1
00:00:02,520 --> 00:00:13,440
Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live

2
00:00:13,480 --> 00:00:17,279
Speaker 1: from coast to coast with Caroline Hide in New York

3
00:00:17,560 --> 00:00:19,560
Speaker 1: and ever Low in San Francisco.

4
00:00:21,840 --> 00:00:25,000
Speaker 2: This is Bloomberg Tech coming up all eyes on apples

5
00:00:25,000 --> 00:00:28,680
Speaker 2: developer conferences. The Iphonemaker is set to unveil a revamped series.

6
00:00:29,120 --> 00:00:31,920
Speaker 2: We'll be live from Kupertino plus in video and sk

7
00:00:32,040 --> 00:00:35,280
Speaker 2: Heinez they partner up on next generation AI memory chips

8
00:00:35,400 --> 00:00:38,800
Speaker 2: with a multi year deal and SpaceX gets ready to

9
00:00:38,840 --> 00:00:39,440
Speaker 2: go public.

10
00:00:39,479 --> 00:00:40,319
Speaker 3: Will discuss what to.

11
00:00:40,280 --> 00:00:44,199
Speaker 2: Expect from this week's record breaking IPO. But at the

12
00:00:44,200 --> 00:00:46,000
Speaker 2: moment we turn our attention to what the markets are

13
00:00:46,080 --> 00:00:48,080
Speaker 2: up to and look a reprieve from the sell off

14
00:00:48,120 --> 00:00:49,320
Speaker 2: we saw on Friday.

15
00:00:49,560 --> 00:00:51,040
Speaker 3: Now we're having the best day in.

16
00:00:51,000 --> 00:00:53,640
Speaker 2: About a month for the Nastak one hundred, but remember Friday,

17
00:00:53,880 --> 00:00:56,680
Speaker 2: we had the worst day in a year for this benchmark,

18
00:00:56,680 --> 00:01:00,320
Speaker 2: as technology just saw a real sell off, anxiety that

19
00:01:00,320 --> 00:01:02,520
Speaker 2: maybe we'd run too far, too fast, particularly in the

20
00:01:02,560 --> 00:01:04,840
Speaker 2: world of hardware and chips. Well, today we've bounced back

21
00:01:04,840 --> 00:01:07,039
Speaker 2: on the socks. We're up six point four percent, but

22
00:01:07,120 --> 00:01:09,000
Speaker 2: that's just clawing back some of the losses we saw

23
00:01:09,080 --> 00:01:12,200
Speaker 2: on Friday. After its benchmark had its worst day since

24
00:01:12,400 --> 00:01:15,440
Speaker 2: twenty twenty. So maybe we get a little bit more

25
00:01:15,440 --> 00:01:17,760
Speaker 2: positive momentum, particularly as in videos been talking about and

26
00:01:17,760 --> 00:01:20,840
Speaker 2: as buying opportunity. But also we get intricate news. Look

27
00:01:20,880 --> 00:01:22,840
Speaker 2: at Intel that this is a report coming from the

28
00:01:22,880 --> 00:01:26,880
Speaker 2: information that maybe Google and others are turning to different

29
00:01:27,080 --> 00:01:30,000
Speaker 2: makers manufacturers of their chips, not just TSMC. Could we

30
00:01:30,000 --> 00:01:32,560
Speaker 2: get a big healthy order coming through from Google for

31
00:01:32,640 --> 00:01:35,360
Speaker 2: TVUS from Intel? We charge up twelve percent on that

32
00:01:35,400 --> 00:01:38,240
Speaker 2: particular reporting from the information. But look at what's happening

33
00:01:38,480 --> 00:01:41,600
Speaker 2: in terms of Apple. Look all eyes on what we're

34
00:01:41,600 --> 00:01:43,080
Speaker 2: going to get in terms of sery, what it's going

35
00:01:43,160 --> 00:01:47,520
Speaker 2: to signal to developers. We're currently up stealthily maybe fifteen

36
00:01:47,680 --> 00:01:51,400
Speaker 2: sixteen percent. Yeah, todate, it's the second best magnificent seven

37
00:01:51,760 --> 00:01:54,520
Speaker 2: performance throughout all of those stocks on the year, because

38
00:01:54,520 --> 00:01:57,040
Speaker 2: it even manages to do well when we've got anxiety

39
00:01:57,080 --> 00:01:57,680
Speaker 2: around AI.

40
00:01:58,040 --> 00:01:59,120
Speaker 3: So let's talk about what.

41
00:01:59,080 --> 00:02:01,320
Speaker 2: We therefore could see in terms of a refueling on

42
00:02:01,360 --> 00:02:04,040
Speaker 2: this stock when they start to infuse AI a little

43
00:02:04,080 --> 00:02:07,720
Speaker 2: bit better. Bloomberg Apple, and of course Consumer Tech Managing

44
00:02:07,800 --> 00:02:11,400
Speaker 2: editor Mark German is alongside our own ed Ludlower adds

45
00:02:11,400 --> 00:02:14,160
Speaker 2: over in Kubatino, we're luckily to go into La for

46
00:02:14,280 --> 00:02:16,400
Speaker 2: our man of the moment. When it comes to all

47
00:02:16,400 --> 00:02:19,640
Speaker 2: Apple reporting as well, Mark Gum and we start with you. Look,

48
00:02:19,800 --> 00:02:21,960
Speaker 2: you've been reporting intricately on what we're going to be

49
00:02:22,000 --> 00:02:23,280
Speaker 2: getting in terms of Siri.

50
00:02:23,680 --> 00:02:26,000
Speaker 3: Is it going to live up to the hype?

51
00:02:26,320 --> 00:02:29,280
Speaker 4: I think if you look at the features from AI

52
00:02:29,440 --> 00:02:33,079
Speaker 4: standpoint on Apple devices right now, you basically have two

53
00:02:33,120 --> 00:02:35,760
Speaker 4: subsets of features. You have Apple Intelligence, which are the

54
00:02:35,800 --> 00:02:39,200
Speaker 4: on device models, the cloud models, things like writing tools,

55
00:02:39,240 --> 00:02:42,160
Speaker 4: things like more advanced notifications, and then you have Siri.

56
00:02:42,680 --> 00:02:46,280
Speaker 4: I would say both of those buckets are subpar compared

57
00:02:46,320 --> 00:02:50,480
Speaker 4: to the competition. After today, you're going from subpar and

58
00:02:50,520 --> 00:02:54,040
Speaker 4: you're going to be upgrading to pretty adequate, right And

59
00:02:54,120 --> 00:02:57,720
Speaker 4: so I think this new Sery will be extremely effective

60
00:02:57,919 --> 00:03:02,359
Speaker 4: and enjoyable and useful for mass consumers. And I think

61
00:03:02,400 --> 00:03:04,400
Speaker 4: that will put a little bit of pressure and threat

62
00:03:04,680 --> 00:03:08,079
Speaker 4: on the chat gbts, the Geminis, the anthropics of the world.

63
00:03:08,160 --> 00:03:11,560
Speaker 4: But in terms of game changing innovation, whiz bang new

64
00:03:11,600 --> 00:03:14,359
Speaker 4: AI features, you're not going to see that. You're going

65
00:03:14,400 --> 00:03:19,040
Speaker 4: to see a breakthrough new Siri interface, A Serri app,

66
00:03:19,160 --> 00:03:24,200
Speaker 4: Serie evolving into a chatbot, Siri working really effectively for

67
00:03:24,240 --> 00:03:27,400
Speaker 4: the first time in fifteen years, using those underlying models

68
00:03:27,400 --> 00:03:30,639
Speaker 4: from Gemini. So I think overall, Apple has a very

69
00:03:30,680 --> 00:03:33,440
Speaker 4: positive story to tell on Siri. And then on the

70
00:03:33,480 --> 00:03:37,240
Speaker 4: Apple Intelligence front, the non serie AI features, there's a

71
00:03:37,240 --> 00:03:40,680
Speaker 4: lot of good stuff, things for photo editing. You're also

72
00:03:40,720 --> 00:03:44,000
Speaker 4: going to see some improvements across iOS and new customizable

73
00:03:44,080 --> 00:03:46,680
Speaker 4: camera app. So I think a lot of nice refinements.

74
00:03:46,720 --> 00:03:49,680
Speaker 4: And then the last thing, I'll say, a lot of

75
00:03:49,680 --> 00:03:53,440
Speaker 4: people have been asking for major performance and quality improvements.

76
00:03:54,000 --> 00:03:56,800
Speaker 4: Stop throwing a thousand new features at us every year,

77
00:03:57,120 --> 00:03:59,520
Speaker 4: take a step back and make sure everything you've done

78
00:03:59,520 --> 00:04:02,240
Speaker 4: over the last ten years works well. And so they're

79
00:04:02,240 --> 00:04:03,720
Speaker 4: doing that this year as well.

80
00:04:06,240 --> 00:04:08,360
Speaker 5: The headline mark's going to be the standalone app right

81
00:04:08,400 --> 00:04:11,160
Speaker 5: where Siri goes from a place where you have a

82
00:04:11,200 --> 00:04:14,680
Speaker 5: feature a single voice command gives a single result to

83
00:04:14,760 --> 00:04:18,000
Speaker 5: a multi step task within an app that will follow

84
00:04:18,040 --> 00:04:22,000
Speaker 5: you from iOS to mac os, etc. Give us the

85
00:04:22,040 --> 00:04:25,200
Speaker 5: specifics that you've been reporting on how this revamp Seri

86
00:04:25,320 --> 00:04:27,200
Speaker 5: will work in practice.

87
00:04:27,440 --> 00:04:29,559
Speaker 4: Yeah, I mean, I think more broadly, it's Siri moving

88
00:04:29,560 --> 00:04:32,040
Speaker 4: from a voice assistant where you can ask it questions

89
00:04:32,240 --> 00:04:34,760
Speaker 4: and get an answer to being an always on copilot

90
00:04:34,800 --> 00:04:37,280
Speaker 4: to help you get things done throughout your day. I

91
00:04:37,279 --> 00:04:42,039
Speaker 4: can say things like write an email to add about

92
00:04:42,080 --> 00:04:45,919
Speaker 4: my upcoming schedule and bring over the notes that I've

93
00:04:45,960 --> 00:04:49,120
Speaker 4: taken about our meeting that I want to discuss at

94
00:04:49,120 --> 00:04:52,760
Speaker 4: our in person meeting, and also search the web for

95
00:04:53,000 --> 00:04:57,640
Speaker 4: more in depth details on potential TV wardrobes or specific

96
00:04:57,680 --> 00:05:00,560
Speaker 4: topic and throw that into the email as well summarize

97
00:05:00,600 --> 00:05:05,120
Speaker 4: those details. So multi step queries, pulling information from across

98
00:05:05,200 --> 00:05:09,880
Speaker 4: your own data and the web, and also using context

99
00:05:09,880 --> 00:05:13,120
Speaker 4: from what's on your screen, being able to work across

100
00:05:13,160 --> 00:05:17,760
Speaker 4: your applications, across first party third party apps and your services,

101
00:05:18,680 --> 00:05:21,280
Speaker 4: and it's going to be pretty broad in its functionality

102
00:05:21,440 --> 00:05:24,800
Speaker 4: using those Gemini models. The other thing they're doing is

103
00:05:24,839 --> 00:05:29,160
Speaker 4: they're launching a perplexity competitor chat GPT web search competitor.

104
00:05:29,279 --> 00:05:32,400
Speaker 4: So right now, when you ask things to Siri, if

105
00:05:32,400 --> 00:05:35,240
Speaker 4: it doesn't know the answer, it'll throw you to Google Search,

106
00:05:35,520 --> 00:05:39,080
Speaker 4: or it'll throw you to a chat GPT search. Now

107
00:05:39,120 --> 00:05:43,119
Speaker 4: they have an in house aipowered web search engine within Siri,

108
00:05:43,960 --> 00:05:47,120
Speaker 4: and so basically it's everything they've promised everything people have

109
00:05:47,200 --> 00:05:50,080
Speaker 4: asked for and a little bit more on top. So

110
00:05:50,160 --> 00:05:53,120
Speaker 4: I think this new sery, if it works, which I

111
00:05:53,160 --> 00:05:55,599
Speaker 4: think it will for the most part, is going to

112
00:05:55,600 --> 00:05:57,320
Speaker 4: be a success story for them.

