Daybreak Weekend: US Jobs, UK Parliament Challenges, Taiwan SEMICON | Bloomberg Daybreak: Europe...

Bloomberg audio Studios podcasts radio news this is Bloomberg Daybreak weekend our Global look at the top stories in the coming week from our Daybreak anchors all around the world straight ahead on the program a look ahead to the August jobs report in the US what it could mean to Fed policy moving forward I'm Tom Busby in New York I'm Steven Carol in London where we're discussing the challenges facing the UK government as Parliament returns from its summer break I'm Doug kriser previewing a major semiconductor conference in [Music] Taiwan that's all straight ahead on Bloomberg Daybreak weekend on Bloomberg 1130 New York Bloomberg 991 Washington DC Bloomberg 1061 Boston Bloomberg 960 San Francisco daab Digital radio London Sirius xm119 and around the world on Bloomberg radio. com and via the Bloomberg business [Music] app good day to you I'm Tom Busby We Begin today's program with the August jobs report out this Friday and what it could mean for the Federal Reserve at its September meeting for more we're joined by Michael mcke Bloomberg International economics and policy correspondent well Michael inflation steadily cooling the US Labor Market carrying a lot more weight with the f MC for its next meeting now less than two weeks away what do you expect to see in this August jobs report and what will all of it mean to the fed well it's important to the FED uh at his Jackson Hole uh comments J pal fed chairman said that the risks have tilted now towards a weakening labor market away from strengthening inflation and inflation as we saw on Friday's pce index uh still very contained uh still continuing to slowly move down towards their 2% Target so they're keeping an eye on the labor market in part because uh it's the one thing they they don't have a lot of data ahead of time until this coming week because we will get the ADP numbers we'll get the ISM Manufacturing and services hiring numbers uh we get the uh latest jobless claims numbers and jolts all of those things in one week are all the the precursors to Friday's labor market report right now what we're tentatively expecting is a sort of a return of job growth last month was 114,000 the feeling is we'll go back up to somewhere between 150 and 200,000 it's not going to be as strong as it was but it's still going to be a fairly strong number the most interesting thing is going to be the unemployment rate because a lot of economists think that's going to go down to 4. 2% that the 4.

3% we saw in July was sort of a oneoff uh accidental increase and then that will change and if that's the case that'll make the FED feel better well I mean we have been seeing evidence of of a bit of a Slowdown despite what we think will be uh you know 4. 2% unemployment rate the weekly jobless claims fluctuating kind of up and down but still actually historically very strong though right very low they been so low for so long with the exception of the weirdness of the pandemic that it's hard to get an exact idea of where it is you have to be worried it used to be in the 300 to 400,000 range now we're in the 200 the low 200s and have been uh other than that one brief period for so long that even when they go up people get a little nervous but it doesn't appear that it's because anybody's being laid off in July we saw an increase because factories were retooled and we normally see uh people go on unemployment during those periods we had the hurricane in Texas that sort of thing and that's behind us now and we're seeing still very low jobless claims numbers and they don't seem to be indicating any problem now let's go back to uh you talked about the pce that came out this past week not only did we see inflation continue to Edge lower 2. 5% was the headline but also wages and salaries up as expected but spending still better than expected spending still better than expected up half a percent feeds The Narrative of the soft Landing it was up from 3/10 the uh the prior month in June the issue is though that the savings rate went down to 2.

