>> 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. live from new york, i'm caroline hyde. jackie: and i'm jackie the vallas in washington. caroline: the white house crypto summit as trump signs the bitcoin reserve executive order, white house ai crypto czar david sachs joins us to discuss.

ai spending going strong as broadcom gave an upbeat forecast with ai being a key driver in the first quarter. hpe is out with earnings but shares are tumbling because of tariffs. breaking news moments ago, russia is willing to discuss a potential truce with ukraine, but it is with conditions. they are willing to discuss a temporary truce if there is towards a final piece settlement. what's the nuance? kaylee: -- kailey leinz: we just broke the story, but this is apparently something that russia presented in saudi arabia in talks last month, a suggestion that they are willing to agree to a temporary truce provided there is an effort towards a peace deal that russia likes. specifically what they have asked for is clear guidance on the parameters of peace and what that would look like and specifically what a peacekeeping mission in ukraine would constitute as russia has

rejected the presence of nato troops on u.n. soil -- on their soil. complicating the idea that france and u.k. would provide the troops for the peacekeeping mission, the so-called coalition of the willing. russia does not like that idea. they would however be open to a country like china providing a peacekeeping force. it's unclear whether or not that is something ukraine would agree to. keep in mind that the news is breaking as we are expecting next week's senior u.s. officials, including marco rubio, mike watts, and steven witkoff to be meeting with their ukrainian counterparts in saudi arabia for additional talks towards peace as the u.s. is still continuing to push for a deal. caroline: kailey leinz, thank you. the markets are bouncing off of their lows, nonetheless we are having a torrid time with correction territory down from the previous highs as we see three straight weeks of declines

for the tech benchmark, the longest losing streak since august, off by 4% over the last five trading days as anxiety grows around chinese ai models and what it means for compute demand and selling winners into an economy that could potentially be slowing on the back of tariffs. moving on to the world of crypto , there is so much to delve into when it comes to the latest executive order. 88,000, but remember, we are well higher than the 67,000 dollars level we were at when the presidential election occurred. many anticipate that such regulations will become more pro-crypto and we see the executive order that was signed last night with a reserve for bitcoin. we are now pleased to be welcoming to our tv and radio audiences around the world someone who can dive into this exact executive order, we review you the white house ai crypto czar, david sachs. it's busy. more people are coming to the

white house. remind the american public and investors why you need a bitcoin reserve at all. good to be here. -- david: good to be here. the federal government already owns some. it obtained 400,000 bitcoin over the past decade through criminal and civil forfeitures and civic -- seizures. so, the government has to have a strategy for how it deals with this. in the past of the strategy was simply to sell it in an ad hoc way almost willy-nilly, costing american taxpayers something like $17 million in lost value. so we want a long-term strategy for holding value. we have decided that bitcoin is scarce and valuable and its strategic to hold onto as a long-term asset. that's the plan with the 200,000 bitcoin that we are -- we believe are in the possession of the federal government we say we believe because no one knows for sure, we never had a proper audit. that's one thing this executive

order provides, a full audit to find out which -- what digital assets we have so that they can be safeguarded and moved into a strategy that maximizes long-term value. caroline: then there's the stockpile. talk to us about it, the stockpile, why you need it, and how it's being treated differently. david: again, we are going to figure out what's on the federal balance sheet and we are going to move those coins, digital assets other than bitcoin, into a stock pile for safe keeping. the difference is the secretary of the treasury will exercise responsible stewardship over those assets and he has the discretion to rebalance the portfolio or sell items in that portfolio. but that isn't true for bitcoin. the bitcoin we want to keep long-term. there is a difference in the object of their. with the reserve the goal is long-term preservation. with the stockpile the goal is responsible stewardship. jackie: the executive order also

