Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is live
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Speaker 2: This is Bloomberg Tech coming up.
Speaker 3: Treasury Secretaries Scott Besson and Fedschaer Powell summoned Wall Street
Speaker 3: leaders to an urgent meeting of a potential cyber risks
Speaker 3: from Anthropics new AI model plus. Anthropic has agreed to
Speaker 3: rent data centers from Core We've to power such AI services.
Speaker 3: We've book the Core Weave CEO Michael Litrator this hour
Speaker 3: and after an historic trip around the Moon, the crew
Speaker 3: of artemists to prepare to splash down today. But first
Speaker 3: we check in on these markets. An extraordinary rally has
Speaker 3: occurred over the last few days, I hope on the
Speaker 3: conflict resolution is nearing the US and the Middle East.
Speaker 3: Of course, with Iran, that discussion happens over the course
Speaker 3: of the weekend.
Speaker 2: We're up almost five percent on.
Speaker 3: The NASTET one hundred were up for two straight weeks,
Speaker 3: and indeed it's the best week we've seen since November
Speaker 3: of last year.
Speaker 2: But there is a lot of.
Speaker 3: Banks under the service of what's happening with the course
Speaker 3: of AI developments.
Speaker 2: Let's take into a key story everyone is reading today.
Speaker 3: Bloomberg has learned that Treasury Secretary Scott Vessont and FED
Speaker 3: chair Jerome pal summoned Wall Street leaders. These leaders to
Speaker 3: an urgent meeting earlier this week.
Speaker 2: Soss say.
Speaker 3: The focus was on concerns that anthropics knew AI model
Speaker 3: will usher in an era of greater cyber risk.
Speaker 2: Look that echoes the AI lab's own worries.
Speaker 3: It gave tech financial firms limited access to the Mythos
Speaker 3: model to help prepare. Let's get all of the discussion
Speaker 3: with Bloomberg's Banking and Finance reporter Kavin Dougherty and Catherine
Speaker 3: What's notable is the urgency with which this happened.
Speaker 2: Correct.
Speaker 4: Yes, so earlier this week, many of these CEOs were
Speaker 4: already in DC for the Financial Services Forum. But the
Speaker 4: level to which this meeting guard arranged that wasn't previously
Speaker 4: on the agenda and the hush hush nature, it really
Speaker 4: was not meant to be something that was broadcast, even
Speaker 4: though you have Brian moynihan, the CEOs from City Goldman,
Speaker 4: all of these big bank leaders that again would have
Speaker 4: already been participating in some form of meetings already around DC,
Speaker 4: but this one was meant to be something that was
Speaker 4: behind the scenes and a precautionary measure, something that is
Speaker 4: starting the discussion about the concerns that are being raised
Speaker 4: around these AI tech issues that are coming into view
Speaker 4: right now.
Speaker 2: I think it's very early days.
Speaker 4: And the next step after this initial meeting, and again
Speaker 4: because the discussions are just starting, is how the banks
Speaker 4: deal with and prevent any further scrutiny that might come
Speaker 4: up from other advanced tech that they might either be
Speaker 4: implementing or going to slowly be implementing in the future.
Speaker 3: Look, it was interesting that Jamie Dimond will there seemingly
Speaker 3: a calendar conflict, but he's already part of the glass
Speaker 3: Wing project. As it's known already. Mythos and the power
Speaker 3: of this AI model of anthropic was well known, and
Speaker 3: Anthhrobic itself would put it into the hands of forty
Speaker 3: such partners, including JP Morgan to ensure that they stress
Speaker 3: tests to ensure that.
Speaker 2: They're on board.
Speaker 3: So are these CEOs well aware of the power of
Speaker 3: these AI models, Because Look, Open Eye has been doing
Speaker 3: similar things trying and educate about the cyber concerns.
Speaker 4: That's right, there are guardrails, and that's really why these
Speaker 4: steps are being taken. This has not just been widely
Speaker 4: disseminated to these companies or to the public for that matter.
Speaker 4: So these CEOs, I think, for the ones that were
Speaker 4: a part of this meeting, you have both the discussions
Speaker 4: of raising awareness and then if you are already aware
Speaker 4: of what are you doing about it? How are you
Speaker 4: taking steps to protect your data your internal data that
Speaker 4: includes all of the data that you have on the
Speaker 4: US consumers that you're banking. So these are the kind
Speaker 4: of things that are being really talked about, both from
Speaker 4: the precautionary level and then strategy wise how they can
Speaker 4: put guardrails in place. As you mentioned some of the
Speaker 4: companies that are already part of this project Glass Wing,
Speaker 4: they're they're testing these things out and that means that
Speaker 4: they're both looking at how their systems can be improved. Really,
Speaker 4: these AI models are not meant to be things that
Speaker 4: are there.
Speaker 2: There's upside is what it's downside side exactly.
Speaker 4: It's it's meant to be something that helps, right improves
Speaker 4: and identifies some of the vulnerabilities, but then it's meant
Speaker 4: to protect and so the questions have emerged though of
Speaker 4: if you identify and then the tech gets around it
Speaker 4: and starts to take advantage of those vulnerabilities that they identify.
Speaker 2: Those are the main concerns that are being brought up.
Speaker 3: For these systemically important that financial companies. I mean, it's
Speaker 3: catheinatots with all the news that's happening when it comes
Speaker 3: to the relationship of the bank San Anthropic can Look,
Speaker 3: let's talk about the compute.
Speaker 2: Needed for Anthropic.
Speaker 3: Maybe that's in some way why we're seeing a limited
Speaker 3: rollout of mythos shares a core Wave though, as you
Speaker 3: can see, treading up thirteen percent after landing a multi
Speaker 3: year deal with Anthropic renting out data center capacity to
Speaker 3: power its clawed AI models as demand for the infrastructure surgeons.
Speaker 3: This comes just a day after Carewave, of course, announced
Speaker 3: that whopping twenty one billion dollar deal with Meta. We
Speaker 3: want to get an analyst, take rent fillers with us, Jeffries,
Speaker 3: You've got a buy rating. I believe one hundred and
Speaker 3: twenty dollars price target. Look, how much does the sentiment
Speaker 3: around core weave with its Meta deal now in its
Speaker 3: Anthropic deal end up pushing out the price target at
Speaker 3: least for this company.
