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Cybercriminals. Count on chaos. Count on Veeam to stop them fast. Partner with them and get 24. 7 ransomware support from the first red flag to full recovery. Whatever the world throws at your data, it's all good. Learn more@veeam.com that's ve.com. your next product launch is coming fast. Don't let billing slow you down. Legacy systems can't handle usage based billing. That means your team is stuck gluing code together, piecing through spreadsheets and running ad hoc queries just to finish figure out what to bill. With Metronome, you can roll out new pricing in minutes instead of months, whether it's usage based, seat based or a hybrid model. Visit metronome.com to see how companies like OpenAI and Anthropic launch billing as fast as they launch products. That's metronome.com@GSK, our focus is on doing the right thing for patients. We believe they should be free to focus on doing what they love, especially when they're living with a disease like cancer. That's why we focus where we can make the biggest difference, matching the right treatment with the right patient. At gsk, we're pioneering advanced technologies like antibody drug conjugates that precisely target and attack cancer cells. By uniting science, technology and talent, we work tirelessly to stay ahead of cancer together. Visit gsk.com to discover more. Bloomberg Audio Studios Podcasts, Radio news Bloomberg Tech is live from coast to coast with Caroline Hyde in New York and Ed Ludlow in San Francisco. This is Bloomberg Tech. Coming up, Tesla proposes an unprecedented 1 trillion dollar pay package for Elon Musk. Plus Broadcom surges on earnings and a big new AI chip customer who we report is and I and we speak with Qualcomm CEO Cristiano Amon as the company partners with BMW to provide its automated driving brains. But first we check out these markets which are volatile to say the least as we head towards this weekend. People taking money off the table. Look, we bought into the stock market throughout this trading day and actually earlier in trade today. But the NASDAQ 100 now rolling over a bit as we pull back on some of the week's losses. We're now down 8, 10% on the NASDAQ 100 over the course of five days. But remember we were shut on Monday so that factors in the Friday sell off to more broadly we think of a macro picture a weak labor market and we'll dive into that. But for now, look at the individual movers which you've got. Yep. Our top story, Tesla is up 2 1/2 percent. The board proposing a compensation package for Elon Musk. $1 trillion is the headline. It is over 10 years. It is against multiple high bar milestones, both operational and financial. And there are some safeguards in there as well, additional safeguards to keep Elon Mus focused on Tesla. Let's get out of Bloomberg's downer hole. Who covers Tesla and leads our coverage of Elon Musk. And that's where I want to start. What are the milestones, operational and financial data that Elon Musk and Tesla have to hit if he's going to get to the full 1 trillion package? Yeah, so it's 12 trenches and just sort of unlock a trench. There's, there's two components, market cap, which is basically, it's in half trillion dollar increments. So to reach the first one it's a $2 trillion market cap and then everyone after that is by half, half a trillion. But it's operational milestones that include things like number of optimus robots, number of robotaxis in deployment, cumulative car sales, FSD take rate. And these are very aggressive, very hard to meet milestones. Tesla is nowhere close to them right now. But this is what the board thinks is going to motivate Elon to really dig in and, and really go guns blazing for this sort of AI robotics future that he recently outlined in master plan part four. And perhaps what really motivates him is 25% ownership of the company. What's interesting and what motivates investors is his dedication, particularly moving away from politics, which seems to be one of the key points here in what the voters, what the investors are going to have to vote on. But it's also about thinking about succession. I was interesting the 11th and the 12th tranche. Diana. Yeah, I mean clearly, you know, Musk has been the CEO of Tesla since 2008 and at some point they need to come up with a real succession plan. And I think that, that the committee worked very over the past seven months to kind of make it clear to investors that they are always talking about secession plans and that whenever the time comes from us to step down, they want his involvement in choosing a successor. But this package is designed to keep Elon focused for the long haul and to really motivate him and give him that kind of like dopamine hit that he likes of kind of, you know, swinging for the fences and doing crazy things that no one thought were possible. Dana, very quickly, how does this package compare with the 2018 package being disputed in the courts. So if 2018 was a moonshot package, this one really could be thought of as a Mars shot. And if you actually, you know, command after the proxy, there's a, there's a reference to a Mars shot in one of the footnotes because the numbers are so high, the milestones are. I mean we're not talking billions anymore, we're talking trillions in market cap. And remember, Elon Musk has always talked about wanting Tesla to be the most valuable company in the world. This is a pay package that incentivizes him to get there. And if he gets, their shareholders will also get there. Which is why I think you're going to see a lot of investors support this package. Dana, how question is whether the courts support it. Once again, but really interesting take on this 1 trillion potential payday. Let's get more from someone who used to be on the board. And