Oracle’s Data Center Challenge as Trump, Xi Talk AI

20:43When it comes to vetting models and having these discussions with Frontier Labs, he's heavily involved. So you do see him kind of holding this portfolio, Whether that makes them AIs are, we'll have to see. But it's that camp that's going to be important to test with Besant, with Kratios at OSTP, with Jacob Helberg at State. And this is where some pragmatic guardrails could come into play. Where this gets thorny again, though, is when it gets into export controls, because that's what inflames the U.S.-China track. but also where you see some companies that are making the argument to shore up U.S.

21:24defenses don't do anything to further enable Chinese capabilities when we're seeing such powerful model capabilities deployed.

21:32Ed Ludlow:Reva, AI is not the only thing on the table. Minerals, global security, the issue of Taiwan. Where can the U.S. make some progress? So maybe the least interesting part of this summit is where they fall on tariffs because there's a consensus on that. The effective U.S. tariff rate on most Chinese goods is around 20%. That seems to be pretty much locked in. Then on Taiwan, this is really where we're looking at Chinese quiet cooperation over Iran to try to get to some sort of exit strategy, but it doesn't come for free. So watch for Chinese demands over U.S. restraint on Taiwan as it tries to neutralize a pending arms package.

22:14I think the U.S. can get around that because the arms deliveries are delayed anyway, given just depleted munitions and backlogs. The really thorny part is still on technology measures, where there are a number of pending measures coming out of the FCC, blunt import restrictions. We're seeing pending moves out of commerce with a semiconductor 232 still kicking around. that would apply a punitive tariff on China-sourced chips, as well as other foundries that are not invested in front-end manufacturing in the US. And then you have a whole package of export controls that are gearing up for the National Defense Authorization Act end year.

22:55And that is exactly what Xi Jinping wants to neutralize during the summit. And now that's going to be tested in this interim with the kind of mini truce extension that we have.

23:06Ed Ludlow:Riva Goujon of the Rhodium Group, thank you very much for your time. Coming up, Qualcomm renews its global licensing pact with Apple. A bit of a surprise story this morning. We got the deets. This is Bloomberg Tech.

23:21The people who seem to get more done than everyone else. They're not working longer hours or running on more caffeine. They've just stopped wasting time on the stuff that doesn't move work forward. Switching apps, re-explaining context, hunting for files. Those aren't small inefficiencies. They're hours wasted every week. Superhuman Go gives you those hours back. From the makers of Grammarly, Go is an AI assistant that sits inside every tab and tool you already use. Always available and already aware of what you're working on. Ask it to draft something, summarize a long thread, pull up a file, or prep you for a meeting.

24:02Go handles it without you ever leaving the page you're on. This is what it looks like when AI actually fits into your work instead of adding to it. It's like having a teammate whose only job is to help you be better at yours. Go keeps up so you can move forward. With Go working with you, you can show off what you do best. Superhuman Go. Find out more at superhuman.com. That's superhuman.com. This is the Bloomberg Tech Minute brought to you by ChatGPT. Now with ChatGPT work. I'm Carol Masser. AI is creating a new path for musical stardom. As Bloomberg's Lucas Shaw and Ashley Carman report, Suno, an AI-generated music company, lets users generate a song in any style based on a text prompt.

24:48People can upload their own lyrics or start from scratch, record their own voices, or rely on ones provided by Suno. While most of the songs generated on the service go unheard of by the masses, a few have taken off, including a recent TikTok trend that involves users uploading text messages to Suno and turning them into musical performances, like taking the text from a crazy night out and making it a gospel song. Suno's pitch to investors is that it'll democratize music creation, leading to a more than$5 billion valuation for the company. The music industry, it's watching, as its biggest concern about AI is whether record labels, rights holders, and artists will be compensated for the work they claim built the training models for companies like Suno.

