. it's been such an obscure area for a long time. middleware tries to give users the ability to better curate their experience. deciding what you will see in your feet and content moderation, deciding what you will not see, will see less of or have a label over it. middleware right now is most visible on blue sky because they are providing an opportunity for users to go onto the platform and create their own feeds, where you can subscribe to something like a topic, where you say i want to follow feeds about my favorite sports team, gardening, books, you name it. someone creates the feed and they curate the people in it. they can add an emoji to a post that indicates you want to show up in the feed. it's an interesting way to get more granular and have more control and on the flipside you can do that with labeling. certain people or classes of

content that you just don't want to see, you can subscribe to a labeler and the labeler will label the content and take it out of your feed and hide it from you. it's an interesting opportunity to go there and have this much more modular create your own experience. mike: this sounds like something that would have a fair amount of appeal for users frustrated by their experiences, especially in the last year or so on the major platforms, but there seems to be a catch, which is that you need interoperability and the buy-in of the platforms. the paper even makes note of that. how do you get past that hurdle? renée: one of the reasons we did the paper now is arguing that the adoption on platforms like blue sky or mastodon, which proceeded blue sky, protocol based social media, provided an opportunity to experience it without trying to prevail upon the giants to do it themselves. papers have been written about

middleware in the past. frank fukuyama wrote one in 2017 arguing that it would be an effective tool to reduce centralized platform power, developing more power to the user. i think you are seeing signs that platforms want to do that. elon musk is talking about giving users more control over the feed. mark zuckerberg is making pendulum swings that are alienating a large part of the user base saying here, you can control it yourself. this is something that you will see from them, they will start to try to opt in in small ways. otherwise, you are right, it is very much at the, you know, at the pleasure of the platforms that such a thing can exist when dealing with a large centralized giant. mike: from those giants we have seen that moderation has been a labor-intensive endeavor. how would middleware not suffer from the same sort of challenge and who would do the heavy lifting? renée: this is where i think the

trade-offs are. we are starting to see people in the community doing this is almost a labor of love for their community. very much like i as a member of this may be marginalized community don't want to see content from these people who are likely to harass me. you have labelers who exist who meet a niche need to. what we worried about in the paper though is that ultimately you have to create some sort of economic means by which it is not just a volunteer labor of love in order for it to scale in a material way. we try to present has balanced a view as possible. here's a view of what is possible in the world and here are the challenges in ways we need to get past that but as you are noting, it's a moment where people are fleeing -- people fled x on the left because they didn't like the changes to the moderation and the vibes it created. people previously created to parler and true social on the

right when they didn't like certain dynamics. you are starting to see users realizing they don't have to commit to one site and this is where i think there is a real interesting opportunity moment. caroline: renée diresta, bringing middleware into the broader conversation. we appreciate it. thank you. coming up, we are speaking with a democratic representative from illinois. joining us about the future of tiktok in the united states. this is "bloomberg technology." ♪

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scarlet: welcome back to bloomberg tech -- caroline: welcome back to bloomberg technology. i am caroline hyde in new york. mike: and i am mike sheppard. we are joined by democrat from the state of illinois. thank you for your time. you are one of the co-authors of the legislation now in the justice hands at the supreme court. we are hearing from the arguments on friday that it will likely break in favor of the law. assuming it is upheld, what are your expectations for its enforcement under the trump administration which would be responsible for it? >> i think the trump administration will enforce the law. i talked to the national security advisor who is a friend and colleague of mine from the

house. they are as concerned as we are about the chinese communist party being able to control tiktok. we want to see tiktok thrive and flourish but that means we want bytedance to sell tiktok. caroline: you've heard the evidence. we have also heard from bytedance that it is very difficult to separate and selloff and they are saying we are going dark on sunday if this is upheld. you will not be able to access this app. does that worry you for the user base? >> this is called negotiating tactics. at the same time we hear this we hear that thanks to your reporting at bloomberg the ccp is entertaining a sale of the company. we in the congress do not have to legislate around the priorities of the chinese communist party.

their decision-making is up to them. our law requires bytedance sell tiktok and i hope they comply with the law soon. caroline: would you like elon musk to be that purchaser? rep. krishnamoorthi: i will not make any decisions about who should be the purchaser. let the free enterprise system decide that. suffice it to say i think your previous guest is from the mccourt school in georgetown and frank mccourt for whom the school was named as one of the big bidders for tiktok as well as kevin o'leary of shark tank. there is a line of people waiting to buy tiktok if only bytedance would pick up the phone and answer their calls. mike: what would bytedance need to demonstrate that there is a full and complete separation from china? rep. krishnamoorthi: there are

very specific requirements within the law. one of the issues will be that the new buyer will not likely rely on the ccp algorithm. of course that there is real separation between the buyer and where they store the data of users and access from china. that was the whole problem with project texas, which was the effort by tiktok to try to convince both the biden and trump administration's than american user data was safe from authorities in china. repeatedly that was found to be untrue and repeatedly tiktok executives came to capitol hill and told falsehoods about the separation that did not exist. mike: we have seen that the odds grow that tiktok will go dark on sunday.

