>> 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. romaine: live from new york, i'm romaine bostick. jackie: and i'm jackie davolos in washington.

we will dig into the potential impact of the u.s. tariffs on the tech sector, especially kids, as the deadline approaches. and, dominating the 20 25 oscar as well as disney's hulu took a hit, crashing during the ceremony. first, let's get a check on those markets. what are you seeing, romaine bostick? romaine: the nasdaq 100 really indicative of that roller coaster ride. we had an excitation of the continuation of the tech rebound off of this strong rally on friday, but that got kneecap to about 30 minutes into the session. economic data, for the manufacturing in the united state -- for the contracts ring in the manufacturing, inflationary pressures really going head, but then guess what, a little bit of a reprieve, came in around 1030 time here in new york city, headlines from the "wall street journal" saying that the trump administration

does plan to announce further investments in the chip space here in the united states, a $100 billion commitment from tsm, too, i want to come over the next four years. you did see a rebound in tech stocks. the 1% drop we saw in tsm, they were down about 3% earlier. the rest of the semiconductor straddling the line between gains and losses right now, jackie. jackie: let's get more on the tsm deal with bloomberg's mike shepard, who is joining us now could what we know about the potential deal? mike: we were able to confirm what the "wall street journal" announced earlier. 1:30 p.m. with donald trump and the white house, plans for up to $100 billion of investment in the u.s. we know from before hand from our coverage of tsmc and the big push of chips manufacturing here in the u.s., there were already planned by the company, $65

billion in investment, supported by some money by the biden era c.h.i.p.s. act programs, but the idea would be to build some plants in arizona. they already have one that was actually lured, tsmc was lured by trump to arizona back in 2020. that plant is now up and running. seals are exceeding what we typically see from plans like tsmc back home in taiwan. romaine: mike, give us a sense, when we talk about these dollar commitments, and we see a lot of the commitments, what is the follow-through? there was a story on the bloomberg terminal over the last 408i saying intel was having trouble getting some of it to plans -- some of its chip plants up and running. how much progress has tsmc made so far on its previous commitment? mike: the biggest difference between intel and tsmc was

really the customer base. intel was struggling to maintain the scale of the one in ohio come as you mention. tsmc come on the other hand, it is the world's leading maker of artificial intelligence the chips, and the demand for that is insatiable. as we know, they are the leading foundry for nvidia. in nvidia, we just all the earnings last week, jensen huang, the ceo of nvidia, looking ahead to really, you know, the demand that is hard to meet for their products. blackwell and others as, you know, what we are seeing globally going into artificial intelligence really seems to be on a course to continue unabated. and this actually fits in with donald trump's own vision for artificial intelligence. he wants to make sure that the u.s. remains dominant in this area. even by having a foreign flag and owned company like tsmc in the u.s. expanding, that does fit his vision, one year before

the election, i've having companies from a invest in the united states. romaine: alright, mike shepard, our man in d.c. as we await the press conference by donald trump, scheduled for 1:30 p.m. out of washington. the semiconductor index is on the rise, now straddling the ride between gains and losses get no help from nvidia, no help from tsmc, but you see a lot of the other names rally here into that session. lam research, intel among the big gainers. let's bring in fiona, citi's research analyst. i'm wondering about where it will come from the next leg of this chip/ai trade. where does that come from? fiona: we seen a difficult start to 2025. we seen that it reflected in share prices which across the board have struggled since the southern half of the year.

i think we are very much getting to the stage where markets are looking, as you currently pointed out, for the next catalyst, but i also think while bearing in mind that there are several clouds just looming over here, and i think one of those clouds we are waiting for a bit more clarity on is what trump is intending to do as far as export bans are concerned, you know, there are some reports that potentially we could see more export balances for china coming into play come potentially this week. to get a clearer picture of how the trump administration is looking to position itself as far as the chip sector is concerned. i think that could help at least stem concerns that have been weighing on the sector. the other thing is, we also need to get a little bit more clarity i think over the outlook for reduced costs as far as ai is concerned.

