Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and Eva Loow in San Francisco.
Speaker 2: This is Bloomberg Tech coming up, Meta Iron, Google's AI chips.
Speaker 2: According to reports, how the market is questioning in Vidia's
Speaker 2: long term dominance. Prashujinping brings the issue of sovereignty over
Speaker 2: chiphub Taiwan back on the agenda with Donald Trump during
Speaker 2: their phone call. And Apple eliminates sales roles in a
Speaker 2: rare layoff to streamline the way it offers products to
Speaker 2: businesses and governments.
Speaker 3: We have the details.
Speaker 2: The first, let's check in on these markets that are
Speaker 2: trying to digest a wall of delayed data at the
Speaker 2: same time as baking in maybe an eighty percent chance
Speaker 2: of a FED rate cut. That's what the market price
Speaker 2: is in but all eyes on tussle at the top
Speaker 2: in AI dominance, looking at a five ten percent drop
Speaker 2: on the Nasdaq one hundred on the upside, some key
Speaker 2: players on the drownd side, we're seeing a key drag
Speaker 2: from some of the key chip names.
Speaker 3: In particular.
Speaker 2: Let's delve into what's moving this particular index, which does
Speaker 2: lag the SMP and the DOW. Today we're seeing in
Speaker 2: video off by five percent. No wonder then, ASAK one
Speaker 2: hundred is underwater when the world's most dominant player from
Speaker 2: a market cap perspective is currently off by five percent.
Speaker 2: Big moves for a four trillion dollar company, and in
Speaker 2: large part it's because of Alphabet that actually is trimming
Speaker 2: its games but still at a new record high. This
Speaker 2: is we understand meta eyeing tpused. This is all about
Speaker 2: the dominance of where we get the chips of the
Speaker 2: future to train our models as well as use our models.
Speaker 2: Meta is the key.
Speaker 3: Line of questioning.
Speaker 2: Here is meta eyeing tpused from Google to put in
Speaker 2: its own data centers. They're the reports coming from the
Speaker 2: information today, let's talk about the market reaction. Equity reporter
Speaker 2: around Nostellica is here with us Ryan. It's monumental move
Speaker 2: that Alphabet has had since mid October. It's added a
Speaker 2: trillion in market capitalization. Were starting to become aware of
Speaker 2: its prowess in AI and in chips.
Speaker 4: Yeah, absolutely, thanks for having me so. Yeah, certainly sentiment
Speaker 4: has really reversed on Alphabet, and I think people are
Speaker 4: really appreciating how dominant. It is across every layer of
Speaker 4: the AI stack. Of course, it recently released the latest
Speaker 4: update to Gemini, which was seen as very strong across
Speaker 4: all the major benchmarks that people used to evaluate AI models.
Speaker 4: The chip business is getting a lot of attention lately,
Speaker 4: between the report with Meta and the deal with Anthropic.
Speaker 4: People really see this as a really significant potential competitor
Speaker 4: to Nvidia, as you were discussing earlier, and beyond that,
Speaker 4: it has a huge cloud business that is seeing accelerating growth.
Speaker 4: It has so much data and users and distribution and talent.
Speaker 4: It really has all of the pieces, and that has
Speaker 4: really helped the stock surge, not just recently but over
Speaker 4: the past several months. It is by far the biggest
Speaker 4: performer or the best performer of the mag seven this year.
Speaker 2: I think Counterpoint Research analyst and co founder Nail shar
Speaker 2: and a story on Blueberg saying it's a sleeping giant
Speaker 2: in the AI race and is fully awoken. But many
Speaker 2: have been trading for the last few days ever since
Speaker 2: Gemini three release.
Speaker 3: Maybe going short open.
Speaker 2: AI suppliers and long alphabet suppliers. Is that still bearing out.
Speaker 2: I'm looking at Oracle down once again.
Speaker 4: Ryan Oracle has really been under a lot of pressure lately.
Speaker 4: I think it's on track for its biggest one month
Speaker 4: dropped since two thousand and one, so certainly a real
Speaker 4: reversal there. It does seem like people are moving towards
Speaker 4: the Google and Alphabet suppliers, which is companies like Broadcom,
Speaker 4: while at the same time the companies that are more
Speaker 4: connected to open Ai. You mentioned Oracle, also AMD, Microsoft
Speaker 4: to a certain extent, these companies have really been under
Speaker 4: a lot of pressure lately.
Speaker 2: It's worth reminding though that yes, Alphabet's been on a tear,
Speaker 2: and actually its valuations have started to trade way higher
Speaker 2: than we're used to I thinking about twenty six twenty
Speaker 2: seven times future earnings, but still leap from just mysoft.
Speaker 3: Ahead of it in terms of market cap is Apple.
Speaker 2: I think it's got another seven percent to go to
Speaker 2: hit that, but fifteen percent to go to in video.
Speaker 2: We're not questioning longer term at this exact moment. In
Speaker 2: Vidia's dominance in AI and semiconductors.
Speaker 4: Well, NBA right now has I think ninety percent or
Speaker 4: so share of the data center market. If there is
Speaker 4: potential for Alphabet to start eating into that, I think
Speaker 4: that would change a lot of calculations for people in
Speaker 4: terms of how much can Alphabet scale this business. I
Speaker 4: have talked to someone who thinks that this could potentially
Speaker 4: be worth more than Alphabet's cloud business, potentially up to
Speaker 4: nine hundred billion dollars. So that is a huge potential
Speaker 4: market there. And if that means that Nvidia starts losing
Speaker 4: market share, I think people will start reassessing how to
Speaker 4: value that company and its growth and its valuation. Now,
Speaker 4: I will just simply say that the AI market is
Speaker 4: growing so rapidly that people do see room for a
Speaker 4: lot of big players, and even Alphabet remains a major
Speaker 4: customer to in Vidia just because there is so much
Speaker 4: demand for compute right now, people don't want to be
Speaker 4: behold into any single supplier. It does suggest that there's
Speaker 4: a lot of room for growth to go around, even
Speaker 4: if we start seeing some erosion and market share at Navidia.
Speaker 2: And I'm pretty sure Jenson Wang will be responding to
Speaker 2: any concerns about erosion and market share round a SELCA.
Speaker 3: We so appreciate you joining.
Speaker 2: Let's dig in to further analysis here with Stephanie Anagai
Speaker 2: to the conversation which has global market strategist Japing Morgan
Speaker 2: Asset Management and has four trillion dollars in assets under management,
Speaker 2: four trillion, rather similar to the market capitalizations in some
Speaker 2: of these companies, And I'm interested, Stephanie, does it matter
Speaker 2: to you from a market sentiment perspective if there's scribbling
Speaker 2: at the top of the US domiciled companies.
