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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive

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Speaker 1: from coast to coast with Caroline Hyde in New York

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Speaker 1: and Vavelow in San Francisco.

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Speaker 2: This is Bloomberg Tech coming up.

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Speaker 3: All eyes are on a high stakes meeting between President

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Speaker 3: Trump and China's Xijing Ting. This is in video CEO

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Speaker 3: Jensen Wang gets added to the trip last minute.

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Speaker 2: Plus.

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Speaker 4: Anthropic is looking to raise at least thirty billion dollars

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Speaker 4: in fresh financing, an evaluation of more than nine hundred

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Speaker 4: billion dollars and what could be.

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Speaker 5: Its largest funding round yet.

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Speaker 3: And we speak with Anderill CEO Brian Schimpf as the

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Speaker 3: company hits a sixty one billion dollar valuation in its

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Speaker 3: latest funding round. Today's big story President Trump's meeting with

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Speaker 3: China's Xijingping. And Trump is joined on his trip by

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Speaker 3: a host of tech leaders, including in the end in

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Speaker 3: video CEO Jensen Wang. As a last minute edition, thrusting

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Speaker 3: AI and tech into the spotlight for for the high

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Speaker 3: stake summit. Let's bring in bloombergs Tyler Kendall for more.

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Speaker 3: Who joins us from Beijing? Set the scene? What do

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Speaker 3: we need to know? And my goodness what a fanfare

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Speaker 3: last night when Jensen Wang was spotted on the runway

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Speaker 3: in Alaska, right.

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Speaker 6: Ed, I mean we saw this last minute edition he

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Speaker 6: caught Air Force one during a refueling stop in Anchorage. Now,

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Speaker 6: the White House says that the addition comes because Jensen

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Speaker 6: Wang was able to make a scheduling change that we

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Speaker 6: did hear from President Trump in a post on truth

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Speaker 6: social where he appeared to be unhappy with media coverage

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Speaker 6: that the Nvidia CEO originally wasn't on the manifest of

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Speaker 6: travelers that we had in terms of those CEOs that

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Speaker 6: are attending now. Of course, the big ticket item I

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Speaker 6: don't need to tell either of you would be whether

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Speaker 6: or not President Trump pushes the Chinese government to have

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Speaker 6: Chinese buyers for the now greenlit h two hundred Nvidia chips.

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Speaker 5: So maybe there will be.

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Speaker 6: Some sort of discussions around that. I'll also throw on

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Speaker 6: your radar that it is our understand that Washington and

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Speaker 6: Beijing are in talks about potential cooperation when it comes

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Speaker 6: to keeping a dialogue open around artificial intelligence. That could

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Speaker 6: be also one of those deliverables that we see out

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Speaker 6: of this meeting tomorrow between President Trump and Chinese President Xijingping.

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Speaker 6: The administration maintains that they want trade to be the

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Speaker 6: top priority here. Just look at the other list of CEOs.

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Speaker 6: It is our understanding that they represent some of those

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Speaker 6: sectors where we could see some Chinese purchase agreement commitments,

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Speaker 6: including the Cargill CEO when it comes to agriculture, and

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Speaker 6: the Boeing CEO also being here on the ground in Beijing.

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Speaker 6: But at and Carolina at this part, it's hard to

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Speaker 6: avoid that Iran will be looming very large over this conversation.

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Speaker 6: In fact, a senior administration official who briefed US reporters

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Speaker 6: before we headed over here to Asia did say that

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Speaker 6: behind closed doors, President Trump is going to push the

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Speaker 6: Chinese president when it comes to the country's stance around

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Speaker 6: Iran during this conflict, including how Beijing remains the largest

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Speaker 6: buyer of Iranian crude.

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Speaker 4: Tyler Kendall life in Beijing. We so appreciate it.

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Speaker 5: Thank you.

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Speaker 4: Look, let's check on the broader markets, because there's a

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Speaker 4: volatile trading session. One point, we're in the red on

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Speaker 4: the Nazaq one hundred. We're now back in the green.

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Speaker 4: We're at about six tens of a percent leading. The

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Speaker 4: pack is of course chip makers once again in terms

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Speaker 4: of points.

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Speaker 5: But I shine a light what's happening in China.

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Speaker 4: The Golden Dragon, that is the Nazak Golden Dragon Index,

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Speaker 4: which is really basically the trading of Chinese names. Here

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Speaker 4: in the US, the ADRs, we're up three and a

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Speaker 4: half percent. There is a lot of excitement about what

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Speaker 4: one gentsen one could meet for Chinese tech.

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Speaker 3: This is really tied to the Nvidia story, and Video

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Speaker 3: itself is now up almost three percent and trading at

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Speaker 3: a record high, up for a six straight day, matching

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Speaker 3: the run it had in early April.

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Speaker 2: And the story is really simple.

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Speaker 3: A lot of those Chinese AI specific names, Minimax, Gipu,

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Speaker 3: the examples, I mean, look at those games. That's astonishing

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Speaker 3: overnight on the idea that there might be something here

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Speaker 3: that Tyler just.

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Speaker 4: Outlined, something here, something certainly for the market to continue

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Speaker 4: to chew on as we've just seen relentless exuberant exuberants

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Speaker 4: around a Fiona's and condas with US see City Index,

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Speaker 4: Financial Markets Senior Analyst and Fiona Is there rationality to

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Speaker 4: the moves in the Chinese names on the back of

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Speaker 4: hope that they'll get access to more powerful chips. Is

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Speaker 4: that something that you're looking to come out of the

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Speaker 4: geopolitical event in China, you know.

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Speaker 7: Something we've got our eyes on.

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Speaker 8: So I think, you know, that would be the absolute

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Speaker 8: icing on the cake as far as those stocks are concerned.

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Speaker 8: And that's what we're sort of starting to see priced in.

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Speaker 8: Is that optimism that that could potentially be on the table.

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Speaker 8: I mean, the fact that we saw that later edition

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Speaker 8: of Kuwan Jun saying joining the delegation to the US,

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Speaker 8: I think has really just sort of been spurred on

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Speaker 8: those hopes. And I think there's sort of broad More

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Speaker 8: broadly speaking, I think there is just a level of

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Speaker 8: excitement surrounding Trump's trip to China, and I think that's

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Speaker 8: sort of really evident as we're seeing, you know, the

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Speaker 8: Nazak push higher, even though we've got sort of those

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Speaker 8: concerns regarding inflation and the sort of fundamental backdrop which

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Speaker 8: normally would weigh down the tech index.

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Speaker 3: We have been talking about the impact of the latest

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Speaker 3: economic data in the markets, but I want to stay

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Speaker 3: focused on what's happening in China. How does the market

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Speaker 3: interpret and price in this delegation of CEOs that we're

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Speaker 3: showing on the screen right now, Tim Cook, Elon Musk,

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Speaker 3: Chuck Robbins, and as we've all mentioned, Jensen one with

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Speaker 3: the president. What is it the market thinks that does

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Speaker 3: this is like the who's who?

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Speaker 8: You know, literally the top list of the CEOs from

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Speaker 8: the US that you could wish for to go to

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Speaker 8: speak to China regarding trade, regarding you know what move

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Speaker 8: forward in AI, in chips. I mean, you know, the

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Speaker 8: potential for these two economies to actually get sort of

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Speaker 8: further agreements surrounding such enormous topics would be massive, And

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Speaker 8: I mean, you know, I don't think we can underestimate that.

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Speaker 8: I mean, if we just think about sort of you know,

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Speaker 8: for example, chips, which you know have been a massive

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Speaker 8: part of the story the rally in recent weeks. You know,

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Speaker 8: if we think about it, the US is very much

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Speaker 8: dominating the sort of the AI computing power at the

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Speaker 8: top of the technology set, but at the bottom you've

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Speaker 8: got China controlling much of the supply chain critical minerals

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Speaker 8: needed to manufacture semmericonductors and advance electronics. So you know,

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Speaker 8: if there are these two economies are deeply independent on

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Speaker 8: each other. So the more agreements, the more synergies that

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Speaker 8: they get together, the better that's going to be.

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Speaker 4: Look, we are seeing just the run up in semiconductors

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Speaker 4: hardware in particular continue. Even if we took a breath yesterday,

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Speaker 4: we're back on and in the green today, Fiona.

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Speaker 5: And it's notable that we're waiting.

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Speaker 4: An IPO could be priced today, likely to start training

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Speaker 4: tomorrow as cerebras. How are you thinking about the appetite

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Speaker 4: among your clients to get more exposure, particularly for these

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Speaker 4: very AI specific names.

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Speaker 8: Yeah, there's been you know, an extremely ramping up of

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Speaker 8: demand over the last few weeks. I mean it's definitely

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Speaker 8: caught the markets by surprise. I think, you know, we've

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Speaker 8: seen that rally come, especially given the fact that we

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Speaker 8: did see sort of in a little bit of a

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Speaker 8: more depressed outlook towards these stocks at the end of

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Speaker 8: last year and the beginning of this year. But you know,

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Speaker 8: that has definitely moved forward. We're seeing that our clients

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Speaker 8: are really very interested still in their stocks, which is

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Speaker 8: interesting because I think technically the position is looking a

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Speaker 8: little bit over done, so I think, you know, there

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Speaker 8: is room for some consolidation and potentially a pullback here.