tasks secretary let nick with finding budget neutral ways that won't costs the taxpayer to add to that reserve. what qualifies as a budget neutral? can you give us some examples of how that would actually work? david: it just means it won't increase the deficit, won't costs the taxpayer, won't increase the debt. those are basically the constraints on what they can do. if they can figure out creative ways to add to the stock reserve a bitcoin, they are allowed to accumulate more and again, it cannot impose a burden on the federal deficit, debt, or taxpayer. that's the rule. you can ask the question how will they do that and it's up to them. if they can figure out creative strategies in long-term interests of the country, they now have the authorization to develop those strategies. jackie: do you think using savings coming from doge

qualifies as something budget neutral? david: that's a good question. i don't know the answer. i think that is something that have to be assessed by the office of management and budget. in that sense, doge is cutting the deficit and we would want to seek a way to present those appropriations. it probably wouldn't count, but you would have to ask the omb. caroline: when you talk about the stewardship, particularly the stockpile, what about staking lending? will there be ways to maximize the volume there? david: it's a good question. the first idea of this executive order is to increase the mandate. first, we do the audit, we found out what they are. then we move them into a separate account for safekeeping . then the secretary of the treasury and his team will be able to exercise portfolio management with responsible stewardship and that could include staking, rebalancing,

sales. these are all options they can pursue if the secretary of the treasury believes these are in the long-term interests of the american people. caroline: going into what's in the holding of the u.s. government, going back to what trump mentioned over the weekend , talking of ripples and other alternative points, people are wondering whether they will be included in this stockpile. do they? why mention them? david: the president mentioned the top five cryptocurrencies by market cap. i think you are reading into it too much. he just mentioned the top five. in terms of what happened, we have to do the accounting. we are not sure, sitting here today, if the federal government owns these alternatives. the government owns bitcoin. we believe. ethereum, we think. this is why we have to do the accounting. no one has been able to give us a straight answer, to be honest. we have never really had a digital asset strategy before

and it's why we missed out on arlier that you don't have any additional cryptocurrency assets anymore. you have divested from your interests there. however, secretary let nick in july mentioned that he had a shedload a bitcoin. is it important for the stewards of the reserve and stockpile to divest from their cryptocurrency interests and do you know if they have done so already? david: i can't speak to the situation. every member of the administration has to go through the same conflict of interest process i've gone through an ethics process. i will let him speak to his own situation. all i can say is that i sold all of mine prior to the start of the administration and there is no conflict in my case, i just wante it innovation policy for the u.s. jackie: do you think it is important, though, to just not

have the appearance of a conflict of interest? david: look, we are all subject to 18usc208. every member of the administration is subject to that, but i won't speak to anyone's interests. we are all governed by those rules and in my case i chose to divest everything to make it simple. you should ask every other member of the administration about their situation. caroline: what about the president? here in lies some of the issues for those on the outside looking in and suddenly feel that the u.s. president has exposure to meme coin. how do you give confidence to the u.s. investor base and u.s. population that this is legit? david: i think you're making something up there. how do you know he has exposure to solana? is that something you just came up with? caroline: when you think about meme coin exposure in particular, people try to understand why we have a trump

coin, a milani a coin. is there a clearer way that the u.s. president can disassociate himself from any upside when it comes to cryptocurrencies? david: he already spoke to the trump coin. that is a collectible. the sec said it is a collectible. collectibles have no intrinsic value and are in a different category. as long as you issue a meme coin and disclaim there's no intrinsic value, it can just be a collectible. different from what we are talking about here with cryptocurrencies. jackie: what do you make of some of the market reaction? clearly, bitcoin was down earlier today on the back of just not really getting what they were hoping for. you know, if the government is not going to buy additional crypto, what's the benefit? can you say for sure that the administration is not open to using taxpayer dollars in the future? is that completely off the table? david: according to the ceo, it

is. we set it won't costs taxpayers a dime and have been clear in this executive order that we won't use taxpayer funds to basically accumulate more crypto unless it can be done in a budget neutral way. no increase in the deficit. no increase in the debt. no use of taxpayer funds. no burden on the taxpayer. we were clear in the executive order about that. jackie: let's move on to artificial intelligence, where you are already weighing in on policy. the biden rules have been repealed. who's involved? david: the president and his first week on a i rescinded the biden eo, which was a burdensome executive order, over 100 pages of regulations on ai companies. he rescinded that and tasked three people to basically evaluate a new and create a new ai action plan. those people are the head of the office of science and technology

