caroline: live from new york i'm caroline hyde. jackie: this is bloomberg technology. caroline: anxiety builds. all ahead of nvidia's numbers tomorrow. tesla sales in europe plummet

45% last month to a two-year low in the region and bitcoin slides below 90,000 as the crypto self picks up steam. identifying the anxiety whether it is around chip curbs into china, technology access to china once again under the focus. that is the longest losing streak. since we seen since the beginning of this year. we're looking at bitcoin under pressure. is it the macro picture, concerns around the hack, isn't dialing into the selling pressure across what is an asset business. we move over to the individual movers because tesla off by 8%. it has lost a third of its market capitalization since december and we are looking once again under pressure on the sale sides. biggest points drag on the nasdaq swiftly followed by nvidia off about 3% ahead of its

numbers tomorrow. once again trump extending to the biden administration, off by 2.8%. this total return off more more than 10% from its highs. we have to dig into the key data which is the chips controls. mike, just an extension of bidens focus here and it is going to be impacting european technology players in the key ones in the u.s.. >> this is a rare moment where you see the trump administration picking up where their predecessors the biden administration left off. it is pressuring governments in japan and the netherlands to get tokyo electronic and asml to stop servicing chipmaking equipment that they have sold in china. this matters because those machines are really finicky.

they are sensitive. think of a formula one racing car needing regular upkeep to continue working at the level and if you cut that off, it undermines what china and china chipmakers are able to do with those machines. jackie: what does this mean for trump approach to chip policy towards china more broadly. are there any other signs we are seeing that might make a difference from the approaches biden took. mike: this really does signal a broader direction of travel from the trump administration. that was one of the big questions as they took office. might actually pull back a little bit on some of these restrictions as trump tries to negotiate something, somebody who tries to think of himself as a dealmaker on everything why not throw chips into the mix. he has also declared that artificial intelligence where the u.s. must maintain dominance

and the way to keep china at bay really is to deny a lot of that technology. we have talked a lot about possible restrictions on nvidia -- china access to nvidia chips after the deepseek breakthrough. we are also looking at another area trump picks up where biden left off just possible measures against chinese chipmakers. that are really critical to the domestic production in that country. finally the trump team is also weighing whether to further tighten those ai diffusion rules. the system the biden folks unveiled just a week before the president left office, this is a signal to the market in china but the trump team really is trying to get tough. companies will have to brace may be for more especially when you consider they are already 10% tariffs on chinese imports with more to come. we may hear from jensen huang on

this. caroline: what about hearing from china? we know they're trying to speed up their independence and chips from huawei. mike: we are seeing alibaba investing and china's offense with rhetoric crying these kinds of measures from the biden administration and now rumblings about the same possibly coming from trump trade we heard when the 10% tariffs on chinese imports were announced, they are also trying to invest heavily in their area. we saw the heads of deepseek and alibaba meet with chinese president xi jinping just a few weeks ago to talk about how to get china tech back not only on the map but be a vanguard of chinese industry. this is after a few years of estrangement. also seeing alibaba investing heavily in this area.

a way to counter what we are seeing from the likes of microsoft and u.s.-based companies trying to really dominate this technology. >> let's get the investment analysis now. senior investment strategist. angelo, we look at the only mag seven company now in the green for this year is matter. were you expecting this going into 20 25? >> one of our themes has been the broadening that's playing out at the sectorial level. and also regional and geographic. many people probably are surprised by the markets resilience a few told the investor six months ago that these names would be lighting the market down the group 5% for the year most people thought the market would be lower which it is not. i think that speaks to the still supportive backdrop we have. jackie: what does this tell us

about how investors are feeling or perhaps some of the reasoning behind it. is this because of the uncertainty trump has injected into tech markets as of late or are more discerning about tech prospects. angelo: the market has had to navigate a lot of news thinking about all of the announcements and uncertainty in the last higher-than-expected cpi print. right now we are navigating growth scare, it's not the first and it will not be the last. but at the same time even in the last three years it has been a pattern we do see some negative seasonality the first quarter of the year. part of that probably related to some -- to the weather. but the broader trend remains where profits are accelerating so they don't have a need for layoffs for perfect margins and

