>> from the heart of where 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, i'm caroline hyde. mike: and i'm mike sheppard in washington. this is "bloomberg technology." caroline: it is all in on a i. up to 65 billion dollars in 2025. a choppy start to chip earnings with semi stocks falling after texas instruments is the latest

to underwhelm. we will be talking to frank mccourt on the future of tiktok in the u.s. and his bid for the social media platform. first we check in on these markets. jar still trading near record highs. the nasdaq is up almost 2% over the course of the week but we draw down a little bit as we see the weight of some chip stocks causing anxiety. look at industrial, automotive and markets that prove week. texas instruments falling on, chet a little bit of an underwhelming earnings report. they are seeing smartphone weakness, but ai still managing to drive forward. broadcom is on the higher side when it comes to the stocks. why is broadcom up? because of our next stop. let's take a look at meta today. mark zuckerberg almost running his next earnings report to say they are committed to spending on ai, data centers, infrastructure, and we are starting to see it up. we are at a record high for meta. that's get out to kurt wagner

for more. this is about capital expenditure. up to a whopping $65 billion. kurt: that is about 50% more than what we saw in 2024, which was a big amount. a lot of people were worried, is made overspending? here they are jumping up even higher. i think you hit it right there, which is this is an ai play. these are gpu's. this is trying to keep pace with openai and microsoft and google and all of these other companies investing so heavily. it has been a huge focus for mark zuckerberg over the last couple of years and clearly will continue to be in 2025. mike: we seen investors express concern about whether there is an over-spend in ai, but they seem to be giving grace to meta. i is that? kurt: this is the most exciting technology meta could be invested in. if you say what would you rather do, have mark zuckerberg put 28 billion dollars into ai or $20

billion into, you know, the metaverse, right? obviously those things are related. a lot of the ai technology will power the metaverse. i think this is the avenue where investors are ok with overspending. even mark zuckerberg told emily chang last summer, a lot of us are going to over-spend, but that is a better outcome than waking up 10 years from now and realizing you missed the boat on this thing. mike: bloomberg's kurt wagner, thank you. it was a big week for chip stocks as president trump announced project stargate, weakness in traditional memory markets is a that euphoria. for more we are joined by peter elstrom of bloomberg. peter, we are seeing that this ai wave is not lifting all boats. if you talk about what happened with texas instruments, for example? and then more broadly? peter: sk is a korean company that doesn't get that much

attention. doesn't get the kind of attention nvidia does, but it is related to them. nvidia makes the ai accelerators and sk hynix makes the memory chips that are paired with those accelerators. it is a pretty good bellwether of what is going on in the ai market. its earnings results by any measure were quite strong. revenue was up by 75%. but it was not enough for investors. the shares actually declined about 3% yesterday. there has been some softness in that market and that is we have had concerns throughout the market, including europe and into the u.s. yesterday. it goes to show how high the expectations are in this market. you would think 65 billion dollars in spending on ai would get you something of a rally in stocks, but that is not what you're seeing so far. caroline: only broadcom managing to counter any love from that. maybe that is more in line with what we are seeing with texas instruments. it underwhelm's on its numbers but it is the in markets of

industrials that may be where we will see tariffs hit from china too. peter: there are different concerns around texas instruments. they play a bit more into the auto market. you could have tariffs impact some of those end markets. it is not clear how that is going to spend. also trump has been talking about rolling back subsidies for ev's, which take a lot of these chips too. there is some softness and more traditional sizes of the chip markets that may be impacting texas instruments and overall raising concerns about whether some of these evaluations have gotten ahead of themselves from ai into some of these other areas. caroline: peter elstrom marrying the tech with the politics. we thank you so much. let's stay on that politics element, because we are about to speak with michelle geithner of the krach institute for tech diplomacy on how ai is really the tug-of-war between china and the u.s.. we see live pictures of president trump, of course

currently traveling to discuss some of the damage that has been caused by natural disasters of late, but we will be listening to his route to north carolina. stick with us. this is "bloomberg technology." ♪

caroline: we need to get out to north carolina right now and we are going to be hearing from president trump, who of course is currently visiting some of the impacted families of the hurricane. let's listen in. pres. trump: and we are going to fix it. and we are going to fix it as fast as you can. it is a lot of damage.

