Apple. Lets check in on the markets and tech is the laggard of choice. The nasdaq 100, down 1 10 of 1 and we know stocks sometimes struggled in the face of raising bond yields. A look at the 10year yield pushing to 2007 highest so we are anticipating strong data we have seen out of the u. S. The macro picture looks better and that means ultimately, what that means for the federal reserve. We are looking at crine shares. China itself trying to stimulate it economy and the u. S. Are trying to impede its technological knowhow. Lets look at the individual areas of risk assets we like to focus on. With bitcoin, we have had a wild ride. His larry fink is larry fink on the side of bitcoin . Certainly. It looks like he moved to a place of solace and an area to be seen as safety and that is what seems to be talked about with the head of backlog head of blackrock. Ed there is a lot in the new cycle that is pushing individual stocks. Lucid ev maker saw it production drop 30 and casting doubt about its production targets in the stock down is 4 . Apple is down 6 10 of 1 and it is out with an apple pencil. It is not doing much to support stock. Early sales of ipo 15 in china are not doing so well relative to iphone 14 last year and amazon down 4 10 of 1 and strong we tell data for the u. S. In september and not doing much to support ecommerce related stocks and the top story and mover is nvidia. It is expanding export curves later to Chip Technology and that move is at 3. 5 . It had been on track for its biggest drop since early may and despite shedding 70 billion of market cap, this is still a 1. 1 trillion stock. The specific china chips it was exploring. Lets get the details out of d. C. With mackenzie hawkins. We knew this was coming. How this is this impacting nvidia . In response to last years curves, nvidia design chips specifically for the Chinese Market that went right up to the threshold of the administration set. Their stock took a hit this morning. Caroline it wasnt just nvidia that was being focused on. Talk us through some of the ai companies that are targeted in china. Mackenzie in addition to tightening the threshold for graphics chips like nvidia, you saw the Biden Administration add two ai firms that are chinese ai startups to the entity list and that means overseas companies have to get a license to export and trade with those firms. One of those companies have said we will appeal that decision and we disagree, the Chinese Foreign minister said we dont want the u. S. To open eyes trade issues. This is the Biden Administration clamping down on what they see as private investment in china chip industry. It is not just the actual manufacture of chips but the highly expensive and technical equipment required to make their them in one of the Key Companies is a Dutch Company and they said the new restrictions are going to impact some of the china facilities. Ed we are showing on the screen asmls response to this. What was interesting about this, the whole point of the codifying and updating these curves was curbs was to address the loopholes in october and i am willing to say officials on the u. S. Side didnt explain which chipmaking equipment was going to be culled by the expanding controls. Mackenzie they released the text of the rules this morning and many analysts and trade organizations are going through it to identify which specific week pieces are affected. In asmls case. The u. S. Has subordinate with the netherlands on the policy because asml is a Dutch Company, one of the most valuable companies in europe and one of the main loopholes of the initial export controls last october was washington went ahead but they had not got amsterdam and tokyo on board for some of the main chip manufacturers are located. Caroline we thank you for jumping on that news and we will stay over in washington and talk locally because President Biden is set to travel to israel tomorrow at any moment. The u. S. Help house itself will hold a vote announcing the new speaker. To the president and the anticipated trip at the moment. How are we anticipating this to be taken by the rest of the administration and by the republicans . Kailey this is something that President Biden is doing at the invitation of israeli Prime MinisterBenjamin Netanyahu and it is going to be a literal physical manifestation of the u. S. Support for israel, a show of solidarity and it is a trip that the president is making a great personal risk. He is heading into a war zone but there are a number of things he will try to achieve. In addition to talking to israelis and showing support, Benjamin Netanyahu and other leaders on what they need for aid, he goes there with the knowledge that there are several americans understood to be hostages of hamas. He would like to see them rescued as we are on the cusp it seems up a Israeli Ground invasion in gaza and he will likely bring a message for restraint. Making sure that while the u. S. Israel does have a right to go after hamas and they are taking every other they can to protect innocent lives and there is the broader deterrent effect of him being there. They dont want this crisis to expand beyond israel and gaza and there is a warning to other countries like iran, and other groups like hezbollah, not to widen this conflict further and that is why we will see the president traveling to jordan to meet with leaders in egypt and the palestinian authority. The Prime Minister ed the tensions in the middle each east. What are we expecting to happen imminently . Kailey it is going to literally take place any minute. We will see if jim jordan has the numbers. He is this the speaker designated of the republican congress. It is not clear that he is going to have the boats that he needs. 