we had earnings season, we've earned a lot hit we know that spending is still high. the whole deepseek disruption spread a seed of doubt was i don't think has been removed yet. so i think we just need a little bit more clarification as to what the outlook is as far as being able to reduce spending on ai and spending is concerned. jackie: fiona, to your point about what trump's policies mean for the semiconductor sector, there is some concern that tariffs or other policies could eventually lead to price increases in this space. there has been some debate over how much of an effect that would actually have on companies' ability to offer them at a price that is still appealing to their customers. where do you land on that? is that something you are watching as a credential detractor -- a potential detractor to the space going forward? fiona: that's a good point. we do need to consider tariffs,

still need to consider what that means for pricing and potential inflationary pressures that that might cause in the pricing. obviously there are going to be ceilings and limits that, you know, prices may potentially reach, where customers say it is too high, we need to rein in all of it. that is something we need to watch very carefully. obviously on the back of that, we also know that there is obviously a huge importance, based on tech, ai, chips, so, you know, they very much continue to be the future of, you know, where the world is going. you need to keep that in mind when you think about at what level a company is going to say, "that is too far. that is too high for us right now." while we will be keeping an eye on it, i do not think it is necessarily right now at a point that is causing concern, but it could be in the future, if they find that it has inflation

impacts. romaine: are you comfortable, fiona, when you look at evaluations in the market for some of the names that the market has spit out. are you comfortable with some of the evaluations given what you just said? -- the evaluations given what you just said? fiona: we obviously had a strong run-up, we had a pullback since the start of the year. that pullback has mentioned the market is pricing in those concerns. i do think that we need to have more clarity before we are going to see any further increases in valuations, before we see any strong rally higher. longer term, i bullish on the sector. short-term, there's a potential for there to be more choppiness, and as we wait for those points to be clarified. jackie: that is city index senior analyst fiona cincotta. thank you for joining us. coming up, the countdown to new tariffs. we speak with christine mcdaniel

of the makeda center ahead of the new canada, mexico, and china tariffs, said to take place tomorrow. this is bloomberg. ♪ i earned my degree online at southern new hampshire university. after i graduated, i started a new job. i was finally able to realize my purpose and passion in life. pursuing my degree gave me so many opportunities to grow don't just think about yourself. think about the lives that you can really change. snhu laid the groundwork. i am doing what i've always wanted to do.

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jackie: president trump sweeping tariffs are sent to take effect tomorrow, placing new 25% levies on canada and mexico, and an additional 10% on china. for more on the global tariffs impact, christine mcdaniel's, senior research fellow at the mercatus center, joins us now. talk to us about the scope and scale of these compared to what has been discussed in the past. christine: so, these are much

larger than what had been discussed in the past, and ultimately in terms of the magnitude of the -- not only in terms of the magnitude of the tariffs but also in terms of the trade it will affect. in the u.s. economy is a powerhouse, and the u.s. is at the center of that. it is a big component of a big producer, a big consumer. product going back and forth across the border several times, before he gets to a finished product, just looking at the tech and chip sector alone, this morning, we are talking about $53 billion in tariffs paid. so the u.s. imports from canada about $43 billion worth in tech and chips, and for mexico, it is about $168 billion, so 25% of that come over $50 billion in tariffs.

that will come out of the north american economy, you know, and so whether it is mexico, the u.s., or canada, depending on different market factors, but it is certainly not going to lower prices for u.s. consumers, it's only a matter of how much it will raise prices. and that alone, the entire north american trade relationship, we are looking at $227 billion in tariffs. so, you know, these are not small numbers. romaine: let's break it down into some industry-specific areas. bigger areas like automotive, obviously commodities will be impacted as well. but in the area of technology, are there direct tariffs we should be looking out i could actually impact the technologies products across the border? -- that are crossing the border? christine: yeah. looking at the raw materials coming from canada, the component of production that happens, some in canada, a lot in mexico.