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Speaker 8: But I think broadly speaking, the longer term trend is

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Speaker 8: still looking very positive.

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Speaker 2: Yeah. I mean that's the question for me, what happens next?

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Speaker 6: Right?

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Speaker 3: You know, technology stocks basically are still at record highs

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Speaker 3: irrespective of what's happening around the world, So what does

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Speaker 3: happen now and why? What is the big swing factor

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Speaker 3: in markets for you?

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Speaker 7: Yeah? Completely?

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Speaker 8: I mean this is what's really interesting, isn't that I

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Speaker 8: think is the fundamental backdrop that we have is far

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Speaker 8: from ideal. So I think, you know, if we look

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Speaker 8: about what could happen next, I mean, supposing we do

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Speaker 8: get the reopening of the Straight of horn Moose in

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Speaker 8: the coming weeks, that would make the backdrop suddenly much

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Speaker 8: more favorable, which potentially could mean there could be more

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Speaker 8: gains to be had, not just in AI, not just

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Speaker 8: in tech.

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Speaker 7: SoCs, but potentially across the board.

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Speaker 8: But I think if that doesn't happen, we're still seeing

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Speaker 8: this solid demand for tech in AI, and I think

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Speaker 8: there is a potential, as I said, for it to slow,

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Speaker 8: even for there to be some consolidation or a pullback,

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Speaker 8: just given the fact that we are technically so overdone.

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Speaker 8: But I think as far as the child is looking,

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Speaker 8: there isn't anything on there that's telling us that there

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Speaker 8: are reversals.

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Speaker 7: Coming anytime soon.

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Speaker 8: And so for the time being, the side of least

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Speaker 8: redistance does appear to be upwards.

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Speaker 4: And is that global Fiona, As we're talking about China,

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Speaker 4: we talk about the US, but Europe ASML has been

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Speaker 4: a key name.

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Speaker 5: We think about what's been happening in Japan, in South.

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Speaker 4: Korea, which of course was shaken over the last couple

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Speaker 4: of trading days because of talk of maybe some sort

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Speaker 4: of citizen dividend and a sharing of the wealth of AI.

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Speaker 7: Yeah, that's right.

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Speaker 8: I mean the COSB, I think is a really interesting example.

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Speaker 8: We've seen the volatility there really come up. I mean

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Speaker 8: that had some extremely strong games before we had that pullback.

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Speaker 8: But I think that's an interesting point that's being made

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Speaker 8: there about the sort of the dividend, the people's dividend.

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Speaker 7: On AI, that tax on AI.

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Speaker 8: Is that something that could potentially be a risk point

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Speaker 8: further down the line more globally. That's something I would

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Speaker 8: be watching out for. But I think for now, this

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Speaker 8: is a global story that we're looking at as far

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Speaker 8: as AI is concerned, and that demand for tech is definitely.

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Speaker 3: Back on Fionasenkodo City Index. Great to have you back

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Speaker 3: on boombog Tech, Thank you very much. Coming up, we're

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Speaker 3: going to speak with anderill Ceobrian Shint. The company hits

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Speaker 3: a sixty one billion dollar valuation in its latest funding round.

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Speaker 2: That's next. This is Bloomberg Tech. Defense tech start.

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Speaker 3: Up Anderil has rocketed to a sixty one billion dollar

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Speaker 3: valuation after a fresh five billion dollar raise led by

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Speaker 3: Frive Capital and Ndres and Horr. It's almost twice the

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Speaker 3: valuation it's said at one year ago. It underscores surging

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Speaker 3: investor appetite for AI driven defense tech. Joining us now

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Speaker 3: is Andreil CEO, Brian Schimp and Brian. It's good to

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Speaker 3: have you back with us on bloom Thank you so much.

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Speaker 2: Happy to be here.

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Speaker 3: This is confirmation a little bit of what we reported

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Speaker 3: about a month couple of months ago. But actually when

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Speaker 3: you come on the program, a lot of the questions

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Speaker 3: we get for you are operational. So let's take the

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Speaker 3: five billion dollars that you've raised, how much of that

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Speaker 3: is to get Arsenal one done built and all of

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Speaker 3: the other operational timelines that you guys are holding yourselves

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Speaker 3: to imminently.

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Speaker 9: Yeah, So as a business, you know, we were entering

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Speaker 9: this period where production is the name of the game.

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Speaker 9: So vast majority of our capital goes to scaling our factories,

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Speaker 9: building out our production workforce, funding all that inventory, and

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Speaker 9: really just getting that ramp to production working. We're increasing

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Speaker 9: production revenue something like two hundred and fifty percent over

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Speaker 9: the year, just year over year, So just a huge

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Speaker 9: ramp in what we're seeing in terms of demand for

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Speaker 9: our technology.

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Speaker 7: Demand.

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Speaker 5: Talk about it, how much breadth are we seeing.

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Speaker 4: The geopolitical conflicts they have sadly increased, and we're still

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Speaker 4: seeing this focus on the need for defense tech, but

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Speaker 4: we know that the money is often still spent on primes.

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Speaker 9: Yeah, I mean, look, we are still relatively young as

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Speaker 9: a company. We're nine years in. We've been very successful

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Speaker 9: by any measure for a company at that age in

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Speaker 9: the defense world, and in the fraction of the market

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Speaker 9: we're actually addressing right now is still quite small. But

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Speaker 9: where we are seeing a lot of demand is particularly

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Speaker 9: around things like counter drone and aaron missile defense. That's

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Speaker 9: where you look at the conflict. This is a huge issue.

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Speaker 9: This is a huge area where we're seeing massive increases

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Speaker 9: and what the customers want, you know, our electronic warfare systems,

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Speaker 9: our surface their missile systems, and then the other capability

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Speaker 9: that we're seeing a lot of demand on that was

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Speaker 9: you know, just announced today was a multi year procurement

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Speaker 9: of a low cost cruise missile that we call Barracuda.

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Speaker 9: The Department is buying, you know, thousands a year of these,

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Speaker 9: and we're ramping these at just an unprecedented pace and

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Speaker 9: being able to get these out to help with that

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Speaker 9: critical munitions shortage and the ability to sustain these conflicts

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Speaker 9: and provide the deterrence we need.

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Speaker 2: Brian, just humor me on this one.

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Speaker 3: The five billion dollars is sufficient to finish Arsenal one

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Speaker 3: and start the production ramp.

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Speaker 9: Yeah, so we are already ramping production with the money

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Speaker 9: we had in the bank. This is really about how

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Speaker 9: do we continue to fuel that growth. I don't think

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Speaker 9: we're going to see Arsenal one be done anytime soon

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Speaker 9: because I think the demand we're going to continue to

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Speaker 9: see and the amount we're going to have to new

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Speaker 9: new scales just going to ramp and ramp over the

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Speaker 9: next several years. This is a good problem to have,

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Speaker 9: right and so we benefiting from the private markets and

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Speaker 9: the ability to fund these very aggressive ramps. And it's

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Speaker 9: a huge testament to you know, the American capital system

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Speaker 9: that we can fund these things very, very quickly.

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Speaker 3: It was interesting to go through a letter to your

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Speaker 3: shareholders he wrote back in January actually and like kind

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Speaker 3: of foretelling what was to come in the year. There's

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Speaker 3: still a bit of a mistique about Anderill, right, so

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Speaker 3: I think Palmer Lucky, one of your co founders, has

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Speaker 3: talked about the idea that half of Android's products aren't

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Speaker 3: really known about. There's particular interest in the next wave

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Speaker 3: of subterrian weapons systems. Could you talk as far as

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Speaker 3: you can about where those get built, you know, the

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Speaker 3: next phase of life und reill beyond what the initial

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Speaker 3: focus of Arsenal one is.

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Speaker 9: Yeah, So the purpose of the board letter was layout

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Speaker 9: a lot of the you know kind of why of

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Speaker 9: what are we doing? What's made us successful is we

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Speaker 9: look at, you know, with the SS and technology, the

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Speaker 9: shifts and warfare, what are the capabilities that are going

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Speaker 9: to be needed over the next five or ten years

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Speaker 9: and how can we start to invest to bring those forward.

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Speaker 9: So you know, we're working on a whole plethora of

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Speaker 9: different products, you know, everything, expanding the air and missile

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Speaker 9: defense portfolio.

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Speaker 10: We're working on, you know, new domains we're operating in.

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Speaker 9: Palmer's always experimenting with the latest and greatest technologies and

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Speaker 9: figuring out what you can do that nobody thought possible.

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Speaker 9: So we just have a constant source of new ideas

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Speaker 9: how technology can apply. But fundamentally, we look at this

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Speaker 9: question of what are going to be the dominant technologies

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Speaker 9: over the next ten or twenty years. What we're seeing

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Speaker 9: in Iran, what we're seeing in Ukraine is that this

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Speaker 9: idea of just the sheer volume of munitions that are

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Speaker 9: exchange and the need to defend against that. These our

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Speaker 9: critical capabilities that in any world will need to be

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Speaker 9: solved for. And so a lot of our focus is

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Speaker 9: really around these ideas of you know, how do we

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Speaker 9: provide the right strike capabilities, the right intelligent targeting capabilities

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Speaker 9: and the defense of these as well.

