S p 500 up about one half of 1 . It is reaching new records this week. You also have the nasdaq 100 up about. 4 . Similar gains in the Philadelphia Semiconductor index. I have been watching the performance and the semiconductors versus the nasdaq 100. You have seen the nasdaq lose some steam to give shares to its other rival in technology. Twoyear yield down five basis points. 444 level. We started above 460. We started last week above 471. We will talk more about where yields are headed. Lets talk about the jobs report. That blowup report this morning the economy adding 275,000 jobs last month. Bloomberg spoke with acting labor secretary julie su about the data in the last hour. Sec. Su jobs numbers are very strong. The threemonth average is actually 265,000. We look at trends as much as monthly numbers. Our overtime figures demonstrates strong steady continued growth. Exactly what we want to see. It feels like the definition of a soft landing. Sonali Michael Mckee is joining us with more. Even though you saw hotter payrolls and higher unemployment rate, a lot of interesting things in wages. How did you parse through the noise . Mike you have to be a twoheaded economist. Harry truman will be mad at me. They are arguments on both sides. Mohamed elerian said it well. People will see in this what they want to see. Strong job creation and even though december and january where revised lower they were still very strong numbers. Yet we have unemployment rising as more people enter the labor force and more people report they are unemployed, which suggest they are not getting jobs quite as quickly. The number that seems to have impressed wall street is wages down to a 1 10 percent gain from a 6 10 percent gain the month before. That pushes the year of your number down to 4. 3 . We are still seeing stronger job growth that we saw before the pandemic. It is hard to say this is any kind of a negative turning point. The fact that the numbers were a little softer than they were in january and february has turned the Market Expectations around. Now we are looking basically at another three to four rate because this year starting in june. We are back where we started back in january before the payrolls report came out. Average are really earnings giving a lot of comfort to the markets even though on a yearoveryear basis we are still running ahead of where the fed wants to be. They would like to see 3 to 3. 5 . Progress is being made. Sonali if youre betting on progress and lower wages you are seeing or some cooling of Wage Inflation how does that bode for future inflation data had . Does it give fuel to the fire that perhaps inflation is more in control . Mike it suggests the panic we had after the 6 10 in january has been overdone. That was probably seasonal effects. If we are on this track down a 1 10 again is probably not the same that we get next month. It will probably go up a little bit. We are not seeing wage pressures generated by what is still a fairly strong economy. That is what the fed wants to see. That is what the market wants to see. They are happy today. Sonali Michael Mckee, thank you for keeping an eye on the data and the next set of data that will send the market flying once again. Lets talk about the applications with Stephanie Guild from robinhood financial. When you look at the jobs data in and of itself on one hand you see some cooling of some key metrics. How do you think about that in terms of how you might think about future investments . Stephanie its a good thing. Gold is in the house today. We are seeing the market is cooling, jobs data getting strong and stable. With the revisions we are in the two handle for the last couple of months. Nothing is really alarming but its heading in the right direction. I think that is what the market wants to see. Im sort of in the camp that i think it will not get worse from here. I think the market will stay stable. Im watching the household survey. It was negative and you are seeing challenger layoffs rise a little bit. The other thing is earnings season showed us that there is probably going to be more costcutting, especially in certain sectors. All of this is playing out the way i am expecting. I dont expect it to get so much worse that it kind of leads to recessionary vibes. Sonali that is what i was going to ask. He said gold is in the house. The current data shows some stability with some softening up. Certain labor markets here. At what point do you worry thinks michael quickly from ok to much worse . Stephanie you have to watch the data. I sound like powell. You have to watch the data. If you are seeing the under plumb it rate getting4 to thes getting to the 4s quickly, whats happening here . If you add less jobs, yeah. Part of the economy are already showing that it is slowing down, like the industrial sectors have shown that greatly. And the manufacturing sector. The consumer stayed strong and that cap the economy afloat. Sonali its almost like its in the bag to get rate cuts by the summer. You see it in the swaps of pricing. What about beyond that . If you dont see three rate cuts this year do you think the market holds up as steadily as it