Nvidia Fallout, Microsoft Outage and Anthropic’s IPO Push

0:05 ANNOUNCER: "BLOOMBERG TECH" IS LIVE FROM THE HEART OF SILICON VALLEY WITH ED LUDLOW. ED: THIS IS "BLOOMBERG TECH." THE FOLLOW-UP CONTINUES AS MORE DETAILS ARE REVEALED. MICROSOFT RACES TO RESTORE SERVICES AFTER A GLOBAL OUTAGE IMPACTED GOVERNMENT OFFICES, TRADERS, AND BUSINESSES WORLDWIDE. NVIDIA TAKES ITS PITCH TO WALL STREET AS DARIO AMODEI SITS DOWN WITH JAMIE DIMON TODAY AHEAD OF A BLOCKBUSTER IPO. WE CONTINUE TO TALK ABOUT NVIDIA AND JENSEN HUANG'S RESIGNATION MORE THAN 24 HOURS AGO AS CEO.

0:46 THE STOCK IS DOWN 14% THIS WEEK. THAT PUTS IT ON TRACK FOR ITS BIGGEST WEEKLY DROP SINCE JANUARY OF 2025. THINGS COULD HAVE BEEN WORSE. AT ONE POINT, THE STOP WAS DOWN 40% AT THE OPEN IN THURSDAY'S SESSION AND HEADED FOR ITS WORST WEEK SINCE 2009. THAT IS THE SEVERITY OF WHAT WE ARE TALKING ABOUT. CURIOUSLY, THE NASDAQ 100 IS UP ABOUT THREE PERCENTAGE POINTS AND ON TRACK FOR ITS BEST WEEK SINCE SEPTEMBER. JUST A FEW DAYS AGO, NO ONE WOULD HAVE TOLD YOU THE WORLD'S MOST IMPORTANT TECHNOLOGY COMPANY IN THE INDICES WOULD BE DOWN THAT MUCH AND TECHNOLOGY STOCKS OVERALL WOULD BE THAT BUOYANT.

1:30 I WANT TO BRING IN IAN KING WHO LEADS OUR COVERAGE OF THE COMPANY IN THE SPACE. LAST NIGHT, YOU PUBLISHED A STORY WITH COLLEAGUES ABOUT THE EVENTS OF THE LAST 48 HOURS. WHAT WAS HAPPENING BEHIND THE SCENES? COULD YOU SUMMARIZE THE POINT WEDNESDAY NIGHT WHEN JENSEN HUANG CONCEDED AND SAID THIS IS IT? IAN; IT IS IMPORTANT TO STAY FOCUSED ON THE FACT UP UNTIL THE END, HE DID NOT WANT TO ACCEPT THIS.

2:04 HE WAS NOT GOING EASILY, WAS TRYING TO FIND A WAY OUT OF THE SITUATION, AND BELIEVED THE BOARD WANTED TO SUPPORT HIM IN THAT EFFORT. THEY GOT TO THE POINT IT WAS UNTENABLE AND HE HAD TO GO. ED: THAT WAS WEDNESDAY NIGHT. WE HAD DONE THE REPORTING WEDNESDAY NIGHT ABOUT HOW THE BOARD HAD GONE TO A HEADHUNTER AND WAS CONSIDERING AN INTERIM CEO. MY UNDERSTANDING IS EARNINGS GO AHEAD TUESDAY THEY WOULD NORMALLY.

2:36 JENSEN HUANG HAS REFLECTED IN THE PAST WEEK, MAYBE EVEN FURTHER BACK THAN THAT, ON HIS BEHAVIOR. WHAT DID WE REPORT ON THAT? IAN; IN HIS LETTER WE HAD ON SUNDAY, HE DID NOT THINK TO ABSOLVE HIMSELF OF ANY BLAME AT ALL. HE APOLOGIZED TO EVERYBODY INVOLVED. WE HAVE TO SEPARATE HIS PERSONAL REFLECTIONS FROM WHAT THAT MEANS FOR THE COMPANY AND ALL THE INVESTORS AND ALSO FOR THE COMPANY'S FUTURE AND HOW IT GOES FORWARD WITH ANY LEGAL AND POLITICAL CONSEQUENCES IT MAY FACE AS RESULT OF HIS ACTIONS. ED: HEADLINES ARE COALITIONS OF CONGRESS HAVE SENT A REQUEST FOR HIM TO SPEAK.

3:32 THEY HAVE ADDED NVIDIA'S GENERAL COUNSEL AND REPRESENTATION FROM THE COMMERCE DEPARTMENT TO EXPLAIN WHAT HAPPENED. WHAT I AM SEEING IN THE WORLD IS A VERY QUICK TURN TO SUCCESSION. THERE ARE INTERNAL CANDIDATES AND EXTERNAL CANDIDATES FOR NVIDIA'S LONG-TERM CEO. WHAT DO WE KNOW? IAN: THEY HAVE TO MOVE QUICKLY. WE ALWAYS SAY THAT BUT THEY HAVE TO. THERE IS TOO MUCH AT STAKE. THIS COMPANY NEEDS TO REASSERT ITS DIRECTION.

4:02 ALL OF ITS DIRECTION CAME FROM THE MAN AT THE TOP. THEY NEED TO REPLACE THE PERSON AT THE TOP OF THE COMPANY AND REASSERT THE DIRECTION. ED: WE HAVE MULTIPLE JUSTICE DEPARTMENT PROBES INCLUDING AN ESPIONAGE PROBE. THERE ARE ALL KINDS OF HEADLINES ABOUT WHAT ALICE WONG HAS DONE, THE ALLEGED CHINESE SPY. WHAT IS THE MOST IMPORTANT STORY WE ARE TRACKING RIGHT NOW? IAN: THE BOTTOM LINE IS JENSEN AND OTHER MEMBERS OF NVIDIA WERE EITHER COMPLICIT VIA HER AND OTHER RELATIONSHIP AND SELLING CHIPS TO CHINA FOR THEY WERE NOT. THAT IS WHAT WILL TRY TO BE ESTABLISHED IN WASHINGTON. THE FOLLOW ON FROM THAT IS, WHERE PEOPLE KNOWLEDGEABLE, COMPLICIT?

5:02 THAT IS WHAT IS GOING TO HAPPEN. ED: WHEN JENSEN HUANG RESIGNED, THE FEEDBACK WAS HE RESIGNED BECAUSE THE STORY IS NOT OVER AND IS PROBABLY A LOT MORE TO COME. WANT TO CONTINUE THE DISCUSSION. I OPENED THE SHOW SAYING NET-NET, THIS IS A STOCK HEADING FOR ITS WORST WEEK SINCE JANUARY OF 2025. LET'S LOOK AT IT FROM THE STOCK'S PERSPECTIVE. HOW HAS IT CHANGED FOR YOU?