policy, the national security advisor and myself, we are clear -- currently working on that plan and will have more information on the -- for you when we are ready to present. caroline: how confident are you around ai leadership in the u.s.? news coming out of china, for example, these incredibly powerful models that are ultimately more efficient, how are you exercising the view that ai can still be a leader for the united states, not losing leadership to china? david: i'm confident in american leadership, but we can't be complacent. it's clear that china will be very competitive. roughly half of the ai researchers in the world are from china and they are very good at math and science. with the launch of deepseek, you have seen they have good ai software companies. it's going to be a good competitive race, we have to win and we can't be complacent. it's going to be a tough competition here. caroline: there is reporting

from other news sources that deepseek would be banned in the u.s. do you think that's appropriate? david: it's premature for me to comment on something like that. if the administration announces a policy, i will comment on it then. jackie: let's talk about the other voices in the white house as of late that could potentially chime in on ai policy. elon musk, is he involved in any capacity? david: not in what we're doing. so, again, we have an office within the white house where we deal with crypto and ai policy. he's doing doge, a separate initiative. jackie: let's talk more about the contours of the ai policy and what it could look like. i know you can't share too much of the moment, but what would be your priority areas? much of the talk has been around competitiveness and what we've seen from trump's comments on the chips act and national

science foundation layoffs, there's concern this could undermine competitiveness if there is not enough federal funding going to research. what are your thoughts on that? david: i think there are some items that are policy items that are coming up quickly. for example, there was an 11th hour policy announced called the diffusion rule announced by the biden administration that governs the sale of advanced ai chips or gpu's to countries across the world. it's basically an international version of the export controls. there is a 100 20 day clock on that for the trump administration to weigh in and make whatever modifications we want to make. for example, i think that will be one of the first policies on our plate that we have to address, because there is a clock on it. export controls are a big area. diffusion is a big area. what and how we govern the licensing of the most sophisticated chips and

semiconductor manufacturing equipment is at the heart of the policy discussion right now. caroline: would you ultimately be supporting an end to the chips act? david: no one has said they want to end it, but the president has been critical and with good reason. we were trying to get semiconductor manufacturing into the united states because it's so strategic. the problem is the money went to companies who are losing in a competitive market and some of them have not even used the money they were granted because they weren't doing well. the chips act has had mixed results at a high-cost in the question is if we can do something better. the president has said that he would like to use terrace to try to get companies to onshore semiconductor manufacturing here. the advantage of that approach is that the best companies have to do it, to. they cannot drag your feet or

they will be hit with tariffs. the president has a very powerful weapon and incentive to get the best companies to log into entre manufacturing for strategic in the united states. caroline: tsmc putting money where their mouth is when it comes to tariff concerns. david: that's a very good point. we did a press conference with them earlier in the week where they announced a $100 billion investment in the u.s. and a big part of the reason why is the presidential tariff policies have given incentive to moving manufacturing here. they know that if they don't do that, they will be hit with a tariff. caroline: we have 45 seconds, should intel not be getting the money? is that the company or hinting at? david: i'm not saying they shouldn't get it but everyone knows that they are a challenge company. it's unfortunate. we want intel to do well. they are a legendary company and

are one of the few companies in the u.s. capable of doing advanced chip manufacturing. we want them to do well and we will try to do whatever we can to help them. caroline: you are going to be speaking with lots of leaders from other companies today at the white house. we thank you so much, david sacks, and of that all-important white house crypto meeting. coming up, broadcom shares jumped following the earnings forecast. details, next. this is "bloomberg technology." ♪ ing 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.