then we now push forward to the future of Tesla with Steve Wesley from the Wesley Group. You are indeed the founder managing partner. Steve, I'm really interested as to sum of these milestones. Yes, it's about market capitalization, which is extraordinary. But to get 20 million cars on the road, to get 10 million of those with FSD, to get 1 million robots, 1 million robotaxis, is that realistic? Well, I think that should be awfully hard for Tesla to do. And again, I support incentive based pay packages for CEOs. The pay package sounds astronomical, but so are the milestones to get it. He's got a double market cap just even to get the first milestone. And I understand, understand what they're doing. They want to get Musk 100% focused on Tesla. But the big question is still how do you get Tesla back on a growth trajectory? It's got two years of flat growth here. They've got to get permitting for full self driving in San Francisco and Austin, first things first. And then they've got to start selling humanoid robots. Must have said they're going to shoot for 5,000 this year. That feels a little aspirational. But whatever it takes to kick the company into a higher gear, that's what shareholders should be looking for. Steve, section or page A51 of the proxy. If I bring it up and you allow me to read it to you, the board receives assurances that Musk's involvement with the political sphere would wind down in a timely manner. The one of the reasons that Caroline and I wanted to get you on the show is you did sit on Tesla's board. For three years you've been a controller of a state in California. How do those provisions come about? How do you interpret it? Look, I think there's two things going on. Musk is saying, look, I want to be wildly incentivized if I do great things for shareholders. And I think shareholders, I think the board is saying, okay, fair enough. We're going to have to set awfully high standards. And that's not just going to be performance standards for selling more cars, for getting full self driving and really showing the promise of AI and Tesla. And he's also going to have to really make the humanoid robot proposition real. I think if he does those things, he deserves a big pay package. You've touched on something else. The board clearly wants to see him focused on Tesla and that probably means less politics, less focus on some of the other properties that are already doing extraordinarily well. So you can see why the board constructed it as they did. Let's see if shareholders support it. I have a hunch they will. And the big question is, it's going to be game on for Tesla. Can he hit these right? While foundation schools within the operational goals, there is the target to produce 1 million humanoid Optimus robots. There is to build the Robotaxi fleet to 1 million vehicles. But there is still a goal in there, Steve, to produce and sell and deliver 20 million electric vehicles to consumers. In other words, Tesla's historic bread and butter. That seems to contradict like the big picture vision for AI. You know, in a world where Tesla operates proprietary ride hailing app, he's still being asked to deliver tens of millions of vehicles directly to the consumer. And you put your finger on the lich pin here as always. What I love about this is what I suspect, I don't know, but I suspect Elon wants is an audacious big target because that's what gets his adrenaline going great. What I think the board is pushing for is, hey, don't forget you've got to sell a lot of electric and autonomous vehicles and competition is coming. So let's come back to the real world for a minute. Volkswagen unveiling a $29,000 ID2 next week in Europe. That's going to be hugely competitive. BYD Europe sales up 225% while Tesla Europe sales are down 50%. Cybertruck sales down 50%. Now Ford's coming out with a $30,000 competing truck. And in China competition is huge. And now not only is BYD rocketing up with more EV sales, but Geely Starwish a new $10,000 EV in China, biggest selling car in China. There's competition coming from all sides and I think this is the board's way of saying, hey, don't forget you still have to sell a lot of cars if you want, anywhere and you're this size of bonus, it's not going to be easy. Yeah, Steve, so if you're on the board and as an investor, how does he turn around the bread and butter, the selling of cars? Well, again, that's, we've talked about that one a lot. Everybody is going to be coming out with a 20 to $25,000 car. Tesla has been late in getting that to market. They need to do it. Here's the point that people really need to get their arms around. We're reaching cost parity for EVs this year. Now people are going to say, hey, what's going to happen in Q3? I can tell you in Q3, EV sales are going to be up in the US because everybody's rushing to still get that last government credit and then it's going to go away. A lot of people say me, oh my, is that going to crush the industry? Absolutely not. What you should understand, the average EV price dropped 14, $14,000 in 2025. EVs are soon going to be cheaper than internal combustion vehicles. That's going to continue for the rest of our lives. Steve, later in the program we're going to go deep on the shareholder initiated proposal for Tesla to invest in xi. But if you look across the broad package, would you please kindly assign what chances you give that shareholders will vote in favor of all of those provisions at the November annual meeting. Well, look, it's hard to know it's the biggest pay package in history by far, but again, they've attached the goals to such high numbers where they're trying to create a win win. I have a hunch that shareholders are going to support this. I think what they really want to see is the two things you've pointed out. One, Musk