RUSH TRANSCRIPT This edition ░░░░░░░░ bloomberg technology Caroline We ░░░░░░░░ indeed look toward those ░░░░░░░░ next week Vivek Ramaswamy ░░░░░░░░ joining us former Republican ░░░░░░░░ candidate and Sarah get ░░░░░░░░ the Trump campaign We ░░░░░░░░ going to talk policies ░░░░░░░░ crypto so much more ░░░░░░░░ is bloomberg technology Caroline ░░░░░░░░ is bloomberg technology Bloomberg ░░░░░░░░ and radio will air ░░░░░░░░ coverage of the election ░░░░░░░░ Tuesday starting at 5 ░░░░░░░░ P M Eastern An ░░░░░░░░ edition of balance of ░░░░░░░░ Ed U S Election ░░░░░░░░ upon us and the ░░░░░░░░ between Republican nominee Donald ░░░░░░░░ and president Kamala Harris ░░░░░░░░ prediction markets is narrowing ░░░░░░░░ Trump has held a ░░░░░░░░ We have been speaking ░░░░░░░░ voices in technology and ░░░░░░░░ capital both sides of ░░░░░░░░ race Today we are ░░░░░░░░ by Vivek Ramaswamy a ░░░░░░░░ of Donald Trump a ░░░░░░░░ Republican presidential candidate himself ░░░░░░░░ who has been active ░░░░░░░░ just on social media ░░░░░░░░ on the ground Welcome ░░░░░░░░ the program A simple ░░░░░░░░ to start Why is ░░░░░░░░ President Trump the best ░░░░░░░░ for the technology industry ░░░░░░░░ the venture capital industry ░░░░░░░░ supports it Vivek I ░░░░░░░░ give you a simple ░░░░░░░░ to a straight question ░░░░░░░░ is he is the ░░░░░░░░ in favor of nasty ░░░░░░░░ and mass reform of ░░░░░░░░ administrative state I think ░░░░░░░░ administrative state and regulatory ░░░░░░░░ is the single greatest ░░░░░░░░ the actions of three ░░░░░░░░ agencies who were never ░░░░░░░░ you go straight down ░░░░░░░░ list those three letter ░░░░░░░░ are making most rules ░░░░░░░░ govern businesses in this ░░░░░░░░ today Those rules were ░░░░░░░░ passed by Congress The ░░░░░░░░ Supreme Court which Donald ░░░░░░░░ gave us much of ░░░░░░░░ composition of that court ░░░░░░░░ declared many of those ░░░░░░░░ unconstitutional And Donald Trump ░░░░░░░░ made it clear that ░░░░░░░░ wants to go in ░░░░░░░░ not just incrementally tinker ░░░░░░░░ the edges of that ░░░░░░░░ see but shake it ░░░░░░░░ to its small court ░░░░░░░░ have been in the ░░░░░░░░ place That would that ░░░░░░░░ the case I would ░░░░░░░░ to entrepreneurs that Donald ░░░░░░░░ is going to be ░░░░░░░░ president who stands for ░░░░░░░░ in that regulatory state ░░░░░░░░ Could I ask as ░░░░░░░░ extension of that is ░░░░░░░░ a specific area be ░░░░░░░░ crypto be it electric ░░░░░░░░ be it space that ░░░░░░░░ feel former President Trump ░░░░░░░░ most focused In a ░░░░░░░░ of priorities Vivek He ░░░░░░░░ more focused on an ░░░░░░░░ American revival All of ░░░░░░░░ fit on the list ░░░░░░░░ is big for Donald ░░░░░░░░ All forms of energy ░░░░░░░░ America can be the ░░░░░░░░ Donald Trump favors it ░░░░░░░░ fracking areas where America ░░░░░░░░ establish energy abundance Especially ░░░░░░░░ this era of AI ░░░░░░░░ increasing demands for electricity ░░░░░░░░ power for energy That ░░░░░░░░ particularly important for the ░░░░░░░░ States You think about ░░░░░░░░ power generation for the ░░░░░░░░ red Coal and