Speaker 3: Is it a.
Speaker 2: Worry that we'll see perhaps in Vidia being questioned in
Speaker 2: terms of its dominance.
Speaker 3: I think it's quite healthy.
Speaker 5: We've seen the AI trade has delivered enormous returns for
Speaker 5: markets over the last two years, and we're I think
Speaker 5: all kind of experiencing the sire of relief with this exhale.
Speaker 5: I guess in a way, we've moved from a rise
Speaker 5: tied lifting all boats or more choppier waters, and investors
Speaker 5: are being far more scrutinizing when it comes to how
Speaker 5: much is being spent, the quality of those investments. We're
Speaker 5: seeing as this AI trade continues to grow in its enormity,
Speaker 5: the investment being made, and the moat in such big
Speaker 5: questions and shifting. So I think it's quite healthy that
Speaker 5: we're focusing on selectivity. I mean, this is what you
Speaker 5: want to see to prevent a dot com bubble, and
Speaker 5: we're looking at valuations today, we don't really see a
Speaker 5: big risk of that happening amongst the big tech firms.
Speaker 2: So even these worries about debt in particular, and you
Speaker 2: are coming to us with a viewpoint that is cross asset.
Speaker 2: In many ways, we have seen a real desire to
Speaker 2: get into AI related debts. Some of the bond sales
Speaker 2: that come from the likes of Alphabet and the likes
Speaker 2: of Meta and an Oracle.
Speaker 3: Have been scooped up.
Speaker 2: But there's been this worry that in the longer term
Speaker 2: it might start to maybe pull back on overall demand.
Speaker 2: We might see some of these big hyper scales coming
Speaker 2: to market so often that it drives up prices for others.
Speaker 3: It's possible.
Speaker 5: I mean, I think first just looking at the magnitude
Speaker 5: of how much AI investment is needed or being spent
Speaker 5: already by any way that you cut it, the amount
Speaker 5: of spending right now is enormous. But just like Cardia,
Speaker 5: isn't that expensive for a billionaire. When looking at these
Speaker 5: capex relative to the sales from these companies, relative to
Speaker 5: their current revenue growth, which has also grown significantly, it's
Speaker 5: actually not that extreme. So we're seeing this increasing move to.
Speaker 3: Tap into debt markets.
Speaker 5: But for us, it's not so much these companies getting overextended,
Speaker 5: but actually more so a reflection of a better sorry,
Speaker 5: a better capital structure. You know, there's some investments like
Speaker 5: these data centers that are going to be invested over
Speaker 5: multiple years. It might make more sense to tap debt
Speaker 5: markets for some of these deals or an off balancing structure.
Speaker 2: So for example, we're going to be looking not only
Speaker 2: at AI investment surging, but at credit default swaps of
Speaker 2: Oracle surging. Has that just been acting as a bell
Speaker 2: weather and the necessary bell weather to stop reflecting some
Speaker 2: of the risks that maybe people been ignoring for the.
Speaker 3: Past few months.
Speaker 5: I think it's it's very apt, and not all of
Speaker 5: these companies have the establishments, you know, they differ in
Speaker 5: many different ways and also in their sources of revenue.
Speaker 5: And I think it makes sense that you know, Oracle
Speaker 5: is one of the more you know, risk your companies
Speaker 5: that is tapping these bum markets and you're seeing that
Speaker 5: being reflective in CDs spreads. But that also can't be
Speaker 5: extrapolated to the entire shift right now towards debt markets
Speaker 5: to help finance these data center bills, and I'll also add, look,
Speaker 5: when it comes to cloud services, that business model is
Speaker 5: one of the most cash generative business models.
Speaker 3: In the world.
Speaker 5: So at the end of the day, these bonds are
Speaker 5: also being tied to services business operations that have tended
Speaker 5: to do quite well for these companies.
Speaker 2: It's interesting, of course, deciding where the margin a cruise.
Speaker 2: We're going to have l HP after the bell, Many
Speaker 2: feeding that margin is being eroded because of the cost
Speaker 2: of memory. Meanwhile, we'll getting Micron next week with its
Speaker 2: Sennings and Many anticipating they're strong because.
Speaker 3: Of the memory demand there.
Speaker 2: From your perspective, is there still room to run in
Speaker 2: just the tech trade more broadly, or has that shift
Speaker 2: into more value names and certainly with the context of
Speaker 2: the FED change things longer term into the end of
Speaker 2: the year.
Speaker 5: We still think we're quite early in this AI wave,
Speaker 5: but we've seen a chapter or two, and moving forward,
Speaker 5: I think the focus is not going to only be
Speaker 5: on compute needs and capacity needs, but also on AI
Speaker 5: utilization and what companies are really critical for that, whether
Speaker 5: it's in software, what companies are leading the way in
Speaker 5: financials and entertainment, in adopting AI, and then also how
Speaker 5: once we learn more about the end user demand for
Speaker 5: AI and the pricing power of these AI services, that's
Speaker 5: going to give us a lot of clarity around the
Speaker 5: ROI around these AI investments.
Speaker 3: So is that what we need?
Speaker 2: Is it ultimately the revenues of companies outside of the
Speaker 2: world of tech to vindicate that? What pushes us higher
Speaker 2: in terms of real contextview? Is it December when we
Speaker 2: get the FED decision? What is the catalyst do you
Speaker 2: think for us to reassess where we are in valuation?
Speaker 5: I'd say it's less of the kind of macro back
Speaker 5: job early here and much more of the proof point
Speaker 5: around the monetization of AI. I think the more that
Speaker 5: you see businesses ramping up their IT budgets, the stickiness
Speaker 5: that you see in those investment spending and then also
Speaker 5: AI delivering and we've seen some proof cases of that
Speaker 5: so far. Coding has been a huge factor of that.
Speaker 5: But once you see more companies, particularly outside of tech
Speaker 5: maybe tech adjacent, coming at their earnings calls and talking
Speaker 5: about their AI generated savings, I think that's going to
Speaker 5: be a really important next lever for the AI trade.
Speaker 2: And then one about the Leva FERRATUALI the companies that
Speaker 2: are adulting the clients that are cooling you on a
Speaker 2: daily basis, are they saying do I double down more
Speaker 2: in tech? Are they saying I need to double out
Speaker 2: outside of the world of tech.
