their books when you were in college. they have this moment every year called back to school they have to normally hire a lot of gig workers to go to sales or service. this year they do not have to do it. they were one of our launch customers on agent force and have the ability to scale their sales and service when they needed it and bring it back down when the demand spike ended. we have lots of examples of that. we have released the code in late october. we did about 200 deals in our third quarter -- in our fourth quarter we will see thousands of deals. i've never seen anything go as fast at salesforce as this. i have never been as excited about the technology industry. brad: in the tech industry we love a good old-fashioned feud. kendrick lamar and drake had

nothing on the tech industry. recently you been tweeting or posting on x and drawing juxtapositions with microsoft and copilot. not to do more microsoft bashing. i want you to. i do not know that i fully got my brain around how the agent force model is different than the copilot model. brad: microsoft -- marc: microsoft has disappointed a lot of customers with copilot. the reason why is you can read the gardener analysis, you can read a lot of the media. i am sure you are big copilot user. brad: i try to moderate my use. marc: you are like most people and you do not use it. thank you for making my case. the point of it is is all copilot is is repackaged chatgpt. in a chart of the most 20 used

apps on the internet, openai was at the top, copilot was not on the list. i just retweeted it. when you look at that, why is it , it is not offering any value. agent force is what ai was meant to be, the ability to give a customer the value of artificial intelligence. that is why i was excited to bring him to the show, excited davos has deployed it and we can show customers this is a great opportunity. yesterday we were in a session with the royal bank of canada and just deployed for their wealth management. their ability to scale and compete against the big u.s. banks is augmented because they are using agent force. that is very exciting for them. their ceo dave mckay is here. it is a great moment to hear what they are doing with this. brad: before you mentioned the

abundant capital throwing into ai, today there was news of another $1 billion from google. is there a case to be made that ai is over invested at this point? marc: no. there is not. we are at a point where everything is changing. i think the evidence. we just did a demo with your associate in the back where i took out my phone and we were demoing the world economic forum app and if we were here a year ago we would be looking through a similar app, what sessions, who is coming to the conference, all of the typical things. instead i have this agent that i can go to and say do this for me. that level of productivity is why in the third quarter of last year we saw productivity rise in the u.s. without any additional workers. that has not happened in a while. that is exactly what is going

on. i think ai is kicking in. right now i am writing the business plan for my next fiscal year and this will be the third year in a you -- in a row i am working with an ai to write my business plan for the year. i have a colleague, we will write different parts of the plan, and then i will talk to the ai and say what you think of this, how does this compete? we have some great technology. then i will say how does this effect this competitor, how does it affect that competitor? i have been shocked at how it has impacted me that it has made me more productive but also expands my own consciousness on what i should be doing in leading and moving forward. ai is a part of how i run my company. brad: i am paid to be a little bit more skeptical. marc: i am happy to know this about you. brad: when i hear things like

larry ellison saying today there will be targeted vaccines for cancer using ai within 48 hours. it feels like the exuberance -- marc: i do not think he means the next 48 hours. brad: 48 hours within diagnosis. marc: i have talked to him about what he is doing in his vision is pretty incredible. his vision is there are these amazing cancer tests that have been developed where you can get a blood test and it shows if you have these fragments of cancer in your bloodstream and so forth and then they try to find the cancer. in this case i would not describe it as beautifully as he did because it is his vision. his idea is you will be able to run that same test and then use ai to have much more affinity on what is really going on. and then be able to use the mrna

technology to develop a highly personalized vaccine for that cancer and eradicated from your body. that is pretty extraordinary. it has not happened yet. the vision is awesome. i think we should be looking for innovation on the world. it is exciting to see someone like larry ellison having a huge vision for cancer. he has invested lots of his own money in cancer treatment and his centers in l.a. and oxford and it has been very impressive to see what he has done. brad: i want to hit a couple more topics before we are supplanted by head of state. you sounded the alarm on the lack of proper oversight. you have used some salty language and in the last few months we've seen a retreat on moderation. what you make of recent moves at meta and the company formerly known as twitter and do think it is dangerous?

