Caroline we return to our new york coverage, geopolitical concerns at play. We know how difficult the conversations will be from a diplomatic perspective. Big mega caps are on the downward trajectory as yields are pressing higher as we anticipate an auction. Many anticipating they will be pushed higher as the fed will have to push back on inflationary pressures. We are seeing downward trajectory on chinese stocks traded here in the u. S. We have seen better than anticipated macro picture coming from china questioning the veracity of the data and when we plug in terms of momentum amid the geopolitical tension and the pushback of sales into china. Bitcoin is up. 73 . Ed china is the key story particularly in the context of u. S. Technology curbs to china. I want to go to asml, a proportion of their orders are coming from china so they have had to address the latest expansion of curbs. 1015 of their shipments will be impacted by these structures. The more direct impact on nvidia dropping for the second day. They reiterated what they told us on bloomberg technology, no nearterm impact on financials. This is going to impact her ability to service our existing customers. Thats a concern for nvidia. Lets get more detail on this from mandeep singh. We are talking about chinese specific chips being hurt by these curbs. How can you analyze the impact . There is likely some pull forward of that revenue given that this was not a complete surprise. We were talking about these curbs and i think there was a pull forward element which is why the company is saying they will not be any nearterm impact. Down the line you have to ask yourself about the Customer Base of nvidia chips and it is mostly the hyper scalars. They are about 50 and there are a few in china. If they are not able to get these chips for ai training it will have an impact. But nearterm impact is muted because of that pull forward aspect. Caroline we are down 10 over the past few days and 70 billion dollars have been shed from the chip stocks. How are you anticipating the china and u. S. To pull back on the valuation because it is such a mixed picture for chipmakers. Mandeep with nvidia that you had upward revisions. When you look at the incremental data spent every dollar is going towards ai chips and networking. None of that will change. Those chips that they cant sell to china will be taken to somebody else. I have no doubt they are under shipping demand. That 80 billion number is a bogey because the sector spend is closer to 50, 60 million. For nvidia to reach the target they need demand from everywhere including china. That is what is at stake here. Ed this is a story if there is one. Amsl makes the machines that make the chips and its bookings are down 42 because there is not demand out there. Demand from china doubled. The proportion of orders doubled in china but this Company Learned about expanded export curbs on chipmaking equipment. Mandeep look at the supply chains right now. The fab is in taiwan, manufacturing in china. Its no surprise the equipment is needed in china because they want to double down on their ability to assemble and manufacture these chips. The big driver for a company like asml is the diversification aspect geographically and every government is trying to make sure they have local manufacturing and they want to get that equipment in the region where these companies are operating. Longterm, i think the drivers are there for equipment companies. But the nearterm dynamics, you cannot take china out of the equation given the manufacturer he being dead over there. Caroline our chinese customers say that they are happy to take the machines that others dont want. It is always good to have you on. We have the cfo of asml talking about a dynamic macro picture coming from china. Lets get into that picture with amy sellico. There were so many clouds whether it be the u. S. Proceed against shipments to china and the chinese economy they we can get a read on. How much demand is there for a technology from International Imports right now . Demand is huge because International Technology is so important for china to continue to push is economic recovery. The good news coming out of china with the q3 numbers beating expectations it is a slowing economy and the recovery is far from certain if china does not have access to that technology. Clearly, investment is going to continue to be in technology, to have Indigenous Technology replace uncertainty around access. But in the shortterm, chinese demand will continue to be significant from these technology imports. Ed lets head over to china, president xi made this thinly veiled comment directed at the u. S. That downplays the emphasis you should have on their progress and development of others and the risk of economic interdependence. I am assuming he was talking in the context of technology and technology exports. Do you worry about the posturing on both sides here . Amy for all the clients that we serve it is a significant worry about where are those geopolitical risks going in the wake of what is happening in gaza right now and the fact that russia and china are together in beijing as the president is in israel. He will come back to the United States to welcome the leadership of the european union. There are discussions about how geopoliticals are impacting interdependence and that is what president xi was getting at. He is celebrating his 10 Year Anniversary of the belt and Road Initiative and welcoming forward leaders from 130 countries. Try to tout the relevance of china on the geopolitical stage at the same time the u. S. And china disagree on fundamental issues. And while communicating again, we are waiting to see what that communication does. Will it stabilize the relationship or is it only a temporary ball as it continues to get more challenging because of the export controls in the u. S. And china disagreeing on issues around ukraine and the war israel is waging around thomas and interdependent economics. In the short term, he needs that technology input from American Companies into