Meta Boosts Capex to $65B
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Live from New York, I'm Caroline Hyde.

And I'm Mike Shepard in Washington. This is Bloomberg Technology. Coming up, Meta's all in on AI with plans to boost capital expenditure to up to $65 billion in 2025. Plus, a choppy start to chip earnings with global semi-stocks falling after Texas Instruments is the latest to underwhelm. And we'll be joined by Frank McCourt on the future of TikTok.

in the US and his bid for the social media platform. But first, we check in on these markets, Mike, which are still treading near record highs. The Nasdaq is up almost 2% over the course of the week. But we draw down a little bit as we, of course, see the weight of some chip stocks causing a little anxiety. Look at his industrial automotive end markets that still prove weak. Texas Instruments, again, following on from SK Hynix, which had

a little bit of an underwhelming earnings report as well. They're seeing the smartphone weakness, but AI still really managing to drive forward. Broadcom is on the higher side when it comes to the stocks. Why is Broadcom up? Because of our next stock. Let's have a look at what's happening with Meta today, because they see from Mark Zuckerberg almost front running his own earnings report next week to say that they are committed to spending on AI, data centers, people, infrastructure. And indeed, we're starting to see it up 19 percent. We're

at a record high for meta. Let's get out to Kurt Wagner for more, because this is all about upping its capital expenditure, up to a whopping $65 billion. Yeah, and that's about 50% more than what we saw in 2024, which was a big amount, $38 to $40 billion. And a lot of people a year ago, Caroline, were sort of worried, is meta overspending here, right? And here they are jumping up even higher. I mean, I think you hit it right there, which is that this is an AI play, right? This is data centers. These are GPUs.

This is trying to keep pace with OpenAI and Microsoft and Google and all these other companies that are investing so heavily. It's been a huge focus for Mark Zuckerberg over the last couple of years and clearly will continue to be in 2025.

Kurt, we've seen some investors express concern about whether there is an overspend in AI, but today they seem to be giving a little bit of grace to Meta. Why is that in Meta's case? I think this is the most exciting technology that Meta could be investing in, right? If you're a Meta investor and you say, hey,

what would you rather do? Have Mark Zuckerberg put $20 billion into AI or $20 billion into the metaverse, right? And obviously those things are related. A lot of the AI technology will ultimately power the metaverse. But my point simply being is that I think this is the

avenue where investors are OK with overspending. Right. Even Mark Zuckerberg told our own Emily Chang last summer, hey, a lot of us are going to overspend. But that is a better outcome than waking up 10 years from now and realizing you missed the boat on this whole thing.

Bloomberg's Kurt Wagner, thank you. And it was a big week for chip stocks as President Trump announced Project Stargate to help boost AI infrastructure. But weakness in traditional memory markets is limiting that euphoria. For more, we're joined by Peter Elstrom of Bloomberg. Thank you, Peter. Peter, we are seeing that this AI wave is not lifting all boats. Can you talk a little bit about what happened with SK Hynix and Texas Instruments, for example, and then more broadly?

Yeah, SK Honix is a Korean company that doesn't get that much attention, doesn't get the kind of attention that NVIDIA does, but it's very related to them. NVIDIA makes the AI accelerators and SK Honix makes the memory chips that are paired with those accelerators to be able to run these AI models. So it's a pretty good bellwether of what's going on in the AI market. Now, its earn

The earnings results by almost any measure were quite strong. Revenue was up 75%. Their operating profit was up 20-fold. But it wasn't enough for investors. The shares actually declined about 3% yesterday. There's been some softness in that market. And that sort of sent some concerns throughout the market, including here into Europe and into the U.S. yesterday.

It just goes to show how high the expectations are in this market. You would think that $65 billion in spending on AI will get you something of a rally in stocks, but that's not what we're seeing so far. Yeah, only Broadcom really managing to garnering any love from that because it's a supplier to Meta. But so too is NVIDIA. That's on the downside. And maybe that's more in line with what we're seeing with Texas Instruments. It underwhelms on its numbers, but it's the end markets of autos, of industrials, of actually maybe where we'll see some tariffs being hit from China too.