fema has really led us down, let the country down. i don't know if that is biden's fault or whose fault it is, but we are going to do a good job. we are going to assign mr. whatley, who is fantastic, frankly, and the governor, and everybody else that is going to work. we are going to supply the money, supply a lot of the money. maybe have to chip in something. chip in a little something, like 25% or whatever. we are going to get it done as quickly as we can, and we want to take care of the people of north carolina. it is so interesting. everybody is talking about california, and that is a mess, but i said, i'm not going to california until i stop in north carolina. so here we are. we are going to visit the site and work with probably three of the congressman, republican congressman who did fantastic, whose areas have been affected. and with michael whatley, the governor, and whoever else is,

you know, we decide to get involved. probably less fema, because fema has not done the job. and we are looking at the whole concept of fema. likely, i like the concept of when north carolina gets hit the governor takes care of it. when florida gets hit the governor takes care of it meaning, the state takes care of it. to have a group of people come in from an area where they don't know where they are going in order to solve immediately a problem is something that never worked for me. but this is probably one of the best examples of it not working, and there has been some others, like louisiana, etc.. so we are going to be doing something on fema that i think most people agree. i would like to see the states take care of disasters. let the state take care of the tornadoes and hurricanes. [no audio] a lot less expensive. you are going to do it for less than half and you are going to get a lot quicker response.

that seems to be the recommendation, but we will be making that recommendation over the next couple of weeks. we are going to go to the site now and we are going to figure out a plan for, really, demolition and cleaning, because not a lot has been done. and we are very disappointed in the biden administration, but we are going to make up for lost time. and i said i would do that, and this is about the earliest we could possibly be here. and we are honored to be here. this has been a great state. they are great people and they really have been mishandled. but it is all -- this group is going to be great and we are going to get it taken care of. any questions? >> do you expect to ask congress for additional aid for north carolina and california? pres. trump: it will go throughout. rather than going through fema it will go through us. i think this is a great place to start. in all fairness to the governor and everybody else fema was not on the ball, and we are going to turn it all around.

yes? >> a lot of americans think this is symbolic of what your campaign was all about. putting your priorities to americans, even going to california where their policies might be one of the biggest reasons why they have had these problems. you are putting the american people first, your thoughts on that? pres. trump: i like the question. boy, i want more questions like that. that is even a statement. he is a good man, that guy, and he is also a very professional reporter. we are putting america first. we are putting in this case north carolina and california -- we are going to do a good job in california. that is a disaster like -- i don't know if we have ever seen anything like it, frankly. in the history of california i think has anything bigger than that happened in the whole country, ever? it looks like -- i don't want to say what it looks like, but you know what i'm going to say. it looks like something hit it and we will not talk about what hit it, but it is a bad, bad

situation. i guess some government officials, but i have been much more importantly -- and in california, just to refer to it for a second, millions of gallons of water are waiting to be poured down through already the half pipes that are already built. i mean, they have been up for 40 years in about 20 years ago they turned off the water. and it is the water that comes from the pacific northwest. some of it comes out of canada. it comes there and it probably has flowed there for a million years, and they turned it off and they routed it out to the pacific. and in the meantime you don't have water in the hydrants, you don't have water in the sprinkler system. it is the craziest thing i have ever seen. and everyone is trying to figure out, why aren't they trying to get back? they say it is the delta smelt, but i find that hard to believe. you will figure it out. and without doing that you are going to continue to have problems. >> mr. president, what are you prepared to do if opec does not

