costs to improve your offerings and what does that mean? the big question is what does the valuation actually look like? what is a fair value? how does it compare to the broader market? how does your company fit into the landscape and how can investors appropriately allocate resources? jackie: that is bloomberg's bailey lipschultz. a series of new ai tools from china sparked frenzied trading, propelling companies to a multiyear high. isabelle lee joins us for more. walk us through some of the new features. >> we have a lot of news overnight in china. although it is worth noting they are paring back the gains, investors are digesting some of the news or taking their profits.

alibaba unveiled their new openai source. tencent unveiled a new open-source model. earlier this week, general ai agent launched. it has boost chinese tech shares to its highest since 2021. alibaba has been on a tear. it gained $153 billion in market value since its january low. the next deepseek to disrupt the global ai industry could come from china. caroline: it is extraordinary that we have lost about 40 percent of market capitalization from marvell and the likes in the united states. when we think about these models, they are showing you can do more with less when it comes to data and compute power. we didn't hear from amazon, microsoft, the hyper scalers, they were pulling back on investment in generative ai. isabelle: you saw those big tech

companies like microsoft and meta doubling down on the ai spend. these chinese tech companies are showing us it can cost a fraction to develop. alibaba investors are warming up to this. in general, the company has stabilized after a years long crackdown. the growing prowess in ai is really helping galvanize a strong comeback. caroline: we thank you. let's just take a check of sentiment across the board. jordan klein joins us. your notes are a must-read. today, you call it survival mode and ai related stocks are just getting hammered, fundamentals don't matter. jordan: that's right, thanks for having me. we are in one of those nasty periods where they don't matter.

they didn't really matter when the stocks were all going up and the momentum crowd was chasing these two new highs. it is a good remember -- reminder. what goes up can come down. i have covered tech for a long time. this does happen when you have these new, exciting growth narratives like ai. it reminds me of the dotcom. i don't think it will end that way. these companies are reporting really good fundamentals and the valuations are way lower than they were 25 years ago. but it is crowded, it is a popular trade. i think that kind of comes back may be later this year in the back half. caroline: there is a lot of anxiety building about the competition in china. i spoke with mike over at the iconic capital.

this is what he had to say about deepseek. >> i think there was both a surprise in how quickly they were able to catch up. but i think there was also, the key takeaway was they can make this technology for cheaper than our models and the wake-up call around the efficiency for spending. caroline: how much does that wake-up call matter to the u.s.-based firms? jordan: i think it did a month ago or two months ago when we were at higher levels and this was much more novel or a surprise. we learn more about what china is doing and how they are training models.

at a much faster pace and less expensive. it is creating the view that the growth and size down the road can be smaller for the hardware companies. one of flipside, it is creating more excitement on software. it is kind of a double-edged sword, but good for some, maybe not as good for others. end of day, i don't see these large cloud hyper scalars slowing or cutting back despite what is happening in china. jackie: that's exactly right which makes me realize so many of these large companies that reported earnings last month mentioned that they were largely unconcerned with this deepseek fear that it would takeaway some of their demand. but all of a sudden you are seeing more of a sensitivity. is that going to persist every time china comes out with the

news about a new ai model? what can kind of overcome some of that sensitivity we are seeing? jordan: i think the answer to that is it is not creating the shock factor with investors in terms of what it could mean. it is evolving and that is the dynamic of ai. there will be news headlines and evolution that will be way faster than we have seen in other new areas of tech in the past and investors are going to have to deal with the volatility associated with that. if you listen to what these companies are saying and a lot of them have been peeking -- speaking at big tech conferences this week, they are all saying we are full steam ahead, we see a lot of opportunity to monetize ai, it is very early days and we can't air on the side of spending less. we would rather err on the side

of spending more. that is the backdrop we are in. we are in a market dynamic that is punishing these companies no matter what they say. i think we get back to a more favorable backdrop. jackie: let's talk about how president trump is starting to ramp up commentary and policies around boosting domestic production and the companies benefiting from that but also seeing some pressure from other parts of the market. do you think his support for the industry could perhaps outweigh some of this anxiety we are seeing every time china comes out with a new advancement? jordan: i think what we are seeing is that president trump and his administration has taken a markedly different approach to ai then the biden administration and i think that is very good