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jackie: let's take a look at broadcom shares. this after the company gave an upbeat forecast driven by strong spending on ai computing shares. down by 2% to 3%.

joanne feeney joins us now for more. what a roller coaster it has been so far for chipmakers this week. other infrastructure players as well. is the market telling us something more about the fundamentals? is it a short-term blip or are fundamentals ok at this point? joanne: hey, jackie. the surge in broadcom shares after they reported in december obviously boosted the stock. it has come down here today, but last night's report was a very impressive. not only did they beat the numbers that came in with better guidance than expected and more importantly not in their guidance are two new partners for the development of custom ai solutions, including chips and networking solutions. 60 billion dollars to $90 billion outlook for 27 for ai business. by the way, only at a pace of 20 million -- 20 billion this year.

it's a really startling opportunity that the company has ahead of it. remember, they see the roadmaps of their partners and customers. they have an awful lot of visibility. i think it reassured investors somewhat, which is why the stock is up today. caroline: is it still enough to shake off the overall anxiety surrounding generative ai, the opportunity that these companies have, and how profitable it will be for them? joanne: it's not clear what is causing the pullback. one of them is just the general level of policy uncertainty, tariffs, government shutdown, or geopolitical causing a bit of a risk off trade across the board. the deepseek information announcement at the beginning of the year certainly caused some to question how much we needed most ids -- most advanced chips. but what they said last night was really informative. they said that customers are demanding more and more powerful

solutions. clearly, they are not running away from having the best hardware to run their models, both pre-training, post and inference. again, he sees the roadmaps for years out. i think that investors are unfortunately taking the wrong idea from the deepseek situation and inferring that for some reason, hyperscalers and others that want to use ai models are going to somehow say we don't meet all of that computing power. they clearly want that, according to broadcom. caroline: the 20% selloff in shares since the start of the year, ultimately what shakes it off? is this the right time to buy broadcom if it's ultimately going to be a winner? joanne: a lot of times people hold back from winners and diversified. that's a good thing. investors should diversify. what will probably turn this around are more and more of these reports from not just

broadcom, but other companies. we've owned them since it had a different name 10 years ago. we have ridden through these before. ultimately, a company like this, you want to have a long-term view and you want to be able to ride it out when it pulls back. you just don't know when sentiment is going to change. to your question, we don't know. we want to own companies that are going to provide really long-term, solid year after year growth, and those are hard to find in an environment where policy uncertainty affects other sectors of the economy that could be so confounding. here's one area where we think growth is solid and impervious to the politics we are seeing out there. jackie: it's incredible that you are saying that because so many of the market jitters this week have been directly correlated to the trade tensions escalating of late. tariffs were mentioned in the hpe earnings as a potential

detractor for their outlook going forward. why is broadcom perhaps more insulated from that volatility and what other players in the space could perhaps see themselves more protected from that volatility? jackie, broad, broadcom is certainly vulnerable to tariffs on imports of tips. they don't manufacture the chips themselves. the most advanced chips are manufactured abroad. but in taiwan, and there is a question about the taiwan situation, so any political news there could disturb shares. it's good to see that taiwan semi is bringing more manufacturing to the u.s., helping to buffer that kind of risk. other companies more reliant on just chips are going to be more impacted by the tariff talk. notice that broadcom is more diversified. they have a software business that is substantial and improving its reach towards customers, margins, and etc..

other areas of the business, like hewlett-packard enterprise, are being hurt because they built their systems in china. they will be particularly vulnerable. there also seem to have been some execution problems over there. that is a very different, much more narrow company relative to broadcom. an investor who owns broadcom has something diversified that helps them to ride out these other political risks that companies will be more hurt by. jackie: that's joanne feeney at advisors capital management. thank you for joining us.. caroline? caroline: focusing in on the bet -- the setback for spacex after their mammoth starship spun out of control and flew apart after -- just two months after their last ship exploded. elon musk called the incident a minor setback. jackie: coming up, we get back

to the white house crypto summit. "bloomberg technology -- this is bloomberg. ♪ our xfinity network is built for streaming all the stuff people love. how can it get any better? -i'm just spitballin' here, but, what if we offer people apple tv+, netflix and peacock?