respond to your call to cut oil prices? pres. trump: we want to see opec cut the price of oil, and that will automatically stop the tragedy that is taking place in ukraine. it is a butchering tragedy. for both sides, by the way. tremendous number of russian soldiers are dead. tremendous number of ukrainian soldiers and a lot of people are dead from the bombing of the cities. right now it is just bullets whacking and hitting man. mostly men, almost in all cases, men. and over million men are killed and they are losing thousands of people a week. it is crazy. it is a crazy war, and it never would have happened if i was president. it would never have happened. this is crazy that it happened. but we want to stop it. one way to stop it quickly is for opec to stop making so much money and to drop the price of oil. because they have it nice and

high. and if you have it high that or is not going to end so easily. so, opec ought to get on the ball and they ought to drop -- [no audio] >> los angeles because of its sanctuary city policy? pres. trump: we want to see two things in los angeles. voter id so people have a chance to vote and i want to see the water released and come down into los angeles and throughout the state. those two things. after that i will be the greatest president california has ever seen. i want the water to come down and come down to los angeles, and also go out to all of the farmland that is barren and dry. no, they have land they say is the equivalent of the land in iowa, which is about as good as there is anywhere on earth. the problem is, it is artificial because they artificially stop the water from going onto the land. so, i want two things. i want voter id for the people

of california. and they all want it. right now you don't have voter id. people want to have voter identification. you want to have proof of citizenship. ideally you have one-day voting, but i just want voter ids to start and i want to water to be released. and they are going to get a lot of help from the u.s. line thank you very much. we will see you at the site. we will see you at the site. >> where they going from? where are they going to. pres. trump: we are getting the bad, hard criminals out. these are murderers. these are people that are as bad as you get, as bad as anybody you have seen. we are taking them out first. thank you. caroline: president trump there speaking as he boards air force one in asheville, north carolina, visiting families affected by hurricane helene. but he spoke more about the

federal emergency management agency, wanting to see them have less involvement in hurricane recovery and more state involvement when it comes to these natural disasters. also speaking about opec, the view on cutting oil prices. he was speaking about some of the immigration policies. indeed, once again criticizing some of the water policies in california. he plans to visit california next regarding those l.a. wildfires. but, mike, we have much more in president trump's policies. mike: we do. he has plans to become an ai superpower. this is touching off a global tech race and we're joined by michelle guida, the ceo of the krach institute for tech diplomacy at purdue to talk us through it. we have seen this week this stargate insurance announced, then meta today talking about this big investment in ai and data centers. those are all private sector initiatives. they going to be enough to keep

up with what rivals, in particular china, or doing with state-driven investment? michelle: thanks for that, mike. i think what we are seeing in the first five days of the second trump administration is that america-first also means innovation first. as you pointed out there is a lot of momentum with private sector companies stepping up their game to invest in the future of the united states, becoming with the president has said will be the world capital of artificial intelligence. of cryptocurrency. that is important, because china wants to hold that title and china is pouring government money, billions and billions of dollars, into building out data centers, building out data centers, building on infrastructure. they are building out eight new massive data hubs. they are proving to new nuclear power plant every year. they have a national initiative called eastern data, western computer. to see private sector companies in the united states all of a sudden really cranking up their

investment in this strategic capability for the united states is good news. mike: you have talked in the past about the importance of democratic allies working together in tech. yet yesterday at davos we heard donald trump talking about tariffs, and differences overregulation with the european union. how does that complicate joint efforts to counter china? michelle: with trusted allies and partners you can be honest, and there are honest conversations going on about what it takes to work together and be effective economically, be effective technologically in order to compete against china. in the innovation first-approach -- innovation-first approach is interesting, because the opposite is a regulatory-first approach. just look at europe. the report mario draghi released months ago outlined how painful it has become for europe. they have to pay $800 billion a year just to catch up in terms of tech competitiveness.

