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Luckily, Adobe Acrobat Studio uses AI to take all your documents and generate a presentation with a single click, building slides faster than ever before. So if you need a last minute pitch deck, do that with Acrobat. Need to level up your presentation design? Do that with acrobat. You have 30 plus documents that need to be simplified into a proposal. Do that with Acrobat. Learn more@adobe.com do that with Acrobat. 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, President Trump looks to rebuild his tariff trade policy after the Supreme Court struck it down, reviving market jitters plus Bitcoin not immune to those tariff anxieties, sliding below $65,000 at one point for the second time this month. And today's the day for Paramount Skydance to submit its best and final offer for Warner Brothers discovery. We'll discuss what to expect. Let's turn our attention though to while the anxieties that beat up the NASDAQ 100 to the extent that it's at session lows as we speak and we're currently off by 1.3%, you're seeing anxiety whether it's I once again playing into those software names, whether it's the tariff jitters and what that means in terms of long term uncertainty for these businesses, we are pushing pulling back on our risk on attitude certainly in the world of crypto as well, down 2.9% even as gold gets a little bit of a reprieve. Ed, what are you watching underneath the head? Yeah, let's get to our top story. President Trump is looking to rebuild his trade Tariff trade policy after the Supreme Court struck down his use of the International Emergency Economic Powers act, or ipa, to impose sweeping global tariffs. In response, his administration signed an executive order to impose a 10% tariff on imports using an alternative legal authority. And over the weekend, the president announced on True Social that he intends to raise that rate to 15% or quote, a much higher tariff and worse. Let's get the latest with Bloomberg Senior Tech editor Mike Shepherd. Shep, what's the state of play as of right now? Well, it is moving pretty quickly now. The administration is really trying to ensure that all of the trade agreements that it reach with trading partners around the world over the past year don't come undone. They spent the weekend really insisting that the EU and other trade blocs and nations must abide by those agreements. And they tried to offer some assurance that the setback that was dealt to the administration on Friday was temporary and that this 15% tariff we heard the president talk about on Saturday by a True Social was really just going to be a bridge to more lasting tariffs that would be imposed eventually through other authorities. Now those authorities are going to take months to investigate and to actually execute and carry out. And that is going to add a whole lot of uncertainty for those trading partners, including the European Union, which is indicating that it's holding off on approved final approval and ratification by the Parliament of the deal it struck with Trump last year. And India, which had just reached a hard fought agreement with the administration a few months ago. They are now holding off unemployment meeting that was scheduled for later this week to iron out final details there. And then of course there is China. The president is going to meet with Xi Jinping in China a little more than a month from right now. And the question is whether Trump has lost some leverage heading into that meeting with Xi. And we saw President Trump with pretty fighting talk for perhaps some countries that thought they'd already cut deals or at least made some progress on inbound investment. Just take a listen to what was said regarding, well, Taiwan in particular. Taiwan came in, they stole our chip business. They make chips for 30 years longer. They made chip, chip, chip. And now all those companies in Taiwan are building factories in Arizona, Texas and various other places because they don't want to pay tariffs. They're all pouring into the United States. You spoke of China that Mike. What of Taiwan? How does this impact tech in particular? Well, Carol, it's not just Taiwan. It's Japan and it's South Korea and it is even the European Union as part of those trade agreements. The president had negotiated investments in the US from those trading partners. Now, the question is, without the leverage of tariffs to enforce and to guarantee that those investments get made, do they follow through? And we even saw just a few weeks ago the confrontation that was brewing with officials in Seoul over the slow pace of radical ratification of the trade deal by South Korea's legislature and concerns by the US that, hey, maybe there won't be enough follow through on the investments promised here in the US we even heard Commerce Secretary Howard Lutnick just last month at the opening of that Micron plant alluding to possibly higher tariffs on goods from those countries if their companies and he was alluding to the memory chip makers, Carol, if they didn't step up their investments here in the US and he was referring obliquely to Samsung and SK Hynix. But you can paint that more broadly to other possible tech investments in the US if they don't materialize, then what does the administration here do as a consequence? And leader of SK Hynix just today pledging to boost memory chip output. Mike shepherd with all the latest on tariffs. Thank you so much. Let's get you the wider impact of President Trump's tariff agenda. Jason Oxman joins us. Information Technology Industry Council CEO, look, what are the companies asking from you at the moment and what are you advising in terms of the uncertainty? Well, what they're asking for is certainty. And we saw over the weekend that the president very quickly moved to a separate jurisdiction for tariff legitimacy. But I think the broader question is what's the long term going to look like? Companies, as we've been discussing, need certainty in order to make investment decisions. Our trading partners are looking for certainty. The news about the suspension of the trade talks between the US And India is of concern. Concern the EU suspending moving forward on the trade agreement between the EU and the US Also of concern. The certainty