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Speaker 5: At the right price. And I'm really interested Bran in.

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Speaker 4: Some of these new ideas come from the administration itself,

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Speaker 4: and the Golden Dome project is one of those new

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Speaker 4: ideas that, according to current budget forecasts coming from the

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Speaker 4: Congressional Budget Office, could be up to one point two

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Speaker 4: trillion dollars of the ultimate project. Now, I know you're

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Speaker 4: among the companies have been awarded initial contracts. Run what

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Speaker 4: do you make of how much this could end up

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Speaker 4: costing it?

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Speaker 5: And it's worth.

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Speaker 9: So a lot of those estimates are based off of

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Speaker 9: what this would have cost historically, right, and that was

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Speaker 9: based around building these things that are extremely expensive and

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Speaker 9: extremely exquisite, where you're talking you know, ten twenty thirty

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Speaker 9: million dollars a shot to you know, actually provide that

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Speaker 9: defense well with commercial technologies, taking a smarter approach, using

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Speaker 9: a lot of proven, you know, capabilities that already exist,

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Speaker 9: adapting them for this problem, we believe you can get

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Speaker 9: this to a much more efficient place and probably even

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Speaker 9: more than.

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Speaker 10: The price is can you even produce it?

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Speaker 9: And today that's one of the major concerns, right, you know,

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Speaker 9: we we shot something like a decade of tomahawk production

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Speaker 9: in seventy two outs. You know, it's just a crazy

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Speaker 9: rate that we're consuming these things, and the ability to

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Speaker 9: replenish these becomes a critical issue.

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Speaker 10: So our view of this is these are solvable problems.

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Speaker 9: You can do it in a more efficient way than

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Speaker 9: has been historically executed, and I think that you know,

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Speaker 9: being able to execute this at a national scale is

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Speaker 9: achievable now in a much more aggressive timeline at a

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Speaker 9: much more efficient price than I think people have historically imagined.

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Speaker 2: Okay, you get asked this a lot. Palmlucky gets asked

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Speaker 2: this a lot. Trey gets asked it a lot.

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Speaker 3: But when you do arounded this scale and you look

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Speaker 3: at the composition of it, who's not there? People want

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Speaker 3: to know about the rationale Forander or going public. Why

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Speaker 3: they weren't more crossover investors. You know, this is the

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Speaker 3: first time actually, Brian, you, the three of us have

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Speaker 3: had to talk in length because when we were with

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Speaker 3: you in October, the President made some news about China.

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Speaker 3: So just talk us through Brian Shimp's thinking on an

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Speaker 3: anderill Ipo.

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Speaker 9: So we want to build one of the most pactful

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Speaker 9: businesses in the world. Like, that's our goal, right, We

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Speaker 9: want to seriously move the needle for the US and

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Speaker 9: Allied warfighters, provide the right to terms capabilities, and do

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Speaker 9: it at the men's scale, right, That is fundamentally what

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Speaker 9: we care about. The rationale for going public is a

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Speaker 9: lot less than it used to be. The private capital

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Speaker 9: markets have grown in scale, the ability to fund a

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Speaker 9: business like ours. You know, when we were doing this

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Speaker 9: a few years ago, we were you know, at the

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Speaker 9: upper end of what capital raises look like in the

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Speaker 9: private market. We are a fraction of an AI fundraised

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Speaker 9: at this point, and so the amount of capital that

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Speaker 9: is available and it you know, wants to support these

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Speaker 9: types of companies is is massive.

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Speaker 10: So we're not in a rush to go public, right.

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Speaker 9: We don't need to do it from the perspective of

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Speaker 9: capital availability or liquidity. You know, we can provide liquidity

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Speaker 9: to our early investors, our employees in relatively straightforward ways.

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Speaker 10: There's a lot of means to do that.

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Speaker 9: So a lot of the historic reasons of why you

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Speaker 9: rush to go public don't don't really exist anymore. So

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Speaker 9: for us that the question is when does it actually

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Speaker 9: make sense? And for us it's you know, we've proven

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Speaker 9: that our business model works, we've proven that we can scale,

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Speaker 9: and you know, the fundamental economics of the business are

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Speaker 9: shown to be, you know, as successful as we want

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Speaker 9: to be, you know, a high growth company that can

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Speaker 9: operate at high margins.

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Speaker 10: That's fundamentally what we want to show.

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Speaker 9: And when we feel like we've shown that that's a

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Speaker 9: perfectly reasonable time to go public.

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Speaker 10: So we're not in any run, We don't have any

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Speaker 10: post sure to do it.

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Speaker 4: It's great, Yeah, but investors want a stake, particularly retail,

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Speaker 4: And I know you've been outspoken about the secondary market.

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Speaker 4: Look today and Floppic, I think is yesterday, just put

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Speaker 4: out a new blog saying that, Look, there are some

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Speaker 4: areas in which Probics seems to be trading on a

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Speaker 4: secondary market, and they call them stocks scams. In some

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Speaker 4: areas they say it's issuing Fourgulan share certificates in the

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Speaker 4: private artificial AI developer.

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Speaker 5: Are you warning about that? Still?

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Speaker 4: How worried are you about Andreill's shares trading fordulently on

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Speaker 4: a secondary market?

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Speaker 9: Look, we try to control our cap table tightly and

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Speaker 9: make sure that you know everyone investor we have, We

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Speaker 9: understand who they are. They're in it for the long haul,

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Speaker 9: and they're in it for the right reasons. There's a

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Speaker 9: lot of very bad actors that exist trying to, you know,

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Speaker 9: hawk things that are not allowed, right, and we've seen

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Speaker 9: a lot of prosecutions and other things related to this. Right,

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Speaker 9: this is not a new issue, right, And so I

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Speaker 9: think there's a problem here. I think the government's respond.

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Speaker 4: Can you name the companies, Like, are there any secondary

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Speaker 4: market providers you take issue with in particular?

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Speaker 5: Sorry, just briefly name names?

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Speaker 9: No, I mean, look like the reality is it's mostly

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Speaker 9: individual bad actors. Very few of these you know, second

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Speaker 9: market brokerages or listing things are inherently the problem. The

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Speaker 9: issue is investors, you know, not even investors, these brokers

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Speaker 9: misrepresenting what they have access to. And that's not good

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Speaker 9: in a public market. It's not good in a private market.

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Speaker 9: So the you know, I think it is a problem,

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Speaker 9: but you know, it's something that we do everything weekend

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Speaker 9: to control and try to help curtail.

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Speaker 10: And it's affecting every one of the companies. Who are

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Speaker 10: you know, interesting in the private markets.

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Speaker 3: Brian, you've been generous to your time before we lose

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Speaker 3: you from the program. The President's visit to China, the

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Speaker 3: timeline of the threat to Taiwan twenty twenty seven.

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Speaker 2: What Danderil's thinking on that.

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Speaker 9: Look, diplomacy is good. We're in the deterrence business. We

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Speaker 9: do not want there to be a conflict, and I

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Speaker 9: think the President going and engaging REGI is a fantastic thing.

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Speaker 9: And I'm very excited to see what comes out of this.

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Speaker 9: And you know, we're also providing a lot of technology

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Speaker 9: to Taiwan, supporting them and every opportunity we can, because

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Speaker 9: we believe that they need the right capabilities and to

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Speaker 9: have the right deterrence. And you know, the long talked

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Speaker 9: about window of twenty twenty seven, kind of the period

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Speaker 9: of maximum danger, I think it is true. You know,

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Speaker 9: I don't think anyone believes that it was a you know,

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Speaker 9: January one, twenty twenty seven and invasion begins, but it

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Speaker 9: highlights a period where, you know, kind of the PRC

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Speaker 9: has a more established military capability and the US and

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Speaker 9: Taiwan at a relative disadvantage compared to other points in time,

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Speaker 9: and so it is a period of significant risk. And

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Speaker 9: with all of the complexities going on in the world

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Speaker 9: with Iran, with Ukraine, you know, with all the other

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Speaker 9: areas that are you know, hotspots in the world, it

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Speaker 9: creates a significant stress on the US military. So I

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Speaker 9: think this is the opportunity for diplomacy is good to

440
00:21:59,400 --> 00:22:02,040
Speaker 9: try to ensure that nothing does happen and try to

441
00:22:02,080 --> 00:22:05,200
Speaker 9: find a scenario that preserves the status quo, that is

442
00:22:05,240 --> 00:22:08,640
Speaker 9: working reasonably well, and that's that's honestly what I hope

443
00:22:08,680 --> 00:22:09,479
Speaker 9: for out of this summit.

444
00:22:10,560 --> 00:22:14,360
Speaker 4: Bran Chef fascinating all things geopolitics, all things you'll raised

445
00:22:14,359 --> 00:22:16,560
Speaker 4: sixty one billion dollar valuation the Andreil CEO.

446
00:22:16,920 --> 00:22:18,359
Speaker 5: We so appreciate your time today.

447
00:22:19,160 --> 00:22:22,560
Speaker 4: Now it's expected to be the final day of evidence

448
00:22:22,640 --> 00:22:24,600
Speaker 4: in the closely watched trial between Elon.