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♪ caroline: welcome back to "bloomberg technology." i'm carol massar in new york. jackie: and i'm jackie davalos in washington. caroline: at one point, the technical correction on the nasdaq 100. we're up by more than 5% and in fact, we've had our longest weekly losing streak in this benchmark going back to august of last year. what drags us lower? anxiety around china and anxiety around tariffs and just selling winners because maybe we have an economic slowdown. on the higher side from points perspective is apple and broadcom with its numbers. on the downside, all the key mag-7 names. keep an eye on what's happening

with the nasdaq 100. jackie: let's talk about how those markets are reacting to this week's news. we're joined by martin norton commander in chief investments strategist for empower. as caroline just tee'd up here, there's a lot that is driving up this negativity that we're seeing in tech stocks. >> the keyword that jumps out to me is just anxiety. we're seeing so much anxiety around the tech narrative and that began with deepseek and has continued as we see competition coming out of china but it's relate odd the tariff question. when we're thinking about tariffs, we have to acknowledge the fact that this is an area, you know, a.i. generally, where there's a lot of emphasis on u.s. becoming a sure power. so that -- superpower. so we should have some insulation when we think about how the trump administration is going to approach semiconductor

space broadly. at the same time, there's a lot of rumblings around the types of tariffs that we could see on semiconductors, real pressure on the u.s. and from questions on global competition to questions around tariffs, we have to remember the context that we're in. jackie: hyper scalers still plan to invest in more infrastructure. president trump has been supportive, bringing in more commitments and you also have demand holding up. but china is a competitor. we're not going to stop seeing new holds coming out of there. what is with it going to take for tech stocks to really get the boost that they were getting before or are those days pretty much over?

&. marta: that expectation of thehe prices right now. the infrastructure build is in the prices. and what we'll have to see when it comes to technology and a renewed strength and performance is that pivot from building the infrastructure and seeing the demand. and we see that dichotomy in market movement thus far in 2025. so, for example, meta has had a very different run than some of these other players and one of the explanations could be the way that they've been able to integral investigate a.i. and -- integrate a.i. caroline: the act two. we have other investors come on and think act two gets reignited as when nvidia's gpu's, the

latest blackwell chips are flying off the shelves and really see the proof in the them being sold and used and ultimately they will kick-start the growth in this industry. are you anticipating it being a second half pivot point? marta: seems like there's room for the narrative to shift in the second half. the timing is particularly tricky. we have some sense of that from expectations around blackwell but in terms of broad use case of a.i. corporate spending on a.i., that timing is tricky and as we think about an environment where they may be a hesitancy for corporations to extend into long-term investment opportunities, that will pull back demand for some of the a.i. applications that we would really like to see be part of the at and that makes the timing be more in question and it's that uncertainty that is helping

drive prices lower. i'm expecting the sell-off to show in valuations. but if i'm looking at technology, the s.e.c. looks to be in one of the more expensive desk aisles. so though we have the sell-off, it's size appropriately to hang on to it. i think so it's a justifiable argument to move in. jackie: one of the other things that we're seeing is perhaps more discernment for investors for companies that are not as diversified. is that going a longer, lasting trend? marta: that's possibility. a related topic that is top of

mind for people is moving from the picks and shuttles to those that are putting a.i. to use in their businesses. in this environment, that uncertainty is going to cast a shadow over that play as well. but to the extent that valuations are more approachable, i don't know if that's a bad decision have some of that exposure in the portfolio as well. caroline: we want to thank you for joining the show. marta norton, great to catch up happy weekend. let's return to the world of crypto and prices ahead of the white house summit currently off by 2.6% on the day for bitcoin. there's a little bit of sort of buy the room and sell the news when it comes to bitcoin reserve. maybe wondering just holding on to u.s. assets, they could have been more buying and that doesn't seem to be the case. for now, at least. let's dig into all of this across the industry and we're pleased to welcome liz yang head of azuki.