25:32Another question? Will these AI bangers have any staying power or just be one-hit wonders? That's the Bloomberg Tech Minute brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects. Get started at ChatGPT.com today by selecting Work Mode. Available on Plus and Pro plans. This is Robert Smith from Business History. If you're listening to this, there's a good chance you're a small business owner. And like every small business owner, you started with a dream to do what you love and watch it grow. What you probably didn't dream about? Keeping up with cyber threats. That's where MasterCard can help.

26:07With access to tools that help identify cyber threats to better protect your business. building your dream business, priceless. For cybersecurity in a changing world, there's MasterCard. Learn more at MasterCard.com slash small business. This is Alexis Christoffers for Bloomberg Surveillance. AI is everywhere. Outcomes are not. Not because AI doesn't work, but because AI hasn't reached the workflows yet. The campaigns, the launches, the quarterly planning, those workflows are still run by humans alone. AI is making individuals faster, but it's not making businesses more productive. That's the gap Asana is built to close.

26:46Asana is the operating system for human agent teams, your easy button for AI productivity across every team. Ready-to-go AI teammates pre-built for marketing, ops, and IT. No prompt engineering, no setup. They show up where the work is happening, already onboarded in your workflows, ready to deliver. And the more they work with your team, the smarter they get. With Asana, your whole company can work on the same plan towards the same goal, whether you're a team of 10 or 10 ,000. Asana, where humans and agents workflow together. Try it at asana.com. That's A-S-A-N-A dot com.

27:23Ed Ludlow:Okay, time for talking tech. And first up, Thailand approved its first national chip and advanced electronic strategy. The country will target about$80 billion in new investment by 2050, according to a board of investment statement. And the plan aims to generate$150 billion in annual industry revenue. Plus, AI video startup Higgsfield is on track to generate annualized revenue of more than$1 billion based on current performance. The rapid growth is driven by strong demand from direct-to-consumer businesses, which are increasingly adopting AI-generated videos. And Qualcomm has renewed its global licensing pact with Apple effective in April 2027, ensuring the iPhone maker will remain a key customer in the near term.

28:06Ed Ludlow:As Qualcomm's largest customer data compiled by Bloomberg shows, Apple accounts for more than a fifth of its revenue. Of course, Apple doing its own modems in some cases and in others still relying on Qualcomm for modem. Coming up, agents gaining more autonomy inside the enterprise. But do we have any idea what they're up to? This is Bloomberg Tech.

28:33Ed Ludlow:Welcome back to Bloomberg Tech. Oracle issuing a force majeure notice to a developer on its new Mexico site is a big story from Bloomberg. The stock's down 5%, off its session low, and there's a lot of sell-side reaction now. So William Blair has a note saying this is logical to issue force majeure after known delays on that new Mexico site, 2.45 gigawatts. Key Bank has a note out explaining like, look, in this context, Oracle is the core tenant and they don't want to have to start making payments as the core tenant on that site if it's not up and operational. Both of them reiterate the statement from Oracle that they're committed to the site and actually it's going to plan.

29:12Ed Ludlow:Recap later in the hour on that. Meta is a big story. The stock is now up significantly. And again, this is all about the devices that were launched last night, Meta Connect. We discussed it earlier in the program. On the whole, sell side saying this is a positive conduit for the consumer to use Meta's work in AI agents, which is through Muse. AI fears are fueling a huge rally in cybersecurity stocks as well. A basket of cybersecurity stocks tracked by Goldman Sachs has more than doubled since its April low with CrowdStrike, Palo Alto, Fortinet, all up more than 130%. But those gains are also pushing valuations to extremes.

29:52Ed Ludlow:Bloomberg Equity's reporter Ryan Veselica is tracking the trade. What's going on in cyber? Hey, well, it's been a big year for cybersecurity stocks, especially relative to the rest of software. So while the whole group came under a lot of pressure earlier this year on concerns about AI disruption, there's been this growing appreciation that the power of AI represents a potentially huge opportunity for cybersecurity. We've seen all kinds of AI-assisted hacks and data breaches and so forth, which really just drives the idea that we're going to need a lot more security services going forward. That's really powered the group higher this year.