Speaker 5: Yeah, I mean, we have one hundred and twenty dollars
Speaker 5: price Targan to buy and you know, the stock get
Speaker 5: obviously started pretty weak on some of the AI concerns,
Speaker 5: but I think what we've seen is they continue to
Speaker 5: sign the A list talent in AI, Meta and thropic,
Speaker 5: their Microsoft Google. They are the luxury AI builder or
Speaker 5: to the stars.
Speaker 3: Luxury being that they offer in video compute in particular brend.
Speaker 2: Or how are we seeing that being diversified at this moment.
Speaker 5: Yeah, they're the luxury builder, and they basically help assemble
Speaker 5: what is required for these systems to work. Doesn't matter
Speaker 5: the ingredients. They'll take whatever you want, whether you're you
Speaker 5: want a steak dinner, salmon dinner, vegan, whatever, they will
Speaker 5: assemble according to your needs.
Speaker 6: And when you have the best data center builders in
Speaker 6: the world.
Speaker 5: Turning to core Weave, it's a pretty strong signal. And
Speaker 5: what I'd say is that none of these companies can
Speaker 5: build the infrastructure on their own. Microsoft said and their
Speaker 5: last learnings call they don't have enough physical buildings to
Speaker 5: put the compute in. And everyone is seeing this from
Speaker 5: the AI conference this week in San Francisco. There's not
Speaker 5: enough compute and that's why semis are going straight up
Speaker 5: and software is going straight down because Capex continues to explode.
Speaker 6: Yeah, is the r I pushed out?
Speaker 5: Perhaps, but corter Weave is going to be caught up
Speaker 5: into this in the next few years.
Speaker 3: And you say it's been volatile, and it hasn't been
Speaker 3: straight up, and the volatility has come about.
Speaker 2: How it affords at the moment.
Speaker 3: You know, we saw some volatile trading just yesterday because
Speaker 3: when they announced the Meta deal, they also talked about
Speaker 3: selling more convertible debt and the idea that they have
Speaker 3: to finance the revenue growth. How are you getting comfortable
Speaker 3: with that with koweve.
Speaker 5: Well, they you know, in our in our math, they
Speaker 5: have something like ninety billion dollars of backlog and these
Speaker 5: customers are you know, minimum five year deals.
Speaker 6: They commit a certain amount up front.
Speaker 5: They just raise capital at a lower cost of capital
Speaker 5: than they've raised because they're geining these from some of
Speaker 5: the best companies in the world. They're not signing up
Speaker 5: you know, Sally or Joe's data center infrastructure down the road.
Speaker 5: They're signing up Meta, Google, you know, Microsoft, that the
Speaker 5: top companies in the world that have ginormous cash flow
Speaker 5: and have no funny concerns. And again I think the
Speaker 5: CEO has said this repeatedly, Michael, which is, you know,
Speaker 5: these are contracted to committed contracts that are legally stamped
Speaker 5: that they can't turn back on. And so you know,
Speaker 5: look the long term question of what does the margin
Speaker 5: look like and can they produce an incredible software like
Speaker 5: business like what Amazon and Azure did at Microsoft, that's
Speaker 5: the real question.
Speaker 6: I think they're leaning that way. And if they do this,
Speaker 6: the stock can even go a lot higher.
Speaker 5: And right now we don't have proof that like that
Speaker 5: is completely off the ground.
Speaker 6: And is flying with no turbulence. I think that's the direction.
Speaker 5: And if they pull this off, which is today they
Speaker 5: build the infrastructure and then tomorrow they're building and capturing
Speaker 5: the software, these workloads will not move and they will
Speaker 5: stay with them for a long time. So that's the
Speaker 5: real question. So I'd say tactically in a really good spot,
Speaker 5: I think long term we all have questions about what
Speaker 5: the model, what the business looks like. But when you
Speaker 5: have CAPEX going up seventy percent for the industry and
Speaker 5: we're going to spend seven hundred billion dollars in This
Speaker 5: company has you know, a fifty to sixty billion dollar
Speaker 5: market cap, and they have ninety billion dollars to contracted
Speaker 5: backlog plus, Like I think it pretty much tells you
Speaker 5: a signal like the stock's going higher.
Speaker 3: Talk to us about how Athropics started the week, and
Speaker 3: it's felt like a.
Speaker 2: Very long week. But cast our minds back.
Speaker 3: They were part of the Google and Broadcom announcement and
Speaker 3: the idea that they're going to be using ever more
Speaker 3: TPUs perhaps coming from Google, which are of.
Speaker 2: Course formed by Broadcom.
Speaker 3: How much of a need is there for Anthropic to
Speaker 3: get the compute right now? Can you do you have
Speaker 3: any idea of which of the customers that are most in.
Speaker 2: The need and know right now? Because there's some reporting.
Speaker 3: Out there that maybe Mythos is being rolled out slowly
Speaker 3: because these new models have to be rolled out slowly because.
Speaker 2: There isn't that the compute to satisfy all our needs.
Speaker 5: Well, Inthropic, we've never seen a company get to thirty
Speaker 5: billion this fast, right and so when you think about
Speaker 5: Entropic looks like a it looks like a rocket taken off.
Speaker 5: We've never seen a company you know that they beat Google,
Speaker 5: they beat Amazon, they beat everyone you know to this
Speaker 5: thirty billion dollars target. So no one's seen this. And
Speaker 5: what we keep hearing from everyone, in including my own
Speaker 5: use of Anthropic and in open Ai, you can see it.
Speaker 5: They keep throttling users, they keep trying to get.
Speaker 6: You to pay more. They've they've told you've reached limitations.
Speaker 5: We've heard repeatedly that you know, again, there was a
Speaker 5: big article that you guys wrote on Amy Hood stalling
Speaker 5: data center build out at Microsoft and how you know
Speaker 5: she hasn't publicly said this, but how they regret it
Speaker 5: and they wish they had to build more and they
Speaker 5: just the last quarter they don't have enough physical buildings.
Speaker 5: So like right now, the demand is so great and
Speaker 5: it's coming from all angles. You look at Meta, Microsoft,
Speaker 5: Open Ai, and Thropic, even Oracle, we've heard you know,
Speaker 5: they aren't as priced aggressive, and they're not price aggressive
Speaker 5: because they don't have to be because there's really no
Speaker 5: demand and so they can charge whatever they want. So
Speaker 5: you're seeing signals everywhere that in this again, I think
Speaker 5: this is why I group I cover software is going
Speaker 5: to trade down, and why hardware and Semi's you know memory,
Speaker 5: look at SanDisk, look at bluem Energy, you look at
Speaker 5: what's going on on all the picks and shovels of AI.