marc: my thoughts on social media is really well known. i think we need to continue to look at the fundamental reshaping of section 230. if we are going to let these organizations go to every possible extreme than they should be held accountable and liable for whatever the content is. when we look at section 230, it was not written for this kind of moment, especially with the age of ai, this is the time we have to go back and do that and i think the trump administration will evaluate that. they have made a number of comments along those lines and i think that is appropriate to get rid of that regulation so that these organizations can be held accountable. i think you are a journalist and you are held accountable for what you write and what you put on your platform. [applause] brad: you have gone to davos in years past.

we still have three and a half minutes and you have laid out some strenuous climate goals. planting one trillion trees. marc: right now we are announcing that we are delivering the largest forest reserve in earth's history in the congo and the president of the congo is making the announcement part of the trillion tree announcement and we are almost at 200 billion trees. we are not quite at one trillion but we have to keep going. that will sequester 200 gigatons of carbon. marc: i am glad -- brad: we love trees. marc: i am glad you are excited about that. you spent about five seconds on trees and about -- and a lot on larry ellison. you like larry ellison more than trees. brad: the energy required to run

these ai data centers, if the industry is waving away, talking about nuclear, if we have accounted for the requirements these companies will need is the skill of their operations. marc: that idea that energy still needs to get rationalized against what is happening with these data center demands. some of the stuff that is happening is indiscriminate development and people just using as much as they can and so forth. at salesforce we continue to try our best to be a net zero company including the work of our ai. we will deliver about 2 trillion ai transactions. you mentioned einstein, now agent force. even the development of our own models, we do not have the same exhaustive energy demands. part of that is because of how we operate our own systems. for everybody there is an opportunity for another level of efficiency.

vonnie: -- brad: what is the solution? is it nuclear? is it fuel cells? how does the industry catch up? marc: how will we get more energy in the world? i'm not really an energy expert. i am a huge bull on fusion. i think what commonwealth energy is doing is incredible. i am an investor in the company and i hope it is a huge success. i also think these modular nuclear plants, there is a new one in texas right now and other places. if you think about it, we have run small nuclear for a long time. everyone knows about nuclear some reads nuclear aircraft carriers. that is what we are talking about. what we take one of those and plug it into our grid? we don't think that way. that is all we are talking about. being able to use the energy we have in the world that is available to us.

obviously we have to think about the amount of carbon we are putting in the atmosphere. it is significant, not just from our emissions but the trees and i had to go back there because i know you detest them. we used to have 6 trillion trees on the planet and that we have less than 3 trillion, every tree is 200 gigatons of carbon. that is 600 we admitted through deforestation and connecting that back to industrialization, we've only admitted about 200 gigatons to all of industrialization so deforestation remains a big issue. brad: last question. marc: i know we have exited the trees once again. no one will accuse you of being the lorax. brad: you order the owner of time magazine. there are reports you're going to sell. are you going to? marc: there is no deal on the

table for time so if we sign something i will call you right away. brad: marc benioff, thank you very much. caroline: that was salesforce io marc benioff at the bloomberg house endeavors. a significant part of the conversation was around ai come the infrastructure needs, the cost in the energy also needed an marc benioff trying to make a key point from his perspective that the joint venture announced yesterday that could be up to $500 billion worth, but initially $100 billion is actually a new vision for openai's relationship with microsoft going forward. i want to articulate that the technology providers within that deal of the ai investment in the united states announced alongside trump yesterday is that arm holdings, nvidia, and microsoft will be technology providers we understand bloomberg intelligence talking

about the separate announcement that microsoft announced a revised partnership with openai, the large language model provider is able to choose other cloud companies at the moment with the approval of microsoft. let's bring in mike sheppard in washington. this was a big deal in washington. the announcement of key infrastructure investment coming from larry ellison, coming from sam altman. microsoft still has skin in the game. mike: it does come in that investment unveiled yesterday stirred a lot of questions and marc benioff tried to take on the broader one underlying the whole ai market. is there overinvestment? is there too much exuberance. he pushed back with an emphatic no and pointed to his own company in its efforts also those of microsoft in terms of using and deploying this agent

