Bloomberg Markets 07/29/2024

Summary

このビデオスクリプトでは、株式市場の動向とその背景に焦点を当てています。S&P 500やビッグテックの上昇、セミコンダクター業界の業績発表、そして政治と仮想通貨の関連性などが取り上げられています。特に、元大統領トランプの仮想通貨に関連した政策提言や、セクター内での企業の動向が注目されています。また、テクノロジー企業の業績予想や、株式市場における投資家の反応が分析されています。

Takeaways

• 📈 ストック市場は上升気味ですが、その勢いは少し弱まっています。
• 🏦 重要な中央銀行の決定と大きなテック企業の業績が週にわたって注目されます。
• 📊 S&P 500は約0.3％上昇し、ビッグテックは約0.7％上昇しています。
• 📊 フィラデルフィア半導体指数も約0.6％上昇しており、半導体企業の業績が出ています。
• 🚗 テスラ株価は、モーガンスタンレーが自動車部門でトップピックに選んだ影響で上昇しています。
• 🍔 マクドナルドの株価は、予想よりも小さめの売上減少を発表したため上昇しています。
• 🔑 暗号通貨関連企業の株価は、元大統領トランプの暗号通貨に関連した議論の影響で上昇しています。
• 🗣️ トランプ前大統領は、現在のSEC主席のギャリー・ゲンスラーを解任し、新しいFCC主席を任命すると述べています。
• 💡 トランプ前大統領は、アメリカが未来を築くべきでない未来を阻むべきだと主張しています。
• 💼 カーシェアーズのアメリカCEOは、アメリカに戦略的な暗号通貨 rezerve を持つべきだと述べています。
• 🌐 テクノロジー分野は、クラウドや人工知能インフラの拡大に伴い、興味深い時期を迎えています。