30:30The question is, have they just gotten ahead of their skis? Are they too expensive now? Where does the trade go from here?

30:37Ed Ludlow:That's a valuation story. Take me back to the first half of this year and the SaaSpocalypse. Were the cybersecurity names caught up in that and the idea that they would be displaced by AI? There was a lot of indiscriminate selling. Now, this group was able to rebound faster than a lot of the rest of the space. We've only started to see other parts of the software ecosystem rebounding over the past couple of months, especially helped by the most recent earnings season. It did seem like people never quite soured on cybersecurity in the same way, but things were so widespread, the selling, that they did really get caught up in that.

31:12Ed Ludlow:Blueberry's Ryan for Celica. Thank you very much. An OpenAI model hacked an Australian government website earlier this year, gaining unauthorized access to healthcare statistics files. Officials say there's no evidence personal information was compromised, but OpenAI took three months to notify the government. Australia's deputy prime minister called the breach utterly unacceptable. AI is rapidly shifting from a tool employees use to an autonomous actor inside the enterprise, creating an entirely new security challenge. Darktrace says companies often know where AI has been deployed, but not necessarily what those agents are doing in real time.

31:50Ed Ludlow:Darktrace CEO Ed Jennings joins us as the company launches new tools to track everything from shadow AI to agent identities and behavior. And this is fascinating. A lot of people would say this is in the bucket of observability. But you're saying we sometimes don't know what it is an agent's up to. Well, Ed, thank you for having me. We do know. We can see. You know, Darktrace for the last 10 years has been both detecting, both observing, and actually remediating using AI itself, different actions. I like your comparison. We've oftentimes said that the agents are this new insider threat because it's more of watching what they're doing.

32:29When do they behave unnaturally? When do they start doing things that are beyond what they should be doing? And that's something that we've been observing with our own AI capability for quite a while.

32:38Ed Ludlow:Ed, for a very broad audience, this week it became very real. You know, if the consumer sees the benefit of using Muse or GrokBot because they can actually do something useful, how much do people now need to start thinking about, well, what if that agent behaves in a way it was not intended to? I think they very much do. We work with enterprises, many of which are in financial services, and nobody is, in all the discussion of what's slowing down on sort of the advancements in innovation, the models themselves, nobody is slowing down on the use of these technologies within their companies. We see even more and more push for automation, for simplification, for using these tools to do new ways of doing business.

33:18But our CISO, our Chief Information Security Officer customers, are behind the curve. They're trying to catch up. It feels a little bit like the cloud rush of a few years back when cloud innovation got ahead of security and security had to catch up to it. And it feels like we're in one of those moments right now.

33:33Ed Ludlow:Did you ever watch the show Silicon Valley? Yeah, well, of course I watched the show Silicon Valley. Yeah. So for lots of people, this is like Son of Anton. You have Son of Anton, you instruct it to do something and the reward is not correctly specified. So you come back and it's deleted your entire code base and ordered 4000 pounds of hamburger meat. You know, is that the reality of what we're talking about here? Yeah, very much. I mean, because of our perspective, we just are today announcing the AI labs, our signal labs, because and it's not the traditional threat intelligence type lab. It's specifically built in a secure environment sort of under the protection of our own capabilities to look at models and look at agents.

34:14And what do they do when they're pushed? What do you do when you ask them to do things that are not necessarily within the how do you force misalignment? And we found some very interesting things when we ran in this environment. And maybe not 4 ,000 pounds of hamburger meat, but definitely agents acting way above and beyond what they were intended to do.

34:33Ed Ludlow:Your job is to convince customers to spend, right? To make sure that they have the technology in place to protect, right? That agents do what they were designed to do. How receptive is your customer base to this idea? How are they weighing the economic benefit of managing a fleet of agents versus the need to spend to protect against the risks? Having been in cyber for a long time, this is the most demand signals I've ever remember seeing. And we talk about that amongst our team. People are open. They're curious. They're trying to understand what they can do. They know that the traditional approaches of signatures and looking for known malware, it does not work when agents don't conform to that.