9% first time in the twos except for one month in 2022 since the mid 2000s 2006 to 2008 and it isn't clear how people are going to continue to afford that kind of spending uh unless uh wages and salaries continue to grow at a healthy Pace they grew okay 310 of a percent during the month of July but um at some point you have to wonder when people's spending gets exhausted the FED wants to see inflation moving in the right direction they're seeing the the labor market where they want to see it mid-september we have this fed meeting it looks like a sure thing that a cut is happening the big question how big a cut yeah JP all but promised a cut in September so that's likely to happen unless we have some sort of uh data accident between now and then the FED would prefer to do 25 basis points that's their history uh that's what they consider sort of a normal move uh there is a fear that if they did 50 it would suggest there's something wrong with the economy they have to rescue it and that then the markets would start pricing in more 50 basis point Cuts now if we do have a data accident that suggests the economy is significantly weaker like some bad number from the employment report then the FED could go 50 they've left their options open but at this point there doesn't seem to be much support for doing that as a base case and there are still two meetings left this year this year calar and the markets had been pricing 100 basis points move one percentage Point by the end of the year that's starting to go out of the numbers as the numbers continue to come in good and so people are basically thinking people on Wall Street are basically thinking now 25 at each of those three meetings and uh then it will continue into next year I don't know that it really matters that we say by the end of the year because they're going to continue cutting as long as they think that they are restrictive uh they don't know where neutral is going to be and they say that we're going to just feel our way along till we get there I want to talk to you about something the Bureau of Labor Statistics reported this is about two weeks ago that in the year leading up to this March 88,000 fewer jobs than initially reported how can that happen is it the gig economy who are these people that they mistakenly counted well it's a number of factors come into play one is that uh there has been a big surge in Immigration and and so there may be uh people who are being counted in the uh on the payrolls numbers that are not counted in this revision which looks at unemployment insurance and if you're an undocumented alien you're not uh eligible for unemployment insurance so companies wouldn't pay that's one potential explanation another is we've seen response rates go down from companies since the pandemic so they may not be capturing all of uh those who are at work and then they're could be just the fact that errors are made in the by companies sending in their data the thing about these revisions is first of all as you mentioned they only go through March of this year it's the the year prior to that and then they get revised again before the data are actually changed which happens in January and we have seen in the past when there have been big revisions they sometimes revise much of it away and uh just this past week Goldman Sachs said they thought the 88,000 would be revised down to 300,000 now I don't know how accurate they are on that but it just shows you the range so the FED is looking past that and they're not concerned at this point that we have a terribly weak job economy okay so a little far back in the rearview mirror since it was in March okay the August non-farm payrolls out at 8:30 a. m. Wall Street time on Friday and our thanks to Michael mcke Bloomberg International economics and policy course respondent while we move now to take a closer look at the it Hardware space strong earnings results last week from Dell thanks to sales of its AI servers also blowout demand last quarter for nvidia's AI chips this week though we hear from ulet Packard Enterprise HP so how will AI server demand impact hp's results for more we're joined by Wu Jin ho Bloomberg intelligence senior technology analyst well Wu Jin let's start with what you expect to see in hp's earnings this week the way I'm looking at it right now I I do think with your lead AI servers uh is probably going to outperform uh we've seen that with Del performing as well as super micro performing on the AI server side and I do think that uh AI servers are going to lift results in the quarter well HP a leading provider of service storage networking Consulting more for business customers are businesses still spending big to upgrade and update their AI technology yep so uh they're not there yet right um HP does have exposure to larger Enterprises um I from a relative basis hp's AI server exposure is is much smaller um I think they're going to do roughly about $ 1.