Speaker 5: I think it's it's diversifying that tech exposure. You know,
Speaker 5: after a long run in these AI names, you don't
Speaker 5: want all your ex in one basket because it is.
Speaker 3: Probably not.
Speaker 5: At least you want to right size some of that
Speaker 5: exposure bill to top of all of those games that
Speaker 5: we've experienced in position for how this AI wave is
Speaker 5: going to evolve, there will undoubtedly be losers and winners,
Speaker 5: but we also don't want to be out of the market.
Speaker 3: And that's another thing that we're trying.
Speaker 5: To talk to clients about because even when you call
Speaker 5: a bubble correctly, if you weren't in the market from
Speaker 5: nineteen ninety five to nineteen ninety nine, you would have
Speaker 5: missed out on over four hundred percent in total return
Speaker 5: in the Nasdaq. You were right, but you've locked in
Speaker 5: years of underperformance. So when it comes to us f
Speaker 5: Wing Marcus today, we don't see that real risk of
Speaker 5: a systemic bubble, but we do see a real opportunity
Speaker 5: to just make sure that portfolios are built for resiliency
Speaker 5: and they're also built to take advantage of how this
Speaker 5: ai wave continues.
Speaker 2: To evolve, well, hopefully keep having you on a zimbubble
Speaker 2: or indeed the narrative does evolve. We so appreciate Stephanie
Speaker 2: Aliaga JPM Wollngan asset management can cross tech for us.
Speaker 2: Mean while coming out with China, Shijin paying revives talks
Speaker 2: to the sovereignty of a Taiwan and a phone call
Speaker 2: with President Trump.
Speaker 3: More on that next, This is boom Bag Tech.
Speaker 2: Chinese President Xijingping well has revived the topic of China's
Speaker 2: sovereignty over Taiwan in a phone call with President Trump yesterday,
Speaker 2: discussion that didn't come up during their face to face
Speaker 2: meeting last month in Beijing. From Magxinia, tech editor Mike
Speaker 2: Sheppard joined us for the latest and Mike remind us
Speaker 2: from a tech perspective, Taiwan, we know its dominance and chips,
Speaker 2: We understand its integral nature to the tech ecosystem. What
Speaker 2: is happening between Xijiping and Trump on.
Speaker 6: This Well, what was interesting yesterday, Carr is that we
Speaker 6: get two very different versions of this phone call between
Speaker 6: the leaders of the world's two largest economies. The first
Speaker 6: version came from Beijing. The official state news agency SHINOA
Speaker 6: put out its version of the conversation, presenting it really
Speaker 6: as one centered on the question of Taiwan. And then
Speaker 6: a few hours later we heard from President Donald Trump
Speaker 6: himself on truth social posting that they had had a
Speaker 6: great conversation about issues including soybeans and other matters, rare earths,
Speaker 6: and other key topics that were deared to the US president,
Speaker 6: but he made no mention of Taiwan there Now, while
Speaker 6: he did not bring it up, several hours later, he
Speaker 6: did call the new Prime Minister of Japan, Sanai Takaichi,
Speaker 6: who had enraged Beijing with comments a few weeks ago.
Speaker 6: You'll remember Caro saying that Japan would consider leaping to
Speaker 6: Taiwan's defense in the event that China.
Speaker 7: Were to try to take it.
Speaker 6: Now, all of this is huge implications for the supply
Speaker 6: chain of semiconductors, as you noted, especially Taiwan semiconductor. It's
Speaker 6: one of the world's largest producers of AI chips, and
Speaker 6: they are moving some of their production, as we know,
Speaker 6: to the US they've pledged one hundred and sixty five
Speaker 6: billion dollars in investment implants here in the United States,
Speaker 6: but they would still retain a significant amount of their
Speaker 6: capacity on the island. Therefore, any question of Taiwan really
Speaker 6: does bring up tech issues for US.
Speaker 2: And talking of tech issues, the administration once again trying
Speaker 2: to signal its commitment seeing the ai infrastructure build out
Speaker 2: akin to the Apollo Mission or to the Manhattan Project, Mike.
Speaker 6: Now they are talking about a Manhattan Project like effort
Speaker 6: in this Executive Order to call Genesis that President Donald
Speaker 6: Trump signed yesterday, But it was really more a call
Speaker 6: to action for various agencies to start working together more closely,
Speaker 6: and that includes the Department of Energy and its National
Speaker 6: Research laboratories. But when we talk about Manhattan Project, though,
Speaker 6: we do need to remember that that effort took thirty
Speaker 6: six billion dollars in real dollars today from back then
Speaker 6: in the nineteen forties, as the United States was in
Speaker 6: the race to develop a nuclear weapon ahead of the
Speaker 6: Access Powers. This is a very different time. We are
Speaker 6: not seeing new money being pledged towards this effort. It's
Speaker 6: important to remember, Caro, though, that the US already has
Speaker 6: put a significant investment in production of chips that would
Speaker 6: be needed for artificial intelligence, and that is the Chips
Speaker 6: and Science Act of twenty twenty two that put tens
Speaker 6: of billions of dollars in loans and grants and other support,
Speaker 6: including tax incentives, to support the development of a chip
Speaker 6: industry domestically that would help artificial intelligence take hold and
Speaker 6: gain ground and lead the world, as President Biden and
Speaker 6: President Donald Trump now say they would like the US
Speaker 6: to do.
Speaker 7: Now, we are.
Speaker 6: Seeing companies like open ai push for further investment to
Speaker 6: support data centers, and that would include extending some of
Speaker 6: those tax credits to data centers. So it'll be interesting
Speaker 6: to see how this develops and whether more of those
Speaker 6: tax credits will go to some of those AI projects.
Speaker 6: Just Caro, as we are wrestling with those questions of
Speaker 6: whether we are seeing too much money going into this space.
Speaker 2: Max make Shepard all the context from Washington, We appreciate it.
Speaker 3: Meanwhile, it's time for talking tech now.
Speaker 2: First up, Ali Baba reported thirty four percent growth in
Speaker 2: its cloud unit during the September quarter. Despite the gain,
Speaker 2: though spending on consumer subsidies data centers that's eaten into
Speaker 2: its profits the company's ADRs, as you can currently see,
Speaker 2: just training.
Speaker 3: Off by some two percent day.
Speaker 2: Meanwhile, Anthropic it's got a new model, claud Opens four
Speaker 2: point five that the company says it's better at coding
Speaker 2: and office tasks such as financial analysis and creating presentations
Speaker 2: or spreadsheets.
