Surge admitted speculation that Roaring Kitty is back. We discussed that and so much more. Lets turn our attention to the macro picture. New headlines coming from the new york fed when it comes to Consumer Sentiment. It is still running hot, 3. 3 in terms of where consumers see inflationary pressures being in a year. Still holding onto gains,. 3 higher. Cpi on wednesday, ppi on thursday. 2year yield remaining higher. Borrowing costs remaining high. Money going in, yields go lower by two basis points. Bloomberg dollar index also down, some anxiety around inflation despite the new york fed data. Lets look at what is happening in bitcoin. Even though the dollar is up by. 1 percent, crypto is higher by 2. 3 . I know that youll focus on gamestop. This is the read across from some of that renzi, related names. What have you got on the micro . Ed gamestop. Meme stock manny is back. This is a two day chart to illustrate the point. 100 up. This is just from one social media post from Roaring Kitty, a. K. A. , keith gill, the source of all of all the original interest around gamestop. You know about the movie, what happened with reddit. Robinhood is higher. Later in the show, we will dig deep. I give you gamestop. We are looking at other stories in the chip sector. There are three clear headlines. Intel is up 3 . Close to a deal with apollo for 11 billion in financing for in ireland fab. Arm is not more than 5 . They are readying an ai product next year. Softbank will support them financially. Nvidia is higher,. 3 . It had been lower after information reported that china is instructing Domestic Companies to stop ordering chips from nvidia. We have a big segment coming up, everything chips. There are a lot of individual stories to pass through. A lot going on. Caroline a lot of discussion on china visavis the u. S. Coming from key leaders in u. S. Government. We had a great conversation with janet yellen earlier, Annmarie Hordern sitting down to discuss china in particular. She feels china is not playing by the rules on trade, going on to say that maybe we will see china escalating in the socalled tit for tat on trade. Listen to what i treasury secretary told us earlier. He believes it is unacceptable, as i do, to be completely dependent on china in these areas. He wants to make sure, given that china is really not playing by the rules in the sense that they have an enormous subsidies in critical areas of advanced manufacturing. Caroline focus on increasing tariffs at a time when there is anxiety around inflation. How does this alter the picture of your investment landscape . It is a time where investors try to navigate seeming headwinds, but an ability to keep on going for the growth of ai. How does this land, china versus the u. S. . Good morning, thanks for having me. In terms of the tech investment side, we heavily prefer the u. S. It is a hub of innovation. The regulatory pressure on china would remain. Trade tensions would hit china more than the u. S. From an investment perspective, i think all of these trade tensions it is not great for Global Growth in trade, and the global markets, uncertainty point of view but sticking with u. S. Investments seems to be the right approach. Ed exactly. There is a growing confidence that inflation pressures are using off. A big part of that is u. S. Fiscal policy. Janet yellen about how china has some anticompetitive practices. Here in the United States, if you take the chips industry, this country is also pumping billions of dollars to support its growth. How does that impact you as an investor . Janet the clear evidence is there is a lot of investment from a sovereign perspective into semiconductors, given it is such a strategic sector. The conclusion is that there is lots of money going into it, lots of investment, a lot of big players will be involved. U. S. Companies are likely to be in this initiative. We still have a positive stance on the general Semiconductor Value chain story, from equipment to production to design, manufacturing, foundries, along the whole supply chain there will still be lots of investment going into it. Valuations in these u. S. Companies are still quite reasonable given there is strong earnings growth. We still have pretty good visibility into the 2025 earnings. The investment piece that we have, invest in u. S. Tech, especially the semiconductor sector. Ed janet, do we see a rate cut from the fed this year to your mind, and if so, when, what increment . Janet difficult to say. The bar for a rate cut is higher now. We will wait for the cpi print on wednesday but i think the fed is leaning on the next move being a rate cut rather than a rally. I think there is still some preference on eventually cutting. They are interested in doing that but they need the data to allow that. Likely to happen in the fourth quarter. I think the fed can move when the data allows. There is a lot of chatter about how the fed may not be able to move because of the timing of the election, but we think the fed will focus on the data instead of trying to appear to not be political. Caroline i want to go to