we have a federal reserve that is not looking to go back to tighten anymore. so that remains supportive, probably a soft patch. >> i hate to say this healthy flush out, but many are thinking this is fraud that needs to come out or so-called tourist investors who have not assessed the geopolitical element of these names. nvidia has traded lower than this this year but are we going to see dips? angelo: we have seen some froth, out of the market and we know sentiment is a contrarian indicator. so that sets up well for the second half of the year where for a long-term investor standpoint this can be an opportunity to employ capital, diversify portfolios, broadening theme has legs to it. they're worried about tariffs

and we have domestic companies and sectors that can benefit from the proper voices, that are likely coming down the road. we got the cake first with tax cuts so we have to navigate through this path in the year. caroline: the minute basically trump was announced as the winner and elon's relationship, what how focused on individual names you have to get and actually read through what are fundamental changes and the views on certain companies like european sales that has let. >> certainly the concentration is easy for investors, but at the same time we know at 493 earnings are accelerating, so there is a lot more beyond the seven names. there become less important than they were in the past there's going to be a key for investors

to pay attention to. >> senior investment strategist at edward jones, thank you for joining us. tesla's market cap falls below $1 trillion following reports of a sales slowdown across europe. this is bloomberg. ♪ only servicenow conneccorner o, 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?

jackie: let's get a look at tesla, shares are down after sales plummeted nearly 50 percent across europe at the start of 2025. that tesla market cap drop below $1 trillion. craig trudell joins us for more.

what's behind this disconnect because the u.k. ev sales grew by 40%. you are seeing tesla registrations fall. craig: they grew in the u.k. and more broadly. i think there's a couple of things going on there's a lot of questions about how much of this is a backlash against elon musk and how much of it is some things going on specific to tesla and i think it is probably a mix of both. i think we will be able to untangle that a bit more as the year goes on but we know early this year the company is changing over its factories as part of a redesign. that is definitely coming into play here. i think the fact he inserted himself in politics in germany and the u.k. so emphatically last month really raises a lot of questions. caroline: has there been much data drawn from whether this is a consumer reaction to elon musk's behavior?

one month does not an entire trend make. craig: it is very fair. we don't have the equivalent of exit polls at dealerships or people tell us i bought this renault or volkswagen because i didn't like elon musk. we do know some polls were taken at some of the biggest ev markets in europe in january and they did not look good for elon musk. so for him to be increasingly unpopular in these places and for him to take these stances that are unpopular whether it is kind of taking these -- supporting far-right parties or taking this hard stance against ukraine, these sorts of things potentially put the tesla brand at risk more so than even in the u.s.. jackie: who is gaining from this?

what tesla rivals are benefiting from this lag? craig: it's kind of diffused in terms of who is benefiting. it's pretty consistent other manufacturers are seeing increases in the ev sales and that's probably no coincidence. we know in europe in 2025 everyone will have to meet a tougher co2 regulations. everyone has to put the pedal to the metal and sell more electric vehicles that means more competition for tesla this year in europe and that is also likely coming into play going to be a sort of lasting thing that has low have to face. >> it's a great story, thank you. elon musk's spacex is seeking to deploy satellites to upgrade the i.t. networks that support the federal aviation administration that's here in the u.s.. according to sources who say the latest effort raises questions about conflicts of interest for his business empire.

allison is here with us for more. what exactly is the faa going to do with this -- with these terminals? allison: we know they are certain to test them out in atlantic city which is the air traffic control lab where they do a lot of r&d. they are testing them out in alaska and the faa statement that came out last night confirming this reporting essentially saying we are looking to fix munication connections in the areas and provide more information which has been a problem in places like alaska. at this point we are still waiting to see how expansive starlink might get braden we know from talking to our sources that elon musk has a 4000 terminals in total to the faa. it seems like more is to come. jackie: what does this mean for verizon who has an existing contract with the agency? allyson: verizon has this

