AI Selloff, Apple vs. OpenAI & the Future of Defense Tech

21:27I did think it was interesting that there was a statement, at least attributed, to the California Attorney General that said that they would not sue if Paramount agreed to spin off CNN. It's hard to conceive of a competition or antitrust theory that takes you all the way up to the point where owning or not owning CNN as part of that broader group is a legitimate line that antitrust or competition law would draw. For our part, we do have a piece of this with respect to some of the foreign investment, and we're running a standard process on that. and we haven't made a final decision there yet.

22:00Ed Ludlow:In recent interviews, you've also been asked, of course, about Disney. And you've said that you've not made a decision on whether to pull Disney's broadcast licenses over various diversity and inclusion practices. Again, remind us of the FCC's remit in that area, but what it would take for you to look at a potential action. with respect to disney in particular the fc has three proceedings that are going on or sort of three buckets of issues one starting all the way back in march of 2025 i wrote a letter to disney leadership raising concerns about some of their practices including what we call invidious forms of dei discrimination where there's potential evidence indicating that they may have been discriminating with respect to pay or compensation or workplace opportunities based on race, gender, or protected characteristics.

22:54There's a role for the FCC there. We have particular rules on EEO policies and discrimination. So we've been looking into that for quite a while. In fact, we've been doing some letters of inquiry, our versions of subpoena, and frankly, the view was that Disney was being disingenuous in the way it was responding to the FCC's inquiries. And so we took the next step in our enforcement abilities, which was we called in all of Disney's broadcast licenses for early renewal. So Disney has now applied, and they have to demonstrate that they've been operating in the public interest. There have been petitions to deny the renewal of those Disney stations.

23:33And so the F.C. is looking at all of that very carefully right now. To your point, we've not made the final decision. but at this point Disney is demonstrating, attempting to demonstrate that it should get those licenses renewed and we'll ultimately see what the record shows. We also have obviously a separate issue going on with Disney right now with respect to The View and their claims of The View being a bonafide news program but we have the DEI, the license renewal, and The View proceeding going but more broadly we're trying to hold all broadcasters accountable to their public interest standard.

24:04We have issued similar actions with respect to a number of other broadcasters. I think for years, people took the view that broadcast TV should be treated just like cable or a podcast or a newspaper, but that's not what the Communications Act and Congress said. And so we want to make sure that all broadcasters are, in fact, living up to their public interest obligations.

24:23Ed Ludlow:FCC Chairman Brendan Carr joining us from our DC studio. Thank you very much indeed. Apple and OpenAI's AI rivalry has entered the courtroom. Here's what happened on Friday. Apple filed a sweeping trade secrets lawsuit against OpenAI, alleging it encouraged former Apple employees to bring confidential information and unreleased hardware as it ramped up its own device ambitions. Bloomberg's consumer tech and Apple managing editor Mark Gurman is with us. And throughout the weekend into today, Mark, you've written about what this means. The latest piece from you is about what it means for OpenAI's hardware rethink.

24:57Ed Ludlow:What do we need to know? Yeah, in my view, this lawsuit really will put a halt to the behavior that Apple is alleging, at least I believe, that Apple employees who right now are considering job offers from OpenAI, considering applying to OpenAI, in discussions with OpenAI, they're going to think twice about it. If they don't end up going to OpenAI and anyone at Apple finds out they were considering going to OpenAI, definitely the company leadership is not going to be too pleased with them. If they do leave to OpenAI, they're going to open themselves up to all sorts of scrutiny and potentially being dragged into litigation down the road.

25:30So certainly there's going to be a lot of rethinking over there.

25:33Ed Ludlow:This was OpenAI's statement. We have no interest in other companies' trade secrets. At the center of this and a defendant named by Apple in the suit was Tang Tan, formerly of Apple, now OpenAI's hardware chief. That specific accusation, Mark? Yeah, Tang Tan, he was the VP of iPhone product design until 2024. So one of the most senior people at Apple created this company with Johnny Ive and Sam Holtman and a few other folks. And he's alleged to be telling people at Apple to bring prototypes and other components over to job interviews. and Apple really presents him as the ringleader here, so to speak.

26:09So we'll see what happens in court once they get through discovery. But right now, everything I'm hearing is that OpenAI is still on track to announce their first device this year and ship it in 2027. And we'll see if that ends up happening.