back to what you said about valuation looking good. Many have been holding their breath that the arm 90 times evaluation that we see we will have a deeper dive into the chips sector in a moment but from an investment landscape perspective, do you have to keep on building in the Ai Infrastructure play or do we broaden out at the moment . Janet do your point about the evaluation of arm, i cannot comment on individual companies, but within the sector there are a lot of players. There will be different ranges of valuations. Talking about it as a group because of the strong earnings growth, some of the major players, valuations are reasonable. But you have to look at the individual case. In terms of the broader theme, we have already seen that. There is more confirmation from the Cap Companies that there is commercialization of ai gaining traction. We see that from alphabet, microsoft, amazon, for example. It has brought out beyond the chip sector. I think there has been a quite significant pickup in the Utilities Sector because of the utility demand electricity demand. I think it has already started. Caroline i look at a valuation on one particular meme stock today, 3000 times future earnings is where the current price of gamestop is. Are we going to see meme stock frenzy hit us once again . Janet hard to say. Right now we are seeing a couple individual stocks having that reaction. Not sure that will last. It is a lot driven by social media. I do think the Current Situation is an indication that the risk sentiment is back. The positive settlement is not constrained anymore by these high Interest Rate environments, current level of bond yields. The market sentiment, we already passed the stage where it is totally driven by the fed, bond yields on hold. There is clearly plenty of cash waiting to be deployed. Ed risk sentiment is back, says janet mui. Great to have you on the show. Full chip coverage and a deep dive into todays big take, which is on the global battle for chip dominance. Caroline quick look at other areas that you want to be looking at, networking in particular. Cisco doing deals with nvidia earlier in the year to amplify its own ai offering. Anticipating cisco earnings after the bell. Up 1. 5 . Continuing to anticipate a Third Quarter earnings for this particular player. This is bloomberg technology. Ed lets continue our coverage of semiconductors. Todays bloomberg big take focuses on the 800 billion investments made by the u. S. And European Union door the next generation of semis. Joining us now is ian king, one of the team members that went through this. We had a case study, intel and ireland, the journal reporting there is advanced exclusive talks with apollo for 11 billion in financing. Actually, we broke they were in talks some time ago. The need for cash in a global footprint is clear through the lens of intel. Slightly different situation. Some of its rivals like tsmc and samsung need the money more than they do. They can afford to be selective. Intel, because of the situation it has put itself into over the last five years, really needs the cash from any source it can get, if it is to fulfill what it is trying to do. Caroline lets talking about fulfilling it, globally, what countries and companies are trying to do. Do we get to an extent where we have too much supply . Ian this is the concern. At the moment, the concern is focused on what is called legacy chips, the older types of production. That type of thing that intel, tsmc, samsung are building in the u. S. , there is not enough supply of that production right now. Not so much worried about that but some of the simpler kinds of stuff, in view of the amount of production being put in place in china, that is something that people are focused on, worried about. Ed ai is a big driver of this. The headline, global chip battle intensifies with the 81 billion subsidy surge. Within that there are two different stories. There is a long term capacity on shoring story and everyones kneejerk reaction to keep up with what is happening in real time. Ian everyone is focused on ai, but if we believe this is the future of computing, if we believe this is not just a step function but something quite dramatically different, then the ability to control that has enormous implications in terms of economics and security. Having that production close at hand is really important. Caroline this goes global, not to mention what is underway, arm getting more deeply into openai. We have so much to digest. Ian king, brilliant deep dive when it comes to the bloomberg big tech. Lets talk about what this means in terms of competitiveness, u. S. Versus china. President biden is not just thinking about the chip sector but more broadly about tariffs, by them on chinese evs, other Key Industries. For more, lets bring in the senior director for economy at the special competitive studies project. We were talking about the context of a frenzy of money from government to support the chip industry. Meanwhile, biden is trying to push back evs coming to china, solar coming from china. Does that have any point to