113
00:05:59,400 --> 00:06:02,279
Speaker 5: My interact with Bloombo's Mark German are about to get

114
00:06:02,320 --> 00:06:06,880
Speaker 5: a whole more exciting. Digitally speaking, bluebos Mark German leads

115
00:06:06,880 --> 00:06:11,520
Speaker 5: our coverage of Apple and also consumer technology. Let's go deeper.

116
00:06:11,760 --> 00:06:15,039
Speaker 5: Let's ask what happens next with Caroline a millionacy president,

117
00:06:15,120 --> 00:06:18,320
Speaker 5: principle analyst with creative strategies, and let's start with the

118
00:06:18,360 --> 00:06:21,479
Speaker 5: idea that if we get this the standalone serie app

119
00:06:21,600 --> 00:06:26,159
Speaker 5: that Mark's reported on is whether it's it's as simple

120
00:06:26,200 --> 00:06:30,280
Speaker 5: as displacing an iOS user's use of Chatch, GPT or

121
00:06:30,360 --> 00:06:34,040
Speaker 5: claud as an app within their phone. You see that happening.

122
00:06:34,920 --> 00:06:38,360
Speaker 6: I think it's all about the value that is pertinent

123
00:06:38,480 --> 00:06:40,880
Speaker 6: to me as a consumer, and so I think what

124
00:06:41,040 --> 00:06:44,360
Speaker 6: the app does, as Apple is so focused on devices,

125
00:06:44,440 --> 00:06:48,279
Speaker 6: allow me to take the experience I have with see

126
00:06:48,640 --> 00:06:51,920
Speaker 6: across the multiple devices that I have. And Apple is

127
00:06:52,000 --> 00:06:54,200
Speaker 6: quite unique because at the end of the day, they

128
00:06:54,200 --> 00:06:58,679
Speaker 6: are the manufacturer that has consumers that own so many

129
00:06:58,920 --> 00:07:03,280
Speaker 6: different devices. So they must be catering very carefully to that.

130
00:07:03,720 --> 00:07:05,919
Speaker 6: I don't want to feel like I'm getting a different

131
00:07:06,600 --> 00:07:09,840
Speaker 6: experience depending on which Apple device I'm on. But I

132
00:07:09,920 --> 00:07:13,480
Speaker 6: do think that what Mark was saying about where Apple

133
00:07:13,520 --> 00:07:17,320
Speaker 6: intelligence is today also matters a lot for Apple. And

134
00:07:17,360 --> 00:07:22,520
Speaker 6: it's different than what Claude or chat GPT are doing

135
00:07:22,520 --> 00:07:26,520
Speaker 6: today because is it really embedded in the devices and

136
00:07:26,720 --> 00:07:29,640
Speaker 6: we need to remember what Apple sells is devices.

137
00:07:30,360 --> 00:07:32,720
Speaker 5: I wrote about that today in the Tech in depth

138
00:07:33,280 --> 00:07:36,960
Speaker 5: about this idea that whatever's going on with the smartphone market,

139
00:07:37,320 --> 00:07:40,800
Speaker 5: even if Apple absolutely nails this, it won't change the

140
00:07:40,840 --> 00:07:44,559
Speaker 5: situation this year. Memory pricing is basically Android that's weighing

141
00:07:44,560 --> 00:07:47,640
Speaker 5: on the smartphone market anyway. But there is this idea

142
00:07:48,160 --> 00:07:52,040
Speaker 5: that the next phase of Siri follows me in the

143
00:07:52,080 --> 00:07:56,160
Speaker 5: installed device space, from my coos to my macOS. How

144
00:07:56,200 --> 00:07:57,000
Speaker 5: important is that?

145
00:07:57,360 --> 00:07:59,600
Speaker 6: It's very important because I think that is what is

146
00:07:59,640 --> 00:08:03,080
Speaker 6: going to be physically lock customers in. And I know

147
00:08:03,160 --> 00:08:05,000
Speaker 6: that there's always a bit of a cringe when we

148
00:08:05,080 --> 00:08:08,520
Speaker 6: say lock because when we think about regulators and so

149
00:08:08,760 --> 00:08:10,800
Speaker 6: we'll be interesting to see what happens to see her

150
00:08:10,840 --> 00:08:14,520
Speaker 6: in Europe as a point as a thought, but I

151
00:08:14,600 --> 00:08:18,560
Speaker 6: do think that having the ability to have my experience

152
00:08:18,720 --> 00:08:22,280
Speaker 6: carry across all my devices is what consumers at the

153
00:08:22,360 --> 00:08:25,320
Speaker 6: end of the day one, because that's the true value.

154
00:08:26,000 --> 00:08:30,160
Speaker 5: The next phase of Siri also longer term, either does

155
00:08:30,280 --> 00:08:35,400
Speaker 5: or doesn't drive switches. So one thing that people keep

156
00:08:35,400 --> 00:08:39,000
Speaker 5: saying to me is there's a lack of education about

157
00:08:39,040 --> 00:08:42,440
Speaker 5: how an everyday person might use Siri anyway. You know,

158
00:08:42,480 --> 00:08:44,880
Speaker 5: they might be an Android user and say, okay, wow,

159
00:08:44,960 --> 00:08:47,640
Speaker 5: I like the look of Siri, but what do you

160
00:08:47,760 --> 00:08:48,760
Speaker 5: see out in the world.

161
00:08:49,480 --> 00:08:53,400
Speaker 6: I really struggle to think our AI as a as

162
00:08:53,440 --> 00:08:59,600
Speaker 6: a switcher mechanism because people are still lockingto an ecosystem,

163
00:09:00,360 --> 00:09:02,680
Speaker 6: and I think that if you're looking at the models

164
00:09:03,400 --> 00:09:05,480
Speaker 6: one week, one is ahead and the other one the

165
00:09:05,520 --> 00:09:09,400
Speaker 6: following week, it's pretty much parity, and it will boil

166
00:09:09,480 --> 00:09:13,120
Speaker 6: down to how does it show up within the device.

167
00:09:13,960 --> 00:09:17,760
Speaker 6: Apple has always been really careful of putting attention where

168
00:09:18,400 --> 00:09:23,920
Speaker 6: a mass market and consumer understanding. So Mark mentioned camera. Absolutely,

169
00:09:23,960 --> 00:09:27,720
Speaker 6: I'm expecting intelligence to continue to show up in a

170
00:09:27,760 --> 00:09:30,240
Speaker 6: way that makes the difference to a consumer of it

171
00:09:30,320 --> 00:09:33,240
Speaker 6: just wants to take a great picture. It's simple, but

172
00:09:33,559 --> 00:09:37,160
Speaker 6: it delivers versus trying to be too focus on the

173
00:09:37,200 --> 00:09:40,000
Speaker 6: productivity side of things and the enterprise.

174
00:09:40,400 --> 00:09:42,520
Speaker 5: Apple shares up two and a half percent in the

175
00:09:42,600 --> 00:09:47,559
Speaker 5: moment and are very close to overtaking Alphabet, the parent

176
00:09:47,600 --> 00:09:51,000
Speaker 5: of Google, is the best performing mag seven stock this year.

177
00:09:52,200 --> 00:09:54,080
Speaker 5: The company has been given sort of the benefit of

178
00:09:54,080 --> 00:09:56,920
Speaker 5: the doubt, been called AI adjacent, given a lot of

179
00:09:56,960 --> 00:09:59,640
Speaker 5: credit for not spending tens of billions of dollars on

180
00:09:59,679 --> 00:10:04,439
Speaker 5: develop AI. But from your perspective and creative strategies perspective,

181
00:10:04,880 --> 00:10:07,880
Speaker 5: how much pressure is there on Apple that Siri has

182
00:10:07,960 --> 00:10:09,360
Speaker 5: to be right this time around?

183
00:10:10,480 --> 00:10:12,920
Speaker 6: You know last year this time last year we were

184
00:10:12,960 --> 00:10:15,800
Speaker 6: talking about with consumers are not walking into a store

185
00:10:15,880 --> 00:10:19,360
Speaker 6: to asking for AI. I think it's still like that,

186
00:10:19,520 --> 00:10:24,000
Speaker 6: but consumers are already placing their preference in what chatbot agent,

187
00:10:24,080 --> 00:10:26,760
Speaker 6: whatever you want to call it, they use every day.

188
00:10:26,840 --> 00:10:30,960
Speaker 6: So there's definitely more pressure on Apple to deliver something

189
00:10:31,080 --> 00:10:35,840
Speaker 6: that is comparable to chat, ubt or cloud.

190
00:10:36,440 --> 00:10:37,880
Speaker 5: And in a year's time, you and I can sit

191
00:10:37,920 --> 00:10:40,600
Speaker 5: down again and ask whether a multi step task version

192
00:10:40,600 --> 00:10:43,679
Speaker 5: of Siri that has a agentic capability moves lead or

193
00:10:43,760 --> 00:10:46,400
Speaker 5: Caroline and mis and ac mil a AC principle. Analyst,

194
00:10:46,600 --> 00:10:51,080
Speaker 5: President of Creative strategies, has such grasp on what's happening

195
00:10:51,080 --> 00:10:52,160
Speaker 5: in consumer technology.

196
00:10:52,200 --> 00:10:55,480
Speaker 2: Character she so does the perfect person to have out

197
00:10:55,760 --> 00:10:57,839
Speaker 2: with you and Cooper Tino. Meanwhile, we got so much

198
00:10:57,880 --> 00:10:59,640
Speaker 2: more to come on the show and in video it

199
00:10:59,720 --> 00:11:03,719
Speaker 2: is back sk Heinex's next chapter. Two companies strike a

200
00:11:03,840 --> 00:11:06,760
Speaker 2: multi year deal to build the future of AI memory.

201
00:11:06,960 --> 00:11:08,480
Speaker 3: More on that next, more on what these.

202
00:11:08,320 --> 00:11:11,640
Speaker 2: Markets are up to look Jensen warn himself saying, maybe

203
00:11:11,640 --> 00:11:13,559
Speaker 2: you should start buying the dip. Well, we're up two

204
00:11:13,559 --> 00:11:15,160
Speaker 2: and a half percent if people buy the Dipper, the.

205
00:11:15,160 --> 00:11:15,959
Speaker 3: NASA one hundred.

206
00:11:15,960 --> 00:11:17,640
Speaker 2: We sort of hard the worst day in a year

207
00:11:17,679 --> 00:11:19,680
Speaker 2: on Friday today the best day in a month.

208
00:11:20,080 --> 00:11:30,560
Speaker 3: This is a prem bag tech in Video and sk Heinex.

209
00:11:30,120 --> 00:11:33,400
Speaker 2: They are partnering on next generation AI memory chips. They're

210
00:11:33,440 --> 00:11:36,240
Speaker 2: deepening ties, as is the South Korean chip maker really

211
00:11:36,280 --> 00:11:39,480
Speaker 2: is battling with Well Samsung in its home market in

212
00:11:39,520 --> 00:11:42,400
Speaker 2: this booming memory focus. Now the companies have signed a

213
00:11:42,480 --> 00:11:45,560
Speaker 2: multi year deal spanning chip design and manufacturing for more

214
00:11:45,679 --> 00:11:48,840
Speaker 2: prenom Vexine King, who covers all things semiconductors, joins us.

215
00:11:48,920 --> 00:11:50,520
Speaker 2: And it was just a few days ago that we

216
00:11:50,640 --> 00:11:54,280
Speaker 2: know that well Micron alongside Samsung and sk Heinix are

217
00:11:54,320 --> 00:11:57,080
Speaker 2: going to be there for Verra Rubin, But what is

218
00:11:57,120 --> 00:11:59,640
Speaker 2: this deepening relationship with SKHINEX mean.