some of the packaging that happens largely in mexico. that will all really hurt the pricing power of u.s. solar, u.s. businesses here, and it will be entered into the profit margins, or they will pass it on to consumers, and/or the canadians and mexicans will take a hit. we are looking at half $1 trillion to $1 trillion of investment announced just in the u.s. recently. so, again, the tariffs, it will be hard to get a good bang for the buck with these tariffs. romaine: yeah. and, of course, a lot of those tariffs kick an overnight come on marge for this deadline, at least for those on canada and mexico. additional tariffs down the road. these are additional reciprocal tariffs, christine, that

president trump has talked about as well could you put on the inside of your you know it will goes inside the department of commerce. you know what goes inside the idc. are those recommendations for debate, more importantly, for negotiations still there, or is this pretty much a negotiating process that begins and ends with trump himself? christine: yeah. this is a very different ustr, commerce experience, you know, than what was under a george w. bush administration. there is, of course, interagency analysis and meetings that happen, but in terms of, you know, to what extent that analysis really feeds into and can affect the president's decision making is something else. i remember in the bush administration, we had, you know, and number of interagency meetings, where we were always asked, what would be the

national economic effect? is this in the national economic interest? the white house was always interested, very seriously interested. and that would often come into be a pretty big part of their decision-making. you don't necessarily see that with this current administration, but it is still early days. there are still several hours of the day left. [laughter] romaine: yeah. christine: and what commerce secretary lutnik said over the weekend, they feel canada and mexico has made a lot of progress over the border. they are very happy they have the lowest crossing will ever on the border. they are still concerned, a battle continues to come into the country, so maybe it won't be 25%. maybe it will be something less. everyone is under a wait-and-see approach, which apparently they like people to be in that position. romaine: the clock is ticking.

christine mcdaniel, mercatus center, long time for adjustment in washington. the other thing is cryptocurrencies. president trump turned to through social to discuss the crypto reserve, which include lesser-known digital assets like xrp, sol, and solana rowe. i guest covers crypto for us at bloomberg. we should point out some of the crypto stocks like marathon and others are still in the green. how much stock you can we put in that announcement trump made over the weekend about the cryptocurrency reserve, as well as the big crypto summit that is coming up friday at the white house? >> it's a good question, and the key thing to keep in mind as we are lacking details bid we have the social media announcement over the weekend that mentioned these, maybe we could call them lesser-known coins, and later

the president tweeted again to say, you know, they point and either are going to be included as well. i think it is very -- it is not unsurprising to see the initial enthusiasm lead to a rally in prices and a comeback. it is something we've seen in the last couple weeks, last couple of months. you see the short euphoria and then a drawdown following, you know, once things settle down a little bit and people start to look at the announcement but i do think we definitely need to have much more information on the strategic reserve before we can make any solid proclamations. romaine: yeah. jackie: speaking of skepticism, in washington, some republican lawmakers who are assets -- allies of trump have pushed back on the notion of using taxpayer dollars to fund risky assets like crypto. so this idea of a crypto

reserve, what would that look like in practice? i know it is still theoretical, but can you break that down for is a bait? vildana: that's one of the key considerations, i think, and if we think back to early january when the initial announcement of strategic reserve was made from i think the administration had said something like it would be funded with lawful seizures, so, you know, whenever there is an fbi raid for something along this line, because the government does have holdings in such actions. the initial idea was that part of that would be coming from things like that, but we just don't know. and i think some of the skepticism we seen in in the wake of this weekend's announcement is questioning, where with the funding be coming jackie: from? that is -- be coming from? jackie: that is bloomberg's the

dona harwick -- vildana hajric. coming up, firefly makes a successful lunar landing paired what does this mean for the future of the space race? this is bloomberg. ♪ at principal asset management, we harness data-driven insights to help you navigate today's markets for tomorrow's outcomes. ♪♪ and with decades of expertise, we can guide you on a path to stronger retirement portfolios. principal asset management. actively invested.

