Figma CEO Dylan Field on Strong Earnings

**SPEAKER_2** (0:02)
Bloomberg Audio Studios, podcasts, radio, news. Bloomberg Tech is live from coast to coast, with Caroline Hyde in New York, and Ed Ludlow in San Francisco.

**Ed Ludlow** (0:22)
This is Bloomberg Tech. Coming up, President Trump says he discussed Nvidia's H200 chips with Xi Jinping. We'll break down the latest.

**Caroline Hyde** (0:31)
Plus, we speak with the CEO of Figma after its earnings results defy fears that AI would disrupt the design stack.

**Ed Ludlow** (0:38)
And our conversation with OpenAI CFO Sarah Fryer, who says the startup may raise more capital after completing its recent fundraising round. Kara has got the markets.

**Caroline Hyde** (0:48)
I have. Let's check in on them. We're currently seeing the NASDAQ 100 actually having its worst days March the 27th at the moment, Ed. We're off by 1.3%.
Look, over the course of the week, it's not nearly so ugly. We're actually earning down about a tenth of a percent. But on this day, it is the chip stocks in particular. And I'm looking at Micron on the downside. That's a key points drag. You're looking at Nvidia as well. Look, this is the day in which we digest what happened over in Beijing.

**Ed Ludlow** (1:10)
Yes, and that is reflected in semiconductors in part. So the Philadelphia Semiconductor Index, or SOX, is the main gauge of chip makers, chip equipment makers. It's down almost 4%.
You have to take into account the astonishing rally in chip stocks year to date. 70% or something prior to yesterday's close. Nvidia at one point in the session, its off-session lows was down on track for its biggest decline since February, in part, as I say, because the market's digesting what was the net outcome of the meeting between President Trump and President Xi for Nvidia and for chips. Here's President Trump talking about Nvidia's H200 chips on Air Force One earlier today.

**Donald Trump** (1:53)
As you know, Jensen was there, he's an amazing guy, a NVIDIAN, and he would be a flag. You know, they have much higher level than the H200, but the H200 is good.
China needs it. And so, yeah, it came up.

**Ed Ludlow** (2:11)
President Trump there on Air Force One. Let's get the latest with Bloomberg's Tyler Kendall, who joins us once again from Beijing.
Chips in focus for us on Bloomberg Tech, Taiwan in focus between the president and President Xi. What else do we need to take away from this historic meeting?

**Rebecca Torres** (2:31)
Well, Ed, at this point, we're actually getting some breaking news on how China views how this visit went between President Trump and Chinese President Xi Jinping. Chinese state media reporting moments ago that China feels that Taiwan is that number one issue for U.S.-China relations. Now, President Trump and US officials here on the ground maintained that the US policy regarding Taiwan has not changed, though the President Trump told Fox News earlier today that he would like to see tensions cool down, in his words, between China and Taiwan. When pressed about future US weapon sales, the president was also noncommittal as Congress waits for him to approve a $14 billion package that's been queued up. That was clearly the biggest point of contention amid a summit that was rather cordial, and both sides said that they were prioritizing stability, but we didn't really get a lot of tangibles and deliverables in terms of progress, right? We're still waiting on some key details regarding planned commitments when it comes to purchase agreements or new investment deals, though we can confirm that Boeing officials were still here on the ground in Beijing over the last few hours, meeting with Chinese officials in what was considered a positive sign for that deal. But as you mentioned there, there was a big expectation that perhaps there could be a deal when it came to NVIDIA's H200 chips. As the NVIDIA CEO, Denson Wong, was a last-minute addition to the travel here to Beijing. President Trump did confirm that they spoke about the chips, but ultimately said that China wants to develop their own, and that's why we haven't seen any purchases go through. Ed and Caroline, the president, also mentioned that the two sides did discuss the future of artificial intelligence and where we could see some collaboration in terms of guardrails related to the technology.

**Caroline Hyde** (4:18)
Bloomberg's Tyler Kendall, extraordinary work throughout the past few days over in Beijing. We so appreciate it. Look, we've got to get, therefore, the broader chip industry perspective. What does all of this mean in terms of the United States and its ability to drive up manufacturing capacity and its workforce right here? Shari Liss is with us. She's the Vice President of Global Workforce Development Initiatives at SEMI. It's a global industry association connection, professionals worldwide across the chip and electronics design and manufacturing supply chain. It is wonderful, Shari, to have you here with us.