Ed Ludlow

Jason, if you and your fellow council members could be in a room with the president today, what's the first thing you'd ask him for or to do?

Yeah, I think it's recognition that tariffs are bad for investment in the kind of things that the administration has prioritized.

Look, since April, since Liberation Day last year, the landscape has changed significantly for what the administration is hoping to advance.

The administration has a very clear, very sound, very direct strategy here, and that is to encourage AI adoption around the world of American AI technology.

And that requires investment in manufacturing in the U.S.

It requires investment in data centers in the U.S.

It requires a robust semiconductor industry here in the U.S.

And tariffs interfere with the ability of manufacturers and digital trade to take place between here and the rest of the world.

So the one ask of the administration is, as they reevaluate the trade and tariff strategy, and I think this Supreme Court decision gives them an opportunity to do that, they need to look at what the broader goals are, what the broader strategy is to encourage investment in AI in the U.S., the adoption of AI technology around the world, and how tariffs would interfere with the ability of that to be a successful strategy.

That rationale is one reason why tech stocks rose Friday, a reprieve for the supply chain in particular.

Jason Oxman of the Information Technology Industry Council, thank you very much.

Now coming up, all eyes are on NVIDIA, which reports earnings this week.

We have the big preview of what to expect with that stock now completely flat and treading water a little bit ahead of the big moment Wednesday.

This is Bloomberg Tech.

It's a big week.

It's a big NVIDIA week, posting earnings after market Wednesday.

It's a stock that's up about 2% year to date, completely flat this Monday morning.

And there is a lot of, let's say, not anxiety, but we're bracing for Wednesday because the story with the stock is very different to what it has been in the last two or three calendar years.

We're trading at 24 times forward earnings historically on a five-year basis, 38 times.

The momentum's gone.