35:13And they're dynamically finding new attacks and new paths and new, sometimes unintended. They're not always malicious. Sometimes they're just reckless in their behavior. And so the demand market, I think why earlier you were talking about the rise of cyber stocks and so much investment going into different private companies in the space, because it is a tide rising the boats moment.

35:31Ed Ludlow:I've posed this question to the sell side and to the frontier labs, and now I'm posing it to you, which is what is the greater risk? The model behaves in a way that it wasn't intended to, misalignment, or that it falls into the hands of bad actors, which is traditionally what cybersecurity defends against? To be honest, I think we have to think about both. We talk about building safe models and we talk about operating safe models. We're mostly helping our companies operate safe models. But there is a long legacy in cyber of governments working together, something like Five Eyes or the UK and the US.

36:03There's many examples, even competitors and financial services building associations to share threat intelligence, to share indications of compromise. And there's a lot of examples of government working with private industry to make sure we're in front of these things. I think as we more mature in this category of cyber for AI, you're going to see those kind of alignments I think are important. I think it's going to keep us all of us safer.

36:24Ed Ludlow:Very quick, your consideration of existential threat to human life, where does Ed Jennings sit? I think that some of what we're seeing now is immaturity. I think some of the way these tests were done, some of these elements of what we've seen in breaking sort of sandboxes could have been somewhat avoided. I do think these models need to mature, and they need to think that security is part of their design construct. I think some of the things we're finding in our own labs would be fairly easily avoidable controls that could be put in place. And I think let's start with those. Let's start with a behavioral approach to security where you're really watching in real time and monitoring these.

36:59And then I think we can take advantage of all that AI has to bring.

37:03Ed Ludlow:Dark Trace CEO Ed Jennings, thank you very much. Coming up, China's DeepSeek detailed and innovative method for training AI agents. We'll discuss the details and the potential impact next. This is Bloomberg Tech.

37:21The people who seem to get more done than everyone else. They're not working longer hours or running on more caffeine. they've just stopped wasting time on the stuff that doesn't move work forward. Switching apps, re-explaining context, hunting for files. Those aren't small inefficiencies. They're hours wasted every week. Superhuman Go gives you those hours back. From the makers of Grammarly, Go is an AI assistant that sits inside every tab and tool you already use. Always available and already aware of what you're working on. Ask it to draft something, summarize a long thread, pull up a file, or prep you for a meeting.

38:02Go handles it without you ever leaving the page you're on. This is what it looks like when AI actually fits into your work, instead of adding to it. It's like having a teammate whose only job is to help you be better at yours. Go keeps up so you can move forward. With Go working with you, you can show off what you do best. Superhuman Go. Find out more at superhuman.com. That's superhuman.com.

38:52record their own voices, or rely on ones provided by Suno. While most of the songs generated on the service go unheard of by the masses, a few have taken off, including a recent TikTok trend that involves users uploading text messages to Suno and turning them into musical performances, like taking the text from a crazy night out and making it a gospel song. Suno's pitch to investors is that it'll democratize music creation, leading to a more $5 billion valuation for the company. The music industry, it's watching, as its biggest concern about AI is whether record labels, rights holders, and artists will be compensated for the work they claim built the training models for companies like Suno.

39:32Another question, will these AI bangers have any staying power or just be one-hit wonders? That's the Bloomberg Tech Minute brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects. Get started at Visit ChatGPT.com today by selecting Work Mode, available on Plus and Pro plans. This is Robert Smith from Business History. If you're listening to this, there's a good chance you're a small business owner. And like every small business owner, you started with a dream to do what you love and watch it grow. What you probably didn't dream about? Keeping up with cyber threats.

40:06That's where MasterCard can help, with access to tools that help identify cyber threats to better protect your business. Building your dream business? Priceless. For cybersecurity in a changing world, there's MasterCard. Learn more at MasterCard.com slash small business. This is Alexis Christophorus for Bloomberg Surveillance. AI is everywhere. Outcomes are not. Not because AI doesn't work, but because AI hasn't reached the workflows yet. The campaigns, the launches, the quarterly planning. Those workflows are still run by humans alone. AI is making individuals faster, but it's not making businesses more productive.

