Bloomberg Tech – March 14, 2025

Episode Title: Trump’s Crypto Impact, Palantir’s Karp Calls for AI-Driven Reform
Hosts: Katie Greifeld (New York), Jackie DeVolos (Washington)
Notable Guests: Ryan Westelica, Bernard Goyder, Bitbul Sinha (Rubrik), Alan Teageson (DocuSign), Alex Karp (Palantir), Joe Flanagan (R1), Lisette Chapman, Miriam Rivera, Mark Gurman

Episode Overview

This episode dives into major tech and finance stories shaping the landscape in early 2025. Key topics include President Trump’s crypto policy shift and its ripple effects, Palantir's vision for AI-driven institutional reform, notable tech stock moves, and in-depth CEO interviews from Rubrik and DocuSign following strong earnings. Also covered: the evolving role of DEI in venture capital, rapid tech advancements at Apple, and market commentary on Big Tech dynamics in a volatile year.

Major Themes & Discussion Points

1. Tech Market Movements & Big Tech Volatility

[01:36–05:10]

• Tesla and Nvidia rebound: After a tough spell, tech heavyweights see a market uptick.

  • Tesla: Shares up 2%, rebounding after a tough start to 2025.
  • Nvidia: Leading the S&P 500 with a 4% gain.

• Ryan Westelica (Bloomberg Markets Reporter) provides insight on recent volatility:

  “It does seem like maybe we are starting to see a little bit of dip-buying coming in here. Some of these names have gotten very oversold by some metrics.” — Ryan Westelica [02:49]

• Factors impacting tech valuations: stretched multiples after multi-year rallies, profit-taking, tariff and economic uncertainties.

• Consumer sentiment especially impacts companies like Apple, which faces tepid iPhone demand.

2. Crypto Policy & Market Sentiment

[05:10–08:59]

• Trump’s Crypto Executive Order & New Legislation: A bill aims to codify Trump’s creation of a strategic bitcoin reserve, seeking to protect crypto-friendly policy from reversal by future administrations.

• Industry Response at Futures Industry Conference (Florida)

  • Bernard Goyder (Bloomberg Reporter) sees optimism among institutional exchanges and brokerages even as retail sentiment sours:

    “Winter is coming, as we say in crypto land. But I think more broadly there’s some real structural shifts in this industry that bode pretty well for the long term.” [06:09]

  • Established exchanges (e.g., SGX) seek regulatory approval for new crypto derivatives.
  • Rising prediction markets draw regulatory scrutiny—for “event” contracts that blur lines between gambling and hedging:

    “One rule that I’ve got is that if there’s a ball involved, then you’re probably looking at the gambling side of things rather than investing.” — Bernard Goyder [07:12]

• Market Dynamics: Volatility benefits exchanges and market makers (Citadel, etc.), less so retail holders.

3. Earnings Spotlight: Rubrik & DocuSign

Rubrik CEO Bitbul Sinha

[11:11–15:38]

• Outstanding Performance:

  • Q4 subscription revenue up 39% YoY.
  • $75M in quarterly free cash flow; cash flow positive for full year.
  • Guides 30% YoY topline growth next year.
  • Driver: Organizations prioritize “cyber resiliency” amidst surging ransomware/cyber threats.

• AI & Data Security:

  “Businesses have to ensure that the right data goes to the right user… Rubrik is delivering integrity of the data, availability… at the right time, for the right duration.” — Bitbul Sinha [12:27]

• Geopolitics & Security:

  “The surface area of attacks keeps increasing… What has shifted is the realization… attacks will happen. How do we ensure businesses keep running?” [13:25]

DocuSign CEO Alan Teageson

[16:09–21:21]

• AI-Driven Transformation:

  • New AI platform for agreement management boosts results and billing outlook.
  • AI brings intelligence and visibility to previously “dumb, flat files.”

  “Agreements have historically been dumb, flat files… With AI, we can completely transform that. So now I can tell you where your, what’s in all your agreements, when are they up for renewal, what are the key terms…” — Alan Teageson [17:15]

• Stock Volatility:

  • Big swings—down 17% YTD, up 17% today on the news.

  “I can’t control the stock in the short term, but … Docusign is on a transformation journey. … There will be a little bit of volatility in the short run, but I think the long-term trajectory is very positive.” [18:47]

• Customer Base & Competition:

  • Diversified global base insulates from sectoral recessions; Dropbox pullback opens further opportunity.

4. Nvidia’s Next Chapter Amid AI Boom

[21:37–23:30]

• Ian King (Bloomberg tech reporter) discusses Nvidia’s leadership and CEO Jensen Huang’s relentless focus on AI proliferation.

  • AI market share is still secure, but competition, tariffs, and new entrants (e.g., DeepSeek) loom.

  “Jensen Huang is not getting happy, fat, and lazy here with his billions of dollars... His mission is to get AI out into the economy as fast as he possibly can.” — Ian King [22:14]

• Intel vs. Nvidia (2025 performance):

  • Intel up ~19% YTD, Nvidia down ~10% from their peaks; but Nvidia’s underlying fundamentals remain strong.

5. Palantir & R1: AI-Driven Healthcare Reform

[24:07–33:23]

• Alex Karp (Palantir CEO) calls for institutional AI adoption and reform—aiming to radically improve efficiency and care in healthcare and government:

  “You’re going to get the system to work much better at a lower cost. This is a macro trend that is unstoppable… The care and the unit economics are going to be so much better, they’re going to take over the whole market.” — Alex Karp [24:07]

• Joe Flanagan (R1 CEO):

  • Healthcare’s back-office operations remain labor- and cost-heavy, ripe for AI overhaul.