dropping back from politics and focusing fully on Tesla. And two, getting back to the reality of selling more cars, getting full regulatory approval for autonomous driving. Those are the goals ahead of him. I hope he hits them. Steve Wesley, a former Tesla board member now of Wesley Group, and somebody with a command of the world of electric vehicles. Thank you very much. Now coming up, shares of Broadcom are surging today after news breaks that an unnamed customer deal from the call. Well, it's open. AI that's next. Carrie, what you looking at looking at the broader markets actually look, maybe it feeds into anxiety around Nvidia's command of the key hyperscalers and the growth that they see in terms of their own chip provision, training and inference. But we're down 4% on Nvidia. The stocks are still up 410 of a percent thanks to Broadcom. But more broadly we're risk off. That's after the macro data. This is Bloomberg Tech Foreign. Take a look at the shares of Broadcom. Up 8 and a half percent at times in the session reaching an all time high after posting record revenue. Bloomberg then reported that a new customer Broadcom is working with to design and produce an artificial intelligence accelerator from 2026 onwards is open AI. That's something that could challenge Nvidia. Let's bring in Bloomberg intelligence analyst Kunjan Sabani. As normal Hock Tan does not name he alludes to this A6 customer on the call and when you published your research, research and reaction that's where you looked at a 6 and AI revenue. Why focus there? I mean that is the center stage story right now look before this announcement they were still the majority share owner of the ASIC accelerator landscape. And with this announcement now their share is actually going to increase if you can believe that. So right now they are the number two a semi company after Nvidia. When it when you think of the revenue size of revenues, I mean just for comparing contrast, right Their revenue now is running are going to be running almost bigger than an entire data center revenue of the number two GPU provider in amd. So they are increasing their share at an unprecedented rate. Not just adding new customers and new revenue streams but also increasing the unit volumes at the existing customers. So gaining share at existing customers as well as adding more customers. I mean a 10 billion future backlog coming from open air is nice congen but compare and contrast Nvidia and Broadcom for us because many want to make them compete. But really are we seeing this as an alternative, this custom silicon or is it an and rather than an all at this point it is an and look it's a lot more nuanced and then just saying that the Asics from Broadcom are going to kill Nvidia. You know the Asics, the use case is really limited to say 10 top 10 global hyperscalers. Now no doubt today these top 10 represent the largest vendors when it comes to accelerators but the compute demand from these top 10 today is so much more that it's not coming at the cost of Nvidia. GPUs. The bear case thesis is yes, in the future as these customers keep improving their own chips, gen after gen keep improving their software, they could become sellers of the compute based on their own chip. The case study being the US and anthropic deal. However, there's still a major huge market of enterprises so in customers new clouds which still makes sense to be exclusively on the GPUs likes of Nvidia Sobhani. It's always great to get your take. Senior analyst from Bloomberg Intelligence. We thank you. Look, Alphabet actually a Broadcom customer. Let's talk about Alphabet right now because breaking news from the EU. Google will be fined almost 3 billion euros. That's three and a half billion dollars by the European Union because it's being ordered to stop favoring its own advertising technology services. Now this comes hot on the heels of the fact that Google seems to only get a slap on the wrist when it comes to its monopoly of search. Coming from Judge Mehta here in the United States, the DOJ ed is still looking at ad tech. Will we say the EU fine implicate on that perspective? Because it seems as though there is a concern coming that it's got too much control. It's not just a fine. You know, the European Union is now saying to Google that it needs to stop favoring its own ad technology platforms. And if you Remember back in 2023 under the previous competition commissioner Margaret the best there, they had been warned that they needed to stop doing this. And over the term of Vesti's tenure within the European Commission, she went off to Google on billions of euros of fines. So they have 60 days to respond. Google's statement is this is unfair. Coming up in conversation on the jobs market, we're going to be speaking ed with Sarah Franklin Lattice CEO on the state of the tech labor markets. After that pretty woeful number coming from nonfarm payrolls. This is Bloomberg Tech. Data threats don't knock. They sneak in quietly and make themselves right at home. But when you partner with Veeam, you can spot threats before they're a threat to your business. Whatever the world throws at your data, it's all good. Get data resilient@veeam.com that's V E-E-A-M.com from providing extra support during busy seasons to replacing vacant roles, you need Express employment professionals on your team. Express can handle everything from contract placements to finding the right full time team member. Solve your workforce challenges. When you let Express deal with the workers compensation, payroll benefits and more so you can concentrate on what really matters. Growing your business. 