2 billion dollar in AI server sales in the fiscal third quarter uh contrast that with Dell which just uh reported last week uh they did about 3. 1 billion in sales in AI servers and super micro did about 5. 2 billion in sales so um you know smaller exposure but uh they do have a uh a good footprint it's also got a partnership right HP with Nvidia to build a private Cloud business how is that going yeah look it's still on the early days it is part of hp's broader strategy on driving a lot more private cloud and uh Nvidia is trying to look for a better footprint into the Enterprise and this would be a good marriage between HP and and exposing them to Nvidia exposing them to their install base as well as HP having access to uh nvidia's uh gpus and I and I think that's that's good almost a decade after it split with HP HP where where is it heading now is it more toward those AI servers is it more toward just AI or or you know are there Legacy businesses that are going to be around for a while with HP yeah so if you look at HP it's it's much more than just the AI servers uh they are one of the leading server as well as storage uh vendors out there um one of the things that I am looking for is a general broader it spending recovery for their server and storage businesses what I do think is that we are going to start seeing more signs of recovery in in in both of those businesses uh look it's it's been in the malaise for the last several quarters and um I I do think that the you know with it spending stabilizing uh it's pois for growth for the next couple of quarters now uh you see some growth there how about on the the consumer side you know we've seen the business side the consumer we know that last week we heard from Best Buy they're expecting more sales of of PCS laptops that type of thing along with you know of course they sell a lot of Home Appliances but are you seeing evidence of that are you seeing more consumer demand yeah and that aligns with more of their sister company HP which they split from several years ago as well as um we can glean into those results as well uh we are seeing uh you know the uptake in consumer PCS for both HP as well as Dell has not been as strong as one had hoped I do think it may be a sluggish second half on the consumer PC side and also if we think about it from a Global Perspective we are waiting for a a broader Global recovery uh PC demand I think is going to be muted but there are some catalysts coming in in 25 such as aips that could potentially help all right HP earnings out this Wednesday are thanks to Wu Jin ho Bloomberg intelligence senior technology analyst and coming up on Bloomberg Daybreak weekend we'll discuss the challenges facing the UK's government as Parliament returns from its summer break I'm Tom Busby and this is [Music] Bloomberg this is Bloomberg Daybreak weekend our Global look ahead at the top stories for investors in the coming week I'm Tom Busby in New York up later in our program Taiwan semicon Summit kicks off this week and we'll discuss what this means for chip development in that country but first the UK's Parliament reconvenes this week and for new prime minister Kier starmer after an eventful summer holiday filled with International engagements and settling into life on Downing Street challenges await in Westminster for more let's go to London and bring in Bloomberg Daybreak Europe Anor Steven Carrol Tom car ster and his new government have been busy this summer from diplomatic trips abroad to announcing and enacting new policies the UK's first labor government in 14 years seems eager to make its Mark whilst Parliament has been on summer recess and the conservative opposition largely fixated on their own leadership election starmer and his cabinet have been able to set the narrative so far it's been one of considerable caution the chancellor Rachel Reeves emphasized the scale of the spending black hole she says her pre- disasters caused while the Prime Minister made a speech warning of painful decisions ahead the supposedly gloomy Outlook is something we've been discussing with Philip Collins former Chief speech writer to Tony Blair he says it's wise of starmer to set expectations low well I thought it was a conventional speech in a way to do at this time uh in the early days of a government because it's it's one of the things you want to do is to win Time by blaming your predecessors and everybody does a version of this speech now it's particularly dramatic because of the riots and also because the real concern I would have with this speech is that is that what starma says might be true it may be that things are going to get considerably worse I mean You' probably say that even if you didn't think they were because you lower expectations but I fear that this may be true and I'm not sure that we didn't already know this was going to come I I think most people thought that whoever had won the general election there was going to be some difficult decisions to follow uh difficult decisions on tax and spending and so I think in signaling that although you're right rhetorically there are contradictions all over the place with the campaign which had just gone before and with some of the early words but taken in isolation I don't think that