217 is the magic number and he can only afford to lose four boats and there were 50 who suggested they will not vote for him on the floor but he has been whittling away at this numbers. These numbers. He had many flips that he was able to bring onto but there are a handful of republicans. Carlos gimenez, who still have said they will vote no for him so that will be a matter of whether he can get on the ballot and if you can do it on any ballot, he will have to try to bring more people on his side knowing that we are working with a number of clocks. Israeli aid, the need to get funding to israel with congressional approval but trying to avoid a Government Shutdown november 17. Caroline to that point, you shut the conversation back from the mnc eminency of the vote on the house and what that means for the direction of travel in israel. Take us from what we know israel. Kailey there is bipartisan support for giving israel what it needs and for Congress Passing that aid if you needs to knowing that there are existing authorities that the Biden Administration already has an money that they can give to resources israel without congressional approval but if something requires correctional approval, that will get tricky if we have no speaker of the house and it is not just israel funding via administration is pushing for, it is others as well including funding of ukraine which is a more difficult topic among republicans specifically with the house of representatives and there are growing talks about the idea that israel and ukraine funding could be tied together but that is something jim jordan, if he gets the speakers gavel, could have a hard time getting through the house knowing that there are many members of his party opposed to funding for ukraine so it will be a thorny subject to navigate. Caroline kailey leinz, thank you, across all of the moving parts that are currently occurring in washington and we have been talking about israel from the politics, but at the moment, the applications within technology and there is notable news out to set up a Satellite Network to bolster communications. Ed this is a announcement from israels communications department. Starlink is not available in israel. We have not heard from spacex. The idea that the israelis are allying, it will keep the towns with the frontline with a reliable Internet Connection as this war with hamas continues and the other story we are following related to the war, several other prominent Venture Capitalists have canceled plans to attend web the ceo best friend western support for israel. The ceo of web summit through a put up a block post and issued a apology for his comments he made on x. Caroline it was notable that they do say that what some vcs have stepped back and some areas of european Venture Capitalists from attending the event and webs summit had dashed in terms of attendance, registration and some vcs had signed up to attend but overall, this shows that people are having to navigate how they communicate with their own customer base, how they communicate with the broader world on x. Ed i think he posted onto that platform saying he would take a timeout from the platform where he originally made his news views know. Caroline we will talk about the fcx trial and what it means for the crypto space. We will talk to sandra ro. This is bloomberg technology. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Todays the day you graduate from Southern New Hampshire university. Ive been waiting for this day my whole life. The fact that i get to walk across the stage and get my degree, its honestly unreal. Dont ever stop. Keep on believing in yourself. It is never too late. If youre out there to wonder if you could be an snhu graduate today is the day to find out. Visit snhu. Edu. Caroline the former director of energy at ftx is facing cross examination at the Sam Bankmanfried trial today. Lets bring in Hannah Miller for more on the way in which the testimonies are unfolding and it feels like this is a rocky relationship for cne towards the end of the ftx fallout. We are getting an inside look of what happened at ftx during the collapse in the office and the 30 million penthouse that Sam Bankmanfried shared with his executives. Ed one interesting piece from the prosecution standpoint is what he is saying when he learned about the Financial Difficulties that ftx was in, what did we learn . Hannah it was an extremely stressful situation firm and it was dead it was devastating. He flipped early on bankmanfried. We know that he had a close personal relationship with Sam Bankmanfrieds younger brother. Ed what was interesting to me was the timing of this, he says he only learned about the 8 billion hole in the Company Balance sheet two months before everything fell apart. Where are we in the trial . I know it is hard to weigh the evidence. Are we in near the end of the process of what we expect to come . Hannah the latest estimate for the verdict is november 8. We have the potential witness list but that could be adjusted. There are many colorful characters and people close to Sam Bankmanfried who are set to testify. Caroline but we are also getting is a story it seems that the prosecution is trying to identify flashings, excess done by flashiness, excess done by Sam Bankmanfried. The fact that they were left out of the loop on many of these deals until after the fact. Hannah a lot of what the prosecution has been doing is showing the lifestyle that Sam Bankmanfried