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Head to oracle.com strategic that's oracle.com strategic US August payrolls out earlier today and a gain of just 22,000 jobs, another downward revision in the previous month and unemployment rising to 4.3%. Bloomberg International Economic Economics and Policy Editor Michael McKee breaks down those numbers with a little bit of a tech slump for us. Yes, Carol, it was not a good month for Donald Trump and his economic policies because job growth slowed tremendously and it has been slowing for the last few months. You mentioned unemployment up 75 basis points from July. It's starting to go higher and higher. But in terms of tech jobs and I can see Ed rolling his eyes going, what does it mean for tech? Tech's not special. Tech lost a lot of jobs as well. There's not one tech category in the overall jobs report, but there's a lot of different ones in there and I pulled out a few to show what happened in computer manufacturing, 2100 jobs lost. Semiconductor manufacturing 3700 jobs lost. Computer systems design that would be the software guys. 3300 jobs lost. So some real job losses for for the People in tech. And the president foreshadowed it last night when he was asked about it at that dinner with tech company executives. And he said, yeah, maybe bad now, but just you wait. The Brooklyn guy, the Queens guy quoting the Brooklyn Dodgers, wait till next year. In a year from now, he said, when these monstrous huge, beautiful places, the palaces of genius, when they start opening up, you'll see, I think you'll see jobs numbers that are going to be absolutely incredible. So we'll see if he is right in a year. My old eyes on roll. Bloomberg's international economics correspondent Michael McKee with a techonomics special breakdown of the latest jobs data. For more on the state of the labour market, Sarah Franklin, Lattice CEO, joins us now. Let us also out with a new state of the People report. And we come to you every job say because of like, you know, the rich data that you have on your own technology platform. But the most simple place to start is to say look at Mike's reporting the breakdown of the latest jobs report and say is AI impacting any of the technology sector just yet? The short answer is yes. We're seeing the impacts. We're seeing the job growth slow, we're seeing unemployment tick up. But what we're seeing really is transformation in the workplace. You're seeing every job is changing and every company is going through the transformational stage, eliminated, eliminating some of the rote work, but also investing in ways to increase effectiveness of their people. Sara much of the transition has to be led by human resources. But how much do you think the cuts come first and then the rehiring of different types of talent then comes? Or are we seeing people just being asked to be more productive? So with HR it's an opportunity to be very strategic and layoffs are really more like a fad diet. There's something where you get an immediate hit into the P and L, but the real work, the healthy habits are not being implemented. If you're not focusing on your workforce effectiveness and the habitual training that you have with all of your employees and the structures that you put in place, we're going through change. It's important to do this in a way that sets up companies for long term success. And that's what HR departments are really focused on today when they they're driving success with AI. Talk about that success with AI, Sarah, because that is something that has been questioned a lot in the last couple of weeks by this MIT report. People worrying that 95% of pilots aren't delivering return on AI investment. What have you heard from the people that hire. Yeah, Caroline. It's so interesting because it's a headline that people have latched on to because there is fear. There's fear of what I can do. And so when you can easily say this MIT report says that they're failing, that's easy to, to, to really embrace. But however, the reason the nuance in the report is that it's AI alone. Not really. When you look at AI that's set up properly, AI that's integrated well with systems. And so what it tells us is that we need to responsibly bring AI in. You can't just set up AI and expect it to work. Work. All of us that may buy an Alexa for a home. You can't just put it in your kitchen, expect it to dim the lights. You need to set it up, configure it, and understand how to use it. The same thing is true with AI. And so where AI is succeeding, it's when we have responsible practices, we have good integrations, and we have ethical usage of it. Sarah, in your own survey and your own report, one of the things that struck me was the results around people's attitude towards maintaining work life balance. It talks to a bigger picture debate whether AI helps us and makes life easier in our daily work lives so we can go and do more fun things outside of work. Is that really happening within the workplace or in any of the sectors that you're tracking? There's definitely generational differences in the embracing of AI between Gen Z millennials. And what we're seeing, though, is that AI, whether it's freeing up time to have better work life balance or to do more strategic work. I don't think any of us want to do robotic work. We want to be able to focus on what makes us human, our creativity, our ingenuity. And this is what's so powerful that AI is enabling us to do. One of the tropes that's going around at the Moment is this996culture. Dare I even reference the lift heavy, rather, and far very young, eat eggs and steak. But Sarah, more broadly, how much are you seeing this culture being adopted by those who want to grind, being shunned by those that have been in the workforce for a while? Again, getting back to, there's a lot of fear. There's a fear that I'm not going to be relevant, There's a fear that my job may go away. And so a lot of this fear is driving the culture. And