26:22Ed Ludlow:That's Mark Gurman, who leads our coverage of consumer tech. Thank you very much. It's halftime. Coming up, Joe Lunsdale, 8VC managing partner and Palantir co-founder, joins us. It's going to be a wide-ranging conversation. the firm's new fund, AI, defence tech, and we're going to go pretty much for the rest of the show. There are a lot more news stories and market movers to check into. Don't go very far. There's a lot more to come. This is Bloomberg Tech.

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28:40Ed Ludlow:At IBM, we've seen this firsthand. But by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business, IBM.

29:12Ed Ludlow:Welcome back to Bloomberg Tech. It's just the second day of trading for SK Hynix's ADRs. There's an AI-fueled stock route in South Korea spilled over into the U.S. market Monday. Bloomberg Tech Equity reporter Carmen Reinecke has the latest. Fresh off our interview with SK Group Chair Che, he wanted price stability in the ADRs. Well, we're only two days in and we haven't quite got it. What are you looking at? Yeah, so what we're seeing here is that the route in South Korea's market has spilled over into the U.S. with SK Hynix ADRs down about 9%. What's really interesting here is that the South Korean stock, it's fallen a lot, more than 30 % drawdown.

29:51And it actually has brought the company's market cap below a key$1 trillion level that it hit after a blistering rally in memory stocks that we've also seen in the US market. So we've seen SK Hynix now dip below that level. It's about$875 billion in market cap that also weighed on Samsung, brought that below that key$1 trillion market cap level. And we've seen more pain here in the United States as well. So not only are we seeing those SK Hynix ADRs today, we're seeing shares of Micron, Western Digital, SanDisk all fall. The SOX is down on the day. The NASDAQ 100 is down. So we're seeing a lot of pain here come over from that South Korean market route.

30:32Ed Ludlow:Bluebirds, Carmen Reinecke across SK Hynix. Thank you very much. Alarm bells are ringing in Washington over concerns that Chinese firms are training their AI on U.S. models. This process, known as distillation, can be a cost-effective way to make new models that perform nearly as well as advanced systems, but on certain tasks. Bloomberg's Maggie Eastland has been writing about these concerns in the latest edition of Bloomberg Business Week. And Maggie, the most recent flag on this from the U.S. side comes from Anthropic. Tell us about that. absolutely so anthropic sent a letter to the white house and to several senators essentially accusing one of its biggest chinese competitors alibaba of using this tactic of distillation which is highly technical but as we note in this feature piece a lot of researchers in the u.s also use this technique so it's a bit of a thorny problem for washington to try to solve though there have been some early efforts.

31:30Ed Ludlow:Solve for through legislation, through executive order, what's the mechanism that the administration's looking at? Absolutely. So for now, the White House has released a memo, specifically OSTP. So that's Michael Kratios, the White House official, signed this memo, essentially saying that the Trump administration was going to work to share more information with the closed-weight AI model company. So that's OpenAI, Anthropic, Google in some cases. So essentially, the U.S. is going to be sharing information to help them find users who are improperly distilling and sort of crack down on that activity.

32:11The AI companies also want more action from the U.S. They're currently pushing and lobbying for some protection so that they could share more information with each other without having to worry about any antitrust prosecutions.

32:26Ed Ludlow:Bloomberg's Maggie Eastland with a must read in Business Week magazine. Thank you very much indeed. Let's stick with the AI race, but how investors are approaching it. Joe Lunsdale is the managing partner of 8VC and a co-founder of Palantir. And Joe, welcome to Bloomberg Tech. Thanks for having me, Ed. Good to have you here in SF. Look, I think you've said a number of times that you believe the US is still leading in the AI race. But there are a number of factors to consider, particularly on biotech as well, which we'll get to a little bit later. But take that and run with it, your current attitude to this market.

32:59I mean, you're just talking about distillation. China, for the last few decades, has been very good at doing whatever they can to copy and steal our IP and our trade secrets. And this is no different, right? And then fortunately, we are, I don't know if it's six months ahead or 12 months ahead or what it is. We are significantly ahead. And in a world where the agents are doubling capabilities every few months, that's a very, very large gap, which means we're way ahead in cyber. It means we're way ahead in other critical areas that will allow us to compete with China. So it's a great spot we find ourselves in and we've got to make use of it.

33:29And I think it's almost silly to expect the government to be able to stop them from stealing. We haven't done that for years. It's going to be up to these companies to figure out how to detect and stop these attacks. That's the only way it's going to happen.

