Caroline Hyde

And actually any chip maker that already does business with Synopsys can do so freely.

There's no exclusivity here.

Still, that was the reaction, circular financing.

It is.

And let's dig into the rationale a little bit more deeply now.

Mandeep Singh is here with us, covers semiconductors, of course, at Bloomberg Intelligence.

Mandeep, what is in it to solidify a partnership that was already very strong?

Why take an equity stake, do you think?

I'd like to dig into that last part a little bit more, Mandeep.

I mean, listening to Jensen Wang and the Synopsys CEO on the call, basically they're explaining that engineering tools still largely run on CPU-based systems, right?

And EDA, electronic design automation, is kind of the next frontier ripe for improvement with AI.

Is that something you see as being real here?

And to be clear, Jensen Wong saying in a webcast that's ongoing, there is no requirement that Synopsys uses the funds from the investment to buy NVIDIA GPUs.

Mandeep Singh of Bloomberg Intelligence, appreciate you kicking the show off with that.

Let's get more on what's happening in financial markets right now.

Fiona Sincoda, senior analyst from Citi Index, joined us.

It is the first day of December.

And actually, a couple of hours ago, we started things looking pretty bleak.

NVIDIA has turned a corner, which has kind of changed a little bit the tone, but basically tech lower, crypto lower, and we started December in risk-off mode.

Why?