Yeah, there are different kinds of concerns around Texas Instruments. They play a bit more into the traditional markets, as you say, into the auto market in particular. We could have tariffs impact some of those end markets. It's not clear exactly how that's going to spend. And also, Trump has been talking about rolling back some of the subsidies for EVs, which take a lot of these chips, too. So there's some softness in some more traditional size parts of the chip market here that may be impacting Texas Instruments. And overall,

all just raising concerns about whether some of these valuations have gotten ahead of themselves from AI into some of these other areas. Peter Ahlstrom, mannering the tech with the politics. We thank you so much on all things chip. President Trump there speaking as he boards Air Force One in Asheville, North Carolina.

visiting, of course, families affected by Hurricane Helene. But he spoke much more about Federal Emergency Management Agency wanting them to see less involvement in hurricane recovery and more state involvement when it comes to these sorts of natural disasters. Also speaking about OPEC, the view on cutting oil prices.

And indeed, he was speaking there a little bit about some of the immigration policies. And indeed, once again, criticizing some of the water policies in California. He plans to visit California next and regarding those L.A. wildfires. But Mike, we have much more on President Trump's policies.

Well, we do. And he has these big ambitions for the U.S. to become an AI superpower, as we heard him talk about at Davos yesterday. This is touching off a global tech race. And we're joined by Michelle Guida, the CEO of the Kroc Institute for Tech Diplomacy at Purdue, to talk us through it. Michelle, we have seen this week the Stargate venture announced and then Meta today talking about a big investment in

in AI and in data centers, those are all private sector initiatives. Are they going to be enough to keep up with what rivals like China in particular are doing with state-driven investment?

Yeah, thanks for that, Mike. Well, I think what we're seeing in the first five days of the second Trump administration is that America first also means innovation first. And as you pointed out, there's a lot of momentum with private sector companies now stepping up their game to invest in the future of the United States, becoming what the president has said will be the

world capital of artificial intelligence, the world capital of cryptocurrency. And that's really important because China wants to hold that title. And China is also pouring a lot of its own government money, billions and billions of dollars into

building out data centers, building out infrastructure. They're building eight new massive data hubs. They're approving 10 nuclear power plants every year. They have a national initiative called Eastern Data, Western Compute. So to see private sector companies in the United States all of a sudden really cranking up their investment in this strategic capability for the United States is good news.

Michelle, you've talked in the past about the importance of democratic allies working together in this area of tech. Yesterday also at Davos, we heard Donald Trump talking about tariffs and differences over regulation with the European Union. How does that complicate joint efforts to say counter China?

Well, you know, with trusted allies and partners, you can also be really honest. And there are honest conversations going on about what it takes to work together and to be effective economically, to be effective technologically in order to compete against China. And the innovation first approach is really interesting because the opposite of that, the alternative to that is a regulatory first approach. We've seen what happens with that. Just look at Europe. The report that Mario Draghi released just a few months ago out

outlined how painful it's become for Europe. They have to pay $800 billion a year just to catch up in terms of tech competitiveness. In 50 years, they haven't created a single company that's got greater than $100 billion market cap. All of their unicorns, a third of their unicorns are fleeing the EU.

We have to change that because the Europeans, our friends in the Indo-Pacific, Latin America, all across the world are really important partners. We need to be on the same page in terms of how we power innovation. At the same time, we are powering our national security. Michelle, it's interesting that

the previous administration and the last days of the Biden administration did put some pretty tough focus on Nvidia, for example, and its ability to export particularly to China. How much might that hinder some of the very successful companies here in the United States with the ongoing geopolitical tension?

Yeah, I think we'll see some developments with the new Trump administration on where they're going with export controls. But remember, that started under the first administration, was carried forward by the Biden administration. We'll see where that goes. But I think you can tell that this administration is very focused on innovation and national security at the same time. So we've got a bolster.

U.S. and allied innovation and leadership so that we win and our values are represented in technology. At the same time, we can also protect our national security. And as President Trump said in his inaugural address, America can do the impossible. It's what we do. And to balance those two things with our allies, I think we're headed on a trajectory toward that. But it takes time. These $100 billion of investment, up to $500 billion,

can't go into the ground immediately to start getting data centers up and running. It takes years. And yet we might see an impact on goods coming from China in months. Is that a key issue? Is that a national security risk?