219
00:12:00,679 --> 00:12:03,640
Speaker 7: I mean from a technical perspective, the way that memory

220
00:12:03,679 --> 00:12:07,160
Speaker 7: interacts with these processes that in video makes is becoming

221
00:12:07,200 --> 00:12:11,680
Speaker 7: increasingly important. If you want performance to improve, then that interface,

222
00:12:11,760 --> 00:12:14,440
Speaker 7: that way that that information gets conveyed has to get

223
00:12:14,480 --> 00:12:17,160
Speaker 7: better at the rate at which the processor gets better.

224
00:12:17,480 --> 00:12:19,959
Speaker 7: So it makes sense that they'll start talking to each

225
00:12:20,000 --> 00:12:22,640
Speaker 7: other at an early point on the technical side of things.

226
00:12:22,640 --> 00:12:24,960
Speaker 7: And that's what we think is going on in terms

227
00:12:24,960 --> 00:12:28,520
Speaker 7: of the technology. There's also strategic moves and tactical moves

228
00:12:28,600 --> 00:12:29,800
Speaker 7: going on with the companies.

229
00:12:30,320 --> 00:12:33,960
Speaker 2: Tactical moves now, there's moves in the market more broadly

230
00:12:34,000 --> 00:12:36,040
Speaker 2: when you look at the run up that we saw

231
00:12:36,320 --> 00:12:38,360
Speaker 2: after a sell off on Friday, but in particular I'm

232
00:12:38,400 --> 00:12:40,439
Speaker 2: looking at Intel today in now it seems as though

233
00:12:40,440 --> 00:12:42,480
Speaker 2: there's a reporting coming out of the information that maybe

234
00:12:42,480 --> 00:12:45,280
Speaker 2: Intel could be a manufacturer of choice going forward for TPUs,

235
00:12:45,320 --> 00:12:49,120
Speaker 2: for alphabets, chips. How much are we seeing these companies

236
00:12:49,200 --> 00:12:53,840
Speaker 2: just having to rely on other manufacturing partners in TSMC, Yeah.

237
00:12:53,720 --> 00:12:56,599
Speaker 7: I mean, as we reported last week, you'll remember de

238
00:12:56,679 --> 00:13:00,120
Speaker 7: Wi Wooh's story that TSMC is doing its best to

239
00:13:00,440 --> 00:13:02,800
Speaker 7: add as much capacity as it possibly can, but really

240
00:13:02,880 --> 00:13:06,440
Speaker 7: isn't keeping up with the booming demand on the leading edge.

241
00:13:06,480 --> 00:13:09,800
Speaker 7: So of course, if you're Google, if you're anybody, you're

242
00:13:10,160 --> 00:13:13,439
Speaker 7: you're looking at potential alternatives. Intel has said, hey, we're

243
00:13:13,440 --> 00:13:15,760
Speaker 7: going to be great again. We're going to have manufacturing

244
00:13:15,800 --> 00:13:18,760
Speaker 7: capacity for everybody. We haven't seen anybody actually commit to

245
00:13:18,880 --> 00:13:21,640
Speaker 7: using it yet, but clearly you're going to look at

246
00:13:21,679 --> 00:13:23,439
Speaker 7: Samsung and you're going to look at Intel as your

247
00:13:23,480 --> 00:13:27,160
Speaker 7: next best choices after TSMC. Those two companies really have

248
00:13:27,240 --> 00:13:29,720
Speaker 7: to step up. Intel has said, look, as this year

249
00:13:29,760 --> 00:13:33,040
Speaker 7: goes on, you'll start to see customers emerge. You'll start

250
00:13:33,080 --> 00:13:36,280
Speaker 7: to see that business pick up. So far, though, it's

251
00:13:36,320 --> 00:13:37,040
Speaker 7: really struggling.

252
00:13:37,160 --> 00:13:38,640
Speaker 2: Take us back to Samsung, how much of it is

253
00:13:38,679 --> 00:13:41,520
Speaker 2: a headache? If it feels though Jensen is sort of

254
00:13:41,559 --> 00:13:43,320
Speaker 2: anointing sk Heinex in this way.

255
00:13:44,200 --> 00:13:45,920
Speaker 7: Well, there are a couple of things. I mean, Samsung

256
00:13:46,040 --> 00:13:49,640
Speaker 7: is the largest memory chip maker, They've always dominated this market,

257
00:13:49,720 --> 00:13:53,200
Speaker 7: they have the largest capacity. But Skhynix was smart in

258
00:13:53,320 --> 00:13:56,800
Speaker 7: terms of their early shift towards focusing on this market

259
00:13:56,800 --> 00:14:00,160
Speaker 7: on AI basically related memory, and so therefore it make

260
00:14:00,280 --> 00:14:02,679
Speaker 7: sense for Jensen to kind of bat his eyelids at

261
00:14:02,760 --> 00:14:06,320
Speaker 7: SKA to get them to continue to sort of advance

262
00:14:06,360 --> 00:14:09,440
Speaker 7: the art and to force some song to respond to

263
00:14:09,520 --> 00:14:12,400
Speaker 7: that and to bring in that capacity. So for him,

264
00:14:12,600 --> 00:14:15,120
Speaker 7: having these guys competing with each other to sort of

265
00:14:15,160 --> 00:14:17,600
Speaker 7: keep him happy is a really good way to sort

266
00:14:17,600 --> 00:14:19,920
Speaker 7: of move the market forward and keep everybody focused on

267
00:14:19,960 --> 00:14:21,720
Speaker 7: the capabilities that his chips can bring.

268
00:14:22,000 --> 00:14:24,480
Speaker 2: Batting his eyelids, You've always got the best terms of phrase,

269
00:14:24,520 --> 00:14:27,840
Speaker 2: Ian King, Thank you so much. Meanwhile, let's stay in

270
00:14:27,880 --> 00:14:30,440
Speaker 2: South Korea. Intent to today's big number. It's more than

271
00:14:30,480 --> 00:14:32,680
Speaker 2: three hundred and fifty billion dollars. That's how much market

272
00:14:32,760 --> 00:14:35,480
Speaker 2: value was actually wiped out from the Cosby over in

273
00:14:35,520 --> 00:14:38,640
Speaker 2: South Korea amid a brutal sell off. Investors already on

274
00:14:38,800 --> 00:14:41,280
Speaker 2: edge ahead of South Korea's Monday open, but the scale

275
00:14:41,360 --> 00:14:43,720
Speaker 2: of that sell off that we've just seen shocked many

276
00:14:44,040 --> 00:14:46,760
Speaker 2: Cosby a plunge nearly nine percent within minutes. It triggered

277
00:14:46,800 --> 00:14:50,480
Speaker 2: circuit breakers. Volatility surged across the market all about after,

278
00:14:50,520 --> 00:14:53,120
Speaker 2: of course, Friday's tech route in the US and.

279
00:14:53,040 --> 00:14:56,080
Speaker 3: A forty two percent collapse in a triple.

280
00:14:55,840 --> 00:14:59,280
Speaker 2: Leverage career, etf fears of a deeper down term they

281
00:14:59,280 --> 00:15:02,600
Speaker 2: were spreading far. We'll return to that story in a moment.

282
00:15:02,640 --> 00:15:04,920
Speaker 2: But another story we're watching is Son might win freed.

283
00:15:05,240 --> 00:15:08,400
Speaker 2: He's taking his bed for freedom directly to the White House.

284
00:15:08,400 --> 00:15:11,440
Speaker 2: Do you remember him, the FTX co founder formally applied

285
00:15:11,440 --> 00:15:14,240
Speaker 2: for a presidential pardon more than two years after being

286
00:15:14,240 --> 00:15:17,320
Speaker 2: convicted any multi billion dollar collapse of his crypto empire.

287
00:15:17,640 --> 00:15:20,960
Speaker 2: For more, Bloomberg's Aberbanni Morrison joins us. Now he's meant

288
00:15:20,960 --> 00:15:22,400
Speaker 2: to be in prison for a long time.

289
00:15:23,080 --> 00:15:25,520
Speaker 8: Yes, he was sentenced to twenty five years in prison.

290
00:15:25,680 --> 00:15:28,360
Speaker 8: But over the past eighteen months or so, we've seen

291
00:15:28,440 --> 00:15:31,960
Speaker 8: him launch this pretty aggressive campaign to reshape his public

292
00:15:32,000 --> 00:15:35,320
Speaker 8: image and to get in the good graces of the president.

293
00:15:35,680 --> 00:15:39,280
Speaker 8: He's been using a social media platform interviews with conservative

294
00:15:39,320 --> 00:15:42,480
Speaker 8: media outlets to really push his arguments for why he

295
00:15:42,560 --> 00:15:46,880
Speaker 8: deserves clemency and say things that are favorable to the president.

296
00:15:47,400 --> 00:15:50,640
Speaker 2: Okay, what therefore could be landing if a tool We've

297
00:15:50,640 --> 00:15:54,520
Speaker 2: heard any discussion around the White House administration that it

298
00:15:54,680 --> 00:15:57,200
Speaker 2: might be allowing SBF to do that, Well, it was

299
00:15:57,240 --> 00:15:58,040
Speaker 2: quite the opposite.

300
00:15:58,440 --> 00:16:00,400
Speaker 8: The President said in an interview with The New Times

301
00:16:00,440 --> 00:16:04,359
Speaker 8: in January that he had no plans to pardon SBF.

302
00:16:04,800 --> 00:16:08,400
Speaker 8: Yet SBF has a bitted an application anyway. And I

303
00:16:08,440 --> 00:16:13,800
Speaker 8: think a lot of people are getting inspiration from Trump's embrace.

304
00:16:13,440 --> 00:16:14,720
Speaker 3: Of his clemency authority.

305
00:16:14,800 --> 00:16:18,600
Speaker 8: So he's issued more than sixteen hundred grants of clemency

306
00:16:18,680 --> 00:16:22,960
Speaker 8: since the start of his second terms, and sixteen hundred

307
00:16:23,000 --> 00:16:25,640
Speaker 8: to thright. And many of those are white collar defendants

308
00:16:25,960 --> 00:16:29,080
Speaker 8: and figures in the crypto industry like Sam Bankman Freed.

309
00:16:29,800 --> 00:16:30,880
Speaker 3: And some of those are going.

310
00:16:30,680 --> 00:16:33,800
Speaker 8: Through the formal channels through the Department of Justice, but

311
00:16:33,920 --> 00:16:37,600
Speaker 8: others are going through less traditional channels, hiring lawyers and

312
00:16:37,600 --> 00:16:40,800
Speaker 8: lobbyists and consultants who have ties to Trump's inner circle

313
00:16:41,040 --> 00:16:43,560
Speaker 8: to try and get their cases heard and in front

314
00:16:43,600 --> 00:16:45,640
Speaker 8: of the White House. So what we're seeing with Sam,

315
00:16:46,080 --> 00:16:49,479
Speaker 8: he's making these arguments, pointing out the sense of injustice

316
00:16:49,480 --> 00:16:52,720
Speaker 8: he feels, but also trying to remake his.

317
00:16:52,720 --> 00:16:53,840
Speaker 3: Public image a little bit.

318
00:16:54,240 --> 00:16:56,480
Speaker 2: We'll see how this one rings out in the White

319
00:16:56,480 --> 00:16:58,160
Speaker 2: House today. We thank you very much, indeed, but he

320
00:16:58,240 --> 00:17:01,440
Speaker 2: makes Evbany Morrison on all things, Sam aguan Fried look

321
00:17:01,960 --> 00:17:04,880
Speaker 2: Aside from FTX, let's look at what shares a Bitcoin

322
00:17:04,880 --> 00:17:06,679
Speaker 2: are up to at the moment. Because crypto has been

323
00:17:06,760 --> 00:17:08,159
Speaker 2: in the eye of the storm in terms of the

324
00:17:08,200 --> 00:17:10,800
Speaker 2: sell off look risk aversion pervaded it back at the

325
00:17:10,880 --> 00:17:13,359
Speaker 2: end of last week. There was also force selling pressure

326
00:17:13,359 --> 00:17:16,000
Speaker 2: that was perhaps being built by Michael Sailor, and of

327
00:17:16,040 --> 00:17:18,680
Speaker 2: course the fact that his own focus had perhaps been

328
00:17:18,680 --> 00:17:22,560
Speaker 2: to start selling bitcoin. Many had always thought that his DAT,

329
00:17:22,640 --> 00:17:24,440
Speaker 2: his digital asset treasury, would.