Speaker 3: It's part of anthropics efforts.
Speaker 2: To compete with open Ai with Google business customers. And Meanwhile,
Speaker 2: open ais a new tool to generate personalized shopping guides.
Speaker 2: The company trained a version of GBT five Mini.
Speaker 3: Model to ask follow up questions.
Speaker 2: Draw answers from reviews published on what the company considers
Speaker 2: higher quality websites. Now, let's talk Apple, because, in a
Speaker 2: rare mood for the company, the tech giant has eliminated
Speaker 2: dozens of sales roles in an effort to streamline the
Speaker 2: way it offers its products to businesses, schools, and governments.
Speaker 2: For more on this breaking story, Mark German joins us,
Speaker 2: it's not one hundreds, We're.
Speaker 3: Talking tens of people.
Speaker 2: But still it's notable because we don't often see layofs
Speaker 2: of that one.
Speaker 8: Yeah, to your point, it was several dozen people across
Speaker 8: Apple sales division, and this sales division they partner with
Speaker 8: carriers across the world to sell iPhones, but they also
Speaker 8: partner with enterprises, large scale businesses, government organizations, schools, educational institutions,
Speaker 8: major universities across the world to sell products like iPhones, iPads,
Speaker 8: max and you name it. And over the course of
Speaker 8: this month, there was a big streamlining rounds of layoffs, including,
Speaker 8: like I said, several dozen people. There were account managers,
Speaker 8: they are called account executives for specific government agencies, for
Speaker 8: specific university systems, people who partner in pitch companies on
Speaker 8: buying Apple products. There are these tiny Apple store like
Speaker 8: fixtures called briefing centers at Apple offices in California and Texas,
Speaker 8: and the people managing that, for the most part, we're
Speaker 8: laid off as well. And so this is going to
Speaker 8: change how Apple sells products to these different organizations. The
Speaker 8: majority of products are bought through what's called the channel,
Speaker 8: so third party retailers, and so those products are still
Speaker 8: going to sell, but quite a bit of a shake
Speaker 8: up here for Apple sells products and delivers these devices
Speaker 8: to the major customers. And of course, as you said,
Speaker 8: a rare layoff for Apple.
Speaker 2: Apple did respond to your reporting and saying we're continuing
Speaker 2: to hire, and those employees can.
Speaker 3: Apply for new roles.
Speaker 2: Mark, But what do you think this signifies more broadly
Speaker 2: about how Apple is trying to streamline, trying to become
Speaker 2: more efficient, trying to ensure that it doesn't seem like
Speaker 2: it's a lagged in this age of AI.
Speaker 8: Yeah, you know, I don't think this has much to
Speaker 8: do with AI. I think this has to do with
Speaker 8: cutting roles internally to lower costs because they realize most
Speaker 8: of these sales are happening from the channel and there's
Speaker 8: a lot of duplicate efforts internally with the channel, so
Speaker 8: the third party retailers. So I think it's just one
Speaker 8: of your classic layoffs to create more efficiency and cost cutting,
Speaker 8: rather than having much to do with artificial intelligence. In
Speaker 8: terms of layoffs related to AI at Apple, I guess
Speaker 8: the only thing you've seen related to AI from Apple
Speaker 8: that has to touch a layoff was the self Drenking
Speaker 8: Car project job cuts of one thousand people in the
Speaker 8: beginning of twenty twenty four, and that was actually to
Speaker 8: do more AI rather than because of AI. So they
Speaker 8: moved a lot of those folks over to the Generative
Speaker 8: AI division. But I haven't seen any job cuts at
Speaker 8: Apple to date because of AI. That doesn't mean they're
Speaker 8: not going to happen, but so far they haven't.
Speaker 3: Well that's far.
Speaker 2: We started to still see some job cuts across technology
Speaker 2: and Mark Gurman, you've been at the front of that reporting.
Speaker 3: We really appreciate it.
Speaker 2: Now coming up, Michael Barry stands by his in video
Speaker 2: criticisms as after calling out the company for stop by
Speaker 2: gap facts for compensation dilusion, but in video itself responded
Speaker 2: to analysts.
Speaker 3: More on that next. As a Bloomberg Tech.
Speaker 2: As we've been reporting in video shares, they are under
Speaker 2: pressure today, Competition fierce when it.
Speaker 3: Comes from Alphabet and TPUs.
Speaker 2: We understand reporting that Meta is eyeing potentially turning to
Speaker 2: Google for its chips in its data centers in the future.
Speaker 2: But there's also Michael Burry there isn't there standing by
Speaker 2: his criticism of the company after a video pushed back
Speaker 2: on his earlier analysis of stock based compensation of share
Speaker 2: buybacks for more Bluemberg equity supporter com and Ryanikey reminds
Speaker 2: us of what the Cassandra as he dubs himself, has
Speaker 2: been saying. Michael Burry laid on issues about the circularity
Speaker 2: of tech deals, worries about the interoperability of what big
Speaker 2: tech are currently doing in the world of generator AI.
Speaker 2: What did he take issue though, within video when it
Speaker 2: comes to share buybacks and stock compensation.
Speaker 9: Yeah, so, I think most basically his argument is that
Speaker 9: the amount of stock based compensation is diluting you know,
Speaker 9: owner's power, that if you hold the stock, it's being
Speaker 9: diluted by the stock based compensation. And so it really
Speaker 9: is just another thing and sort of a myriad of
Speaker 9: things that he has called out within Vidia in recent weeks.
Speaker 9: And yeah, we saw the company, you know, push back.
Speaker 9: There was a memo that they sent to some Wall
Speaker 9: Street analysis is according to a Baron's report that said,
Speaker 9: you know, we think his math is wrong. Kind of
Speaker 9: explained the situation a little bit better and also very
Speaker 9: latantly stated, you know, we're not Enron. We're not you know,
Speaker 9: there's no fraud here. But but Bury really said, you know,
Speaker 9: I stand by my analysis that you know about the
Speaker 9: stock based compensation, dilution share buybacks. And he also said,
Speaker 9: you know, I'm not comparing Nvidia to Enron, I'm comparing
Speaker 9: it too Cisco, which I thought was really interesting thinking
Speaker 9: about Cisco, you know, in the dot com era, it
Speaker 9: had this huge run up, but it was really associated
Speaker 9: with the over build in fiber optic cable. So he's
Speaker 9: you know, comparing that to what's happening now, I guess
Speaker 9: with the video with data centers, and these are really
Speaker 9: some of the biggest you know, concerns or pain points
Speaker 9: that we're seeing in this debate over if AI is
Speaker 9: a bubble, and you know, in video shares are down.