natural ░░░░░░░░ are key inputs Anti ░░░░░░░░ policies anti coal policies ░░░░░░░░ Trump s pro energy ░░░░░░░░ are not just good ░░░░░░░░ bringing down prices but ░░░░░░░░ for fueling the future ░░░░░░░░ of AI based technology ░░░░░░░░ That is one example ░░░░░░░░ I could go into ░░░░░░░░ of the areas you ░░░░░░░░ Caroline We had a ░░░░░░░░ capitalist well known name ░░░░░░░░ Hoffman on the show ░░░░░░░░ He favors the other ░░░░░░░░ of the equation Wanting ░░░░░░░░ wanting a steady hand ░░░░░░░░ also is worried about ░░░░░░░░ of retribution You take ░░░░░░░░ listen to what he ░░░░░░░░ yesterday Vivek Sure Trying ░░░░░░░░ penalize his opponents Caroline ░░░░░░░░ there be any penalization ░░░░░░░░ those who have opposed ░░░░░░░░ Vivek No there is ░░░░░░░░ to be no retribution ░░░░░░░░ Trump I find that ░░░░░░░░ coming from a Kamala ░░░░░░░░ supporter where there is ░░░░░░░░ one president and administration ░░░░░░░░ history that has prosecuted ░░░░░░░░ tended to prosecute their ░░░░░░░░ in the medical the ░░░░░░░░ of a political election ░░░░░░░░ is the party that ░░░░░░░░ Trump is running against ░░░░░░░░ think this idea of ░░░░░░░░ steady hand I also ░░░░░░░░ to give some airtime ░░░░░░░░ this The idea that ░░░░░░░░ Harris is going to ░░░░░░░░ some kind of steady ░░░░░░░░ when she has reversed ░░░░░░░░ position in a matter ░░░░░░░░ months on central questions ░░░░░░░░ of these are positions ░░░░░░░░ held very shortly before ░░░░░░░░ for U S President ░░░░░░░░ in a matter of ░░░░░░░░ foundational questions about energy ░░░░░░░░ that have changed in ░░░░░░░░ matter of months I ░░░░░░░░ t think is a ░░░░░░░░ case for a so ░░░░░░░░ steady hand One more ░░░░░░░░ to investors I know ░░░░░░░░ is a technology focused ░░░░░░░░ Particularly to founders that ░░░░░░░░ be privately held Kamala ░░░░░░░░ stands by her support ░░░░░░░░ is one area where ░░░░░░░░ has not changed her ░░░░░░░░ She stands for a ░░░░░░░░ on unrealized capital gains ░░░░░░░░ means many biotech entrepreneurs ░░░░░░░░ may have paper gains ░░░░░░░░ a private company would ░░░░░░░░ to pay taxes with ░░░░░░░░ they don t actually ░░░░░░░░ That would stifle immigrant ░░░░░░░░ this country and could ░░░░░░░░ the biggest trigger for ░░░░░░░░ stockmarket market track stock ░░░░░░░░ crash and Great Depression ░░░░░░░░ a market focused audience ░░░░░░░░ is a big difference ░░░░░░░░ could be a single ░░░░░░░░ voter on that alone ░░░░░░░░ would argue Caroline I ░░░░░░░░ many would feel that ░░░░░░░░ articulation around unrealized capital ░░░░░░░░ has not been made ░░░░░░░░ substantially by a Harris ░░░░░░░░ I m going to ░░░░░░░░ back to the technology ░░░░░░░░ and I m glad ░░░░░░░░ went there because there ░░░░░░░░ a technology focus that ░░░░░░░░ chips in particular You ░░░░░░░░ currently in Ohio Ohio ░░░░░░░░ going to be a ░░░░░░░░ of the CHIPS Act ░░░░░░░░ s of dollars to ░░░░░░░░ to manufacturing within that ░░░░░░░░ There is a potential ░░░░░░░░ that Donald Trump is ░░░░░░░░ the CHIPS Act He ░░░░░░░░ out against it recently ░░░░░░░░ you worry about