Speaker 6: We are nowhere near built out.
Speaker 5: And if you believe the CEO soft Bank that we're
Speaker 5: going to have half half a you know, trilling dollar
Speaker 5: data centers for AI, but we might have trilling dollar
Speaker 5: uh robotics data centers in the future. I mean this
Speaker 5: this again, I don't I don't want to be like
Speaker 5: it's it's these are big, big numbers and we're really
Speaker 5: really early to build out. I think the sea of
Speaker 5: an encore wave has been saying this. I mean, I
Speaker 5: don't think Microsoft has said this repeatedly.
Speaker 6: They can they sit.
Speaker 5: Down and their hair is on fire, and literally they
Speaker 5: cannot keep up with what they're doing every single day
Speaker 5: because the customers are demanding this, and you see it
Speaker 5: in the revenue numbers from all the AI stories that
Speaker 5: we're covering.
Speaker 3: Brent, Thank you, you always spent out so clearly for us.
Speaker 3: Have a good weekend, Brent, Phil of Jeffrey's there and
Speaker 3: stay with Bloomberg Tech.
Speaker 2: We've got call. We've coming on.
Speaker 3: Michael in Trader joins in less than thirty minutes time
Speaker 3: in New York coming up any more. To dig in
Speaker 3: on the AI trade, TSMC sales surging thirty five percent.
Speaker 2: That's even as Middle Ease tensions persist.
Speaker 3: However, Asian stocks today extend their slide, and that's a
Speaker 3: software issue. But it was just talking about it as
Speaker 3: a Bloomberg Tech. AI remains a tale.
Speaker 2: Of two markets.
Speaker 3: Let's talk about that with TSMC, for example, hardware defying
Speaker 3: Middle East volatility with a thirty five percent revenue increase
Speaker 3: as a AI infrastructured demand just surges. But software stocks
Speaker 3: just look what happened across Asia trading, for example, They're
Speaker 3: continuing to struggle and they're sinking here in the US too.
Speaker 2: Bloomberg's UK Young Lee can talk us through.
Speaker 3: It, or let's go to the glass half full.
Speaker 2: TSMC numbers phenomenal.
Speaker 7: Absolutely so our TSMC is the most valuable company in
Speaker 7: Asia and it's the world's largest founder of chip maker
Speaker 7: SAWS first call. The results were important and investors were
Speaker 7: looking for clues whether the impact from the prolonged war
Speaker 7: in Iran before the ceasefire had any impact on the
Speaker 7: demand for the AI data center or gadgets like the
Speaker 7: iPhone and It's clear that looking at this first quarter
Speaker 7: result which were higher than projection, that that is going
Speaker 7: to ease the concerns about this war having an impact
Speaker 7: on the AI data centers or demand free a data center,
Speaker 7: or the gadgets like the iPhone. So the war in
Speaker 7: Middle East has been pressuring the energy prices and the
Speaker 7: shipping routes, and there were concerns, and these earnings are
Speaker 7: going to give clues to investors whether there will be
Speaker 7: impact on the tech giants spending plan. The shares also rose.
Speaker 7: The shares rose two percent in Taiwan overnight and it's
Speaker 7: also rising in the SADR is also rising in the US.
Speaker 7: It was close to the February peak all time high
Speaker 7: in Taiwan. So clear that there's a rally in the
Speaker 7: hardware tech space, I.
Speaker 3: Mean a very round number right now, two forty five points.
Speaker 3: But then on the downside, same thing is happening here
Speaker 3: in the US.
Speaker 2: People are selling off software.
Speaker 7: What's sparked in Asia absolutely that software selloff. We saw
Speaker 7: that spreading to Asia overnight, especially the Indian market which
Speaker 7: has have the exposure to software style, saw saw big
Speaker 7: sell off in the in the software names. And this
Speaker 7: is the resumption of the AI disruption fear that we
Speaker 7: saw before the war in ir Iran, and definitely there
Speaker 7: was the there was a by Asia tech names, hardware
Speaker 7: tech name before the war started and during the war,
Speaker 7: the high flying hardware tex stiles were the most beaten
Speaker 7: down during the war. And we're seeing kind of a
Speaker 7: reversal story here. We're seeing the resumption of the cellof
Speaker 7: in the AI software name, not only in the US,
Speaker 7: but also in Asia, and this recovery in the beaten
Speaker 7: down hardware tech memory ship or other hardware tech names
Speaker 7: in Asia.
Speaker 3: We want to thank you Kenley all over what's happening
Speaker 3: with the Asian trade. Let's bring it back to the
Speaker 3: United States and more broadly so, Jamonski's with a CEO
Speaker 3: at Defiance ETFs saying, the markets are being driven by
Speaker 3: two powerful forces right now as well, and one side
Speaker 3: it's AI growth, on the other side it's geopolitical tension.
Speaker 3: And because we head towards a weekend, whether we'll be
Speaker 3: discussions and Vice President Vance flying out at the moment
Speaker 3: hopefully secure a more secure end or resolution to the conflict,
Speaker 3: how does that affect you what you're seeing in terms
Speaker 3: of purchasing of the ETFs.
Speaker 8: Yeah, so it's really interesting. I think that what we've
Speaker 8: seen over the last couple of months or so is
Speaker 8: that a lot of the thematic ETFs that are in
Speaker 8: the AI space, whether it's AI power, whether it's AI
Speaker 8: infrastructure structure, whether it's like the straight ship names, you know,
Speaker 8: they've taken a hit very much like they have in
Speaker 8: other crisises, whether it's you know, Ukraine tension, whether it's COVID,
Speaker 8: things like this and you know, Lo and Behold. We
Speaker 8: hear that a resolution could be on the way, and
Speaker 8: all of these names start to rally again into the market.
Speaker 8: So I think I'll just be looking at what happens
Speaker 8: with the geopolitical conflict because I think that long term,
Speaker 8: this is the investable story. It's all about AIAI infrastructure,
Speaker 8: AI energy, AI space and connectivity. But I think think
Speaker 8: that the geopolitics it will be a huge overhang. If
Speaker 8: we don't see a resolution there, expect a lot of
Speaker 8: market volatility, expect a pullback. If we do hear that
Speaker 8: the ceasefire is more than a ceasefire and we're sort
Speaker 8: of moving forward, then I think the market's back on
Speaker 8: track for a positive potentially positive year, but.