we're looking for is part of a broader question of the strategy of the United States. And the Trump administration has been very focused on encouraging investment in manufacturing here, encouraging construction of data centers, encouraging export of AI technology from the United States to the rest of the world. Tariff strategy has a lot to do with that. Tariffs are good tactics in a lot of negotiation, but they're not a broader strategy to encourage the kind of investment that we're looking for. So what the tech industry is looking for going forward is a lot more certainty. I just think of how in video is part of your information technology industry Council and how they have earnings and how they need foreign investment to come in and help build the data centers where the GPUs are going in the United States. Jason, do you think ultimately we will come to some sort of agreement? How long can CEOs navigate in this era of uncertainty? Well, we do have to come to some level of certainty, Andy. And as you noted, foreign investment in the United States is a significant part of the manufacturing story. We've seen investment not only in semiconductor infrastructure announced here in the US from companies around the world, Taiwan, Korea and elsewhere, but we've also seen investments in large data center projects. Hundreds of billions of dollars of investment coming from outside the United States. That's very important. But equally important to that is that tariffs can be a deterrent to the necessary inputs into that infrastructure. Whether we're talking about the construction of data centers and the inputs that are necessary for the construction there, or what goes into the data centers, the semiconductors and other components, or we're talking about the energy infrastructure, including upgrades that are necessary to the transmission grid and the equipment that comes from around the world. For that, that's important to make sure that tariffs don't interfere with those kind of investments. And then the flip side, of course, is anything that's made in the United States, 95% of the world's consumers don't live in the United States. It needs to be exported to the rest of the world. I just came back from India yesterday from the impact summit and there' a lot of conversation there about how AI from the United States can be exported to the rest of the world. Tariff infrastructure can interfere with that as well. We want to make sure that works. Jason, one big piece of news this morning is the European Union basically freezing the ratification process on a deal it already reached with the United States, Just in the context of imports. The EU is 20% of US imports. The collective wisdom of your council. How long do you expect this uncertainty and this kind of halt to things that already were in play? Yeah, I think that's a great point, Ed. And we saw it in India as well. They had a delegation scheduled to come this week to the United States and India. And the US Had a great onstage moment in Delhi this week talking about moving AI forward. How long will this last? I don't know. The president announced the use of section 122 that has 150 day cap on it. Obviously the administration is looking at what the tariff strategy is going to be going forward. I think as far as the tech industry is concerned, resolving these issues, both on the physical trade issues that we've been talking about, but also digital trade. The trade market between the US and the EU in digital trade is close to $1 trillion. It's an enormously important market there, too. We need that uncertainty resolved as quickly as possible so we can move forward with these trade deals, which in many cases have already been negotiated. We're just waiting for them to be signed. Jason, if you and your fellow council members could be in a room with the president today, what's the first thing you'd ask him for or to do? Yeah, I think it's recognition that tariffs are bad for investment in the kind of things that the administration has prioritized. Look, since April, since Liberation Day last year, the landscape has changed significantly for what the administration is hoping to advance. The administration has a very clear, very sound, very direct strategy here, and that is to encourage AI adoption around the world of American AI technology. And that requires investment in manufacturing in the US it requires investment in data centers in the US it requires a robust semiconductor industry here in the US and tariffs interfere with the ability of manufacturers and digital trade to take place between here and the rest of the world. So the one ask of the administration is as they reevaluate the trade and tariff strategy, and I think this Supreme Court decision gives them an opportunity to do that, you need to look at what the broader goals are, what the broader strategy is to encourage investment in AI in the US the adoption of AI technology around the world and how tariffs would interfere with the ability of that to be a successful strategy. That rationale is one reason why tech stocks rose Friday, a reprieve for the supply chain in particular. Jason Oxman of the Information Technology Industry Council, thank you very much. Now coming up, all eyes are on Nvidia, which reports earnings this week. We have the big preview of what to expect with that stock now completely flat and treading water a little bit ahead of the big moment Wednesday. This is Bloomberg Tech. It's a big week. It's a big Nvidia week, posting earnings after market. Wednesday, it's market a stock stock that's up about 2% year to date, completely flat this Monday morning. And there is a lot of, let's say, not anxiety, but we're bracing for Wednesday because the story with the stock is very different to what it has been in the last two or three calendar years. We're trading at 24 times forward earnings historically on a five year basis, 38 times. The momentum's gone. We are kind of on pause with that Salesforce down 5% later in the program. We're going to talk about what's happening in software right now. Again, that story carries through to earnings. They are putting AI into what they were already good at. That insulates them a bit, but they caught up with what's happening at a bigger picture. Look at the market right