that ░░░░░░░░ changed in direction Vivek ░░░░░░░░ I don t The ░░░░░░░░ I was against the ░░░░░░░░ Act is there is ░░░░░░░░ in there that should ░░░░░░░░ be there Hiring impediments ░░░░░░░░ companies are hiring people ░░░░░░░░ of the United States ░░░░░░░░ of the regulatory burdens ░░░░░░░░ There was also extra ░░░░░░░░ in changing the way ░░░░░░░░ nsf makes grants That ░░░░░░░░ the problem with Washington ░░░░░░░░ C Every time they ░░░░░░░░ one of these laws ░░░░░░░░ is so much other ░░░░░░░░ they sneak into their ░░░░░░░░ it dilutes the original ░░░░░░░░ of the act in ░░░░░░░░ first place He want ░░░░░░░░ foster semiconductor production Here ░░░░░░░░ how we do it ░░░░░░░░ deregulation in the United ░░░░░░░░ The reason nvidia has ░░░░░░░░ a multitrillion dollar company ░░░░░░░░ not because of the ░░░░░░░░ Act it is because ░░░░░░░░ booming demand led by ░░░░░░░░ advent of AI we ░░░░░░░░ seen That lowering of ░░░░░░░░ cost of capital is ░░░░░░░░ more valuable for semiconductor ░░░░░░░░ than the incremental money ░░░░░░░░ the pocket that came ░░░░░░░░ the CHIPS Act Ed ░░░░░░░░ I just jump in ░░░░░░░░ that point on nvidia ░░░░░░░░ are not in isolation ░░░░░░░░ many of the chip ░░░░░░░░ have had their access ░░░░░░░░ the China market impacted ░░░░░░░░ those export controls put ░░░░░░░░ is the biggest end ░░░░░░░░ for consumer electronics Critically ░░░░░░░░ for cloud Are you ░░░░░░░░ to ask plane to ░░░░░░░░ audience former President Trump ░░░░░░░░ position vis a vis ░░░░░░░░ on key American companies ░░░░░░░░ able to do business ░░░░░░░░ that market Vivek I ░░░░░░░░ give you a base ░░░░░░░░ I hope people can ░░░░░░░░ with regardless of the ░░░░░░░░ We should not depend ░░░░░░░░ our adversary for our ░░░░░░░░ national security Talk about ░░░░░░░░ 4 of the semi ░░░░░░░░ feeding our Department of ░░░░░░░░ including the army navy ░░░░░░░░ force actually come from ░░░░░░░░ That doesn t make ░░░░░░░░ sense for our own ░░░░░░░░ industrial base our own ░░░░░░░░ stockpiles to depend on ░░░░░░░░ adversary to provide them ░░░░░░░░ forbid we are in ░░░░░░░░ conflict scenario And that ░░░░░░░░ something nobody wants god ░░░░░░░░ they are not going ░░░░░░░░ keep supplying those inputs ░░░░░░░░ think it is sensible ░░░░░░░░ and I don t ░░░░░░░░ if you are Republican ░░░░░░░░ Democrat the United States ░░░░░░░░ say in sectors critical ░░░░░░░░ national security should not ░░░░░░░░ dependent on our chief ░░░░░░░░ I think that is ░░░░░░░░ policy Ed Interesting Vivek ░░░░░░░░ Trump he is a ░░░░░░░░ when it comes to ░░░░░░░░ foreign policy dealings That ░░░░░░░░ the U S In ░░░░░░░░ stronger position in a ░░░░░░░░ of those negotiations Ed ░░░░░░░░ was some interest in ░░░░░░░░ when I said you ░░░░░░░░ coming on the show ░░░░░░░░ got a number of ░░░░░░░░ from the audience I ░░░░░░░░ going to put one ░░░░░░░░ you One user says ░░░░░░░░ ask him how much ░░░░░░░░ his own money was ░░░░░░░░ on his own campaign ░░░░░░░░ think a reference to ░░░░░░░░ run as a candidate ░░░░░░░░ he given you an ░░░░░░░░ roi and what was ░░░░░░░░ exposure