so what's most important right now is that everybody understand, understands the urgency in scaling up themselves on AI and bringing AI skills into their workforce. Not just the workforce of tomorrow, but the workforce of today. And so it's fear that drives this lack of balance. And what we need to do as leaders is really help people understand that I can be here to help us. It can give us superpowers and it can really be a great way to transform our businesses and get back to growth. Sarah Franken, Putting the realistic nature to the new work life balance or lack thereof. CEO of Lattice. We appreciate it. Meanwhile, coming up, while Elon Musk, he doesn't seem to rest. Will he be the first trillionaire more on the Tesla CEO's pay package proposal. That's next. This is Bloomberg Tech. Welcome back to Bloomberg Tech. Let's take a look at the broader markets. We do that from the lens of tech though. NASDAQ 100 a volatile day. @ one point we saw that markets traded higher on the bad news being good news. And in terms of woeful jobs data means the Fed is going to cut for now. The market pushes lower, we're off by a tenth of a percent, maybe going to break back to the green. But volatile day, add some key stocks to watch, right? Yeah. So our top story is that Tesla's board is proposing a $1 trillion compensation package for Elon Musk. I know that we don't normally do this, but the stock's up 3%. A 1- Sigma or 1 standard deviation move for this stock is near A to 5%. And it kind of feels like a little bit unremarkable despite the fact that we're talking about a $1 trillion compensation package. And of course the reality is that it's over 10 years and there's a lot in there to get through. So let's get to Bloomberg's Max Chapkin, one of the team behind Bloomberg's Elon Inc. Podcast. And you know, I've spent four hours reading a 300 page document and there's a lot in it. But there are these milestones and targets that Musk and Tesla need to hit to get to 1 trillion which jumped out at you off the page when you saw them. I mean, the thing I think is most significant is there, there are provisions in here about succession planning, about the idea that Elon Musk needs to come up with a, you know, with a way to who's going, to, who's going to oversee this company beyond him, which I think is really important. And I think this trillion dollar path package reflects the Fact that Tesla and Elon Musk are kind of inextricably linked, you know, for better or worse. For worse being of course, the political blowback that has come from Musk's association with Donald Trump and his, his centrality to many of the more unpopular policies pursued by the Trump administration. But also the idea and many, many Tesla investors, as you know, Ed, see it this way, that Elon Musk has some kind of special ability to see the future. And that's what this is about. Right? This is a long, long term bet on that relationship. While also acknowledging that at some time that at some point, hopefully for investors deep into the future, that that relationship will come to an end. It's so interesting. Investors, of course agreed to the previous $56 billion pay package and the judge that has overruled that and put it on pause was like, it's unfathomably large was part of her concern, as well as the board's role within it. This time they've been very careful to try and make sure that the board seems independent. But they are giving Elon what he wants, which is 25% of shares. Yeah, he's been out there for the last year and a half or so, essentially campaigning for a bigger stake in the company. And you might ask yourself, well, that's kind of strange. How does a CEO who, you know, there are many owners who are putting these stickers on their cars that say I bought this before he went crazy. A CEO who has in some ways lost a part of his customer base. How is he asking for a massive pay raise? And I think the answer is, like I said, investors think this is a bet on the future. It's not necessarily about cars, about optimists, it's about self driving cars. It's about Tesla as this massive robotics. Yes, but tranche 11 and tranche 12 directly relate to Musk's participation Right. In a succession plan. Just going back to all of that, Bloomberg's Max Chaff, in for weeks, will be going through this compensation proposal. Thank you very much. There's another side to it and another story. A lot of the momentum behind a shareholder resolution for Tesla to potentially invest in XI came from retail investors. One of those that led the charge lobbying others in recent months is Alexandra Metz, AKA Tesla Boomer Mama on X Men is a prominent figure in that group of retail investors who back Tesla and Musk, a longtime Tesla investor and shareholder and joins us now. So it's included a shareholder initiated proposal for Tesla to invest in Xi. Your reaction please? Great, very Happy. Obviously we have worked on that for a while now. It all started last year when another retail shareholder, Gali, asked Elon whether that is possible. At that point, obviously its valuation was much lower. Elon had then responded that he would ask the board. He came back a couple of quarters later saying this needs a shareholder vote. And then shareholders asked for a proposal to be included and you'll get to vote in November. Alexandra, why is it important that you have skin in the game with xi? What is the future of as you see it? Because according to this pay package, it is still 20 million cars on the road. It is still FSD. Oh, it is still cars, it is still FSD. That is Tesla's bread and butter. But every Tesla now, and Ed knows, because he drives one, already has Groq in the car. And Groq is the XI product, the large language model that is used, derived from X, former Twitter communications and conversations. And