has been . Stephanie i think so. The market has to get used the fact we are not in qe anymore. I think there is this Recovery Period from inspecting the market to expect we will go down to very low rates again. I dont see an economy that really needs to have low rates. I think there is a chance they dont cut three times. That they cut two. That is the bubble starting to form in my mind. Sonali if they only cut two and you have highyield Interest Rates for longer, which are the sectors that start to struggle given high cost of borrowing or being levered to areas that are slowing down . Stephanie i think the ones that have been struggling like we have seen in regional banks. We have seen it and rates. Evening utilities. All the even in utilities. Small caps have not they have been doing better recently but i think all that continues. I think its about direction. Once expectations are out there and fully discounted in, if we dont need to lower rates significantly because of a slow economy that is eventually good for the broad economy. Sonali there are serious conviction points in the market. You see it in the twoyear. You have seen it all week. Based on the data we are seeing today. You seem cautious in some regards that there is data ahead and still things you are looking for. What are the critical points you are looking out for to show either signs of weakening here in the economy that could perhaps really throw a dent in some of the investment thesis out there right now . Stephanie one is the jobs data is important in following the more frequent data before that. I think the economy will hinge on what happens and whether people get to keep their jobs. That will impact Consumer Spending and everything thats keeping the economy afloat. The other thing is valuations. Watching valuations alone is never a good way to time the market at all. Valuations can go high for longer than anyone expects. The one thing i do get worried about is the expectations rise and rise and rise for earnings growth, particularly in parts of the tech sector. Is there a point where it needs a breather to reset . Those are the two things im thinking about for market and economy. Sonali staff with stick with us. We will look at what is moving. I know youre watching a few names in particular. Some are tied to earnings. Whats up with costco . The Earnings Report is not really bad. We saw sales disappointing to wall street to what they were estimating. This was a strong report but expectations were very high. Citi does not see reasons to drive the share price higher. Costco had a strong runup, same sales store growth. Valuations or near alltime highs. I think analysts were expecting that costco could potentially raise the membership fee, which is something we did not see. That could be one reason for disappointment. We have seen a lot of retailers this season talk about price pictures and consumers feeling those price pressures. Most recently we had target say consumers are stretched. That could be another reason costco is feeling the pressure. Sonali costco shares down more than 5 so far. It is the worst day theyve had since late 2022. You are watching some positive stories as well. Doc you sign docusign now facing a little bit of green on the screen here. Docusign is having an amazing day after Earnings Reports that came above estimates. The share the stock has been struggling for quite some time. This was one of the big pandemic favorites. It saw an amazing rally during the pandemic times as everyone switched to Remote Working and the company was doing amazing. Now we are seeing a little bit of boost after the job cut announcements. The company talking about growing internationally. Talking about ai. We see if those initiatives and cost cuts will continue to push the share price. Sonali also rising today is gap. Its a great day for gap. We saw a change in leadership. Since that change in ceo for the last six month the company has been doing quite well. Earnings per ahead of expectations. We are seeing some differences between the different brands. For example, Banana Republic not doing so well. Old navy, their namesake brand is doing great. We are hearing great feedback from analysts. People are saying this is a textbook retail recovery. Sales are improving, inventory is improving. Another thing is that they are investing a lot of money in marketing for all those brands. Perhaps some of that is already paying off for the company. Sonali we thank you so much for keeping an eye on the markets. Coming up, 2024 shaping up to be a tough year for apple. They are entering a technical correction as worries are on slumping iphone sales. Stick with us. This is bloomberg. Sonali bank of america seeing tech stocks posting the largest weekly outflow on record. This comes as shares entered technical corrections that apple. Have a has more. Abigail its a little bit of a warning, we have the big flows. The sentiment is still bullish. The nasdaq 100 up about. 6 on the week, heading to a fifth week in a row. Those flows, the biggest in a long time. The animal spirits stirring but not for the biggest tech names. Look at apple down 4. 