Speaker 9: I think they were down as much as six percent today.
Speaker 9: We're seeing you know, more than two hundred billion dollars
Speaker 9: in market value just wiped off, and we're also watching
Speaker 9: the sort of twenty percent level and videas nearing twenty
Speaker 9: percent draw down from it's high at the end of October,
Speaker 9: which was a significant level.
Speaker 3: For the shares technical band market. Extraordinary. Thank you very much,
Speaker 3: comment and Rhanick.
Speaker 2: He always has some of the most read stories across
Speaker 2: all of the technology moves.
Speaker 3: You've got to keep them up to date with it.
Speaker 2: Meanwhile, coming up Google's potential chip deal with Meta's raising
Speaker 2: questions about in Vidia's dominance and the erase for AI leadership.
Speaker 3: More on that take next. This is boom Bag Tech
Speaker 3: Welcome back.
Speaker 2: To Bloomberg Tech, let's take a check on these markets,
Speaker 2: because we have seen some sell off continuing.
Speaker 3: In the world of technology.
Speaker 2: Unlike SMP, unlike the Dow, the Moon music remains resolutely
Speaker 2: in the red.
Speaker 3: We're off by four tenths of percent.
Speaker 2: We're seeing some of the big tech names, namely in video.
Speaker 3: On the downside.
Speaker 2: We're still questioning valuations as we get that myriad of
Speaker 2: data that comes late to the party when it comes
Speaker 2: to certainly our own consumer sentiment seems to be on
Speaker 2: the low side. But we're seeing retail sales maybe pointing
Speaker 2: towards whether or not we've got some resiliency in the
Speaker 2: overall macroeconomic picture. But in Vidia is more a story
Speaker 2: of its resiliency versus competition.
Speaker 3: We're down by four percent.
Speaker 2: Once again, we're wondering if other chips will be created
Speaker 2: by other players, like Alphabet for example. It's TPUs maybe
Speaker 2: being eyed by Meta. That story we're going to delve into.
Speaker 2: We're seeing both shares trade higher. Oracle and any name
Speaker 2: really in the open Ai ecosystem has been a typical
Speaker 2: short for the last week or so, as people question
Speaker 2: open AI's dominance versus Gemini. Three for example, so Oracle
Speaker 2: once again off by another two percent. Let's really dig
Speaker 2: in them into the story of the day of alphabet
Speaker 2: really giving m video a run for its money, certainly
Speaker 2: a market capitalization front at least Mandy saying, you're here,
Speaker 2: senior techanalyst a roomag intelligence.
Speaker 3: You have for months, if not years, been reminding me and.
Speaker 2: Our viewers of the power of the ecosystem of Google
Speaker 2: and TPUs.
Speaker 3: Why now are we only just getting it?
Speaker 7: Wow?
Speaker 10: Because Gemini three showed that you could use the TPUs
Speaker 10: both for training the model and for inferencing. I mean,
Speaker 10: so far the story was all these secondary providers could
Speaker 10: be used for inferencing. The fact that TPUs were used
Speaker 10: for training Gemini three and most likely for Entropics Frontier
Speaker 10: model as well. So two of your three frontier models
Speaker 10: are using TPUs, And I think there is an acknowledgement
Speaker 10: now from the market that TPUs are comparable to in
Speaker 10: video in terms of functionality, and they are a lot cheaper,
Speaker 10: which is why I'm not surprised to see Meta do that.
Speaker 10: I mean, they will raise CAPEX and you know, going
Speaker 10: to the secondary provider who is a much cheaper option
Speaker 10: makes sense. And I think a market will like it
Speaker 10: when they raise the capex and say that we'll be
Speaker 10: using Google as a secondary provider.
Speaker 2: These are thus just reports as it stands, Mandy.
Speaker 3: But what's interesting has.
Speaker 2: Been looking at Jensen Wang's reaction when Alphabet or others
Speaker 2: have made inroads into some of their key clients, Anthropic
Speaker 2: for example, getting a load of gtpus from Google, and
Speaker 2: then we see more of a deal done between in
Speaker 2: Video and Anthropic.
Speaker 3: We know that in Videos double down on open AI with.
Speaker 2: One hundred billion dollars being offered in return for GPUs
Speaker 2: being considered in their future training. So what do you
Speaker 2: think the response mechanism could be of Nvidia.
Speaker 10: I mean, right now, in Video's problem is no one
Speaker 10: wants to pay the you know, the high costs they
Speaker 10: have for their chips, and that gets reflected in in
Speaker 10: Video's margin. Seventy five percent gross margin is something we
Speaker 10: have never seen with a semiconductor company. So from that
Speaker 10: perspective that you know, the providers who are doing inferencing
Speaker 10: are offering their products below costs. Even an open AI
Speaker 10: when it's deploying you know it's chatbot at scale, I
Speaker 10: would argue, you know, their gross margins are negative because
Speaker 10: they're offering their product at below their costs. In the
Speaker 10: case of Google, they're deploying you know, generative AI at
Speaker 10: scale on search and across their family of apps, and
Speaker 10: they're able to do it without really hurting their margins
Speaker 10: because their cost phase is much lower. They're running their
Speaker 10: infrastructure a lot more efficiently, and so that is where
Speaker 10: the problem lies is you can't just keep subsidizing the
Speaker 10: inferencing because the cost of your chips is so high.
Speaker 10: With Nvidia, and you've got to find a way to
Speaker 10: bring down the cost. Everyone wants more inferencing. You just
Speaker 10: have to bring down the cost so that you know
Speaker 10: they can do it profitaboud.
Speaker 2: Well, see how the response does indeed turn out, and
Speaker 2: how they compare the software offerings as well as the hardware.
Speaker 2: Man keep seeing a BlueBag intelligence always across the story.
Speaker 3: We so appreciate it.
Speaker 2: More insight into AI and indeed margins is set to
Speaker 2: come after the Bell, Dell HP they report Bluebag's DNA.
Speaker 3: Bass gives us the preview.
Speaker 2: We're just hearing about the very healthy margins that Nvidia has,
Speaker 2: and in many ways it's because the margins of Dell
Speaker 2: and HP and server offerers are much thinner.
Speaker 3: Sure, Yeah, Dell.
Speaker 11: The most watched part of Dell's business for the last
Speaker 11: couple of quarters has been its AI server.
Speaker 3: Business, many most all running in media.
Speaker 11: GPUs, and they have some a really marque list of customers.