Well, I think this administration has signaled that this all needs to happen as fast as possible. They've used the word unleash many times, unleashing American energy, unleashing American innovation, declaring an energy emergency in order to really catalyze and accelerate what we're doing there. We're going to need so much more energy to power these data centers that power AI. OpenAI and Goldman Sachs, I think, had estimated we're going to need 50 gigawatts

of new incremental energy in order to do that. We're dusting off old nuclear power plants. So you're right, that has to happen really fast. And the great part is that we've got private sector companies now on board that are going to turbocharge our effort. Michelle Guider, it's always great to have you on. The Krak Institute for Tech Diplomacy at Purdue, we thank you. Coming up, look, OpenAI is joining a growing number of tech companies betting on so-called AI agents. We're going to talk about what Operator is capable of and some of the concerns. This is Bloomberg Technology.

89% of business leaders say AI is a top priority, according to research by Boston Consulting Group. But with AI tools popping up everywhere, how do you separate the helpful from the hype? The right choice is crucial, which is why teams at Fortune 500 companies use Grammarly.

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Designed to fit the needs of business, Grammarly is backed by a user-first privacy policy and industry-leading security credentials. This means you won't have to worry about the safety of your company information. Grammarly also emphasizes responsible AI so your company can avoid harmful bias. See why 70,000 teams and 30 million people trust Grammarly at grammarly.com slash enterprise. That's Grammarly at grammarly.com slash enterprise.

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Let's turn to the latest product out of OpenAI, the startup launching its AI agent. Of course, this is all regarding Operator. Apparently, it can book you flights, plan your grocery orders, even complete purchases for users. We're joined now by Bloomberg's Rachel Metz, who I'm told is wearing some lipstick that Operator already bought for you.

This is correct. I used Operator yesterday to do a whole bunch of different things, just trying it out really quickly to sort of put it through its paces. One of the things I did, well, actually, it relates to you. You were wearing a nice neutral shade of lipstick a few days ago that I happened to spot, and I asked Operator to pick out a neutral lipstick shade for me from Sephora and purchase it, and it did. And then I went to Sephora and picked it up, and I'm wearing it now.

Rachel, investors have been looking for this breakthrough functionality with AI. Are we getting any closer with this?

I think it's still a little bit tricky to tell, but it is very clear that they're putting a lot of time and resources into trying to figure out new ways that they can integrate these tools into people's lives. Operator is meant to be pretty general purpose, as you might have noticed from the way they were positioning it. You mentioned, Caroline, grocery orders. I think you might have mentioned planning flights. These are all like different things that the average person can totally envision doing themselves that they might not like doing.

as opposed to some of the other agent-type software that's already out there that's more aimed toward things like coding. I feel like we're definitely seeing the idea of this at least being spread as more of a mass market thing, even though Operator is only available to a small number of OpenAI users who want to pay $200 a month for it as part of a larger service. Almost beta testing, as it does tend to do. Rachel Metz, great to have you, and I like the way that you encompass that there is competition out there as well.

Welcome back to Bloomberg Technology. I'm Caroline Hyde in New York. And I'm Mike Shepard in Washington. Quick check on these markets, Mike, because we are at near record highs. And that's at 100 is up almost 2% on the week. We just pulled back. It's chip stocks that are in focus as we underwhelm on Texas instruments following SK Hynix's numbers. But Bitcoin up 2.8%. Remember, a flurry of executive orders that I know you've been watching. And key among them yesterday was the AI and the crypto order. Maybe we get some sort of overall buzz

Bitcoin Reserve, but it's not a Bitcoin Reserve. It's a digital asset reserve. And Bitcoin took a bit of a hit yesterday, but we're back at 106,000. Move on. Individual names that you need to keep an eye on. We've had started the earnings season and Verizon is among them. We're currently seeing it up 1.2% as they managed to beat in terms of almost half a million being added for new phones. Tesla up a quarter of a percent. They're having to...

Put over an over-the-air update and basically technically recall Chinese cars, but here in the US they're doing Model Y's new Ericsson down 13% on the back of telecoms equipment not selling as expected, Mike.