Speaker 2: With the angst.
Speaker 3: Of course, with war it's about people and humanity, yes,
Speaker 3: but there's also supply chain, people's access to raw materials
Speaker 3: that really need in the rest of the world, and
Speaker 3: that's a chip story in anyways.
Speaker 8: Yeah, I mean that's a huge story now. But again
Speaker 8: it'll depend on when this ends, right, So I think
Speaker 8: if there's a resolution to the conflict soon, a lot
Speaker 8: of what we're seeing on the supply side will be
Speaker 8: resolved in a month or two. Right, It won't be overnight,
Speaker 8: but I think we'll get back to kind of reverting
Speaker 8: to the mean there.
Speaker 2: But I think we'll get.
Speaker 3: Back to all the problems with supply chain that already
Speaker 3: exists AI.
Speaker 8: That already existed, but it won't kind of pile on
Speaker 8: and get worse.
Speaker 5: Right.
Speaker 8: But I think if this goes on for another month
Speaker 8: or two, then you really start worrying about things like inflation,
Speaker 8: the price of oil, gas and energy and how that
Speaker 8: factors into the consumer's wallet and then the stock market.
Speaker 3: I mean, price has been factoring into the AI buildout,
Speaker 3: where of course from reporting the open AI is curtailing
Speaker 3: at stargate UK ambitions because of energy prices there how
Speaker 3: much you seeing the ETFs showing that either that we're
Speaker 3: in a bubble or indeed that there's still this more
Speaker 3: worried that the stranglehold, the choke hold is really a
Speaker 3: lack of energy and a lack of infrastructure.
Speaker 8: Yeah, I mean, what I would say is I would
Speaker 8: almost take the criteria view on that because if anything,
Speaker 8: we've seen infos back into the AI energy trade, like
Speaker 8: the AI Energy and Infrastructure Trade for example, has been
Speaker 8: probably one of our most popular in the last couple
Speaker 8: of weeks because I think investors are looking at it
Speaker 8: and saying, like, we already have this backlog. As you're saying,
Speaker 8: right now, AI is using four point five percent of
Speaker 8: the world's energy in two to three years, it's supposed
Speaker 8: to be ten percent. Throw on top of that the
Speaker 8: geopolitical issues and you know the supply issue there what
Speaker 8: happens over time becomes more expensive. These companies could benefit
Speaker 8: from this over time. So I do think that overall
Speaker 8: it does benefit AI infrastructure in the future.
Speaker 3: Your ets very much hot ware exposed ro on than
Speaker 3: software exposed, and at the moment, software hasing a terrible
Speaker 3: day of it as well. Even names like Palenteer which
Speaker 3: are a defense play and even President Trump himself talking
Speaker 3: about Palenteer and the application in war. What's interesting we
Speaker 3: spoke with the CTO a couple of weeks ago talking
Speaker 3: about how this is an AI war.
Speaker 2: Just take a listen for a moment.
Speaker 9: Obviously, current current operations aren't going, but I think people
Speaker 9: will reflect back and say, this is the first large
Speaker 9: scale combat operation that was really driven, enhanced, made substantially
Speaker 9: more productive with technology with AI.
Speaker 3: And really we did see the CTO articulating that we've
Speaker 3: never seen a conflict like this as AI exposed. How
Speaker 3: much is that being shown in some of your etf
Speaker 3: Jedi for example, those that are focused on Warren drones.
Speaker 8: Yeah, so Jedi has certainly, you know, had its day
Speaker 8: in the sun. I think a lot of investors have
Speaker 8: flocked to it for that reason. It holds stocks like Palenteer,
Speaker 8: and it also holds the drone company. It's like Kratos
Speaker 8: for example, Aero environment and what happens here is that
Speaker 8: war has changed, Right. It's perhaps not as much about
Speaker 8: the two hundred million dollar missile, but the two thousand
Speaker 8: drones that you can send over for you know, hundreds
Speaker 8: and thousands of dollars right, and it's more effective they're
Speaker 8: unmanned drones and things like this. It's more about information
Speaker 8: and the ability and priority of decision making versus just
Speaker 8: tanks on the ground. Right. I think AI has changed
Speaker 8: completely the way that.
Speaker 10: The world will approach war.
Speaker 8: And so if you think about that, you know, we've
Speaker 8: had trillions of dollars of spending an aerospace and defense
Speaker 8: since the Cold War. It's the highest amount of spending
Speaker 8: that we've seen and that's projected to just continue to
Speaker 8: grow at a twenty to thirty percent cager after Iran
Speaker 8: and the conflict who knows even more, right, So I
Speaker 8: do think that a lot of the drones, the satellites,
Speaker 8: the space names, the Pallanteer's longer term will be on
Speaker 8: the eyes of investors for that reason, not to.
Speaker 3: Mention with a SpaceX IPA coming up and Oultimus ongoing.
Speaker 3: Sylvia Gabald Scate has been great having you with us.
Speaker 3: Thank Thanky of Defiance ETFs coming up will discuss the
Speaker 3: major AI models that come out Thick and Falls this week.
Speaker 2: Well do they.
Speaker 3: Compete against and how is that competition between the frontier labs.
Speaker 2: We're on that next sus room leg Tech.
Speaker 11: It has been a busy week for AI model releases,
Speaker 11: with new.
Speaker 3: Announcements from China's Ali Baba as well as Anthropic Meta
Speaker 3: to s break this all down onluegs AI reporter showing Gafari,
Speaker 3: it's been an extraordinary week and just the fear factor
Speaker 3: alone around Anthropic and Methos.
Speaker 2: How are you discerning.
Speaker 3: Whether it's real worries about its power or real lack
Speaker 3: of compute.
Speaker 2: That means it's doing a slow roll out here.
Speaker 10: So it's a fair question.
Speaker 12: Until we have this model rolled out more widely, it's
Speaker 12: going to be difficult to say right now there are
Speaker 12: you know, under fifty organizations partner organizations that can actually
Speaker 12: get their hands on this model. That being said, from
Speaker 12: the few people who have publicly experimented with it and
Speaker 12: talked about it, they are taking it seriously. And as
Speaker 12: Bloomberg reported this morning, the government is as well hosting
Speaker 12: a meeting among some government leaders to talk about the
Speaker 12: potential vulnerable to the financial sector that technology is like
Speaker 12: this could raise if released.