Speaker 3: There's corewe there's XCAI.
Speaker 11: We reported the other week there they just got a
Speaker 11: deal for the first Armenian AI data center.
Speaker 3: The problem is, in order.
Speaker 11: To win some of those deals and to execute on them,
Speaker 11: Dell has.
Speaker 3: Had to put up with some pretty.
Speaker 11: Narrow margins over at eachp. The margin pressure is now
Speaker 11: coming from memory, so HP, the memory chips that they
Speaker 11: need to use for their personal computers are also rising
Speaker 11: in price, and so there's a concern for the future
Speaker 11: numbers from HP about how they're going to handle that
Speaker 11: march an impact on the PC side.
Speaker 2: I mean it as well for Micron, who's earning has
Speaker 2: come the week after. But what's interesting more broadly is
Speaker 2: have they from a stock perspective, from an investor perspective,
Speaker 2: ridden the AI wave? How much have people been looking
Speaker 2: to HP more broadly for AI to be the real
Speaker 2: winning staff for it?
Speaker 11: So there for them, it's more on the aipcs, so
Speaker 11: an increasing percentage of their personal computers are these aipcs
Speaker 11: which have a different special chip, not an in video one,
Speaker 11: in order to run AI functions natively in the personal computer.
Speaker 11: They're also really riding an upgrade wave with Windows ten
Speaker 11: going out of support, people are needing to upgrade to
Speaker 11: Windows eleven.
Speaker 3: So that's been helping them. But having that comme.
Speaker 11: At a time where they're going to have to potentially
Speaker 11: incur higher cost for the memory going into those machines
Speaker 11: is a concern.
Speaker 2: Well, you're going to be busy after the earning spell
Speaker 2: tonight in most then of us across all things l NHP,
Speaker 2: we keep an eye out. Meanwhile, coming up, we go
Speaker 2: to the private markets. Sequoia Capital partner Brian Halligan is
Speaker 2: going to be with us and how you.
Speaker 3: Model for a desirable founder and CEO that has changed
Speaker 3: for venture investors. That's sex the su Blomberg Tech Look.
Speaker 2: We've spent the show, perhaps the last week of shows,
Speaker 2: with ourselves and investors questioning in videas valuation and the
Speaker 2: prospect of a so called AI bubble in their public markets.
Speaker 2: Our next guest says, it's actually a private market issue
Speaker 2: if you think about AI bubbles. Brian Halligan is with US,
Speaker 2: partner at Sequoia Capital, professor at.
Speaker 3: MIT, co founder of HubSpot.
Speaker 2: That just goes on, Brian, what are you seeing in
Speaker 2: the private markets in certain isolated instances that maybe reflect
Speaker 2: some anxiety that we're getting in the public markets.
Speaker 12: Well, I'm old enough that I lived through the last bubble, Caroline,
Speaker 12: and history doesn't repeat itself. But at rhymes, yeah, and
Speaker 12: there's definitely some rhyming going on. Like man, the evaluations
Speaker 12: are high, and they're high early. The thing that's different is,
Speaker 12: my goodness, is their galactic level growth in these startups.
Speaker 12: The demand is amazing and it sort of started at
Speaker 12: the model level and then went to infrastructure. The app
Speaker 12: level companies are absolutely ripping now and so it's an
Speaker 12: interesting time.
Speaker 7: It's different than ninety nine.
Speaker 2: How are you therefore setting up as you're helping CEOs become.
Speaker 3: From startup to scale up.
Speaker 2: Mindset and eleven Labs, for example, which I heard time
Speaker 2: and time again getting adopted, even Jensen Wang saying how
Speaker 2: much he's loving that particular product. That's a CEO you're
Speaker 2: helping navigate. What do you say to them in these moments?
Speaker 12: So if I were a founder and I were warried
Speaker 12: it were a bubble, I would do a couple of things.
Speaker 12: First thing I would do is in my next round,
Speaker 12: I would take a little bit of money off the table.
Speaker 6: Oh.
Speaker 12: The second thing I would do is that would raise
Speaker 12: a lot more than a planned because if it is
Speaker 12: a bubble and it dips and it eventually comes back,
Speaker 12: you want enough to last through.
Speaker 7: Those would be the two places.
Speaker 3: Twenty twenty one mindset A little bit, A little bit.
Speaker 12: Yeah, A lot of those companies twenty twenty on, a
Speaker 12: lot of great companies just didn't kind of make it out.
Speaker 12: They didn't raise enough, they didn't make it through. And
Speaker 12: if you look at ninety nine or the bubble era,
Speaker 12: you know, some good companies came out of there. Google
Speaker 12: came out of there, Amazon came out of their sales,
Speaker 12: short dot Com came out of there. And so even
Speaker 12: if the valuations are really inflated, if you can find
Speaker 12: some amazing founders, I mean, there's there's going to be
Speaker 12: a lot more than three that come out of this one.
Speaker 2: There's a lot more than three companies trying to get
Speaker 2: it on each other's space as well. And this is
Speaker 2: where kind of marketing comes in. And I want your
Speaker 2: brain space as someone who's helped led HubSpot founded it.
Speaker 2: But also you've got this great new book out. I'm
Speaker 2: no deadhead, but I know many people are. You are
Speaker 2: a quintessential dead head and loved all things about the
Speaker 2: Grateful Dead. But you think we should look at the
Speaker 2: Great Dead as a marketing model as well.
Speaker 3: What is it about community?
Speaker 2: What is it about I'm sure it's not about bootlegging
Speaker 2: music that you think is the thing to repeat.
Speaker 12: Absolutely, there's so much founders can learn from Jerry Garcia
Speaker 12: in the Grave of Dead. First of all, Garcia was
Speaker 12: like the ultimate and original Silicon Valley founder founded in
Speaker 12: Palo Alto, built an amazing company. He did a lot
Speaker 12: of interesting marketing things that all the founders I coach
Speaker 12: are trying to do.
Speaker 7: First thing he.
Speaker 12: Did was he kind of created a whole category around
Speaker 12: this thing called jam bands that lots of people following around.
Speaker 12: Hard to do. Second thing he did is he didn't
Speaker 12: use traditional ways to market his product, like radio stations
Speaker 12: and albums. He'd let people come in with all their
Speaker 12: equipment and record the concerts in trade tapes.
Speaker 7: He went.
Speaker 12: He was like the first viral marketer in Silicon Valley.