Carol, let's turn to TikTok now. This is such a big issue in Washington. We're joined by Frank McCourt, executive chairman of McCourt Global and founder of Project Liberty, which had made a formal offer to acquire the social media giant less than two weeks ago, not long before the ban deadline. Frank, I wanted to start with the reprieve that President Donald Trump signed hours after taking office. How has that complicated your

efforts by you and other bidders, perhaps, to get ByteDance to come to the table to talk about a sale? Well, it really hasn't complicated anything from our perspective, Mike. We just continue to chug along and we're prepared here. We're hanging around the hoop, so to speak, waiting for ByteDance to make a decision. And if it takes a little bit more time, so be it. But we feel we're

in a really unique position to buy U.S. TikTok. We're the only ones that actually put a bid in and submitted to the Department of Justice before the original deadline and where we were ready to roll and

but for a signature from ByteDance. So we continue to be ready. We have more and more conversations. There's more and more excitement around this. We had a fabulous couple of days in Davos where there was great, great excitement around the project. So, yeah, I remain optimistic. And I think we just have to give ByteDance time to sort this out. But I believe they will. Buying U.S. TikTok without the Chinese technology is the way forward.

What have you heard back from ByteDance in response to this offer? Have they been engaging much at all? And would President Donald Trump be in position to perhaps help you get them to really get the discussions going?

Well, my hope is that President Trump can be a dealmaker here and help get this deal done by convincing ByteDance to actually sell U.S. TikTok and not shut it down. I mean, those are the two choices here.

ByteDance themselves have been pretty silent. I mean, they've acknowledged receipt of our offer. But I think, quite frankly, they're digesting everything. I think their hope originally was relief from the Supreme Court, which they did not get, as you well know. And now I think they're in a new reality. And so they're confronted with a shutdown opportunity.

or a sale, and we believe that a sale is the best way forward. It will keep the app lit up, and as I say, without the Chinese technology, why not sell? - Who have you been talking to? Where's the excitement in Davos?

It's interesting. We had a little house called Future House on the promenade, and the promenade was lined with different AI products being marketed and so forth. It was the theme, really, of Davos this year. And, Caroline, our house, Future House, had a long line outside. Of people who want to invest with you, though, Frank? Yes.

Are you speaking to Mr. Beast, for example, because he's joined another consortium, it seems? Well, Mr. Beast has joined all consortiums, so he's interested in keeping his options open. I've talked to Jimmy. Others have talked to Jimmy. You've read the reports that he has not aligned with a single bidder. But put that aside, I think the people that were really...

interested in and of course, interested in seeing what will happen with TikTok. But as I've said over and over again, this is an opportunity to actually reimagine how the Internet works and give people ownership and control of their identity and their data and their relationships. And that's very exciting to people and including, by the way, TikTok influencers. And that is what sets you apart. The fact that you're building to a new tech platform.

stack basically and a decentralized one at that Frank. What does it mean to potentially work with the US government? Would you want to have the US government also buying? In fact, talking to the US government, we're just going to have to listen in to President Trump. Just one moment, Frank, sit with us. We were just asking you if you'd work alongside Trump. He's thinking about potentially having the US, the government, own a piece of TikTok.

Well, yeah, we absolutely want to work alongside President Trump, and I think he could be very, very helpful. I do think ultimately the U.S. TikTok is going to be in the hands of the private sector and totally disentangled from the Chinese technology. I think that's really clear in the legislation and was discussed.

made doubly clear on pages five and six of the Supreme Court decision. Congress is looking for a complete disentanglement, and that's, Caroline, what puts us in a unique position because we have the tech stack. We've been building it for the last five years to move the user base and the data onto.

This is a story that will evolve. We thank you so much for your patience. Coming live from Rome, Frank McCourt, Executive Chairman of McCourt Global and founder of Project Liberty. We hope we will come back as the negotiations continue. Let's talk about how this is impacting TikTok users and the brands that use it. Rachel Typograph is founder and CEO of Micmac. It's an e-commerce marketing platform for multi-channel brands.

What did they make of the sudden going black? Did brands pull away from spending on TikTok? It's been wild. January 18th, 10 p.m., New York time, we saw TikTok brand traffic go to 0%. It stayed that way for 15 hours. Traffic started to come back January 19th, 12, 15 p.m., and for about two business days, it held at 0.5% of our traffic. Wow.

In the last two business days, it has risen. It now represents around 15% of our total traffic. I've been coming on this show now for two years. You've heard me say TikTok typically is 35% of our traffic. Based on this meteoric rise in the last two business days, we at Micmac believe that we're going to get back to normal rates on Monday.

Rachel, what is the fallout for businesses that are tied in some way or another to TikTok from all the uncertainty surrounding whether it will continue, whether there will be a purchaser? Yeah, so I think the delta between 15 and 35 percent is essentially all those Fortune 1000 brands that are feeling very skittish right now with the uncertainty and who's going to be the new parent owner, as well as just the overall view right now of the Supreme Court.