  “There is an abundance of raw intelligence and there is a shortage of technology companies that understand how to apply … that intelligence to transform an outcome.” — Joe Flanagan [25:24]

• Reform & Resistance:

  • Karp critiques resistance to reform in both government and corporate sectors; sees AI-driven transparency and optimization as unstoppable.

  “There are two macro trends here. One is transparency. One is optimization of the actual work product… AI is this unstoppable trend because you can make the actual work product better.” — Alex Karp [26:54]

  • On concerns about government cost-cutting: “I have no idea what you’re talking about. Honestly... I’m not freaking out. I’m very happy. Who’s freaking out? I don’t know what you’re talking about.” — Alex Karp [30:36]

• Commercial Focus:

  • Palantir’s commercial revenue poised to surpass government revenue, driven by a blitz of partnerships (e.g., R1, TWG).
  • Karp’s comments reinforce Palantir’s long-term vision amidst short-term market noise.

6. DEI Investing Under the Trump Administration

[34:53–40:47]

• Miriam Rivera (ULU Ventures CEO):

  • New $4th venture fund focused on diverse founders (80% of portfolio).
  • DEI is seen as a financial, not political, advantage:

    “Diversity is an investment thesis for us… 70% of Americans fall into a bucket called diversity... If you aren’t investing in diverse founders, you’re really giving up the opportunity…” — Miriam Rivera [37:52]

  • The health of U.S. universities and their talent pipeline, despite funding pressures, remains vital to the ecosystem.

• Political Environment:

  • ULU Ventures remains steadfast on diversity, arguing entrepreneurship is one of America’s few bipartisan values.

• Notable Success:

  “You had Alex Karp from Palantir on – we were an early investor in Palantir. Alex is half Black, half Jewish; one of his cofounders is gay and an immigrant. This is America, and this is what is driving the future of our economy.” — Miriam Rivera [40:47]

7. Apple’s Next Wave: AirPods Features and Ecosystem Growth

[41:37–44:21]

• Mark Gurman (Bloomberg):

  • AirPods Live Translation Feature: Apple set to introduce real-time language translation, matching rival products.

    “You could be wearing the earbuds. You could be an English speaker speaking to someone … in Japanese… that Japanese will live translate into English into your ears.” — Mark Gurman [42:26]

  • Vision for Accessories: Apple focusing on upgrades and software enhancements to drive accessory revenue and encourage AirPod ecosystem lock-in.

    “Growth for Apple is not on their existing products... It’s about the accessories, the services, the attachments... They want to make the AirPods as good as they can to create that growth.” — Mark Gurman [43:40]

Notable Quotes & Timestamps

• “It does seem like maybe we are starting to see a little bit of dip-buying...”
  — Ryan Westelica [02:49]

• “There’s some real structural shifts in [crypto] that bode pretty well for the long term.”
  — Bernard Goyder [06:09]

• “If there’s a ball involved, then you’re probably looking at the gambling side of things rather than investing.”
  — Bernard Goyder [07:12]

• “Cyber resiliency is the number one priority in cybersecurity. Everyone is worried about ransomware attack...”
  — Bitbul Sinha [11:11]

• “Agreements have historically been dumb, flat files. … With AI, we can completely transform that.”
  — Alan Teageson [17:15]

• “Jensen Huang is not getting happy, fat, and lazy here with his billions…”
  — Ian King [22:14]

• “[AI] is an unstoppable trend... you can make the actual work product better... much better and much cheaper and nothing is going to stop that.”
  — Alex Karp [26:54]

• “If you aren’t investing in diverse founders, you’re really giving up the opportunity to be part of the tradition of this great country… This is America...”
  — Miriam Rivera [37:52, 40:47]

• “You could be wearing the earbuds... as they’re speaking, that Japanese will live translate into English into your ears.”
  — Mark Gurman [42:26]

Key Segment Timestamps

• [01:36] – Tech market rebound discussion with Ryan Westelica
• [05:10] – Trump, crypto reserves, and regulatory shifts
• [06:09] – Crypto conference takeaways with Bernard Goyder
• [11:11] – Rubrik CEO interview: growth, AI, and security
• [16:09] – DocuSign CEO on AI products and stock volatility
• [21:37] – Nvidia’s AI strategy and competition with Ian King
• [24:07] – Palantir & R1 CEOs: automating healthcare, macro trends, and reform
• [34:53] – ULU Ventures’ Miriam Rivera: DEI investing in tech under political scrutiny
• [41:37] – Apple’s AirPods: translation, health, and accessory strategy with Mark Gurman

Episode Takeaways

• Big Tech is grappling with volatility but remains fundamentally strong, with profit-taking and macro uncertainties dominating headlines.
• Trump-era policies are reshaping the crypto landscape, signaling a new era for institutional adoption.
• AI is not just a feature—it's a transformative force in both security (Rubrik), agreements (DocuSign), and institutional reform (Palantir), with efficiency and automation dominating leadership outlooks.
• Venture capital with a focus on diversity is more than a political statement; it’s a bet on America’s multi-faceted talent.
• Apple continues to double down on its ecosystem strategy, with software-led innovation for accessories.

For listeners interested in market structures, tech policy, and the transformation of enterprise via AI and data, this episode provides a rich panorama anchored by conversations with industry front-runners and seasoned analysts.