449
00:22:24,400 --> 00:22:27,200
Speaker 5: Musk and open Ai. Yesterday, Sam Altman.

450
00:22:27,000 --> 00:22:31,240
Speaker 4: Told jurors he was quote extremely uncomfortable with Musk's insistence

451
00:22:31,400 --> 00:22:33,840
Speaker 4: on having full control of the startup in its early days.

452
00:22:34,000 --> 00:22:36,000
Speaker 4: Mask You're a member is suing open Ai, his former

453
00:22:36,000 --> 00:22:39,240
Speaker 4: co founders, and Microsoft, alleging that they abandoned the chatchebt

454
00:22:39,400 --> 00:22:44,000
Speaker 4: maker's altruistic mission. Let's get more with Bloomberg AI editor

455
00:22:44,040 --> 00:22:47,720
Speaker 4: Seth Figgerman. So what seems to have transpired, what's being

456
00:22:47,800 --> 00:22:50,159
Speaker 4: articulated by Sam Altman is that at some point in

457
00:22:50,280 --> 00:22:53,560
Speaker 4: al Musk actually was thinking about a profit side of it,

458
00:22:53,760 --> 00:22:57,199
Speaker 4: thinking about trying to earn control, and indeed was then

459
00:22:57,240 --> 00:22:59,760
Speaker 4: thinking bequeathing it to his children if he died, right.

460
00:23:00,160 --> 00:23:02,560
Speaker 11: As one does. Yeah, a little bit of dramatic testimony there.

461
00:23:02,680 --> 00:23:05,920
Speaker 11: So much of o'pennie's counter argument to Musk claims here

462
00:23:06,000 --> 00:23:08,719
Speaker 11: is that really his frustration is that he was not

463
00:23:08,800 --> 00:23:12,159
Speaker 11: able to control and be CEO of Opennie and the

464
00:23:12,200 --> 00:23:13,600
Speaker 11: way that he is with all his other ventures. And

465
00:23:13,600 --> 00:23:16,800
Speaker 11: so Sam Alman recounted a conversation with Musk where he

466
00:23:16,840 --> 00:23:19,960
Speaker 11: allegedly said that you know, if and when he were

467
00:23:20,040 --> 00:23:21,720
Speaker 11: to die and he was in control of Opennie, he

468
00:23:21,720 --> 00:23:25,080
Speaker 11: would pass it along to his children. Now you know

469
00:23:25,160 --> 00:23:29,000
Speaker 11: that's openiey saying it, but also said that, you know,

470
00:23:29,240 --> 00:23:32,960
Speaker 11: Musk wanted control in the early days, but wasn't really

471
00:23:32,960 --> 00:23:36,159
Speaker 11: willing to sign documentations saying that control would lift at

472
00:23:36,160 --> 00:23:38,760
Speaker 11: some point. In his own testimony, Musk has said, yeah,

473
00:23:38,800 --> 00:23:41,000
Speaker 11: he might have had control early on, but the expectation

474
00:23:41,160 --> 00:23:43,800
Speaker 11: was more investors would come in and eventually he wouldn't

475
00:23:43,800 --> 00:23:46,240
Speaker 11: have that same level of control and.

476
00:23:46,359 --> 00:23:48,760
Speaker 5: Beg Seth Figerman. We so appreciate the round up. We

477
00:23:48,840 --> 00:23:49,960
Speaker 5: have some breaking.

478
00:23:49,600 --> 00:23:52,439
Speaker 4: News though that we must hit because crossing the terminal

479
00:23:52,520 --> 00:23:57,080
Speaker 4: right now, ARM and its majority owner soft Bank reportedly

480
00:23:57,160 --> 00:24:00,480
Speaker 4: tried to buy Cerebrus in an evenly split cash and

481
00:24:00,480 --> 00:24:03,040
Speaker 4: stock deal that would have valued the upstart at one

482
00:24:03,119 --> 00:24:06,080
Speaker 4: hundred billion dollars. According to sources, This all happened weeks

483
00:24:06,119 --> 00:24:08,560
Speaker 4: before the chip maker was due to make its public debut.

484
00:24:08,600 --> 00:24:11,919
Speaker 4: Of course, the person who's been busy breaking that story

485
00:24:11,960 --> 00:24:14,480
Speaker 4: and also come anchoring the show on air is one

486
00:24:14,680 --> 00:24:17,359
Speaker 4: Ed Ludlow. Talk us through it as to this was

487
00:24:17,600 --> 00:24:19,600
Speaker 4: happening in the background during May.

488
00:24:20,040 --> 00:24:23,000
Speaker 3: Yeah, look, Cerebras is going to list tomorrow, right, and

489
00:24:23,040 --> 00:24:25,480
Speaker 3: this happened at the beginning of May. They very clearly

490
00:24:25,520 --> 00:24:28,680
Speaker 3: said no, we're not interested. But ARM and soft Bank,

491
00:24:28,720 --> 00:24:31,879
Speaker 3: which majority owns ARM, tried why very interesting. We can

492
00:24:31,880 --> 00:24:33,320
Speaker 3: get into it in the back half of the show

493
00:24:33,800 --> 00:24:35,480
Speaker 3: because there's a lot more to come on Bloomberg Tech.

494
00:24:41,760 --> 00:24:43,639
Speaker 3: Welcome back to Bloomberg Tech. Let's get back to that

495
00:24:43,680 --> 00:24:46,600
Speaker 3: news that broke just a few moments ago. ARM and

496
00:24:46,640 --> 00:24:50,200
Speaker 3: its majority own a soft Bank tried to buy Cerebras.

497
00:24:50,200 --> 00:24:51,520
Speaker 2: That's according to sources.

498
00:24:51,880 --> 00:24:54,359
Speaker 3: My understanding is this all happened in the last couple

499
00:24:54,359 --> 00:24:57,800
Speaker 3: of weeks, early May, and it's just before Cerebras, the

500
00:24:57,840 --> 00:25:02,959
Speaker 3: chip maker is Judo public day. They were robuffed, you know,

501
00:25:03,040 --> 00:25:06,080
Speaker 3: Cerebras said no. My understand is and understanding his ARM

502
00:25:06,080 --> 00:25:09,320
Speaker 3: and soft Bank would have happily paid a premium, big premium,

503
00:25:09,440 --> 00:25:13,760
Speaker 3: but Cerebras backs itself, and its leadership back backs them,

504
00:25:14,240 --> 00:25:16,679
Speaker 3: and the investors backed them to do this alone as

505
00:25:16,720 --> 00:25:17,879
Speaker 3: a public company.

506
00:25:17,920 --> 00:25:20,080
Speaker 4: I mean, look at the demand for its IPO looks

507
00:25:20,080 --> 00:25:21,639
Speaker 4: going to be pricing today. We understand that it's going

508
00:25:21,720 --> 00:25:23,400
Speaker 4: to price at the top end of the marketed range

509
00:25:23,440 --> 00:25:25,400
Speaker 4: up to one hundred and sixty dollars plus.

510
00:25:25,760 --> 00:25:27,760
Speaker 5: We're seeing maybe the biggest.

511
00:25:27,359 --> 00:25:30,639
Speaker 4: Amount raised in a semiconductor.

512
00:25:29,960 --> 00:25:32,439
Speaker 5: Name since ARM went public. Maybe even more of the

513
00:25:32,480 --> 00:25:33,840
Speaker 5: green shoe allotment is used.

514
00:25:34,000 --> 00:25:36,520
Speaker 4: But why would ARM and Cerebras have been sort of

515
00:25:36,560 --> 00:25:37,760
Speaker 4: a useful synergy here?

516
00:25:37,880 --> 00:25:40,160
Speaker 3: Well, because you know, ARM goes from being a chip

517
00:25:40,160 --> 00:25:42,920
Speaker 3: designer to wanting to be a chip maker like actually

518
00:25:42,960 --> 00:25:45,959
Speaker 3: sell directly into the market, and Cerebras this in this

519
00:25:46,000 --> 00:25:49,720
Speaker 3: phase of inference in AI the broader infrastructure play it

520
00:25:49,760 --> 00:25:52,680
Speaker 3: backs itself as well. Anyway, I should just probably note

521
00:25:52,720 --> 00:25:55,439
Speaker 3: that all of the parties involved declined to comment or

522
00:25:55,440 --> 00:25:58,200
Speaker 3: did not immediately respond to comment to Bloomberg. We should

523
00:25:58,240 --> 00:26:00,560
Speaker 3: check in on our markets, because markets being than by

524
00:26:00,560 --> 00:26:03,960
Speaker 3: what's happening in Beijing. Then, as that one hundred modestly

525
00:26:04,000 --> 00:26:07,399
Speaker 3: higher four tenths percent US listed Chinese companies that's the

526
00:26:07,760 --> 00:26:10,320
Speaker 3: Golden Dragon China Index up four percent.

527
00:26:10,440 --> 00:26:13,080
Speaker 2: A big part of this is in Nvidia.