40:44That's the gap Asana is built to close. Asana is the operating system for human agent teams, your easy button for AI productivity across every team. Ready-to-go AI teammates pre-built for marketing, ops, and IT. No prompt engineering, no setup. They show up where the work is happening, already onboarded in your workflows, ready to deliver. And the more they work with your team, the smarter they get. With Asana, your whole company can work on the same plan towards the same goal, whether you're a team of 10 or 10 ,000. Asana, where humans and agents workflow together. Try it at asana.com. That's A-S-A-N-A dot com.

41:24Ed Ludlow:Microsoft says AI safety can't be left to just one or two companies. President Brad Smith is backing independent evaluators and says safeguards need to be built across the entire AI ecosystem. I spoke with Brad Smith yesterday about who should be responsible as AI gets more powerful? Well, if we think about AI safety, and it is just a critical topic, I think the first thing we should recognize is we're not going to advance safety if we rely on only one or two companies or one slice of the AI sector. The model companies are obviously critical, but so are companies like ours that produce the layer of software that controls AI agents, that monitors what they do, that lets companies manage not just what they're spending, but where they're going and where they're not.

42:12And there's also, I think, an important role for hyperscalers. Again, a company like Microsoft plays that role. And you really want safety to be built in in multiple layers. At times, you may want a government to be able to have the on-off switch. But why would you put that switch in only one place when you can put it in three or four? The analogy I would offer is think about what happened when cars reached the point where they were going fast enough that there were starting to be collisions in an intersection. So what did people do? They said, well, wait a second. We need stoplights, stop signs, better pavement on the roads, guardrails, speed limits, a police force, and a speedometer in the car.

42:58But of that list I just had, the only thing that changed the car was the speedometer. Whenever things are going too fast, you almost always need to look at the ecosystem as a whole, ensure it's robust and healthy, and bring the ecosystem together to put in place the safety framework that's needed.

43:19Ed Ludlow:The ecosystem idea is interesting. You know, what's happening right now as you and I speak is Sam Altman is briefing the United Nations Security Council, right? And that has dominated the news cycle, the point of view of the frontier labs of not just pacing the frontier, but what they believe should happen in terms of independent evaluation, etc. You know, Microsoft is OpenAI's most important strategic partner. You have massive economic exposure to OpenAI as well. Does Microsoft get to be a part of those conversations in terms of what the frontier labs will do, what they advocate for in pacing the frontier?

43:57Well, I would say a few things. First, yes, Microsoft is a part of that conversation by definition because there's a joint deployment safety board that includes OpenAI and Microsoft people that have to weigh in together before the next major model, for example, is released. So indisputably, we're part of that and part of that decision-making. And I give a lot of credit both to Sam Altman, to Dario. They're providing information today, and I think they're asking many of the right questions. We should have independent evaluators. They need to be capable evaluators. They need to have access to the right data.

44:37Ultimately, the world has to have confidence in these evaluators. They better be chosen properly. they need to have genuine independence.

44:47Ed Ludlow:That was Microsoft Vice Chair and President Brad Smith. As AI companies increasingly turn to outside groups to test their models, some in Washington are raising questions about just how independent those evaluators really are. Bloomberg's Maggie Eastland has the reporting, and the concern is on ideological bias. Explain it. Yeah, so what we found in our reporting is when you actually take a look at the ecosystem of groups, mainly nonprofits, that are capable of evaluating and assessing AI models, a lot of them have at one time or another received money from groups that are tied to this effective altruist movement.

45:25Now, that's something that officials here in Washington have been extremely skeptical of and averse to, particularly because this movement for many years has championed AI safety and in particular talked about potentially the need to slow down or even stop AI if it gets out of human control.