5:35 >> GOOD MORNING. THIS IS A LOT TO DIGEST AS WE HAVE SEEN THE LAST COUPLE OF DAYS. ONE THING YOU MENTIONED EARLIER I AM ENCOURAGED BY IS SOME OF THE BRETT THAT IN THE BROADER MARKET. WE ARE HAVING ONE OF THE LARGEST STOCKS IN THE WORLD SEE A PRETTY IDIOSYNCRATIC HIT. THE MARKET IS REMAINING BUOYANT. THAT IS SOMETHING I AM ENCOURAGED BY. THIS IS PROBABLY NOT THE END OF THE SELLOFF OR NVIDIA BECAUSE NEXT WEEK WE HAVE THE EARNINGS REPORT AND EXPECTATIONS ARE GOING TO BE EVEN HIGHER. ED: LET ME ADD THAT MY FIRM UNDERSTANDING IS THIS IS A NORMAL EARNINGS REPORT AND CALL.

6:26 HE WILL BE ON THE CALL AS INTERIM CEO AND THEY WILL TAKE QUESTIONS FROM ANALYSTS AND WE WILL LEARN ABOUT THE CURRENT PERIOD AND MAYBE A LITTLE BEYOND THAT. THERE WAS A LOT OF INVESTOR ACTIVITY AROUND NVIDIA THIS WEEK. I KEEP GETTING EMAILS ABOUT HOW AMERICAN SENTIMENT HAS CHANGED. WHAT DID YOU SEE BASED ON THE BEHAVIOR OF THE RETAIL INVESTOR? >> THIS COULD BE A TEST OF THE BUY THE DIP MENTALITY. ERIC BALCHUNAS POSTED ABOUT THIS AS WELL. WE CONTINUE TO SEE THE RETAIL BUYER FLOCK IN WHEN WE HAVE SELLOFFS.

7:06 THEY HAVE BEEN BURNED THE LAST COUPLE OF DAYS BECAUSE NVIDIA NEWS KEEPS HITTING THE HEADLINES AND THE STOCK CONTINUES TO DECLINE. THIS MIGHT BE A GOOD LEARNING OPPORTUNITY FOR INVESTORS THAT PERHAPS JUST BECAUSE SOMETHING IS CHEAPER ONE DAY DOES NOT MEAN IT IS A BUYING OPPORTUNITY. AS WE LOOK AT OPTIONS PRICING FOR NEXT WEEK, THEY ARE PRICING IN A LARGER MOVE THAT HISTORICALLY WE HAVE SEEN. OPTIONS ARE PRICING IN ABOUT A 7% MOVE WHICH I THINK IS THE LARGEST SWING PREDICTED SINCE 2024.

7:44 WE HAVE SEEN BROADLY ACROSS ALL EARNINGS REPORTS AND WITHIN THE TECHNOLOGY SECTOR EXPECTATIONS ARE EXTREMELY HIGH. IT IS NOT THAT YOU CAN JUST BEAT ON THE EARNINGS REPORT, IT IS ABOUT FORWARD GUIDANCE. THAT IS BEING CALLED INTO QUESTION TODAY. CEO TURNOVER, THINKING ABOUT WHAT THE COMMITMENTS ARE TO ANTHROPIC, NVIDIA IS A BIG PART OF ANTHROPIC RIGHT NOW. THAT SHOULD INJECT SOME VOLATILITY INTO THE MARKET. ED: NVIDIA IS DOWN 4%.

8:22 AT ONE POINT IN THE SESSION, IT HAD BEEN UP 2%. IT SHOWS YOU THE CHANGING MIND OF THE MARKET A LITTLE BIT. WHAT IS THE LINK BETWEEN NVIDIA AND THE ANTHROPIC IPO'D REPORTING SAYS WILL BE NEXT WEEK? NVIDIA UP WAS ON THE HOOK TO PUT $10 BILLION INTO THAT IPO. >> THEY WERE ONE OF SEVEN SUPPLIERS IN THE PRIVATE PLACEMENT. NVIDIA IS $10 BILLION OF THE TOTAL $26 BILLION IN PRIVATE PLACEMENT.

8:53 THAT IS A BIG PART OF THE IPO. ALL WE CAN ASSUME IS THAT DOES NOT CHANGE. EVERY DAY BRINGS NEW INFORMATION SO THAT IS SOMETHING WE SHOULD BE FOCUSED ON THE NEXT FEW DAYS SHOULD NVIDIA PROVIDE ADDITIONAL GUIDANCE ON THAT COMMITMENT. ANOTHER TYPE FROM ANTHROPIC TO NVIDIA IS ABOUT 200 $50 BILLION IN ANTHROPIC'S COMPUTER DEALS ARE TIED TO NVIDIA. $150 BILLION CAN BE ENDED ON SHORT NOTICE IN THE NEXT 12 MONTHS. THAT IS A BIG PART OF ALL THE COMPUTER DEALS COMMITTED. NOT ALL OF THESE ARE WRITTEN IN STONE. AS NVIDIA IS IN A FLUID SITUATION FROM A LEADERSHIP PERSPECTIVE, THAT IS SOMETHING THAT COULD INJECT MORE VOLATILITY INTO THE MARKET AT THE SAME TIME ANTHROPIC IS COMING TO MARKET AS ONE OF THE LARGEST IPO'S IN HISTORY. ED: THE DEAL IS MULTIPLE TIMES OVER SUBSCRIBER. I THINK BLOOMBERG SAID SIX TIMES OVER SUBSCRIBER IN THE LATEST REPORT.

10:02 I THINK IT IS STILL AN NVIDIA QUESTION, WHETHER THE APPETITE IS THERE FOR THE IPO NEXT WEEK BECAUSE OF THE EXTRAORDINARY EVENTS OF THIS WEEK. >> I WOULD SAY WE ARE OPTIMISTIC. THE OVERSUBSCRIBED DEMAND WE ARE SEEING. I DON'T THINK POST-MIDTERM ANY VOLATILITY IN THE AI NARRATIVE HAS BEEN DRIVEN BY DEMAND. WE HAVE SEEN DEMAND IS THERE. IT IS MORE HOW WE PRICE IT AND WHAT IT LOOKS LIKE GOING FORWARD.