330
00:17:24,320 --> 00:17:25,280
Speaker 3: Keep on buying bitcoin.

331
00:17:25,320 --> 00:17:28,120
Speaker 2: But they are back buying today and that's giving some

332
00:17:28,200 --> 00:17:30,000
Speaker 2: confidence back to the market. We're up three and a

333
00:17:30,040 --> 00:17:32,600
Speaker 2: half percent as we see strategy that artist formerly known

334
00:17:32,600 --> 00:17:36,600
Speaker 2: as MicroStrategy back buying. Now coming up, we'll discuss what

335
00:17:36,680 --> 00:17:41,080
Speaker 2: we expect from SpaceX is Astronomical IPO SLAD this week.

336
00:17:41,640 --> 00:17:42,760
Speaker 3: This is Bloomberg.

337
00:17:42,359 --> 00:17:56,920
Speaker 5: Techs Elon Musk wants to build the infrastructure for AI

338
00:17:57,440 --> 00:17:59,920
Speaker 5: in space and he's asking investors to help pay for

339
00:18:00,680 --> 00:18:04,280
Speaker 5: the rocket, satellite and now AI company wants to raise

340
00:18:04,320 --> 00:18:06,800
Speaker 5: around seventy five billion dollars in what will be the

341
00:18:06,920 --> 00:18:08,360
Speaker 5: largest IPO in history.

342
00:18:08,520 --> 00:18:13,560
Speaker 9: Spacexs are is probably our greatest commercial space company hands down.

343
00:18:13,640 --> 00:18:16,680
Speaker 10: It will enable the next iteration of what we want

344
00:18:16,720 --> 00:18:19,680
Speaker 10: to see as the space industry continues to grow.

345
00:18:19,920 --> 00:18:22,960
Speaker 5: This isn't just a space story anymore. After folding in

346
00:18:23,080 --> 00:18:28,040
Speaker 5: Musk's AI startup Xai earlier this year, investors buying into

347
00:18:28,080 --> 00:18:31,840
Speaker 5: SpaceX are also buying into the future potential of grock

348
00:18:31,960 --> 00:18:36,320
Speaker 5: AI models and Musk's vision for massive computing infrastructure. That

349
00:18:36,440 --> 00:18:39,720
Speaker 5: ambition comes with a hefty price tag. New filing shows

350
00:18:39,720 --> 00:18:43,600
Speaker 5: SpaceX's AI business, as in XAI, lost nearly six billion

351
00:18:43,640 --> 00:18:46,320
Speaker 5: dollars last year and billions at the start of this

352
00:18:46,440 --> 00:18:50,119
Speaker 5: year as money poured into computing power and infrastructure to

353
00:18:50,160 --> 00:18:55,040
Speaker 5: compete with Open AI and Anthropic. Still, SpaceX has major advantages.

354
00:18:55,119 --> 00:18:58,600
Speaker 5: Starlink has become a powerful cash generator through its satellite

355
00:18:58,600 --> 00:19:03,040
Speaker 5: internet business, while the copani's launch operations continue to secure

356
00:19:03,040 --> 00:19:05,560
Speaker 5: billions in government and private contracts.

357
00:19:05,880 --> 00:19:09,920
Speaker 11: What people need to realize about this company is it's

358
00:19:10,080 --> 00:19:12,879
Speaker 11: the It isn't just a little bit of ahead of

359
00:19:12,880 --> 00:19:16,000
Speaker 11: the entire launch industry on planet Earth. It's orders of

360
00:19:16,040 --> 00:19:17,240
Speaker 11: magnitude ahead.

361
00:19:17,040 --> 00:19:20,639
Speaker 5: And now Wall Street once in Goldman, Sachs, Morgan, Stanley

362
00:19:20,640 --> 00:19:23,760
Speaker 5: and JP Morgan leading more than twenty banks working on

363
00:19:23,800 --> 00:19:27,560
Speaker 5: the offering, and Musk negotiated record low fees, But the

364
00:19:27,600 --> 00:19:32,480
Speaker 5: IPO also raises big questions like whether investors are comfortable

365
00:19:32,480 --> 00:19:35,639
Speaker 5: bedding not just on must original vision, but making humanity

366
00:19:35,720 --> 00:19:39,359
Speaker 5: a multiplanetary species and getting to Mars, but on a

367
00:19:39,440 --> 00:19:44,560
Speaker 5: future combining rockets, AI, and social media into one sprawling empire.

368
00:19:44,920 --> 00:19:47,880
Speaker 11: And so what we're buying is the next you know,

369
00:19:48,280 --> 00:19:52,040
Speaker 11: the global economy, you know, two doto and three dot

370
00:19:52,080 --> 00:19:54,879
Speaker 11: zero as we look at buying into into SpaceX.

371
00:19:55,200 --> 00:19:58,600
Speaker 5: If that happens, SpaceX could redefine what the modern public

372
00:19:58,600 --> 00:20:01,159
Speaker 5: company looks like on Earth and in space.

373
00:20:02,320 --> 00:20:04,720
Speaker 2: Let's get more what to expect this week with Bloomberg's

374
00:20:04,720 --> 00:20:07,560
Speaker 2: IPA reporter Bailey Lipschualtz, who might already feel a bit

375
00:20:07,600 --> 00:20:10,080
Speaker 2: exhausted to be honest, And every Thursday is sort of

376
00:20:10,119 --> 00:20:12,560
Speaker 2: when we understand its technical kind of price. Fridays when

377
00:20:12,560 --> 00:20:14,480
Speaker 2: it's going to trade. Is there a sense of the

378
00:20:14,520 --> 00:20:16,000
Speaker 2: amount of demand for this right now?

379
00:20:16,040 --> 00:20:18,439
Speaker 9: We already reported on Friday it was oversubscribed. What that

380
00:20:18,480 --> 00:20:21,919
Speaker 9: really just means is they've already corralled more than seventy

381
00:20:21,920 --> 00:20:23,080
Speaker 9: five billion dollars of orders.

382
00:20:23,160 --> 00:20:25,280
Speaker 3: So kind of mixed feelings.

383
00:20:25,320 --> 00:20:27,080
Speaker 9: I talk to some people and they say, well, that's

384
00:20:27,119 --> 00:20:29,359
Speaker 9: obvious these Normally this is a deal, they kind of

385
00:20:29,359 --> 00:20:32,400
Speaker 9: comes together quite quickly. Skeptics are like, well, why isn't

386
00:20:32,400 --> 00:20:34,520
Speaker 9: it three or four times over subscribe already? That's where

387
00:20:34,520 --> 00:20:36,160
Speaker 9: a normal deal would be. You got to keep in mind,

388
00:20:36,200 --> 00:20:38,600
Speaker 9: it's a seventy five billion dollar deal. So the fact

389
00:20:38,600 --> 00:20:41,040
Speaker 9: that right now there's well north of seventy five billion

390
00:20:41,080 --> 00:20:44,000
Speaker 9: dollars of orders from institutions at least gives you some

391
00:20:44,240 --> 00:20:46,880
Speaker 9: sense of kind of what the next few days will

392
00:20:46,880 --> 00:20:49,800
Speaker 9: look like. Obviously, big IPO orders can come in in

393
00:20:49,840 --> 00:20:53,239
Speaker 9: the final day's final hours, and that's totally separate, at

394
00:20:53,280 --> 00:20:55,720
Speaker 9: least according to our understanding of the retail component, which

395
00:20:55,720 --> 00:20:58,240
Speaker 9: we know bankers at least had been kind of setting

396
00:20:58,280 --> 00:20:59,600
Speaker 9: aside about thirty percent.

397
00:21:00,359 --> 00:21:02,920
Speaker 2: Let's talk about what the decision was to fast track

398
00:21:02,960 --> 00:21:05,560
Speaker 2: for some NASA Russell not for the S and P

399
00:21:05,640 --> 00:21:06,520
Speaker 2: five hundred, and does.

400
00:21:06,440 --> 00:21:08,560
Speaker 3: That impact the level of demand in anyway? I think

401
00:21:08,600 --> 00:21:09,960
Speaker 3: it impacts the expectation.

402
00:21:10,040 --> 00:21:12,040
Speaker 9: The big thing we reported and kind of broke out

403
00:21:12,080 --> 00:21:14,879
Speaker 9: on Friday in the wake of that SMP news was

404
00:21:14,920 --> 00:21:17,280
Speaker 9: not only does this mean the timeframe will not be

405
00:21:17,520 --> 00:21:20,600
Speaker 9: truncated to six months versus twelve months as of now

406
00:21:20,640 --> 00:21:22,879
Speaker 9: the s and P five hundred is holding kind of

407
00:21:22,960 --> 00:21:26,040
Speaker 9: pat on the company needing to be net income positive.

408
00:21:26,080 --> 00:21:28,800
Speaker 9: What that really does mean is, at least according to

409
00:21:28,840 --> 00:21:30,439
Speaker 9: these sales side notes we've been able to get our

410
00:21:30,440 --> 00:21:33,040
Speaker 9: hands on, that's something that might not take place until

411
00:21:33,040 --> 00:21:35,560
Speaker 9: twenty twenty eight. So now you're talking about a similar

412
00:21:35,600 --> 00:21:38,240
Speaker 9: situation that we saw with Tesla, similar similar situation we

413
00:21:38,240 --> 00:21:40,520
Speaker 9: saw with Amazon and Uber, where this is a company

414
00:21:40,560 --> 00:21:43,879
Speaker 9: that fits into the Nasdaq one hundred but isn't eligible

415
00:21:43,880 --> 00:21:45,680
Speaker 9: for the s and P five hundred for quite some time.

416
00:21:45,720 --> 00:21:48,440
Speaker 9: And kind of those dynamics and what it means towards

417
00:21:48,520 --> 00:21:51,960
Speaker 9: either chasing ETFs or being kind of benchmark against the

418
00:21:52,040 --> 00:21:54,320
Speaker 9: SMP five hundred, which really is the only index that

419
00:21:54,359 --> 00:21:55,520
Speaker 9: truly matters to most people.

420
00:21:56,200 --> 00:21:59,960
Speaker 2: Aly Lipschaltz, as I say, racing for this week. Meanwhile,

421
00:22:00,080 --> 00:22:02,200
Speaker 2: we want to bring you some other breaking news across

422
00:22:02,200 --> 00:22:04,439
Speaker 2: the Bloomberg terminal and the moment. The leader of Israel

423
00:22:04,480 --> 00:22:06,359
Speaker 2: has been saying he's going to hold a press conference,

424
00:22:06,400 --> 00:22:07,080
Speaker 2: and here comes.

425
00:22:06,920 --> 00:22:07,920
Speaker 3: Some other news out of it.

426
00:22:08,160 --> 00:22:10,760
Speaker 2: He's ready Prime Minister and Lettinyahu's saying that Israel is

427
00:22:10,760 --> 00:22:14,919
Speaker 2: holding fire in Iran for now, but he's told President Trump,

428
00:22:15,040 --> 00:22:18,600
Speaker 2: then Israel has a full right to self defense as

429
00:22:18,600 --> 00:22:21,080
Speaker 2: we currently speak. Look, Iran has ended its current strikes

430
00:22:21,080 --> 00:22:24,960
Speaker 2: against Israel, we understand according to FARS reporting after both

431
00:22:25,080 --> 00:22:26,920
Speaker 2: nations earlier traded attacks.

432
00:22:26,920 --> 00:22:28,640
Speaker 3: We'll keep you abreast of what's happening there.

433
00:22:29,440 --> 00:22:31,679
Speaker 2: But coming up, we return to tech and we're going

434
00:22:31,720 --> 00:22:33,800
Speaker 2: to be speaking to Paul Hudson, a software developer and

435
00:22:33,840 --> 00:22:34,400
Speaker 2: creator of.