6 . Another weekend the technical correction. Down 14 from its december 14 peak. Tesla down double digits. Concerns for apple include china. That is true for tesla. Margins, pricing. Microsoft down 1. 3 . Two of the biggest member weightings to the nasdaq 100 and the s p 500 down, get indexes higher. Much of that having to do with nvidia. There are the china concerns that i mentioned. There is also tying into the china concerns the fear that iphone growth is slowing down. I would say the biggest concern for apple, and i think at this point cannot be overestimated or underscored is the fact that worker hathaway last quarter started Berkshire Hathaway last quarter started selling. Apple was down. That is consistent heavy selling pressure. It speaks to continued selling. We dont know that it is still Berkshire Hathaway. The fact they started trimming in the Fourth Quarter was the first reason. When you have a big seller like that it can take a long time for one of those positions to unwind. What does this mean for the nasdaq 100 and the exuberance and the flows coming out . Look at the longerterm daily chart. Nasdaq 100 trading and arrange. Take a look at these alltime highs. Rsi heading down. We have lower highs. We really are having buying may be too strong. Warren buffett is famous for the quote that the time to buy is when others are fearful. Maybe the time to sell is when others are greedy. That is what we are looking at an apple. Sonali we appreciate that so much. We welcome back Stephanie Guild from robinhood financial. When we talk about apple here and some certain large names that have a lot to do with the performance of the s p 500, nasdaq 100, and that basket of magnificent seven stocks, how do you look at those things now . Sonali i dont think the magnificent seven is the only game in town. Im calling it the fab five. Two may be dropping out of that. There are dozens of names, more than dozens that have done just as well as not better than the s p 500. 180 names have done better than the broad average. A lot of that is not just in the mag seven. The top three are. You are seeing movements and health care. You have the theme of ai and gop1. Glp1. I dont think i will go away for a while. It is a stock pickers market. It is not just the seven and look the other way anymore. Sonali how do you define the fab five . Based on the ai boom. Stephanie basically dropping out on tesla because i think there are issues going on there. The rest of them are going to continue to do well for various reasons. There are lots of idiosyncratic stories below that. Sonali how do you think about those smaller cap stocks . We talked about this earlier. There has been expectation that when you think past the mag seven, people wait, how much would it take for more love to finally flow into small and middle cap stocks . You have rates potentially cooling here. On the other hand you have some softening signs in the economy. Stephanie small caps in general are mostly financials and industrials. That is the parts of the market that have not been doing very well or doing the least well. They tend to take on more debt. Can the financial space and not in the largest banks we had issues with around debt. I think some of that stuff still needs to flush out in the financial sector. Industrials, we need to see the slowing end. I see a scenario where we dont reach recession and we just have the slowing ends. These companies can start to come back because they look cheap. Sonali you look at the original banking index, you saw it because imparted that bigger rescue or the 1 billion lifeline, whatever you want to call it to new York Community bank. A lot of questions and troubles ahead. What would get you confident in financials at this point . Stephanie to see what plays out. Large financials will be fine. It is the regional and smaller ones. I want to see what plays out with the commercial real estate sector. We are getting into more and more maturities coming. If they are managed well and the risk of the Bank Balance Sheets managed well which did not happen in the case of new york committed to bank then i think we will be ok. Im not sure about that yet. I feel like it is something people have been talking about for a couple of years and has not played out yet. It takes a long time. If it gets managed well we are fine. I still dont personally want to make Big Investments there. Stephanie when you think about sectors and you broaden the aperture what do you avoid . Stephanie im avoiding rates. Im avoiding utilities and mostly banks. I have not really liked those sectors. There will probably be a time when they come back and i will refresh my view on them. Im still a better buyer of looking for growth, especially because the economy is slowing now. I think the glp1 and ai will continue. There are some great recovery stories in the retail space. We talked about one but there are there has been a couple of names we have seen. Sonali what do you like . Stephanie tj maxx is a name we like because of the consumer slowing. We have seen their Earnings Reports. T. J. Maxx is a place that provides to the consumer that once a better deal. I think they will start to