now. Yeah, same with Snowflake, same with Workday. We've got a lot of software earnings to digest. But as President Trump does move to rebuild his tariff agenda, investors are navigating renewed trade uncertainty during that very busy week in earnings, as you say, with Nvidia and Salesforce in focus. Carmen Reineke has been writing all about this and comment. What are the investors you're talking to thinking about that lackluster trading oomph that we've seen in Nvidia of late? The ad so clearly spelled out. Yeah, I think it's something that's really interesting to have this sort of big macro overlay over Nvidia that's really weighing on the entire market. I mean, you're just saying the shares are pretty much flat now. They were up as much as 2% earlier today. So just getting dragged down by all of this uncertainty with the earnings coming up. I think the thing that everybody's watching for is can they do enough to quell any of these fears and calm the market? I mean, they have lost a lot of momentum in their shares. They've been trading sideways for a long time now, but they're still the biggest stock in the S P with the nearly 8% weighting. So however they move around earnings is going to be really important. And they've lost some of the, the buzz. You know, they usually would beat and raise and shares would gain. We haven't seen that in the last few quarters. So that reaction, the investor sentiment around this report is paramount. The stock has fallen in each of the last two post earnings sessions for Nvidia. By the way, Salesforce, what it's worth, is down 34% year to date. And I checked it and I was like, really? But it is case in point of what's happening right now in software and the impact of AI on software. What are we bracing for? I mean this sell off has been so profound. I mean, you just said Salesforce down 34%. I think it's about 50% from the most recent peak. So that's a lot of money coming out of those kinds of stocks. And you know, there's just so much anxiety around that piece of the puzzle and it seems like investors are just not willing yet to buy the dip and say, okay, this is the point where they've gotten cheap enough where we think there might be some compelling stuff here going forward. And I think the thing that's interesting when you're thinking about Nvidia is are they, would they be able to quell any of those fears? Right. They're kind of on the opposite side of the trade. They're not software, they're hardware. So it seems like there's not a lot of positive catalysts necessarily coming up that would sort of relieve some of the anxiety in the software trade. So, you know, we're seeing a lot of selling there and just kind of waiting to see maybe what might be the next thing that gets hit from the sort of fears of software disruption. Bloomberg's Carmen Reineke, thank you very much. Let's get more on tech Markets with Shanti Kellerman 7 IM CO Chief Investment officer. You know, it wasn't that long ago where we sat at our desks the day of Nvidia earnings and all of the literature is calling it a macro level event, such as the impact of a single name on the market. Maybe we're a bit flippant then, but common set us up nicely right of the state of play. Is this a macro level event this Wednesday? I don't see it as that. I think it's still incredibly important given it's the largest stock in the S and P. And it does give us insight into what are the ordering patterns because you see all of that big tech investment that's gone through with the spending plans of Amazon, Facebook, those are probably translating into some of the Nvidia orders and it has big impact for the chip providers as well. So it certainly matters quite a bit. But I think it'll take a really big beat to see the stock actually move because expectations are so high. And that's kind of similar for the whole technology sector. We have valuations are very high, so it's got to be earnings that's really going to drive growth in the share price because it's hard to see those valuations going much higher in the context of software. You're in the camp and we had this discussion last week with, with others that the sell off we've seen AI related sell off, particularly in software, has been indiscriminate. That word comes up a lot. What's your argument on that? So I think for a long time we've been saying we don't know necessarily know who the winners and losers are. And it's kind of like investors actually decided to put their money behind that with the recent sell off that we had and I think people have realized that they don't necessarily know who those winners are going to be and just sort of indiscriminately sold a lot of the market. I think there will be software companies that can do incredibly well out of this because I can dramatically reduce their cost to deliver programing. It can make things more efficient, reduce their expenses, deliver a better experience. But executing all that is really difficult and not every software company is going to be able to do it. Will you learn much from just earnings and fundamentals this time, Shanti? Could that be where investors decide to try and catch a falling knife, so to speak? I think it's hard to see people changing their minds so quickly only in the last few weeks. But the technology sector does move incredibly fast as we've seen. You know, you can have those moments like, like deep seq where things, everything seems to change overnight but usually the sell offs are quick and then it takes time to rebuild the momentum. What is your view? What are you in rooms discussing that? Yes, we are at this point where AI is going to eat software instead of software eating the world. Or do you think companies will ultimately survive this shift to be able to rebuild from within? I think a lot of companies will be able to survive it. I think the big thing we're looking at is how much AI is starting to impact industries outside of technology and that's where valuations are lower. You're starting to see it come in to shopping, you're starting to see it come into the wealth industry to make it easier to comply with regulations. Banking and finance certainly. And I think that's where if some of those sectors can start to demonstrate that they're using the technology well and adopting it, then