Q & A

現在の株式市場の動向はどのようになっていますか？

株式市場は上昇トレンドにあるものの、その勢いは若干弱まっており、特にテクノロジー企業の収益が注目されています。

S&P 500の動向はどうですか？

S&P 500は約0.3％上昇しており、テクノロジー企業の前倒しの上昇幅は約0.7％です。

セミコンダクター業界の動向はどのようなものですか？

セミコンダクター業界は好調で、フィラデルフィアセミコンダクター指数は約0.6％上昇しています。

テスラの株価が上昇した理由は何ですか？

モルガンスタンレーがテスラを自動車部門のトップピックに指定し、フォードを置き換えたことが理由です。

マクドナルドの株価が上昇した背景には何がありますか？

マクドナルドは予想よりも少なく_sales_decline_を発表し、足取り数が減少し、価格が上昇したことが影響しています。

仮想通貨業界が選挙季にどのように影響を与えているかを教えてください。

元大統領トランプは仮想通貨に関連した議題を強調し、選挙戦で有利な立場を築いています。一方、カマラ・ハリスも暗号コミュニティへの姿勢を緩和しています。

トランプ前大統領の大統領選挙での仮想通貨に関する見解はどのように変化しましたか？

トランプ前大統領は第1任期中にビットコインを詐欺と呼んでいましたが、現在は仮想通貨に非常に友好的な姿勢をとっています。

セネタール・ルミスが提案したビットコインの戦略储备とは何ですか？

彼女の法案では、アメリカ合衆国が5年間に100万ビットコインを保有し、20年間債務を減らすために使用することができると提案しています。

仮想通貨業界が政治的影響力を増している中、民主党はどのように対応していますか？

民主党のいくつかの政治家は、仮想通貨業界に対抗するために、より友好的な政策を推進しています。

デジタル資産市場の動向について説明してください。

デジタル資産市場は活発で、企業がビットコインを資産として保有し、取引に使用する傾向があります。

テクノロジー企業の収益発表の週間はどのように重要ですか？

収益発表の週間は、特にテクノロジー企業にとって非常に重要で、市場の動向に大きな影響を与える可能性があります。

テクノロジー企業のcapex（資本支出）に関する投資家の期待は何ですか？

投資家は成長を望み、テクノロジー企業が技術インフラに積極的に投資していることを歓迎しています。

インテルの業績予想についてどう思いますか？

インテルは数年間かけてビジネスを積極的に投資し、企業向け市場にさらされている部分の軟化に伴い、需要の回復を期待しています。

セミコンダクター業界の動向はどのようになっていますか？

セミコンダクター業界はサイクル的なものであり、企業が製品ロードマップを実行することで、この期間を乗り切ることができると期待されています。

政治的状況がセミコンダクター企業にどのような影響を与えるかを教えてください。

政治的状況はセミコンダクター企業に影響を与えていますが、企業はイノベーションと投資を通じて、これらの状況に適応する必要があります。

Outlines

00:00

📈 株価上昇とテック企業の業績発表

Sonali Basakがホストを務めるBloomberg Marketsでは、株価上昇とテック企業の業績発表が焦点です。S&P 500は0.3％上昇し、テック企業はその2倍近い上昇幅を記録しています。フィラデルフィア半導体指数も好調で、その中でも一つのハイフライヤーが目立ちます。一方、Russell 2000はその勢いを失い、0.8％下落しています。Teslaの株価は、Morgan Stanleyが自動車部門でトップピックに選んだことを受け、上昇しています。McDonald'sの株価も、予想よりも小さめの売上減少を発表したことが影響しています。

05:01

🗣️ 仮想通貨と選挙戦の関連性

元大統領トランプは、ナッシュビルで開催されたビットコインカンファレンスでの講演で、現SEC主席のGary Genslerを解任し、新たなFCC主席を任命する意向を示しました。さらに、ビットコインや仮想通貨に関するアドバイザリーボードを設置し、アメリカを未来を阻害するのではなく、未来を築く国にすることを誓いました。トランプ前大統領は、仮想通貨に関連した議論を巡って、選挙戦で重要な役割を果たしていることが明らかになりました。一方、Kamala Harrisも仮想通貨業界との関係をリセットし、より友好的な姿勢を見せていると報道されています。

10:04

💡 仮想通貨保有の戦略的な意義

仮想通貨を戦略的に保有することの重要性が議論されています。Bitcoinは耐久性の高い資産として認識され、アメリカ合衆国が5年間で100万ビットコインを保有することを目指す法案が提案されています。これは、国家債務を削減するのに利用される可能性があります。しかし、立法府での仮想通貨に関する法案の進展は、選挙の結果に左右される可能性があり、現在の貧弱な動向から復帰するまで時間がかかる可能性があります。

15:05

🌐 デジタル資産の未来と企業の対応

デジタル資産の未来について、企業が積極的に対応している状況が説明されています。Marathon DigitalやCoinbaseなどの企業は、Bitcoinを保有し、それにのっとってビジネスを展開しています。これは、彼らがインターネットの通貨としてBitcoinを重視していることを示唆しています。企業は、Bitcoinを資産として保有することで、デジタルインフラの拡大に応えています。

20:06

🛠️ セミコンダクター産業の動向

セミコンダクター企業の業績とその将来性についての議論がされています。Intel、Qualcomm、Nvidiaなどの企業は、技術インフラを強化するために積極的に投資しています。しかし、株価の動向から見ると、市場はこれらの企業の将来に対する期待と懸念が混在しています。セミコンダクター企業は、製品ロードマップの実行と市場への価値提供に重点を置く必要があります。

🏢 企業買収と市場の反応

City Streetを率いる投資家グループが、51億ドルで不動産保険会社Star Groupを買収することが発表されています。これは今年の民間投資ファンド支援の保険業買収の2番目に大きな取引とされています。しかし、Starの株価はこのニュースを受け、4年以上で最大の落下を記録しています。

Keywords

💡S&P 500

S&P 500は、アメリカの500社の企業を代表する株式指数であり、市場の主流をなす大企業を含んでいます。ビデオでは、S&P 500が約3/10の1%上昇していると報告されており、これは株式市場の動向を理解するキーとなる指標です。

💡Big Tech

ビッグテックとは、テクノロジー業界で最も大きな市場シェアや影響力を有する企業のことを指します。ビデオでは、ビッグテックの株価が7/10の1%上昇していると触れられ、彼らの業績発表が市場に与える影響が焦点となっています。

💡Philadelphia Semiconductor Index

フィラデルフィア半導体指数は、半導体産業の企業を代表する株式指数です。ビデオでは、この指数が6/10の1%上昇し、半導体企業の業績が市場にどのように影響を与えるかを示しています。

💡Tesla

テスラは、電気自動車とエネルギー製品を開発・販売するアメリカの企業です。ビデオでは、モルガン・スタンレーがテスラを自動車部門のトップピックに選んだこと、そしてその株価が上昇したことが取り上げられています。