it, seems more like bark right now. Good morning. Great to be on with you. This is a strong move by the Biden Administration. As you noted, reports are saying they are thinking about quadrupling the tariff rate on chinese evs. China has rocketed to become the top producer of evs and just the last few years. They struggled for a long time to build a competitive export industry and now they have gotten there with evs. Currently, u. S. Automakers are insulated by the existing trumpera tariffs which are about 25 . Clearly, the Biden Administration is concerned going forward, china could use their dumping strategy to underpriced u. S. Automakers and flood the market, as they are already doing in europe and elsewhere. Ed as you point out, sources say the ev tariff would arrive to 102. 5 . Based on what you said, i dont get it. There are four chinamade evs that retail in this country at incredibly small volumes. Polstar, the new lotus coming, and the volvo ex 30. What is the point in the tariffs if those are the four models of the only ones available, so in small numbers. Liza the Biden Administration is trying to get ahead of the flood. Right now we are insulated. American consumers are by and large not buying chinese evs, not coming into our market, but they see the writing on the wall. German automakers are under threat. Europe is importing these things. They are going into japan and elsewhere, threatening other global automakers. If the Biden Administration wants to give the ira subsidies, Inflation Reduction Act subsidies, which incentivize green production here in the u. S. , i think the administration wants to give these incentives a fighting chance so that we can retain an Auto Industry here in the United States as their role transitions to evs. Its actually a good time to raise the tariffs because it will not directly impact peoples pocketbooks. As you noted, people are not yet buying chinese evs. Caroline when you are thinking about special competitiveness in particular, the product that you focus in on, all of this is undermining ultimately the efficiency of global trade. Subsidies here, tariffs there. This intermediating the National Flow of things. Is this necessary from your perspective to ensure that u. S. Remains competitive when it comes to Key Industries . Liza there has been this National Debate of efficiency over resilience. The lessons from kobane, russias invasion of ukraine, other Global Supply chain crises we have had in the past few years, economic efficiency is not the only thing we need to think about as a nation. There have been increasing discussions of resiliency and what steps we need to take as a nation to make sure that we continue to build emerging technologies here in the United States. We have suffered from massive deindustrialization over the last several decades as we have outsourced the production of our technology to east asia, especially china. Now there is a National Conversation about looking ahead. We want to make sure we are able to build some of these emerging technologies here in the United States, not only designed them but build them. That is essential to our longterm growth in productivity as well as our national security, making sure we can make things here at home. Ed thank you very much. Coming up on the program, french president Emmanuel Macron touts billions of dollars in tech investments. Caroline meanwhile, lets focus in on what is happening for u. S. Stocks. Up 17 on squarespace. Why . It is going private. Permira, all cash transaction, the other end at around six billion dollars. This is bloomberg technology. 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. You know whats brilliant . Boring. Think about it. Boring is the unsung catalyst for bold. What straps bold to a rocket and hurtles it into space . Boring does. Boring makes vacations happen, early retirements possible, and startups start up. Because its smart, dependable, and steady. All words you want from your bank. For nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled. Which is pretty unboring if you think about it. Caroline microsoft plan to spend four point 3 billion building cloud nAi Infrastructure in france. Announcing its latest major currently in technology. They hope to support 2000 startups in france by 2027. We want to stick with france, investment in france. Emmanuel macron has unveiled more than 50 billion euros in Foreign Investments from u. S. Tech giants, banks such as morgan stanley. Its all a part of trying to spur frances economy, establish paris as europes postbrexit financial hub. Joining us to discuss this is lionel. It is a bit of a pr exercise that happens every year but what ultimately is being done by macron to inject some optimism . You are right, choose france is a bit of a cheesy slogan. It could be in the cover of an investment brochure but it is not just pr. Since he has become president , its really about the art of the deal, macron style. Every year, he gathers hundreds of international ceos, lines and dines them, give them the pitch of the french economy. He has done the work of reforming