33:39Ed Ludlow:You're an adventure investor, but also a serial entrepreneur, founder, call it what you will. It's interesting to read some remarks by Palmer Luckey the other day saying basically stop patenting things because the moment you put something into a patent, it becomes vulnerable to theft is how he would put it. You're just educating. You're just educating our adversaries. I mean, the patent office is completely broken at this point. You will have things in China in the biotech world, for example. In biotech, you kind of have to patent certain things because you have a molecule you put all this money into and you don't want someone else to be able to obviously sell that molecule.

34:13But China will within 24 hours. Someone in China will see a new target you're patenting. And they'll see the results. And they'll start their own programs. And even file other patents themselves right away that are similar but just different. And the whole thing is a mess right now.

34:27Ed Ludlow:You are very focused on biotech in the context of U.S. versus China. I think you have some strong feelings about it but raise the alarm on it. What is the sort of core of your concern? Well, you know, obviously we work in defense and we work in healthcare and we work in other areas. And, you know, biotech is a very exciting area right now in particular because AI is going to allow us to cure a lot of diseases. It's already making some really, really big breakthroughs since this is one of the most exciting new areas. But China has been successfully stealing our sector over the last seven years.

35:00And so we've gone from being the vast majority of new therapeutics and drugs in the U.S. And now China, if you look at the curve, it's come up to well over a third of all the new ones. and in some cases more than a half of what you can measure earlier stage. So they're basically taking over the sector. It would be one thing if they were purely doing this on a competitive basis. That's, you know, if people are really talented and they're doing it competitively, that would be fair. But it's not like that. What it is is it's taking U.S. firms and taking U.S. investors and getting them to be able to do things cheaper and better in China.

35:31It's the only thing is using a patent office. It's the only thing is using PhD for people who come over here and are forced to send things back. The whole thing is a very active kind of rape of the sector. And it's also exacerbated by the fact that our FDA is slow. So, for example, in China, if you want to take a drug to a phase one trial, it takes some places you can just do it right away for certain areas. In some places, it's 90 days for the pre-IND and IND, it's called, to go to a phase one. In the U.S., the pre-IND and IND, over 700 days. So we have to accelerate this if we're going to compete.

36:01Ed Ludlow:What about through the lens of 8VC? So I think you wrote recently that America needs to beat China and unleash cures. Yes. How does your activity as an investor and what 8VCs focus on reflect that? What's in the portfolio that you think you're supporting to enable that? I mean, listen, there's so much exciting stuff going on. We had really great news in the last couple of weeks. Orca Bio was officially approved, got their label. So that means it went through phase one, phase two, phase three. And the data was so strong that it got through a little bit faster than normal and is able to basically do bromelagraphs, which are used against blood cancers much more safely, much higher survival rate over the first year.

36:39And then this also has lots of potential applications against autoimmune diseases like Crohn's and multiple sclerosis. So that company is very exciting to me. There's a lot of other stuff we're doing with AI and antibodies, antibody platforms, you know, with Alloy, for example. There's just a lot of new discoveries being made. The problem is if we have a new discovery made, we're confident it's going to save a lot of lives. If we invest in it and China is able to copy it and go faster, it stops our ability to invest in it. So what we're fighting for is I want the ability to make profitable investments where the business is built in the U.S.

37:09and not stolen to China because our system is broken.

37:12Ed Ludlow:You're raising also an interesting point about oversight. You know, earlier in the program, we had FCC Chairman Brendan Carr on talking about regulating space. That's the FCC. So in this case, it's the FDA. And how much you feel the FDA should have direct oversight of how AI is used in that field? It's a good question. Listen, I think there's a spectrum here, right? And I'm not some kind of like wild-eyed radical that wants anarcho-capitalism and no government. That's not what I'm arguing for. There's a spectrum where I think Europe, we all see, has gone way towards safetyism, towards a culture of proceduralism where nothing gets done and everyone attacks new things and they take forever, right?

37:51You mean from the blocks perspective, the regulatory perspective? From the regulatory perspective, I was just over there, like none of the bottle caps come off as their big innovation, right? Everything's very slow and they've had far fewer big wins the last 50 years because of that. And so that's obviously a failure case. And then I'm not arguing to go all the way to no regulation, but right now FDA is very slow. It's very unaccountable. It's like a mafia, where if you criticize it too much, they might just decide to make you wait a year. It's unaccountable, unchecked power. We shouldn't have that in a free society.

38:23We should have multiple bodies that have to compete. We should have multiple paths, and they should be held accountable to going faster.