users talk about using other chinese apps like lemonade or read note. to those present any security concerns for you or your colleagues on capitol hill and with this law apply? rep. krishnamoorthi: after years of investigation of bytedance, we know that bytedance's applications are problematic. one of them is tiktok. another is lemonade. lemonade would also be covered by this law. with regard to other social be applications that might be controlled by a foreign adversary, a future executive branch determination would be needed to take action under the law. i will leave that to the trump administration and other future administration's to decide. caroline: this becomes a potential game of whack-a-mole and there is the ongoing argument that get rid of tiktok or lemonade, but ultimately china is able to observe us through other websites and through the internet.

what else do you think needs to occur? rep. krishnamoorthi: one thing that does not get covered is the data broker law that went into effect the same day this particular bytedance divestiture law went into effect and the data broker law prevents data that is harvested from other websites in the united states from being sold to entities controlled by foreign adversaries. implementation of that law will be crucial under the trump administration and others to make sure we can help to wall off some of this data from the ccp and other foreign adversaries. caroline: more broadly we have seen the market reaction from a potential movement away from tiktok. meta shares done well on the back of it, so does snap. does that raise concerns for you? rep. krishnamoorthi: i think the

market is responding to the fact that users are migrating to instagram reels or youtube shorts and to snap and to other platforms of their own volition because they know this particular platform may not be advisable to be on if bytedance does not comply with the law. i hope bytedance does comply with the law and i hope tiktok is able to survive and flourish. there is still time to do that. caroline: without the algorithm. democratic representative from illinois. great expertise. we thank you very much. which check on the markets. we are in rally mode. cpi up 1.8%. coming off highs in the nasdaq 100. go underneath the benchmark and have a look at what is moving from a points contributor. in many ways it has been tesla on top.

apple has been doing well. some of the individual movers we have seen underneath the hood of the nasdaq have been doing well. quantum stocks have been on fire. we also shine a light on crypto. this after bitcoin has been close to that $100,000 level. tesla of 5%, microstrategy up 5%. an interesting one in france. just trading in france. tencent and ubisoft getting closer. how can they form a new objective and inject new value into the games of ubisoft and help tencent inject value into its projects abroad? mike: coming up, robert hillmer will join us to discuss his firm's latest efforts to back some of the most highly coveted private tech companies. this is bloomberg. ♪

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caroline: you are looking at a

live shot of the principal room. palmer lucky joins bloomberg technology tomorrow for live exclusive interview. you do not want to miss it. this is bloomberg. mike:goanina capital has announced plans to deploy billions of dollars into companies like spacex. it is one of the fastest growing investment firms focused on the private market and for more we are joined by the founder, robert helmer. thank you for your time. what is the secret to getting into these shorts of allocation and what are you looking at next in 2025? robert: great to be here. we address the marketplace

through two key deal channels. we invest directly in these companies through primary rounds but uniquely we also invest in the secondary market which involves providing liquidity to early investors and employees. i would not call it a secret but what we have package is the ability to partner with these great tech companies and provide them with growth capital but also be a liquidity provider to owners of stock. through both of those deal channels we have built incredible portfolios. caroline: how much easier is it to access bytedance on the secondary market right now? how much are you focusing on the company of the concerns around tiktok? robert: i do not want to comment on a particular company. caroline: you own it. robert: i cannot comment in any specific companies but what i can tell you is as a firm we are laser focused on what we have

called the global tech leaders. caroline: why is bytedance still a tech leader? robert: bytedance is obviously an incredibly large company. it has been very successful with its business model amongst many other companies like sigma and rippling and anthropic. we have 30 companies we think will accrue a disproportionate amount of value over the next 10 years. caroline: he must've been taking calls from investors worried about the geopolitical influence of some of these names. is that a key concern? robert: the way we invest is we do not take any extremely outside positioned. -- outsize positions. anyone company never represents 20 or 30% of a portfolio.

the feeling we get from our investor base is they want to continue backing goanna because there is never more exciting time to be investing in technology with the secular tailwinds, data infrastructure, etc. mike: you just brought up ai. that seem to be such a focus in 2023 and last year but what about quantum computing. we did see a brush back pitch thrown at this technology by jensen huang. how does that affect your thinking towards quantum and other areas? robert: i cannot focus or bring up any specific companies. if we look at a software, data infrastructure, and ai there is amazing tapestry of

opportunities. some of the companies we are really exciting about our rippling, anthropic, figma. we are laser focused on these global tech leaders and partnering with our investor base on helping them get exposure to those important companies. mike: how does the change of leadership in washington affect the way you view the table of opportunities that has been set in front of you and your company? robert: it is certainly very exciting at the moment. i was just in australia and hong kong and what i can tell you globally is there has never been more interest in investing in the united states and specifically investing in u.s. private tech companies. the world wants more exposure to the u.s. and u.s. tech companies that i have ever seen.