driven product that helps you make decisions and get things done more quickly and he even cited in sample of how the davos app work very differently than it does today. caroline: caroline: and microsoft and salesforce have a big competitive argument, each wanting to make sure their agents are seen as more specifically usable. we have the copilot being rebranded as a chat so many know to use it and then we have salesforce on the other side of the break and. all of this speaks to stargate, the big unveiled that is not that new. many would say a lot of the investment had already been articulated. it was but a few weeks ago he said he would commit $100 million worth. mike: there is also a question about where softbank will get this money. they do not have nearly as much of that capital in their books. they will have to go out to

investors and solicit some of that. the signals we are getting from marc benioff and from others and from president trump himself is there is continued momentum and that should help bring new capital into the conversation to help fuel what could go into stargate. caroline: this announcement that came yesterday alongside blowout numbers from netflix has helped the nasdaq power higher. big points contributors from netflix but also nvidia, which will be a technology provider to stargate ai infrastructure spend. big offering on the table for the chips needed to be invested in blackwell's future. we are also seeing key contributors from microsoft seen as a technology partner. oracle is a standout performer,

more than 7% as analysts get their head around how integral oracle will be as the cloud provider of the future. i remember the tiktok argument, also ongoing. let's go out to davos. bloomberg editor-in-chief john micklethwait is sitting down with the argentine and president hobby air -- javier milei. john: let's begin with the big news of the week. you are perhaps the only world leader here at the moment who was in debt host but also went to the inauguration in washington. americo is celebrating. should the world celebrate president trump? president milei: definitely the world should celebrate the arrival of president trump.

his speech was clear and decisive. that golden era he proposes for the united states will shine a light for the whole world as it will spell the end of the woke ideology that is doing so much damage to the world. john: you have always been a free trader. you are a great fan of margaret thatcher and milton friedman. president trump is coming and he is bringing tariffs and protectionism. i wonder how could a disciple of milton friedman and margaret thatcher like that kind of economics? president milei: first of all i am in no position to give an opinion on another countries trade policy. i think it would be irresponsible and disrespectful towards any country. on the other hand i think that

unlike other leaders trump understands very well geopolitics and uses the u.s. trade geopolitics as part of the broader geopolitics. it is not that he is protectionist. rather he knows what the role of the u.s. in the world is and therefore his trade policy is a part of his geopolitical strategy. it is a geopolitical tool. that is the point. if you fail to understand the playing field that trump is playing on it will be hard to understand his vision but certainly the guidelines he is putting forward will bring a much better world, no doubt. john: did you discuss a free-trade agreement with

argentina with president trump or his advisors? pres. milei: we are working very hard on the possibility of entering into a free-trade agreement and in fact i recently took over as pro tempore president i've pointed out that we should move forward on three fronts, one related to the fight against terrorism, drug trafficking, and that is also easy to move forward on, bringing down the external tariff, but also being able to make progress independently. each of our country should have independence to work on trade agreements because clearly argentina has decided to become integrated into the rest of the world. it wants to go back to its golden era in history when it

was an important world player. for that we need to move forward on free-trade agreements. it to open up the global economy. while we work with the u.s. government to move towards a free-trade agreement, we also work indoors so that it will not be an obstacle to move towards free-trade. working very hard on that. john: would you leave very quickly to do a free-trade agreement with america? pres. milei: if the extreme condition where that, yes. however, there are mechanisms that can be used. we think it can be done without

necessarily having to leave as such. often when comments are made to the automotive industry -- the automotive industry has an agreement outside. that is a false argument. we are exploring ways for argentina to be able to open up to international trade because the division of labor brings prosperity. adam smith said so 250 years later that holds true. adam smith is right. john: i am always pro adam smith. we came and saw you in april last year. you have done very well. when i arrived last year argentina's inflation was more than 10% a month, now you have

brought it down below 3%. sovereign bonds word 50 cent and now they are trading at $.70. the economy is no longer in recession. you have done a lot by any measure. there are more challenges ahead. and a big one is capital controls. i know you will not lift them but can you tell me when you will do that? pres. milei: if you will allow me a little correction on the figures. first, inflation is now even below 3% and we have a scheme which includes a 2.5% limit and since for three months we have

been in line we decide to bring it down to 1%. reduced inflation and argentina now, consumer inflation will go from 2.5%, our aim now being 1.5%. the inflation that matters is wholesale inflation. that is what counts because it is not contaminated by tariff effects and it is the one utility rate in effect. when we took office it was 54%, which was 17,000% annualized, the latest inflation data -- on the wholesale front for several months we have had deflation in dollars. guarding economic activity the third quarter which is the one which we have the latest gdp data the figure was 3.9%. if you any allies that argentina

