giuliana, back to. >> you arjun.o get the visual there to capture what's changed in the space over the last 20, 20 plus years. raj, i hope you stick around. we've got a lot to talk about later in the show around these tech earnings and where the value sits now that deep sea tech has really changed the picture for ai. so we look forward to talking to you more later in the program. now let's turn to the luxury space. lvmh posted a 1% increase in fourth quarter sales, underwhelming some in the market after a series of stronger results from rivals. ceo bernard arnault said the luxury group was off to a strong start to the new year, touting outperformance at its flagship louis vuitton brand as well as tiffany's. here's a picture picture for you of how shares are trading. it's down about 6% at the moment, dragging down the broader luxury space carrying hermes, burberry all trading lower this morning. charlotte looking through the analyst commentary this morning, one analyst really summarized it well, luca solca from bernst

arjun has more on the story. arjun, was it very surprising these numbers were down for the year?i'm not sure it is surprising t. has been a tough year for tesla. you have the fact they are facing increased competition, not just for the chinese players, but also the european autos. also the price points are key. you see very affordable and competitive offerings competing with tesla. tesla still has not come out with a more affordable mass market offering. this is something the market is looking for. all in all, that was what was contributing to the decline in annual deliveries. interestingly, though, this morning a few hours ago, we heard from tesla china. they came out with numbers saying vehicle deliveries in china increased around 8.81% in 2024. bucking the global decline. that, perhaps, a little bit more surprising given the fact that was a market that was very challenged in terms of the consumer and in terms of the competition there as well. that's a bit of a positive and perhaps why you are seeing a little bit of a bounce in the shares this morning. >> let's see how they wil

well, arjun, stick around. let's continue the conversation with ben beringer, technology analyst at quilter cheviot. wonderful to have you with us. ben. let me ask you about the market reaction we saw yesterday. i think investors today are going to be asking themselves, you know, the main question they're going to be in some of these ai names which have soared of late, or is this the beginning of the tech bubble popping. what is your take. >> so yeah, so. >> we saw. >> very broad selling across. >> all tech really. you know it started in europe with the. >> semi cap. >> equipment names. and then you know when the us opened nvidia was weak. but we also saw you know broadcom marvell very weak as well. >> less pronounced. >> reductions in companies like google or amazon. meta was sort of up and down through the day and apple was actually quite strong. so people are being a little. bit more discerning. it's not a broad sell off. and i think, you know, it's very important though, to put this whole deep sea issue int

story arjun. morning. good to see you. >> good morning frank. and clearly here. look the entire tech sector really saw a big sigh of relief after these asml earnings which showed a very strong 2024. but more importantly very key was the guidance for 2025. it was a record 2025 implied by the guidance of between 30 and ■k735 billion in revenue, and the company saying it's got a very strong backlog of orders and net bookings, showing a big jump as well. and that was very much key to assuage some of those fears around this deep sea story, of course, which has roiled markets the other day over fears that actually a more efficient model run on older nvidia chips could dampen some of that. spending on ai infrastructure, including the equipment that asml makes. but the ceo, christophe fouquet, who i spoke to today, actually had a different point of view. i spoke to him and asked him about what the impact deep sea might be on the market and what his read on the situation was. let's just listen in to what h

arjun good morning. good to see you. >> good to see. >> you too frank. look there's a lot to unpack. >> here frank. >> and clearly. >> president trump's. announcement has been overshadowed by. >> infighting in the tech world. and firstly there's. >> there's altman. >> and musk. then the microsoft ceo satya nadella. >> was asked. >> about the funding, to which he had a frank reply. let's listen in. >> microsoft is investing $80 billion in capital each year, and this year we are investing, and i'm not particularly in the details of what they're investing. look, all i know is i'm good for my 80 billion. i am going to spend $80 billion building out azure. customers can count on microsoft, with openai models being there everywhere in the world, serving openai models and other models. that's, i think, what i know. >> so if we read between the lines, the tension here between microsoft and openai, that's been speculated around quite a while, maybe rearing its head here. and just this week, microsoft, the biggest investor in openai and its principal cloud partner