message that things are going to be bad and there's going to be something difficult to encounter now will will come as a great surprise well when you say sort of it won't necessarily come as a surprise what do you glean from what starma said that might realistically have changed from what we can expect from labor in sort of the coming months oh I don't really think anything has particularly changed I think they always knew that uh when they look in serious detail that the public finances there there were holes there and they'd have to to take difficult decisions on tax so I don't think in one in that sense anything has particularly changed um I mean the Riots of course are a major event which have changed the response and has have changed the context but as far as the budget is concerned I think we we are where we are I mean and Rachel Reeves gave that really rather um dramatic and I think a little bit exaggerated statement to Parliament about the the nature of the public finances and the and the sort of the fallacies of um the information she'd been receiving um so there's been there is a concerted attempt to say look this is a really bad State of Affairs we're going to have to do difficult things it will get worse before it gets better but again I'm not that's a change I think that's just in fact the the St realization what was always there well then to take sort of that idea that maybe the economic reality hasn't changed but maybe the political context has shifted in some ways this speech then becomes a challenge of political rhetoric of starma can he convince the public and the media that his vision is going to make the country a better place than long one to TI us up in his telling of what the government and the country should be like do you think he did it well exactly the question I think because there are two parts to the slogan aren't there there's things will get worse but then the second half is before they get better now it's that second bit that is in fact the really interesting part of it because I don't think many people would doubt that things are going to get worse people as a rule think things will get worse anyway politically uh it's the second part but before they get better and there is the promisory note that things will in due course get better and there's a lot resting on that and that's the uh the thing which which here in the end the political judgment will be on that second part of the of the slogan can does the labor party have the resources both material and intellectual to to change things around on that I don't think we know a lot because the manifesto on which the labor party has just run was deliberately thin in policy terms and I don't think we've seen a great deal since to tell us exactly what will be done to turn things around so I do think that's exactly politically the question on which the government will be judged is exaggeration a risk here is is this reinforced message which is coming now almost it feels like a drum beat since the election of oh things are really terrible financially and we won't be able to do anything and we you know everything's going to be very difficult isn't there a risk too that people will just tune out and then by the time the good times roll around that people won't be ready for that either there is a risk always of exaggeration but I would Once Upon a Time have thought that risk was severe but then I watched George Osborne convince enough people that the a global financial crash have been the result of a a slight labor overspend and I thought oh dear well clearly this works so it's the risk is perhaps not all that great that was former Chief speech writer to Tony Blair Philip Collins speaking to James wock and me on the Bloomberg UK politics podcast so as MPS prepared to head back to Westminster what sorts of questions might wait Kier dmer at the dispatch box that's something I've been discussing with Bloomberg's UK political editor Alex Wickam the main thing coming down the track is the budget uh end of October so we sort of got a you know two Monon run into that where Rachel Reeves the chancellor has her first big opportunity to lay out her tax and spend plans and it's a huge budget you know we've had some pretty pretty big budgets over the last few years but this is this is the biggest um of any of any of the recent ones we will get to see whether tax Rises are coming for the wealthy probably um but potentially for everybody um and that will be a huge moment for the labor government and whether they can manage these really diff difficult balancing acts that they've got between keeping the Public's finances on a sound footing labor are constantly telling us that they've inherited a really bad uh picture on the on the public finances need to not choke off economic growth and wealth creation which they say is their number one priority in government being able to find a way to do both of those things is a big Challenge and certainly the main thing that we'll all be looking out for when Parliament comes back next week how much have we been warned I suppose about the the bad news that is to come because in the past few days we heard from the Prime Minister telling us that there were painful decisions ahead pointing us towards as you