528
00:26:13,280 --> 00:26:17,400
Speaker 3: Shares of Chinese AI model developers in particular surged after

529
00:26:17,440 --> 00:26:20,280
Speaker 3: in video CEO Jensen Wang was announced to be joining

530
00:26:20,320 --> 00:26:23,480
Speaker 3: President Trump's China trip. Shares of Minimax and GPU on

531
00:26:23,560 --> 00:26:28,320
Speaker 3: the hopes of progress on Nvidia's ability to sell chips

532
00:26:28,359 --> 00:26:32,880
Speaker 3: into China. Look at those gains overnight Bloomberg's Chinese Equities report.

533
00:26:32,960 --> 00:26:35,840
Speaker 3: Henry Renn is with us. Henry, look at those gains overnight.

534
00:26:35,880 --> 00:26:38,560
Speaker 3: I mean the response in Asia trading was interesting.

535
00:26:39,880 --> 00:26:40,600
Speaker 2: Yeah, that's right.

536
00:26:40,680 --> 00:26:44,679
Speaker 12: So the last minute trip by Jensen Vana's boasting the

537
00:26:44,720 --> 00:26:48,199
Speaker 12: morale of mainland traders. We're seeing double digit gains in

538
00:26:48,240 --> 00:26:50,960
Speaker 12: the likes of Tupol and Minima Access well the Chinese

539
00:26:50,960 --> 00:26:54,200
Speaker 12: model makers, but not limited to that. That has obviously

540
00:26:54,240 --> 00:26:58,639
Speaker 12: spread to today's US trading session as well. We see Ali, Baba, JD,

541
00:26:58,760 --> 00:27:01,880
Speaker 12: the likes of those Chinese tech names also trading hire

542
00:27:01,960 --> 00:27:05,040
Speaker 12: in mainland session. We have the Chinax Index, which is

543
00:27:05,119 --> 00:27:09,320
Speaker 12: China's equivalent of Nasdaq for those young tech companies also

544
00:27:09,440 --> 00:27:12,160
Speaker 12: soaring to a record. So there are some optimism that

545
00:27:12,240 --> 00:27:15,439
Speaker 12: China and US could strike some form of deals on

546
00:27:15,520 --> 00:27:20,480
Speaker 12: chip x sports. And remember that Nvidia has gained approval

547
00:27:20,520 --> 00:27:24,160
Speaker 12: from Washington to sell h two hundred chips into China

548
00:27:24,400 --> 00:27:25,280
Speaker 12: since end.

549
00:27:25,200 --> 00:27:25,960
Speaker 2: Of last year.

550
00:27:26,040 --> 00:27:28,360
Speaker 12: But still that there are some hopes that for more

551
00:27:28,400 --> 00:27:30,520
Speaker 12: powerful models can be used.

552
00:27:31,600 --> 00:27:33,879
Speaker 4: Really interesting that you bring up Ali Baba because actually

553
00:27:33,920 --> 00:27:37,399
Speaker 4: Ali Baba Tencent, they gave us fundamentals as well.

554
00:27:37,480 --> 00:27:39,080
Speaker 5: They came out with their earnings.

555
00:27:38,680 --> 00:27:42,080
Speaker 4: And thus far they're investing a ton, but the return

556
00:27:42,160 --> 00:27:45,080
Speaker 4: on that investment from AI investment just doesn't seem to

557
00:27:45,119 --> 00:27:45,680
Speaker 4: be there yet.

558
00:27:46,800 --> 00:27:49,760
Speaker 12: Yeah, that's the huge issue that the market is focusing

559
00:27:49,800 --> 00:27:53,520
Speaker 12: on today with both company reporting results, so probably we

560
00:27:53,560 --> 00:27:56,439
Speaker 12: can start from Ali Baba. So the company, I think

561
00:27:57,000 --> 00:28:00,880
Speaker 12: it does reassure investors because it's said it's cloud revenue

562
00:28:00,880 --> 00:28:04,000
Speaker 12: grew by about forty percent in the first quarter, and

563
00:28:04,040 --> 00:28:07,000
Speaker 12: that's the key number that market has been focusing on.

564
00:28:07,280 --> 00:28:08,680
Speaker 2: That's an acceleration from.

565
00:28:08,480 --> 00:28:11,679
Speaker 12: The quarter earlier, so it does show that there are

566
00:28:11,680 --> 00:28:14,760
Speaker 12: some AI trajectory going on. And in the meantime, it's

567
00:28:14,800 --> 00:28:18,240
Speaker 12: also saying that for its AI related revenue related to

568
00:28:18,320 --> 00:28:21,640
Speaker 12: its models as well as application services, that will reach

569
00:28:21,680 --> 00:28:26,280
Speaker 12: about one hundred ten billion R and B for the

570
00:28:26,359 --> 00:28:31,320
Speaker 12: June quarter, so that's a helpful additional disclosure as well.

571
00:28:31,520 --> 00:28:33,800
Speaker 12: So it does show some AI momentum, but at the

572
00:28:33,800 --> 00:28:38,960
Speaker 12: same time that Capex has been soaring as you mentioned, Yeah.

573
00:28:38,760 --> 00:28:40,520
Speaker 4: I mean while ten Cent reported this last place of

574
00:28:40,560 --> 00:28:43,160
Speaker 4: revenue growth in over a year. Henry Rens always great

575
00:28:43,160 --> 00:28:44,760
Speaker 4: to catch up with you and the latest and all

576
00:28:44,760 --> 00:28:47,480
Speaker 4: things China and AI. But now let's take a look

577
00:28:47,480 --> 00:28:50,880
Speaker 4: at today's big number. It's around AI and it's over

578
00:28:51,160 --> 00:28:55,120
Speaker 4: nine hundred billion dollars. This is Athropits targeted new valuation,

579
00:28:55,520 --> 00:28:57,640
Speaker 4: according to sources who say the company is in early

580
00:28:57,640 --> 00:28:59,800
Speaker 4: talks with investors to raise at least thirty billion dollars

581
00:29:00,040 --> 00:29:02,920
Speaker 4: lush financing. It could set the stage what maybe the

582
00:29:03,000 --> 00:29:05,440
Speaker 4: largest funding round yet for the company, though the deal

583
00:29:05,760 --> 00:29:08,280
Speaker 4: it's not been finalized, no term sheet has been signed.

584
00:29:08,360 --> 00:29:11,240
Speaker 4: Natasha Mascarenes, who joins us now, who helped break this

585
00:29:11,320 --> 00:29:14,000
Speaker 4: story alongside Ed and just tell us a little bit

586
00:29:14,040 --> 00:29:17,240
Speaker 4: about the inbounds, almost the love letters they've been receiving

587
00:29:17,280 --> 00:29:18,640
Speaker 4: from potential investors.

588
00:29:18,760 --> 00:29:20,760
Speaker 13: It's a great way to describe it, Caroline. I mean,

589
00:29:21,080 --> 00:29:23,680
Speaker 13: a few weeks ago, these were conversations that were coming

590
00:29:23,760 --> 00:29:28,800
Speaker 13: completely unsolicited from Anthropics backers. Now we have reporting that

591
00:29:29,080 --> 00:29:32,640
Speaker 13: they are engaging in those conversations and discussing around that

592
00:29:32,680 --> 00:29:35,920
Speaker 13: could see them raise at least thirty billion, and sources

593
00:29:35,920 --> 00:29:37,840
Speaker 13: are telling us that the round could close as soon

594
00:29:37,880 --> 00:29:40,080
Speaker 13: as the end of this month. It's one that we're

595
00:29:40,120 --> 00:29:42,880
Speaker 13: tracking very closely and definitely the biggest update we've had

596
00:29:42,920 --> 00:29:46,520
Speaker 13: on the round throughout this circus of interest.

597
00:29:47,880 --> 00:29:50,680
Speaker 3: You know, the private markets are alive, you know, to

598
00:29:50,720 --> 00:29:53,200
Speaker 3: put it mildly, and it's interesting this Hasha that you know,

599
00:29:53,200 --> 00:29:56,960
Speaker 3: Anthropic feels comfortable now with this valuation here. We've gone

600
00:29:57,000 --> 00:29:59,440
Speaker 3: from a place in just the last two or three

601
00:29:59,440 --> 00:30:02,160
Speaker 3: weeks where they a rebuffed office and now you know,

602
00:30:02,200 --> 00:30:05,200
Speaker 3: we don't want to do this. But the main thing

603
00:30:05,200 --> 00:30:07,760
Speaker 3: that's happened in the interim is that Claude continues to

604
00:30:07,800 --> 00:30:11,200
Speaker 3: have Amnum enterprise adoption of Enthropic, and then there's the

605
00:30:11,240 --> 00:30:16,200
Speaker 3: Mefos government angle give us the sort of awkward elephant

606
00:30:16,200 --> 00:30:18,400
Speaker 3: in the room, which is that if they close this round,

607
00:30:18,960 --> 00:30:20,920
Speaker 3: they will have evaluation higher than open AI.

608
00:30:21,960 --> 00:30:22,640
Speaker 5: Absolutely.

609
00:30:22,680 --> 00:30:26,880
Speaker 13: I mean, this is a massive narrative shift around Anthropic

610
00:30:26,920 --> 00:30:30,200
Speaker 13: and we've been covering it relentlessly. Our understanding is that

611
00:30:30,240 --> 00:30:33,720
Speaker 13: the investor interest far exceeds how much Anthropic will actually

612
00:30:33,840 --> 00:30:37,120
Speaker 13: end up accepting from investors, and so you are seeing

613
00:30:37,160 --> 00:30:39,120
Speaker 13: them maybe be picky on valuation.