45:42Ed Ludlow:You just heard from Microsoft President Brad Smith, right? The world needs to have confidence in those independent evaluators is what he said. But take us to the other side of the table, which is the administration, existing regulatory bodies. They are concerned about that ideological bias. Absolutely, yes. They do have concerns, but at the same time, there's so much interest and pressure and just an attitude that there needs to be more security around AI and even for companies that are deploying AI, like Target and Mount Sinai Health System we reference in our reporting, are interested in AI standards because no one who's deploying AI wants to have an agent go and do something that was unauthorized.

46:24So there's so much attention around standards that the Center for AI Innovation in the Commerce Department, they do some model evaluations themselves, but they've also been meeting with some of these outside groups, including Meter, one that we reference in our reporting, to talk about AI standards. Again, though, the problem is going to be how will officials certify that these evaluators are actually independent?

46:48Ed Ludlow:Bloomberg's Maggie Eastlander, along with Bloomberg's Rachel Metz, that report you should read on the Bloomberg terminal or Bloomberg.com. Thank you very much. China's DeepSeek has laid out a new method for training AI agents that could allow them to learn more efficiently while minimizing the kind of misbehavior that has fueled global concerns. Bloomberg's executive editor, Peter Elstrom, has the details. Fascinating. Explain this to us. Hi, Ed. Yeah, DeepSeek, of course, made its name at the beginning of last year when it came out with this reasoning model, R1, that performed as well as some of the Silicon Valley models, but it was done with much, much fewer resources.

47:27So the research that comes out at DeepSeek is very closely tracked. In this case, they dropped a 10 ,000-word research paper with something like 130 co-authors, including the CEO, the founder of the company, Yang Wenfang. And what the paper says is, as you alluded to, a couple of different things that are important. One, it's a platform for training AI agents in a way that they believe is more efficient than what's out there right now. It's called DeepSeek Elastic Compute. And the idea is that they can set up these sandboxes to train agents, give them some tasks to practice, and multiply those sandboxes quite a bit.

48:06And use their algorithm to be able to allocate computing resources so that you can do as many as 3 million sandboxes during a single day. So these agents can train and move on to new sandboxes. At the same time, they want to impose some kind of safety restrictions. They detail quite a bit of misbehavior that the agents have been involved in, including in their training practices, like corrupting files or jumping outside of the sandboxes in certain ways. So as they are trained in these sandboxes, they get tighter and tighter with their restrictions and the modern monitoring gets more severe, too.

48:39So this is a paper that they've dropped at this point. They explain it in a lot of detail. These are kind of the highlights at this point.

48:45Ed Ludlow:What does the market for real AI agents look like in China and in Asia more broadly? Well, they adopted agents quite early. They were big adopters of OpenClaw, for example. And you've seen some of the big tech giants really adopt these kinds of practices and see whether they can implement them. They have a number of different technology models that we don't have. For example, Tencent has infused its WeChat messaging service with agents. That's been quite popular at this point. And they're adopting them in other areas. Certainly, DeepSeek wants to be a player there. And you see companies like ByteDance and Manus, of course, came out of China.

49:26That was the company that Meta owned briefly before they had to return it and make it independent. So Manus is another big player in agentic AI in China that's been quite successful.

49:37Ed Ludlow:Bloomberg's Peter Elstrom, who's in London but leads our coverage of technology companies and the field in Asia. Great to have you back on the show. Thank you very much. Now, coming up, we're going to go back to Washington and get the latest on the meeting between President Trump and China's Xi Jinping. All the headlines you need. This is Bloomberg Tech.

50:04Ed Ludlow:Chinese President Xi Jinping is at the White House holding a bilateral meeting with President Trump. Bloomberg's Mike Shepard, our tech editor in Washington, D.C., is with us. there have been so many headlines throughout the morning. Have we heard anything on AI in particular? Yes, we have. You know, the president welcomed Xi Jinping about 10 a.m. and they went through some pomp and circumstance, including a military review and an exchange of gifts. And they also deliver brief remarks at where President Donald Trump indicated that they would touch on a range of sensitive issues, including artificial intelligence, which, of course, he has in recent days taken to calling superintelligence.