the strongest, in my view, large language model there is. Alexandra. I did use FSD on the way to work this morning and I used Grok during the journey. The skeptic would say XI is burning through cash. It is a company facing massive rivalry of OpenAI and anthropic. It can't stand on its own two feet. This would be Tesla bailing out Xi. How do you feel about that? Not at all. I mean, honestly, we had recent reports from Elon saying that it doesn't need any current cash. The question is obviously at what price. And the shareholder proposal, the way it is proposed, does kick it back a little bit to the board to find the right valuation. Because when we lobbied for this shareholder inclusion, we kept it very generic. There is a clear definition and I think the board has clearly said they don't want to have the responsibility of the basic decision. They are not recommending either for or against it. This is shareholders deciding by themselves whether they want XIA or not. In my view. I think it will be a fantastic financial investment. I also see the synergies between XIA and Tesla just growing with the bots even more. But it is coming down to real shareholder democracy. Shareholders deciding whether this investment has to be done or not. Last time the courts exerted their power over what shareholders did sign off and at that time the judge discussed that it was unfathomable amount of money that was being offered to Elon Musk and that the board didn't have enough independents. What do you make of this current pay package proposal in that respect? I mean, first of all, we are in Texas. We're not in Delaware anymore. And then let me just quickly address Delaware that judgment if it stands in appeal and we will know in a couple of months there is an October 15, the hearing and then we'll probably know by January, February whether it stands or not. But if that judgment stands, Tesla has in this current proxy now also a shareholder vote on whether they want to have a Plan B in place for the 2018 package to be fulfilled. So if that Plan B becomes necessary because Delaware's courts don't understand what our shareholder interest is. But so if that happens, it will actually cost us billions and billions more, probably 50 to 60 billion more than what it initially cost us in 2018. So I don't see how that would be be in any favor to U.S. shareholders. The package will live Plan A or Plan B. But in such the question is will we get it the cheap way, the 2018 way, or will we have to pay 60 billion more because a judge ruled against us and eventually maybe one trillion if you hit an eight and a half trillion dollar market capitalization and then some key operational target and we'll be happy to pay. I can tell you that because if he gets it, we got it. Alexandra Met of LNF Investor Services, it's great to have you back on the show. Coming up, we'll talk to the guy positioned to be the Silicon Valley candidate for California governor. Tech founder Ethan Agarwal joins us. This is Bloomberg Tech. From providing extra support during busy seasons to replacing vacant roles, you need Express employment professionals on your team. Express can handle everything from contract placements to finding the right full time team member. Solve your workforce challenges when you let Express deal with the workers compensation, payroll, benefits and more so you can concentrate on what really matters growing your business. Go to expresspros.com if you've never used a staffing company, here's how Express has helped businesses like yours to balance their workforce to meet production demands, reduce stress and burnout, which reduces turnover. Access a local talent pool ready to work for all types of jobs and a variety of reasons. Choosing Express Employment Professionals is the move to make this year with more than 870 locations. Find the one near you@expresspros.com that's expresspros.com hi, I'm Lisa Mateo introducing you to the new Stock Movers report from Bloomberg. These are short audio reports, five minutes or less, delivered right to your podcast feed. Throughout the day, Stock Movers fills you in on the day's winners and losers on Wall street and tells you about the news and data that's driving those gains and losses. If you want to stay plugged into the stock market but don't want to spend all day watching tickers scroll across your screen, then Stock Movers is a place for you to get informed. Listen a couple times throughout the day to find out what's moving equities and why. Search for stock movers on Apple podcasts, Spotify or anywhere else you listen. Get the latest stock news and data backed by reporting from Bloomberg's 3,000 journalists and analysts across the globe. Subscribe to Stock Movers wherever you get your podcasts. President Trump welcomed top tech leaders to the White House yesterday to discuss AI. At the dinner, CEOs reiterated their pledges to invest hundreds of billions in the United States, while Trump said chip makers that didn't build in the United States would face substantial tariffs. Just take a listen. Chips in semiconductors and we'll be putting tariffs on companies that aren't coming in. We'll be putting a tariff very shortly. You probably are hearing we'll be putting a fairly substantial tariff on not that high, but fairly substantial tariff with the understanding that if they come into the country, if they are coming in, building, planning to come in, there will not be a tariff. We continue Continue with technology and politics. Startup founder Ethan Agarwal is aiming to position himself as the Silicon Valley candidate in Iran for California governor. The two time startup founder has raised money from VC firms like Andreessen Horowitz in the past. Now he's looking to win votes with his tech forward campaign pitches. Ethan Agarwal