has expanded -- if you annualize that argentina has expanded at 17% annually and if you take the flow of the economy in april when it bottomed out we could be talking about 10% or 11% expansion annually. this is very important. we have just done away with all economic theory. generally it is said that during a recession you need to pursue expansionary fiscal and monetary policies. however, in our case amidst the recession and we had the components of the worst crisis in argentina's history, we had monetary imbalances similar to those in the -- we also had a central bank worse than the 1989

hyper inflation. we had social indicators that were even worse than those just before the convertibility program and when you look at other cases which these large-scale adjustments need to be made, our fiscal adjustment was 15% of gdp. 10% and 5% central-bank and treasury. if you look at other experiences , normally gdp tends to fall about 15%. the way the figures stand it should be closing with 2%, but the interesting thing is that the statistical premise of 2.8% so the economy is better off than what we have received. so much so when you look at the d.c.'s allies series for the --

for the series for the monthly economic indicator in november it is already above the level when we took office. why? the interesting thing is we made the largest fiscal adjustment in history and during recession we lowered inflation from 54% to .8% and in dollar terms we have deflation. at the same time the economy has expanded. we inherited monthly poverty of 57% and now it will be 36%. we brought it down by 21%. this means we have lifted 10 million. john: i think everyone agrees you done a great job and now you've said it even greater length that you have done a great job. there was a question. you said in december you will eliminate capital controls sometime this year. can you be more specific? will it be the first half of

this year or the second half? pres. milei: we are committed to lifting the currency controls and capital controls. we are committed to that because we believe the controls on the part of the public sector. past governments abuse the money printing and generating inflation and people wanted to switch portfolios to protect themselves and the controls were introduced in order to artificially create order. this increased and expanded the base of the inflationary tax which was treating people -- which was cheating people out of the money. these controls not only restrain freedom but go against property rights and as a libertarian i

respect the right to life and property and of course i will do away with it. i am a libertarian liberal, i am not just a silly liberal. i am not going to deviate from that. we have found that we need to define the conditions to remove the controls. one of them is inflation should can verge -- should converge. now we are moving on to 1%. what would happen after three months if the figures of inflation is 1.5%. this means it would be converging in terms of inflation. another thing we have set as a condition is the observed monetary base should coincide

with the broad-based. we will be sure the money overhang generated will go away and when we open up and lift to the controls there will be no run. the third point has to do with the possibility of getting finance. why is financing important? because this brings forward the end of the currency. we will be doing away with the controls at a point when we again rebuild the stocks balance. the difference is if we secure the financing the exit will be faster. this is also very important. any kind of agreement we may enter into with the imf, with investment funds or with investment funds means funds

coming into the treasury's coffers that will be used, not to finance the treasury because the treasury is in a fiscal balance position. it'll be used to repurchase debt as far as the central bank is concerned, which is the treasury's largest creditor. the total debt does not increase. it is the composition of it that changes. you rebuilt the central bank balance sheets and the more sovereign the central bank is the balance price level that if you take the current price level and the long term the slope gives you inflation. what you will do if we secure the financing it showed this is a lot faster.

we will end the controls no matter what. the more financing we get the sooner. >> it depends on the imf. at this moment you are negotiating with the imf. at the movement argentina has a $44 billion program. are you trying to get an increase on that or would you be happy with just rolling over the $44 billion? pres. milei: part of it has to do with the structure of payments -- john: to push them further out? pres. milei: and another part has to deal with getting fresh funds to rebuild the central bank accounts, the stocks and thereby accelerate the lifting of the currency controls. that is not being discussed. it is definitely going to happen

but i cannot consider lifting controls if i do not know how much money we are talking about. it is not just about how much but about how. what i need to do is match the flows of funds so the key is about that. this whole negotiation makes it clear that we are going to lift the controls, but the exit will depend in terms of the speed on the amount of the operation and on how the operation is structured. in other words it is not the same if i get all of the money cash as opposed to installments. what i need to match is the flow of funds. john: would you like more than $44 billion? pres. milei: of course. yes. but what matters here and what is important is that the new