caroline: and yet the valuations are pretty frothy. if you're looking at more $3 trillion company is publicly listed. are you starting to hear there is a worry about hitting the level of market capitalizations on the private market. how long can we sustain these levels? robert: i don't think so. that is not too much of a concern. markets are certainly not cheap but i do not think they are bubbles. for the maker cap there are multiple companies around 20 times earnings which is quite reasonable given the growth profile and the earnings they generate. to be clear we are focused on private markets, not public markets. for us our timeline is over three to seven year type outlook. when we look at these companies we are looking into the years and not the corridors. as i said, when we look at the

global tech leaders we are focused on for the next few years we have never been so excited. caroline: a couple of outliers are the markets like palantir and tesla. i'm interested as to whether or not you are frustrated they're not enough outliers going public? robert: we enjoy some of these companies staying private longer . that is the universe we focus on. what is important is these decisions to list by some of these companies were made 18 to 24 months ago when markets were very different. what you're going to see is plans to list were made 18 or 24 months ago and i think for investors there will be a lot of investors for those in private markets over the next two to three years. caroline: goanna capital founder robert hillman. we appreciate it.

microsoft is attempting to lure more people to use its ai chatbot. the company announced it will rebrand its chatgpt rival from copilot to copilot chat. the company is looking to raise visibility. the adoption that this is a chatbot. coming up, how colossal bioscience is working to bring animals back to earth through what it calls de-extinction. the ceo ben lamm joins ethel's with the major up -- joins us with a major update on the company's progress. this is bloomberg technology. ♪ 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

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caroline: colossal biosciences aims to de-extinct species that left the earth long ago. today the company is announcing a $200 million funding round to further those efforts. we welcome ben lamm to the show. what are you going to be using the money for at the moment? ben: our three flagship projects, the mammoth and the dodo are all on track. the thalassemia is ahead of schedule. we are doubling down on existing species like our genome engineering tools as well as our

artificial womb work and we are looking at ways we can accelerate some of those technologies in conservation. caroline: you are renowned for using crisper technology to get us there but also to be birthing animals ex utero. how would we functionally get to a mammoth? ben: where we are in the process of the mammoth and the thalocine 's we are in the editing phase. we have done all of the comparative genome to the closest living relatives. we also had to rebuild those genomes. now we are using those targets to make those edits. we are further away on the dodo but since we are in the editing phase we feel we could give more attention to the artificial womb side. all of our creatures will be burned -- will be born through circus eat. in the long-term -- through

surragy. we hope that species can be born using this artificial womb. we have a 17 person team working on the artificial womb. hopefully if we are successful we will be able to birth the first animal ever born ex utero, which will be much smaller than a mammoth, something like mouse or marsupial. caroline: where is the money ultimately having to be best placed? i'm sure expenses are huge. where is the real expense? ben: we have 170 scientists full-time at colossal, 17 specifically at the artificial womb team and we also found 40 academic postdocs from the top universities around the world. we have 90 academic advisors and partners and we fund research in academic labs. when you add all of that up it is 220 people actively working in this global consortium. colossal has labs in dallas, lab

in melbourne comedy lab in boston. all of that is latest and greatest infrastructure and technology through genetics and engineering and also things like robotics. caroline: i will ask a pointed question. you are a man who has made his name in ai applications that is so hot right now. space in particular is so hot. you said you are interesting in biodiversity in the climate and part of the west coast is burning. i am interested as to why this is the best place to be putting your talents to be resuscitating mammoths into the world when we cannot conserve what is currently living? ben: many of people told me that i was in ai before it was cool and defense tech before it was cool that i should just dip to that and not move into this. when we started the business there was a trendline that was terrifying. we would lose up to 15% of all diversity between now and 2050.

that has been re-forecast to 50%. we will potentially lose up to 50% of all biodiversity between now and 2050. we know modern conservation works but not at the speed with which we are eradicating species and changing the planet. we need new tools against the fight of lost biodiversity. i view we need a de-extension toolkit. it would be better to have it and not needed the needed and not have it so i felt this was the best place to spend the next decade of my life caroline:. caroline:well said. how may people on that journey? was it easy to get more people to commit ben:? ben:the success we are seeing on the scientific discovery -- every announcement we make there is not one but does go to seven to scientific first in every announcement we make which is remarkable. it is a testament to the team we brought together, both internally and externally that

has given investors a lot of confidence on the progress we have made. i nettie had eddie -- i never had any raising of b easy. that has never been my life. -- i've never had any raising of capital be easy. that has never been my life. caroline: ben lamm, it is great to catch up with you. come back when you have your next breakthrough. that does it for this edition of bloomberg technology. tomorrow palmer lucky joining bloomberg technology for a live interview. also don't forget on our podcast, you can find it on the terminal as well as online on apple, spotify, and i heart. from new york and washington, this is bloomberg technology. ♪

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...than who i am on paper.

vonnie: welcome to bloomberg markets. we have risk on rallies as we hit noon in new york. a repricing in the bond market after core consumer prices eased in december. we are back in the green for the year for the s&p 500. we are off our highs on the session. the nasdaq 100, the key performance metric in these markets, up 1.7% and we have given up 12 of those basis points. we are at 4.67 on the market. the dollar index did strengthen below 1.09. we are back above 1.09 now. the nasdaq gave up 15 basis points this