recover more than they have. I Like Software utility companies. I say utility companies, not the oldschool version but things that provide a utility to everybody, businesses and consumers. Sonali lets talk about the consumer when it retails to Retail Stocks it pertains to beutel stocks Retail Stocks. Record Credit Card Debt at a higher rate. How much does the consumer soften this year . How much of a hangover effect will that have in the market . Stephanie i think i dont think it will it will not soften so much that is start to feel recessionary. I think the consumer will that is why so much relies on the job market with the consumer will mostly retain their jobs, be able to continue through this period. That is why i mentioned goldilocks earlier. I think it is a path for that. There is a risk that the jobs market continue to soften. We saw in earnings. There were a number of revenue guidance misses in earnings. That Means Companies will make sure they keep their profits and they do that through costcutting. It depends on the magnitude. I am in the camp it will not be to enough of a magnitude. Sonali thank you for joining us on this hot jobs day. Stephanie guild, head of Investment Strategy for robinhood financials. We will look at the Companies Making the most was on social media. Social climbers up next. This is bloomberg. Wealthchanging question are you keeping as much of your investment gains as possible . High taxes can erode returns quickly, so you need a taxoptimized portfolio. At creative planning, our Money Managers and specialists Work Together to make sure your portfolio and wealth are managed in a taxefficient manner. Its what you keep that really matters. Why not give your wealth a second look . Book your free meeting today at creativeplanning. Com. Creative planning a richer way to wealth. Sonali time for social climbers. A look at the stocks making waves on social media. Regulatory delays for eli lilly. The fda says it will hold a hearing on the pharma giants drugs to determine how safe the treatment is. It was expected to be approved this month. Attire fell off a boeing jet sure the after take off yesterday from san francisco. United Airlines Flight was delivered to lax after the incident with no injuries reported. Vittoria secret is out of the bag. The laundry maker is making a surprise warning to investors that it expects sales to drop this year as turnaround efforts have failed to take shape. Follow the latest company buzz on tren go on your bloomberg terminal. Coming up, i read on the morning jobs report from construction. The industry facing a lot of news around jobs in the manufacturing front. We will speak to president and ceo up next. This is bloomberg. How am i going to find a doctor when im hallucinating . What about zocdoc . So many options. Yeah, and dr. Xichun even takes your sketchy insurance. Xichun, xichun, xichun youve got more options than you know. Book now. Thanks to avalara, we can calculate sales tax automatically. Avalarahhhhhh what if tax rates change . Ahhhhhh filing sales tax returns . Ahhhhhh business license guidance . Ahhhhhh crossborder sales . Ahhhhhh item classification . Ahhhhhh does it connect with acc. . Ahhhhhh ahhhhhh ahhhhhh i think hes having a midlife crisis im not. Ahhhhhh you got us tmobile Home Internet lite. After a week of streaming they knocked us down. To dial up speeds. Like from the 90s. Great times. All i can do say is that my life is pre i like watching the puddles gather rain. Hey, your mom and i procreated to that song. Oh, ew i think youve said enough. Why dont we just switch to xfinity like everyone else . Then you would know what year it was. I know what year it is. I know the cost of housing is so important to you. Inflation keeps coming down, Mortgage Rates will come down as well and the fed acknowledges that. But i am not waiting. I want to provide an annual tax credit that will give americans 400 a month for the next two years as Mortgage Rates come down, to give him a americans more money to buy their first home or upgrade. Sonali fed cuts might have to wait, but unemployment is also taking up. Lets get a read on that market with mark rayfield, ceo of saint gobain, a molting Multinational Company that makes Building Materials for companies in the u. S. And canada. You hear a lot of frustrations about the Housing Market how concerned are you about the direction of travel when it comes to new homes and the cost it may provide to americans at this point . Mark first, thanks for having me on today. In general, we have been generally up to eat on the Housing Market and remain in that stance. Upbeat on the Housing Market and remain in that stance. You have seen less people selling homes and moving from place to place, more growth in new Home Builders and we see that in their results. As we see holding of Interest Rates and Interest Rates coming down, we will see more engagement of people coming out of mortgaged houses, going into new homes. When you get to below 6 in Mortgage Rates, people will start to reenter the Housing Market at greater rates. It is at a good state today and what we see in the future for Interest Rates, for other