many crypto leader, c.e.o.'s are going of the white house today that talk about what regulations are going to be like the future. what did you make of it? liz: so it's important to consider the political zeke golden knights -- despite golden knights of the moment. there's been a growing demand as a technology. so it's no longer a question of is crypto something legitimate? crypto is theory stay. and with today's white house summit, it shows that we have a voice and a seat at the table. so we're expecting big things to come from this summit. caroline: was the bitcoin reserve and the stockpile of other alternative assets in the digital space a big enough deal for you today? liz: so, that was a lot of commentary around the strategic bitcoin reserve and i think what the white house has been able to do is to come up with an equitable solution. so the way i see it personally,

we already have this bitcoin but there were no policies in place to steward and there was no accountability within government. david sacks mentioned there was a loss of $17 billion by not having policies on went to sell bitcoin. so if we already have this bitcoin from criminal and civil asset tortures, it is important to manage the bitcoin for the american people. jackie: what do you want to see out of this summit that will give the market so much that clarity that we're looking for? liz: what the united states lacks today is a clear framework around digital assets. so in a sense, we lag a lot of different regions, mainly the european union. so what i'm hoping for personally is i hope to see us take steps to have regulatory clarity in the united states and to lay groundwork. and the reason why this is important is because it first of all sets the stage for american

crypto companies to flourish and this brings jobs and it attracts prevent ship -- entrepreneurship and it ensures america's dominance in technology. jackie: one of the things that david sacks emphasized is taxpayers will not be used. how can the crypto community really gain if the government is not buying crypto? liz: even taking steps to establish a strategic bitcoin reserve has already been a huge step for the industry. as for the specific details around the implementation, we'll have see what comes of the working group and what comes from the crypto summit. but i am very optimistic on what this means for the crypto industry. caroline: so what next? we've got the reserve that. was a promise made and promise kept as david sacks said and a stockpile. but now, more clarity is needed, ultimately about digital asset

the way in which it is viewed as regulators? what do you want hear out of today for future regulations? liz: something that's interesting with crypto is a lot of the mainstream discussion centers around crypto as a digital asset with the financial use case. but it's important to remember that crypto's also an underbuying technology upon which applications can be built which span a variety of different sectors ranging from identity solutions to life sciences to media entertainment and everything in between. so what i hope for this to really lay the groundwork for crypto to flourish in the united states. caroline: do you think that founders are changing their mind about building in the united states? liz: oh, absolutely. i personally know of entrepreneurs that have left the united states due to regulatory uncertainty. and i know that those of us who have chosen to stay in the united states are feeling quite validated in that decision.

caroline: thanks, liz yang. at azuki. we appreciate it for joining us. quick check on only breaking news regarding nvidia the nasdaq 100 was in correction 10-year yield now nvidia shed $1 trillion from its record-high. it was as high as $3 trillion it and has come down significantly from that market capitalization. still the second most valuable company on nasdaq 100. jackie: coming up, shares of hpe are lower as the company expect weaker profits of the year. we speak with c.e.o. for hpe, antonio neri. antonio neri. ♪

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caroline: this is "bloomberg technology" you are looking at a live shot of the principle room.

♪ jackie: shares of hpe are plunging afterthe company said profit necessary coming year would be hurt by tariffs, weak margins on server and also execution issues. hpe also saying it will look to eliminate 3,000 jobs. antonio neri, hpe c.e.o. joins us now for more. antonio, i know it's a tough day, but give us a little bit of clarity in terms of what you're seeing as the turnaround plan here. antonio: yes, good morning, and thanks for having me today. obviously, it's a disappointing day for me and for us as a company. we had a solid quarter we delivered on our commitments we grow near double digits, up 17%. we have double-digit growth in our bookings. but we disappointed on one specific metric which was the server operative margins. and that was impacted by three

specifications. two in the serve per business, call it the x86 and one was a very aggressive market meaning high discounted and second was a specific issue with the valuation which calls us not to have the right cost in the pricing in the end of the quarter. and those issues have been already fixed and we have taken better aggressive action. on the a.i. side, we have a higher than normal inventory related to the gpp transitioning from the proper h100 or 200's. in the quarter, the new a.i. system order which was doubled the orders that we had in q-4, but 70% of that is on the blackwell side. so the working capital aspect had a negative impact on our operative margins for reservers. the rest of the business is