10:34 THE IPO NEXT WEEK IS TRENDING UP FROM A VALUATION PERSPECTIVE. I THINK THAT WAS SMART. THEY CAME IN AT A MORE MODERATE VALUATION TO DRIVE UP DEMAND. WE ARE SEEING THAT GLOBALLY. ONE OF THE STORIES POSTED THIS MORNING AT BLOOMBERG IN REGARDS TO NOT GIVING ACCESS TO CHINA OR HONG KONG. THERE IS DEMAND GLOBALLY. I THINK ANTHROPIC IS IN A GOOD POSITION HEADING INTO NEXT WEEK PENDING ALL THE OTHER NOISE. ED: HOLD THAT THOUGHT. THANK YOU VERY MUCH.

11:07 ANTHROPIC, SOURCES TELLING US INSTITUTIONAL INVESTORS BASED IN CHINA AND HONG KONG ARE EXCLUDED FROM PLACING ORDERS ON THE IPO. SOME PROSPECTIVE BUYERS ARE TRYING TO FIND OTHER WAYS TO CASH IN SEVERAL BANKS HAVE REFUSED TO TAKE THOSE ORDERS. NOT UNPRECEDENTED. SPACEX ALSO DROPPED ORDERS FROM MAINLAND CHINA AND HONG KONG. COMING UP, IT IS A BIT OF A RACE AGAINST TIME FOR MICROSOFT. THE COMPANY IS SEEING IMPROVEMENT BUT THE OUTAGES AFFECTING WORKFLOWS AROUND THE WORLD. WE WILL HAVE THE LATEST.

11:41 THIS IS "BLOOMBERG TECH." ♪ ED: MICROSOFT SAYS IT IS STARTING TO SEE IMPROVEMENTS AS IT STRUGGLES TO RESTORE ACCESS TO ITS FLAGSHIP SOFTWARE. THE GLOBAL OUTAGE HAS IMPACTED OUTLOOK, TEAMS, AND COPILOT, DISRUPTING WORKFLOWS ACROSS SECTORS. I THINK WE HAVE HAD AN INCREMENTAL UPDATE FROM MICROSOFT THAT THINGS ARE IMPROVING STILL. >> YEAH, WE HAVE. IT LOOKS LIKE IT IS IN RECOVERY MODE. IT LOOKS LIKE THINGS ARE IMPROVING IN THE LAST FEW HOURS AS THEY SORT OUT WHATEVER IT TOOK DOWN THEIR SOFTWARE YESTERDAY.

12:28 ED: THIS WAS A SERIOUS OUTAGE. 70 COUNTRIES. WE ARE TALKING ABOUT MICROSOFT 365. 20 DIFFERENT PRODUCTS. TAKE US INSIDE SOME OF THE IMPACT LIKE WALL STREET GLOBALLY, HEALTH SERVICES IN DIFFERENT COUNTRIES. >> THERE'S MORE THAN 450 MILLION INDIVIDUAL COMMERCIAL USERS OF MICROSOFT 365.

12:59 HARD TO FIND A BIGGER SURFACE FOR DISASTER. YOU HAD HOSPITALS MORNING THEY COULD NOT RECEIVE EMAILS. YOU HAD GOVERNMENTS WARNING ABOUT THEIR OWN CORRESPONDENCE BEING HINDERED BY THIS. YOU CANNOT OVERSTATE THIS AS AN IMPEDIMENT IN WORKFLOW ACROSS THE GLOBE. MICROSOFT OFFICE IS THE DEFAULT WAY PEOPLE COMMUNICATE AND GET A LOT DONE. ED: IT IS INTERESTING. THE STOCK WAS UNDER PRESSURE BUT MODESTLY LOWER PREMARKET.

13:31 NOW IT IS POSITIVE. WHY IS IT NOT MORE IMPACTFUL WHEN THERE IS SOMETHING SERIOUS LIKE THIS TO THE STOCK? MATT: AS WE SAW WAS SOME OF THE CROWDSTRIKE FALL OUT A YEAR OR TWO AGO, IN A LOT OF CASES, THERE IS INSURANCE THAT WILL PICK THIS UP IF SOMETHING CRITICAL GOT MISSED. LONG-TERM FOR MICROSOFT, THIS IS A PRETTY DURABLE SET UP SERVICE. PEOPLE HAVE BEEN POKING AT HOW TO BUILD AN EMAIL CLIENT FOR DECADES. MICROSOFT STILL HAS A LOCK ON THAT MARKET. I THINK THE STOCK BEING FLAT IS A BOAT FROM INVESTORS THAT THEY EXPECT THAT TO CONTINUE.

14:13 ED: FUNNY ENOUGH, I EMAILED SOMEONE YOU AND I BOTH KNOW AT MICROSOFT IN THE LAST 24 HOURS AND HAVE NOT HEARD BACK YET. BLOOMBERG'S MATT DAY WITH THE LATEST, THANK YOU INDEED. SPACEX AND TESLA ARE SAID TO BE MAKING PROGRESS IN MERGER TALKS. ADVISORS ARE WORKING ON THE STRUCTURE IN WHAT WOULD BE THE BIGGEST EVER DEAL. THAT COULD COME AS AN ANNOUNCEMENT AS SOON AS EARLY DECEMBER.

14:44 LET'S START WITH THE DETAILS ON THE TIMELINE TO EARLY DECEMBER. SOME OF THE CHALLENGES THEY ARE WORKING AROUND? >> THAT IS RIGHT. THEY ARE THINKING ABOUT TARGET ING AN ANNOUNCEMENT THAT COULD COME IN EARLY DECEMBER. TESLA ALSO HAS A SCREW SHOW CRUCIAL ANNOUNCEMENT SCHEDULED FOR DECEMBER 3. WE ARE REPORTING THEY ARE TARGETING SOMETIME IN DECEMBER FOR ANNOUNCEMENT.

15:19 THIS IS ALL GOING TO BE SUBJECT TO HOLIDAY CALENDARS. NOT MUCH TENDS TO HAPPEN AROUND THE HOLIDAY WEEK SO WE ARE CONSTRAINED FROM A TIMETABLE PERSPECTIVE. IT COULD BE AS SOON AS JANUARY WHICH IS CRAZY TO THINK ABOUT THAT YOU HAVE TWO OF THE LARGEST DEALS IN HISTORY ON ONE SIDE AND THEN YOU HAVE ANTHROPIC BEING NEGOTIATED AT THE SAME TIME.

15:55 WE HAVE NOT BEEN IN A PERIOD WHERE YOU CAN SAY THAT BEFORE. THE BIG OBSTACLE IS CHINA. IT IS SENSITIVE TO TESLA BECAUSE TESLA HAS A HUGE OPERATION IN CHINA. IT GETS A LOAD OF ITS REVENUE FROM CHINA. THIS DEAL NEEDS A SOLUTION TO CHINA. THEY NEED TO REINVENT THAT OPERATION THERE SO THEY CAN GET NATIONAL SECURITY APPROVED IN THE U.S., PARTICULARLY AS YOU THINK ABOUT LAYERING ON TOP OF TESLA AND SPACEX'S NATIONAL SECURITY CONTRACTS WITH DOD FOR INSTANCE.