activities in the marketplace, it will just make it stronger. We have been relatively upbeat the last couple of years and it has been accurate, so we are upbeat on 2024. Sonali its a funny calculus. You could see more activity when rates and mortgages start to go down, but you could see prices rise meaningfully as well, when you think about what people will be paying at the onset. How do you expect this all to play out . Mark obviously, affordability has been a big issue, we have to build more affordable housing. Thats a combination of not just the Building Materials are there and the homebuilders are there, its a combination of finding the land, the communities and regulations that allow them to be built in more places. Thats a big part we have to work on. As you get Mortgage Rates dropping, you will see not just new homes, new construction going up, but people start to move homes. I hope that will release a lot of supply in the marketplace and tamper down some of the price inflation, so they can enhance renovation and remodeling. Sonali what does this mean about the job market as well . When you look at your workforce, you have more than 15,000 employees across u. S. And canada, you are a French Company but the u. S. Is your largest market. Sensitive to this economy, jobs. How much can jobs hold up in this market with the environment you are laying out here on instruction and sales . New construction and new sales . Mark our employees have delivered fantastic results the past year and three years. They are fantastic, do great work, and we have Great Respect for what they continue to do in a busy environment. Attracting and retaining talent has become more difficult in the past three years, but it makes us as organizations more sensitive to what that talent needs, what the market needs, and we have been successful with that. Clearly, labor will continue to be a challenge going forward, as it is a very tight labor market. Three point 9 were the latest unemployment numbers. A company with the right culture and write engagement with your employees, you can attract the labor and eaves you a bit of an edge. Sonali what does it mean for how tight the labor market is currently and where it is going in industries you operate in . Mark we have been a big advocate for manufacturing and construction. Those are industries to get involved in, you can get involved at any level, own your own contracting or construction business, go from being a line operator to this seat right here. It is an appealing market in manufacturing and construction, and we are competing with other markets for that labor. But with the consistency of how our market is performing, its a great place for people to look to grow their careers. Sonali when you think about the war for talent, how much does it still exist and how much pressure does it put on wages . Mark the pressure has always been there. A bit on wages, but the reality is, employees are looking for more than just wages. They are working for work life allans, benefits, a culture and division, a purpose they believe in. You need to have the whole package going forward. That is the solution to solving your labor challenges. It is an everyday battle that we have to look at day in and day out as the market adapts. Say, we will take the opportunity for a diverse workforce. Now that it is International Womens day, make sure you are recruiting in a broad pond, recruiting diverse talent. I am blessed to have four fantastic ladies on my executive team. One runs my largest business, the other runs canada, and our hr leader has integrated 7000 new employees, and a rockstar of general counsel. You need to make sure you are getting all that talent into your business. Sonali we are all watching the fed thread the needle between the higher Interest Rate environment and a softening economy. Unemployment ticked up a little bit, Employment Payroll state hot. Do you worry that you go from a gentle landing here to something that is a little harder . What are you going out for . Mark as a ceo, i live in a constant state of paranoia, but even what has been viewed as an uncertain economy the last few years, housing has resisted. There is historic under built demand in the u. S. Of about 4 million homes, 2 million in canada. We need to rebuild that supply. Even in uncertain economies in north america, we have great rows ahead. We are Building Four new factories and adding capacity. Its uncertain what will happen, but with Interest Rates eventually coming down, what everyone is saying, you see positive on that, whether it is june, july or august. We are robust already, but my point is, we are in a market that can resist a lot of economic pressures. Sonali thank you for your time. A view from the ground on a hot jobs day in the united states. Mark rayfield of saint yvonne north America Saint Gobain north america. Abby . Abigail on the week, the s p 500 is up. 8 . Then as the nasdaq is up as well. For percent on the week. We have a twoyear yield backing up eight basis points, taking a look at that in a moment. Bitcoin, speaking of gold, digital bold above 70,000. Crude oil not participating, down 2 , 70 per barrel, but this is risk on as stocks are higher and bonds are lower. The week has been an interesting one. When fed chair jay powell was testifying, still higher on the week, but the jobs report revisions in january, the idea that the hot cpi report will not be revised down, but maybe it was a blip. The twoyear yield comes in at eight basis points to 46. 