france. What are you going to do for france from the corporate side, which is invest . This puts it a cut above davos because there is investment. You could argue it is expansion of existing stock, new projects, even 15 billion, is that world changing at the level of tech . I think there is something genuinely real to this. There is a seed of depth to this, not just pr. Ed mistral put france on the map a little bit in terms of the conversation around ai development. Beyond that, we dont often go to you during the program as frequently as other countries, at a time when frances economy is on a shaky footing. Lionel well, that cuts deep. Brutal. You touched on something which is about relative worth. Macron came into power when the u. K. Was effectively building itself out of european leadership with brexit, Angela MerkelsTwilight Years had begun. As long as the u. K. Is seen as a brexit economy, as long as the german model seems to be suffering, france will have a card to play. Those two cards are human capital. It still has smart, talented engineers being pumped out of its graduate schools and universities. The other thing is tax credits. There is an r d tax credit that explains why so much of what you are seeing is r d research, centers, whether it is tech or banks. There is clearly something in it for these companies, not just pr. Ed Lionel Laurent from france, we appreciate it. Stay with us. A bloomberg exclusive with the french president. That interview with Emmanuel Macron coming up at 1 00 eastern time. This is bloomberg technology. Do you want to close out . Should i . Normally id hold. But. Taking the gains is smart here, right . Feel more confident with stock ratings from j. P. Morgan analysts in the chase app. When youve got a decision to make. The answer is j. P. Morgan wealth management. You dont have to worry about things like changing tax rates or filing returns. Avalarahhh ahhh ed welcome back. Caroline lets check on the markets. Were managing to hold on to the gains in the face of some inflationary pressure. The Consumer Sentiment showing thats still elevated coming from the consumer base. On a week we have c. P. I. And p. P. I. , were just cautious. Were up on the nasdaq. 10year yield just Holding Lower at 4. 48. Im looking at bitcoin to ramp up. This is more of a spillover effect from the meme frenzy. Well shine a light on game stop, up 63 , but is keith gill back . Will he return to social media . He did pop a particular picture on x, many feeling that perhaps Roaring Kitty is back when it comes to liking game stop, and meme stock mania seems to be back. I shine a light on whats happening in the chip sector. Its coming off highs, but notable names pushing higher. Intel up, building on bloombergs reporting that maybe well have financing from apollo to build more ultimately industrial capability, manufacturing capability this time in ireland. Were also seeing what a. R. M. Is up to, on anticipation theyre going to focus more on a. I. Im looking at alphabet, up by 11. 6 . Why . More competition. Theyre not going to integrate gemini within the new apple iphone. Is it going to be open a. I. That wins out . Apple up. Ed, deep dive on it for us. Ed lets get more on that potential open a. I. Apple agreement and bring in Bloomberg Intelligence analyst. As you know, bloomberg reported friday night that apple and open a. I. Are close on a deal to bring chat gpt to the iphone. You published your reactions this morning. In summary, youre saying its pretty sound strategic move. Outline your thesis. Yeah, so when you think about it, apple has not been at the forefront of generative a. I. The next worldwide developer conference in june is really aimed at a. I. And if apple is not able to showcase really cool features, then youre not going to have another round of bad iphone sales over the next 12 months. So they really need to push something out that gets consumers excited, go get a new phone, requires a little bit more processing power, all sorts of things that go with it. From that point of view, i think its a good deal. If they partner with somebody, personally id like to partner. I like them to partner with both of them, frankly. As you remember, when it comes to search, google pays them quite a bit of money, and i dont want that partnership to go away for any reason. Caroline was it also, though, basically an acknowledgment with perhaps teaming up with alphabet and gemini that they just arent going to be innovating themselves on this level . Would they ever usurp and build their own model . Or is that not where theyre going to bring a. I. To bear . They are spending money, and im sure theyll have their own technology that goes into it. But as apple has done in the past, they like to partner with other companies that specialize in that area. And there is no secret, they have that deal with google when it comes to search. They use cloud resources from a. W. S. , as they do from google. They dont want to do everything inhouse f. They helps them to sell more i phones, im ok with them going and partnering with anybody thats out there. Caroline