they'll really be rewarded. Tariffs. It's very hard to join all of the pieces of bad news, so to speak, together. But the tech sector's view on tariff policy, unfortunately certainty right now, I mean, I think obviously it lowers rates slightly on places like, you know, Asia, China, which helps some of those manufacturing bases. So maybe it marginally reduces some of their costs. I think the long term trend of technology companies trying to diversify their production and having manufacturing, you know, in the US and Mexico and still in Asia as well, going to India, I don't think that's going to change because people don't think the uncertainty is going to go away and we still will probably have an unpredictable policy environment. So you want to be able to have all of your options open. Probably it helps on balance, some of the, you know, the software, the things that are producing actual physical goods. But we'll see how long this rate stays in place. You know, we could all change in 150 days as we know. Shanti Kellerman of 7IM it's great to have you on the show. Thank you very much indeed. Meanwhile, coming up, Blue Al Capital permanently shuts the gates on one of its funds, making the private credit market even more jittery after existing concerns. Stick with us. This is Bloomberg Tech. How do you shift AI from being a flashy feature to a trusted partner in consumers everyday lives on the ground at CES Bloomberg Media Studios, asked Michael McDermott, EVP of Samsung. Our 2026 vision is built around an AI companion. It understands you and responds intuitively. This intelligence works quietly in the background across TVs, home appliances and mobile devices. By putting AI at the center of everything we do, we're simply improving everyday life for everyone everywhere. Support for the show comes from Public. Public is an investing platform that offers access to stocks, options, bonds and crypto, and they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R and D spend small cap stocks with improving operating margins or the S&P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria, but on Public you just type in a prompt and their AI screens thousands of stocks and builds a one of a kind index. You can even backtest it against the S&P 500. Then you can invest in a few clicks, go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market and paid for by Public Holdings Brokerage Services by Public Investing member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor crypto services by ZeroHash sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete disclosures@public.com disclosures small businesses are the pulse of every community. They bring people together, create opportunities and drive growth. With a widespread presence in communities across the country, Chase for Business supports small business owners at a local level that makes it possible for you to connect, learn from each other and grow together. There's a real commitment to seeing small businesses succeed. The Chase for Business team has knowledge and expertise that span a wide range of financial areas. They can help you make more informed decisions as you navigate the complexities of running your business. They'll help your business grow with individual guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more@chase.com business chase for business make more of what's Yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA member FDIC member copyright 2026 JP Morgan Chase Co. Morgan Stanley Investment Management is looking away from AI and adding to emerging market bets that are insulated from the AI boom now. The firm's deputy chief investment officer says it is positioning itself for a potential pullback in the crowded tech trade following rising concerns, overstretched valuations and heavy capital spending by US Tech giants. AT Blue Our Capital has permanently shut the gates on one of its funds, preventing investors from withdrawing their cash and is selling assets to return. Investor capital is the latest sign of frenzy in a $1.8 trillion private credit market troubled with worry about overspending on AI. Bloomberg's private credit reporter Silas Brown joins us. If you look at kind of what's happened in the public markets, how some of these names and credit have traded, there is something behind that that's related to technology. Take it from that. Yeah, I think it's, I think it's fundamentally important in what's going on in private credit. I mean private credit and private equity to a certain extent as well. They, they kind of prided themselves on selecting certain industries that they considered to be anti cyclical, non cyclical and that kind of kind of shrinks the pool. And one of the kind of darlings of of of choice was was software as a service. And so you'll find with Blue Owl. But Blue Owl is by no means an anomaly. A big concentration of of exposure to software and software as a service. And I think with this kind of transformative, paradigmatic or whatever kind of big word you want to use, effects or likely effect that it has on that industry makes it very hard for investors to judge even I mean perhaps not short term, but certainly mid term and long term prospects for a lot of these businesses and judgment transparency, that's exactly what the private credit market doesn't have much of. Silas and it's interesting that bank of America today is pulling out a note to saying there is a significant level of misinformation weighing on Blue Hour stock and the private credit industry in general. So how can they appease that and really talk to a more transparent era when you are seeing them close funds and indeed not allow people to access money. You, I think there's, there's sort of, there's sort of several tectonic plates that are shifting under private credit. I mean with Blue Allen in particular and BDC is more generally, I mean they are kind of retail oriented funds. And so there's a question about investor, investor withdrawals and kind of what happens if you, if you have a kind of avalanche of withdrawals at the same time BDCs have gating systems which have, you know, which Blue Owl has. Blue Owl by the way has redeemed every investor withdrawal so far apart from this new one where it's shifting, it's kind of slightly