4. 46. Nvidia up seven days in a row, 24 percent higher over the last seven days, after the big pop in earnings to the ai space. Sonali abby, we lost your mike, but we will get back to you with those checks on the market. Now, we will hear from larry called, the ge ceo, about what is coming next for ge aerospace. Stick with us, this is bloomberg. The future is not just going to happen. You have to make it. And if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. The all new godaddy airo. Put your Business Online in minutes with the power of ai. Hey you, with the small business. Whoa. Youve got all kinds of bright ideas, that your customers need to know about. Constant contact makes it easy. With everything from managing your social posts, and events, to email and sms marketing. Constant contact delivers all the tools you need to help your business grow. Get started today at constantcontact. Com constant contact. Helping the small stand tall. Abigail this is bloomberg markets. Im abigail doolittle. Coming up, cathie wood joins bloomberg at 2 00 p. M. New york time. This is bloomberg. Sonali time now for wall street week daily. Yesterday, david westin sat down with larry culp and scott straz ik to discuss the idea to spin off ges power business in the energy transition. There is political dysfunction relative to the budget currently in washington, but we shared with investors was the same geopolitical backdrop. That might not get better before it gets more tense. Here in the u. S. And around the world, our business supports the war fighter, in both configurations, and we know there are advanced technologies that governments want to deploy and are ready to deploy over time. That is where we are invested in from an r d perspective. David energy has been dependent on technology. What changes do you see coming for ge aerospace when it comes to technology . Larry the source of ge aerospace is a competitive advantage, it is no one technology. We need to advance material sciences, master aerodynamics and integrate that capability. Advanced computational modeling and testing is an important part of Product Development for us. Those capabilities apply commercially, in the defense world, and we think the nextgeneration neurobody, all of those capabilities will need to be brought forward in order to meet the sustainability and efficiency goals that airliners and air framers have in that timeframe. David a lot of concern about sustainability when it comes to aircraft, and you are working on a new engine, called risee. Scott this is a business developing sustainability and improvements in jet engines over time. But we have referred to it not as sustainability, but efficiency. Every time a nextgeneration aircraft comes forward, it is the result of a nextgeneration Engine Technology coming to market. With our capability, which is really about sustainable engines , that same model will apply. This is probably a product that comes forward and 2035 to the 2040 timeframe, but we are investing in Technology Building blocks that will allow us to bring forward the next generation aircraft. It will probably yield a 20 improvement ins disdain ability or in sustainability or efficiency, however you look at it. Larry scott, what is on the horizon for ge . Scott we have a prototype pulling carbon out of the air as we speak. 300 megawatt blocks of power that we will commission this decade that can transform the nuclear industry. Robotics and Inspection Technology with our wind business that ensures every blade that leaves our factory has been fully inspected to get quality right the first time. Grid software, our grid orchestration system, as we say, to help customers deal with complexities in the grid today, as more people put solar panels on their homes or charge evs at night and there are more bidirectional flows of electricity. A long list. David larry, you and i have talked about it before. In your most important task is allocating capital. You made an announcement about returning to shareholders some capital. Why did you make that decision . Larry a lot of investors have been anticipating a significant excess Capital Position at ge aerospace. I love saying that, because not long ago we were looking at a mountain of debt that we needed to knock down, and we did. But what we have shared with investors, we have 34 billion to 46 billion of capital to allocate. We will tend what we need to tend from an operating perspective, whether it be r d, capex, or a secondary order. But we have a tremendous amount of capital to deploy. 