existing to provide telecommute occasion services and it is dueling statements last night elon musk said on social media that the verizon system is not working, verizon said the enhancements it is doing are critical to air safety, so we are still waiting to see exactly what happens with the verizon contract, that is something we are continuing to talk to people about in the folks said they were not sure where that would go. caroline: a statement he put out earlier, in reaction to your reporting. the next steps about conflict of interest, i'm sure that something everyone's considering. allyson: it is certainly something lawmakers on capitol hill are considering. we already saw when the transportation secretary announced spacex would be

involved in modernizing the u.s. aviation systems and their control, you saw lawmakers like the top democrat on the senate commerce committee saying elon musk has a company is regulated by the faa and he has penalties proposed against him from that same agency. then you have others like senator tammy duckworth who have questioned can we afford to move this quickly like elon musk likes to do with some of his companies because this is something you really do not want to break. jackie: thank you so much for joining us. elon musk is doubling down and said viral workers will be given a second opportunity to respond to a government wide email detailing what they did last week. threatened to fire any employee who does not meet his demands. the federal agency said -- that sent that email said it is up to agency leadership, not elon musk what happens to those receiving the message. caroline: supermicro we are

keeping and i on the stock as it's a crucial day for the ai server maker. the company's deadline to file we are already off 12% on the day. this is bloomberg technology. ♪ carin's heading into retirement. [screams] with a lifetime of savings. but that's not the only thing she's taking into retirement. hi! ♪♪ hi. every advisor knows retirement isn't a lump sum, it's the sum of their clients' life's work. ♪♪ now what? you protect their life's work with protected growth and income strategies from prudential. who's your rock? ♪♪

caroline: bitcoin tumbling to the lowest level since november 10. worst day since august as we stand. the trump victory rally reversing under the pressure of industry setbacks. let's bring in emily nicole. is it macro, idiosyncratic, do we worry about -- for example. emily: it's a mix of everything. with crypto you can never rule out the macro impact. it does move in tandem with

traditional elements. the pain we are seeing in stocks that is also spilling into crypto. with the market having overcome $1.5 billion hack on friday you cannot ignore that either. bitcoins really suffering because of that. jackie: what catalyst are we waiting for? what are crypto markets waiting for. is it going to be another trump mean coin? emily: a few things might be on the horizon. one of the smaller tokens people pay attention to we have a big unlocked coming next month that could hit the market. so that is something that might weigh on premises. with trump every day there was something new coming out of washington there could be signs of things coming on the possible u.s. strategic reserve last summer, to be things coming in

in terms of bills, none of it is really big enough that it could push it really back above that $100,000 mark. caroline: we just saw eth that was more a focus of that hack. you see issues globally, javier millet in argentina getting involved in the mean coin -- meme coin fiasco. how are you seeing people pull away from the sordid sides of crypto more broadly. emily: crypto is an asset class that really does run that gamut. you have bitcoin being considered firmly a bit of an institutional bet, it is definitely one that is ingratiated itself there on wall street but if we look at something like salon, the last look for that has been pump and dump schemes, assets like the

ones that can go to 4 billion and then down to almost nothing in the same day. there is definitely a wait and see at the minute as to how these tokens really go forward whether or not institutions work favorably on coins in the future. it depends on how the regular landscape pans out. jackie: nicole, thank you for joining us. supermicro set to submit outstanding financial reports remain list on the nasdaq. the stock is hinging on the company's ability to trade on the exchange. brody, why are they taking this down to the wire. as the company said anything about its plans to meet the deadline? brody: backing up a bit, supermicro has had a rough couple of months. they were able to file some financials in august, their auditor brought them some pretty colorful language.

but they picked up and said we are going to be able to get it in time we believe that will do it. and so the consensus at least until today was they would be able to make it, the stock suggests there is some anxiety creeping in certainly what we don't have any reason to believe their plans have changed and they won't be able to make it? caroline: the ceo sounding pretty confident. where our general fundamental analysis on the company being headed? brody: they are in the ai story. if you look at the revenue you'd think the revenue annually will be up four times where it was a couple years ago. supermicro is on a really good job selling it to customers. chips are expensive, but they