complicated. Complicated, but shifting a legacy system, you know, finding a way of shifting a legacy system investors outside of that system. So you know, there are kind of, I don't know what bank of America's Notes was specifically saying but I mean I think there's been a lot of noise around Blue Owl recently regarding investor, with investor withdrawals and kind of what will happen with jitteriness amongst, amongst the retail client base. But that undergirded by I think a kind of preponderance of software exposure in the, in the, in the kind of, in the dawn of I, I think is concerning investors certainly is. Silas Brown all across that story for us. Thank you very much indeed. Now coming up, President Trump looks to rebuild his global tariff policy after the Supreme Court struck down his use of the IPA law. That's next. This is Bloomberg Tech. Welcome back to Bloomberg Tech. Some breaking news crossing the Bloomberg terminal. PayPal is receiving takeover interest from different parties. According to Bloomberg sources. The payments come in company has fielded meetings with some of its banks amid unsolicited interests. In one case, a large rival is looking at buying the whole of PayPal. In other cases, according to the Bloomberg reporting, different parties are interested in certain PayPal assets. This is stock that's down 30% year to date. It's down almost 50% over the last 12 months. And part of the reporting is that the pressure on that stock and the downward trajectory is what is leading to an environment where that takeover interest is in place. PayPal declined to comment on Bloomberg's reporting. Cara involving one. Now let's return to our top story today and trade uncertainty as President Trump reshapes his global tariff policy signaling a potential 15% rate. Now that debate is front and center in Washington, when the national association of Business Economics is a gathering of leading economists is underway and where the Supreme Court courts ruling on Trump's tariff authority is probably a key focus. Bloomberg International Economics and policy editor Michael McKee joins us now. And look, the theme of the gathering is actually the great realignment, navigating AI demographic and geo economic shifts. Let's focus on geo economic shifts first. Mike, what's everyone discussing? Well, everybody's trying to figure out where this is all going and what it will lead to. And there's not a lot of consensus on it yet. The Fed Governor Christopher Waller spoke this morning and said it's very uncertain to them. He's going to give a major speech tomorrow. Also, Fed Governor Lisa Cook is talking on AI here tomorrow. Today we've got some workshops with people from AI companies. There's one underway right now. Peter McCrory of Anthropic, he is their chief economist, is talking about their economic index and their efforts to track the impact effects that AI is having on the labor market and basically saying the same thing that everybody's saying. It's, it's a major impact, but it's uncertain where they're going for right now and it's uncertain what kind of effects it will have on productivity and on the labor market. Although right now what Anthropic is seeing is there's a lot of impact on things like accounting, things that can be automated. The idea that you can get things to do, the things that humans do on a computer is what's changing. But so far they're not seeing a major impact on what the relationship is between humans and other humans. If you have a forward facing job with the public, it's not clear what AI is going to be able to do. He did note though that the speed at which AI can, can process tasks that humans do is doubling every seven months. So anything they say now is probably going to be somewhat obsolete fairly quickly. Mike, you joined the show on Friday post Supreme Court decision IPA struck down. Then there's a series of true social posts over the weekend and quasi policy announcements and actions. The net result as far as I can understand it is the overall weighted tariff rate is only slightly marginally lower on the ground there. Is that the understanding of everyone else or is there still great sort of policy uncertainty for tariffs? Well, there's both. It is the, the tariff that's going in place 15% Trump can do legally. So people are operating under the assumption that for now that's going to be the average weighted tariff. But it would change once they start bringing in tariffs on sectors or countries based on some of the other sector. The other sections of the trade law they can use, but those have to have investigations and they have to be shown harm to various sectors or harm from various countries. And so the tariff levels and when they would be imposed, still not certain. What it does is just kind of push out the uncertainty that we have seen. And as Governor Waller said today, it doesn't change much of the Fed's thinking because the Fed is trying to look through the tariffs. It'll be a one time shot to inflation, but now it means it'll happen later than perhaps they thought. So they just have to wait for it. And everybody's got to wait and see when the president puts these tariffs on to decide what the impact is going to be. Uncertainty abound whether it's AI or whether it's trade. Mike McKee on the ground in Washington, thank you very much indeed. Let's get more on the trade impact. Investors are watching on the broader earnings on the picture with Jed Ellerbrook of Argent Capital Management. So let's start with tariffs because that's the key headline everyone faces today. How do you think companies navigate this? Does it change your investment thesis at all? Yeah, I think you guys covered it well. Overall, slight reduction in the effective tariff rate over the next five months as that 130 or 122 investigation period goes for the next five months. But after that significant uncertainty, the midterm elections will have an impact. And yeah, will it delay investment decisions? I think it'll make people think twice. I think it'll probably make make decision processes slow down a little bit. And then on the other hand, business leaders, investors have been getting used to President Trump and his tactics and preferences and negotiating style over the last, you know, Jesus, more than 12 months now here in his