38:28Ed Ludlow:Let's go back from the focus of the vertical of biotech to broadly AI in America. Where do you see America's biggest advantage right now? I mean, our biggest advantage is that we are still like the most free society with property rights and checked power and the ability to have what we call creative destruction. So when we come up with new technology, with this AI wave, there's a lot of new possibilities for higher productivity in every industry. It's changing how defense works, changing how manufacturing works, changing how health care works. And we do have, in some areas, too much regulation.

39:03But overall, we still have a society, unlike China, where it's going to be much easier to redo our industries and to shift them in ways that are much more productive. So not only are we ahead in AI, we're also ahead in deploying it to a bunch of areas.

39:17Ed Ludlow:Later in the program, we're going to zero in on defense tech. You co-founded Palantir 2003? That's right. 23 years ago. So take that experience, but specifically to AI, software side, right? How does this administration facilitate success differently to prior administrations? What is your experience present day, 2026, versus what it was like when you guys started Palantir and you were trying to get this into the real world, the software itself? Well, listen, and I don't think, you know, defense in America is not a very partisan thing, which is great, by the way. I think this is not a question about even this administration, which is doing a great job.

39:57but I think it's like a shift in the mindset of the Pentagon, which has been reflected for the last several years. And what you've seen is that Palantir and SpaceX and then later Andrel and Saronic broke through. And when they broke through and showed these better solutions, showed what was possible, it was 10 times better than what was there before. The admirals learned, the generals learned, and people in procurement said, wait a second, we can't just keep giving these giant documents written by Raytheon and Lockheed and all the other primes the full power to block everyone else. We have to actually say, let's have more open competition.

40:30Let's let in new possibilities. And you're seeing that cultural shift happen pretty dramatically over the last five or six years. You have, I have friends like Emil, who's undersecretary of engineering and research, and people like Depsek Feinberg and the secretary and others who are being a lot bolder in pushing things in the right direction. So you're definitely seeing, though, the culture of the whole place has been moving the right direction for years now.

40:52Ed Ludlow:We're going to return to that conversation on defense tech in a little bit. We're going to take a quick break. Joe Lunsdale from 8BC and a co-founder of Palantyce sticks with us. We'll be right back. This is Bloomberg Tech.

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44:03Ed Ludlow:Okay, we're back with Joe Lunsdale, managing partner at 8VC, co-founder at Palantir. Big recent news is that 8VC closed a$1.5 billion fund, the firm's largest to date. And I think we just start there. I don't think you've said very much more about the fund than what's in that post on the screen on X. Yep. Timing? Why? What for? I mean, you know, we're in the middle of the most exciting, you know, revolution, industrial revolution, I'd call it, in a very long time in the United States. and we've had our best couple years ever at the firm. There's just a lot of things happening that are possible now that were definitely not possible a couple years ago in the economy.

44:41And Palantir, as an example, I think before AI was probably worth$30 or$40 billion. And past AI now is valued at$300 billion. I think this is a 10x bigger wave, similarly than anything we've seen before versus the SaaS wave we were doing versus what's going on now. And we have companies across the board growing 5x, 10x a year. It's a really fun time.

45:02Ed Ludlow:When, Joe, do you and 8VC get into those? What stage do you principally deploy at? And how do things kind of cross your desk? I always find that part interesting. Yeah. How do you find them? So this is 8VC's seventh core fund. And, you know, we're a little bit different in that about 30 % of our money goes towards things we help found ourselves and build ourselves. Companies like Sironic, which we'll talk about. Companies in healthcare and logistics and other areas as well. and we're usually seed Series A, some Series B. So we're earlier stage investors. But these days, like a Series A, it could be a$60 or$100 million round and we could be doing 50 of that from the fund.

45:38So it's a lot bigger checks. So having a$1.5 billion fund in venture capital today, I would say it's sort of like having a$400 or$500 million fund a decade ago. It reflects where the market is. In terms of how much you do and the size. Yeah, if someone were to tell me 15 years ago I was doing a$1.5 billion fund, and I'd be like, that's ridiculous. That's so much money. Now it's like a reasonably normal size top venture firm.

46:02Ed Ludlow:What about from the LP's perspective? I appreciate that there's value and discretion, right? But what is it the LP's ask you about? Their interest in AI broadly, what they sort of, they're investing with you because they want exposure to something specific. Yeah, it's always unclear. I'm supposed to like boast about my returns on TV or something. But I think just like when you absolutely hit it out of the park and you're in a bunch of things that are working. I mean, we were lucky to get to work on Airborne with Palmer Luckey last year, right? We're lucky to get to work on, I mean, there's just a long list of these things that are working very, very well in our portfolio, both in defense and in kind of core cognition we led around last year.