joins us now. This is early in a cycle. It seems there will be a crowded field of many political heavyweight weights, likely others from the technology industry. What chances do you really have of being governor of California? There's a lot of other candidates that are running mostly from Southern California, most of whom are politicians. My view is if you are generally happy with the way things are going in California, you have lots of other options. If you are looking for a systematic reset and a complete change, I present a different opportunity. Opportunity. A different opportunity that leans into maybe crypto being an ability to pay your taxes. You're leaning into DMV apps for example. But at the same time, a lot of our team can't get into work today because the BART is down. So I'm interested as to what the infrastructure perspective is here. Yeah. Hey Caroline, good to see you. I mean, look, first and foremost I trust Californians, which is something that has been lost. Our politicians love telling us what to do. Infrastructure is a key part of the platform. Well, what's happening is Californians, like people come here. I mean, Ed and I were just talking. People come here because they want to live a great life, they want to enjoy the weather, they want to build something for their family. And that stopped happening because jobs aren't available here. You guys saw the jobs report this morning. Companies are leaving the state. We're overregulated. You can't build a house, you can't do anything without the government trying to get a piece of it or try to tell you you what to do. That's what politicians love to do. So what we need is someone who understands that Californians themselves can be trusted, who actually likes Californians and who actually wants them to realize their potential. California is a state of massive potential and we're just not realizing it because of all this regulation. Okay, let's bring up some of the policies that are on your platform because I think that was Caroline's question. What is the specific proposal you have to fix infrastructure like BART, to fix housing, jobs creation in Silicon Valley, etc. Yeah, it starts and ends with Cequest. Ceque is the California Environmental Quality Act. It was passed in the 70s when Reagan was governor and it initially had some good ideas, but it's been leveraged and extorted to all. Hell at this point where anybody can sue anybody to stop any construction from happening. And that's why you don't see modular construction happening in San Francisco. That's why you don't see construction happening in hell. Housing in L. A. That's why there was a water treatment facility in Huntington beach, was going to do 50 million gallons of drinkable water. It got stopped under CEQA. There's 600,000 people that live up in Mendocino that are getting a PG&E. PG&E is plant is getting shut down. They're not going to have access to reliable power because the salmon and the eel are going to have trouble. I mean, these are just ridiculous things that are happening in California. I think that California here, humans should actually live well. Sorry. And it's not the team in you, so I'm going to jump in it. You're basically saying I want to deregulate. Yes. Very similar to what the Trump administration is proposing across a number of industries. Yeah, I don't think this is a Democratic or Republican issue. I think this is just common sense. Like the reason California is losing half a million people is because the regulation is driving jobs out. It's that simple. Like other states, like Arizona, they beg companies to come to their states to create jobs. California does everything it can to kick companies out. Masa sun announced that he's investing $1 trillion in data centers. All of that money is going to Arizona. Why is it not coming to California? Whatever you think of Elon, I mean, we just talked about his pay package. Whatever you think of the guy. Tesla is based in California. They moved to Texas and they're creating 22,000 jobs in Gigafactory there. Why are those jobs not in California? Are we shocked that people are leaving? Of course not. Because there's no jobs here. It's really that simple in terms of policy and how you work with an administration that perhaps the current governor is very much on tick tock, actively working against. I'm interested as to what you think, the relationship of Silicon Valley and whether you think that it's a voting base that will get behind you because boy, are they pro the administration, some of them at the moment. It feels. And you're running on a Democratic ticket. I am running as a Democrat. 34% of California voted for Trump. So the notion that California is a deep blue state is just not true. We're not 95, 5 or 9010. We need to understand that the state has shifted. And again, I don't blame people. They're frustrated with what they're seeing. So look, my view is if you want to vote for somebody who's going to kind of keep things the same, there's a lot of smart candidates. There's Katie porter, Antonio Villar, Go, etc. Who are doing a good job in SoCal. But if you are actually frustrated with what's happening and you think the state can realize its potential better, that's where you come to me, where you want a little less regulation, a little less of government all over your back. We are of course going to be inviting you alongside other candidates to be joining us as the race heats up for California Governor Ethan Agarwal. We appreciate your time today. Stay well. Meanwhile, coming up, Qualcomm CEO Cristiano Amon joining us to discuss the chip designer's new partnership with BMW, deepening that relationship as it aims to improve self driving capabilities. This is Bloomberg Tech. Qualcomm. Well, it's steering deeper into the auto industry, teaming