They don't want to be held liable and typically they're spending hundreds of millions of dollars on that platform. So there is a large set right now of the Fortune 1000 brands that are just waiting to see what the outcome is going to be. Rachel, they have to make decisions on where to allocate right now. We're just seeing some of your data. Who's winning? Yeah, so these brands, they're heavily reliant obviously on their marketing budgets. It's how they drive demand generation and sales.

So in the last, I would say two weeks, we have watched spend move out of TikTok as well as meta. We can circle back on that into Alphabet, which is paid search, YouTube, DV360 and Pinterest. The reason why is that brands are looking for reach, conversion and brand safety.

Alphabet absolutely delivers on reach and conversion. They've made enormous efforts around brand safety since all of the challenges YouTube had in 2012. And then Pinterest, I've been on the show, I talked about it, it's a dark horse that no one talks about. It's the safest place on the internet. And brands are moving dollars there because Pinterest can drive conversion as well. So the big winners are Alphabet and Pinterest.

The reason why we've also seen a decline in meta traffic in the month of January has everything to do with the announcement Zuckerberg made two and a half weeks ago. When he announced that fact checking was going to be removed from the platform, brands once again fell skittish. Brands care about their long-term brand equity, their brand safety. And whenever a platform becomes political, they reallocate dollars to platforms that they have more confidence in their brand safety.

Rachel, we were just talking to a prospective bidder for TikTok. What does all this churn mean for its value and perhaps ultimate purchase price? I'm personally skeptical of what's going to happen with this divestiture. If it goes into the hands of a new U.S. parent owner, TikTok is not TikTok without the algorithm. The community is based on the app automatically pushing you like-minded people. That's what makes TikTok so magical.

With a new U.S. parent owner, if they can't replicate the magic of that algorithm, I know with significant confidence people are going to move out of TikTok. We saw it in the last two weeks. It's so easy to build a new community and a new app. Will it be Red Note? Will it be Blue Sky? Will it be Pinterest? Only time will tell. And so I have trepidation on what's going to happen.

From a brand advertiser standpoint, they're going to go wherever eyeballs and engagement are. So brands can move their dollars very easily. I think we've all seen that in the month of January. It's like trading on Wall Street. Media buying, you can move a dollar from one platform to the next in a second. Rachel Tippegraff, founder and CEO of Micmac, we thank you. More coming up next. This is Bloomberg.

89% of business leaders say AI is a top priority, according to research by Boston Consulting Group. But with AI tools popping up everywhere, how do you separate the helpful from the hype? The right choice is crucial, which is why teams at Fortune 500 companies use Grammarly.

With over 15 years of experience building responsible, secure AI, Grammarly isn't just another AI communication assistant. It's how companies like yours increase productivity while keeping data protected and private.

Designed to fit the needs of business, Grammarly is backed by a user-first privacy policy and industry-leading security credentials. This means you won't have to worry about the safety of your company information. Grammarly also emphasizes responsible AI so your company can avoid harmful bias. See why 70,000 teams and 30 million people trust Grammarly at grammarly.com slash enterprise. That's Grammarly at grammarly.com slash enterprise.

Grammarly. Enterprise-ready AI. Your customers are important to you, but they won't feel that way if they're stuck messaging a clunky chatbot or waiting on hold for a representative. Estimated wait time is 25 minutes.

With Sierra, your company can deploy a branded AI agent that engages and delights customers anytime, anywhere. Sierra agents pick up every phone call and personalize every interaction. No more menus, no more hold times. And if you have an issue, Sierra's AI agents solve tough problems. Whether they're helping your customer pick out the perfect

Always friendly. Always helpful. Always ready. Visit sierra.ai to learn more. That's sierra.ai.

Now let's talk about OpenAI, SoftBank and Oracle and their plans to open the first data center associated with the $100 billion Stargate venture. Let's bring in Bloomberg's Brody Ford for more. Brody, there's been a lot of talk about this project that was heralded at the White House on Wednesday with President Donald Trump, and that included the prospect of a lot of jobs being created. But you've got some findings that suggest maybe that's not quite so.

Yeah, on Tuesday Trump said 100,000 American jobs. OpenAIS doubled down on that number. But we got our hands on some documents from the government down there showing that there is a guarantee of a whole 57 full-time jobs, obviously a far cry from the 100,000 range. Of course, when you build a data center, you're going to employ thousands of construction folks.