second term. And so I think perhaps a bit of normalcy set in. I guess I'm not giving you a very good answer, but I think that they're kind of push and pull in both directions. So they are confronted by ongoing uncertainty in a geopolitical environment. But Jed, the eye of the storm has been on software names and the uncertainty that I inject there. Are you seeing any sort of ability to buy the dip yet? I think that this private equity, private equity and also strategic Investor interest in PayPal is instructive and probably going to happen quite a bit over the next 12 months. The payment space of which PayPal is a member has been hit really, really hard over the last One year and even further back if you look. And so yeah, I think you'll see strategic investors, private equity backed investors start to sniff around areas like payments, areas like software. And it be would, wouldn't, wouldn't surprise me one bit if you see a pickup in M and A in those areas as investors seek value and try to kind of pick through the rubble in an area that's been fairly well bombed out in the last six months. Jed, I appreciate you reacting to that breaking story. Basically sentiment out there is quite negative right now. Tariffs, software, geopolitical risk from, from the market participants side of the table, particularly focused on the tech sector. Are things as dire as the news headlines would have us suggest at the moment? It's such a unique environment because we've seen a handful, most software companies report fairly good fourth quarter 2025 earnings. Most of them issue, you know, reasonably good guidance for 2026 or at least the first quarter of 2026. And yet investors don't care about that at all. Their concerns lie further down the road a couple of years out as these AI tools continue to develop. The last speaker talked about a doubling of capacity or capability every seven months. If that continues for the next couple of years on end, you will certainly see some of the more point solutions. Software companies struggle with AI, you know, capability, competition. And then there will be other software companies that have really deep tentacles inside organizations, really form the backbone of companies, workloads and processes and data storage and analysis. And I think that they will thrive. So it's a mixed picture. Salesforce, Snowflake, they'd be a test of that, wouldn't they? Jet Ella Brook of Argent Capital Management. Thank you very much. I want to go back to PayPal. The stock's up about 6% right now. It been halted for volatility after a big spike. Post that Bloomberg News report that it is attracting takeover interest. The Bloomberg report details that one big rival is considering buying all of PayPal. In other cases, other potential bidders looking at certain assets. And PayPal has been meeting with banks about this unsolicited interest. We know this is a stock that's been under pressure not just year to date but over the last 12 months. Down about 46% in that 12 months, month period. Now we're up 7% in the session. PayPal declined to comment. We'll continue to track it. Car we will. We'll also continue to track bitcoin. It touched $65,000 in fact went below it as tariff anxieties broaden out on that Next. This is Bloomberg Tech. Support for the show comes from Public. Public is an investing platform that offers access to stocks, options, bonds and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R and D spend small cap stocks with improving operating margins, or the S&P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on Public you just type in a prompt and their AI screens thousands of stocks and builds a one of a kind index. You can even backtest it against the S&P 500. Then you can invest in a few clicks, go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market and paid for by Public Holdings Brokerage Services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor crypto services by ZeroHash sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete disclosures@public.com disclosures small businesses are the pulse of every community. They bring people together, create opportunities and drive growth. With a widespread presence in communities across the country, Chase for Business supports small business owners at a local level that makes it possible for you to connect, learn from each other and grow together. There's a real commitment to seeing small businesses succeed. The Chase for Business team has knowledge and expertise that span a wide range of financial areas. They can help you make more informed decisions as you navigate the complexities of running your business. They'll help your business grow with individual guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more@chase.com business chase for business Make More of what's yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply. JP Morgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co. You need to make a huge presentation in an hour. Luckily, Adobe Acrobat Studio uses AI to take all your documents and generate a presentation with a single click, building slides faster than ever before. So if you need a last minute pitch deck, do that with Acrobat. Need to level up your presentation design? Do that with acrobat. You have 30 plus documents that need to be simplified into a proposal. Do that with Acrobat. Learn more at adobe.com/do that with Acrobat. Let's check in on these markets which bounce off session lows on the day, but still down by 1.2% on the NASDAQ. As I check tech, We've got about 28 names in the green. More than 70, 73 are in the red right now. And another ugly day for software. We'll get to that in a moment. Bitcoin is off by almost 3% at one point in the trading session. And look on to the more broader chart of bitcoin last couple of days again, anxiety, just the, the macro headwinds hit it to the tune of 4% over the last few trading days, but it sank below $65,000. Was that mean in terms of support? Bloomberg Digital Finance reporter Emily Nicole joins us. Can't catch a break. Emily? Yeah, it just keeps going, doesn't it? I mean, weekends are traditionally a very low liquidity time for bitcoin especially. It's a market that trades 24 7, so it never switches off. And that does mean that we tend to get these outsized price