loving it, Bloomberg Intelligence, thank you very much for shining a light on your own thesis. Lets get that of another analyst. It seems to be the marriage that the Investor Base wants to see, but not on alphabets perspective. Yeah, i think from apples perspective, investors are anxiously awaiting for the companys a. I. Strategy. Whether its using google or whether its using open a. I. To create and advance the strait tree, i think thats something that potentially could get investors excited. Im concerned that you may not see the boost to iphone sales. They certainly need the boost, still have the revenue today. And at least on a nearterm basis, a. I. Is still a chip story for nvidia or hyper scale competing story for azure, a. W. S. For google cloud. Ed tom, anarag says if this helps sell iphone next year, its a good thing. Theres a bigger discussion about whether or not this is the year the a. I. Smartphone, principally focused on android powered by snap dragon processor. Do you see an upgrade cycle if this deal gets done . The answer is i think the upgrade cycle from 5g as being kind of the bellwether, and the advantage there was that the carriers had invested billions of dollars to upgrade their network, so they were very vested in getting an upgrade cycle. To me, if you want to call it a potential a. I. Upgrade cycle, i would put that as a distant second to the 5g upgrade psych em. But right now apple can use any help when it comes to selling the iphone, given overdependence, again, half revenue came from iphone. Caroline it is key. Theyre also, of course, all in on services. I suppose thats also a Key Driving Force here. Ultimately, tom, there has been this hand wringing, this worry that apple is behind the curve, and yes, they made the pivot away from the cars, but it comes too little, too late. Do you have optimism they can steal that back, particularly foray on device . No, i do not, and i wish that they would return to cars. I see a million opportunities for apple to do it better. Again, we have to keep it in perspective. A. I. Can be a tremendous boost to apples sales and profits over the longterm. On a nearterm basis, it could have a positive impact on iphone 16 sales to the extent that theyre able to market something interesting. But i think investors have to be realistic on the near term expectations over the next 12 to 18 months on apples ability to leverage a. I. , and its not as compelling as a lot of the other big tech companies. Tom, theres a lot of frenemies out there at the moment. I asked is apple good for microsoft . Because im trying to make sense of all this. Most respondents say good for microsoft. What do you think . Absolutely. When you think about microsofts involvement with open a. I. , its good for microsoft. I like how you use the frenemy. This is a challenge for apple, which is, does it want to leverage open a. I. Given itll relationship with microsoft . Does it want to leverage google . Does it want to entrust someone else to something that could potentially be this important, being Artificial Intelligence . I still look at siri as an opportunity for apple to do Something Better there. This is certainly a challenging situation for apple. Caroline come on, siri, you can do it. Meanwhile, tom, what are the vision pro . Going on sale in more countries. We understand china, japan, france, germany. Going to help . At the margin, yes. I think the most interesting thing we learned about vision pro in the march quarter was how they talked about it at the enterprise level, which makes the 34. 99 price point make more sense. But we talked about services. Hardware sales were down double digits in the march quarter, and i think if you continue to have declines with hardware, at a certain point thats going to translate to Lower Services sales, which is another challenge for the stock. Caroline yeah, ed, i misspoke, likely to expand to china, to japan, to france, to germany, likely. Ed yeah, and i think most people say theyre foolish if they did not. Managing director of maxim group, thank you very much. Coming up, bill hwang is defending himself in court today. Thats next. Ed youre looking at lie live shot of the principal room coming up on bloomberg television. Tuesday, jeff currie joins us at 6 30 a. M. New york time. This is bloomberg. Caroline lets get out to federal court, where bill hwang is over trial facing charges of fraud, racketeering, conspiracy that could end with him behind bars for the rest of his life. Hes being tried alongside the former c. F. O. Outside that courtroom, we understand the defense lawyer for bill hwang currently is taking it, really talking about how investors are falling all over themselves with the company, and really some of the bets he made from our perspective in tech with viacom cbs. Now, paramount, saying content was king. Yeah, he is really driving home that argument, to your point here, you do see the defense counsel now speaking right after the prosecution had made their opening argument, and the defense is making this case that it was a family office. Bill hwang was responsible for