💡Morgan Stanley

モルガン・スタンレーは、アメリカの国際投資銀行であり、株式の評価や市場分析などのサービスを提供しています。ビデオでは、モルガン・スタンレーがテスラをトップピックに選ぶことで株価への影響が語られています。

💡McDonald's

マクドナルドは、世界中で知られるファストフードチェーンです。ビデオでは、売上の減少がアナリストの予想よりも小さく、株価が上昇したことが報告されています。

💡Cryptocurrency

暗号通貨とは、デジタル形式の貨幣であり、中央銀行や政府ではなく、分散型の技術によって管理されています。ビデオでは、元大統領トランプが暗号通貨に関連した議論を行い、選挙戦術の1つとなっていることが言及されています。

💡SEC Chair Gary Gensler

SEC（連邦証券取引委員会）の議長であるゲイリー・ゲンスラーは、金融規制の重要な人物です。ビデオでは、トランプが再選された場合にゲンスラーを解任すると述べ、暗号通貨業界の注目を集めています。

💡NFT

NFTとは、非代替性トークンの略で、デジタルアートやコレクションなどの一意なアイテムを表すことができます。ビデオでは、トランプが自身のNFTを発行し、その影響について触れています。

💡Bitcoin

ビットコインは、最も有名な暗号通貨の一つであり、分散型の取引所で取引されています。ビデオでは、トランプがビットコインを含む戦略储备を持ちたいと表明し、それが市場に与える可能性について議論されています。

💡Cloud Computing

クラウドコンピューティングは、インターネットを通じてコンピュータリソースを提供するサービスのことで、ストレージやデータベース、アプリケーションなどが含まれます。ビデオでは、クラウドや人工知能インフラの成長がテクノロジー企業の業績にどのように影響するかが議論されています。

Highlights

股市涨势似乎正在减弱，但当天仍上涨。

本周将有重要的央行决策和大型科技公司的财报。

标普500指数上涨约0.3%，大型科技股在财报发布前上涨近0.7%。

费城半导体指数因半导体公司发布财报而上涨约0.6%。

罗素2000指数下跌约0.8%，市场轮动交易失去部分动力。

特斯拉股价上涨，摩根士丹利将其作为汽车行业的新首选。

麦当劳股价上涨，公司宣布的销售下降幅度小于分析师预期。

加密货币公司在当天表现不佳，尽管前总统特朗普在纳什维尔的比特币会议上宣布了亲加密货币议程。

特朗普在会议上对现任SEC主席加里·詹斯勒发表了强烈言论。

特朗普表示，他将任命一个新的FCC主席，支持美国建设未来而非阻碍未来。

特朗普计划立即任命一个比特币和加密货币总统咨询委员会。

加密货币在选举季节中的影响正在增加，特朗普和哈里斯都在调整他们的立场。

特朗普在第一任期内曾称比特币为骗局，但现在他的态度有所转变。

特朗普发行了自己的NFT，并从加密货币重量级人物那里获得了捐款。

参议员卢米斯提出了一项法案，建议美国建立一个比特币储备，以减少国家债务。

Coinshares的Steve McClurg认为，比特币应成为全球储备货币的一部分。

McClurg建议美国不仅购买被没收的比特币，还应购买更多比特币，并控制赤字和支出。

McClurg对中央银行数字货币持怀疑态度，更支持不受单一国家控制的货币。

Neuberger Berman的高级分析师Dan Flax对微软和亚马逊的财报持乐观态度。

Flax认为，尽管存在周期性逆风，但能够执行产品路线图的公司将变得更强大。

Flax指出，尽管地缘政治紧张，但创新和投资是公司应对挑战的关键。

Transcripts

Welcome to Bloomberg Markets I'm Sonali Basak.

The stock rally appears to be losing some of its steam, but still higher on

the day. We're looking at some key central bank

decisions across the week and big tech earnings floating through.

And before we get to that, let's take a check on the markets here.

And looking at the S&P 500 rising about 3/10 of 1% higher.

Big tech also on the rise before those earnings hit the tape, almost 7/10 of 1%

higher. Remember the Philadelphia Semiconductor

index also higher by about 6/10 of 1% on semiconductor out with earnings this

morning. A high flying in that index today

promising results there. And the Russell 2000, that rotation

trade losing some of its steam, 8/10 of 1% lower on the day.