have been a clear beneficiary, they have picked up a lot of investor interest include the retail side and there's a lot of forums and theories on the current situation. so the stock movements we are seeing can make it unpredictable. caroline: a 12% decline is the only were selloff in january. how has the investor based changed? is it predominately institutional? brody: i cannot say the exact split but if i write a story about supermicro i am getting a call from a retail trader. if i write about dell or hp, there is a sizable presence here. they are watched often is the kind of bellwether for nvidia because if supermicro says we will be able to ship more servers in the second half of 25, they understand that as they

have a supply that's better in 2025. these companies are linked. caroline: supermicro coming up, all things antitrust, and those chip focus, this is bloomberg television. ♪ meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

caroline: welcome back to bloomberg technology. we have to check in on these markets. a turbulent day, the nasdaq broadly under pressure as we see consumer sentiment take a hit from a macro perspective also worrying about the magnificent seven in particular. incomplete correction territory here. their total return index under pressure from the peak we saw in december you're questioning valuations in the run into nvidia's numbers, questioning

ultimately the crackdown on chips into china and what that means for local players. we've seen alphabet off by more than 14%. we've seen other key names with meda in the red. 15% from its highs. this is off of worrying about valuation and the curtailment of geopolitics. they are deepening their relationship with the likes of cisco to make the rollout of ai easier more broadly. jackie: that is right. let's dive into the ai race between the u.s. and china following restrictions from the trump administration on-chip sales print spring and jennifer at the cato institute. we've been talking a lot about how the trump administration is going about ai policy, chip policy, but a key component is also the agency that receives it, the federal trade commission. a lot of people expecting a

friendlier fcc towards trade deals. what are you expecting from this administration? jennifer: it is important to remember any of the antitrust cases against the leading tech companies began in the prior trump administration. what we have seen so far particularly in the tech space is it seems like this administration will continue an aggressive approach to antitrust whether it was recent statements from the ftc that they plan to continue the merger guidelines that were passed under chair khan's ftc or questions of competition in content moderation indicating we could again see the trump administration seek to use antitrust enforcement as a way to try and get changes it perceives to content moderation

which could raise a lot of concerns oath for tech companies, for online speech as well as for the overall approach to antitrust in general. jackie: we have seen some creative deals in the ai space with hyper scalars taking stakes in smaller startups pray do you expect those to come under additional scrutiny in this administration as well? jennifer: the ai space is a very broad ecosystem. one of the reasons mergers are reported is not only to large companies but two small players as well. small players will need a variety of exit strategies particularly in the ai space and when we look at the local nature of this competition. for some small players they may be the next real innovative product that changes our market and may be seeking to ipo and go public. others may be seeking to improve an existing product or operate further down the stack and a merger might make sense. in some cases they might be

great innovators or serial entrepreneurs who don't want to take the time to fully run a company. we need to ensure they have variety of strategies and we don't wrongly demonize mergers just because of beliefs in certain amounts of concentration rather than looking at the actual impact they could have on consumers because in many cases mergers can benefit small players and big players pretty >> we are in this context of u.s. china, there's this competitive race whether it's a strongman or real -- strawman or real. how are we seeing the u.s. able to propel itself forward versus china when we are noticing restrictions on the sales of technology into other countries. jennifer: one of the ways we have heard this discussion is the approach of ai policy.

something that was seen as having a much regulatory approach. you recently saw vice president vance really pushing back against the european approach to ai that he felt would strongly impact american companies and american leadership in ai. at the same time while there seems to be a lot of indications in the ai space that the trump administration plans to take a light touch approach, there have also been some indications we could see regulation particularly issues as it might relate to labor and to the kind of impact that some of these antitrust cases could have on the development of ai technology, particularly some of the larger companies. caroline: are they at the moment getting enough transparency on the future direction of policymaking do you think? jennifer: i think it is still early in the administration. we have certainly seen a lot of statements already made and so

it remains to be seen fully what the trajectory will be when it comes to various issues and particularly ai policy. the biden executive order was revoked but we have not fully seen what the trump administration might plan to replace that with pride on antitrust there seem to be clear signals that it's unlikely to have a significant change to gilly around cases that are already filed. it remains to be seen is some of the questions we start to hear rumblings around competition investigations and perhaps the ai space and given some of the other comments is that an idea where you see antitrust enforcement really directed at the concerns related to content moderation or concerns related to "big tech companies" which could have significant impacts on the future of antitrust policy and on consumers, or will we see something that is much broader the way we saw in the biden administration under lina