436
00:22:34,359 --> 00:22:35,159
Speaker 3: Hacking with Swift.

437
00:22:35,760 --> 00:22:40,200
Speaker 2: He's here in Coopertino with us as all eyes on WWDC.

438
00:22:40,680 --> 00:22:43,400
Speaker 2: The developers take on the Apple event, what this means

439
00:22:43,400 --> 00:22:45,199
Speaker 2: for Siri, what this means for foldable phones, what this

440
00:22:45,320 --> 00:22:47,800
Speaker 2: means for developers and for your use.

441
00:22:47,920 --> 00:22:50,640
Speaker 3: Of this technology going forward. This is Bloomberg Tech.

442
00:23:02,320 --> 00:23:05,959
Speaker 12: With respect to the stock price, everybody should be very

443
00:23:05,960 --> 00:23:09,080
Speaker 12: excited they can now buy stock at a cheaper price.

444
00:23:10,119 --> 00:23:15,399
Speaker 12: And it's absolutely true that the future of AI is

445
00:23:15,680 --> 00:23:20,919
Speaker 12: very bright. It is completely it is a foregun conclusion

446
00:23:21,640 --> 00:23:23,920
Speaker 12: that AI will be infrastructure for the world.

447
00:23:25,119 --> 00:23:29,360
Speaker 2: Jensen Wong, CEO of Nvidia, there welcome back to Bloomberg Tech,

448
00:23:29,400 --> 00:23:31,880
Speaker 2: and of course he was addressing the selloff that we've

449
00:23:31,960 --> 00:23:34,600
Speaker 2: seen into Asian trading this morning. He was over in

450
00:23:34,680 --> 00:23:37,720
Speaker 2: Seaul but today the bounce back is real. Clearly, he says,

451
00:23:37,760 --> 00:23:39,520
Speaker 2: by the dip and the market listens, we're up two

452
00:23:39,560 --> 00:23:42,000
Speaker 2: point one percent, just off of our previous highs. But

453
00:23:42,040 --> 00:23:44,119
Speaker 2: then a's that one hundred having its best day in

454
00:23:44,240 --> 00:23:46,840
Speaker 2: over a month, but put that into context, and its

455
00:23:46,880 --> 00:23:49,879
Speaker 2: worst day in a year on Friday, the socks the

456
00:23:49,920 --> 00:23:52,919
Speaker 2: Semiconductor index, every single member is in the green today,

457
00:23:53,080 --> 00:23:56,000
Speaker 2: it's up six point five percent, but on Friday, and

458
00:23:56,080 --> 00:23:59,240
Speaker 2: it's worst sell off since the days of COVID since

459
00:23:59,320 --> 00:24:02,000
Speaker 2: March of twenty twenty. So clearly there is a bit

460
00:24:02,040 --> 00:24:05,640
Speaker 2: of a clawback, but not making up yet for Friday's anxiety.

461
00:24:05,720 --> 00:24:06,800
Speaker 3: Let's talk about the anxiety.

462
00:24:06,840 --> 00:24:10,080
Speaker 2: What's pushing through the market, Semiconductor on AI, infrastructure, Marcus

463
00:24:10,200 --> 00:24:12,840
Speaker 2: Primus round Vastellika joins us now and look, is this

464
00:24:13,000 --> 00:24:15,760
Speaker 2: just a typical bounce back after some.

465
00:24:16,080 --> 00:24:18,160
Speaker 3: Fears and loathing built in on Friday?

466
00:24:19,200 --> 00:24:22,280
Speaker 13: I think there's a good portion of that. In today's trading,

467
00:24:22,320 --> 00:24:25,040
Speaker 13: I saw a lot of people talking about we were

468
00:24:25,080 --> 00:24:28,840
Speaker 13: really overdue for a pullback, especially in the semiconductor sector,

469
00:24:29,040 --> 00:24:31,360
Speaker 13: which has been so strong this year. I believe at

470
00:24:31,359 --> 00:24:34,440
Speaker 13: one point it had nearly doubled best year since nineteen

471
00:24:34,520 --> 00:24:36,639
Speaker 13: ninety nine, if I'm not wrong, so I think a

472
00:24:36,640 --> 00:24:39,200
Speaker 13: lot of people were really saying this kind of momentum

473
00:24:39,280 --> 00:24:42,000
Speaker 13: is really unsustainable. So it's not surprising to see a

474
00:24:42,000 --> 00:24:44,760
Speaker 13: pullback at least in the short term. The question, of course,

475
00:24:45,000 --> 00:24:47,960
Speaker 13: even with today's rebound, where do things go from here?

476
00:24:48,040 --> 00:24:51,240
Speaker 13: There continues to be a lot of optimism about AI

477
00:24:51,480 --> 00:24:54,160
Speaker 13: about to demand for semiconductors that we're going to see

478
00:24:54,200 --> 00:24:56,520
Speaker 13: there and I saw today we had a report out

479
00:24:56,680 --> 00:25:00,479
Speaker 13: that Nvidia and Alphabet were considering using Intel as a

480
00:25:00,520 --> 00:25:04,120
Speaker 13: backup chip maker for their chips. Another very positive signal

481
00:25:04,119 --> 00:25:05,680
Speaker 13: at least for a single company, but one of the

482
00:25:05,720 --> 00:25:09,080
Speaker 13: ones that has really been one of the notable outperformers

483
00:25:09,119 --> 00:25:09,560
Speaker 13: this year.

484
00:25:09,960 --> 00:25:12,600
Speaker 2: It's notable that actually deals are still coming thick and fast.

485
00:25:12,920 --> 00:25:13,000
Speaker 7: Now.

486
00:25:13,080 --> 00:25:16,119
Speaker 2: We're also hearing of moves being made by Amazon and

487
00:25:16,160 --> 00:25:20,680
Speaker 2: deal thinking driving up Corning shares seven percent at one point,

488
00:25:20,680 --> 00:25:21,440
Speaker 2: and they've signed.

489
00:25:21,200 --> 00:25:23,440
Speaker 3: A multi billion dollar agreement.

490
00:25:23,520 --> 00:25:27,919
Speaker 2: To supply optical fiber cable connectivity solutions. That really this

491
00:25:28,040 --> 00:25:30,080
Speaker 2: is still a story of picks and shovels of ar

492
00:25:30,160 --> 00:25:31,360
Speaker 2: infrastructure of the build.

493
00:25:31,119 --> 00:25:34,480
Speaker 13: Out right and absolutely, and I think most people agree

494
00:25:34,520 --> 00:25:37,600
Speaker 13: that there's just not enough supply on the market to

495
00:25:37,680 --> 00:25:40,280
Speaker 13: meet all of this demand, which is something that speaks

496
00:25:40,320 --> 00:25:43,199
Speaker 13: to the idea that we're going to continue seeing this

497
00:25:43,320 --> 00:25:46,760
Speaker 13: kind of growth and demand over a longer term period.

498
00:25:46,800 --> 00:25:48,840
Speaker 13: People are thinking that if you look at some of

499
00:25:48,880 --> 00:25:52,320
Speaker 13: the memory and storage companies, which are another real momentum

500
00:25:52,320 --> 00:25:54,840
Speaker 13: area of the market this year, they should continue to

501
00:25:54,840 --> 00:25:58,080
Speaker 13: see these kinds of tailwinds through twenty twenty seven. So

502
00:25:58,119 --> 00:26:00,760
Speaker 13: while there are some concerns about is growth going to

503
00:26:00,800 --> 00:26:02,840
Speaker 13: eventually decelerate, are we going to read some kind of

504
00:26:02,840 --> 00:26:05,440
Speaker 13: peak in terms of earnings or demand, there's at least

505
00:26:05,480 --> 00:26:08,480
Speaker 13: a lot of optimism that, at least for the remainder

506
00:26:08,480 --> 00:26:12,000
Speaker 13: of this year and next year, that trends remain pretty positive.

507
00:26:12,840 --> 00:26:15,479
Speaker 2: Man, Plastelica, He's always telling us about those trends. We

508
00:26:15,520 --> 00:26:18,480
Speaker 2: appreciate you setting us right on today. Now let's get

509
00:26:18,520 --> 00:26:22,280
Speaker 2: back out to Koobertino because all eyes on Apple's Developer

510
00:26:22,359 --> 00:26:23,359
Speaker 2: Day ED take it away.

511
00:26:25,600 --> 00:26:29,080
Speaker 5: Yeah, Apple's up two percent ahead of WWDC and WWDC

512
00:26:29,880 --> 00:26:33,840
Speaker 5: is the Developers conference. This is a conversation around software.

513
00:26:34,320 --> 00:26:37,719
Speaker 5: Paul Hudson's a software developer also the founder and creator

514
00:26:37,760 --> 00:26:40,840
Speaker 5: of Hacking with swift, but basically is a place where

515
00:26:41,119 --> 00:26:45,680
Speaker 5: you train people to go and develop apps for the

516
00:26:45,720 --> 00:26:49,160
Speaker 5: Apple ecosystem. Simple as that. Let's start with this, does

517
00:26:49,280 --> 00:26:52,120
Speaker 5: Siri become a platform right to discuss?

518
00:26:52,320 --> 00:26:54,960
Speaker 14: Well, well, exactly, I'll take a commercial I needs so ideally,

519
00:26:55,040 --> 00:26:57,919
Speaker 14: what helps you today is ways us to expose so

520
00:26:58,040 --> 00:27:01,560
Speaker 14: much of our apps data directly to Siri. So Rana

521
00:27:01,640 --> 00:27:04,000
Speaker 14: saying oh hey, siriy do this behind the scenes for developers,

522
00:27:04,240 --> 00:27:07,760
Speaker 14: we provide data too Siri, and it's intelligently. Apple Intelligence

523
00:27:07,920 --> 00:27:10,359
Speaker 14: takes care of four of us and talks to users

524
00:27:10,440 --> 00:27:12,880
Speaker 14: and handles that integration together for us. That's the kind

525
00:27:12,920 --> 00:27:13,640
Speaker 14: of dream for today.

526
00:27:13,640 --> 00:27:14,080
Speaker 3: Hopefully.

527
00:27:14,400 --> 00:27:17,959
Speaker 5: The point from Apple's perspective is that Siri becomes genuinely useful.

528
00:27:19,080 --> 00:27:21,399
Speaker 14: Yes, I'll take that, Yes, even smarter.

529
00:27:22,040 --> 00:27:24,199
Speaker 5: You know, it goes from a place where it is

530
00:27:24,359 --> 00:27:28,480
Speaker 5: a feature single voice prompt own mum, bone mum to

531
00:27:28,840 --> 00:27:33,480
Speaker 5: multi step tasks. When you're building applications for iOS mac os,

532
00:27:34,840 --> 00:27:37,679
Speaker 5: what are the factors and considerations around how good or

533
00:27:37,720 --> 00:27:39,280
Speaker 5: not Siri is actually right?

534
00:27:39,440 --> 00:27:41,440
Speaker 14: So right now, as you'll know, Seal will often say

535
00:27:41,520 --> 00:27:43,480
Speaker 14: I didn't understand that, or could you repeat that? Or

536
00:27:43,520 --> 00:27:45,679
Speaker 14: which bedroom lights do you mean, we kind of want

537
00:27:45,720 --> 00:27:47,320
Speaker 14: to bypass that and get to things that you just

538
00:27:47,359 --> 00:27:50,720
Speaker 14: care about. But there are fifty different ways users can

539
00:27:50,760 --> 00:27:52,520
Speaker 14: ask for the same thing. We don't want to worry

540
00:27:52,560 --> 00:27:54,679
Speaker 14: about that. That's kind of Apple's problem to figure out, and

541
00:27:54,720 --> 00:27:57,560
Speaker 14: so hopefully they can expose some great APIs today. We

542
00:27:57,680 --> 00:27:59,879
Speaker 14: feed with our data, feed with our code behind the scenes.

543
00:28:00,200 --> 00:28:02,440
Speaker 14: It ties into the natural language model, handles all the

544
00:28:02,440 --> 00:28:05,640
Speaker 14: Apple privacy stuff for us and will just work.