Let's take a look here at some of the day movers on the equity side here.

We're looking at Tesla shares higher after Morgan Stanley named the company

as its new top pick within the auto sector, replacing Ford.

High profile analyst Adam Jonas maintains his overweight rating and

street high $310 target on Tesla. He writes that cost cuts and

restructuring have helped the company restrict downsides of its EV business.

Meanwhile, also taking a look at McDonald's shares rising.

This comes after the company announced a sales decline that was less dramatic

than what analysts had feared for. The sales drops comes amid a decrease in

foot traffic, which is partially due to the company's higher prices, as well as

customers. Increasingly tight budgets and shares in

crypto. And companies are running into a wall a

bit on the day they were rallying, remember, because the former President

Trump this weekend announced an expansion into a pro crypto agenda at a

major Bitcoin conference in Nashville. Speaking of that conference, Trump had

some strong words for current SEC Chair Gary Gensler.

On day one, I will fire Gary Gensler, who will appoint a new FCC chairman who

believes America should build the future, not block the future.

Upon taking office, I will immediately appoint a Bitcoin and crypto

Presidential Advisory Council. Let's discuss how crypto is playing into

this election season with Balance of Power co-host Kailey Leinz.

Because of course, as we saw former President Trump really campaigning a

little more there in Nashville. We also know from the Financial Times

and others that Kamala Harris is also starting to change her tone, apparently

to the crypto community as well, right? Yeah.

Generally, this really just underscores that being pro crypto might be something

that is attractive for both candidates in this presidential cycle.

Obviously, Donald Trump is trying to paint himself as the more crypto

friendly candidate with these ideas of not just firing Gary Gensler, but

creating a stockpile of Bitcoin and creating an advisory council.

And of course, to use his words, making the US the crypto capital of the planet

planet, which does represent a bit of an evolution for Donald Trump.

If you remember, during his first term in office, he suggested that Bitcoin was

a scam, that the value of these tokens were made out of thin air.

So this is definitely an about face. And in part you can attribute that to

say the fact that Donald Trump issued his own NFT is that he was selling.

We actually have a great look at that in our big tech story on the Bloomberg

terminal and online today. But in part, this is also because there

is a lot of money at stake here. We know that crypto packs like Fair

Shake have well over 00 million ready to deploy this cycle.

Donald Trump himself has already received donations from many crypto

heavyweights, including the Winklevoss twins and, of course, even a national.

This weekend he was charging over $800,000 a head to fundraise to take

part in his crypto roundtable. So part of this is about the money and

not just it being spent in his favor, but trying to make sure it's weaponized

against his opponent, Kamala Harris, too, of course, as you allude to

personally, has been there's been reporting that she is opening up more to

crypto, that she wants a so-called reset with the industry.

And I actually spoke with one of the more crypto friendly Democrats out

there, Congressman Wiley Nicole of North Carolina, about that last week.

He said he's been working behind the scenes to encourage her campaign to

adopt more friendly crypto policies. He talked about that reset on stage in

Nashville as well this weekend. And there's a number of other Democrats

who are pushing push pushing for the policy platform to be more crypto

friendly as they don't want to leave candidates vulnerable given the growing

influence this industry does seem to be having.

Just to go back to one final point here on this idea of a crypto reserve, a

strategic reserve of the United States here, it was only hinted at really in

broad strokes in that Trump speech, but also, again, brought up through Senator

Lummis introducing a bill. What would this look like?

Well, what Senator Lamar says is essentially that her bill would create a

stockpile, that the US would have to hold a Bitcoin, essentially saying it

would be a million Bitcoin over five years and that the government would have

to hold that for 20 years. And during those two decades it could be

used to reduce the national debt. She says that the goal here is to

recognize the fact that Bitcoin is a durable asset.

I would just notionally we have seen Senator Lummis, together with even

colleagues across the aisle, like I like Senator Kirsten Gillibrand putting

forward crypto legislation before. It hasn't always had success in the

Senate. And that's certainly going to be a key

here because, yes, Donald Trump or Kamala Harris, if they were president,

would have the power to make decisions over things like an FCC chair.

But actual legislating, divvying up, for example, the regulatory authority

between the SEC and the CFTC is going to have to be an act of Congress.

We have seen that moving forward in the House through the 21 bill and others.