Speaker 12: The third thing he did that I think is quite
Speaker 12: remarkable is he didn't like that ticket Master in the
Speaker 12: scalpers made all the money and inflated the prices for
Speaker 12: his customers. So he disintimated those two layers. And so
Speaker 12: we're going to start a ticketing company and we're going
Speaker 12: to sell tickets directly to customers. We're going to cut
Speaker 12: out Ticketmaster and all this scalfer. So he fought in
Speaker 12: a very original way. He was He was a radically
Speaker 12: first Principles founder. He rhymes a lot with Jensen Hwang,
Speaker 12: rhymes a lot with Sam Almon, rams a lot with
Speaker 12: Steve Jobs.
Speaker 2: What's interesting, And I'm going to keep going with this
Speaker 2: grateful dead analogy because I love it. Disbanded in nineteen
Speaker 2: ninety five after the passing of Jerry Garcia, and there's
Speaker 2: been different combinations since that, and co we see some
Speaker 2: artistic differences. Dare I say there's a few artistic differences
Speaker 2: at Sequoia at the moment and invention Will Broady, You've
Speaker 2: been at Sequoia for a year, There's been a lot
Speaker 2: of change at the top. How are you seeing the
Speaker 2: venture community set up for this moment? What can they
Speaker 2: learn from grateful dead and from entrepreneurialism at this moment.
Speaker 12: I think Sequoia is particularly well set up at the moment.
Speaker 12: The two new leaders were fantastic that have been there
Speaker 12: a long time. They have amazing track records, and like
Speaker 12: I think of the stack as like the hardware, the labs, infrastrate,
Speaker 12: the apps is well positioned with amazing investments across all
Speaker 12: of them, particularly at the app level, and particularly you're
Speaker 12: in New York City. Last night I had dinner with
Speaker 12: the CEO of profound terrific company that does not SEO
Speaker 12: but like SEO for Chetchubt and Gemini in the founder
Speaker 12: of Rogo, fantastic CEO. Rogo is like AI for investment bankers.
Speaker 12: I think this is emble manic of what's going on.
Speaker 12: The app layer is starting to pop and Sequoya is
Speaker 12: in a lot of these things. Other great companies in
Speaker 12: New York basis is selling to accountants. You've got Crosby
Speaker 12: in Harvey's selling to lawyers. New York is actually having
Speaker 12: a moment in AI, and it's kind of at that
Speaker 12: app level.
Speaker 2: The app level is where perhaps the productivity really starts
Speaker 2: to rain in. That is what the proof point is
Speaker 2: needed many would say for the market, when actually you
Speaker 2: and I are not just using it for our own personal life.
Speaker 2: But see productivity go up into the right and companies
Speaker 2: start doubling down on the purchase.
Speaker 3: Of these applications.
Speaker 2: What does that show up when don't we stop even
Speaker 2: talking about an AI bubble because we see the.
Speaker 12: Productivity, Well, there's just giant demand and galactic growth. One
Speaker 12: of the interesting things about all these founders is I'm like, well,
Speaker 12: you're certainly going to grow with less people, right, and
Speaker 12: they say, well, actually no, we're hiring, really hiring aggressively,
Speaker 12: and so like this. Some people are like AI is
Speaker 12: going to make humans unnecessary. They're like, now, we're going
Speaker 12: to make users unstoppable. And that's sort of the mindset
Speaker 12: across most of these AI startups. So they're pressing hard,
Speaker 12: hiring hard, growing hard, and I think you'll start seeing
Speaker 12: over the next couple of years big productivity advantages like
Speaker 12: HubSpot uses AI across the enterprise and customers support in
Speaker 12: R and D, massive productivity benefits across a couple of
Speaker 12: big parts.
Speaker 7: Of the enterprise.
Speaker 2: I mean, we're using juice box, which helps with hiring
Speaker 2: in the world of AI as well.
Speaker 12: One of my favorite founders of companies on fire.
Speaker 3: Yes, it's been wonderful having you here. You're on far too.
Speaker 2: Enjoy the rest of your thanksgiving. Grian Halligan in the
Speaker 2: house Aquoia Capital partner that.
Speaker 3: We thank him. Meanwhile, coming up, robots housekeepers? Are they
Speaker 3: close to a reality?
Speaker 2: To the CEO behind memo the robot trained on and
Speaker 2: for your housework, bring bag text. Let's return to our
Speaker 2: key story of the day. Shares Alphabet another record high.
Speaker 2: They're rising as the company is said to be in
Speaker 2: talks potentially with Meta over a deal to provide AI
Speaker 2: chips TPUs Google Zone in house chips to Meta for
Speaker 2: the future. It's all according to a report by The Information.
Speaker 2: Let's go more on this and other trends in AI.
Speaker 2: Want not to be using generative haarheng models for this holiday,
Speaker 2: Davey Alba, you're with us and just first to the
Speaker 2: bread and buster of Alphabet. How much has caught you
Speaker 2: off guard? People working at Alphabet off guard that finally
Speaker 2: we get the understanding of the vertical model integration.
Speaker 13: You know, I don't know that I was necessarily caught
Speaker 13: off guard by that. I think that this has been
Speaker 13: creeping up for a while, but it does seem like
Speaker 13: the rest of the industry is catching up to this
Speaker 13: idea that GPUs have enormous value and are really could
Speaker 13: be a really valuable part of you know, people's AI
Speaker 13: mixes that you know in video is not the only
Speaker 13: game in town when it comes to chips.
Speaker 2: Certainly, we've heard Da Davidson, you've heard Bernstein, You've had
Speaker 2: a lot of analysts saying this could be a really
Speaker 2: individual way of selling it. And interestingly, now maybe not
Speaker 2: just for Google Cloud, but TPUs in and of themselves,
Speaker 2: but aside from Alphabet, what they're doing in terms of
Speaker 2: the chip stack, their models, how are people going to
Speaker 2: be using them this holiday You've got a great story
Speaker 2: out about the anxiety perhaps this is going to create
Speaker 2: in the kitchen.
Speaker 13: Yeah, we published a story this morning about how food
Speaker 13: bloggers are warning consumers about AI recipe slop ahead of Thanksgiving.
Speaker 13: We talked to twenty two food bloggers ahead of the
Speaker 13: holiday season, and all of them report, you know, traffic
Speaker 13: declines and AI Frankenstein recipes that remix their recipes and
Speaker 13: pull in bits and pieces of other recipes to create
Speaker 13: content that is not accurate. That where if you follow
Speaker 13: the actual recipe steps that are generated by these AI models.
Speaker 13: You could come out with literal slab, you know, inedible food.