for these companies, he thinks this is critical technology, we have to be very supportive and i think the restrictions are controls against china or adversaries getting access to this is probably the biggest change but i think that was going to happen no matter who was president and calling the shots. my view is he will continue to do whatever he can to support america sustaining a lead and winning in this race. it doesn't mean china and other countries can't catch up. they will continue to spend more of their own money in europe and china because they know they can't rely on the united states. more companies and countries are going to need them. caroline: i go back to your

confidence in the second half but you are saying this is a true crisis of confidence in the here and now. what gets us into the confidence in the second half? jordan: i wish i knew definitively what the catalyst or the event would be. a lot of times you don't even know, but the stocks basically tell you as they start to trade more positively on fundamentals that are constructive and that is just a process. i think it will be when we get more middle of the year and nvidia is seeing an accelerated ramp. first quarter you probably see that as their july earnings. one of the things to remember is the stocks are very sensitive to earnings revisions. lately in the last several reports, it has been modest.

the beats and raises are not as significant as they were. with nvidia midyear aided by blackwell because the demand is there, the production can start to beat and raise by larger amounts. ultimately, that has to happen for these two start to outperform again. jackie: thank you so much for joining us. we are watching shares of pinto duo down by 3/10 of 1%. this is the parent company of tium -- timu. these are strong results attributive to beijing's policy though the shares are clearly reflecting some anxiety about how president trump's tariffs on china could dent e-commerce sales overall. caroline: more tech leaders set to meet with president trump as his administration eyes a repeal

of the chips act. this is bloomberg technology. ♪

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jackie: president trump is set to meet with top tech leaders next week to discuss trade policy and u.s. manufacturing. the ceos of hp, intel, ibm and qualcomm have discussed meeting with the administration monday. kailey leinz joins us now. a lot going on in washington. what is the sentiment these tech ceos are walking into? kailey: there are a number of things they would like to discuss from -- with the

president. trade policy is something they would likely discuss. china is a big supplier share for companies like intel or hp. we have gotten canada tariffs potentially delayed, but reciprocal tariffs could kick in in april. considering the marks -- remarks about appealing the chips act. whether or not that is a serious effort on the part of the industry. i will just note that the reaction we got from congress yesterday does indicate it is not likely a full repeal would

happen. you would run into issues with the filibuster. they are open to reform of that legislation but they don't want to see a pullback entirely. caroline: you would have thought nvidia was the key one in the line of fire. kailey: when you consider elements of economic statecraft, which is export controls. that is another factor for these companies. but also what kind of products they make an technology they can export. he has already met with president trump over the course of this administration as have other tech executives who have similar vulnerabilities. obviously, they are all making the rounds as they tried to get an of the right side of this white house. jackie: caroline? caroline: time for talking tech.

onsemi has made a public unsolicited bid for allegro micros systems. they valued the company at $6.9 billion including debt. they responded a few hours later, and said they found it inadequate. microsoft has withdrawn some of its commitments with coreweave due to missed deadlines. closely watched as a factor because of its initial public offering and payments business firm is looking to raise at least $1 billion in a u.s. ipo and they could file as soon as next week with plans to price in early april. jackie: also coming up, a law in utah looks to shift the focus of protecting kids online to devices rather than websites. nicole lopez will join us to

talk about the impact. this is bloomberg. ♪

caroline: a first of its kind bill that would require app stores to verify users' ages and require parental permission for those under 18. ultimately all the responsibility shifts from the social media platforms over to apple and google. do you have sympathy for apple's argument that they are going to have to take too much data for the amount that they really need? ultimately you don't need aid restrictions on every app, only some of them. nicole: look, apple's messaging last week and their solution is a positive first step, but it really doesn't go positive -- far enough.

the protections only apply with the teens approval, not the parents. parents overwhelmingly tell us that they want to have the final say in terms of verifying their kids age and having consent over any app 13 wants to download. so frankly it isn't the right solution and doesn't go far enough. jackie: what else is meda doing in the event this measure does not go far enough and people find loopholes around it? what can be found to help catch some of this? nicole: meda has invested billions of dollars into just that. we want to create safe experiences and we are not abandoning nor are other apps any of the methods we have in place. we are going to continue to invest in ai and age verification checkpoints. we do know that people will try to bypass the app store solution