545
00:28:05,760 --> 00:28:09,639
Speaker 5: Privacy is interesting, right. The Bloomberg reporting is that it

546
00:28:09,800 --> 00:28:14,000
Speaker 5: is Google's Gemini. Yeah, in part, that is the model

547
00:28:14,080 --> 00:28:18,640
Speaker 5: underpinning this new iteration of sery. What are the considerations

548
00:28:18,640 --> 00:28:20,520
Speaker 5: around that for you in your community?

549
00:28:20,560 --> 00:28:23,760
Speaker 14: It's obviously critical for us. It's Apple's long standing branding

550
00:28:23,840 --> 00:28:26,119
Speaker 14: thing is privacy is Apple, and we all buy into

551
00:28:26,160 --> 00:28:27,879
Speaker 14: that too. We're all behind that one hundred percent of

552
00:28:27,880 --> 00:28:30,520
Speaker 14: the way. Last year's big announcement for AI from Apple

553
00:28:30,680 --> 00:28:33,359
Speaker 14: was on device fully private AI epic.

554
00:28:33,400 --> 00:28:34,240
Speaker 3: We went wild for that.

555
00:28:34,960 --> 00:28:37,720
Speaker 14: So this year, can it be powered by Apple's private

556
00:28:37,720 --> 00:28:40,840
Speaker 14: cloud compute, which is genuinely research level breakthrough stuff for

557
00:28:40,920 --> 00:28:45,000
Speaker 14: handling private AI? Is it that or is it somewhere

558
00:28:45,000 --> 00:28:48,280
Speaker 14: in Google's headquarters at the google Plex. We're gonna find out.

559
00:28:48,320 --> 00:28:51,440
Speaker 5: So if you would prefer the former, the one hundred percent,

560
00:28:51,480 --> 00:28:53,280
Speaker 5: and why is that better for a developer?

561
00:28:53,640 --> 00:28:56,640
Speaker 14: It's not trust Google, but I definitely trust Apple. I see,

562
00:28:56,680 --> 00:28:59,520
Speaker 14: I definitely trust Apple to take care of users privacy first.

563
00:28:59,720 --> 00:29:02,160
Speaker 14: And for years we all believe in to the same thing.

564
00:29:02,960 --> 00:29:06,200
Speaker 14: That's our first port of call. It'll be done by them, privately,

565
00:29:06,240 --> 00:29:09,960
Speaker 14: by them, owned by them, maybe Google's hardware, perhaps Google's Gemini,

566
00:29:10,080 --> 00:29:13,000
Speaker 14: but hosted by Apple would be the dream. We're going

567
00:29:13,080 --> 00:29:13,560
Speaker 14: to find out.

568
00:29:14,320 --> 00:29:16,960
Speaker 5: Reading the Bloomberg reporting that the thing that resonates with

569
00:29:17,000 --> 00:29:20,800
Speaker 5: me is that Siri is across os. So if I

570
00:29:21,240 --> 00:29:23,680
Speaker 5: you know, we have a standalone Sirie app, that's one

571
00:29:23,720 --> 00:29:26,840
Speaker 5: of the headlines. But I start a project, right, not

572
00:29:26,960 --> 00:29:29,520
Speaker 5: just a single to us at a project on my iPhone.

573
00:29:29,680 --> 00:29:32,680
Speaker 5: It can carry over to the MacBook. Is that a

574
00:29:32,760 --> 00:29:36,560
Speaker 5: factor in when you are a developer for either iOS

575
00:29:36,640 --> 00:29:40,120
Speaker 5: or mac ows, So now you're more capable of going

576
00:29:40,160 --> 00:29:41,360
Speaker 5: across the suite.

577
00:29:41,520 --> 00:29:44,400
Speaker 14: So from a developer's perspective, nearly all the money is

578
00:29:44,440 --> 00:29:47,280
Speaker 14: still making iPhone apps interesting, and I think Apple would

579
00:29:47,360 --> 00:29:50,880
Speaker 14: rather see a wider spread. Maco West Watch ostvs Visions

580
00:29:50,920 --> 00:29:53,720
Speaker 14: as well, and so if they can blur those lines

581
00:29:53,760 --> 00:29:55,720
Speaker 14: even more, it'd be great. I mean, they have these

582
00:29:55,720 --> 00:29:57,800
Speaker 14: things like the Universal Control where your iPad and your

583
00:29:57,840 --> 00:30:00,880
Speaker 14: Mac control by the same mouse cursor. It's done something,

584
00:30:01,000 --> 00:30:04,120
Speaker 14: but we want to see more integration, tighter integration. Really

585
00:30:04,160 --> 00:30:05,760
Speaker 14: kind of only Apple can do this kind of thing.

586
00:30:05,800 --> 00:30:07,880
Speaker 14: You know, Pull, you're a software guy, I am through

587
00:30:07,920 --> 00:30:08,280
Speaker 14: and through it.

588
00:30:08,400 --> 00:30:11,160
Speaker 5: What do you make of John Turners, who is a

589
00:30:11,160 --> 00:30:13,000
Speaker 5: hardware guy historically?

590
00:30:13,560 --> 00:30:16,600
Speaker 14: Yeah, yeah, he's already already a massive celebrity. People are

591
00:30:16,600 --> 00:30:19,239
Speaker 14: lining up for their John Selby's already. But you mean

592
00:30:19,360 --> 00:30:23,200
Speaker 14: here in yeah now the last already. Yes, there was

593
00:30:23,360 --> 00:30:26,640
Speaker 14: a Student Challenge winners meeting John Turners and they were

594
00:30:26,680 --> 00:30:28,920
Speaker 14: all super psyche. They've had the John Turner's signatures and

595
00:30:28,960 --> 00:30:31,840
Speaker 14: the badgers and stuff, so he's already superstar. I think

596
00:30:31,840 --> 00:30:35,480
Speaker 14: it'd be swamp to do with more people. Look, Isy Hardware,

597
00:30:35,600 --> 00:30:39,480
Speaker 14: Yes is Apple hardware. Yes, they're a hardware company, but

598
00:30:40,120 --> 00:30:42,720
Speaker 14: they still firmly believe in the full stack. At the

599
00:30:42,920 --> 00:30:43,760
Speaker 14: positioning right.

600
00:30:43,840 --> 00:30:45,960
Speaker 5: Let's send with something a little fun. This will be

601
00:30:46,000 --> 00:30:49,360
Speaker 5: the year where we get the OS year iOS twenty seven.

602
00:30:49,480 --> 00:30:52,760
Speaker 5: Right at OS twenty seven, Yeah, is that helpful naming

603
00:30:52,800 --> 00:30:53,440
Speaker 5: for you.

604
00:30:53,240 --> 00:30:53,800
Speaker 3: Oh for sure.

605
00:30:53,880 --> 00:30:55,680
Speaker 14: Yeah, it makes it much easier my perspective. You can

606
00:30:55,680 --> 00:30:57,520
Speaker 14: say you want to have OS twenty or whatever, and

607
00:30:57,680 --> 00:31:00,720
Speaker 14: it's fine. I do hope we're going to see a

608
00:31:00,760 --> 00:31:03,360
Speaker 14: mac OS name still, like you know Tahoe right now

609
00:31:03,440 --> 00:31:06,200
Speaker 14: or Big sur A similar as rumors it might go away.

610
00:31:06,680 --> 00:31:09,840
Speaker 14: Everyone enjoys that's fun. They have the crack marketing team Macaws,

611
00:31:09,880 --> 00:31:12,040
Speaker 14: Weed or whatever, right and so hopefully we'll see a

612
00:31:12,040 --> 00:31:12,440
Speaker 14: carry on.

613
00:31:12,520 --> 00:31:15,720
Speaker 5: I guess we'll find out Paul Hudson, software developer in

614
00:31:15,800 --> 00:31:18,040
Speaker 5: the Apple ecosystem, but also of course the creator and

615
00:31:18,040 --> 00:31:19,840
Speaker 5: founder of Hacking with Swift character.

616
00:31:20,360 --> 00:31:21,640
Speaker 3: Great conversation as always.

617
00:31:21,640 --> 00:31:25,280
Speaker 2: And meanwhile, we're taking it up and back to San Francisco, ED.

618
00:31:25,480 --> 00:31:27,719
Speaker 2: We've got kind Adventures coming on. They've just raised three

619
00:31:27,800 --> 00:31:29,960
Speaker 2: hundred and fifty five million dollars in new funds. Where

620
00:31:30,000 --> 00:31:32,680
Speaker 2: are they spending in AI? Deep tech robotics? So much

621
00:31:32,680 --> 00:31:33,520
Speaker 2: more stick with us.

622
00:31:34,000 --> 00:31:45,240
Speaker 3: This is room beg tech. San Francisco's Kind Adventures.

623
00:31:45,280 --> 00:31:47,400
Speaker 2: Well, let's raised three hundred and fifty five million dollars

624
00:31:47,440 --> 00:31:51,480
Speaker 2: in new funding, the latest deep tech robotics focused funds

625
00:31:51,560 --> 00:31:55,000
Speaker 2: That kindd was early into the AI market. Remember back

626
00:31:55,000 --> 00:31:57,440
Speaker 2: in twenty twenty two, a two hundred million dollar fund

627
00:31:57,480 --> 00:31:59,960
Speaker 2: has now become a one billion dollar gross fair market

628
00:32:00,280 --> 00:32:02,760
Speaker 2: value as of June twenty twenty sixth. The fresh capital

629
00:32:02,880 --> 00:32:05,400
Speaker 2: now is coming as a firm's previous vintage has.

630
00:32:05,320 --> 00:32:07,680
Speaker 3: Hit the top one percent of its class. Let's get

631
00:32:07,760 --> 00:32:09,960
Speaker 3: to San Francisco. Let's get to kind of venures.

632
00:32:09,960 --> 00:32:13,959
Speaker 2: Managing partner and founder Steve Jang, congrat Steve. Like you

633
00:32:13,960 --> 00:32:16,160
Speaker 2: were an angel in Uber, you're still a man who

634
00:32:16,160 --> 00:32:17,480
Speaker 2: thinks about being very.

635
00:32:17,280 --> 00:32:18,400
Speaker 3: Early in companies.

636
00:32:18,760 --> 00:32:21,080
Speaker 2: How is that going to look with this new raising

637
00:32:21,120 --> 00:32:21,680
Speaker 2: of funds?

638
00:32:21,720 --> 00:32:23,960
Speaker 3: How early do you have to be in this market environment?

639
00:32:25,480 --> 00:32:28,360
Speaker 10: Yes, and thanks for having me back on Bloomberg. Great

640
00:32:28,360 --> 00:32:33,040
Speaker 10: to see you. You know, early stage feels sometimes like

641
00:32:34,400 --> 00:32:37,200
Speaker 10: a dwindling breed in this day and age of huge

642
00:32:37,280 --> 00:32:41,120
Speaker 10: late stage pre IPO rounds. But we think it's absolutely

643
00:32:41,560 --> 00:32:45,640
Speaker 10: not only still important, but actually even more important in

644
00:32:45,680 --> 00:32:49,960
Speaker 10: this day and age of really fast growth and even

645
00:32:50,080 --> 00:32:53,120
Speaker 10: increased ceilings on valuations. And the reason why is that

646
00:32:53,440 --> 00:32:57,120
Speaker 10: at the early stage we're able to help accelerate these

647
00:32:57,120 --> 00:33:00,600
Speaker 10: companies and these founders through these new technology frontiers in

648
00:33:00,640 --> 00:33:04,040
Speaker 10: a way that later stage funds aren't really well equipped

649
00:33:04,080 --> 00:33:06,760
Speaker 10: for and so we want to continue to focus in

650
00:33:06,800 --> 00:33:09,960
Speaker 10: on the early stage and help help that transition for

651
00:33:10,040 --> 00:33:11,880
Speaker 10: companies from zero to one.