46:40And it's absolutely crushing it. One of the most important new AI companies. I think it's had three rounds now since we got in a year ago, right? So the pace of everything, like things that happen now in a quarter is like things used to happen in a year. It feels like the pace has sped up four or five X. And so I think there's only a certain number of firms that are involved consistently in a bunch of the very, very top talent and best companies. And so you end up being very oversubscribed.

47:03Ed Ludlow:So Scott's a regular on the show and you're a visitor to San Francisco, a regular visitor. Yes. But up by Broadway Tunnel, there's a bus stop ad and it says, Devin, but it works better now. And that's all it says. I mean, it keeps getting a lot better. It's really good. It's just, you know, it's just how, like, some of these companies from a very small start have grown quickly but got themselves into the culture of what's happening in industry. And it's really fun right now because you're – I'm working with these entrepreneurs and a lot of them – I'm 43 now. So my karma is I have to work with, like, a little bit difficult young people, right, which I was 20 years ago, I suppose.

47:40But now it's like, I mean, these companies are growing to billions of revenue in three or four years. One of the entrepreneurs we're working with, they're like doubling revenue every quarter. And you're having a conversation, how are we going to keep doubling for the next three or four quarters? And I mean, it's really fun. This is stuff you could never have done before.

47:57Ed Ludlow:You said a moment ago you're coming off the back of two very good years at the firm. What do the exits look like then? You're talking about returns as realized through an exit or are these a big gains? I mean, there's both. There's definitely, I mean, listen, we're big investors in XAI and X, which became SpaceX, and we're very happy to be involved in that. I'm very, very bullish. I'm going to hold on to that for a long time. I think Elon's right. It could be bigger than the economy of the Earth if we get it right. So, I mean, I guess that's an exit. I mean, we're invested in all sorts of things in AI that are likely to go public soon.

48:31We have other things we invested in that have just had seven or eight up rounds and that have high margins and billions of revenue now, right? So I think it's a spectrum. I mean, I don't really plan on exiting our very best defense positions for the most part. I think these are things that you could exit. You could obviously sell the entire androal position or sironic position or others, but we're not going to do that for now.

48:49Ed Ludlow:I want to ask you a final sort of more academic question, which is everyone, you know, uniformly at the moment has said we've moved from software is eating the world to now hardware is eating the world. Does that reflect where eight VCs currently positioned or you still think that there is a world for both as an investor? You know, I'm really focused on how we bring more advanced manufacturing to the U.S., and that's going to involve a lot of AI and a lot of hardware. I think to be able to do what the manufacturing engineers in China can do, we have a lot more to build here. We have some of our companies working on that problem.

49:22I think in general we're focused on productivity and outcomes. And so, yes, hardware is very important, but I think outcomes, I mean, listen, you have a$5 trillion a year wages in the services industry in the U.S. This is a massive industry in the U.S. And if we can make those outcomes two or three or four times more productive, which we've seen we can, that's just going to be a multi-trillion dollar wealth creation. So hardware is important, but I wouldn't just ignore outcomes in these other massive industries that we're clearly transforming right now.

49:49Ed Ludlow:Joe Lonsdale, ABC, stay with us. We have a story out of Europe. European drone startup Helsing has closed a$1.8 billion funding round. It's an$18 billion valuation. around cementing the firm as Europe's largest defense startup, demonstrating investors' continued interest in the region's defense firms amid, of course, the ongoing war in Ukraine. Investors included Goldman Sachs, Dragoneer Investment, JPMorgan Chase. But Helsing says the company remains predominantly European-owned. So let's focus in on defense tech, Joe. I mean, interesting case study out of Europe. I don't think you guys are in Helsing.

50:22Listen, my good friend Jeanette Firstenberg helps run General Catalyst. She was an early investor there before she was at GC. I think it was founded by people who had been at Palantir in Europe, and so we're fans of them. It's a very important company. The ecosystem is a lot of people that know each other. I'm very lucky to have all these people who helped me build Palantir and Adapar, like Scott Wu, for example, from Cognition from Adapar, building and running a lot of these dozens of top companies right now. So it does tend to come from a small number of places, and a lot of these people did use to work for us.

