Caroline Hyde

We see what they did with the crypto fair shake and the way that they've then retargeted in the AI spectrum.

But what's also interesting is one of the lines in the story says they de facto have a veto, really, over certain AI policies.

Now, they push back on that.

In particular, the named lobbyist for A16Z says, look, the only person who's got AI veto is President Trump himself.

Welcome back to Bloomberg Tech.

Let's check in on the markets.

They're actually giving away some of their gains that we had earlier in the session.

We're now unchanged on the Nasdaq 100.

We're trying to digest the retail data that we got, which was weaker than expected.

But what does that mean in terms of the Fed and its ability to cut rates more broadly?

But also, where are we buying back into?

Is software still loved at the moment, having been so beaten up last week?

And the hardware sell-off is just a little bit crimping some of that respond feeling of the day.

I'm looking at

A risk-off feeling in crypto.

Bitcoin off by 1.4%.

We're still at 69,000, so well off the lows of last week.

But it's still the moon music not strong, particularly in ETH.

We're off by 4.6%.

So still looking for a direction and really where the asset class buying comes and steps back in.