Those jobs go away at some point, and then the people needed to keep things running. It's a much smaller number. This is just one project of what will likely be many, but it certainly kind of throws a bit of water on the idea that data center infrastructure is a massive long-term job creator for this country.

57 is so stark, Brodie. And then we wonder what the $65 billion capex coming from Meta is going to mean in terms of jobs as well as the data centers here in the US. Just thinking about the players involved though, Oracle. Now, Oracle's busy also potentially being thrown out there as a bidder for TikTok, but it's an infrastructure provider to TikTok. And I'm just interested about what you're hearing in terms of supporting TikTok when it comes to Oracle vis-a-vis Apple and Alphabet.

Right. We're in this interesting moment where Trump says, hey, it's cool. Keep working with TikTok. We're going to figure something out. I go on my phone. I'm an Android user. I can't download TikTok. I already have it. Same thing with Apple. Oracle says, hey, you're paying us a lot of money to run your servers. We're going to keep doing it. Right.

And so we had some exclusive details on that today that going back even to 2021, 2022, TikTok was one of the most important early customers for Oracle's cloud. I mean, this is really kind of like close to their heart as it relates to them becoming a major infrastructure provider. Like, you know, we found that they had special code names for TikTok. They called it Talasys internally because it was so top secret. And so, I mean, this is a big business line. They're not going to want to turn that off unless they really have to.

Bloomberg's Brody Ford, thank you. Caro. Thank you.

Yeah, Mike, it's time for Talking Tech. And first up, we're looking at shares of Twilio, as you see, surging today. The company reported preliminary fourth quarter revenue growth that topped analyst estimates. The software maker also announcing at its investor day that it authorized a $2 billion shareback plan. Plus, Databricks said it has raised more than $15 billion in funding from investors that include Meta and countries like Singapore and Qatar. The software maker now holds a valuation of $62 billion and says it plans to use the financing for investments, acquisitions, and international expansion.

And shares of American Express. As you see, just trading off of their record highs today at least. The credit card company reporting fourth quarter expenses that were somewhat higher than expected, even as profits increased 12% with higher than expected spending during the holidays. I talked with the CEO, Steve Squerry, and he's still committed to tech spending. He says that the business is becoming more and more digital and automated. We continue to invest in tech in a big way.

Now coming up, how YouTubers have propelled Trump to a second presidency. More on that story next. This is Blue Meg Technology.

Breaking news on Apple from our own Mark Gurman. This coming, so we understand that a key executive, Kim Vorath, company veteran, will be moving to help whip the area of AI and Siri into shape. Vorath is a vice president and she's in charge at the moment of program management. She's since moved to the AI and machine learning division, according to people with knowledge of the matter. Top deputy, therefore, to the AI chief, John Giandriaria.

and all of this is, as we understand, the people are not publicly announcing it, but being bolstering the AI vision of Apple, which many feel has been behind some of those technology peers. Let's talk about a peer, Alphabet. Let's talk about YouTube, because...

We want to do a deep dive now into the role played by some key YouTubers, in particular, some of the podcast makers that we understand have potentially helped propel the second administration of Trump. We want to get to Davey Alba, who has done an absolutely beautiful deep dive for our big take on all of this. And Davey, just talk to us a little bit about why you were first interested in the likes of Joe Rogan and the role they played via YouTube.

Yeah, of course. You know, we started to realize that the power centers in media and tech were really shifting. And I think, you know, seeing Joe Rogan be at the inauguration and actually in the Capitol Rotunda over the past weekend is really symbolic of the shifting media landscape. We wanted to understand what kind of power he had

and the messages that he and a cohort of other podcasters who are wildly popular on YouTube, what they put out. So we started to listen to these podcasts and ended up analyzing almost 1,300 hours of footage. 2,000 YouTube videos is what you watched over the last two years. How similar has the messaging been briefly?

The messages have been extremely similar. There are overlapping talking points. And the way the podcasters painted a picture of America was that it's in a desperate place with soaring inflation, migrants streaming across the border, you know, public schools have gone too far with their gender policies.

And it's just stunning to see how often these messages are repeated and the fact that this became more political as the election neared. Davie Alba, it's a must read. We urge our viewers to go and see it. But that does it for this edition of Bloomberg Technology. Don't forget to check out our podcast. This is Bloomberg Technology.

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