614
00:30:39,480 --> 00:30:40,200
Speaker 5: Lead investor.

615
00:30:40,280 --> 00:30:42,800
Speaker 13: The term shit is not officially signed as of our

616
00:30:42,840 --> 00:30:45,360
Speaker 13: reporting last evening, but we do expect that to change,

617
00:30:45,520 --> 00:30:48,320
Speaker 13: you know, as fast as we're able to confirm it.

618
00:30:48,360 --> 00:30:51,000
Speaker 13: And so the real question and what we're looking at

619
00:30:51,040 --> 00:30:53,920
Speaker 13: next is, let's say Anthropic closes us around as per

620
00:30:53,920 --> 00:30:55,800
Speaker 13: our sources as soon as the end of this month.

621
00:30:56,160 --> 00:30:59,200
Speaker 13: Does this change their IPO timeline? Does it need to

622
00:30:59,280 --> 00:31:02,160
Speaker 13: change their IPO timeline? I mean, you guys just had

623
00:31:02,200 --> 00:31:04,480
Speaker 13: Brian Schimp from Andral on the show who was saying

624
00:31:04,520 --> 00:31:07,560
Speaker 13: that Andreol was raising just a quarter of what AAI

625
00:31:07,680 --> 00:31:10,520
Speaker 13: financing is. I'm curious what you think ed about if this,

626
00:31:10,640 --> 00:31:13,720
Speaker 13: does you know, change when we see the sprite officially

627
00:31:13,720 --> 00:31:15,320
Speaker 13: filed for Ananthropic, Well.

628
00:31:15,240 --> 00:31:17,760
Speaker 3: It depends what happens with SpaceX June July. Does that

629
00:31:17,800 --> 00:31:20,120
Speaker 3: sock Oxygen out of the room. But again, if the

630
00:31:20,160 --> 00:31:23,800
Speaker 3: private markets provide, what's the need to go public? Bloombasin

631
00:31:23,840 --> 00:31:27,240
Speaker 3: Tash Mascaranus teaming up on another big twist and turn

632
00:31:27,280 --> 00:31:29,680
Speaker 3: in the Anthropic story.

633
00:31:30,760 --> 00:31:34,440
Speaker 4: Some breaking news regarding Misral, the AI giant of France

634
00:31:34,560 --> 00:31:38,320
Speaker 4: is apparently developing a new AI model for banks who

635
00:31:38,400 --> 00:31:42,760
Speaker 4: lack access to Mythos. This is all about cybersecurity vulnerabilities. Already,

636
00:31:43,080 --> 00:31:46,560
Speaker 4: Mistral of France had been working with local European banks

637
00:31:46,840 --> 00:31:49,560
Speaker 4: to have a new model that would stress test cyber

638
00:31:49,640 --> 00:31:52,880
Speaker 4: risks around the banks and more broadly in their systems.

639
00:31:53,000 --> 00:31:54,719
Speaker 4: When now we understand those banks of course have been

640
00:31:54,720 --> 00:31:58,080
Speaker 4: wanting access to Mythos, and now Mistral is looking to

641
00:31:58,200 --> 00:32:01,800
Speaker 4: develop this new model that can uncover cybersecurity vulnerabilities at

642
00:32:01,880 --> 00:32:05,040
Speaker 4: unprecedented speed and ScaleOut reporting.

643
00:32:05,080 --> 00:32:06,640
Speaker 2: All according to Bloomberg's sources.

644
00:32:06,680 --> 00:32:10,240
Speaker 3: Okay, Varda Space is planning to send medicines from United

645
00:32:10,280 --> 00:32:14,040
Speaker 3: Therapeutics into orbit to explore the use of microgravity in

646
00:32:14,120 --> 00:32:15,040
Speaker 3: creating drugs.

647
00:32:15,080 --> 00:32:17,400
Speaker 2: It's one of the first commercial.

648
00:32:16,800 --> 00:32:20,200
Speaker 3: Research deals to develop medicine molecules in space and then

649
00:32:20,280 --> 00:32:22,560
Speaker 3: return them to Earth. That the mission still in its

650
00:32:22,560 --> 00:32:25,080
Speaker 3: early stages. I speak with Varda CEO Will Brewy. Let's

651
00:32:25,120 --> 00:32:27,920
Speaker 3: talk timeline. This is exciting development for you guys because

652
00:32:27,920 --> 00:32:31,840
Speaker 3: it's a real commercial opportunity. When does it happen? What

653
00:32:31,880 --> 00:32:34,000
Speaker 3: are the steps to start working with United.

654
00:32:34,080 --> 00:32:36,480
Speaker 14: Yeah, thanks for having me ed. It's happening now, which

655
00:32:36,560 --> 00:32:38,720
Speaker 14: is really exciting. The research has been done for decades

656
00:32:38,760 --> 00:32:41,080
Speaker 14: and so now we're moving into the commercial phase. VARDA

657
00:32:41,120 --> 00:32:44,200
Speaker 14: has been flying for years, and so this commercial endeavor

658
00:32:44,240 --> 00:32:46,520
Speaker 14: will be putting drugs into space in the next year.

659
00:32:46,600 --> 00:32:48,240
Speaker 14: We're working on those drugs right now in the lab

660
00:32:48,280 --> 00:32:48,840
Speaker 14: with United.

661
00:32:49,360 --> 00:32:52,400
Speaker 4: And when they're in space, what are you hoping to prove?

662
00:32:52,440 --> 00:32:54,479
Speaker 5: What are you hoping to see? Where does this drive United?

663
00:32:54,800 --> 00:32:57,200
Speaker 14: So the most confusing thing about VARDA is the space part.

664
00:32:57,240 --> 00:32:59,520
Speaker 14: If you just imagine we had an anti gravity technically,

665
00:32:59,560 --> 00:33:00,000
Speaker 14: admit it.

666
00:33:00,120 --> 00:33:02,240
Speaker 2: Yeah, if you imagine.

667
00:33:01,880 --> 00:33:04,640
Speaker 14: We had an anti gravity technology where we could manipulate

668
00:33:04,680 --> 00:33:07,320
Speaker 14: chemical systems on Earth to improve formulations in a way

669
00:33:07,360 --> 00:33:10,080
Speaker 14: that would otherwise be impossible. And by formulation I mean

670
00:33:10,120 --> 00:33:11,880
Speaker 14: going from like an IV bag to a shot or

671
00:33:11,960 --> 00:33:15,600
Speaker 14: better bioavailability. Then it would make total sense. Now is

672
00:33:15,600 --> 00:33:17,960
Speaker 14: shipping the space is becoming just shipping. We can access

673
00:33:18,000 --> 00:33:19,880
Speaker 14: microgravity in a way that helps patients.

674
00:33:19,880 --> 00:33:23,160
Speaker 3: Today, I've had the opportunity to sort of interact with

675
00:33:23,280 --> 00:33:25,160
Speaker 3: I don't know you called it a spacecraft or if

676
00:33:25,200 --> 00:33:29,240
Speaker 3: you call it a minifactory, but just go through the

677
00:33:29,240 --> 00:33:32,440
Speaker 3: basics of who's the launch provider, what happens when you

678
00:33:32,440 --> 00:33:34,200
Speaker 3: get into low Earth all a bit? And then how

679
00:33:34,280 --> 00:33:37,239
Speaker 3: long typically is the spacecraft will capsule in all bit?

680
00:33:37,400 --> 00:33:39,160
Speaker 14: Sure, So I'll even step back just because we're so

681
00:33:39,200 --> 00:33:41,920
Speaker 14: excited about this United announcement today. First, we work with

682
00:33:42,000 --> 00:33:44,200
Speaker 14: the customers before we even get there, and we develop

683
00:33:44,240 --> 00:33:47,440
Speaker 14: a microgravity enabled formulation on the ground in our lab

684
00:33:47,640 --> 00:33:51,680
Speaker 14: in cooperation and partnership with United. Once those microgravity enabled

685
00:33:51,680 --> 00:33:54,000
Speaker 14: formulations are ready for flight, what does that.

686
00:33:53,960 --> 00:33:55,960
Speaker 5: Look like like gravity enabled formula?

687
00:33:56,080 --> 00:33:59,560
Speaker 14: It means that the temperature, profile, the concentration, all the

688
00:33:59,560 --> 00:34:02,800
Speaker 14: parameter that would go into any other drug formulation now

689
00:34:03,000 --> 00:34:06,040
Speaker 14: has the option of turning off gravity during the process,

690
00:34:06,080 --> 00:34:08,120
Speaker 14: which means we can make a new outcome for patients.

691
00:34:08,440 --> 00:34:10,600
Speaker 14: So then what we do is, once we have that formulation,

692
00:34:10,680 --> 00:34:13,400
Speaker 14: we load it into our spacecraft. Our launch provider is SpaceX.

693
00:34:13,400 --> 00:34:16,200
Speaker 14: We launch put our spacecraft onto a Falcon nine rocket

694
00:34:16,280 --> 00:34:19,480
Speaker 14: dedicated rideshare, which is great because now we get to

695
00:34:19,480 --> 00:34:22,640
Speaker 14: take advantage of good costs and frequent availability to space.