. caroline: and app store solution for utah, but there are loads of other states also looking at these sorts of laws. how quickly might that unfold? nicole: it is unclear, but we applaud utah for taking this first step. there is sweeping legislation introduced in over a quarter of the states and it is across party lines. you have alabama and kentucky introducing similar legislation, you have new mexico. you have alaska and other states also doing this. this is really picking up momentum. we hope congress follow suit. caroline: take us there, why not a federal rule rather than the patchwork of state-by-state? nicole: we think the states are listening to parents so we are

excited about this. if the federal government picks it up as well, we think it would be a great solution. we are excited to see what develops. it is unclear at this point how quickly things move. jackie: one thing is clear is that ceo mark zuckerberg seems to have a good relationship with president trump. could that swing some of the momentum for bringing federal legislation in this space a step forward? nicole: that is above my pay grade. i can say this is what parents want. close to 80% of parents want this one-stop shop solution at the app store level. i wear two hats. i'm first and foremost a parent and i parents to tweens who are online quite a bit. the other hat is the tech cat in terms of my job at meda. this solution is common sense.

it makes sense on both sides and parents are overwhelmed. their teens are on an average of 40 apps per week and this legislation really makes it easier on parents and that it is simple, manageable, effective, and it gives parents visibility into what their teens are doing online. we think it makes sense. jackie: thank you so much for joining us. coming up, tensions between canada and trump advisor elon musk are testing the strength of the starlink network. this is bloomberg. ♪

caroline: welcome back to bloomberg technology. i'm caroline hyde in new york. jackie: i'm jackie in washington. caroline: let's check in on the semi conductor index. at one point, every single member of this index was in the red. we've got to dig into the individual movers that push us lower. whether or not it is about trade. we have nvidia off by 2.4%. can they shake off the anxiety? we are still seeing the big hyper scalars pouring money into custom silicon. they have shed 200 billion

dollars in market capitalization alone this year. they actually beat expectation. they say they will have revenue of more than 60% growth. not enough for the investor base as they are still so worried about whether we have seen too much hype in some of these names. jackie: there is anger in canada towards president trump and his advisor elon musk putting on pressure on elon musk's satellite business starlink. bruce einhorn joins us now for more. help us understand the stakes here for starlink. how much of a footprint do they have in canada versus other customers? bruce: starlink has a big market in canada, canada is their largest market outside the united dates -- states. they have about 500,000 subscribers in canada. it is a really big country, lots

of remote areas with no fiber connection for internet for people to use so a lot of people want to use starlink satellites. a bunch of provincial governments have had or have been talking with spacex about deals to have starlink available to provide access in remote and rural areas. some of those are now at risk as canadians are angry about the u.s., the tariffs, and elon musk'role in the trump administration. scaroline: but there is such dependence. you speak to individuals who yes feel deeply angered, but ultimately if they are going to get any access to the internet they have to stick with starlink. [laughter] bruce: that is a big dilemma for some people. you might have some patriotic canadians who might want to support their country in what seems to be a trade war with the u.s. by shunning u.s. products, but shunning starlink is difficult for a lot of people

because what are you going to turn to? starlink is by far the market-leading satellite internet service for low-earth orbit satellites, which is the preferred kind if you want to have really fast internet connections. there just aren't options available for people at the moment. a big canadian company has plans to have a low-earth orbit network in place, but they are still several years off from having that ready. amazon has plans for project hyper which is a starlink alternative. again, they are not ready. there is a european company oneweb based in london and owned by a company based in paris. they have a satellite network available. they don't do retail the way that starlink does. they don't go direct to consumers. there just aren't a whole lot of

options for canadians who want to sever their links with starlink. that said, the one thing to keep in mind is there are governments who have said they are doing things. the other day after the tariffs took effect, premier doug ford of ontario, the country's largest province, said they were tearing up their contract that they had announced last year was starlink to provide internet access to rural and remote areas of the province. caroline: see how consumers follow. more news breaking when it comes to the threat of tariffs. it looks as though mexico gets a reprieve for now on u.s.mca goods coming across truth social, president trump saying he will pause tariffs on mexico for u.s. mca goods until april 2. this isn't just autos. we are thinking about agricultural goods, more manufactured goods, textiles. it depends on the region and origin more broadly. it does mean there is a broader

reprieve for mexican goods as it stands. let's return to the impact this is having on spacex and more broadly. eutelsat has been on a tear as european leaders are looking for a starlink alternative for ukraine. there are strained relationships between washington and kyiv. eutelsat's ceo spoke with bloomberg earlier. take a listen. >> until now, we have been together with starlink but it is clear everybody is asking us can you place a large number of terminals that starlink has across ukraine and that is something we are looking actively at, yes. jackie: interest in backing defense tech and ai startups is high in venture investors. shield ai has closed a $240 million funding round that valued the start up at $5.3 billion.