Speaker 3: Sharane, what does all this meant for Opening Eye, because
Speaker 3: it's been an extraordinary week for them as well in
Speaker 3: terms of public relations, but also what's been happening in
Speaker 3: terms of them saying to their own investors, according to
Speaker 3: your reporting, that look, we're ahead of the game because
Speaker 3: we've got more compute, but yet they're not going ahead
Speaker 3: with certain compute projects in the UK for example.
Speaker 12: Yes, again, you know, everyone is parsing different signals here
Speaker 12: and trying to understand which way things are headed, are
Speaker 12: rather why certain decisions are made. But what we do
Speaker 12: know is that there is still this compute crunch and
Speaker 12: that all the major EI labs say they need much
Speaker 12: more compute in order to be able to serve their
Speaker 12: customer and that their customers, and that tracks with what
Speaker 12: we're seeing in terms of restrictions on free usage with
Speaker 12: some of the major vendors, and you know they're charging
Speaker 12: more right for the most premium products.
Speaker 10: So with open.
Speaker 12: AI, what we know is that they still very much
Speaker 12: have these ambitious plans for a stargate to roll out
Speaker 12: lots and lots of gigawatts of energy that people have
Speaker 12: never seen before in terms of the.
Speaker 10: Size numbers for powering AI.
Speaker 12: At the same time, we are seeing a pullback on
Speaker 12: that UK site, a pause citing energy concern setting regulatory concerns.
Speaker 12: So price does matter here. They can't pay an unlimited
Speaker 12: amount for.
Speaker 3: It, shrin KAfari, You're across all of these things.
Speaker 2: It's so busy.
Speaker 3: We didn't even mention what's been the new smart announcement
Speaker 3: for Meta and what's happened with Video and Alibaba and China.
Speaker 2: We so appreciate you joining today. Thank you. Coming up,
Speaker 2: we're going to talk about that.
Speaker 3: Compute crunch speaking of the michaelgon Trator, Cally CEO.
Speaker 11: This is bloombag Tech. Welcome back to bloombg Tech.
Speaker 3: Let's check in on these markets because we're saying an
Speaker 3: all show, it's a tale of two halves, and as
Speaker 3: that one hundred is shown without how do wire outperformance?
Speaker 3: In particular, at the moment, we're up four ten percent.
Speaker 3: In fact, we're up more than four percent on the
Speaker 3: week now, even as we see consumer price jump, that
Speaker 3: core level of inflation actually relatively tamed. So we got
Speaker 3: some support for risk assets. We've got planned piece talks
Speaker 3: throughout the weekend. That is the macro perspective. But then
Speaker 3: we're also thinking about the software sellup or by two
Speaker 3: point six percent on the ETF that tracks software names
Speaker 3: once again to tumult really ensuing from what the likes
Speaker 3: Fanthropic status models other developments really mean for this area.
Speaker 2: Look at Palo Alto Networks.
Speaker 3: Here's a company that's actually helping with the Mythos trial.
Speaker 3: When you think about Glass Project in particular Glass Wing Project,
Speaker 3: where they're testing with some forty partners to be able
Speaker 3: to get ahead of any cyber risks. Paloto Networks is
Speaker 3: one of those, but it's still off by seven percent
Speaker 3: worse day in two years as we worry about how
Speaker 3: software names are reconfigured in the age of AI. Core
Speaker 3: Weave though benefits on the hardware side, we're up twelve
Speaker 3: percent because there is an absolute need for compute and infrastructure,
Speaker 3: and today they announce that they're doing that for Anthropic.
Speaker 3: Let's get to the CEO of core Weave now, Michael,
Speaker 3: and Trader joins us. You've just had twenty one billion
Speaker 3: dollar dealt with Meta yesterday. You have Anthropic today. Michael,
Speaker 3: what does this mean for your investors in terms of
Speaker 3: the clarity of revenue growth coming forward?
Speaker 13: Yeah, at first talk, good afternoon, Thank you for having me.
Speaker 13: But it has been a unique couple of weeks for
Speaker 13: us here because not only have we really made our
Speaker 13: tremendous progress with the likes of Meta and Anthropic, But
Speaker 13: we've also had a tremendous, overwhelming success in the capital
Speaker 13: markets as we continue to build the funding mechanisms to
Speaker 13: be able to ensure that we are able to execute
Speaker 13: on our roadmap for growth.
Speaker 3: Let's talk about those funding mechanisms, because you're looking at
Speaker 3: unique ways to be able to get access to credit
Speaker 3: lines by using basically the power of your customer. The
Speaker 3: fact that META is the one that's coming to you
Speaker 3: for the compute and the strength there.
Speaker 2: You're also tapping though well.
Speaker 3: Convertible notes was what was issued yesterday as well as bonds.
Speaker 2: We're seeking billions of that.
Speaker 3: How much more debt are you going to have to
Speaker 3: take con to fuel the growth?
Speaker 13: So uh, you know, we're we've been very creative about
Speaker 13: how we kind of look at the capital markets making
Speaker 13: sure that we can uh execute on our plan for
Speaker 13: for the in the most cost effective way.
Speaker 6: And so you know, we we issued eight and a.
Speaker 13: Half billion dollars worth of bonds UH at a minus
Speaker 13: UH of a minus paper because of the quality of
Speaker 13: our count parties, and you know, that was a tremendous
Speaker 13: UH reduction in our weighted average cost of capital. And
Speaker 13: then we came back yesterday we did the largest dual
Speaker 13: offering ever UH and that was both the the the
Speaker 13: the convertible note that we issued as well as UH
Speaker 13: a tranche of high yield you know, really positioning us
Speaker 13: well for the capital requirements. And it's just the the
Speaker 13: over subscription to to these UH, to these UH tools
Speaker 13: that we're bringing into market, to the paper that we're
Speaker 13: bringing to market, really provides tremendous transparency to us, to
Speaker 13: our investors, to our clients about how much access we
Speaker 13: are going to be given to capital as we continue
Speaker 13: to execute on this strategy. And you know, people are
Speaker 13: really confident the cost capital keeps coming down in our
Speaker 13: ability to kind of drive the compute. That is so
Speaker 13: dear to all of these model UH creators and product
Speaker 13: people who are producing product for for artificial intelligence. You know,
Speaker 13: it's just been you know, an extraordinary week both on
Speaker 13: the on the capital raise sign as well as the
Speaker 13: client contract side.
Speaker 2: As the coast of capital comes down, it gets more.