romaine: shares of companies in the space race on a wild ride today after a private company called firefly aerospace successfully landed its first robotic spacecraft on the moon. over the we can come a partnership with nasa that had taken it on its journey january 15. the spacecraft, carrying 10 tools and experienced by nasa, including a drill. you can see some news, including rocket lab and ast space mobile. this is pretty momentous, only

the second time i believe in history that a commercial spacecraft successfully touched down on the moon. what is some significance over what happened over the weekend, specifically when it came to firefly, lauren? lauren: right, you just explained it right there. this is only the second time a commercial company has landed a vehicle on the lunar surface, but something special about firefly landing, they are hailing it as the first fully successful landing, because even though another did land their land or for the first time last year, that lender did tip over when it reached the surface. it was coming into fast, so it had to end its mission prematurely. with firefly, it looks like they set the landing upright, and they even got really great pictures from the lander as soon as they made it to the surface. so from all we've seen so far, it looks like a pretty successful mission through and through. jackie: loren, how much room is

there for startups operating in the space race to really get in here? because a lot of the news we hear is around spacex. loren: yeah. absolutely, this specific mission was to help fund private and partner companies to develop lunar landers to reach the surface of the moon. the something nasa really wants them a very diverse ecosystem of commercial companies, so they have been partially funding landers to transport instruments and experiments and tools to the lunar surface to help learn more about the moon as part of its ongoing efforts to eventually land humans on the surface of the moon. so this is what nasa wants to they want more companies than just spacex, you know, getting all the headlines, and it looks like while they have had some success, they had big success as well. jackie: that is bloomberg's

loren grush. romaine: talking tech. byd looking to raise as much is $5.2 million -- billion dollars in a placement. the chinese automaker offered 118 million shares at $333 hong kong dollars each from a discount of almost 8.4% to monday's closing price in hong kong. plus, by do planning to raise $1.4 billion with an offering of al-shabaab shares. the deal may price as soon as wednesday and would be the first bond offering for china's leading search engine since 2021. the deal comes before the company must repay a $600 million security that is due april 7. finally, chinese ai startup zhip u has raised $140 million following deepseek's meteor at

rise. enjoyed's joins existing backer alibaba and tencent. -- it joins existing backers alibaba and tencent. jackie: coming up, investors are valuing bytedance at 400 billion dollars. mitchell green will join us to explain. ♪

romaine: welcome back to "bloomberg technology." caroline hyde and ed ludlow are off. i'm roman -- romaine bostick in new york. jackie: and i'm jackie davalos in washington. romaine: big news out of washington, moving partly on the back of economic data, partly on the back of what we talked about on friday, which was that recheck of valuations, big buyers coming in trying to boost tech stocks. that trade fading a little bit here on this monday morning. nvidia leading the charge from a down about 5% here on the day.

when we take a look at the rest of the mag7, a bit of a mixed bag. a lot of people are taking a look at the valuations we've seen over the past few days and weeks, the mag7 as a whole in correction territory. maybe that is a defining moment for some investors, but for others, may best to stay on the sidelines. jackie: alexis ohanian, the cofounder of reddit, could get involved with another social media platforms. he's joining frank mccourt in a bid to buy tiktok's u.s. operations as a strategic advisor, according to reuters. now, they company bytedance is experiencing a reversal of fortunes since the potential ban in the u.s. the company is valued at more than $400 billion. for more on this, mitchell

green, founder and managing partner of lead edge capital joins us now. you are an investor in bytedance. help us understand what this $400 billion investment really means. is this coming from bytedance's other ventures, or is this really a tiktok story? mitchell: thank you so much for having me on. i appreciate it. i think the valuations that people are holding these companies that, and remember, unlike the general public, the people valuing these companies have access to its company financials, and i will not talk about the financials of a private company on tv, however, these fundamentals, you know, of the business are extremely strong, and i think this is actually more of a chinese story supporting the fundamentals than a u.s. tiktok story. in our model, we actually zero