have the budget at the end of October is this them setting at tone for what's going to be a fairly rough ride when it comes to the difficult decisions that have to be made it is they are being pretty upfront about the fact that they're going to be making some very unpopular decisions you know labor said during the election campaign that they didn't want to put up taxes that they had no plans as we kept hearing to put up taxes Beyond a small select view that they that they announced in their Manifesto and it turns out that they are going to put up more taxes than they were they were saying and there their argument is that oh well we've looked at the books and things are worse than we thought well yes maybe but I think many would have suspected that this was coming regardless of what they'd found um and you know on the flip side Rachel Reeves has her own party to manage as well uh in this budget there will be labor MPS and indeed cabinet ministers who want more public spending for their either their departments whether it's you know Justice or health or or or whatever education or whatever um but also you know on things like welfare crucially um there's the two child benefit cap uh which labor MPS really want to be lifted at some point in this Parliament doesn't look like there is any money for it at the moment but Reeves will come under huge pressure to have something positive to say as well amongst all the doom and Glo what are the other key policies that you're going to be watching out for coming through the Parliamentary process as MPS get back to business well we're still awaiting details on uh some of k st's plans on things like immigration uh where he said he's going to set up a new border force uh to to uh deal with irregular migration across the English Channel that's a major test for his Premiership as he comes under pressure from right-wing parties and and he certainly will do towards the end of the parliament how he whether he can get on top of that is a is a major is a major unknown um picking the NHS which you know has been uh rid ridden with strikes over the last um you know few years and what long waiting lists that is a key priority for labor voters but all voters and he needs to be able to show progress there so there's a really lot of unknowns about what policy K armor is going to come up with over the next few months and the budget will be the first time that we get to see them no keeping you and us busy in the meantime Alex the the other thing to think about I suppose is that K ster was elected with this fairly Hefty parliamentary majority as well are there going to be questions over labor party Unity as the party gears into sort of the the main business of governing and and some unpopular choices I think so and you know even over the last few weeks we've seen early Creeks of Unity on things like winter fuel payments which Rachel ree said um the beginning of the summer or the middle of the summer that she was going to remove this winter fuel allowance for pensioners now that has proven highly controversial within the labor party funly enough if you're a labor and you've got lots of pensioners in your constituency and pensioners tend to be the people who vote you know turn out to vote they're not very happy about it um and there are many pensioners who are you know not well off who will uh struggle to to keep hold of this allowance and that is going to be you know an unpopular policy Rachel Reeves is sticking by it um you know she insists no u-turns no backing down these are the unpopular decisions that she has to make because of the fiscal inherit that's been handed to her well yes but we'll see whether that stands the test of time we're already hearing that she's now having to come up with new ways to sort of uh finesse this policy and and uh take you know soften some of the rough edges on it uh to to keep labor MPS happy and that's a sign that even with a big majority K starmo is still coming under pressure from his own MPS and from within his own cabinet and for a politician who prizes unity and professionalism and all of that Above All Else will be an interesting test and Alex just a thought too on the the leadership race for the Tories as well of course now in opposition what will you be watching out for in those party Dynamics well it's a long way to go and I think quite an open race uh to be honest you've got Camy Bok um probably still just about the front runner but Robert jick's made an interesting sort of for the last few weeks getting out and about and sort of perhaps outperforming expectations and and Rising up the ranks in the polls so it'll be interesting to see whether the front runner Kev Bok can continue that momentum she hasn't done a great deal of campaigning over the summer that sort of starts now as we head back to school as it were um and then whether the likes of James cleverly Tom Tuan hat can um make enough of a splash to get attention on themselves is the other difficult thing in the media ahead of Tory Party Conference where things start to get serious thanks to Bloomberg's UK political editor Alex Wickham I'm Steven Carol in London you can catch us every weekday morning here for Bloomberg Daybreak Europe beginning at 6:00 a.

m. in London and 1:00 a. m.