khan's ftc. jackie: you spent a lot of time talking about content moderation, where do you see that going in an administration that is decried woke social media and ai models. jennifer: it will be interesting to see how the changes from the prior trump administration and the social media marketplace might impact the positioning we see towards content moderation. elon musk has bought x and made significant changes the content moderation. we've recently seen mark zuckerberg say he is making significant changes to meta and facebook's content moderation policy. and president trump himself now has truth social which has a very different content moderation policy. we see a great amount of competition in content moderation policy space but we did see this request for information from the ftc around tech censorship which could raise concerns and we could see the administration or government via the ftc seeking to intervene

into the speech rights of americans and of the rights of private owners to the content they host. caroline: we had victoria yesterday really talking about how important the states art regulating ai. is there a disconnect there? jennifer: there certainly has been a lot of state-level activity around ai, hundreds of bills have been introduced or considered at the state level and this is something to certainly watch because the state ai patchwork could impact the overall development of this industry particularly looking at bills like we saw last term in california or colorado that could really impact the development side as well as any potential employment. this is important not only for large players who may be operating across state lines but will certainly impact small players in their ability to launch their products in various states. caroline: great to have you.

let's talk about ai more because deepseek has reopened access to its core program interface. they stopped allowing customers due to capacity shortages. deepseek's ai trajectory stunned silicon valley when it was revealed last month. jackie: anthropic nearing a deal to raise $3.5 billion at a $61 billion valuation as they release new artificial intelligence to allow the level of complexity to the answer they want. seth, let's talk about this first, who participated in the deal and how does it stack up to other players in recent months? seth: it's a smaller amount we are seeing from openai go after. this one is 3.5 billion, still

large by any other standard intech history but -- capital seems to be leading the way here as they are interested in doing a funding round. interesting to me is the abu dhabi fund, m gx is sprinkling across ai. caroline: when it comes to getting in on these names, many are worried about the commoditization of these large language models more broadly but it is interesting that here trying for example to turn off and on the reasoning? seth: it is a novel approach. there really aren't any of these reasoning models. the reality is for the average consumer you can always be in some advanced reasoning to answer your question. maybe you don't need the computer system to take a long

time to show every chain of thought along the way. however some are trying to use it for advanced coding and the like. it gives them a chance to control the experience, perhaps also limit the amounts on all of the queries. jackie: it is widely seen as a gauge for how the markets really navigating agents. this is the next big thing. how is anthropic going about it? seth: they set a program that can click around the web on your behalf but it is being deployed gradually. most people have not seen it fundamentally change their jobs. microsoft, a whole suite of other startups it is early. caroline: great to have you, thanks so much. we will dig in to gaming. just joining us on the landscape

and how it could change that injury. this is bloomberg technology. ♪

caroline: you are looking at a live shot of the principal room. as bitcoin falls, robinhood ceo joins to discuss bloom -- their business. this is bloomberg. jackie: let's get to vc spotlight. china approved 100 domestic videogame titles this month underscoring their support for the gaming industry after an earlier crackdown. the cofounder of convoy joins us now. geopolitical tensions between the u.s. and china play a huge role in big tech but it is also veering its way into the gaming sector. one of china's largest vc's taking some of the largest gains

-- games. fortnite, league of legends. how are you seeing this play out in this gaming sector. >> this is certainly a very tense moment for not only the world geopolitically but certainly within gaming given that so much of the chinese companies have such large ownership stakes into gaming companies around the world. tencent owns riot games which has league of legends, over 100 million monthly active players based out of los angeles. if geopolitical tensions continue you could see things like the tiktok thing play out into the gaming space would lead to invictus development's or forced sale. it has a huge impact on gaming and broadly globally. >> many were shocked to see tencent placed on a watchlist, so how much do you think we could see an unfolding of what

happening with tiktok across that space. >> we are very excited the united states is taking a firm stance on what is against categorically a foreign adversary of the united states. when you see companies come up on that watchlist is a lot of great people who work at tencent and places like riot games that will be subject to whatever happens geopolitically. i think this will impact the space and to your question we will see the gaming industry rally around a solution to keep this going regardless i think there are solutions in the private markets to find potential new market -- homes for these assets. as that plays out that's probably where will land. >> much of this is in the context in terms of ai and china