out the u.s. business and make it worth nothing, and we've done that over the last year or so. romaine: that's what i'm curious about here, mitchell, because when i talk about this idea, particularly a lot of the stocks in china come on this idea that there is not just homegrown, in terms of the supply, but the idea that the demand itself would also be homegrown. in your model, do you justify the run-up that we see in some of these names? mitchell: the chinese business is gigantic. keep in mind, the business, a lot of the chinese runoff has come under the last month, six weeks, so variables, the two best stocks have done very well over the last 45 days, so that runoff has $100 billion in

price. jackie: talk to us about where this leads bytedance in the broader companies of company is not trying to lead generative ai, and could 2025 be the year that china really makes a dent compared to some of the ai giants we've seen as a way out of silicon valley? mitchell: i would not bet against china. they are some of the foremost innovators around commerce, that you look at companies like alibaba, tencent, in the gaming space, some of the best innovations around e-commerce have come out of china. in the legalize government policy around with a are trying to do, whether it's chips, semiconductors, i would expect that they are making an experience play in ai.

whether deepseek is that one or it's some other one, i think deepseek does show, though, that there will be a lot of innovation, not only by chinese companies but american companies as well around ai and the software. much more powerful and cheaper. i still believe ai today is massively hyped and will under deliver in the near term, but over the next 10, 20 years, it will massively, like, you know, overdeliver, we think. people always underestimate the near term and overestimate the long term. i joke in 1997, you could build a truck at $50 million, you could build the same website today for $10. if the same thing would've happened with ai, i think we are in the early innings, to see

chinese companies really try to drive to the forefront of that. we will see if american companies are going to as well. jackie: mitchell, obviously here in washington, we see president trump ratchet up tensions with beijing via tariffs. chip exports are also part of the uncertainty there. how will the u.s. potentially recap china's ability to gain ground? tiktok has been an interesting political story as well. how are you thinking about the political risks around the company? you are zeroing it out in your model, but do you think at all that that tiktok story is going to weigh on the bytedance prospects going forward? mitchell: i am not a political strategist. as sure as you are asking me what to do with political strategy, it is probably the opposite of anything that i would say. we, again, value the u.s. commitments at nothing, because there is so much uncertainty.

what i will say is if you were to go back and look at what happened on the weekend that they shut it down, they clearly shut it down, the chinese dead, they were going to be an infringement with a bunch of, you know, service providers, so they needed to shut it down could both sides of the aisle in washington came running to try to keep it open. if you look at it from the outside, both parties in washington want to keep this app around, i don't know, probably for a host of reasons. and so you just have to watch and see what happens. i don't have any, you know, frankly, as a year in washington as a journalist, you probably have more opinions. romaine: yeah. your opinion as an investor matters in this is welcome even if you do not know the ins an

ounce of washington, because i'm curious about the idea, whatever our economic or financial relationship the u.s. and china will have in a formal capacity, and if that is a thing of the past to the point where we have to start looking at chinese businesses in the u.s. is basically being worth nothing, and maybe the flipside of that for u.s. businesses in china, i mean, when you get to the point where you feel comfortable in making that call? mitchell: well, we invested in a chinese company over the last year, we bought bytedance stock. we just need the math to work, given how well the business is doing in china. that being said, i suspect this is all going to get tied up, whether it is tariffs, tiktok, i'm sure this is all on the table, and that, you know, the relevant parties that negotiate, it is all in a bucket. again, all i know is that i can