652
00:33:11,760 --> 00:33:13,880
Speaker 2: Zero to one and now we get the ones, and

653
00:33:13,920 --> 00:33:16,280
Speaker 2: now we get the hundreds and the billions and the trillions.

654
00:33:16,640 --> 00:33:19,320
Speaker 2: When we're thinking of SpaceX, which is also an AI company,

655
00:33:19,320 --> 00:33:21,760
Speaker 2: when we think of what's coming in terms of anthropic

656
00:33:21,800 --> 00:33:23,360
Speaker 2: and open AI, what does that mean for some of

657
00:33:23,400 --> 00:33:26,440
Speaker 2: your portfolio companies, particularly when we've got a Perplexity for example,

658
00:33:26,440 --> 00:33:29,080
Speaker 2: which immittedly at the beginning we were thinking was was

659
00:33:29,120 --> 00:33:31,520
Speaker 2: one of those sort of like frontier models, But how

660
00:33:31,520 --> 00:33:32,760
Speaker 2: are they thinking about this moment?

661
00:33:33,480 --> 00:33:37,920
Speaker 10: Sure, I think Perplexities transition is really telling of a

662
00:33:37,920 --> 00:33:42,040
Speaker 10: lot of other companies in the space, like Cursor. You

663
00:33:42,080 --> 00:33:45,120
Speaker 10: have frontier labs that are slowly moving into the application

664
00:33:45,240 --> 00:33:48,840
Speaker 10: layer of AI, but also dealing with the compute constraints

665
00:33:48,880 --> 00:33:51,520
Speaker 10: that they have today. I think on the demand side,

666
00:33:51,520 --> 00:33:54,480
Speaker 10: which we're seeing booming right now. Demand is far outstripping

667
00:33:54,480 --> 00:33:57,440
Speaker 10: supply on the data center and GPU compute side, and

668
00:33:57,480 --> 00:33:59,920
Speaker 10: you're seeing that in the stock market. You're seeing that

669
00:34:00,440 --> 00:34:03,080
Speaker 10: in all of the inference platforms out there like foul

670
00:34:03,160 --> 00:34:06,600
Speaker 10: and Base ten and modal that are seeing phenomenal growth.

671
00:34:07,160 --> 00:34:11,080
Speaker 10: What is happening is that agents, applications and agents, whether

672
00:34:11,080 --> 00:34:14,719
Speaker 10: they're embodied agents like robots or virtual agents like what

673
00:34:14,760 --> 00:34:19,440
Speaker 10: Perplexity computer offers, are driving this token demand from AI

674
00:34:19,480 --> 00:34:23,320
Speaker 10: infrastructure today. And so in that way, people are finding

675
00:34:23,400 --> 00:34:27,360
Speaker 10: their layer, their focus. In perplexities case, they are building

676
00:34:27,360 --> 00:34:31,719
Speaker 10: out a harness that is multimodel agnostic models. And in

677
00:34:31,760 --> 00:34:35,600
Speaker 10: some cases you see a company like claud Anthropic with

678
00:34:35,680 --> 00:34:38,040
Speaker 10: Claud Code, which is building out a single model harness.

679
00:34:38,320 --> 00:34:40,440
Speaker 10: And so what you'll see is a battle and a

680
00:34:40,440 --> 00:34:43,800
Speaker 10: competition between who is providing the state of the art models,

681
00:34:43,920 --> 00:34:46,279
Speaker 10: who is providing the state of the art harnesses, and

682
00:34:46,280 --> 00:34:49,600
Speaker 10: then who is providing the most performant and productive agents,

683
00:34:50,040 --> 00:34:54,720
Speaker 10: whether those are robots, a topic vehicles, or virtual agents

684
00:34:54,880 --> 00:34:56,280
Speaker 10: used by knowledge workers.

685
00:34:56,480 --> 00:34:58,520
Speaker 2: So we can see where the focus is going.

686
00:34:58,520 --> 00:35:00,520
Speaker 3: Because we're only twenty twenty two and you went all

687
00:35:00,520 --> 00:35:02,480
Speaker 3: in on AI. You're continuing to do it this latest

688
00:35:02,520 --> 00:35:05,040
Speaker 3: round of funding. But it's interesting that I think of

689
00:35:05,080 --> 00:35:06,120
Speaker 3: you as having.

690
00:35:05,840 --> 00:35:09,160
Speaker 2: Success from an IPO perspective, like from angel in Uber,

691
00:35:09,200 --> 00:35:12,120
Speaker 2: to exit from combat is to exit when we think

692
00:35:12,120 --> 00:35:14,440
Speaker 2: of Reddit and others, but also you've had success in

693
00:35:14,560 --> 00:35:15,880
Speaker 2: M and A. Is that still going to be a

694
00:35:15,920 --> 00:35:19,560
Speaker 2: playbook when we think of PLAAI for example, Yes.

695
00:35:20,000 --> 00:35:22,520
Speaker 10: I think what we're going to see over the next

696
00:35:22,600 --> 00:35:25,400
Speaker 10: years a year or so is that we're going to

697
00:35:25,440 --> 00:35:28,400
Speaker 10: have an IPO market with SpaceX and anthropic and open

698
00:35:28,440 --> 00:35:30,879
Speaker 10: AI and data breaks really open up. But what we're

699
00:35:30,920 --> 00:35:33,000
Speaker 10: also going to see is that a lot of these

700
00:35:33,000 --> 00:35:36,240
Speaker 10: public companies are going to be very inquisitive, right And obviously,

701
00:35:36,280 --> 00:35:38,400
Speaker 10: as an early stage investor, we want our companies to

702
00:35:38,400 --> 00:35:41,160
Speaker 10: go all the way, stay independent, be founder led, and

703
00:35:41,719 --> 00:35:46,360
Speaker 10: eventually go public as a platform globally. Now, what the

704
00:35:46,440 --> 00:35:48,400
Speaker 10: reality is is that there are a lot of companies

705
00:35:48,440 --> 00:35:52,200
Speaker 10: out there acquiring companies that will help them accelerate. So

706
00:35:52,239 --> 00:35:54,440
Speaker 10: a lot of the companies of the last cycle that

707
00:35:54,480 --> 00:35:57,960
Speaker 10: are publicly traded today need to catch up, need to

708
00:35:58,120 --> 00:36:01,200
Speaker 10: transform into the AI side as well, and so they'll

709
00:36:01,239 --> 00:36:04,319
Speaker 10: do that through acquisition. And so we're mindful of that

710
00:36:04,480 --> 00:36:08,200
Speaker 10: energy and dynamic happening, and obviously we continue to guide

711
00:36:08,200 --> 00:36:10,640
Speaker 10: our companies on both scenarios, but we want them to

712
00:36:10,680 --> 00:36:11,200
Speaker 10: go public.

713
00:36:11,640 --> 00:36:11,799
Speaker 8: Now.

714
00:36:12,000 --> 00:36:15,000
Speaker 2: You talk a lot about guiding and how you've been

715
00:36:15,080 --> 00:36:16,360
Speaker 2: doing that for a long time and a lot of

716
00:36:16,360 --> 00:36:19,120
Speaker 2: these big businesses is that what gets you in at

717
00:36:19,200 --> 00:36:20,880
Speaker 2: the check level at the moment, because it feels with

718
00:36:21,120 --> 00:36:24,319
Speaker 2: these megafunds who are raising billions and then coming down

719
00:36:24,360 --> 00:36:26,319
Speaker 2: to want to pick out at the seed level too,

720
00:36:26,800 --> 00:36:29,200
Speaker 2: how do you manage to get in and keep the

721
00:36:29,239 --> 00:36:30,440
Speaker 2: hustle and the muscle.

722
00:36:30,960 --> 00:36:34,200
Speaker 10: Sure, you know, we think that early stage investing is

723
00:36:34,320 --> 00:36:37,360
Speaker 10: very different from all other stages as a group in

724
00:36:37,440 --> 00:36:40,600
Speaker 10: venture capital, and the reason why is that we're investing

725
00:36:40,600 --> 00:36:43,560
Speaker 10: in founders first, and we're investing in a product vision.

726
00:36:43,640 --> 00:36:45,440
Speaker 10: They may not even have a product det when we

727
00:36:45,840 --> 00:36:49,200
Speaker 10: actually invest, and so we're helping them with product development,

728
00:36:49,360 --> 00:36:53,600
Speaker 10: technology roadmap, building a team. All of these things are

729
00:36:53,840 --> 00:36:57,600
Speaker 10: about getting to that first customer, that first traction and revenue.

730
00:36:57,760 --> 00:37:01,640
Speaker 10: And so that's just a very different daily, weekly exercise

731
00:37:01,719 --> 00:37:05,880
Speaker 10: of advice and coaching and acceleration that I think a

732
00:37:05,960 --> 00:37:10,160
Speaker 10: more financed view. Later stage investors kind of get to

733
00:37:10,239 --> 00:37:12,879
Speaker 10: receive that and then take that and help accelerate their

734
00:37:12,880 --> 00:37:15,880
Speaker 10: growth from there. And so there's a nice symbiosis between

735
00:37:15,920 --> 00:37:18,080
Speaker 10: what we do in early stage and what a lot

736
00:37:18,120 --> 00:37:20,320
Speaker 10: of the industry is doing at the later stage.

737
00:37:20,920 --> 00:37:24,280
Speaker 2: Steve, it's great to catch up congratulations on the new funds.

738
00:37:24,360 --> 00:37:26,000
Speaker 2: We're excited to see where you put them to work.

739
00:37:26,080 --> 00:37:30,759
Speaker 2: Kin Adventures managing partner and founder there. Now, let's talk

740
00:37:30,760 --> 00:37:33,560
Speaker 2: about the Milan based app, Giant Bending Spoons.

741
00:37:33,800 --> 00:37:35,319
Speaker 3: You likely have heard of it by now.

742
00:37:35,320 --> 00:37:38,120
Speaker 2: It's officially in marching towards a us IPO at the

743
00:37:38,120 --> 00:37:41,680
Speaker 2: parent company of digital applications like Vimeo, like we Transfer.

744
00:37:42,000 --> 00:37:44,360
Speaker 2: It's commanded a fourteen and a half billion dollar valuation

745
00:37:44,400 --> 00:37:45,200
Speaker 2: in twenty twenty five.

746
00:37:45,200 --> 00:37:46,040
Speaker 3: Now, according to its.

747
00:37:45,920 --> 00:37:49,120
Speaker 2: Filing Monday, the company banked over twenty seven point five

748
00:37:49,160 --> 00:37:51,960
Speaker 2: million dollars in net income just for the first quarter.

749
00:37:52,600 --> 00:37:56,000
Speaker 2: Coming up, we're going to go back to Copatino discussed

750
00:37:56,000 --> 00:37:59,399
Speaker 2: with the co founders of Temo and Inclusive Planning app

751
00:38:00,040 --> 00:38:01,400
Speaker 2: explicitly Magtech.

752
00:38:12,840 --> 00:38:15,719
Speaker 5: Live at Apple Park Cooper Tino. It is Apple WDC,

753
00:38:15,880 --> 00:38:17,759
Speaker 5: and I still want to get more of the developer's

754
00:38:17,840 --> 00:38:22,240
Speaker 5: perspective about what Apple being good AI means, about why

755
00:38:22,560 --> 00:38:25,719
Speaker 5: a revamped sery is important. We're going to speak to TMO.

756
00:38:25,880 --> 00:38:28,760
Speaker 5: In fact, we're going to speak to Melissa Ensori, CPO

757
00:38:28,840 --> 00:38:31,720
Speaker 5: of Timo, one of the co founders, Ellen Larsan Olum,

758
00:38:32,280 --> 00:38:36,279
Speaker 5: co founder and CEO of Temo, also iPhone App of

759
00:38:36,280 --> 00:38:39,440
Speaker 5: the Year twenty twenty five. Great timing to have you

760
00:38:39,480 --> 00:38:44,160
Speaker 5: here with us. Start on the technology side, Helen, What

761
00:38:44,200 --> 00:38:48,160
Speaker 5: does it matter to the company that has the title

762
00:38:48,480 --> 00:38:51,240
Speaker 5: of iPhone App of the Year twenty twenty five, whether

763
00:38:51,360 --> 00:38:54,520
Speaker 5: or not Siri is good, whether it's revamped as more

764
00:38:54,520 --> 00:38:57,400
Speaker 5: of a platform, how will it impact TEMO.