Speaker 3: How much more money do you need to get for
Speaker 3: the Denmark is Michael?
Speaker 10: Yeah.
Speaker 13: So so look, you know, our our strategy continues to
Speaker 13: be success created right, And so we go out and
Speaker 13: we execute a contract like the one we just did
Speaker 13: with Meta, and now with that contract in hand, we
Speaker 13: will go to the capital markets and we will raise
Speaker 13: debt that will be at a very low cost of
Speaker 13: capital to be able to build the infrastructure to deliver
Speaker 13: on that contract. Each of our contracts are profitable and
Speaker 13: drive wonderful return and at the parent code, we're just
Speaker 13: looking to continue to scale into this, you know, unique
Speaker 13: opportunity to kind of build, you know, an enormous company
Speaker 13: that is instrumental in delivering infrastructure to the world.
Speaker 2: How much does Anthropic need.
Speaker 13: So we're we're not at liberty to speak to the
Speaker 13: size of that contract. It is a multi billion dollar contract,
Speaker 13: but really much more importantly than that, from our perspective,
Speaker 13: this is the first contract that we've executed with them.
Speaker 13: It's the first time that they've used somebody out of
Speaker 13: one of their core investors, and they came to us
Speaker 13: because of the quality of the infrastructure and the software
Speaker 13: solutions that we provide, and so, you know, we just
Speaker 13: think it's an incredible vote of confidence from one of
Speaker 13: the most important lands in the world, and we think
Speaker 13: that it's going to be a launch pad for additional
Speaker 13: business between us and them, just as every other client
Speaker 13: that we've we've brought on really all the major clients.
Speaker 13: They come on, they do a contract with us and
Speaker 13: it's a land and extand expand strategy for both both parties.
Speaker 13: You know, we really build from that into a very
Speaker 13: broad based relationship where we've become an integral part of
Speaker 13: their infrastructure strategy.
Speaker 2: Let's talk about methods.
Speaker 3: Does the slow unveil of the model to unique partners
Speaker 3: does that signal an issue with Compute?
Speaker 13: So look, you know the strategy that that that Anthropic
Speaker 13: is using to you know, as they kind of bring
Speaker 13: their products to market is really you know, you know,
Speaker 13: it's it's it's it's their strategy.
Speaker 10: You know, our job in.
Speaker 13: This ecosystem is to provide as much infrastructure at the
Speaker 13: highest quality that we can, right and they came to us,
Speaker 13: They engaged us because they have demand for Compute because
Speaker 13: of the wonderful products that they are bringing to market,
Speaker 13: and that's you know, being echoed across the different labs,
Speaker 13: you know, universally, and you know, our role in this
Speaker 13: is really to go ahead and to deliver the infrastructure
Speaker 13: that these companies are going to need and currently need
Speaker 13: to be able to successfully deliver their product to market.
Speaker 2: That's what our role is we do. Michael.
Speaker 3: I'm fascinated by the global perspective you have here because
Speaker 3: the geopolitical environment that we live in at the moment
Speaker 3: means that energy prices are driving up, particularly over in
Speaker 3: Europe and the UK. Open AI we have reporting that
Speaker 3: they're pulling back on their stargate project in the UK
Speaker 3: because energy is getting too expensive. And yet they're going
Speaker 3: out to their investors and saying, look, we're ahead of
Speaker 3: the game. We're ahead of anthropic because of our compute
Speaker 3: that we have. What are you seeing in terms of
Speaker 3: people trying to rearrange where their computer is access from?
Speaker 13: Yeah, look, you know. The way I kind of view it,
Speaker 13: and my background really is in the commodity space, is
Speaker 13: that people are going to be very thoughtful about managing
Speaker 13: the cost of delivering infrastructure. And some of that is
Speaker 13: going to come from the energy side. It's going to be, hey,
Speaker 13: where can we get electrons that are effectively priced so
Speaker 13: that we can continue to drive our company. But it's
Speaker 13: also going to come from places like Corewave, where our
Speaker 13: software and the yield on the compute that we build
Speaker 13: is just higher than other alternatives because of the quality
Speaker 13: of the software environment that we build. And so you're
Speaker 13: seeing both sides of that coin really being driven, and
Speaker 13: you're seeing the success of our infrastructure and the adoption
Speaker 13: of our infrastructure because of the part that we can impact.
Speaker 13: And so we look at the different energy markets. We
Speaker 13: place our infrastructure in lots of different places in order
Speaker 13: to mitigate localized risks such as what's happening in Europe
Speaker 13: at the moment. But we really do think that the
Speaker 13: part that we can directly control is the quality of
Speaker 13: the infrastructure we delivered.
Speaker 2: Do you pull back from the UK?
Speaker 13: Michael, No, No, we have no intention of pulling back
Speaker 13: from the UK. We are well positioned there. We have
Speaker 13: you know, a great relationship with the energy companies, with
Speaker 13: the data centers, and you know, with the with the
Speaker 13: broader economy over there, and we absolutely will continue to
Speaker 13: build and expand our footprint in those jurisdictions.
Speaker 2: Michael and Tracha, I always wish we had more time
Speaker 2: with you. Thank you. It's been a busy week. Can
Speaker 2: you some rest, We appreciate it or we've.
Speaker 3: See you coming up a busy week for four NASA astronauts.
Speaker 3: They flew around the Moon returning home maybe the most
Speaker 3: dangerous part. We'll discuss the expectations for Artemis two splashdown.
Speaker 2: That's next. There's a blue big tech.
Speaker 3: After its historic trip around the Moon, the crew of
Speaker 3: Artemists two is preparing to splash down in the Pacific
Speaker 3: Ocean this evening. Now, the three Americans one Canadian broken
Speaker 3: record for distance traveled by humans and of the first
Speaker 3: witness parts of the lunar surface, as they traveled closer
Speaker 3: to the Moon than people have been in fifty years.
Speaker 3: Now they're preparing for a pretty fary plunge back into
Speaker 3: Earth's atmosphere in a major test.
Speaker 2: Of the Orion capsule's heat shield.
Speaker 3: Let's discuss that and what to expect with Blueberg's space
Speaker 3: reporter Sana Pashanka and Sana. Why is this such a
Speaker 3: test for Orion and the capsule.
Speaker 14: Yeah, so, during the first Urnamis one mission, we saw
Speaker 14: that there were some issues with the Orion's heat shield.
Speaker 14: Upon re entry, they had noticed some chunks of it
Speaker 14: had basically you know, fallen off when when the.