and who's winning. it's interesting we just saw microsoft really show the future of ai within the gaming context last week. tell us where we land in terms of u.s. use of ai for example. >> there are two ways it's impacting games. it's impacting the cost of treating content by making the content developers more efficient. it is not making them eight times more efficient but we are seeing anything from -- the second way you are seeing this in the public markets that are using ai to improve their ad monetization strategies which has led to huge gains for both stocks. even though just recently they gave back a lot of those gains in the past week. unity just popped because they're using that to improve their own monetization platforms. you are seeing this play out a

lot in gaming. jackie: last year we saw a attract a lot of scrutiny over child safety on its platform, do you think this will continue because it seems like one of the spots it gained bipartisan support. >> the scrutiny around child safety within gaming is going to be a trend. this is something where we actively investigate around this child safety whether it's the data around them whether you can advertise to them or not. this is a huge topic that's affecting worldwide and in the united states. most recently the sec opened up an investigation into roadblocks that is under section seven a

means they don't have to disclose what they are investigating exactly. the ftc went after fortnite and gave them $400 million fine around the misuse of child data. this investigation is not for the ftc it is from the sec, this has to do with reporting requirements. in the fall we as a firm put out a piece talking about how we believe roadblocks may not be aging up exactly as they are reporting. it's not the fact that they are misreporting it's the fact that users are likely misrepresenting how old they are. once saying there over the age of 18 so the data is accurate but the input is inaccurate. this is something challenged back in the fall. jackie: an important issue we will be following. josh chapman, thanks for joining us. caroline: time for talking tech.

quantum machines raise millions in a round following announcements and technology that of explored interest in quantum computing. the total funding is up to 280 million today. the 23 and the ceo has raised her take private offer for the genetic testing company. secured back in from pneumatic capital, they are offering $25.3 a share. according to reports, all tese france is close to finalizing a deal to finalize company's debt. in exchange they will get a noncontrolling equity stake. this is billionaire patrick draghi who retains control. jackie: apple is holding its annual shareholder meeting including the proposal to abolish its corporate d.e.i. measures. this is bloomberg. ♪

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caroline: apple holding its annual meeting of shareholders as we speak including a voter shareholders proposal to a abolish diversity equity and inclusion program. they did indeed vote against the proposal. mark gurman is here. very much a live event and we have the latest indeed that investors have projected the outsider shareholder proposal.

>> so the entire board reelected they ratified the accounting firm, they approved executive pay in 2024 pay with other named officers, rejected an outside proposal on artificial intelligence policies, they rejected an outside proposal to seize its d.e.i. efforts. they rejected an outside proposal on child sex abuse material and rejected another proposal related to charitable giving. it's a clean sweep apple got what it wanted across the board both its internal proposals and external proposals from shareholders. the ai one and d.e.i. ones are the hottest topics right now. the ai one was related to the open ai with consumer data. some are concerned about the partnership with openai.

apple's response was to reject that given its from their core on device llm's and apple already publishes its privacy policies related to that so it is sort of a moot issue. d.e.i., rejected but tim put -- as tim cook said, apple may need to make changes in the future but they will still offer employees a collaborative environment. >> what we know about how apple has handled these sorts of d.e.i. issues in the past based on things from, lisa google who had employees who were disputing certain contracts. we seen this similar with apple. >> on a large scale we have not seen dissent at apple related to d.e.i.. apple has a very inclusive culture. you don't get the sense anything will happen at apple related to its d.e.i. efforts unless there is some sort of legal need to do so. >> mark gurman with the latest.

we so appreciated. that doesn't for this additional bloomberg technology. you can find our forecast on the terminal. from new york and san francisco, this is bloomberg technology. ♪

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sonali: live from bloomberg world headquarters are in a sonali basak. tim: and i'm tim stenovec. sonali: recording falling below 87,000 less than one month after topping 100,000 on pace for the worse a lot since august. tim: risk of rna stocks