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From the heart of where innovation, money, and power collide,

in Silicon Valley and beyond,

this is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

Thank you. technology with Caroline Hyde and Ed Ludlow.

Live from New York, I'm Caroline Hyde.

And I'm Jackie Davalas in Washington.

This is Bloomberg Technology.

Coming up, Service Now makes a nearly $3 billion AI bet in a move to buy startup Moveworks.

Plus, crypto sinks further with Bitcoin's sub-80,000 as tariff war tensions drown out Trump's pro-crypto announcements. While President Trump says he's negotiating with four different possible buyers for TikTok's

US business, and a deal could come soon.

But first, we highlight the market sell-off.

We are unwinding that AI trade once again.

When growth enthusiasm becomes fear, we're down by 3.3% on the NASDAQ 100, having its worst days, it's December the 18th. We are the lowest since September 2024. The MAG 7 sinks in particular. We're looking at 5.4% drop. Apple now sub 3.5 trillion dollars. You're looking at Nvidia well below 3 trillion. We're about 2.6 trillion dollars in terms of market capitalization.

We're off by another 5.6% as we think about what tariffs and what overall geopolitical tensions mean for this AI trade that we were so long at the beginning of this year.

Move on and even look at TSM. They come out with good numbers. Analysts like the pace of

growth in excess of 40% for the month of February in terms of sales, all eyes and whether they can

live up to their own internal guidance for their fiscal first quarter. But the AI demand still

clearly there when it comes to the making of chips, but it is dragged lower by sentiment. Let's

get to that sentiment. Bloomberg's Ryan Vestelika here, and boy, are we continuing these gyrations in the market.

Yeah, absolutely.

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