we should also disclose that one of those investors is bloomberg beta, owned by bloomberg lp which also owns bloomberg news. shield ai's co-founder joins me more to talk about where you're going to put that $240 million to use? brandon: this round was about supercharging our new products. hive mind enterprise is an enterprise software that enables companies, governments to develop, test, evaluate and deploy autonomy across a number of different unmanned systems. at scale. it is a page out of amazon web services playbook. we have done the exact same thing at shield ai, we spent the past 10 years building the world's best ai pilot. we have built incredible development tools, infrastructure, and pipelines. in about a year and a half, we made the decision to commercialize it to bring it to

market so we can enable our customers to deploy millions of ai pilots. caroline: there are a lot of strategic investors interested. you have l3 harris and aerospace, but you are closing another round in a few weeks from more strategic's. why did they want in and who is calling you? brandon: the demand is very high for autonomy worldwide. what you are seeing is a lot of strategic's recognize this demand from the customer base and they don't have the best solution in-house to develop, test, and deploy autonomy. that demand is from the broader marketplace along with the recognition that autonomy is a hard thing to build. we make it faster and easier.

jackie: a lot of the optimism in this sector is you contact the commercial side and government contracts. what does that breakdown look for you guys. brandon: i would be remiss if i didn't mention the jamming communications in the ukrainian war, we are seeing massive demand in the aircraft like this. what hive mind enterprise allows us to do, it allows us to supercharge the industrial base and tap into those commercial markets and it is somewhat comey could make the analogy that it is a little bit like what palantir did they started to pursue the commercial markets, seeing the need from what they had built for the government in

the commercial sector. we see that same need. commercial companies trying to figure out how to develop and deploy autonomy. jackie: you are seeing european countries bolstering defense spending. is that a good thing? brandon: certainly, we are seeing the same messaging and we are having those conversations with our european customers. they very much are acknowledging that their defense budgets are going up, they have to figure out what capabilities, what products they want. there is a recognition they are turning the things that have worked, they don't want to do things with the same things that have been done for 30 years. they are going to smaller more distributive bull systems powered by autonomy. caroline: thank you for joining us. coming up, female founders saw fewer vc deal count and a

declining value in 2024 according to pitch book. we will speak with lareina yee about the gender gap intact. ♪his is bloomberg technology. (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com southern new hampshire university makes it possible for working adults and parents to accomplish their dreams. we are thrilled to be celebrating our graduates. snhu, it's worth it in more ways than you can probably even imagine. as you start that momentum and get that first class going, the rest just really falls into place. for anyone that feels like college is impossible,

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caroline: this is bloomberg technology. you are looking at a live shot of the principal room. this is bloomberg. pitch book out with its latest report taking a look at female founders and investors. overall, the research found that deal counts and value declined in 2024 among female lead vc deals. let's talk more about the gender gap in tech and finance. lareina yee, author of the book the broken wrong, this is a book about opportunity, how they can

succeed in spite of that broken rung. you articulate a gender technology gap. how does that feed into this narrative that women are leading less technology businesses that are able to get vc funding? lareina: it is no surprise we don't see women represented. the technology gap which starts with the education gap of women getting technical degrees all the way to the leadership and how they are represented in work, that is not a surprise. what we wanted to focus on is in spite of those breaks you may see, how are some women succeeding and how do we make that transparent for everyone? it is things like pick a company, not just a job. go into the power alley in companies and make big, bold moves in your careers and invest in your networks. jackie: you write that half of a person's lifetime earnings come from experience and the other half comes from education. how does ai play into this

differential? is it poised to improve it or make it worse for women? lareina: we are in between, so let's see how it goes. but what we have found is that in the united states women are not getting those technical degrees. we have been at about 22%, 26% women computer science for decades. the thing we wanted to focus on is 50% of your lifetime earnings comes from what you learn on the job. so how you gain skills on the job matters so much, so for women who didn't get it in school they've got to be really strategic to gain ground in technology skills now in the job. with ai to that point it becomes ever more important. we know that ai is accelerating job transitions. we know that up to 70% of work that we do today could be automated over the next couple of decades with ai. instead of fearing it, women need to become the master of those skills, get ahead of it, and manage against it.