70 to 75 of that will be going back to shareholders by the way of buybacks and dividends. The board authorized a 15 billion stock buyback that will leave 20 to 25 of our available recast to reinvest in organically. I dont think we will do a lot of big m a to start, but we will do smaller ones to fortify our existing position. David a lot of people would say, that is good news for the shareholders. At the same time, it indicates that you dont see a lot of great Investment Opportunities for that capital. If you did, you would keep the capital invested. Larry i think we have reserved the right to explore those in organic opportunities. But the best investment we could make is in ge aerospace. That is why you see the Capital Allocation framework. David what are you looking at, scott . Scott . we will sub invest substantial capacity additions to do this, but technology will need to be advanced on direct air capture, smaller modular reactors, Grid Software that is critical to the future. That is our nearterm priority, investing organically and positioning ourselves in this business to grow. We will evaluate these other things over time. David ge has been an icon in the electric business for a very long time. As we look into breaking up into three pieces, scott, lets start with you what is left in the legacy of ge that will continue with ge burn nova . Scott i have been with the company for 24 years because we have great ambition and have always been in industries that matter. Our customers know, when we call, they answer the phone. We have always been surrounded by great people. Those have been Common Threads we know will move forward with all three companies on a go forward basis. At the same time, we have built a more consistent operating system for how we want to run those businesses. For ge vernova, are protection of longterm breakthroughs and what we have developed over the last five years as a model and a gift, frankly, that very has given us. We are still in the early innings of that, and i have to expect there is real opportunity for the other two businesses. Sonali that was larry culp, ge ceo, with wall street david westin. Tune in to wall street week tonight at 6 00 p. M. New york time. This is bloomberg. Sonali now, bitcoin hit 70,000 for the First Time Ever earlier this hour, and at the same time, investors are putting a record amount of cash into black rocks bit rowing bitcoin etf. It has now swelled to over 11. 5 billion in assets. Joining with us for more is emily ref ao. You see how blackrock has been beating the pack. How much love are you getting for the industry . Emily it is unprecedented, to see this much money pour into new etfs. We have never seen 10 funds launch at all the same time with an identical strategy, and it has not even been three months. We are already seeing 9. 4 billion of net inflows into the space, despite the 10 billion that have been pulled from grayscales etf. So every etf has taken in positive inflows for the year, which is why we are seeing people get so bullish, optimistic, and push bitcoin up to this alltime high. There is demand for these funds and it has taken a lot of people by surprise, how much money has gone in. A rocky week it has been. You saw it surpass its old highs, and a big selloff at that point. A new high at 70,000 and we have retreated from that again. How do investors think about writing at the top here . Emily we have seen inflows, but after these funds were proved, we saw bitcoin come down. It is not like all of a sudden, funds were approved, bitcoin is now near 100 k. It is a slow grind higher. I was speaking with franklin templeton, but they are seeing a lot of demand from raa and retail investors. People who threw a 401 k or account they could not get that exposure to, they are using this etf as a vehicle. The flows speak for themselves. There is demand and people are buying, despite the volatility. Also, the institutional adoption. The fact that blackrock is around a product like this brings some legitimacy to a volatile asset class. Sonali the theory of etf affections here. There could be a lot of theories that one could be approved as early as this year. Do you think that happens . Emily we have to see. Two notable issuers have spot bitcoin etfs that have not applied for a third. They will decide on the van ecks spot ether etf. There is a lot of optimism around bitcoin, but the ethereum market is less developed then bitcoin, and we do not know if the sec thinks it is a security or commodity. Sonali we will be covering it a lot more, i known. Emily griffeo all over the etf market. Raises its Research Price target to 265. Ge also higher after it was upgraded by jp morgan to overweight. Micron raised to a buy. You are looking at another day of potential records on the s p 500. Stick with us, this is bloomberg. More markets ahead. This has been sonali basak. Happy weekend to you all. Fresh, warm hot dogs when im not selling hot dogs, i invest in a fund that advances innovations like robotics. Fresh, warm hot dogs, straight out of my torso one for you, one for you. Oh, youre a messy one. Cool, right . So cool. Anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. Hot dogs fresh, warm hot dogs before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. Caroline im caroline hyde. Ed and im led ludlow. Caroline stocks and crypto pushed to record highs, bitcoin at 70,000 and the ai rally as nvidia