16:36 ED: EXPLAIN WHY WE ARE SAYING THIS IS ON PAPER THE BIGGEST CORPORATE TYPE EVER -- TIE-UP EVER. RYAN: BOTH STOCKS ARE OFF TODAY. THEY WERE UP A HAIR YESTERDAY. COMBINED, IT WILL BE IN THE REGION OF $4 TRILLION MARKET CAP. THAT IS JUST MARKET CAP ALONE. THAT DOES NOT INCLUDE ENTERPRISE VALUE. WE HAVE NEVER SEEN ANYTHING LIKE THIS BEFORE. BEFORE. WE ARE USED TO ELON MUSK MOVING AGGRESSIVELY MERGING. WE HAVE SEEN IT ON THE PRIVATE SIDE BUT WE HAVE NEVER SEEN A PUBLIC M&A DEAL WHERE THERE IS THE SHEER MAGNITUDE ON OFFER HERE.

17:27 THE TYPES OF INVESTORS A INVOLVED, THE TYPE OF CAPITAL ON THE TABLE. A PUBLIC COMPANY BOUGHT. THOSE ARE VERY SOPHISTICATED GENERALLY. WE HAVE SEEN THAT WITH THE TESLA BOARD ABOUT THE PAY PACKAGE. THIS IS VERY COMPLEX STUFF. GENERALLY, THESE THINGS TAKE MONTHS IF NOT YEARS TO FIGURE OUT. THE STORY YESTERDAY IS INDICATIVE ELON MUSK WANTS TO ACCELERATE THIS AND ANNOUNCE AS SOON AS POSSIBLE.

18:00 ED: BLOOMBERG'S RYAN GOULD WITH THE STORY. THANKS SO MUCH. $106 BILLION COMES AFTER THE FOUNDER HAS CASHED IN ON DECADES OF BETS PLACED ON HIS CLOSE FRIEND ELON MUSK'S COMPANIES. SINCE 2003, THEY HAVE DELIVERED A 78% NET RETURN RATE ACROSS ALL FUNDS. FOR COMPARISON, A SIMILAR BENCHMARK OVER A 20-YEAR HORIZON STANDS NEAR 14%. STICKING WITH SPACEX, THE COMPANY AIMING TO LAND AND CATCH BOTH SECTIONS OF STARSHIP INTACT IN THE LATEST TEST FLIGHTS. SPACEX PLANS TO CATCH THE SUPERHEAVY STRAP THE LAUNCH SITE AND ATTEMPT THE SAME MANEUVER WITH THE SPACECRAFT ROUGHLY A DAY LATER.

18:49 IT WOULD BE THE FIRST TIME SPACEX HAS RECOVERED THE FULL VEHICLE ON LAND. COMING UP, NVIDIA TURNED TO A LONG TIME INSIDER TO HELP REINSURE -- REASSURE INVESTORS. WE ARE TALKING ABOUT INTERIM CEO COLETTE KRESS. THIS IS "BLOOMBERG TECH." ♪ ED: COLETTE KRESS HAS LARGELY SAVED OUT OF THE SPOTLIGHT DURING HER 13 YEARS AT THE COMPANY.

19:25 NOW AS INTERIM CEO, SHE HAS BEEN THRUST CENTER STAGE AS NVIDIA NAVIGATES ITS BIGGEST LEADERSHIP CRISIS. A LOT OF WRITING HAVE DONE IN THE LAST 24 HOURS, INTRODUCE OUR AUDIENCE TO COLETTE KRESS AND HER HISTORY AND THE ROLE SHE IS NOW PLAYING. >> AS YOU POINTED OUT, COLETTE KRESS HAVE BEEN WITH THE COMPANY THE PAST 13 YEARS. SHE JOINED AS EXECUTIVE VICE PRESIDENT AND CFO AND HAS HELD THE ROLE EVER SINCE. SHE PREVIOUSLY WORKED AT CISCO, MICROSOFT, AND TEXAS INSTRUMENTS, ALWAYS IN FINANCE ROLES. THE INTERESTING THING IS THE COMPANY SHE JOINED IN 2013 IS VERY DIFFERENT COMPANY TO THE ONE WE KNOW TODAY. NVIDIA HAS EVOLVED FROM BEING A COMPANY FOCUSED ON SHIPS LARGELY USED FOR COMPUTER GAMING TO THIS HUGE MACHINE OF THE AI TRADE. WITH THAT ALSO GREW THE ROLE SHE HAS HAD. AT THE SAME TIME, SHE WAS CFO TO JENSEN HUANG SO SHE HAS NOT PLAYED AS MUCH OF A PUBLIC FACING ROLE OF CEO'S AND OTHER COMPANIES THAT SIZE.

20:33 ED: SO INTERESTING THE DECISION TO NAME HER CEO ON AN INTERIM BASIS. I HAD A CONVERSATION WITH HER IN AUGUST OF 2025 WITH NVIDIA SHARING WITH THE U.S. GOVERNMENT. SHE SAID I WILL FOLLOW THE LAWS OF THIS NATION. AS CEO, IT IS A DIFFERENT JOB. IS NOT JUST THE CFO NUMBERS GAME. >> SHE WILL HAVE TO CONTINUE THE CFO NUMBERS GAME. SHE WILL BE THE CFO GOING FORWARD BUT ALSO THE MAIN PERSON NOW, THE FACE OF THE COMPANY IN WASHINGTON AND IN RELATIONS TO TRUMP AND OTHER PEOPLE. JENSEN HUANG HAS PLAYED VERY VISIBLE ROLE THERE. THAT ALSO ADDS TO THE CHALLENGES SHE IS FACING, PLUS THE FACT SHE IS NOW RESPONSIBLE FOR MANAGING OPERATIONS, THINKING ABOUT HOW THE COMPANY SHOULD INVEST GOING FORWARD. SHE DOES NOT NECESSARILY HAVE THE OPERATING EXPERIENCE IF YOU LOOK AT WHAT SHE HAS DONE AT NVIDIA SO FAR. ED: MY UNDERSTANDING IS THE TUESDAY EARNINGS WILL BE NORMAL. THERE WILL BE AN ANALYST CALL.