caroline: what did they do? do they self invest to ensure that they are ahead of the ai gain. all of the above and you need to bet on yourself. in terms of what companies offer, most employees have come to the realization, about 70% in the united states, that ai will change at least 30% of their day to day activities and they are hungry for their leaders to invest more in them. if you are one of those companies that are in good stead, you should be an advanced pilot enrolling out ai. let's say you are in a company that is not investing, you have to invest outside with your time. the great thing about ai's it is so intuitive as a user, it is really fun. you are not behind. everyone over the last two years is that you are trying to gain those skills.

you are your very best bet. you can become a technologist. it is not just about those hard technology skills. we are going to need soft skills to win in ai, the ability to ask great questions, the ability to think about risk and ethics, the ability to think about reasoning and what do the results mean? these are skills that are great for women. jackie: there are a lot of budget cuts and stem education programs are expected to be part of them. what does this mean for the gender gap going forward? 30 seconds. lareina: if we are cutting these programs this will hurt men and women. hopefully what we will see is an increased investment in using ai to help with that education gap and this is incredibly important for women. jackie: thanks a for joining us. coming up, broadcom and hpe

earnings are due out after the closing bell. we break down what investors can expect. caroline: let's just check in on some other movers. mongo db talking about earnings underwhelming, down by 23 or sent. it is not just the hardware makers, it is the software. if you can't match the overall expectations, outlook raising growth concerns. your forecast weaker than expected. bloomberg technology. ♪ only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow!

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caroline: let's check back in on chip stocks. marvell has had a pretty ugly run down. off by 15% from the day. this is the company that managed to meet expectations with its earnings, but it wasn't enough. it is all about custom chips. let's really shine a light on the bright spot for ai spending. rod, earnings after the closing bell. broadcom has a similar exposure.

>> you nailed it. what you showed anybody is you have to block numbers. broadcom would likely be good again later today. but will that be enough? probably not. caroline: apologies. i was letting jackie take a moment, my fault entirely. let's think about some of the implications on tariffs and many of these companies, where are we going to get any sort of ease to our anxiety around the chip trade right now? ian: we have the demand concerns

, it is also indicating the supply side is going to get squeezed. the costs are going to go up. this is a globalized supply chain. everything goes from somewhere else. efficiency was why it came into being and that is being challenged by the policy of the current president of the u.s. caroline: feeding's feeding into broadcom and markets, you see nvidia's chips being taken up in the year, what are we likely to eventually see coming from broadcom? we are also worried about exposure to apple, right? ian: the idea is that if nvidia has a good second half you are going to need more networking and that is good for broadcom because that is a major networking chip. it is kind of a derivative

trade. apple is a major customer. they have been dancing backwards and forwards on whether they are the solution for the iphone long-term. apple likes to do its own chips. that has gone backwards and forwards and that concern lingers over broadcom. last time out they said, don't worry about it, we are well engaged with apple, they need us, but we will see caroline: they have already lost more than $200 billion in market cap over the course of the year. thanks so much. another stock we are watching after the bell, hpe, set to report earnings. what sort of confidence are we going to hear? they have tried to indicate a key deal that they want to get done that has been blown apart by the u.s. government. >> i imagine their ceo is speaking more with their lawyers right now than he ever hoped to. they agreed about a little over

a year ago to purchase juniper networks, saying the networking would be the new core of their company. regulators said it looks like you are trying to snuff out some competition. hpe disagrees and they are working on convincing regulators of that. it is soaking up a lot of attention within the company, i hear. we will be looking for any updates on that lawsuit tonight, as well as on the general ai server moment. right now, these companies like hpe, dell, supermicro have had this whole new business line of selling high-power compute for ai. hpe has been a bit of a laggard. caroline: the backlog that needs to prove the margin remains resilient. ultimately not that profitable right now. brody: for server makers it is all about what you can bundle in with the server.

they tried to sell additional goods along with it. speaking of margins, they are getting crunched on tariffs. some of their peers, their long-lost said tariffs would be crunching their margins and i would expect to see similar commentary tonight from hpe. caroline: the ceo likely to speak to trump next week. brody ford, good to have you. busy day ahead. that does it for this edition of bloomberg technology. do not forget to check in on our podcast. this is bloomberg technology. ♪

>> i'm sonali basak. >> i'm tim stenovec. welcome to bloomberg crypto. >> bitcoin caught up in the market volatility this week. terror fears and crypto sentiments swing the price. >> this comes ahead of the strategic crypto reserve and the white house digital asset summit. >> we will chat with serge nasser rob who will attend the summit at the white house. tim: that is ahead on bloomberg crypto. they check on what has been