And it is worth pointing out that Senator Debbie Stabenow of the AG

Committee has also been working on legislation that would give the CFTC

more power. She was actually supposed to push

forward that with that this week before the Senate leaves for the August recess,

but has now pulled it back. It does seem to be a bit of a stalemate,

which just supports the idea that especially considering the House is

already home until mid-September, that in the actual legislating when it comes

to crypto is going to have to wait until at least after the election balance of

power. Carlos Kailey Leinz, thank you so very

much for staying all over it. Now let's discuss this more with

Coinshares, U.S. head of digital asset Steve MCCLURG.

And I want to start with you on that point of a strategic reserve.

What would this really do and what does it mean for Bitcoin at the end of the

day? Can this be something that actually sees

the light of day in America? Yeah.

Look, I think it really we really should have a strategic reserve because

globally, many countries have several currencies that they hold in their

strategic reserve. Most of it is U.S.

dollars, but also currencies of other countries.

And Bitcoin has really emerged as a global currency for the Internet,

essentially. So it's a it's a currency without

borders. It's a digital currency.

And even though it's not the currency of one single country, I think it's very

important as you begin to remit payment all over the world using a common

currency that's not controlled by one country.

What finances such a reserve, though? I mean, Steve, if you think about the

current state of affairs in America, there's a lot of concern about the

deficit. Why would you then spend money on

Bitcoin? Well, it really has to do more with

inflation. So inflation has been very high for the

last five years in the United States. It's been high for decades, actually,

but the last five years, it's really crept up.

And one of the reasons why inflation is so high is because there's not any kind

of cap on the US dollar. We could just continue to print more and

more of it without any concern as to what's backing it up.

We broke the gold standard in the seventies and right now there really is

no standard. So there is the potential of inflation

running out of control. Well, here's another question.

Should that money being used for the reserve be really limited to the Bitcoin

that's been seized by the United States? Or should there be a bigger effort in

your mind? Yeah, I really do think that there

should be a program where you're buying not just not just Bitcoin, but also

continue to buy gold, continue to buy currencies of other countries.

But Bitcoin should be a big part of that.

So not only taking the seized bitcoin, which I believe the US government has

about 200,000 bitcoin at the moment, but also purchasing more.

But I think more importantly we do need to start paying down our deficit and

controlling spending before we can get to a strategic Bitcoin reserve.

We do really do have to address those two issues and those really should be

addressed in this current presidential campaign.

Let's take a look forward here as well, because there are aspects of the digital

asset landscape that were very much embraced by the former president during

his speech over the weekend. But there are certain aspects that had a

lot more criticism. For example, the idea of a central bank,

digital currency. This is a massive debate.

Where do you stand on it? Should there or should there not be one?

Yeah, I'm not actually a really big fan of a central digital currency for a

country. I am a bigger fan of currency that's not

controlled or inflated by any one country.

You know, other countries in the past, like, you know, the Weimar Republic or

Zimbabwe or Argentina have let inflation run out of control.

And not that the US is looks exactly like one of those countries, but we have

let inflation run out of control over the last five years and there needs to

be some kind of some kind of cap, whether it's a backing or whether it's

just a use of a neutral currency like Bitcoin.

So moving forward here, you saw, for example, the marathon digital

announcement about buying new Bitcoin. How do you think companies are going to

react to what we saw over the weekend, even if it takes a long time for the

United States to shift its strategy around Bitcoin, you're seeing companies

move ahead. Do you think they're jumping the gun?

No, I don't think they're jumping the gun at all.

We actually predicted about three years ago that several companies would begin

to hold Bitcoin on their balance sheet and actually launched an ETF with that

theme. Very shortly afterwards, we saw Tesla,

we saw MicroStrategy and some other companies begin to hold that.

The the value of holding Bitcoin on a company's balance sheet really is if

you're if you're a global company dealing in tech, it makes a lot of sense

because it is the currency of the Internet, so to speak.

But certain companies like Marathon or Coinbase or some other companies that

either have transactions or holdings in Bitcoin, it makes a lot of sense for

them to actually hold a piece of that on their balance sheet as an attestation to

that currency. And it just makes it makes sense even

from a from a practical standpoint that sometimes they do need to access that

Bitcoin on the balance sheet. So I don't think they're jumping the gun

at all. But but what I do think will happen is

that you'll start seeing other auto companies outside of Tesla begin to hold

Bitcoin and accept Bitcoin for their cars and other large purchases.