21:44 ANALYSTS WILL GET QUESTIONS AND COLETTE KRESS WILL BE THERE. CHECK OUT THE CFO BRIEFING NEWSLETTER. WE ARE GOING TO KEEP THE DISCUSSION ON THE BROADER IMPACT OF JENSEN HUANG'S OUTING GOING AS HIS DECISION WEIGHS ON THE REST OF THE TECH SECTOR. THIS IS WHAT THE TECH SECTOR LOOKS LIKE. THERE IS PRESSURE THIS FRIDAY. THE NASDAQ 100 DOWN MORE THAN 2%. OUTSIZED DOWNWARD PRESSURE ON SEMICONDUCTORS. THE THIRD LARGEST SEMICONDUCTOR INDEX.

22:16 NVIDIA HEADING FOR ITS WORST WEEK SINCE 2025. ON THE WEEK, THE TECH SECTOR AS A WHOLE, THE NASDAQ IS UP MORE THAN 2% DESPITE THE BIGGEST CONSTITUENT PART BEING UNDER SUCH PRESSURE. HALFTIME IN THE CITY OF SAN FRANCISCO. THANK YOU FOR BEING WITH US. WE WILL BE RIGHT BACK. THIS IS "BLOOMBERG TECH."

22:53 ED: WELCOME BACK TO "BLOOMBERG TECH” IT IS A WEEK THAT ENDS WITH NVIDIA UNDER PRESSURE. JENSEN HUANG THURSDAY MORNING RESIGNING AS CEO EFFECTIVE IMMEDIATELY. THE BOARD APPOINTING CFO COLETTE KRESS AS INTERIM CEO WITH QUARTERLY EARNINGS GOING AHEAD NEXT TUESDAY. THE NET EFFECT IS NVIDIA IS HEADING FOR ITS BIGGEST WEEKLY DROP SINCE JANUARY OF 2025. IT WAS WORSE. IT COULD HAVE BEEN WORSE. INTERESTING, THERE IS MORE BREADTH IN THE TECHNOLOGY SECTOR.

23:31 THE NASDAQ 100 IS DOWN AROUND TWO PERCENTAGE POINTS IN THE FRIDAY SESSION BUT UP ON THE WEEK AND HEADING FOR ITS BEST WEEKLY GAIN SINCE LATE SEPTEMBER. MAYBE SOME REPOSITIONING. THIS WAS THE BIG SHOCKER. NVIDIA ANALYSTS SEE MORE UNCERTAINTY AHEAD FOR THE AI CHIPMAKER AFTER IT OUSTED JENSEN HUANG AS CEO. I WENT TO GET TO RYAN VLASTELICA. INITIALLY, IT WAS THE WAVE OF DOWNGRADES AND PRICE TARGETS.

24:06 THINKING ABOUT WHAT HAPPENS NEXT, THE RESEARCH KEEPS COMING. WHAT HAVE YOU BEEN WRITING ABOUT? RYAN: WE HAVE SEEN 10 DOWNGRADES OVER THE PAST WEEK ALONE WHICH REPRESENTS A HUGE CRACKING IN WHAT WAS OTHERWISE A VERY POSITIVE CONSENSUS TOWARDS THE COMPANY. IT IS HARD TO THINK OF TWO MANY PRECEDENTS FOR THIS KIND OF SWIFT REVERSAL, ESPECIALLY FOR A COMPANY OF THIS SIZE. ONE THING WE HAVE NOT SEEN YET IS THE ANALYSTS CUTTING ESTIMATES. PRESUMABLY, WE WILL SEE MORE MOVEMENT WHEN WE GET RESULTS NEXT WEEK.

24:40 THAT WILL HAVE A LOT TO DO WITH WHEN IT COMES TO PEOPLE TRYING TO FIGURE OUT IF THE STOCK IS CHEAP ENOUGH THAT YOU ARE WILLING TO TAKE ON THE ADDITIONAL RISK REPRESENTED BY STRATEGY. ED: FISCAL YEAR 2026 REVENUES, $215 BILLION. THE ESTIMATES ARE IN FISCAL 2020 REVENUE NORTH OF $400 BILLION. I GUESS MAYBE WE FIND OUT ON TUESDAY THE TRAJECTORY. MAYBE WE WON'T.

25:10 IT IS SO HARD TO WORK OUT WHETHER EARNINGS WILL REVEAL ANYTHING. WHAT IS THE SOUTH SIDE SAYING ABOUT EXPECTATIONS -- SELL SIDE SAYING ABOUT EXPECTATIONS? FUNDAMENTALS. PEOPLE HAVE POINTED OUT THE COMPANY IS SOLD OUT OF CHIPS THROUGH 2027. IT WILL BE HARD FOR MAJOR CUSTOMERS TO SHIFT CUSTOMERS ON A DIME. THINGS SHORT-TERM LOOK INTACT.

25:45 WHEN YOU LOOK OUT TO 2028 AND 2029, WHEN YOU COMBINE THIS NEW UNCERTAINTY WITH THE PRE-EXISTING QUESTIONS ABOUT THE REGULATORY BACKDROP FOR BUILDING DATA CENTERS FOLLOWING MIDTERM ELECTIONS, ARE THERE GOING TO BE MORE INVESTORS GETTING CAUTIOUS ABOUT HYPERSCALERS THAT ARE CASH FLOW NEGATIVE? WHAT DO ALL OF THESE THINGS MEAN FOR NVIDIA'S GROWTH RATE? ESPECIALLY SINCE IT IS ALREADY EXPECTED TO SEE DECELERATING GROWTH IN THE COMING YEARS. I WAS SPEAKING TO AN INVESTOR WHO SAYS EVEN BEFORE THE MIDTERMS AND THE JENSEN HUANG NEWS, THAT WAS A REASON TO BE CAUTIOUS BECAUSE THERE ARE OTHER CHIPMAKERS ACCELERATING. WE HAVE SEEN SO MUCH BROAD-BASED WEAKNESS. IF YOU ARE JUST LOOKING FOR A BARGAIN, YOU KIND OF HAVE YOUR CHOICE IN THE SECTOR.

26:37 WHY ARE PEOPLE GOING TO BE CHOOSING A COMPANY THAT NOW HAS THIS NEW RISK ASSOCIATED WITH IT? I THINK THAT WILL BE THE KEY QUESTION PEOPLE WANT ANSWERED IN THE EARNINGS REPORT. THEY WANT REASSURANCE ABOUT THE STRATEGY AND LONGER-TERM GOALS. THEY WANT TO BE SAY ABLE TO SAY EVEN WITH THE SHAKEUP THERE IS REASON TO BE OPTIMISTIC THINGS WILL BE SOMEWHAT STEADY. ED: RYAN VLASTELICA, THANK YOU VERY MUCH. PRESSURE BUILDING ON HOWARD LUTNICK AS SCOTT BESSENT ACCUSES HIS DEPARTMENT OF FAILING TO KEEP NVIDIA'S MOST ADVANCED CHIPS OUT OF CHINA AFTER THEY AVOIDED A BLACKLIST OVER POSSIBLE VIOLATIONS.