50:45He didn't promise any significant breakthroughs. Xi Jinping, during his statement, said that they would discuss AI as well. He called for using AI for the good and said that he thinks that artificial intelligence should remain under human control. Now, early this morning, before Xi's arrival at the White House, we did see that post on Truth Social from President Trump indicating that the meeting would not produce any new guardrails. This despite calls from many in Silicon Valley and a number of world leaders who expressed the desire for wider safety standards on AI during appearances at the United Nations General Assembly and at the Security Council yesterday.

51:27So we'll have to watch, Ed, what emerges from this meeting when it comes to AI, if it really is just a dialogue between the two sides. Even that would be something of a breakthrough for these rivals. are.

51:38Ed Ludlow:It's not the only thing on the agenda, right? And if you look at the points of discussion we expect between President Trump and President Xi, the U.S. and China, loads of them are still relevant to the technology industry. Trade and tariffs is something that has come up in the program already. Give us the different buckets that we hope to hear about. Well, when we talk about trade, we have to think first about the trade truce, which had been in effect and was to expire in November. They've extended it further into January, buying a couple of months, but then negotiators from both sides will have to sit back down at the drawing board yet again to make sure that each side is being satisfied with the terms and whether they are being carried out.

52:23The U.S. is concerned in particular that China may not hold up its end of the bargain on continuing to allow the flow of rare earths to U.S. buyers and then also abide by its promise to buy more U.S. soybeans and other goods. So that is one key area, of course. And then there is the matter of Taiwan. That is something that China is sure to bring up. And it's unclear exactly how the U.S. will position itself. But Taiwan is this locus of chip manufacturing and a tech powerhouse. And really, any disturbance in the force surrounding Taiwan is one that would be of great concern to markets and policymakers here.

52:59Ed Ludlow:I'm 15 seconds, Mike, but then there's the state dinner and tech is represented. Oh, absolutely. There will be a star-studded cast of Silicon Valley leaders ranging from Jensen Wong to Mark Zuckerberg. And of course, they are going to be bringing their interests to the table. But more importantly, it is just a moment for them to be seen with the president during this moment of pageantry. Bloomberg's Mike Shepard. Thank you very much. Indeed. That does it for this edition of Bloomberg Tech. Some really big technology stories, some of them with a markets element to recap. And you can do that on the podcast.

53:33Ed Ludlow:Loads of you. The feedback is you like the podcast. You listen to it on your way to work, whatever it is. So thank you. That's where you can find it four days through the week. This is Bloomberg Tech.

53:46Healthcare doesn't always work great. If you've ever waited on a refill or couldn't schedule an appointment, you get it. That's the kind of stuff Optum is changing. They're using data and technology to integrate patient care, pharmacy, and everything else. So healthcare is connected, not complicated. What's that look like? Cheaper prescriptions that are easier to get and care that looks at the whole person. How you need it. Optum is helping make healthcare work as one for everyone. Learn more at business.optum.com. It's time to plan ahead and make sure your brand is showing up in ways that can have an impact.

54:214imprint's promotional products are designed to work as hard as you do and make a lasting impression. From quality apparel, including exclusive brands, to drinkware, tech, and totes, they've got thousands of options to fit your brand and budget. Plus, you get free samples, expert help, and their 360-degree guarantee. So you can be 4imprint certain everything shows up just right, right on time. Explore more at 4imprint.com. 4imprint. 4certain. Game night rush or any night of the week, really. Genius keeps every order moving. From online ordering to your kitchen to the front counter. Big league reliability for any business.

55:01That's genius. If you listen to financial news, you know a lot of time is spent thinking about what's next. The next opportunity. The next investment. The next move. But sometimes what matters most is being ready for what you never saw coming. For more than 75 years, Cincinnati Insurance has worked with independent agents to help protect businesses, homes, valuables, and more. Because planning for the future isn't only about knowing what's next. It's about making sure you're ready for what you can't predict. Let Cincinnati Insurance make your bad day better. Find an independent agent at CINFIN.com.