moves, particularly over weekends. And that's what we saw earlier on in the Asia trading day on Monday, I guess overnight for all of us over on the, on the western side. And that's what we've been looking at today as well. It's kind of gone back above the 65,000 mark, but really can't edge much higher. Emily, is it clear in the markets we talk about this $60,000 support level. Right. But is it clear in the market right now like what the main driver is? Is it tariff? Is it some sort of broader geopolitical anxiety that getting people to push the button either way? I mean, bitcoin's not impervious to what's going on with tariffs. Right. It's a high risk asset. So when things like Donald Trump's tariffs post happen, that is going to impact bitcoin negatively, just as it did quite a lot of other asset classes over the weekend. There is, however, this kind of support level that we've been talking about, whether that's 60,000, 65,000, we're now really starting to see traders consolidate around that mark. Traders really don't want bitcoin to go below 60,000 because that does, that does mean that kind of we're heading even further, further lower and could that, you know, when all bets can be off. So we're really kind of seeing consolidation around that point. But as you said, it's been a rocky few months and there's no telling whether it's going to continue to go down or up at the moment. Bloomberg's Emily Nicole, thank you very much. Also falling today. Well, basically everything but shares of software companies as the fears that have been rattling stocks across industries continue into a new week. Let's get more more with Bloomberg equities reporter Ryan Vasilika. I guess the question, you know, now that we're a couple of hours into the session is is what's going on, right. I saw BFW headline overnight about anthropic and a new tool seems familiar but that was impacting trading in Europe. Is that just carrying over to the U.S. well, we saw a lot of anthropic related selling on Friday after they announced a new security tool which since cyber security stocks down pretty sharp sharply and we are seeing a continuation of that trade today. There is really broad based weakness within software. Basically nothing is up today and it's just this sort of percolating concern about a disruption. What is this going to mean for growth, for profit margins, for pricing power going forward? There is so much concern and fear in the market right now, so much uncertainty now. We are going to get some results later on this week that will hopefully provide a little bit of clarity at least about how management teams are feeling about the near term in the next coming quarters. We have Salesforce, Autodesk, Workday, Intuit, Snowflake among the companies reporting. So those will be very close to watch out to. But in the meantime, people are just sort of, you know, selling everything they can and really concerned about the latest headlines. It's less fundamentally driven than sentiment driven. Brent Thiel sort of adding to that sentiment. He's over at Jefferies downgrading workday into the earnings that come on Tuesday. Really talking about execution risk with the CEO and other executive changes. Just in what way can we see executives navigate what is just a hit from, from sometimes companies that really have no historical proof point that what they're doing and what they're building is significant to the industry in which they seem to upend. From a share price perspective, yeah, they're an extremely difficult position right now. I've talked, I've spoken with portfolio managers and investors who basically say there's nothing they can really hope to hear from management teams that are going to ease these fears because AI is a multi quarter, multi year disruption entity out there. And so even if they say, you know, we're feeling pretty good about this year, you Know what does that mean for five years from now? And it's just going to be very difficult to sort of untie all, all these knots that are there, that are have people just sort of selling en masse. Now I will say a lot of these stocks are at all time lows in terms of their valuations. Companies like Salesforce and Workday, I mean they have basically never been cheaper. So there is a lot that is being priced into them right now. So if they do indicate that maybe this disruption isn't happening as quickly as some people are afraid of, or if they can talk about ways they're able to sort of ride the air wave and turn it into a tailwind, it is possible you see some kind of relief rally in these stocks. But right now it just seems like people are so cautious and you know, they just continue to sell. A lot of these names are down 50% or more from their all time highs. Ryan, Vaselica, all over the software trade. Thank you. While we are seeing heightened market unease of late, concern as Ryan said about the impact of these tools dates back years and this as the popularity and demand for some of them have taken even their own creators by surprise. Fari is here with us. You've been looking at the impact of, most recently of Claude Code and how that really took the leaders of Anthropic by surprise. That's right. So it was started as essentially a side project by a staffer who I talked to who said that, you know, it was being used internally by Anthropic's engineers. And it took on so quickly that CEO Dario Amadi sort of asked him before releasing to the public, do you have to force engineers to use this or why is everyone all of a sudden adopting this? And so, so that's sort of how this really surprise tool ended up now not just affecting AI, but impacting other industries as well. Srin also late Friday we reported some kind of the targets that Open Air has, I call them targets, but I guess forecasts for what revenue will be come the end of this decade. What do we need to know? That's right. So you, you see their revenue targets have increased. And you know, I think that right now what we're seeing right, is these companies start to plan out. There are mega fundraising deals happening as we've reported on. There are reported plans in the long term toward potential IPO. So what we're seeing now is sort of OpenAI share as we reported with investors, some of those adjusted forecasts revenue to hit $280 