in 20 years they have not created a single company that has gotten greater than a 100 billion dollars market cap. one third of the unicorns are fleeing the eu. the europeans, our friends in the end of pacific, our really important partners, we need to be on the same page in terms of how we power innovation. at the same time we are powering our national security. caroline: it is interesting that the previous administration did put some pretty tough focus on nvidia, for example. how much might that hinder some of the very successful companies in the united states with the ongoing geopolitical tension? michelle: yeah, i think we will see some developments with the new administration on where they're going with controls. that started under the first administration, was carried forward by the biden administration. i think you can tell this administration is very focused

on innovation and national security at the same time. we've got to bolster u.s. and allied innovation and leadership so that we win and our values are represented in technology at the same time we can also protect our national security. as president trump said, america can do the impossible. it is what we do. to balance those things with our allies, i think we are headed on a trajectory to that. caroline: but it takes time. up to $500 billion of investment cannot go into the ground immediately to start getting data centers up and running. it takes years, yet we might see an impact on goods coming from china in months. is that a key issue? is that a national security risk? michelle: this administration has signaled that unleashing american energy, unleashing innovation, declaring an emergency to catalyze and accelerate what we're doing, we

are going to need so much more energy to power these data centers that power ai, openai and goldman sachs had estimated we will need 50 gigawatts of new incremental energy to do that. we are dusting off old nuclear power plant. you are right that has to happen really fast and the great part is we have private sector companies now on board that are going to turbocharge our effort. "bloomberg technology." it is always -- caroline: it is always great to have you on. we thank you. openai is joining a growing number of tech companies betting on ai agents. we are going to talk about what operator is capable of and some of the concerns. this is bloomberg technology. ♪

caroline: let's turn to the latest product out of openai. the startup launching its ai agent. this is regarding operator.

apparently it can book flights, plan grocery orders, even planning grocery purchases for users. we're joined by rachel metz, who am told is wearing lipstick operator already bought for you. rachel: this is correct. i used operator yesterday to do a whole bunch of different rings. one of the things i did -- well, actually it relates to you. you are wearing a nice, neutral shade of lipstick i happened to spot, and i asked operator to pick out a neutral shade for me and purchase it, and it did. then i went to sephora and picked it up on the and i'm wearing it now. mike: investors have been looking for this breakthrough functionality. are we getting any closer with this? rachel: i think it is still tricky to tell but it is clear they are putting time and resources into trying to figure out new ways they can integrate these tools into people's lives. operator is meant to be pretty

general purpose, as you might have noticed from the way they were positioning it. you mentioned grocery orders. i think you might have mentioned planning flights. these are different things the average person can imagine doing themselves they may not like doing. as opposed to some of the other agent-type software out there that is more for things like coding. i feel like we are definitely seeing the idea of this at least being spread as more of a mass-market thing. even though operator is only available to a small number of users who want to pay $200 a month for it as part of a larger service. caroline: almost beta testing as it does tend to do. rachel metz, i like the way you encompass that there is competition as well. we are going to be joined by frank mccourt. we will be discussing the fate of tiktok in the united states, his bid, rivaled bids. this is "bloomberg technology." ♪

♪♪ only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. and ai helps jim solve customer problems before they're problems. oh, so we all work better, together! my work here is done. excuse me, which way back?

the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways.

caroline in washington. caroline: the nasdaq up to present on the week. sk hynek's numbers. bitcoin of 2.8 percent after a flurry of executive orders. key among them yesterday was ai and crypto. maybe we get some kind of overall bitcoin reserve. but took a bit of a hit yesterday back at 106,000.