buy, we only bought bytedance. we did not need to put any value in the u.s. business because of how cheap we were able to buy the overall business related to it. now, what happened six weeks ago would lead me to believe more that some sort of deal will happen. what that deal looks like, your guess is as good as mine. romaine: yeah. mitchell: i suspect if some deal does happen, i think one thing that people don't remember here is that roughly 60% of the company is owned by, you know, nine chinese investors come and 40% is owned by chinese people, so if there is some sort of deal split outcome and that 40% become slightly less, your guess is as good as my. i would expect, is some sort of

deal happens, that large, u.s. strategic's that are investors, so microsofts, amazons, oracles, ultima dollars we are talking about here. romaine: all right, mitchell, we have to leave it there, mitchell green, founder and managing partner of lead edge capital. coming up, a specific focus on ai and that hp deal we learned about last week about them buying ai set up humane. a lot of questions about whether the two companies are a good fit. that coming up next year on "bloomberg technology." ♪

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the company is integrating ai into all of our products, so customers can experience ai at the edge, and humane has key technologies that allows us to accelerate that. romaine: the ceo of hp ink talking about his company's deal to require ai startup humane. for now, it seems more like i.t. troubleshooting, which has some wondering if hp is a good fit for the surviving employees of humane. that is the topic of today's tech in-depth newsletter. dana wollman joins us to talk more about that. this is a curious acquisition. a lot of hype around it. the views were not so much. hp managed to pick this up for, what, 100 million dollars? what exactly are they going to do with it? dana: hp said it wants to

incorporate ai into its products and has cited it is raising from the cost, security benefits, and just general efficiency, so you are going to, i imagine, see ai working in the back on on products that include computers, printers, and there is some precedent on this in the industry. ai is used in other products, to find two things we may consider boring and not glamorous, think tv settings, settings on your tv you may not want to dig into or fiddle with. romaine: yeah. it's impossible. i don't know how jackie feels about that. [laughter] jackie: dana, this is an interesting newsletter, because it highlights former tech talent, and you could bring some new hardware into the ai space that did not work out in a humane context, but talk about how this reveals that's what

this reveals about how hp plans to take on hardware going forward. dana: there's no indication hp wants to build ai's specific hardware the way humane was dreaming of, but there are ways to work it into existing kinds of products. even before this acquisition, humane had pitted toward developing an ai software platform, what i would describe as the equivalent of a smart home platform, except here we are not talking about smart home or consumer products, we are talking about a mix of both consumer and enterprise products. but really the underpinning software powering all of these products. and as romaine hinted at in the intro, it is sort of an odd coupling. hp is known for taking a very conservative approach to its products, and humane, bless them , if anything come of was ambitious and had some delightfully weird ideas. they clearly did not work out, but you cannot call humane

conservative, certainly. jackie: that is bloomberg's dana wollman. thank you for joining us. you can subscribe to bloomberg's tech newsletter for more analysis and scoops. as we get into the potential impacts of tariffs on the tech sector and fintech sector, our guest, citizens financial ceo, bruce, we were just talking about humane, coming out of hp, they are a hardware manufacturer, and right now, a huge question, what impact tariffs are going to have at this exposure could you are at the technology conference in san francisco. what vibe are you getting about potential concerns and uncertainty this leaves for tech? bruce: yeah. i would say there is a lot of optimism broadly emanating from the conference, so we see some great innovation in

companies making great strides, and i would say the tariffs issue is out there, but it is not top of mind. there has been, i think, a big backlog in terms of owners getting capital back to their investors, and so we are all waiting for the ipo calendar to finally break through and that logjam to break. hopefully we will see deals start to pick up as the year goes by, may be led by a couple bit was in the middle of the year. romaine: how confident are you in that, bruce? we came into the year thinking that market conditions would be favorable. obviously a lot has gone on in the last few weeks, that it maybe change that thesis, if you will pay what gives you confidence that by the time we get to the next few months, conditions will be right for that? bruce: yeah. i would say more broadly than just the tech sector, but the rollout of the new trump administration policies is

causing a fair amount of uncertainty, particularly around the tariffs. but there are also some real positives to come, particularly around regulatory policy implementation, around tax and fiscal policy implementation was legislation is passed. i think the uncertainty will start to lift as we go through the year, and then that kind of natural dynamic around needing liquidity and the deal calendar starting to pick up will start to manifest itself as we get to the middle of the year and then continue to pick up through the second half of the year. jackie: bruce, let's talk about one of those potential tailwinds coming out of the regulatory space. the cfpb being guided by elon musk's doge could be a boon for the fintech sector. we heard from a ceo last month that he was optimistic this could lead to some positives for the field. what are you seeing?