765
00:38:58,480 --> 00:39:00,200
Speaker 15: I think the way we always look at it is

766
00:39:00,200 --> 00:39:04,040
Speaker 15: that we really are super excited about what Apple will

767
00:39:04,080 --> 00:39:06,840
Speaker 15: be launching and announcing because that can help us support

768
00:39:06,880 --> 00:39:09,319
Speaker 15: our users in what we actually want and what we

769
00:39:09,480 --> 00:39:13,319
Speaker 15: basically really want to achieve our users is to take

770
00:39:13,360 --> 00:39:17,160
Speaker 15: this cognitive load out of planning, make it feel more effortless,

771
00:39:17,280 --> 00:39:19,719
Speaker 15: make it feel smart. And I believe that a lot

772
00:39:19,760 --> 00:39:21,719
Speaker 15: of the updates that we are hoping to see could

773
00:39:21,760 --> 00:39:24,240
Speaker 15: be able to sort of help us achieving that mission.

774
00:39:24,520 --> 00:39:26,960
Speaker 5: We can get into some of those very soon. Melissa,

775
00:39:27,040 --> 00:39:29,440
Speaker 5: Let's go over the bit basics of TEMO. What is

776
00:39:29,480 --> 00:39:32,160
Speaker 5: it for, who is it used by? And what I

777
00:39:32,200 --> 00:39:34,239
Speaker 5: guess is your core competence in building it out.

778
00:39:34,840 --> 00:39:38,280
Speaker 16: So like Visual Planning App, where we have built AI

779
00:39:38,440 --> 00:39:41,920
Speaker 16: into the product to support our users in making planning

780
00:39:41,960 --> 00:39:44,800
Speaker 16: more smart and make it more adjustable. To the daily

781
00:39:44,840 --> 00:39:47,120
Speaker 16: plans in real life.

782
00:39:47,600 --> 00:39:50,760
Speaker 5: The way that we have reported about what's coming with Siri,

783
00:39:50,800 --> 00:39:55,799
Speaker 5: Helen is it goes from being single voice command with

784
00:39:55,880 --> 00:40:00,520
Speaker 5: a single response to multi step task, you know, kind

785
00:40:00,520 --> 00:40:02,600
Speaker 5: of similar to some of the things that the Temo

786
00:40:02,719 --> 00:40:07,960
Speaker 5: is already doing. Do you see that as being maybe

787
00:40:07,960 --> 00:40:10,360
Speaker 5: people use Syria instead of Temo or is there a

788
00:40:10,480 --> 00:40:12,720
Speaker 5: kind of you talked a second ago about the traffic

789
00:40:13,000 --> 00:40:15,240
Speaker 5: being driven to Temo. How do you see that happening?

790
00:40:15,960 --> 00:40:17,600
Speaker 15: I see that it's a very good like. What we

791
00:40:17,680 --> 00:40:20,680
Speaker 15: also really like about integrating a lot with Apple technologies

792
00:40:20,760 --> 00:40:22,800
Speaker 15: is that you can support the user sort of throughout

793
00:40:22,800 --> 00:40:25,280
Speaker 15: the OS, so you don't necessarily have to go into

794
00:40:25,320 --> 00:40:27,040
Speaker 15: the app to get the support you need, but you

795
00:40:27,080 --> 00:40:30,120
Speaker 15: can actually maybe just speak to Siri, you can use shortcuts,

796
00:40:30,160 --> 00:40:33,000
Speaker 15: you can use a lot of the sort of entire

797
00:40:33,080 --> 00:40:36,320
Speaker 15: OS to interact with your favorite products and your favorite apps.

798
00:40:36,320 --> 00:40:38,800
Speaker 15: And that's what we really believe is super strong about

799
00:40:38,800 --> 00:40:42,440
Speaker 15: building on the Apple technologies combining with what we also

800
00:40:42,480 --> 00:40:44,399
Speaker 15: of course designed specifically for our user base.

801
00:40:44,640 --> 00:40:49,400
Speaker 5: Timo has a very interesting user base. Melissa, how involved

802
00:40:49,400 --> 00:40:51,640
Speaker 5: are Apple in that in the idea and talk a

803
00:40:51,680 --> 00:40:55,240
Speaker 5: little bit as well. About within the community of users,

804
00:40:55,560 --> 00:41:00,480
Speaker 5: how the app is designed for various neurodiverse.

805
00:41:00,040 --> 00:41:05,000
Speaker 16: Its users, so how Apple is involved in like working

806
00:41:05,040 --> 00:41:05,799
Speaker 16: with Apple.

807
00:41:05,840 --> 00:41:07,200
Speaker 3: I mean, we love working with Apple.

808
00:41:07,239 --> 00:41:09,960
Speaker 16: I think Apple technology is also supporting a lot of

809
00:41:10,040 --> 00:41:14,640
Speaker 16: like accessibility features throughout the system and that we have

810
00:41:14,719 --> 00:41:16,520
Speaker 16: also used some of those in our app.

811
00:41:16,920 --> 00:41:19,640
Speaker 3: And yeah, so I think.

812
00:41:19,480 --> 00:41:21,799
Speaker 15: What we also really like is Apple has a strong

813
00:41:21,840 --> 00:41:25,000
Speaker 15: fo focus on accessibility, and we really try to focus

814
00:41:25,000 --> 00:41:27,680
Speaker 15: on the more sort of invisible disabilities you can say,

815
00:41:27,760 --> 00:41:29,880
Speaker 15: or some of the things that it's not so clear that,

816
00:41:29,960 --> 00:41:33,080
Speaker 15: for example, you need more organization and structure because your

817
00:41:33,080 --> 00:41:35,640
Speaker 15: brain works in a different way that the norm, you

818
00:41:35,680 --> 00:41:37,560
Speaker 15: can say. So we also have added a lot of

819
00:41:37,640 --> 00:41:40,360
Speaker 15: visual support in our app so you can see like

820
00:41:40,480 --> 00:41:44,359
Speaker 15: the time more tangible, like with timers and breaking down

821
00:41:44,400 --> 00:41:47,200
Speaker 15: subtasks so you can actually see what I'm doing, how

822
00:41:47,239 --> 00:41:51,360
Speaker 15: long time are we doing it? So just yeah, seeing

823
00:41:51,719 --> 00:41:57,200
Speaker 15: accessibility as something that is more than yeah, so it's

824
00:41:57,200 --> 00:41:58,960
Speaker 15: more like also the invisible.

825
00:41:58,760 --> 00:42:01,600
Speaker 5: Path of just really quick you iPhone appter the year

826
00:42:01,600 --> 00:42:04,280
Speaker 5: twenty five, big pitch of the new phase of sery

827
00:42:04,680 --> 00:42:07,440
Speaker 5: is it follows you iOS to mac os. Does that

828
00:42:07,480 --> 00:42:08,440
Speaker 5: open things up for you.

829
00:42:09,160 --> 00:42:10,000
Speaker 3: It definitely does.

830
00:42:10,239 --> 00:42:13,120
Speaker 15: I think it's also very much about reaching the users

831
00:42:13,120 --> 00:42:15,080
Speaker 15: where they are, if it's on the phone.

832
00:42:14,840 --> 00:42:15,840
Speaker 3: If it's on your computer.

833
00:42:16,360 --> 00:42:18,640
Speaker 15: It's about getting the support you need throughout the day

834
00:42:18,800 --> 00:42:20,879
Speaker 15: where you need it best. And I think Apple has

835
00:42:20,920 --> 00:42:23,200
Speaker 15: a super strong focus on that as well.

836
00:42:23,840 --> 00:42:24,800
Speaker 3: So that's super exciting.

837
00:42:26,239 --> 00:42:28,520
Speaker 5: What do you want to hear most in this keynote?

838
00:42:28,760 --> 00:42:30,880
Speaker 5: What is the thing that brings you here today? What

839
00:42:30,920 --> 00:42:31,600
Speaker 5: do you want to hear?

840
00:42:32,200 --> 00:42:35,960
Speaker 15: I think some like super excited about some announcements on

841
00:42:36,080 --> 00:42:38,960
Speaker 15: Apple Intelligence back to sort of we really believe there's

842
00:42:39,000 --> 00:42:43,360
Speaker 15: a strong opportunity there to make that sort of smart planning,

843
00:42:43,440 --> 00:42:47,040
Speaker 15: make it feel super effortless building this little personal assistant

844
00:42:47,040 --> 00:42:48,840
Speaker 15: basically that we want to build with Timo that just

845
00:42:48,920 --> 00:42:51,400
Speaker 15: understands everything about you and can support you in the

846
00:42:51,400 --> 00:42:52,320
Speaker 15: best possible way.

847
00:42:52,280 --> 00:42:58,000
Speaker 5: Yea, Melissa Vertza, Sorry Assari, co founder CPO, Temo, Helen

848
00:42:58,200 --> 00:43:02,239
Speaker 5: Last and Nolam CEO the co founder Timo twenty twenty

849
00:43:02,239 --> 00:43:03,720
Speaker 5: Fine iPhone after the year.

850
00:43:03,640 --> 00:43:07,160
Speaker 2: Caroc had a great conversation ed doing such great work

851
00:43:07,160 --> 00:43:09,840
Speaker 2: over and Koubatino, We thank you and you've got a

852
00:43:09,840 --> 00:43:12,200
Speaker 2: long day ahead of you with Apple announcements. But that

853
00:43:12,239 --> 00:43:15,200
Speaker 2: does it for this edition of Bloomberg Tech. And of

854
00:43:15,239 --> 00:43:18,160
Speaker 2: course all eyes are also on the SpaceX IPO. You

855
00:43:18,239 --> 00:43:20,560
Speaker 2: know that well and true for this week, which we

856
00:43:20,680 --> 00:43:21,879
Speaker 2: learn is said to.

857
00:43:21,840 --> 00:43:24,280
Speaker 3: Be quote well oversubscribed.

858
00:43:24,320 --> 00:43:26,440
Speaker 2: Now that's according to sources who say the company plans

859
00:43:26,480 --> 00:43:28,400
Speaker 2: on closing IPO books this Wednesday.

860
00:43:28,480 --> 00:43:29,120
Speaker 3: Post close.

861
00:43:29,719 --> 00:43:33,080
Speaker 2: We'll keep beating that drum until the IPO day. Of course,

862
00:43:33,120 --> 00:43:35,600
Speaker 2: it starts training on Friday, and keep you posted all

863
00:43:35,600 --> 00:43:38,440
Speaker 2: the latest as it prices out on Thursday. Now, don't

864
00:43:38,440 --> 00:43:40,920
Speaker 2: forget to check out our podcast. You can find it

865
00:43:40,960 --> 00:43:43,400
Speaker 2: on the terminal as well as online on Apple, Spotify,

866
00:43:43,480 --> 00:43:46,239
Speaker 2: and iHeart. Let's recheck back on these markets because we

867
00:43:46,280 --> 00:43:49,280
Speaker 2: are seeing a by the dip mentality across the Nasdaq

868
00:43:49,320 --> 00:43:52,680
Speaker 2: one hundred across chips, in particular the socks bouncing back

869
00:43:52,960 --> 00:43:56,080
Speaker 2: after Friday's really ugly sell off. It was the worst

870
00:43:56,160 --> 00:43:58,720
Speaker 2: day since March of twenty twenty for the SOX. Today

871
00:43:58,800 --> 00:44:00,919
Speaker 2: we are back up six point eight percent. We're seeing

872
00:44:00,920 --> 00:44:03,319
Speaker 2: buying of the magnificent seven, Apple among them as they

873
00:44:03,320 --> 00:44:06,160
Speaker 2: have their WWDC. Then as that one hundred up two

874
00:44:06,160 --> 00:44:09,399
Speaker 2: percent from New York from Cubattino, there's a Bluebig Tech