billion in, in 2030. So wait around for that. Bloomberg sharing Ghafari, thank you very much. Another piece of news, Anthropic CEO Dario Amadei will meet with U.S. defense Secretary Pete Hegseth tomorrow. According to a source, this as contract talks between the startup and the Pentagon remain deadlocked over the company's insistence on guardrails for use of its technology. In a statement today, Anthropic said it was committed to using AI to support Port national Security. Car now coming up, Ed, we'll have the latest on efforts to buy Warner Brothers assets. This is Bloomberg Tech. We have a normal regulatory path ahead. There's nothing uniquely challenged about that process. We are about in the middle of it with the doj, with the European regulators, with regulators all over around the world, and with state attorney general. This is a process that we're very confident that we're going to navigate. That was Netflix co CEO Ted Sarando speaking to us last week about its bid to take over Warner Brothers discovery studios and streaming business. But already the regulatory landscape is shifting, Bloomberg reporting. Saturday, the Justice Justice Department is investigating whether the deal would give Netflix too much power over filmmakers and other content creators. Let's get the latest with Bloomberg's Lucas Shaw, who leads the screen time team and coverage of that industry. A lot's changed in five days. But basically from Josh Cisco's reporting, it looks like actually the DOJ probe or review is wider than Mr. Sarande told you and I, that it was kind of procedural and standard. Yeah, there's been a lot of back and forth about what exactly is happening with the doj. A normal DOJ probe would look at just what's called Section 7. I believe without getting into the antitrust weeds, there is a belief and based on the literature that is being sent to creators and producers in Hollywood, that this probe expands beyond that. I would say that I don't think that that much has changed from that interview we did with Ted just a few days ago. I mean, yes, you had our reporting on the doj. You also had President Trump call on Netflix to fire its board member Susan Rice over some comments she made. But what we're really coming down to is what is going to be this next Paramount offer, which we're expecting soon, and we're expecting it to be higher because, yeah, I mean, look, Paramount teased that it would get to at least $31 a share. Their most recent one was, was $30 a share. There was some reporting out there from variety of $32 a share. We've heard conflicting reports about how high they would go. I know from speaking to people in and around David Ellison, who's the CEO and chairman of Paramount, that they feel like they need to put forth an offer that will make it hard for Netflix to match. Because Netflix shareholders are getting a little restless about this. Lucas. It's an ongoing process, and reading the reporting is going to go on for a long time. Right. But remind us of the differences in the bids. Simply that for Netflix, it's the studios and streaming platform, but for Paramount Skydarts, it's the entirety of Warner Brothers Discovery. Yeah, I mean, you just laid it out. Warner Brothers, excuse me, Paramount is going for the whole company. That includes all the cable networks, you know, cnn, tbs, Discovery Channel, and so forth. There's been a debate between Warner Brothers Discovery and Paramount as to the value of those global networks, that group that it would be spun out as, because that's one of the big points of difference between the Paramount offer and the Netflix offer. You know, Paramount believes that its bid is superior because those networks aren't worth that much. Warner Brothers thinks they're worth more. And that has enabled Netflix to prevail thus far, even though the immediate cash to Warner Brothers shareholders would be less. What are investors saying, Lucas, about where they're swayed? Well, it depends on. On which investors. Right. I've certainly spoken to some who are eager for Warner Brothers to engage with Paramount, which is what's been happening over the last week. I think there's some concern on the part of investors about the regulatory risk for the Netflix deal. They seem more concerned about the Netflix risk and the Paramount risk. But then there are plenty of other investors who I think have felt less compelled to speak out because they're happy to. To follow the Warner Brothers lead. And I think most of them would be happy for the $30 a share or $32 a share, whatever it may be. Lucas, very quickly, just looking back on that interview, you asked him, like, why. Why does Netflix not want the legacy cables? His answer is straightforward. That's not the business we're in. And we talked about the movie theaters. Those two points. Yeah, well, look, Netflix has never had any interest in the cable business because the cable business is shrinking, and Netflix and streaming are in many ways replacing it. The movie theater one is the one that's been a bugaboo for Netflix because people are having a hard time believing Ted Sarandos when he says they're going to put movies in theaters. But he has said it again and again and again. Bugaboo. That's going to be in my head now. Bloomberg's Lucas Shaw, thank you very much indeed. That does it for this edition of Bloomberg Tech. But let's check in on some of these key stocks that are on the move. We anticipate a big week for earnings. Wednesday is Nvidia Salesforce coming out as well? The software names getting crushed so payments so a delivery companies after that note from Citrini Research is a big one. Yeah. And it sounds like from our guests, particularly on the software side, the bar is still high for management to actually change the trajectory of that sector. And of course Nvidia has fallen in each of the last two post earnings sessions. Recap on the podcast we have some really interesting people on the show today. You know where to find it. It's on the terminal as well as online on Apple, Spotify and I Heart from San Francisco and a snowy New York. This is Bloomberg Tech. The news doesn't stop on the weekends. Context changes constantly and now Bloomberg is the place to stay on top of it all. 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