his own funds. It also made the case that it was his own better, not investors money, although we do know separately that the banks themselves have lost a significant amount of money through engaging in these agreements with hwangs firm. Now, we look at the defense here, and they also talk about the nature of the bets themselves. You may remember, when all of the started to unravel, it was around viacom cbs, so you do have the defense attorney speaking to a jury largely not versed in the world of finance, caroline. And explaining that bill hwang was betting on stocks that he believed in, and thats why he was betting so much. Some of the earlier bets, like netflix, were hugely profitable for him back in the day, and now when he was thinking about the new to put to work, he was making the case that content is king, like youre saying, and thats why he bet so much on viacom essentially to borrow money. Ed if u. S. Prosecutors, this is a big White Collar Crime case. You know, its up there in terms of the sail and the action by their offices, with what happened with f. T. X. And others. What are you expecting to happen . How many days, weeks will this go on for . It could take a number of weeks. Remember, as weve been talking about, we could hear from witnesses as soon as today. One of the early witnesses, very early on in this trial, will be, for example, counter parties over at u. B. S. That was on the other end of the bill hwang call when it came to asking for margin. Now, i would also say, remember, there are two people that worked there that pled guilty and can also be testified throughout the course of this trial in those weeks. One big question mark was how much they acted alone or because of the culture and directed by bill hwang to do so. This will get quite contentious, because we know that the defense plans to show that the banks act on their own. You saw it, this idea banks were falling over themselves to work for bill hwang when he was at his height. Remember, another piece of evidence that we wonder about whether it will show the light of day and how it will be used is Credit Suisses own risk profile, Risk Assessment of itself as it fails. It wasnt the only reason Credit Suisse had failed, but it was a massive contributing factor. It could take weeks to play out. They are facing a number of charges here, including racketeering, securities fraud, and wire fraud. The charges alone each could face up to 20 years in prison, and as we know, some of the attorneys in here, the prosecutors, were involved in the ftx trial very recently as well. So this is an Office Coming very hard down on White Collar Crime. Sonali, has nothing changed to protect this from happening again, from Counter Party perspectives . Thats the best question coming out of this, because this trial does have the potential to draw light again to a lot of the practices that got us here. If you think about it, rules in some form have been altered. The s. E. C. Had taken a look at it, they fought over jurisdiction around a lot of these trades. Some of the ways that they have been changed were simply post2008, dodd frank rules, that were changed not until recently. But with Family Offices and disclosure, thats not been changed, and that is something that regulators may take a look at once again given what happened here and given that nothing is really distant for any future problems. Caroline sonali, we thank you for being outside the manhattan court. Now lets go to you, ed. Ed lets get other headlines in todays talking tech. Soft bank laid out plans to get more aggressive in a. I. And other fields after reporting the Second Quarter profit and surge in the value of assets, including a surge of armed stock since the i. P. O. Last year. They want to make and sell an s. U. V. Similar to teslas model y as early as 2025, embarking on a major new expansion with production of its debut electric car set to reach about 100,000 units this year. And 01, the beijing started by tech pioneer is introducing its first a. I. Application for consumers, aimed at helping china capitalize on the promising technology, the firms free productive assistant is the latest in a series of a. I. Products its developing. Kaifulee spoke about that and competition from big tech companies. Listen to this. Companies like meta, microsoft are putting 50, 100 times more resources in this, so we certainly dont take it lightly. As we catch up, we realize that even better models will come from open a. I. And others, and we want to stay as close as we can. But we also think its about building a great user experience. Its really understanding what the users want and using that which is chinas advantage, as was said earlier. If you think about chinese applications, tiktok is better than instagram, products have taken over the world, users love it. I think chinas ability to develop great applications that focus on what users want is a unique attribute to chinese companies. Caroline coming up, were so back on meme stocks. Game stop surging after the longawaited return. We anticipate a social media taking back to x. Investors known for spear heading 2021 meme stock rally. Well discuss that next. Well discuss that next. 