fresh funds will not increase argentina's total debt. they will be used to pay off the debt that is held by the central bank. the national treasuries largest credit is the central bank. argentines were cheated by liquid bonds in the central bank and took away the reserve. what we are trying to do is rebuild the assets of the central bank so as to free up the stocks and pay off the dividend. one more thing. we have made great progress towards lifting the controls. we came into office over 10% of imports were being paid out now 100 being paid out. there has been enormous

improvement and there is still some fine details to finalize. john: another big investor is china. historically you are not a fan of china, i think it can be fair to say. the chinese government has lent argentina's central bank more than $18 billion. plenty of chinese investment in argentina. you said you were going to go to beijing this month. is that still going to happen? pres. milei: we have had very fruitful meetings with the chinese embassy and with xi jinping. a meeting which we had in brazil during the g20 summit. and we consider that our economies are complementary and there is a lot for us to do together as great trade partners. the flipside has to do with

commercial situations. the idea is to deepen the trade relationship. in fact we intend to pay a visit to china. john: you are a bit like president trump, do you appreciate china more now that you are in office? pres. milei: sometimes you also need to learn. [applause] don't you learn something new every day? john: we always try. one particular thing. will you go back to the international bond? pres. milei: if i ferro to learn i will -- if i fail to learn i will harm the argentines so i of pressure to learn fast. john: what about going back to the international bond markets? what you hope to do that? to raise money by yourself or the imf, when you think you would? pres. milei: if you take a look

when we won the election risk was about 3000 basis points. when we took office the market was starting to believe because country risk had gone down to 1900. recently it had pierced the 600 basis points, now it has bounced back. august lee profit-taking is only natural. there should be no cause for concern. we have a zero deficit role on the financial land. if you have zero deficit you do not take on new debt. the debt to gdp ratio is decreasing. moreover this is the first government during our most recent democratic period, the first government that has brought the debt down $30 billion in this past year. argentina has a position of solvency that is very powerful

and this is about zero deficit. the impact this has on country risk and the interest rate makes argentina find a trend to growth flow of 4.5%, which means that in 50 years argentina will have the same per capita gdp as the united states. we should also consider the adjustment was made by bringing down public spending, not increasing taxes. we gave people about 15 percentage points of gdp. not just that. we have taken the largest form in the history of argentina which was eight times larger in scale and that under the last president through an emergency

decree and a comprehensive reform package. every day our genius deregulation minister does away with regulations. about four every day. we are on the way to becoming the freest country in the world. john: your friend elon musk is trying to do the same thing in america. pres. milei: i did not fully answer the previous question. what you asked is very important. this means the debt to gdp ratio comes down a lot. when we finally free the currency controls, the risk rating agencies will greatly improve our ratings and will be able to go out to market very easily. it is not that we need debt in order to cover deficit. we will just be rolling over

debt and a decreasing debt to gdp context. that will happen easily and that is why it is so important for us to go into 2026 without controversy. john: you are famous for taking this chainsaw to argentine government. in america you have elon musk who is trying to do the same thing. what do you advise him? pres. milei: let me make another point. the owner of the chainsaw is another one of my brilliant ministers. he is the one undertook the cuts and this is very important. john: maybe you can lend him to president trump. pres. milei: i need him in argentina because i want to continue to bring down spending and continue to lower taxes.

what i mean is this. this is important. i would also like to praise the great job done by the brilliant minister about making the treasury adjustment to 5% of gdp in a way that was not painful for the people and we need to do it quickly. we started to bounce back from a low rating. if we did not do the job in the central bank we could've had hyperinflation and that is also thanks to the work of the head of the central bank and also our finance secretary. these things are very important. i'm sorry i'm taking away some of your time going to these detailed answers but they are very important. clearly what you say is actually happening because the imf has

invited our deregulation minister for him to share the experience of what we are doing in argentina. i will now make a point which is not minor. this is important. we look at the history of economic growth the last 250 years wonderful growth thanks to which humans live and are better off than emperors at any time in the past due to the emergence of economic growth. the flipside of which is increasing returns. which an economic and neoclassical theory are at loggerheads with the competitive model which cannot generate growth.