we have started the earnings season. verizon up 1.2% beating in terms of almost half a million added for new phones via tesla up .25%. they had to put an over the air update, recalling chinese cars. ericsson down 13% on the back of telecom not selling as expected. mike: tiktok is a big issue in washington. frank mccourt's executive chairman of mccourt global and founder of mccourt liberty that made an offer to acquire the social media giant two weeks ago not long before the ban deadline. i want to start with the reprieve president trump signed hours after taking office. how has that complicated efforts by you and other bidders to get

bytedance to come to the table and talk about a sale? frank: it hasn't complicated things from our perspective. we continue to chug along. we are prepared. we are hanging around their hoop, so to speak, waiting for bytedance to make a decision. if it takes more time, so be it. we feel we are in a unique position to buy u.s. tiktok. we are the only ones who put a. in and submitted to the department of justice before the original deadline. we were ready to roll. we continue to be ready. we have more and more conversations. if there is more and more excitement around us. we had a fabulous couple days in davos where there was great excitement around the project. i am optimistic and we have to give bytedance time to sort this out and i believe they will. biting u.s. tiktok without the

chinese technology is the way forward. mike: what have you heard back from bytedance in response to your offer? have they been engaging much? would donald trump be in position to get them to really get discussions going? frank: my hope is president trump can be a dealmaker here and help get this deal done by convincing bytedance to actually sell u.s. tiktok and not shut it down. those are the two choices here. bytedance has been pretty silent. they acknowledged receipt of our offer. i think frankly they are digesting everything. their hope originally was relief from the supreme court that they did not get, as you well know. now they are in a new reality, confronted with a shutdown or a sale. we believe a sale is the best

way forward to keep the lid up and, as i say, without chinese technology why not sell? caroline: who have you been talking to? where is the excitement in davos ? frank: we had a house called future house on the promenade and the promenade was lined with different ai products being marketed. that was the theme of davos this year and our future house had a long line outside. caroline: of people that want to invest with you? are you speaking to mr. beast? he joined another consortium. frank: mr. beast has joined all consortiums. he is interested in keeping all options i have talked to jimmy. others talk to jimmy. you have read reports that he has not aligned with a single

bidder. i think the people really interested in seeing what will happen with the tiktok. as i have said over and over again, this is an opportunity to actually reimagine how the internet works and give people ownership and control of their identity, their data, and their relationships. that is very exciting to people including, by the way, tiktok influencers. caroline: that sets you apart. the fact you are building to a new tech stack basically, decentralized. what does it mean to potentially work with the u.s. government? would you want to have the u.s. government also biting? we need to listen to president trump. one moment. pres. trump: north carolina supported us in record numbers and i am supporting them in record numbers too. they had me set. i wanted to go to los angeles and see what was going on with

california, why they are not releasing the water. millions and millions of gallons of water. they are sending it out to the pacific. one day someone will explain that one. in the meantime they have no water in los angeles where they have the problems. we are going there. i said what about north carolina? you can do that. no i can't. i said, we are stopping in north carolina first and then going to los angeles. we just appreciate the outpouring of love we have had here. laura was, as you know, very instrumental in the campaign. she lived here and is loved and we appreciate it. michael wadley has been incredible, wherever michael is. hello michael. michael watley has been great. your congressmen have been great. we thought we would take a quick look around. i want to say we are very disappointed in fema.

your new governor, it's not his fault. he is brand-new to the whole situation. but we will work together with the governor. we will work together with the senators. we will work a lot with your congressmen, especially the three in the area and michael whatley. i will put michael in charge of making sure everything goes well. franklin graham has been unbelievable. we made a big contribution to franklin and we will continue to do so. i have heard nothing but praise for the job at samaritan's purse has done with franklin. where is franklin? around here someplace. good looking guy. he has always been a good-looking guy. his father was a good-looking guy too, i tell you. we love his father. i knew his father in his latter years. i said, he does not have long to go. he was having a hard time. he lived about three or four years after that.