on Wall Street Tom thank you Stephen and coming up on Bloomberg Daybreak weekend to look ahead to taiwan's semicon Summit I'm Tom Busby and this is [Music] Bloomberg this is Bloomberg break weekend our Global look ahead at the top stories for investors in the coming week I'm Tom Busby in New York semicon Taiwan kicking off this week and that's where high level discussions on the latest chip industry Trends and solutions take place let's get to Bloomberg Daybreak Asia co-host Doug krisner for more on a preview Tom the enthusiasm around artificial intelligence has made the chip industry the hottest area in Information Technology now to be fair not all chip makers are benefiting equally clearly the dominant force is NVIDIA its graphic processing units have become the backbone of AI Computing but in building AI infrastructure those gpus must be paired with high bandwidth memory chips and the lion shares of those hbms are produced in Asia earlier I spoke with Mario Morales group vice president of enabling Technologies and semiconductors at IDC the question is whether hbm chip makers will be able to keep up with demand we're not seeing the weakness in in fact um since probably September of last year the memory companies began to to change their operations in order to get back to profitability but demand returned especially from the data center and today we're expecting that both DRM and Nan will grow significantly from a revenue basis close to 73% in terms of Revenue growth so very phenomenal growth a lot of that led not just by by high bandwidth memory but also ddr5 that's being used in the flagship smartphones and and the upcoming aipc that we'll see later during the holiday season I think in general the demand for memory will still remain robust this year and and likely into 2025 that is Mario Morales from IDC so let's Circle back to what we heard in the last week from Nvidia and the company's saying it is now working through production snags with its highly anticipated new Blackwell GPU U chip I spoke about this with Dan Newman CEO of the futurum group and really wanted to get at how this may impact those high bandwidth memory chip makers I think this continues to be the reason why whether Blackwell's a little bit delayed or not they're going to produce as much of the hopper as possible the overall situation as it pertains to memory is they're also constrained there so you heard me talk about 3 nanometer constrained Coos constrained and of course hbm constrained so right now you were literally seeing these five or so major hyperscalers plus global hyperscalers in tier tws um taking up the vast majority of the demand for all of these major parts of the supply and and and you know Jensen talked about it being around 45% coming from the three or four biggest but they are taking most of the demand and until we can expand capacity so it's on Micron which is investing it's on SK and Samsung all of which are investing but it can't happen fast enough this does take time he is Dan Newman from the futurum group I think it's fair to say that high bandwidth memory chips will likely dominate the conversation in the coming week at the semicon taian 2024 to preview the event I'm joined by Bloomberg's Jane Lee She covers the chip industry and she joins us now from our studios in Tai page Jane thanks for making time is it fair to say was I right in saying that high band with memory ships are going to dominate the conversation at semicon that's absolutely right in fact this semicon Taiwan is different from previous years Taiwan and uh South Korea are two sort of Rivals when it comes to chip making Samsung is a rival of tsmc uh when it comes to logic chips and so often times in the past the Samsung or SK hyx might have sent over you know a mid-level manager and they weren't in the keynote they were barely even noticeable this time the SK hyx president Kim Juan and uh Samsung Electronics head of memory e Jang be are both giving keynote speeches and are quite High proile uh set during the the conference so it's kind of a rare thing and the reason for that is as you point out the high bandwidth memory chips before when Samsung and tsmc were just Rivals over over logic chips they were Rivals but now they're going to have to start to work together as Samsung tries to get into the hbm business in a much bigger way it's kind of behind SK hyx but it definitely is aiming for nvidia's business and when it does that it will have to ship those hbm chips or the Wafers they're on over to tsmc or tsmc's partner that packages those together so this time Taiwan and South South Korea are both prominently uh featured at semicon Taiwan so that'll be quite interesting the other thing that will be uh highly watched is packaging because the hbm and the GPU that uh Nvidia provides will have to be packaged together this new Advanced packaging which is called Coos chip on wafer on substrate it's basically the newest technology to pull these chips together to make them work like one so a lot of those technologies will be highlighted and this technology of advanced packaging is also in in short supply tsmc has said that they will double the capacity by the end of the year and next year double that again so a lot of people will be very interested to see you know how that's going and what kind of other future Technologies there are to bring all these different chips together because Moore's Law is kind of dead it's interesting if you look at the history of tsmc there was obviously a lot of government support on the part of uh Taiwan here in the states