Speaker 10: Ryan capsule.
Speaker 14: Splashed down, and so that was kind of a test
Speaker 14: of what is to come and you know, they're trying
Speaker 14: out a different type of re entry this time in
Speaker 14: which the orion capsule will be exposed to those fiery
Speaker 14: temperatures for a less amount of time. So, you know,
Speaker 14: NASA says they feel very confident in the performance of
Speaker 14: the heat shield this time around, but you know, time
Speaker 14: will tell.
Speaker 3: Just with Lukie Martin built Ryan Crewe crapsule in particular,
Speaker 3: how has the company been navigating through this as well
Speaker 3: and how how have all entities work together to ensure
Speaker 3: that this is the safest possible splash down.
Speaker 14: Yeah, so Laki Martin said has said that they have
Speaker 14: done a very comprehensive investigation following Artemis one of their
Speaker 14: heat shield and you know what exactly went wrong, and
Speaker 14: have done more testing with the heat shield of you know,
Speaker 14: the current capsule to ensure that they wouldn't face the
Speaker 14: same issues again with this different type of re entry.
Speaker 14: So they definitely feel confident, and they have also engineered
Speaker 14: a new type of heat shield for the following Artemis
Speaker 14: mission starting with Artemis three. So you know, they've said
Speaker 14: that they have really investigated the issues, worked through them,
Speaker 14: fixed them, and that will be implemented on the subsequent
Speaker 14: missions following this one.
Speaker 2: Sana, but as busy week.
Speaker 3: Thanks for joining us, Sana for Shanka, they're our space reporter.
Speaker 2: Let's get even more with Lori Leshen.
Speaker 3: She's professor of Space Future at Arizona State University. Form
Speaker 3: ahead of a Nassa's jet propulsion laboratory first whenever to
Speaker 3: do that, and just the scale of the anxiety as
Speaker 3: we wait for them for this splashdown at five pm
Speaker 3: Pacific time, eight pm here in New York.
Speaker 15: Yeah, I mean it's definitely one of those pins and
Speaker 15: needles moments.
Speaker 10: We tend to.
Speaker 15: You know, it's a little bit like waiting in line
Speaker 15: for a roller coaster. You're both nervous and excited. We're
Speaker 15: so thrilled to have the astronauts coming back down, but
Speaker 15: it is going to be a pins and needles moment
Speaker 15: for sure until they are safely back on the ship
Speaker 15: after they landed in the ocean.
Speaker 3: Talk about some of the numbers here, ten metric ton
Speaker 3: Ryan capsule, about twice the pass of the Apollo capsule
Speaker 3: as you put it, Lori, And what.
Speaker 2: Speeds are they hitting and how hard is.
Speaker 3: This to scientifically ensure that the heat protections that.
Speaker 15: Yeah, so it is it's a ten metric ton capsule,
Speaker 15: about twice the mass of Apollo when it, you know,
Speaker 15: re entered the atmosphere, so it's bigger, which is great
Speaker 15: for the astronauts. We've seen the cramped quarters. Can you
Speaker 15: imagine how small that Apollo capsule was. And yes, they
Speaker 15: hit the top of the atmosphere going twenty five thousand
Speaker 15: miles an hour and over the course of thirteen minutes
Speaker 15: slow down to about twenty miles an hour. That should
Speaker 15: be their hit velocity, you know under the under parachutes,
Speaker 15: going nice and slow coming down unto the Pacific and
Speaker 15: other number I love is the heat shield gets to
Speaker 15: be about the temperature of the surface of the Sun,
Speaker 15: about five thousand degrees fahrenheit.
Speaker 10: That's really hot.
Speaker 15: And so this is one of the biggest challenges of
Speaker 15: spaceflight is our atmosphere is great to help us slow down,
Speaker 15: but it heats the heck out of everything. So we've
Speaker 15: got to make sure those heat shields work. And I
Speaker 15: think the work between lockeed Martin and NASA and probably
Speaker 15: subject matter experts even beyond those organizations have really contributed
Speaker 15: to the confidence that we have going in to today's
Speaker 15: re entry.
Speaker 10: But we'll still all be on pins and needles.
Speaker 3: I mean, and the confidence has been built over the
Speaker 3: last nine days or so. This mission we don't want
Speaker 3: to touch on all the word here at the moment,
Speaker 3: but has been remarkably successful.
Speaker 10: It has.
Speaker 15: And look, we will celebrate like crazy once the astronauts
Speaker 15: are back on Earth and then we can really breathe
Speaker 15: and take that moment to celebrate what an extraordinary accomplishment
Speaker 15: here in the year of the two hundred and fiftieth
Speaker 15: birthday of our country, to once again inspire the nation
Speaker 15: and really the world with great science. You know, their
Speaker 15: flyby of the moon was as a scientist that made
Speaker 15: my heart go pitter pattern. And also all of the
Speaker 15: data and information that we've gained about Orion and how
Speaker 15: it works and whether there are things will need to
Speaker 15: tweak before future missions. A lot of that data is
Speaker 15: resident on the capsule itself, in the brains of the astronauts.
Speaker 15: All of that will get downloaded once they're back on her.
Speaker 2: And then push us forward to Artemis three then.
Speaker 15: Right, so, and it's going to go fast. Now, this
Speaker 15: is what I love. You know, I was involved in
Speaker 15: this program back at the very beginning, back in twenty
Speaker 15: eleven when the very first Ryan Capsule came off, the
Speaker 15: you know, was being built and the SLS was born essentially,
Speaker 15: and now it's taken us a long time to be
Speaker 15: flying humans back into deep space with these two fabulous
Speaker 15: with the rocket and the spacecraft.
Speaker 10: But now it's going to go faster.
Speaker 15: So Artemis three we hope to launch in next year,
Speaker 15: So I expect you're going to hear very soon an
Speaker 15: announcement of crew more specifics about the mission, which we've
Speaker 15: changed the mission profile from what was expected previously in
Speaker 15: order in part to accelerate this and hopefully accelerate getting
Speaker 15: boots on the Moon, which we hope will happen in
Speaker 15: twenty twenty eight.
Speaker 10: On Artemis four.
Speaker 3: You're back in academia. What does these moments? I mean,
Speaker 3: I just think about my kids coming home from school
Speaker 3: to every day at the moment, with various art projects
Speaker 3: and things that have been doing around artemist too. What
Speaker 3: is it done in terms of inspiring those that are
Speaker 3: studying under you, those that are now going to study
Speaker 3: under you.