how could you see this play out? more startups coming back in, expansion? bruce: i think it is still early days to see exactly what it means. certainly the cfpb was a very strong regulator, and probably more tilted to consumers and focused on kind of controlling what took place in both the banking sector and near banking sector, so i think having a change and new leadership there will naturally be positive for banks and for fintech sector, but it is still early days. i think one of the things that we are focused on is, what happens to the supervisory responsibilities on the consumers that still remains with the agencies can even doubled up between the cfpb and agencies in terms of supervision? that needs to be rationalized. so a lot to play out on that front, but yes, i think fintechs

are kind of looking forward to see how this plays out. romaine: all right, bruce, we've got to leave it there. bruce van saun, citizens financial group ceo and chairman. we come back after the break, we are going to talk about the oscars. we hope you had a chance to see it. some of you maybe didn't. we will talk about how disney's hulu became the biggest austro loser, coming up next on -- austro loser coming up -- oscar loser, coming up next on bloomberg. ♪

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romaine: hollywood just held its annual austro's awards. if you try to tune into the streaming platform hulu, you might have had issues. they experienced technical issues at the start, clashing and locking out customers. this is not the first time we had big events that were put on streaming that, for whatever reason, the streaming service could not handle. were there too many people trying to get on at the same time? >> look, this is the reason that when you're talking about sporting events or life events,

they end up going to broadcasters, because they know they are reliable and will work. there seemed to be a couple of issues with hulu. there was some crashing. the program ended early. sometimes you have things that run long on streaming services, they sort of default to ending. it did not happen to me last night, because i was watching a youtube tv, but i have had it happened to me i think with an event on netflix before. streaming, as silly or basic as it sounds, live events or a new frontier for streaming, and there are going to be kinks to work out for the next few years. remember, this is the first time that hulu had ever shown the oscars. it seems crazy to think that. they should have been doing at the last two years. but disney has had a couple of years to work out the kinks. romaine: what comes next? disney has the contract through 2028. with the idea that, i would assume, whatever new contract is struck is probably going to be much more streaming-focused. is that enough time to work out the kinks? lucas: yeah. i think it is plenty of time to work it out. i mean, you look at, you know,

netflix, even from mike tyson, jake paul, nfl christmas day, not to say they completely figured out what they are doing, but they did not have the same problems. would not have constant problems with this. p cup foods the nfl playoff games did not have huge problems. there may be some issues if there are too many people trying to watch. but, yeah, disney has the rights through 2028. i still think they should keep it, but the academy is definitely ensuring its options in the next few months, and maybe this will make them want to go with a more reliable streaming partner. romaine: for those of us who did watching on a regular platform, it was entertaining. conan had some nice zingers, and a lot of the winners and losers work surprise. i'm upset demi moore did not get her flowers. lucas shaw, who covers all things hollywood for us, joining

us here on bloomberg. this is "bloomberg technology." caroline hyde will be back at some point. i'm assuming also ed ludlow. i'm romaine bostick. our podcast. you can check it out on the terminal, online, at apple, spotify, and i heart. this is bloomberg. ♪

>> welcome to bloomberg etf iq. katie: we finally have the private at launch. the sec is not happy about it more than $15 trillion global etf industry and as we mentioned, that much anticipated private credit etf from state street and apollo already off to a rocky start with the sec voicing concerns,