Speaker 13: And it's really confusing people these days sort of where
Speaker 13: to find quality content on food recipes this this holiday season.
Speaker 2: Maybe stick to the source for now at least. Davey
Speaker 2: Alba punning all puns. I thank you. Meanwhile, let's talk
Speaker 2: about what else you need helping you in your kitchen.
Speaker 2: Maybe it's robots. Well, they've been busy dancing, they've been boxing,
Speaker 2: they've been running marathons, so why are they not doing
Speaker 2: more of your chores? This is memo from AI startup
Speaker 2: Sunday Robotics. The company says it's robot is purpose built
Speaker 2: for housework, trained on millions of episodes of everyday household routines.
Speaker 2: Sunday's co founder and CEO, Tony Jao joins us, now you're.
Speaker 3: Robot.
Speaker 2: It's kind of humanoid like a little but not totally.
Speaker 2: How does it differ from other robotics.
Speaker 14: Yeah, I think we just think about safety as a
Speaker 14: really high priority item, and we define it as being
Speaker 14: like passively safe. And what it means is that you
Speaker 14: can put the robot into any configuration and you can
Speaker 14: cut power and the robot will still be stable. So
Speaker 14: this is why we build this whole mobile base as
Speaker 14: opposed to lex.
Speaker 2: Where did you ultimately come to decide that this was
Speaker 2: the way in which you should think about robotics, Maybe
Speaker 2: not in a humanoid manner, maybe just with real safety. First,
Speaker 2: you've got a stellar background, you're a Google Deep Mind,
Speaker 2: Tesla Auto Power at Google X. You're also, of course
Speaker 2: just coming out of stealth with a call thirty million
Speaker 2: to put to work.
Speaker 7: Yeah.
Speaker 14: I think the the biggest way we think very differently
Speaker 14: is actually on how to train these robots, not just
Speaker 14: the design, but.
Speaker 7: How it obtained its intelligence.
Speaker 14: So normally people train their robot through tally operation, which
Speaker 14: essentially means that you kind of lock into the robot and.
Speaker 7: Control how it moves.
Speaker 14: But the way we learn is actually very very different
Speaker 14: that we learn from humans directly. That's essentially we design
Speaker 14: these device a glove that captures how human do their chores,
Speaker 14: and we're able to transfer those data directly into the robots,
Speaker 14: and that's how the robot is able to learn from
Speaker 14: like hundreds of humans simultaneously.
Speaker 2: These robots don't come cheap, but interestingly, Tony you're not
Speaker 2: looking to sell immediately, you're.
Speaker 3: Looking to beta test.
Speaker 2: Now, how are you finding the right people to bring
Speaker 2: these robots into their home?
Speaker 14: Yeah, so if you look at our website, we actually
Speaker 14: have a huge signup doc for people who are interested,
Speaker 14: and we're ready to get more than a few thousand
Speaker 14: of these applications.
Speaker 7: So what we're going to work on.
Speaker 14: Next is to like very carefully sit through all these
Speaker 14: applications and find people who what we call like founding families,
Speaker 14: who'll be there to give us feedback, will be there
Speaker 14: to kind of shape what a product will look like
Speaker 14: in the future.
Speaker 3: What do you think the hardest element for these robots.
Speaker 7: Is the hardest element?
Speaker 14: I think it will be how people will react to
Speaker 14: this like big robot in their homes. And again, this
Speaker 14: is the first time that anyone has put a mobile
Speaker 14: manipulator like a robot with arms into real living homes,
Speaker 14: and this is something that we're incredibly excited about. I
Speaker 14: think will be people will be pleasantly surprised by how
Speaker 14: useful it is.
Speaker 3: Why do you.
Speaker 2: Think so many tech companies do end up turning to humanoids,
Speaker 2: to turning to the physical form of a human rather
Speaker 2: than a more stable basis you have.
Speaker 14: Yeah, I think if you're working on environments that with
Speaker 14: a lot of stairs, or you're working on environments with
Speaker 14: like you know, like hills, I think having lux will
Speaker 14: be helpful in that case and for us in our
Speaker 14: first we decide to go for a veal base just
Speaker 14: for the simplicity, for lowering costs and to allow us
Speaker 14: to move faster.
Speaker 3: Talk to us about costs.
Speaker 2: You have managed to raise seed funding from Sarah Gao
Speaker 2: a conviction. You've now got money coming in led by Benchmark.
Speaker 3: What is the key cost for you? Is it the talent?
Speaker 3: Is it the hardware? What is it?
Speaker 7: Yeah?
Speaker 14: So our hardware is actually quite differentiated from a lot
Speaker 14: of humanoids. Even at quantity zero when we prototype it
Speaker 14: these days, it costs around twenty five K to make,
Speaker 14: and at quantity around like five thousand, we're able to
Speaker 14: get a cost to below ten K. So I think
Speaker 14: we'll be ending up selling it around to five to
Speaker 14: ten K in the final price. And this is we're thinking.
Speaker 7: About robots, not like another car.
Speaker 14: Like purchase, but more like a fancy smartphone or a laptop.
Speaker 2: How does American ingenuity when it comes to robotics stack
Speaker 2: up to that of Asia in China and how you
Speaker 2: seeing your own supply chain develop Yeah.
Speaker 14: This is a great question. I think American has incredible
Speaker 14: mechanical engineers, software engineers, but we are lacking in terms
Speaker 14: of some of the supply chain infrastructures. So I think
Speaker 14: we're at the point that we need to leverage some
Speaker 14: of the growing supply chains the humanoids in China and
Speaker 14: we actually share a lot of components with them so
Speaker 14: that we can have the economy of scale before us
Speaker 14: shipping like millions of robots.
Speaker 2: Any Ja, CEO of robotic startup Sunday, fascinating to have
Speaker 2: you on.
Speaker 3: Thank you very much.
Speaker 2: Indeed, that does it for this edition at Blueberg Tech,
Speaker 2: we do want to remind you of the market moves
Speaker 2: today in video under significant pressure off of its lows,
Speaker 2: still down by four percent. As we question is dominance
Speaker 2: in the world of chips to train as.
Speaker 3: Well as use your models.
Speaker 2: That competition coming maybe from Alphabet TPUs, maybe Meta Eyeing
Speaker 2: buying some for its data centers of the future as
Speaker 2: Information is currently reporting Oracle once again off by one
Speaker 2: point nine percent from New York.
Speaker 3: This is Bloomberg Tech. Don't forget to check out the
Speaker 3: podcast