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. Ed game stop shares surged amitt speculation on the return to social media by keith gill, a. K. A. , Roaring Kitty. Its driven a meme stock mania, impracticality market of what happened in 2021. Thats his latest post on x. You see it right there. What does it mean . Lets bring in bailey, who along with meme stock mania, is so back. Bailey, youre back. Roaring kitty is back. What does that mean . I dont know, and it means that hes back to twitter. He posted a video that actually has clips of the movie wolverine. He also posted a montage that had Ferris Bueller on his day off. Its a lot of questions, and its circulating reddit, discord, you name it. Investors are speculating that if Roaring Kitty is back on social media, maybe that means he likes the stock again. Maybe thats a reason people should buy the stock. Thats really the galaxy brain of the retail crowd at this point as it relates to game stop. Caroline just give us context of where else this has lit afire. Not only just game stop, but cryptorelated to game stop, and also just a heavily shorted name that is out there. Exactly. Everything that moved back in 2021, a. M. C. , beyond which bought the Bed Bath Beyond name, its really just kind of like a question around what the next stock could be. It also brings back, is this retail trades or wall street . Are people speculating where they can put money to work and what actually is driving the rally. The retail crowd was part of it in 2021. They were buying call options, but there are a lot of questions around who else was buying. Wall street doesnt let other people make money if they can get in on the trade. Caroline precisely. Is this, a, going to target short stocks and any hedge funds in particular, as we saw back in 2021, but do the retail crowd want to parlay in again . Robin hood came out sort of a foe and a friend around in this situation. This is an area i dont want to get into, but it does seem like we are still seeing those animal spirits, and thats really one of the questions. Whos buying and whos selling . We saw. Guy stop up prior to the Roaring Kitty post. We saw the busiest week from a volume perspective since april 2022. People were buying the stock. They were active in the two weeks leading up to todays rally. So a lot of questions about what actually was going on under the surface. Ed i see some an mall spirits in you i see some animal spirits in you and your reporting. Theres animal spirits in other names, like reddit, robin hood. We saw the etrade has been difficult for some users since the open. So take that information and just explain the basics of the relationship of the trading in these names and whats happening with meme stocks more broadly. Were seeing a pushback into a lot of the retail names. And new names like reddit and old names, but we are seeing a lot of systems inundated with buy orders. That can put a strain on some of the systems to pair up buyers and sellers, and thats why you see a number of these trades kind of potentially fail to deliver, and a number of other issues. This is not the short mania that it was in 2021 when over 140 of game stock was sold short. Its closer to 24 . This is creating issues for the underlying systems that are trying to match up these buy and sell orders, and that also, with the volatility and some of the swings where people were trying to put in orders, thats why we saw the stock halted eight times in the first hour, because there was so much of an order and back log among the retail platforms that have clients that do not have access to after hours or premarket trading, so that also can create kind of this bottle neck, if you will, of buy and sell orders in that first 60 minutes, even the first 10 minutes of trading was quite volatile and quite hectic. Caroline its back and trading right now, and bailey, i have a feeling well have a busy day. We thank him on all things meme frenzy. Meanwhile, that does it for this edition of bloomberg technology. Theres some discussion happening on what open a. I. Is about to announce in the next couple of minutes. Ed big event coming up top of the hour. Tonight, you can recap the podcast, bloomberg technology, or you can watch the movie dumb money, which is basically a pick of Roaring Kitty. Check both out. Check both out. Do you want to close out . Should i . Normally id hold. But. Taking the gains is smart here, right . Feel more confident with stock ratings from j. P. Morgan analysts in the chase app. When youve got a decision to make. The answer is j. P. Morgan wealth management. 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 welcome to bloomberg etf. A whole lot of nothing in the market right now. Theyre all waiting for etf, so lets get to the biggest story right now. We start with meme mania and game stop. Shares surging as Roaring Kitty himself makes a return to social media. Were going to dig into one etf that counts the company among its top holdings. The retail trading crow