very, very strong. and inclusive of the business which had another recovery on revenue. our hybrid crowd was up and we had a very strong performance in our storage bookings. so it was all in the server margin but i have to tell you because of the demand we sell, it reinforces our strategies. we just need to execute better in a couple of things and return to that normal operating profit which we are committed to do in the second half. and then what we guided was inclusive of that and the net impact of tariffs. caroline: go there on tariff, antonio. how much of a pain to the bottom line are tariffs going to be? do you have a clear guidance of number? antonio: yes, we guide there would be seven pennyings, net off the mitigation impacts that we have now put in place and

will continue to execute for our fiscal year 2025. caroline: every day, we get a different tariff headline. antonio: we decided to go all in based on the 25% tariff in mexico. the 25% tariff in canada which we don't produce in canada today. and the incremental 10% meaning the 20% from china. so we factor all that in and obviously we have mitigation strategy from a global supply chain and also the prices. so we decided to put it all in. some of that doesn't get done, then, obviously we'll get the benefit of it. but right now, because we did not guide the full year, waiting for the close at the end of q-1, we decide to put a flagpole out there for our investors so they have it all out there. jackie: can you give us an update as to where the department justice's case

stands? antonio: yes, of course. we are incredibly disappointed that the dosage decided to file the action the market is flawed. and they felt there were three venners -- vendors to play. so now the judge has been selected the judge has established july 9 as the trial date. and we will defend this in court. so we expect to prevail because we have a very compelling case. and we expect to close the transaction in 2025. jackie: we have about 30 seconds left, but are you prepared for

the worst case scenario? antonio: meaning the deal doesn't close? jackie: that's right. antonio: we always have multiple options on the table. [indiscernible] for our shareholders. we felt the juniper transaction is the best long-term return that will shift the portfolio and create more earnings and cash flow because we commit to at least $450 million of synergies and that's what where we're focused. however, there are different ways to create share value and all those options are out of the table. but right now, we want see this through. caroline: antonio neri, hpe. thank you for joining us today. jackie: coming up, tech entrepreneur peter teal's many links inside the trump's new administration. ♪

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caroline: tech billionaire peter thiel help donald trump win his second presidency. for more, jamie joins us.

nuanced to this is he leans into trump in the first -- before the first administration. the second administration he took a step back in terms of committing financially would seem although he did he was going to vote for trump and j.d. vance was his ally. how does the network score in this administration? >> pretty early on, peter thiel had donated to conservative candidates he famously surprised silicon valley when he voted for and supported donald trump in the 2016 presidential election he spoke they republican national convention and gave over $1 million to trump's campaigns and when trump won the first time around, peter thiel was a member of the transition committee and two teem that worked for him went on to have senior positions both at the national security council and at the white house. this time around, people who are connected to peter thiel including vice president j.d.

vance have senior positions across the administration. another is assistant to the president for science and technology. one is the ambassador to denmark and there are at least two who now hold senior positions at the defense department which is a place where he and elon musk have several critical contracts with the government. caroline: let's just talk a little bit more about the going forward and whether there's going to be proof in the pudding as to whether or not he is benefiting personally. we all know other companies that he co-found win some pretty big contracts. >> that's right. peel is an investor in a couple of elon musk's companies. once trump was elected, palantir stock. palantir is thiel's company the stock sold more than 90% in

february. a start-up backed by thiel's founders fund lended an expanded role. so with the u.s. army and scale a.i., another founders fund that the company signed a major deal the defense department. caroline: an amazing read. i urge people go find it online. thanks so much. we want to check in on the markets. we've seen a sell-off in a correction 10-year yield. nvidia wiped off and now tesla erased all of the ex-rally. down 48% from its record-high. plenty to be digesting people not wanting to belong tech or in the market. that does it for this edition of "bloomberg technology." check out our podcast on the terminal as well as online. this is "bloomberg technology." ♪

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