Chapter 1: What is the main topic discussed in this episode?
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Podcasts, radio, news. Bloomberg Tech is live from coast to coast. with Caroline Hyde in New York and Ed Lovelow in San Francisco.
This is Bloomberg Tech. Coming up, President Trump seeks, quote, immediate negotiations on acquiring Greenland for national security reasons. We'll recap his speech in Davos.
Netflix shares they drop on spending to buy Warner Brothers Discovery.
And Zipline CEO Keller Clifton joins us to discuss the robotic startup's new $7.6 billion valuation and expansion.
At first, we return to these public markets, then actually bounce back somewhat on the walking back from the edge of President Trump. The idea that Greenland will not be something that is taken by force. European stocks rally from their lows. We see, in fact, the Nasdaq 100 now up 1.4% as the mood music changes. But there are real details here.
in which industries benefit and which are pulling back from this significant speech over at Davos. We're looking at the S&P 500 now up a percentage point. But really, Ed, we have to get to the details of that speech we just heard.
Yeah, and here to recap it all is Bloomberg Surveillance co-host Anne-Marie Hordern, who is out in Davos. The central feature of the president's speech was Greenland, not just ruling out the use of force AMH in acquiring Greenland, but the commitment to continuing on that path. What do we need to know?
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Chapter 2: What did President Trump say about Greenland during his speech in Davos?
He said the hysteria around this is like Liberation Day. Everyone needs to take a step back and take a deep breath. That was what it feels like now. The president anchored this debate, negotiation, dialogue, what you may want to call it, to the extreme and is now here for some sort of potential negotiation. Of course, we need to see how this goes.
The president did say he will be having bilateral meetings with European leaders. So we'll see what comes of this. But it does seem to be like this has taken the tone of the rhetoric down a notch. And yet he chastised European leaders, particularly around energy. We think here on the technology show about the nuclear commitment.
Chapter 3: How are Netflix shares affected by their spending on programming?
That was something he talked of, nuclear stocks react. We also hear a lot about the Golden Zone. What took your attention, Anne-Marie? Yeah, the Golden Dome has been linked with this administration to Greenland. They also spoke about the fact that Canada wants to be a part of this Golden Dome.
Chapter 4: What insights does Keller Clifton provide about Zipline's growth and valuation?
This would be able to shield ballistic or cruise missiles into the United States before launch or during launch and be able to defend the United States, Canada. is important for this, and that has been one of the issues they have been pushing. The president also talked about the fact that Greenland is just important in general for national security when it comes to Russia and China.
On that front, the president did say he also will be sitting down with President Zelensky. I spoke earlier with his special envoy, Steve Wyckoff, who said he was going to Moscow tomorrow to meet with President Putin. and alongside Jared Kushner. And then also he'll be having another meeting with Ukrainians this evening.
So potentially we also are getting closer to some sort of peace agreement when it comes to Ukraine. And that is critically important for the Europeans. And I bring this up because the Europeans felt like Greenland has just been, besides an existential threat to them, a distraction for some of those really important negotiations taking place regarding the future of Ukraine.
Ruma Xamri-Horden, long days in Davos. We so appreciate it. Thank you. Now, let's return to tech and the earnings release of Netflix. You'll see that shares, they're sliding. They're down by the most in the month at the moment.
Chapter 5: How is President Trump's speech impacting European defense stocks?
The company delivering a disappointing profit forecast for the current quarter. And that's a spending is mounting. Let's get more in Bloomberg's entertainment editor, Felix Gillette. And look, the 76 cents a share for the fiscal quarter we're currently in. That forecast is below expectations. But it's Warner Brothers discovery and it's programming they spend on.
Yeah, I mean, I think investors have every reason to be concerned about spending at this point. I mean, it's not just that Netflix is pursuing the biggest acquisition in the company's history, but they're also said yesterday that they're going to be spending more in 2026 than they did in 2025 on programming, whether it's TV. series or movies. They spent about $18 billion last year.
They're going to be up to about $20 billion this year. And yeah, they have a lot going on, whether it's live sports that they're continuing to expand in. They've got this whole podcasting thing they want to do. They've been talking for a long time about trying to ramp up their video game efforts. So yeah, spending is a concern moving forward.
Felix, you'd think that the Warner Brothers discovery deal would be the be all and end all of that earnings call. But what executives are talking about with these attractive investment opportunities, which seem to suggest buying properties, you know, catalog, they've looked at Sony, for example, for movie rights.
Did we learn any more about how aggressive Netflix is going to be in acquiring more IP?