Steve, we have to leave it there. That is coinshares U.S.

head of digital assets, Steve mcclurg. Of course, on the heels of a very long

awaited speech by former president trump down in nashville over the weekend.

Now coming up, it's the biggest week of the year for earnings with 27 trillion

worth of companies reporting worldwide. We're going to talk about what to expect

next. This is Bloomberg

and.

Time now for the stock of the hour. We're watching for of the Madness of the

Magnificent Seven reporting earnings this week.

The company's worth some 0 trillion are under pressure as the market breadth

broadens out from the world's largest tech companies.

We're going to discuss this now with Dan Flax, Neuberger Berman, senior analyst.

And you think about just how much money these magnificent seven names have

brought in in the last couple of years, where the valuations stand today and how

sensitive they are to earnings expectations.

You saw how Alphabet reacted just last week.

How do you feel about where we stand right now and what has the most

potential for upside? I think we're in a very interesting

period in the technology space. You're seeing continued buildout of the

cloud and the artificial intelligence infrastructure as we look ahead to

earnings this week. I'm excited about what I think we'll see

out of Microsoft. I think their earnings will be healthy

and Amazon as well. I think the Amazon Web services cloud

business, you'll see good growth. And that coupled with what we saw last

week from from Google Cloud, demonstrates that really this this

buildout of the digital infrastructure remains healthy.

We'll, of course, get an update from Mehta on digital advertising, which I

think remains healthy as we saw from Google search business last week.

So a lot to look for. But I think the longer term trends

around cloud and mobile remain intact and healthy.

How do you think investors are recalibrating expectations around CapEx

spending here? You think about what it costs to make

that transition when it comes to AI and how much patience investors have to see

that money create a return quickly. Do you think investors are becoming less

patient? I think investors want to see growth.

And so if we look at Google last week, they've indicated and they are spending

aggressively on their technical infrastructure, I think that's the right

strategy for them as well as Microsoft, Amazon as well.

Given that their cloud businesses, in the case of Amazon, it's over 00

billion of revenue. And so they need to invest and where

there is excess capacity. Google, for example, they're investing

in their search business clearly cloud. They have other revenue drivers.

Amazon has the same as does Microsoft to absorb it.

Some of what we'll see, though, is the investor community wants to see the new

revenue streams. You're seeing early signs of that, but

that is going to take time. So the key is to invest on one hand and

to play offense and of course, navigate the near-term cyclical headwinds, be be

thoughtful on costs. But but ultimately with an eye towards

driving growth over the next 12 to 18 months.

Curious about what you think about other parts of the capital stack here or the

technology stack rather, because we also have Intel reporting this week.

What are your expectations from them given how much we've seen the stock fall

off this year already? Intel under Pat Gelsinger is undergoing

a multi-year transition as they invest aggressively in the business, which is,

I think, the right strategy. Parts of their business, which are

exposed to the enterprise, for example, have seen some softness along with other

companies exposed to the enterprise. But as you as you see progress on

inventories, ultimately you should see better demand in PCs, perhaps help by

air over the next several months that can help others.

Intel and others excuse me, like like Advanced Micro Devices as well.

And so the semiconductor companies, Qualcomm is another one, will see their

results midweek. They're a leader in Mobile.

The businesses are cyclical. But but those companies and I mentioned

Qualcomm, which has a significant opportunity in the edge or the mobile

infrastructure. Think about factories, farms.

Think about all the devices and of course, the Android smartphones where

they have a role to play. So I expect cyclical headwinds to remain

a focus. But the companies that can execute on

their product roadmaps, I think will emerge stronger from this period.

How do you play the chips in semiconductor industry at this point in

time? You've just seen a major run up in

valuations. You think about the Nvidia boom that

you've seen Nvidia up still 130% this year and you see part of that broadening

that market broadening story not really just mean big tech, too small cap,

right? You see it mean people trying to find

new ways into the AI story. How do you get into that narrative?

We look at it from a variety of perspectives.

You mentioned in video, we continue to like that name.

And it's not just the chips, it's really the the software, the millions of

developers on their platform and a vibrant ecosystem as well as, of course,

continued execution on their roadmap. But but a lot of companies we talked

about the cloud companies, they're big customers of NVIDIA, but they're

continuing to to innovate and invest in their own chip roadmaps as well.