Speaker 10: I think it's a great moment.
Speaker 15: The Apollo inspired and a generation around the world to
Speaker 15: pursue innovation, to pursue technology to ask hard questions and
Speaker 15: do things that we thought were impossible. I really hope
Speaker 15: we're going to have the same impact on this generation,
Speaker 15: the Artemis generation. And we're really seeing massive amounts of
Speaker 15: excitement and not only from you know, space geeks like us,
Speaker 15: but from everybody that we talk to. And so it's
Speaker 15: a great moment of opportunity for us in this country
Speaker 15: to continue to drive STEM learning and innovation.
Speaker 2: And Jared Eisiman, of course the administrator. How important has.
Speaker 3: NASA's focus been on this to be bold? But also
Speaker 3: what about the money and what more is needed right
Speaker 3: now from the government.
Speaker 15: Right I do think Jared has been a real breath
Speaker 15: of fresh air coming in and trying to drive the
Speaker 15: age and see to move faster, but do so smartly.
Speaker 15: I also know that he understands, based on personal experience,
Speaker 15: the risks involved in human spaceflight and so we're going
Speaker 15: to fly when we're ready, but we need to start
Speaker 15: moving things out of the way. When I was director
Speaker 15: of JPL, I had this group I called the snowplow team,
Speaker 15: which is can we get stuff out of the way
Speaker 15: for the technical folks who are trying to get us
Speaker 15: further faster and get things done. We've got to be
Speaker 15: the people that clear out that clutter. And I know
Speaker 15: that he's really committed to that, and it's great because
Speaker 15: NASA needs that. It's become a bit bureaucratic, and it's
Speaker 15: great to have that breath of fresh air.
Speaker 3: And Jared Mangio, Tenna, you are launching several new NASA missions.
Speaker 2: Lorie Leshen, it's always so great to have you on.
Speaker 2: Thank you so much.
Speaker 3: Former director of NASA Jet Propulsion Lab, currently the Professor
Speaker 3: of Space Futures at Arizona State University. Now coming up
Speaker 3: all it's permanently closing it's first unionized store in the
Speaker 3: United States one.
Speaker 2: The next is a brute big tech time now for.
Speaker 3: Talking tech and first s up shares of China's share
Speaker 3: Tronic data they plummeted twenty percent, swallowing US charges against
Speaker 3: super Micro co founder for allegedly smuggling in video chips.
Speaker 3: The company denies a relationship with super Micro, but records
Speaker 3: shows share Tronic procured ninety two million dollars worth of
Speaker 3: in video H one hundred and h two hundred processes,
Speaker 3: which have been banned from sale to and within China.
Speaker 3: While in video backed Lamentums said demand from the biggest
Speaker 3: US tech companies for its optical components is accelerating and
Speaker 3: would be sold out through all of twenty twenty eight
Speaker 3: later this year. The company is investing at least one
Speaker 3: hundred million dollars to expand it specialized factories in Japan,
Speaker 3: and the stock is up fifteen hundred percent over last
Speaker 3: year as investors bet on photonics as the essential plumbing
Speaker 3: for the next generation of AI data centers. We While
Speaker 3: Apple is shutting its first unionized retail store in the
Speaker 3: United States in June, citing declining conditions at the mall,
Speaker 3: The company said it in a statement that the employee
Speaker 3: can apply for open roles at Apple in accordance with
Speaker 3: the collect to bargaining agreement. Union representing tousand employees called
Speaker 3: the move union busting, saying Apple's claim about the agreement.
Speaker 2: Is quote simply false.
Speaker 3: Let's stick into that, I mean most Josh Eidelson is
Speaker 3: here with more on their story. So is it that
Speaker 3: the mall isn't performing well? Or is it that this
Speaker 3: was the one rare case of unionization.
Speaker 16: Well, this tees up what is likely to be a
Speaker 16: year's long legal battle potentially over that question whether this
Speaker 16: was illegal retaliation or simply a business decision. It's not
Speaker 16: inherently illegal for a company to shut down a unionized location,
Speaker 16: but it is illegal for a company to retaliate against
Speaker 16: workers for organizing by shutting down, and across various industries,
Speaker 16: it is often one of the biggest fears workers have
Speaker 16: about unionizing is that it could lead the company to
Speaker 16: retaliate by shutting down their business.
Speaker 3: How would evidence be weighed here? I mean several retailers
Speaker 3: we know, creating Barrel Banana Republic have pulled back from
Speaker 3: that particular mall, but then non electronics sellers as well,
Speaker 3: And so what is it that you've tended to see
Speaker 3: come forward in these years long battles?
Speaker 16: The US Labor Board, when it conducts an investigation, talks
Speaker 16: to various witnesses, looks at documents. Sometimes there are internal
Speaker 16: communications that come up that influence the decision whether to
Speaker 16: issue a complaint. Then the case proceeds through many steps
Speaker 16: after that that can end up in federal appeals court.
Speaker 16: The union will point out, as they have that apple,
Speaker 16: they say is not letting the union members that are
Speaker 16: losing their jobs get the same right to transfer to
Speaker 16: other jobs that workers at the other two stores being
Speaker 16: closed down are getting, and the union argues that shows
Speaker 16: the animus against the union here.
Speaker 2: In the meantime, though, this up.
Speaker 16: Ends one of the few footholds that organized labor had
Speaker 16: at Apple and have a chilling effect on organizing elsewhere,
Speaker 16: regardless of what happens with a potential legal case.
Speaker 3: The International Association of Mechanists and Aerospace Workers, how do
Speaker 3: they think Apple will unionize ever again or not?
Speaker 16: Briefly Well, they're arguing that they will put pressure on
Speaker 16: the company, including looking to elected officials. We've seen sometimes
Speaker 16: these fights become as much about a company's brand and
Speaker 16: reputation as about the day to day profit of the company,
Speaker 16: and unions look for whatever leverage they can to push
Speaker 16: back in these situations.
Speaker 3: Josh, it's great to have you here live to talk
Speaker 3: through the story. Most Josh Idols in there Now. That
Speaker 3: does it for this edition of Bloomberg Tech. Do not
Speaker 3: forget to check out the podcast. Find it on the
Speaker 3: terminal as well as online on Apple, Spotify, and iHeart
Speaker 3: from New York. Happy weekend. This is Bloomberg Tech