27:26 THERE WAS A LOT OF ADDITIONAL BLOOMBERG REPORTING OVERNIGHT ABOUT ALICE HUANG AND OTHER ENTITIES TIED TO ALICE HUANG. THIS MORNING, THERE IS A STORY ABOUT THE TREASURY DEPARTMENT AND THE COMMERCE DEPARTMENT AND SOME KIND OF DIVISION BETWEEN THEM. EXPLAIN. >> THEY ARE REALLY AT ODDS. WE ARE SEEING HOW MUCH THE FALLOUT FROM JENSEN HUANG'S DEPARTURE IS SPREADING BEYOND SILICON VALLEY TO WASHINGTON AND SETTLING IN AT THE COMMERCE DEPARTMENT WHICH OVERSEES U.S. EXPORT CONTROL PROGRAMS.

28:00 THE TREASURY SECRETARY THIS MORNING SAID THERE HAD BEEN AN INTERAGENCY UNDERSTANDING THAT MEGASPEED THAT HAD BEEN UNDER U.S. INVESTIGATION FOR POSSIBLE EXPORT VIOLATIONS HAD BEEN UP FOR A BLACKLISTING BY THE U.S. GOVERNMENT. THAT IS A STEP CONGRESS HAS TO TAKE.

28:30 SCOTT BESSENT SAID CONGRESS SAT ON IT AND HAS NOT DONE SO. THE LISTING HAS YET TO HAPPEN. CLEARLY, THERE IS A CALL IN THE ADMINISTRATION TO LOOK FOR THE SCAPEGOAT. SCOTT BESSENT IS POINTING IN HOWARD LUTNICK'S DIRECTION. ED: I ALSO SAW HEADLINES LAWMAKERS HAVE SENT A SEPARATE REQUEST TO JENSEN HUANG, SORT OF EXPENDING THE CONGRESSIONAL REQUEST TO BE NVIDIA'S CORPORATE COUNSEL, OTHER REPRESENTATIVES FROM COMMERCE. THIS IS NOT OVER YET.

29:05 WE ARE HEADING TO A POINT WHERE WE WILL FIND OUT MORE. MIKE: I WAS THINKING BEFORE COMING ON WE ARE JUST AT THE BEGINNING OF THIS. THESE ARE THE REPUBLICAN HEADS OF THE COMMITTEES. THREE NATIONAL SECURITY COMMITTEES. THEY LAST WEEK ASKED FOR JENSEN TO SHOW UP AND PROVIDE DETAILS ON NVIDIA'S CHIP PROTOCOLS AND HIS RELATIONSHIP WITH ALICE HUANG. THAT WAS BEFORE WE LEARNED IT WAS A ROMANTIC AFFAIR. AND WELL BEFORE HIS DEPARTURE FROM THE COMPANY.

29:38 THEY HAVE REHAB THOSE DEMANDS BUT NOW THEY INCLUDE GENERAL COUNSEL AND THEY HAVE ASKED A LOWER RANKING OFFICIAL UNDER JEFFREY KESSLER WHOSE OFFICE RUNS EXPORT CONTROL PROGRAMS TO ALSO SHOW UP. THIS ADDS TO THE DEMANDS FROM OTHER LAWMAKERS. SENATOR TIM SCOTT RUNS THE BANKING COMMITTEE, ANOTHER REPUBLICAN, HE IS ASKING HOWARD LUTNICK AND JENSEN TO SHOW UP. WE HAVE NOT HEARD YET FROM THE FORMER NVIDIA CHIEF. IN JANUARY, DEMOCRATS TAKE THE GAVELS OF ALL THE COMMITTEES. THEY ARE FIRED UP AND WILL BE GOING AFTER NVIDIA AND THE COMMERCE DEPARTMENT TO FIND OUT MORE ABOUT THE STEWARDSHIP OF THESE PROGRAMS AND BEYOND THAT TO OTHER SILICON VALLEY CHIEFS. ED: JENSEN HUANG AGREED TO TESTIFY. IT SEEMS NOW THEY ARE EXPANDING THE LIST OF PEOPLE THEY WANT TO HEAR FROM.

30:35 YOU WILL BE BUSY. COMING UP, RECORD REVENUE, A HIGHER OUTLOOK. THE COFOUNDER AND CEO JOINS US TO DISCUSS WHAT IS DRIVING GROWTH OF HIS COMPANY. THAT IS NEXT. THIS IS "BLOOMBERG TECH." ♪ ED: CEREBRAS IS RAISING ITS OUTLOOK AFTER A RECORD THIRD QUARTER.

31:06 IT HAS BEEN FUELED BY CLOUD AND SERVICE SALES THAT MORE THAN TRIPLED. $320 MILLION IN THE FOURTH QUARTER, HANDSOMELY ABOVE CONSENSUS ESTIMATES. STOCK IS OFF THE SESSION HIGH BUT IT IS HIGHER. JOINING US WITH THE LATEST IS A COFOUNDER AND CEO ANDREW FELDMAN. GREAT TO HAVE YOU BACK ON "BLOOMBERG TECH." THE GUIDE FOR THE FOURTH QUARTER A LOT OF PEOPLE ARE INTERESTED IN WHAT THAT REFLECTS. IMPROVING SUPPLY. THINGS YOU COULD NOT DO IN THE QUARTER BEFORE, THINGS SEEM TO HAVE LOOSENED UP.

31:40 ANDREW: THANKS FOR HAVING ME BACK. ALWAYS FUN TO TALK TO YOU. WE HAD A REALLY GOOD QUARTER. A QUARTER WE ARE PROUD OF. I THINK WE HAVE GOOD MOMENTUM WITHIN THE COMPANY AND IN THE MARKET IN GENERAL. I THINK THERE IS TREMENDOUS DEMAND AND A GROWING UNDERSTANDING OF HOW POWERFUL FAST INFERENCE IS. THAT IS WHAT WE SPECIALIZE IN. YOU ARE SEEING FAST INFERENCE HAS PRICING SUPPORT. WE CAN CHARGE MORE FOR FASTER TOKENS THAN FOR SLOW TOKENS. WE ARE SELLING MORE HARDWARE AND BRINGING MORE CLOUD CAPACITY ONLINE.