china. Caroline i think geopolitical risk could be more complex. You have put that clearly to us and not global picture. Talk to us about the clients i think about arm ceo that is international in his focus and the ceo yesterday saying this is so difficult to cut off the technology from flowing into china. Its a hard problem to solve just coming up with the list of components deemed critical. How difficult is it for your clients to navigate this right now . Amy it is harder than ever because companies are trying to gauge where are there truly National Security based application because of policies and washington dc . They have to navigate both of those issues that you are talking about asml, and video worried about politics nvidia focusing on different opportunities so they can continue to grow. In beijing, the policy restrictions are we able to sell our products until china innovates its own competition to our products . So you dont have continue confidence in china. And in washington, the impact of yesterdays announcements, how will it impact these companies able to gain global profits that are derived out of the china market . Companies are trying to balance these issues of National Security concerns that are coming not only out of one country. I mentioned beijing and washington but we are hearing the same concerns from brussels, tokyo and elsewhere. Companies have to balance these issues in trying to advocate for the need to continue to promote sales that are not impacting National Security and National Markets so that they continue to innovate and remain Global Leaders like nvidia and asml. Ed lets end on the data. Gdp came in 4. 9 just below the 5 target. Give us your chinese economy scorecard based on that data . Amy china is relieved to see consumption resuming on the ground. This is shortterm and nobody is finished being worried, least of all chinese policymakers who are going to continue a stimulus in order to get this economy restarted again and me this 5 growth target and looking at next year being even more challenging. Maybe we are looking at december for what they say about continued stimulus in 2024. Putting more investment into the economy as said that debt to gdp ratio. It is not a longterm solution. Chinese and international and economists are saying that. They need to empower their consumers to spend by investing in programs that will help consumers be less worried about the outlook for the chinese economy. That will be a different situation for china to manage. Ed amy celico from denton. Coming up we will have the latest on the israel hamas war and a deadly blast at a hospital in gaza. Caroline such complexity and concern. In the United States there is a second vote for republican jim jordan he was looking to be the next speaker. We will keep you uptodate with how that second vote goes. This is bloomberg. Get help reaching your goals with j. P. Morgan wealth plan, a digital money coach in the chase mobileĀ® app. Use it to set and track your goals, big and small. And see how changes you make today. Could help put them within reach. From your first big move to retiring poolside and the other goals along the way. Wealth plan can help get you there. J. P. Morgan wealth management. I am deeply saddened and outraged at the explosion at the hospital in gaza. Based on what i have seen it appears it was done by the other team, not you. There is a lot of people out there who are not sure. We have to overcome a lot of things. Caroline u. S. President expressing the outrage at the explosion at a gaza hospital that killed hundreds. He was speaking at a bilateral meeting in tel aviv. We want to bring in joe mathieu. How difficult diplomacy always is and it has gotten a whole lot tougher. Can you break us up to speed . This is an incredible test and its gotten a lot harder with the news of this bl ast. He is saying that the data shows that this was not the responsibility of israel but was a missile sent from a terror group in gaza. Let us remind ourselves this was supposed to be a multiday trip and following that blast assignment of arab leaders was canceled in jordan. He will be heading back to washington so the stakes are very high. Caroline it was also announced 100 million in aid to gaza and the west bank. Tell us how we are able to see aid flow when we are looking at a house going through a second house to find a speaker. Joe they cant which is why there is urgency behind this photo. Jim jordan us up for a second round and is not expected to win this round and there are questions about what happens after that. The white house is putting a supplemental budget request, 100,000,000,004 israel, ukraine, taiwan and border security. One of these things will be an important element to any republican or democrat but at this point it is unclear who will hold the gavel and when. One month from today the government is set to shut down. Caroline joe mathieu, we thank you so much. Coming up, venture capitalist mark vandreesen is calling for action. We will have more on his manifesto which he believes is in advance for humanity. This is bloomberg technology. Caroline time now for work shifting. It is where we take a look at the changing landscape of employment. Proposals seen by bloomberg outlined a threetier approach for ais systems and the rule that would apply. Ceo will become the First Western government to place rules on ai. Inflection ai wants to limit the ability for chatgpt to advocate for candidates. A whopping 17 point 9 billion has been poured into ai startups this year. The value of funding has grown 27 percent. Ed this is a newsletter that the world pays attention to. Marc andreessen is pushing forward a new manifesto. He says the only perpetual source of growth is technology. Give us a real world problem and we can invent technology that will solve it. Lets go deeper on this and bring you katie ruth. When he puts out one of these blog post it is shared in through platforms and debated. Just outline his latest argument in this exercise. Katie he is definitely good at getting attention. He did one called