up with BMW to debut its new Snapdragon Ride Pilot. It's an automated driving platform designed to boost safety and driver assistance. The system is just being rolled out in the all new BMW IX3. Let's bring in Qualcomm CEO Cristiano Amon. For more you call it a revolutionary driver assistance system. How is your software stack different? Look, we are incredibly excited about what we did do with BMW. Has been three years in development, focus on safety. And it's different for a number of reasons. I think the first one is one of the things you saw about BMW i3. It's the incredible range. So when you talk about assisted driving and autonomy, you need to put server class computing power in Indos cars. And with Qualcomm technology there is no compromise. You have all the computing power but you still have efficiency on power consumption. You can get incredible range. The second thing is it's scalable. It goes into every tier car. So we're super excited about it. Cristiano, I've been studying the Snapdragon ride pilot, the SOC architecture, the software piece. This is highly analogous with the camera based system that Tesla has, right? With fsd you just talked about it being scalable for that reason. Did you benchmark against that? So, so, so two different important parts. First, the architecture is scalable starting from basic level ADAs all the way to multiple cameras and multiple sensors for you to do navigation on autopilot in urban environment and highway environments. That means it can scale to entry level ADAS systems and entry level cars all the way to the full capabilities. The other thing is has been certified now in 60 countries and it's going to is launching and a lot of people will be able to see the performance. Actually we're super excited for people to see how it performs. And one thing that is great about this, we've done this with BMW but it's available for the entire industry. Every OEM will be able to use it and BMW and Qualcomm we want that and people will be able to see it compare. And I think that's a great opportunity. You know my, my question was one of sort of an academic one because it's the argument of a camera based only system from an economic standpoint versus also including LIDAR and radar. But you are super focused on the compute. Not just performance but energy usage of the compute. Could you talk a little bit about how you engineered to that level? Yes, I think the Qualcomm DNA ed is it's about efficient computing because we, we design all of our chips assuming there is a battery on the other side is not plugged to the wall. So I think you have the benefit of a lot of the Qualcomm energy efficiency computer and you have the ability to get a lot of the computing power required in an Architecture that actually incredibly efficient from, from a turbo management and from a power management. The second thing to fully answer your prior question is you do have the capabilities to do navigates on autopilot in urban and highway environments even if you have complex sensors or cameras and radars. Cristiano, push us forward because your real focus on auto has been one of diversification of Qualcomm. More broadly, of course, the auto sector has its trials and tribulations. How much is this going to drive growth for you for the business in the longer term? Caroline, that's a great question. Remember we talk about our pipeline of $45 billion in automotive which is kind of translating into revenue. We see quarter after quarter record revenue for Qualcomm especially because it's not about moving with the size of the market is moving into share as new cars are launched with our technology, the pipeline is converting and I look at this stack that we're launching on the Snapdragon ride pilot with BMW is we look at that as an opportunity for expansion in the 45 billion pipeline. One third of that is ADAS but and this included of course the BMW project. But now other OEMs can use it and that's going to be upside on the 45 billion pipeline. Cristiano, last night the president hosts a number of technology leaders at the White House. I believe you're invited but but unable to attend. And his message is very simple. Tariffs are coming specific to chips, but those that invest in America will be spared. How is Qualcomm thinking about that? You know, a lot of emphasis gets put on TSMC in Arizona. But is that like big enough to serve all of you? Yes. It's unfortunate that we couldn't attend. We send a representative but we had the big party in San Diego, the stadium for the 40 anniversary of Qualcomm. And and to your question, look, we're excited about that. Remember we, we're a fabulous company. So we need a supply chain that is resilient. And in America we like the fact that tsmc, which is one of our suppliers in investing in America. We like the fact that Samsung, another one of our suppliers invests in America. And for Qualcomm this is actually great news. We want diversification of manufacturing. We want more capacity in in America. And we have seen intel an option. Cristiano, not an option today. I think we would like to intel to be an option. They have been talking about moving to the next process technology which they call it the one that comes after 80A for us. We need a technology that has efficient power consumption. I think we just had this whole conversation on car. So if in the future intel is ready for us will be an option. Right now our suppliers really the TSMC and Samsung. Qualcomm CEO Cristiano Amon it's great to have you back on Bloomberg Tech. Thank you very much. That does it for this edition of Bloomberg Tech. Ed, what a week. Yeah, huge headline. One trillion comp package for Elon Musk. We have months to digest it. Don't forget, check out the podcast. 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