50:51Ed Ludlow:You talked a little bit about there's no plan for some time to get out of Anderil or Saronic. You know, you are long-term investors in those. But Saronic in the here and now, there was news just before we came to air. It's an exciting morning. So could you explain it to us, the basics of what Centcom is demonstrating in a video? I think we're going to pull the video up. Yeah, well, listen, Centcom just put this out. So I can only say what's public, but they said there were three Corsairs involved in an attack on the Bandarabas base. And so these are unmanned drones. These are the same drones that saved the pilots in the Strait of Hermes when the Hitachi crashed last month.

51:27and in this case they're being used in an attack and you know right now there's three of them and you can imagine what you do with hundreds of them sironic i think is the biggest position

51:38Ed Ludlow:uh or individual company or size scope it for me uh we have we have we have quite a few large positions but sironic we co-founded out of the firm and it's called that's what you explained earlier the format's different it's an eight so we have so 30 percent of our money goes towards companies we help build so dino is the main founder along with vib uh dino from marukas who is a Navy SEAL, and they've built an amazing team of top talents around them in Austin, Texas, and just so many people in AI and hardware, people who experience from Tesla and other places, and they're scaling very, very quickly.

52:07It's one of the most important defense companies in the U.S.

52:09Ed Ludlow:Joe, could I ask you for your assessment of how Secretary Hegsef has or has not changed the relationship between the Pentagon, the Department of War, and how it works with startups, essentially, not just the private sector? Listen, I think it's become more obvious to the leadership in the Pentagon that the very top startups are way ahead of the primes in a bunch of areas. And what they've done is they've shifted things. And he's been very bold about this to focus on fair competition, to let others break in, let others prove they can create designs. I mean, what was happening before is the incentives were to create very, very exquisite designs that were very, very expensive.

52:48So you might be able to build the best thing in the world, but it's 100 times more expensive. and what Palmer and Andrel and Dino at Saronic and others have demonstrated is actually there's designs that you can make 100 or 1 ,000 more of these for the same cost and that are in many cases even better.

53:03Ed Ludlow:One of the things we've been tracking over the last couple of years is sort of, well, it's declassified allocations. A lot of it still goes to Lockheed, but do you see it changing? Yeah. The proportion? Yeah, no, I think this is what people don't realize is we're still the little kids in some ways. I mean, we have the best stuff, but it's growing from a small base And it's growing very quickly, and you're starting to see very large, very important contracts that are changing the nature of warfare and what's possible with these new companies. But the vast majority of money is still captured by the primes.

53:31The primes have these congressional districts locked down where they're producing things in 49 states, and it's kind of bolted into the NDAA that they automatically get the contract, even if their stuff sucks, because it's a jobs program. It's not about deterring our enemies. But slowly over time, our Congress is waking up and saying, wait a second, this shouldn't just be about a jobs program. There's actually bad guys in the world. We actually have way too much debt in this country. Let's spend less money on better things, even if it's not as politically connected.

53:57Ed Ludlow:Joe, we're just in the last 45 seconds of the show. The next frontier in defense tech for you, a specialist area that you're most focused on? Well, listen, I think there's a lot of stuff going on with massive production of drones and the land, which is like overland, and the sea with Sironic, and the air, of course, with so many different companies, and in space as well with Apex and others dominating that area. and I think how we counter that with new forms of high-power microwave, with people like Epirus and other types of electronic warfare, there's just lots of advances being made there. So it's a very dynamic time, really important to engage in this and stay ahead of the bad guys.

54:32Ed Ludlow:Joe Lunsdale, managing partner at 8VC, co-founder of Palantir, here on Bloomberg Tech for the first time. That does it for this edition of Bloomberg Tech. Another look at markets. This is what we've looked like for most of this morning's session. Chip stocks leading declines, SK Hynix ADRs under pressure, but not as severe as they were in the Korean trading session. Remember, they priced those ADRs at 149. We're getting close to it. A reminder for Thursday, we have an exclusive conversation with Ryan Cohen, the CEO of GameStop, which withdrew a bonus plan that could have paid him as much as$35 billion so that that company can focus on a bid for eBay.

55:10Ed Ludlow:You don't want to miss it. It's going to be around 11.30 Eastern time, 8.30 here in San Francisco. A lot to recap on the show. an extended conversation with FCC Chair Brendan Carr, an extended conversation with 8VC and Palantir co-founder Joe Lunt. They'll find it all on the pod. You know exactly where it is online, Apple, Spotify, iHeart, all the Bloomberg platforms. What a way to start the week, eh? See you tomorrow. This is Bloomberg Tech.

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