we're dealing with the chips and science act as a way of trying to provide some support for the industry and keep it growing domestically in the United States I'm I'm curious about the role that governments are playing right now whether it's Taiwan or South Korea are they heavily involved South Korea and Taiwan are both heavily involved there's always tax incen Ives and large programs in the billions that are rolled out to support the domestic chip industry that's not going to change part of the problem though and what's interesting for me when I watch the US government roll out the chips act and bring tsmc and Samsung to build more Fabs in the US I mean they're saying that they're going to do this to resolve a supply chain issue it's for National Security but the fact that is not often talked about is that these Wafers once they're printed in those us Fabs they still have to get on a plane or a ship to come back to Asia for this next process of advanced packaging so in fact we don't talk about it a lot but the chips Act is not solving completely the supply chain issue uh that we all think it should and so that'll be something that we should all watch go going forward and once tsmc's Fabs are up and running I think that uh issue could uh be pointed out a lot more well in so far as tsmc's production in Taiwan obviously this is a Foundry they are the manufacturer and there may be a little bit of concern particularly when you hear what Nvidia had to say about whether or not tsmc is going to be able to keep up with demand again here is Mario Morales at IDC that's continued to be the the theme right for for over a year now I think last year we saw a correction in the semiconductor space but when you look at tsmc they tend to Buck the trend they they're a very strong player in The Foundry space the leader they control almost 60% of the market where they're investing heavily now is in advanced packaging so when you hear about Coos uh all of that means is that they're that's where they're seeing the the big Investments that they need to make in order to serve companies like Nvidia and broadcom and AMD and others that are now beginning to use more advanced packaging in order to continue to drive integration he is Mario Morales of IDC talking about expanding capacity at tsmc let's get back to the issue at hand semicon Taiwan 2024 Bloomberg's Jane Lee is with us from our studios in taipe do you think there's going to be any news made out of this conference the conference generally doesn't really create news it's not been an area where uh Executives come to unveil uh big news they kind of do that on their on their own home turf or in their big conferences but the one thing that people are talking about ahead of the conference is whether or not Jensen hang the CEO for NVIDIA is going to show up or not Korean media earlier this year um speculated that Jensen hang and tsmc's uh possibly CEO and uh SK hex's president would have a fireside chat but that not really shown up on the agenda and uh Nvidia is declining to confirm whether or not uh Jensen will be coming and so the chatter is is he coming or not and and some teams are also deciding how many people they send depending on whether he is here or not it's one of those things like almost like a high school party where if this person comes I'll come but if he's not going to be there I'm not coming either so so it's it's quite amusing and the reason for that is because Jensen made such a splash during computex which is the other big Taiwan conference that was held in early June and for that everybody else showed up because he was here uh AMD CEO Lisa Sue came Pac elinger CEO of Intel came and they were all going around and signing servers and hardware for their uh suppliers and customers so it was quite the feast so uh people are trying to see if uh semicon Taiwan will be another one of those events uh semicon is generally more of a technology conference where future technology is discussed so you know we'll have to wait and see but uh everyone uh everyone's getting excited for him possibly showing up again Jan before I let you go I have to ask one of the things that the Biden Administration has obviously imposed on China is a restriction on some of the high and the most advanced semiconductors many of which are made by Nvidia that's part of that story obviously and I'm wondering how the suppliers in Asia are feeling about those restrictions and how it's impacting their businesses that's really interesting because these export control on Nvidia um AI chips into China has really changed already the flow of trade because China can't get these chips they cannot build AI servers that they might have built or that they used to build and a lot of that business is coming to Taiwan and so that's pretty visible when you just look at the the trade uh number exports of AI server related parts from China versus Taiwan and so it's having a real impact and uh Asian companies are having to Pivot and change their business accordingly Jane thank you so much we'll have to check back I know you're going to semicon Taiwan 2024 to cover it for Bloomberg I'll be interested in reading your reporting and maybe we can have you on the radio to talk about it further Bloomberg's Jane Lee joining from our studios in Taipei I'm Doug krisner you can join Brian Curtis and myself weekdays here for Bloomberg Daybreak Asia beginning at 8:00 a. m. in Hong Kong 8:00 p.

m. on Wall Street Tom thank you Doug and that does it for this edition of Bloomberg Daybreak weekend join us again Monday morning at 5:00 a. m.