what is the problem. increasing returns involve monopolies or concentrated truck -- concentrated structures. when you look at a business i want to make it look like some competitive company, what you're doing through regulations is to kill growth. this is something that kristalina georgieva mentioned. she says we see productivity is falling because of the situation regarding regulations. this is what frederico and elon musk is now doing in the united states. john: in europe we have all of these people who are sitting there in of barely shrunk government at all. do you regard them as wimps,

people who have not taken on government the way you have? pres. milei: next to me they are all wimps, right. john: a familiar modesty. [laughter] pres. milei: there is an issue regarding the compatibility. i am an outsider and i believe in this kind of adjustment. most of the politicians in europe and the world, the ones that only occupy that chair make a point of creating an environment to be better off themselves, not for people to be well-off and this is why there are so may regulations and this is why europe is the part of the world growing the least. we need to give power back to the people, we need to break the

fetters that is through regulations or taxes. all regulations are absurd. for as long as politicians are not willing to surrender the privilege they will continue to kill growth. i take the presidency as a job. i have a job description which is to lower inflation, reduce poverty, and insecurity, make the economy grow. john: you have midterm elections coming up where all of the things you said will be on display. your current approval ratings are quite high. as you know all of the things you have talked about there is also pain for people in argentina, a cut as you have done things. what you expect to happen in those midterms. if you do not get backing you

could be in trouble. pres. milei: painful is what argentina has gone through in the past 100 years, having been one of the wealthiest countries it has become a miserable country. i did not create 57% poverty. what i did was acknowledge that i bought up by 21 points. i adjusted the economy expanded so i did not apply a painful recipe. i gave freedom back to the argentines. the average wages went from $300 to 1100 and given that the argentina currency is no longer so depreciated is 100% larger and argentines are way better off. this is why the approval ratings

are around 16%. today we would get 50% of the vote. there is broad consensus around our policies. the problem is not people, the problem is politicians losing out. john: you are a great student of economic reform in other places. people can have this huge push at the beginning people like margaret thatcher, maybe ronald reagan as well and then after a bit the momentum gets into trouble. what keeps you going at the speed you are going at the moment? pres. milei: what you have just asked is very important because we look at politics on three fronts. one is management. we have lowered inflation, the economy is growing, poverty has

come down tremendously and insecurity is a thing of the past. the administration is working. what we have achieved is so important that our brilliant security minister went to the imf to explain how we managed to maintain social order even amidst such a huge adjustment. the other track, and we have the person in charge, that is the political track, we are building our own political structure and that is my sister's responsibility. whereas many have tried to build their own parties and have spent five or 10 years without being able to do so, my sister managed do this in five months, so congratulations, boss. there is yet another element that is crucial, what we call

the culture battle. economic achievements do not suffice nor do political achievements if people fail to understand that the road to prosperity is about embracing the ideas of three to. -- the ideas of freedom? john: how long does that take to change the culture? pres. milei: i wish i knew. what i do know is i need to give it a try and that is what we are actively working on. john: thank you very much for talking to bloomberg. i when you all to thank president milei for joining us today and i would ask you stay seated as he goes out and try not to mob him. caroline: that was bloomberg editor-in-chief john micklethwait in conversation with argentina's president going through some of the key headlines. he is indeed willing to leave the latin american trade pact if

needed for u.s. trade deal. that is certainly not the base case. the argentina economy is expanding. he says the idea to deepen chinese argentina trade ties is there any plans to do a chinese visit and he plans to tap the capital markets right after lifting controls. he is trying to be able to lift those exchange-rate controls and others faster if he does get more funding, particular being pushed on whether he wants more imf funding. you are watching bloomberg technology. s&p 500 at a record high. nasdaq up 1.6%. we have a raft of strong earnings. buenos aries also up by .5%. some of the key movers on a perspective, nvidia on the higher side, oracle on the higher side. netflix had earnings stellar in signals 2025 will be strong.