I mean, what we learned is they see the competition as being incredibly fierce out there, talking about YouTube, talking about competition from other places like Instagram, TikTok. And I think from Netflix's perspective, they can't have enough library franchises, content. They've really become this service for all different people in the family. And to do that, you've got to work on sports.
You've got to work on topical programming. You have to have dramas, comedies, boxing. So they're really advanced in all fronts. And yeah, I think they are kicking the tires on every library as it comes up. I think what they said is that with Warner Brothers' discovery, once they looked under the hood a little bit, they really liked what they saw.
And that's when they decided to move forward aggressively.
And it rather serves Netflix to be talking about competition in those fields, particularly if they want to get regulatory approval for the deal with Warner Brothers Discovery.
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Chapter 6: What are the implications of Trump's negotiations for Arctic security?
Just remind us where we are on that deal, Felix, because the 21st of January was going to be a key date.
Yeah, I mean, so Netflix came back yesterday. They amended their offer slightly. It's now an all-cash offer before it was cash and stock. And so, yeah, they're moving forward. They'll put it in front of Warner Brothers Discovery investors sometime in the spring before the annual meeting. At the same time, Paramount hasn't completely gone away.
You have David Ellison still breathing down the neck with this tender offer, still trying to keep them in play. I think Paramount, everyone's waiting to see if they'll raise their offer. In the meantime, Paramount seems to be saying, oh, well, Netflix is going to have all these regulatory issues.
To your point, that's why Netflix has had this talking point about, oh, we don't just compete with other streamers. We compete with all these tech companies and social media, all these other broader competition field. So that's been one of their big talking points.
And also, of course, that they believe suddenly in theatrical releases of movies and that they'll plan to continue to put Warner Brothers Discovery movies in theaters for the 45-day window as they are now.
Bloomberg's Felix Gillette with the Netflix breakdown. Thank you very much. Let's stick with Netflix earnings. Helena Wang, research analyst at Philips Security, says the company is, quote, in an ideal position and has an accumulate call on the stock. She joins us now. Helena, why then is Netflix in an ideal position?
What are the data points that you point us to from that earnings call and earnings print?
Hello, thank you for having me. I guess to start off, just diving straight into their financials. They have very strong financials. So they do have a beat on both the top and bottom line, and that is not just for the fourth quarter, it is also for the entire year. So overall numbers look very solid, and that is the actual organic volume coming in.
So people are actually engaging and paying for the services.
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Chapter 7: What challenges does Netflix face with its acquisition strategy?
I'm now joined by the Dutch Prime Minister Dick Schoof, an individual who's really at the center of what's going on with Greenland, as well as someone who's really important to the United States when it comes to national security regarding China. I want to start with the president's speech, though. You were one of those countries listed. Yeah. Potentially more tariffs.
The president said he's here for earnest negotiations. What did you make of his speech? Are you feeling more relaxed? Well, I think it's good that he used the word negotiations. And I think we share the common interest of the security of the Arctic. And I think we should work it out in NATO and then make sure that the national security of the United States, Canada and Europe will benefit from it.
The president also used the words, I don't want to use force, I won't use force. So when you say you're looking forward to the security of the Arctic, what kind of agreement do you think Washington can come to with continental Europe?
Well, that's difficult to say, but I think American presence, we already have a base and I think we could intensify that also with European troops and then work very closely together for the security of the Arctic and try to prevent influence from Russia and China in the Arctic. Do you think this means the trade threat is over, the higher tariff levels? Well, not yet.
And I think we have a European Council tomorrow evening. And I think we should step up and make very clear that this is unjustified. It makes no sense to use trade tariffs to achieve security goals. And we have to push back. But in the meantime, and ready to act. That's the European Union.
But at the same time, use the time in between for diplomatic efforts, because I think we should solve this diplomatically. How has Netherlands been involved in that diplomatic outreach to the Trump administration? Well, we are involved in the EU, and we are involved in a lot of ways. And, of course, the Secretary General of the NATO is also a Dutchman.
Yeah, well, we saw the leaked text.
Yeah, yeah, yeah. Are you aware of that? I mean, do you feel like if you text now a U.S. official that it might become, you know, public knowledge? Yeah, no, I don't think anybody expected that. But anyway, it happened. But I think we are involved because we always have a very strong transatlantic bond. We have a big trade relationship with the United States.
We consider the United States as a big friend of ours. But at the same time, I mean, this is not the way we have to create a friendship with import tariffs. That's very difficult. You are sounding optimistic, though, that there is an off-ramp. Do you think the European Union should use the anti-coercion rule?
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