We like companies, for example, ASML, that that make the the systems

lithography in this case that are really foundational to developing the newest

and next generation of chips. And so we look at it from an equipment

standpoint. We look at it from an R&D and a design

standpoint. And then also we look at companies we

talk to again about the cloud companies that can actually harness this and drive

incremental revenue streams over the next 1 to 2 years.

And we think the incremental revenue streams and the opportunities in the

second half of the decade will be significant as we look out.

You know, you look at the geopolitical rhetoric here as well as the tone you're

getting, not just from the Republican side of the presidential elections here,

President, former President Trump really coming out with the tough on China,

tough tariff policy being proposed, but also the Biden administration equally

coming out with tough policies around China.

What does this mean for any U.S. investor invested in the semiconductor

and chips industry? I think if I if I reflect on the last

two administrations, both have been aggressive in terms of our the US policy

towards China, I would expect that to continue for the foreseeable future for

the companies themselves. They really need to to innovate, invest

aggressively, manage costs as well, and deliver value to their customers.

And so it will matter most, in my view, their innovation, because you'll have

different individuals, I suspect, to occupy the White House over the next 5

to 10 years. And of course, globally you have a

variety of different administrations in Europe.

Clearly, China remains very important. And so I expect this continued

bifurcation of the supply chains. But the companies, particularly the

global ones, have to be able to navigate it.

They have to be able to innovate, and they're going to have to respond when

when when things come up. But if they can't innovate, then and

they can't grow, no matter who is in the White House, that'll be that'll be a

difficult for them. For those who can grow, I think they'll

be able to flourish even in what remains a very difficult geopolitical

environment. Dan, thank you for joining us today.

The start of a very, very, very busy week for tech investors.

That is Dan Flax, senior analyst at Neuberger Berman.

Now, coming up, we're watching shares of NCR group and what's said to be the

second largest private equity backed insurance deal of the year.

We're going to have details on that next.

This is Bloomberg.

An investor group led by City Street is agreeing to buy property insurer and

star group for $5.1 billion, and it's said to be the second largest private

equity backed insurance deal of the year.

And Star shares, though, are lower on the news and are on pace for their

biggest drop in more than four years. Joining us now for more on this is

Matthew Banks, Bloomberg News, M&A reporter.

And, you know, you look at what's going on here, Stephen MANOUKIAN Liberty's

strategic capital is part of this group. This does not look like a man that is

about to rejoin a potential Trump administration in the future.

I couldn't agree more. He's definitely staying busy.

So he did the New York community deal earlier in the year.

He's been sniffing around. Tick tock.

He's taking advantage of his connections and finding ways to put money to work.

So what is this group that has come together here?

You have six straight Stevenage and J.C. Flowers, but you have a stock that is

dropping on the deal, a 35 day go shop provision.

What are the uncertainties around? So first of all, they're paying $338 per

share in cash, which is about two or 3% less than where the stock was trading on

Friday. So it's something of a takeover.

I mean, to take under. So I think investors are responding to

that. Why are they taking 100?

Yeah. Now.

Why are they doing that? If you look at the press release,

there's a little bit of a hint there where the CEO says this provides a

liquidity event for our all of our shareholders.

And if you look at the stockholders standpoint, owns a big slug of it still.

You've got cppib. I think Stony Point has some

representation there. So it looks like it's an opportunity for

the private equity firms that control a big slug of the company to get out.

And Stony Point as it goes is staying in there going to provide some financing as

well. It's a strange one where it's like an

exit of an asset as well as a takeover at the same time.

That's exactly right. And Flowers knows this company.

He was invested in this company years ago.

So it looks like some really smart financier types see something that the

rest of us don't see? They're taking it under for a nice price

and they're going to do something different with it in the private

markets. Absolutely.

It's super interesting deal here with the flowers, Of course, they're like old

school. That's right.

That we're looking at here. Bloomberg's Matthew months, we thank you

so much for your time. Before we let you go here, also taking a

check on the markets because, of course, we are also on an up day here and a

merger Monday, as we've been talking about as well.

And a day before earnings season here, the calm before the storm.

We're looking at the S&P 500 higher by about one half of 1%.

And the big tech names playing even higher than that.

We're looking at the rest of the markets here pretty much unchanged.

We are looking at the Russell 2000. Not much movement there, but on the

lower side. So the rotation change hitting a wall.

I'm Sonali Basak that does it from Bloomberg Markets and this is Bloomberg

and.