696
00:34:22,880 --> 00:34:25,120
Speaker 14: So now the spacecraft separates from the rocket like it

697
00:34:25,120 --> 00:34:27,920
Speaker 14: would any other satellite, So it looks like a satellite

698
00:34:27,920 --> 00:34:29,840
Speaker 14: to SpaceX. You can fit twenty of these things on

699
00:34:29,880 --> 00:34:32,400
Speaker 14: a single rocket. It's now orbiting the Earth. We do

700
00:34:32,520 --> 00:34:35,920
Speaker 14: the manufacturing process where there isn't gravity affecting the sedimentation

701
00:34:36,000 --> 00:34:38,520
Speaker 14: of the crystals, and then once those properties are locked in,

702
00:34:38,640 --> 00:34:41,640
Speaker 14: our spacecraft flies itself back to earth lands in Australia.

703
00:34:41,680 --> 00:34:43,040
Speaker 14: And now we have the drug for patients.

704
00:34:43,600 --> 00:34:45,440
Speaker 5: And what does it help patients with?

705
00:34:45,600 --> 00:34:47,959
Speaker 4: I mean, how is this going to unleash a whole

706
00:34:48,000 --> 00:34:49,719
Speaker 4: new area of medicine.

707
00:34:49,760 --> 00:34:52,280
Speaker 14: It's wild because it's gravity is a fundamental force of physics,

708
00:34:52,360 --> 00:34:56,759
Speaker 14: so it's extremely broad technology, anything from bioavailability to shelf stability.

709
00:34:56,920 --> 00:34:59,239
Speaker 14: A classic example that was flown on the International Space

710
00:34:59,239 --> 00:35:01,359
Speaker 14: Station was going for from an IV bag to a shot.

711
00:35:01,480 --> 00:35:04,560
Speaker 14: So imagine you're in rural America and you don't have

712
00:35:04,680 --> 00:35:06,960
Speaker 14: access to a clinic. You now have access to the

713
00:35:07,000 --> 00:35:09,719
Speaker 14: drug because that same drug can be form factored into

714
00:35:09,760 --> 00:35:11,600
Speaker 14: a shot instead of an IV bag, and that shot

715
00:35:11,640 --> 00:35:12,480
Speaker 14: can come to you instead of.

716
00:35:12,480 --> 00:35:13,440
Speaker 2: You having to go to the clinic.

717
00:35:13,680 --> 00:35:16,560
Speaker 3: We're showing images right, this is images of vod of

718
00:35:16,600 --> 00:35:20,200
Speaker 3: returning to Earth. So this sounds ridiculous, and I'll say

719
00:35:20,200 --> 00:35:24,800
Speaker 3: it anyway. You try and land in Australia. That seems

720
00:35:24,880 --> 00:35:28,319
Speaker 3: quite easy. Australia is quite big. Actually it's not. How

721
00:35:28,360 --> 00:35:31,560
Speaker 3: restrictive is that that landing pad of it of one

722
00:35:31,680 --> 00:35:32,600
Speaker 3: continental nation?

723
00:35:32,840 --> 00:35:34,719
Speaker 14: Yes, yes, so more than try. I mean we've done

724
00:35:34,760 --> 00:35:37,719
Speaker 14: this now four or five times. And the reason I

725
00:35:37,719 --> 00:35:39,120
Speaker 14: say four or five one of them was in Utah

726
00:35:39,239 --> 00:35:40,400
Speaker 14: and the rest were in Australia.

727
00:35:40,480 --> 00:35:42,160
Speaker 2: But that go in Utah. Oh, it was great.

728
00:35:42,200 --> 00:35:44,120
Speaker 14: I mean, you know mission that was our first mission success.

729
00:35:44,400 --> 00:35:45,439
Speaker 2: See. Yeah.

730
00:35:45,600 --> 00:35:48,160
Speaker 14: The thing that's nice about Australia is it's a commercial range,

731
00:35:48,160 --> 00:35:49,360
Speaker 14: so we don't need to get in the way of

732
00:35:49,840 --> 00:35:52,360
Speaker 14: the military operations that are happening at our test ranges,

733
00:35:52,480 --> 00:35:55,960
Speaker 14: so we can not disturb them while while landing commercially.

734
00:35:56,160 --> 00:36:00,880
Speaker 14: But it's great, I mean it makes the the the

735
00:36:00,920 --> 00:36:02,120
Speaker 14: process way easier.

736
00:36:02,880 --> 00:36:06,960
Speaker 5: You're excited about United Therapeutics deal. Where next? How what

737
00:36:07,000 --> 00:36:08,240
Speaker 5: does this prove out for others?

738
00:36:08,280 --> 00:36:09,719
Speaker 14: Well, this is just the tip of the tip of

739
00:36:09,760 --> 00:36:12,480
Speaker 14: the iceberg because it's such a broad technology that affects

740
00:36:12,520 --> 00:36:16,640
Speaker 14: so many drugs. You know, United is kind of in

741
00:36:16,680 --> 00:36:19,279
Speaker 14: the future and they have been for quite some time,

742
00:36:19,320 --> 00:36:21,080
Speaker 14: and so we're really lucky to work with such a

743
00:36:21,080 --> 00:36:24,360
Speaker 14: crack team. But this technology is broad, so it applies

744
00:36:24,400 --> 00:36:27,720
Speaker 14: to a wide variety of pharmaceuticals for a wide variety

745
00:36:27,719 --> 00:36:28,440
Speaker 14: of patients.

746
00:36:28,560 --> 00:36:31,200
Speaker 4: Well as that starts to go up into space, come

747
00:36:31,239 --> 00:36:34,160
Speaker 4: back join us. Wilbury, CEO of Art of Space, on

748
00:36:34,239 --> 00:36:37,279
Speaker 4: that new announcement. Meanwhile, there's been plenty of announcements coming

749
00:36:37,320 --> 00:36:41,560
Speaker 4: out about agentic commerce and international expansion from a firm.

750
00:36:41,960 --> 00:36:42,680
Speaker 5: It's just been.

751
00:36:42,560 --> 00:36:45,680
Speaker 4: Reporting yesterday at the company's twenty twenty six investor forum,

752
00:36:45,880 --> 00:36:49,200
Speaker 4: the fintech company is laying out a bold roadmap to

753
00:36:49,239 --> 00:36:51,560
Speaker 4: one hundred billion dollars in annual volume. Look, CEO Max

754
00:36:51,600 --> 00:36:53,600
Speaker 4: Levchen and plans to say, joins us in New York

755
00:36:53,640 --> 00:36:55,319
Speaker 4: and I'm sad I'm not their next to you, Max,

756
00:36:55,360 --> 00:36:57,880
Speaker 4: but to tell us about what you're in a I

757
00:36:58,000 --> 00:37:00,799
Speaker 4: know too far, but I'm in interested in what you

758
00:37:00,880 --> 00:37:04,280
Speaker 4: told the investors, the analyst community in New York yesterday

759
00:37:04,280 --> 00:37:05,600
Speaker 4: and for the next few days.

760
00:37:06,080 --> 00:37:07,879
Speaker 5: How do you get to that sort of volume? Where

761
00:37:07,880 --> 00:37:09,840
Speaker 5: are the growth factors you?

762
00:37:10,000 --> 00:37:13,719
Speaker 15: The exciting thing is that literally everything we have been

763
00:37:13,760 --> 00:37:17,040
Speaker 15: working towards is coming together and working incredibly well. We

764
00:37:17,120 --> 00:37:20,880
Speaker 15: held a similar event three years ago and promise investors

765
00:37:20,880 --> 00:37:24,280
Speaker 15: will get to fifty billion dollars of growth merchandise volume,

766
00:37:24,440 --> 00:37:27,880
Speaker 15: our merchant sales that we power, and we will do

767
00:37:28,000 --> 00:37:30,799
Speaker 15: so by maintaining while maintaining our profit margins within three

768
00:37:30,840 --> 00:37:33,400
Speaker 15: and four percent, we will grow at twenty percent per

769
00:37:33,480 --> 00:37:35,000
Speaker 15: year or so. That that was the story we told

770
00:37:35,080 --> 00:37:37,319
Speaker 15: them three years ago. We've now come back. We're now

771
00:37:37,320 --> 00:37:39,760
Speaker 15: basically at that fifty billion dollar mark. He would expect

772
00:37:39,840 --> 00:37:42,720
Speaker 15: us to slow down, but instead we told our investor

773
00:37:42,760 --> 00:37:45,840
Speaker 15: based yesterday, we expect to grow twenty five percent compounding,

774
00:37:45,880 --> 00:37:48,799
Speaker 15: so five points extra, and we intend to up the

775
00:37:48,960 --> 00:37:51,479
Speaker 15: floor of our profitability from three to three point seventy

776
00:37:51,520 --> 00:37:53,719
Speaker 15: five percent. So not only are we growing faster, not

777
00:37:53,760 --> 00:37:57,080
Speaker 15: only are we reaching more consumers, more merchants, we intend

778
00:37:57,120 --> 00:37:59,880
Speaker 15: to do this more profitably, and we feel it's just

779
00:38:00,040 --> 00:38:03,520
Speaker 15: getting better and better for us. So that's the that's

780
00:38:03,560 --> 00:38:05,560
Speaker 15: the headline. And you know, I read a lot of

781
00:38:05,560 --> 00:38:08,399
Speaker 15: conversations yesterday that seem to indicate that our investors quite

782
00:38:08,480 --> 00:38:09,239
Speaker 15: enjoying the news.

