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Tech

Trump’s Wall Street shuns tech

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Opening sequence

Tech

Trump’s Wall Street shuns tech

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Transcript

00:00:01
>> Election 2016 has been rough on Silicon Valley. Threats were made, personalities clashed. Only Peter Thiel seemed truly happy. And now a market rally has left out a group of stocks that had been darlings of investors for the past few years. The so called fang stocks, Facebook, Amazon, Netflix and Google all taking a beating.
00:00:22
Reuters correspondent Noel Randowich says blame it on Trump friendly sectors like healthcare, infrastructure and financials.>> To invest more money into those kinds of stocks you have to take money from somewhere and what's been happening is that investors have been selling stocks that they see as neutral or negative under a President Trump and using that money to put into these new plays that they're looking at.
00:00:45
>> On the campaign trial, Amazon became a favorite Trump target. He called it a monopoly. CEO Jeff Bezos notably proposed sending Trump to space. Bezos started a company that's working on that, too. But his ownership of the Washington Post, harshly critical of Trump during the campaign, seemed to be at the root of Trump's attacks.
00:01:05
Bezos has since extended an olive branch, tweeting his congratulations to the President Elect. Trump also promised to get Apple to pull production from China and bring it to the US. But perhaps the biggest threat, a pledge to bring down the H 1B Visa Program.>> Trump in the past has specifically said that, that program is unfair to American workers and he'd like to do away with it.
00:01:28
If that happens that could create serious hurdles for technology companies that rely on foreign employees for large portions of their work force is here in the Bay Area.>> If tech investors are seeking solace, there's this. Since his election, Trump has largely steered clear of deviling down on any of his campaign trail threats.
00:01:48
>>
CROSSTAL
]>> Let's go.