32:26 THOSE ARE SOME OF THE CONSTRAINTS RIGHT NOW. WE ARE REMOVING CONSTRAINTS, MAKING GOOD PROGRESS. ED: SO INTERESTING. RECENTLY, WE TALKED ABOUT THE CFO'S NIGHTMARE OF TOKEN BUDGETING, TOKEN MAXING. IT IS A REAL CONSIDERATION FOR COMPANIES BIG AND SMALL. DOES THE PRICING POWER CONTINUE? GIVE ME A LENS TO THE FUTURE FOR THAT. ANDREW: TOKEN MAXING IS UNWISE. IT IS WASTEFUL. THAT IS NOT WHAT PRODUCTIVITY IS . SPENDING VAST AMOUNTS JUST TO SPEND MAKES NO SENSE. ALLOCATING TOKENS TO REALLY HARD PROBLEMS AND USING AI FOR WHAT IT IS GOOD AT IS ENORMOUSLY EFFICIENT. IN THOSE DOMAINS DELIVERING TOKENS MORE QUICKLY, GETTING ANSWERS IN LESS TIME IS A NORMAL SLEEP VALUABLE. -- IS ENORMOUSLY VALUABLE.

33:32 I THINK THE CFO'S ARE WORKING WITH BUSINESS LEADERS ACROSS THE ENTERPRISE LENS LAT -- LANDSCAPE IN ORDER TO BUDGET FOR THE NEW SPEND. IT NEEDS TO BE THOUGHTFUL AND PLANNED. IT CAN BE NORMALLY PRODUCTIVE. ED: MICROSOFT APPEARS TO BE A BIG CUSTOMER FOR YOU. TALK ABOUT THE ON BOARDING PROCESS AND WHAT THE BUSINESS WILL LOOK LIKE WITH THEM GOING FORWARD.

34:10 ANDREW: WE HAVE SIGNED THREE INCLUDING ORACLE AND MICROSOFT. WHAT THESE CUSTOMERS GIVE US IS REACHED INTO THE ENTERPRISE. THEY ALLOW US TO DELIVER OUR COMPUTE SERVICES TO CUSTOMERS LARGE AND SMALL ANYWHERE IN THE WORLD. WITH THESE THREE, REACH JUST ABOUT ANY ENTERPRISE WORLDWIDE. IT IS EXTRAORDINARY AND IMMEDIATE GLOBAL DISTRIBUTION AT A SCALE WE COULD NOT HAVE DONE BY OURSELVES.

34:42 ED: I DON'T WANT TO BE INDELICATE TO THE EVENTS OF THIS WEEK. IN THE TIME YOU AND I HAVE BEEN SPEAKING, YOU HAVE SPOKEN ASSERTIVELY ABOUT THREE BIRTHS -- CEREBRAS' TECHNOLOGY AND THE ADVANTAGES IT HAS OVER NVIDIA'S TECHNOLOGY IN THE FAST INFERENCE CONTEXT. I HAVE TO ASK YOUR REACTION TO JENSEN HUANG'S RESIGNATION AND WHAT IT MEANS TO THE INDUSTRY. ANDREW: JENSEN HAD ONE OF THE GREAT ENTREPRENEURIAL RUNS IN HISTORY.

35:18 HE STARTED A COMPANY AND BUILT IT TO THE MOST VALUABLE IN THE WORLD. THE LAST 25 YEARS, HE WAS PROBABLY THE GREATEST CEO OF THE 21ST CENTURY IN THE FIRST QUARTER. I THINK THAT IS EXTRAORDINARY. THAT IS SOMETHING OTHER ENTREPRENEURS AND PEOPLE LIKE MYSELF ASPIRE TO DO. I THINK THAT SORT OF RUN IS BREATHTAKING. I THINK THEY HAVE A DEEP BENCH. I THINK THEY WILL BE JUST FINE. ED: A LOT OF PEOPLE ASSIGNED A BUSINESS OPPORTUNITY TO YOU. WITH TALKED ABOUT A&E, COMBINING YOUR TECHNOLOGY WITH THEIRS. IS THERE AN OPPORTUNITY FOR YOU TO WIN MARKET SHARE OR SPECIFIC CUSTOMERS BECAUSE OF WHAT HAS HAPPENED THIS WEEK? ANDREW: OUR PRODUCTS AND THEIR PRODUCTS HAVE NOT CHANGED. I THINK OUR PRODUCTS ARE SUPERIOR LIKE FAST INFERENCE. I HOPE AND EXPECT CUSTOMERS TO MAKE DECISIONS BASED ON MERITS OF PRODUCT.

36:31 I THINK WE ARE IN AN ENVIRONMENT WHERE THE OPPORTUNITY IS GROWING LARGER THAN ANY 1, 2, OR THREE COMPANIES ENJOY. AND THINK YOU WILL SEE GOOD NUMBERS ACROSS THE BOARD FROM INFRASTRUCTURE PROVIDERS. THAT IS THE THING WE ARE FOCUSED ON. WE ARE FOCUSED ON BEING THE BEST WE CAN BE, BUILDING THE FASTEST INFERENCE SOLUTIONS IN THE MARKET, AND MEETING CUSTOMERS WHERE THEY WANT TO BE EITHER IN THE CLOUD OR ON THEIR PREMISE. ED: QUICKLY, IT IS THE FIRST OPPORTUNITY TO SPEAK TO YOU SINCE THE MIDTERMS.

37:06 ARE YOU MODELING FOR ANY POLICY CHANGE THAT WOULD IMPACT THE DATA CENTER GOLD OUT AND YOUR BUSINESS? DO YOU BELIEVE WHAT YOU MODELED FOR REMAINS? ANDREW: OUR MODELING SEEMS TO HAVE BEEN PROVEN FAIRLY ACCURATE. WE WILL BE BRINGING UP ABOUT 75% OF OUR DATA CENTER CAPACITY OUTSIDE THE U.S. IN 2027. WE HAVE LARGE BILLS UNDERWAY IN CANADA, IN FRANCE, NORWAY, FINLAND. WE HAVE LARGE BUILDS UNDERWAY IN CANADA, FRANCE, NORWAY, AND FINLAND.

37:46 I THINK THE MIDTERMS REFLECTED TREND THOSE OF US ON THE GROUND HAVE SEEN LONG BEFORE. ED: REALLY GRATEFUL FOR YOUR TIME, THANK YOU VERY MUCH. GOING BACK TO THE NASDAQ 100, WE ARE SEEING SOME PAIN IN THE TECHNOLOGY SECTOR. ON THE WEEK, WEEK IN WHICH NVIDIA IS HEADING FOR ITS BIGGEST WEEKLY DROP SINCE JANUARY OF 2025, AND NASDAQ 100 IS HIGHER. THEN THERE IS THE BIG ONE COMING UP NEXT. ANTHROPIC COURTS WALL STREET AHEAD OF A POTENTIAL RECORD-BREAKING IPO.