and network effect ░░░░░░░░ you in doing this ░░░░░░░░ former President Trump Caroline ░░░░░░░░ is all public record ░░░░░░░░ was a little over ░░░░░░░░ million of my own ░░░░░░░░ earned money My parents ░░░░░░░░ to this country with ░░░░░░░░ money but I am ░░░░░░░░ self made entrepreneur The ░░░░░░░░ on that is not ░░░░░░░░ to me it is ░░░░░░░░ to the impact we ░░░░░░░░ on our country I ░░░░░░░░ the youngest person ever ░░░░░░░░ run for U S ░░░░░░░░ as a Republican One ░░░░░░░░ the things I was ░░░░░░░░ we ramble to do ░░░░░░░░ bring disengaged citizens back ░░░░░░░░ politics Especially young people ░░░░░░░░ showed up on a ░░░░░░░░ campus in Pennsylvania yesterday ░░░░░░░░ were 2000 plus people ░░░░░░░░ showed up just to ░░░░░░░░ the conversations we were ░░░░░░░░ one on one That ░░░░░░░░ me a sense of ░░░░░░░░ It gave me a ░░░░░░░░ of satisfaction to say ░░░░░░░░ this journey that I ░░░░░░░░ in February of last ░░░░░░░░ when nobody knew my ░░░░░░░░ let alone could pronounce ░░░░░░░░ was that 0 0 ░░░░░░░░ the polls and by ░░░░░░░░ end of the race ░░░░░░░░ beaten a vice president ░░░░░░░░ former senator It proves ░░░░░░░░ is possible in the ░░░░░░░░ States of America Was ░░░░░░░░ worth it Absolutely and ░░░░░░░░ hope our best days ░░░░░░░░ a country and my ░░░░░░░░ ability to have an ░░░░░░░░ on it are still ░░░░░░░░ of us Caroline Some ░░░░░░░░ those young people care ░░░░░░░░ crypto One of those ░░░░░░░░ you formed is going ░░░░░░░░ be going and buying ░░░░░░░░ on Bitcoin for the ░░░░░░░░ time Could you just ░░░░░░░░ for us what you ░░░░░░░░ the crypto policies will ░░░░░░░░ under Trump Vivek First ░░░░░░░░ all am incredibly proud ░░░░░░░░ is a business I ░░░░░░░░ I m so proud ░░░░░░░░ the team and what ░░░░░░░░ have accomplished Matt Cole ░░░░░░░░ the CEO who was ░░░░░░░░ a successful manager at ░░░░░░░░ He is leading stride ░░░░░░░░ a vision for financial ░░░░░░░░ My view on the ░░░░░░░░ of crypto policy is ░░░░░░░░ is less related to ░░░░░░░░ one sector and more ░░░░░░░░ to just reviving the ░░░░░░░░ the country was founded ░░░░░░░░ in the first place ░░░░░░░░ innovation competition as the ░░░░░░░░ Caroline It should be ░░░░░░░░ unbridled Vivek The first ░░░░░░░░ I would say is ░░░░░░░░ innovation What we need ░░░░░░░░ regulatory clarity It is ░░░░░░░░ sad state of affairs ░░░░░░░░ you see a paradigm ░░░░░░░░ regulation by enforcement many ░░░░░░░░ do not know what ░░░░░░░░ rules are in the ░░░░░░░░ place We can debate ░░░░░░░░ the rules should be ░░░░░░░░ think that is a ░░░░░░░░ debate to have We ░░░░░░░░ have is a situation ░░░░░░░░ people are guessing what ░░░░░░░░ roles are I will ░░░░░░░░ you an example When ░░░░░░░░ commissioner of the sec ░░░░░░░░ not answer whether a ░░░░░░░░ was even a security ░░░░░░░░ way at least the ░░░░░░░░ deserves to know I ░░░░░░░░ regulation in the first ░░░░░░░░ whether you are on ░░░░░░░░ left or right should ░░░░░░░░ clarity Ed Vivek Ramaswamy ░░░░░░░░ you for coming back ░░░░░░░░ bloomberg technology We will ░░░░░░░░ right back This is ░░░░░░░░ technology.”