software eating the world. It is always a bullish case for technology. It makes sense he is a Technology Investor is to stop to see the future. He always include some singers and controversial statements which help to get more attention. You should look at this as marketing. He is trying to get an edge on some of the start of deals. Caroline he has also pushing back against regulation. He calls about decelerating will cost lives. Katie hes a leading voice in venture capital. I am sure they would talk to an array of perspectives. He has taken of libertarian point of view. Not everyone has the same political philosophies that he does. He is on the board of facebook and has always been vocal about being antiregulation. This is just part of the course for him. Caroline its great to have such expertise in the house today. We will have a return to tech week in new york. We will sit down with the Fintech Company to talk about talent here and in washington. Ed as it stands, republican jim jordan lacks the votes to be elected. We will keep track of this process here in new york city and in d. C. This is bloomberg technology. Caroline welcome back to bloomberg technology. Right here in the big apple we are covering the technology industry. We are joined by one of the key founders in the area who continues to operate their fintech business in the city. Before we get into what you are building, why belted here . I had a huge opportunity to pick up and moved to new york a number of years ago to pursue my passions and here we are as i set up to found my company theres no better way to attract talent i had meant every time i see the skyline i think wow. Caroline talk about the opportunity when it comes to who wants your programs. You have been at several other startups. What if you see that needed to be fixed. Let me tell you what orum does, we are the best for verified payments and keypad verification. When i was inside of Big Financial Services i saw this big problem with time to money. Half americans dont have enough money and if they do its in a highyield savings account. They cant get access to it. Caroline i thought that is what crypto was for . With the advent of instant payments we think its important to rebuild our financial system. Caroline you have this new rail that is put forward by the federal reserve. How does this ecosystem compared to abroad . We are behind relative to europe where instant payments have been the norm. But we are catching up. What i love about what the fed has done with the instant payments products and what we have had with realtime payments are the beginnings for consumers to see the advantages of something happening instantly. In our Financial Lives everything runs very slowly. Thats noble longer possible to saying. Now you get the top 400 banks through the fed is to payments but you get all the coverage for Smaller Banks as well as Community Focus banks. We are getting instant distribution in the dynamic has changed for the american wallet when insurance claims, wages, any Financial Exchange can happen 24 hours a day seven days a week. Caroline i think about the crux point where we were concerned about Silicon Valley bank. What tumultuous 2023 . Its only been six months since that debacle. For you, because you are watching this new product, do you have vcs knocking . We were boots on the ground in new york before it was popular. I believe in the ecosystem here. There are people knocking on the door because of the importance of the problem. Fundraising is a specific thing and it should not be done casually. In the current environment there is time belted unlike 2020 when you are deciding and weekend. Between you and your investors you can make a decision about what this will look like. You are settling into a lifelong relationship with people on the board. Our board is 50 female. I cant rush the process. Despite the interest in the environment, its important to establish good relationships so when you say lets handshake and put capital into a business is growing you know that you are doing it in a way that will fuel the next chapter and not because out is what the environment is promoting today. Caroline you have a real focus on a diverse board and Diverse Talent. Is the talent more diverse in new york . We are actually a covid bp. We were doing our fundraising during covid so we have an advantage of having a footprint and new york and a chance to think about our core values of diversity of thought and talent. The diversity of talent is exceptional because people come to new york for the worldclass programs based in manhattan. As a result of that, you have talent from other wellbuilt companies you also have an influx of folks with engineering talent coming out of the education system. New york creates a population of opportunity. We would not be remiss in looking abroad to find the most Diverse Talent to build a diverse team. Incredible talent comes from everywhere. Caroline it is great to have you here in the building. She has a whole ton of events to runoff two. We want to dig into this angle. I want to really get your assessment of what the talent pool looks like in new york. How big of an ecosystem is a compared to other industries . New york is unique because i has a larger share of tech jobs than the nation as a whole but it still makes up a relatively small percentage of jobs in new york. Ed ai has had a pretty dramatic impact on cities around the world from a Wealth Creation standpoint. Caroline and i sit there and look at some of the job postings and the salaries on offer here in the bay area. Do you see that happening in new york as well where there is a fight for talent and they are paying over the nose for it . Yes and no. As a good economist i will tell you taking a step back and looking at tech as a category as a whole particularly new york saw this boom and bust development. We solve a lot of Tech Companies hiring we saw that in are indeed job postings and then around 2022 we saw that demands go back. Tech companies have right skilled. We have seen a lot of headlines where <