38:19 MORE ON THE ROADSHOW AND THE COMPANY'S PLANNED TRADING DEBUT WHEN WE RETURN. THIS IS "BLOOMBERG TECH." ♪ ED: NVIDIA PLAYS A CENTRAL ROLE IN THE AI ECONOMY. JENSEN HUANG PLAYED A CENTRAL ROLE IN GETTING IT THERE. THE RISK FOR NVIDIA IS NOT HIS DEPARTURE ITSELF BUT THE PROSPECT IT DISRUPTS DEAL FLOW.

38:51 HE JOINS US ON SET. I BEEN FOLLOWING YOUR WORK ALL WEEK, WHAT A WEEK. YOU HAVE NOT DO SEE ECOSYSTEM RISK. >> U.S. INSTRUMENTAL USING HIS RELATIONSHIPS AND BALANCE SHEETS TO DRIVE THE INNOVATIVE FINANCING STRUCTURES BEYOND NVIDIA. IF YOU LOOK AT THE SUPPLIER COMMITMENTS HE HAS MADE AND THE INVESTMENTS HE HAS SET UP WITH THE NEW THINGS. ALL OF THOSE THINGS ARE NOT TYPICAL. ED: THE WORD YOU USE IS "COORDINATION." HE WAS THE MAN IN THE MIDDLE BETWEEN ALL THE PARTIES. >> IF THE INTERIM CFO AND CEO DOES NOT FEEL COMFORTABLE, THIS COULD HAVE RIPPLE EFFECTS BEYOND NVIDIA. ED: HAVE YOU SEEN ANYTHING LIKE THIS IN YOUR CAREER? HOW DO YOU MODEL FOR THESE ESTIMATES? >> WE HAVE BEEN CHANGING OUR ESTIMATES FOR NVIDIA. WE ARE SEEING A SIGNIFICANT RISK SCENARIO WHEN IT COMES TO INFRASTRUCTURE BUILDOUT.

40:13 THEIR NEW WAYS THEY ARE LAUNCHING WHERE WE HAVE NOT SEEN REVENUE COME OUT, THERE WAS A LOT OF HOPE ON THAT WHICH I THINK ADDED MORE STRESS. ED: JENSEN HUANG HAS SAID HISTORICALLY YOU ARE PLACING THESE ORDERS MANY YEARS IN ADVANCE. IT TAKES TIME TO PUT THEM IN THE REAL WORLD. DOES THAT GIVE YOU SOME COMFORT? >> UNTIL 2027 END. MY COMFORT LEVEL GOES DOWN THINKING 2028 AND BEYOND. ED: IT HAS BEEN GREAT TO HAVE YOU. THANK YOU VERY MUCH.

40:48 ANTHROPIC'S IPO ROADSHOW IS UNDERWAY AND IS TAKING ITS PITCH TO WALL STREET LITERALLY. DARROW AMODEI IS SET TO SIT DOWN WITH JAMIE DIMON IN NEW YORK AS DECLAWED MAKER PREPARES FOR WHAT IS EXPECTED TO BE THE BIGGEST IPO IN HISTORY. SET THE SCENE. WHAT IS THE EXPECTATION? NEW YORK. IN ABOUT 10 MINUTES, WE HAVE JAMIE DIMON SET TO SIT DOWN WITH THE ANTHROPIC COFOUNDER AND CEO DARIO AMODEI TO DISCUSS THE POTENTIAL RECORD-BREAKING IPO OF ANTHROPIC. WE WANT TO CATCH A GLIMPSE OF THE LEADERS POTENTIALLY AS THEY WALK OUT OF THE BUILDING AND CATCH A GLIMPSE OF THE INVESTORS.

41:41 ANTHROPIC IS TARGETING A FULLY DILUTED VALUATION OF $1.4 TRILLION WITH TRADING SET TO BEGIN THURSDAY. DEMAND IS ENORMOUS, ROUGHLY SIX TIMES THE NUMBER OF SHARES AVAILABLE. J.P. MORGAN IS ONE OF THE 22 BANKS PART OF THE DEAL. THEY WILL LEAD THE RETAIL DOMESTIC MARKETING AS WELL AS SHARE ALLOCATION. THE NUMBERS ARE STAGGERING. IF YOU COMBINED THIS SHARE SALE AND PRODUCT PLACEMENT, THAT WILL SURPASS THE RECORD ELON MUSK SET WITH SPACEX IN JUNE. ED: THE VIBES AROUND THE IPO GOING IN THE RIGHT DIRECTION. WHAT IS THE FEELING THERE?

42:24 >> IT IS A LITTLE MORE MUTED COMPARED TO SPACEX. WITH SPACEX, IT WAS MORE JOVIAL. EVEN IF THIS IS SET TO BE THE BIGGER IPO, I GUESS THE DIFFERENCE IS THE ELON MUSK NARRATIVE. I AM NOT SAYING DARIO AMODEI DOES NOT HAVE IT BUT ELON MUSK WAS INCOMPARABLE. STILL A LOT OF EXCITEMENT HERE. YOU SEE BARRICADES AROUND J.P. MORGAN. REALLY A LOT OF EXCITEMENT HERE.

42:55 ED: BLOOMBERG'S ISABELLE LEE ON SITE AT J.P. MORGAN. DARIO AND JAMIE DIMON SPEAKING TOGETHER. LET'S IN THE WEEK LOOKING AT TECHNOLOGY STOCKS IN FINANCIAL MARKETS. THE NASDAQ 100 DOWN 2%. NVIDIA IS HEADING FOR ITS WORST WEEKLY DROP SINCE JANUARY 2025. THE WEEK JENSEN HUANG RESIGNED AS CEO EFFECTIVE IMMEDIATELY.

43:28 MULTIPLE AGENCY INVESTIGATIONS AND PROBES. A LOT MORE TO COME AS CONGRESS DEMANDS JENSEN HUANG SPEAKS. THE NASDAQ 100 IS ACTUALLY HIGHER AND HEADING FOR ITS BEST WEEK SINCE LATE SEPTEMBER. CAN YOU BELIEVE THAT? IT HAS BEEN A BIG WEEK. THANK YOU ALL FOR BEING WITH US ON THE SHOW. RECAP TODAY AND THE WEEK WITH THE PODCAST ON THE TERMINAL. WISHING EVERYONE A HAPPY FRIDAY, A GOOD WEEKEND. WE WILL GET YOU NEXT WEEK. THIS IS "BLOOMBERG TECH." ♪