they say, it was good stock. he had the ultimate good stock. i want to thank you, franklin. you have been fantastic here. everywhere he goes. he is always the first one i see. people do not realize it. how good it is. people go, well, maybe it is the people he has got. you here. the people he has got have done amazing work. i want to thank everybody. we will get over and take a look. we will say a few words. i want us to do some of the people we have. our first lady, we will start with our first lady. she wanted to be here because of north carolina. i said, you can do that, but you have to come to california too. she said, that's ok. we have to fix that up too. have you ever seen anything like that one? who would have thought that could have happened. governor josh stein, thank you

very much. caroline:caroline: president trump in north carolina talking with those affected by hurricane helene. please, go to live go if you have bloomberg terminal. we returned to frank mccourt founder of mccourt global and executive chairman of project liberty that has a bid for tiktok. president trump is thinking about having the u.s. government own a piece of tiktok. frank: we want to work alongside president trump. i think he can be very helpful. ultimately, u.s. tiktok will be in the hands of the private sector. totally disentangled from the chinese technology. i think that's really clear in the legislation. it was made doubly clear on pages five and six of the supreme court decision. congress is looking for complete

disentanglement. that is what puts us in a unique position. we have the tech stack. we have been building at the last five years to move the user base and the data onto. caroline: thank you for your patience. we hope you come back as negotiations continue. let's talk about how this is impacting tiktok users and the brands that use it. the founder and ceo of a marketing platform for multichannel brands. what do they make of the sudden going black? did brands pull away from spending on tiktok? >> january 18, 10:00 p.m., new york time tiktok brand traffic went to 0% and it stayed that way for 15 hours. traffic started to come back january 19 and for about two business days held at 0.5% of traffic. in the last two business days it has risen and now represents

around 15% of the total traffic. i have been coming on the two years. tiktok is typically 35% of the traffic. based on meteor roar rise -- meteoric rise the last two business days we at mikmak believe we will get back to there by monday. mike: what about uncertainty around whether tiktok will continue, whether there will be a purchaser? rachel: the delta is searching -- essentially all of the fortune 1000 brands feeling skittish now with uncertainty about who will be the new parent owner and the overall view now of the supreme court. they don't want to be held liable. typically they are spending hundreds of millions of dollars on that platform. there is a large set now of fortune 1000 brands waiting to see what the outcome will be. caroline: they have to make decisions on where to allocate

now. we are seeing some of your data. who is winning? rachel: these brands are heavily reliant on their marketing budgets. it is how they drive demand, generation, and sales. in the last two weeks we watched spend move out of tiktok as well as meta into alphabets, which is paid search, youtube, dbc -- db 360, and pinterest. the reason why is brands are looking for reach, conversion, and brand safety. alphabet absolutely delivers on reach and conversion and they have made enormous efforts around brand safety since all of the challenges you to pat in 2012. pinterest is a dark horse no one talks about. it is the safest place on the internet and brands are moving dollars there because pinterest can drive conversion as well. the big winners are alphabet and pinterest. the reason we have seen a decline in meta traffic in

january has everything to do with the announcement zuckerberg made two and a half weeks ago when he announced fact checking would be removed from the platform. brands, once again, so skittish. brands care about long-term brand equity, brand safety. whatever a platform becomes political they reallocate platforms where they have more confidence in their brand safety. mike: we were just talking to a prospective bidder for tiktok. what does all of this turn -- churn mean for its value and ultimate purchase price? rachel: i'm skeptical of the divestiture. if it goes to a new u.s. parent owner tiktok is not tiktok without the algorithm. the community is based on the a pp automatically pushing you like-minded people. that is what makes tiktok so magical. if a new u.s. parent owner can't replicate the magic of that

algorithm i know that with significant confidence people will move out of tiktok. we saw that in the last two weeks. it is so easy to build a new community on a new app. read note, blue sky, pinterest? only time will tell. i have trepidation on what will happen. from a brand advertiser standpoint they will go wherever eyeballs and engagement are. brands can move dollars very easily. we have all seen that in january. it is like trading on wall street. media buying, you can move a dollar from one platform to the next in a second. mike: rachel tipograph founder and ceo of mikmak, we thank you. this is bloomberg.