the news coming out of ai infrastructure, the fact that we saw from softbank, openai come in oracle a deal to be investing or potentially $500 billion. nvidia gets a lift. larry ellison is everywhere. president donald trump said he would be open to oracle chairman larry ellison or indeed elon musk purchasing tiktok. let's bring in bloomberg's alex levine who is trying to dissect the narratives around tiptop because they are not the only bid on the table. we've not even got one from larry ellison and elon musk. alex: the most important thing is bytedance has not made any indication publicly they are interested in selling tiktok's u.s. business. it is possible that could change now that the app has been shut down and now they are the end of their legal road. they have made no indication they want to sell. if they do consider, who are the

potential buyers. we know elon musk and larry ellison are people who would be open to selling to but we also heard yesterday there was a new bid assembled by a tech entrepreneur who is the founder of employer.com and he has assembled a group of investors that includes mr. beast, the highest earning and most followed creator on the internet. it remains to be seen whether any of these go anywhere but i think they are not the first and they will not be the last that we see spring up in the next several weeks or months. caroline: we are trying to understand what a joint venture with u.s. government would look like. general atlantic's bill ford has been speaking and have us and he says negotiations will be kicking off this week. alex: we can expect to see more movement but it is important to remember that everything we have heard thus far, especially from donald trump, has all been very mushy.

the one thing that is clear is political connections at this point will rule the day and trump does not seem interested in talking about data protection or what kind of technical fixes. he wants to strike business gold, he wants a lucrative deal for the united states and he knows he is the one who has the most leverage over it. caroline: alex levine working double time. let's talk about what else president trump has been unveiling at a sweeping program to speed up ai infrastructure is one of them. stargate the initiative will see softbank, openai, and oracle forming a $100 billion joint venture to build up new data centers. i want to talk about more of this. it involves other technical players like nvidia and microsoft. we are joined by the ceo of the ai governance platform credo ai and member of the ai advisory committee formed under the previous administration.

it feels as though the safety is going to one side and it is all out investment in infrastructure , governance does not matter. >> hello from davos. good to see you. we are seeing a slightly different narrative on the ground. we are seeing there is a lot of excitement around artificial intelligence which is powering every industry. here at davos we have leaders from the top companies, we have governments represented. artificial intelligence is the top of the day but more importantly it is trust. i'm not seeing safety and trust conversations moving to the side. caroline: he undid that executive order that you helped advise on previously about ai safety and governance. do think businesses will commit to having credo come in when

they are looking to build out. how new is this investment seeming from softbank, from oracle, and from openai? >> the trump administration has been investing a lot in artificial intelligence just like the previous government invested a lot in ai in the past couple of years. i think we will see the momentum in this space. what form it takes, i would say the next 48 hours to the next six months will tell. there is still a lot of discussion around what does good governance for this very powerful technology look like? as you know, this is such a broad space. artificial intelligence technologies creating markets and markets within markets and guardrails are becoming central to the conversation around trust and risk management. caroline: it certainly remains important to europe.

with your expertise having advised the previous and ministration and potentially working with the next one, do you think this $500 billion is new or is it just being packaged in a new way? apparently all of the infrastructure was already being built in some ways in texas according to larry ellison and we already heard about the $100 billion intentions. >> it might not be a new idea but this is showing further commitment to the technology. is this a good step in the right direction? absolutely. but this means in terms of making sure we are driving growth responsibly -- caroline: have you been asked for advice by the new and ministration? how do you think your role will blossom or not with government? >> we are continuing to serve the new administration as well as i've been on the national ai advisory commission for the past three years and i have committed

to serving the yuan ministration in the coming three years. looking forward to bidding to our nations growth, especially in artificial intelligence. caroline: leave us with what europe thinks about all of this. they do focus in on the governance side. >> as you can imagine the act goes into effect in a couple of weeks, especially with ai and literacy requirements as well as requirements around the prohibited use cases. there's a lot of discussion in dav us around what to say i mean for an enterprise. to build and grow with artificial intelligence and bring all the prosperity everyone is talking about you need to be lectured about these technologies. so what we are seeing on the ground right now is a lot of conversation around ai literacy. caroline: staying warm there. that does it for this edition of bloomberg technology.

a few hours rene haas will join us on stargate. this is bloomberg technology. ♪ alright, enough of that.

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scarlet: welcome to bloomberg etf iq. katie: we have an exciting show. let's get to the biggest stories right now. where than $15 trillion global etf industry. president trump announces the big ai deal helping to push stocks higher. scarlet: in just a moment we speak to cathie wood on her big themes with trump back in office. katie: and we discuss elon musk and his influence on the new administration. all of th