another ftx investors pursued sam freed and other ftx investors pursued. We have seen with nishad singhs testimony and living with his 30 million penthouse at the bahamas, many executives enjoy a life of riches. Enjoyed a life of riches. Ed lets keep the story going with sandra ro. You are dedicated to furthering the adoption of Blockchain Technology and this trial to put a macro spotlight on it. We are seeing that happen in this country. As you sit there representing your industry, what do you think the outcome will mean for your industry . Sandra rod is fraud fraud is fraud in the trial underscores the importance of enforcement and being able to do its job to weed out financial crimes and as the indictment, if it is prevented in this trial, that financial misconduct was committed, the u. S. Is based on rule of law and that is good and we will see the outcome of that shortly, it seems. For the industry, i will say this. Lets type less hype, boston was, less bad less noise, less bad actors going hand in hand. Caroline talking of noise, there was noise surrounding future signups sign off of spot atx etx. There was some expectation that be fcc might sign off on the how much are you navigating this current noise and expectation in the market . Sandra with the organization that we have, which has fortune 500s prostitute layer one block change to crypto firms, we have to navigate a world where we focus on what is the problem people are solving for, how is this technology useful for society and what is the positive impact to society . For us, it is getting too breadandbutter, what real World Problems are being solved for and how can these technologies be used to further solutions that are a positive impact . Ed in parallel, we had this industry defining trial that will have ramifications for your industry. We also way to learn about approval for products that expand we also way to learn about approval for products that expand digital reach. When you and all of your members gather, are these positive conversations you are having our or are you down in the doldrums about the health of your industry . With the sandra with a group as large as ours, one size do not does not fit all. Our focus is widening the arbiter of the discussion from our point of view, every industry sector will likely be affected by things Going Digital and in a world where everything is Going Digital including money and financial products, what does that mean what are the implications for each industry sector . Whether we are talking about supply chain to Digital Identity to wallets and investing. Caroline do you think ultimately that the middle of the noise that amid all the noise, you are able to show real world applications that do solve problem solve. You are on file coins, you are doing things within the eu funds. What problems need to be resonated need to be solved to win hearts and minds . Sandra it is getting back to basics. Are you actually helping to solve realWorld Problems . One example of a problem project we have going on with the u. N. Road food program, billions of dollars of mobile funds go to the system across the element world and there is very little visibility around making sure that there is a 360 degree accountability on the fact that wherever it was supposed to go, it went to that city or village or community. I think we need to think about how we Design Systems to allow for that accountability, it is not about being big brother. There needs to be human rights and Consumer Protection bills in the design but ultimately we need to think about how we affect positive transparency. Caroline sandra ro, which you have time with you, ceo of the Global Blockchain business council. From new york and San Francisco, this is bloomberg technology. Good night hey corporate types. Would you stop calling each other rock stars . Youre a rock star. You are a rock star. No more calling coworkers rock stars. Look, its great that you use workday to transform your business. But it still doesnt make you a rock star. So unless you work with an actual rock star. Hi, im ozwald. Hello ozwald. Pam, you are a rock i wasnt going to say it. What do you see on the horizon . Uncertainty . Or opportunity. Whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined Risk Management are needed most. Drawing on deep expertise across the worlds public and private markets in pursuit of longterm returns. Pgim. Our investments shape tomorrow today. adventurous music be ready for any market with a liquid etf. Get in and out with dia. Ed time for talking tech. Tsmc is axing plans to build an advanced chip site at taiwan. On one of the more prominent startups and amy to compete with the likes of microsoft and openai and apple ceo tim cook made a special appearance at a tencent gaming tournament in china and this comes amid reports of slower sales at the iphone 15 and increased competition from huawei. Ed it is tech week caroline it is tech week and we will sit with participants from everywhere ventures. Amazon watching shares of amazon, jeff bezos regains his spot as the second richest person in the world. He is now worth 156 150 6 billion. This is bloomberg. announcer enough with the calorie counting, carb cutting, diet fatigue, and stress. Just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. Release works with your body, not against it, so you can put dieting behind you and go live your life. Head to golo. Com now to join the over 2 Million People who have found the right way to lose weight and get healthier with golo. Caroline welcome back to bloomberg technology. I am caroline hyde. Ed and i a