caroline: they live shot of the principal room. check out the "bloomberg technology" podcast on the terminal as well as apple, spotify, and iheart.

this is bloomberg. mike: let's talk about openai, softbank, and oracle and their plans to open the first data center associated with the $100 billion stargate venture bringing in brody ford for more. there has been and a lot of talk about the project heralded at the white house wednesday with president donald trump. it included the prospect of a lot of jobs being created. you have findings which suggest maybe that is not quite so. brody: yes. tuesday trump said 100 south and jobs -- 100,000 american jobs. openai double down on that number and we got our hands on some documents from the government down there saying there is a guarantee of 57 full-time jobs. obviously that is a far cry from the 100,000 range.

of course when you build a data center you will employ thousands of construction folks. those jobs go away at some point. the people needed to keep things running, that is a much smaller number. this is just one project of what will likely be many. but, it certainly throws a bit of water on the idea that data center infrastructure is a massive, long-term job creator for the country. caroline: 57 is so stark, brody. we wonder what the $65 billion from metta will mean. oracle is potentially being thrown out as a bidder for tiktok but it is an infrastructure provider to tiktok. i am wondering what you are hearing about supporting tiktok when it comes to oracle v's and alphabet? brody: from says it is cool to keep working with tiktok.

i go on my phone as an android user and i can't download it. same with apple. oracle says you pay us a lot to keep running your servers. we will keep doing it. we have exclusive details of that going back to 21, 2022 tiktok was one of the most important early customers for the oracle cloud. it's close to their heart when it relates to them becoming a major infrastructure provider. they had code names for tiktok internally because it was so top-secret. it's a big business line. they don't want to turn it off unless they really have to. mike: it is --caroline: shares of searching today with preliminary fourth-quarter revenue growth topping assessments and announcing at its investment day it rose.

data bricks says it has raised more than $15 billion in funding from meta and countries like singapore and qatar. and a shares of american express trading just off record highs today. the credit card company reporting fourth-quarter expenses at somewhat higher than expected even as profits increased 12% with higher than expected spending during the holidays. the ceo is still committed to technology spending. he says the business is becoming more digital and automated. we continue to invest in tech in a big way. coming up, how youtubers propelled donald trump to a second presidency. more on that story next. this is bloomberg technloy.

the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways.

caroline: breaking news on apple . a key executive kim vorrath is moving to whip ai and siri into shape. she has been moved to the ai and machine learning division. a top deputy to the ai chief. all of this, as we understand that people are bolstering the

ai vision of apple that many people feel have been behind its technology peers. let's talk about a peer come out of it. let's talk about you too. we want to dive into the role played by some key youtubers. in particular podcast makers that we understand potentially helped to propel the secondary administration of trump. davy albert has done a beautiful deep dive for our big take on all of this. talk to you us about why you were first interested in the likes of joe rogan and the role they played on youtube. davey: we recognized the power centers in media and technology were really shifting. i think that seeing joe rogan at the inauguration, actually in the capitol rotunda over the past weekend is really symbolic of the shifting media landscape. we wanted to understand what

kind of power he had and the messages he and a cohort of other podcasters that are wildly popular on youtube, what they put out. we started to listen to these podcasts. we ended up analyzing almost 1300 hrs of footage. caroline: 2000 youtube videos over the last two years. how similar has the messaging been? davey: extremely similar. there are overlapping talking points. as way the podcasters painted a picture of america was that it is in a desperate place what -- with soaring inflation, migrant streaming across the border. public schools have gone too far with gender policies. it is stunning to see how often these messages are repeated. and the fact that this became more political as the election

neared. caroline: a must read from davey all but. -- alba. agents like secret agents? you know... i once played a secret agent. - oh... - oh i miss that one. i heard you were great. i was great.

sonali: bloomberg real yield starts right now.