783
00:38:10,360 --> 00:38:13,120
Speaker 3: Mac Max just very simply, why is a one hundred

784
00:38:13,200 --> 00:38:15,680
Speaker 3: billion dollar volume target the right target?

785
00:38:15,719 --> 00:38:16,520
Speaker 2: The right metric?

786
00:38:16,840 --> 00:38:18,640
Speaker 3: When people try and understand a firm like you, come

787
00:38:18,719 --> 00:38:22,040
Speaker 3: the show often and we talk about the different offerings

788
00:38:22,080 --> 00:38:24,560
Speaker 3: and some of the newer products that you're doing this

789
00:38:24,640 --> 00:38:27,680
Speaker 3: kind of north star or achievable goal. Probably to your mind.

790
00:38:27,880 --> 00:38:29,880
Speaker 3: It's really interesting that you've set that as it.

791
00:38:31,080 --> 00:38:33,120
Speaker 15: You know, it is just a waypoint. We have absolutely

792
00:38:33,160 --> 00:38:35,279
Speaker 15: no intention of slowing down or stopping at one hundred

793
00:38:35,520 --> 00:38:37,839
Speaker 15: is just another nice round number that we can set

794
00:38:37,840 --> 00:38:41,479
Speaker 15: our sights to. But we do see an incredible market pull.

795
00:38:41,680 --> 00:38:45,279
Speaker 15: Consumers are ready, they are coming to us. We are

796
00:38:45,320 --> 00:38:48,160
Speaker 15: now seeing inbounds from consumers that have didn't discover us

797
00:38:48,200 --> 00:38:49,959
Speaker 15: at the point of sale, which is the usual way

798
00:38:50,400 --> 00:38:52,719
Speaker 15: just signing up for from asking us to send them

799
00:38:52,760 --> 00:38:55,120
Speaker 15: a card so they can transact everywhere. That's been a

800
00:38:55,160 --> 00:38:58,120
Speaker 15: huge poll that's contributed to our growth tremendously. Merchants come

801
00:38:58,160 --> 00:39:00,520
Speaker 15: to us saying, I've seen your logo on my competitor sites.

802
00:39:00,600 --> 00:39:02,920
Speaker 15: I know you're driving ten to twenty percent more sales

803
00:39:02,920 --> 00:39:03,319
Speaker 15: for them.

804
00:39:03,560 --> 00:39:04,640
Speaker 16: You should do the same for us.

805
00:39:04,800 --> 00:39:08,400
Speaker 15: Let us sign up, you should promote our sales events,

806
00:39:08,520 --> 00:39:11,040
Speaker 15: tell us merchants in your app. Because we're now reaching

807
00:39:11,080 --> 00:39:14,200
Speaker 15: fifteen million monthly consumers and so on. So just the

808
00:39:14,360 --> 00:39:18,400
Speaker 15: tremendous amount of we're finally a real scalable thing that

809
00:39:18,520 --> 00:39:21,239
Speaker 15: every constitution cares about a lot is what gives us

810
00:39:21,280 --> 00:39:23,320
Speaker 15: the confidence to go towards this new milestone.

811
00:39:24,239 --> 00:39:27,080
Speaker 4: AMS liked it, like obviously talking about the pending Industrial

812
00:39:27,120 --> 00:39:29,400
Speaker 4: Bank Charter. That could be another strength area than the

813
00:39:29,400 --> 00:39:31,840
Speaker 4: fact that you've got competitive advantage. But take us to

814
00:39:31,880 --> 00:39:35,239
Speaker 4: the future and the agentic commerce future, because we talk

815
00:39:35,239 --> 00:39:37,080
Speaker 4: about it a lot on the show and you are

816
00:39:37,120 --> 00:39:38,920
Speaker 4: already doing deals with Google.

817
00:39:38,960 --> 00:39:40,640
Speaker 5: What does that look like in.

818
00:39:40,600 --> 00:39:43,440
Speaker 4: Terms of how I'm going to be having a relationship

819
00:39:43,480 --> 00:39:44,480
Speaker 4: with a firm going forward.

820
00:39:44,640 --> 00:39:47,080
Speaker 15: I think it's going to be incredible. I cannot be

821
00:39:47,200 --> 00:39:51,160
Speaker 15: more excited about this new AI powered future in many

822
00:39:51,160 --> 00:39:53,919
Speaker 15: different facets As an engineer, as a coder, I love

823
00:39:54,120 --> 00:39:56,680
Speaker 15: what we have today. As a consumer, as a buyer

824
00:39:56,880 --> 00:40:00,120
Speaker 15: of complicated things, I love the help that a I

825
00:40:00,200 --> 00:40:02,560
Speaker 15: provides me when I research the finer points of you know,

826
00:40:02,560 --> 00:40:05,000
Speaker 15: whatever it is that I'm the matter now. A firm

827
00:40:05,200 --> 00:40:08,560
Speaker 15: is a great tool of buying things that are meaningful

828
00:40:08,600 --> 00:40:10,759
Speaker 15: that when it matters. That's when consumers come to us.

829
00:40:10,800 --> 00:40:12,759
Speaker 15: They want anything from a bicycle to a couch to

830
00:40:12,760 --> 00:40:16,399
Speaker 15: the expressing machine. During those moments, you want to know

831
00:40:16,640 --> 00:40:19,279
Speaker 15: that the financing choice you're making has your back that

832
00:40:19,360 --> 00:40:21,239
Speaker 15: you're not going to get hit with some unexpected fees.

833
00:40:21,280 --> 00:40:23,600
Speaker 15: You know exactly when you're going to start and stop

834
00:40:23,680 --> 00:40:24,480
Speaker 15: with your payments.

835
00:40:24,680 --> 00:40:26,520
Speaker 2: That's what we've built, and.

836
00:40:26,880 --> 00:40:29,560
Speaker 15: Agents just make it that much easier to bring to

837
00:40:29,880 --> 00:40:32,440
Speaker 15: the end consumer. And the brand we've built allows people

838
00:40:32,440 --> 00:40:34,160
Speaker 15: to trust us. The fact that we're able to partner

839
00:40:34,600 --> 00:40:37,319
Speaker 15: with LM providers allows us to be right there when

840
00:40:37,320 --> 00:40:39,680
Speaker 15: consumers are searching and doing the research. So it's just

841
00:40:39,760 --> 00:40:43,760
Speaker 15: an incredible incremental growth engine that we found.

842
00:40:44,520 --> 00:40:47,360
Speaker 3: Max, you're again emphasizing the word built. You do that often.

843
00:40:47,480 --> 00:40:50,520
Speaker 3: But how does quickly, Max Leftchin, think about M and

844
00:40:50,600 --> 00:40:52,040
Speaker 3: A in a firm's future.

845
00:40:53,080 --> 00:40:55,040
Speaker 15: You know, we've looked for years. We haven't found anything

846
00:40:55,080 --> 00:40:57,799
Speaker 15: in the last few so never say never. But we

847
00:40:57,880 --> 00:40:59,759
Speaker 15: have so much to do just with a team that

848
00:40:59,800 --> 00:41:02,879
Speaker 15: we have. It's you know, when opportunities come up, well,

849
00:41:02,880 --> 00:41:04,719
Speaker 15: of course, look at them, but we're very focused on

850
00:41:04,760 --> 00:41:06,839
Speaker 15: building a firm here.

851
00:41:06,920 --> 00:41:09,200
Speaker 3: Max Leftchin back on Bloomberg Tech, thank you very much

852
00:41:09,200 --> 00:41:11,360
Speaker 3: for your time today. Now coming out, we're going to

853
00:41:11,400 --> 00:41:14,040
Speaker 3: get the bank to what to expect from President Trump's meeting.

854
00:41:14,040 --> 00:41:18,640
Speaker 3: Regijen Ping and will Ai be in focus. Probably this

855
00:41:18,760 --> 00:41:19,760
Speaker 3: is Bloomberg.

856
00:41:19,320 --> 00:41:24,680
Speaker 4: Tech, it's time now for talking tech and first start.

857
00:41:24,760 --> 00:41:28,120
Speaker 4: Softbag posted a jump in profit fueled by valuation games

858
00:41:28,160 --> 00:41:30,919
Speaker 4: on its open AI investment. Kano Mascioshi San has spent

859
00:41:31,000 --> 00:41:33,720
Speaker 4: the last year pivoting the company's focus from bench startups

860
00:41:33,840 --> 00:41:35,560
Speaker 4: to silicon and data centers.

861
00:41:35,960 --> 00:41:37,160
Speaker 5: Plus, following a visit.

862
00:41:36,960 --> 00:41:40,279
Speaker 4: From Scott Besant, Japan's three megabanks are set to gain

863
00:41:40,360 --> 00:41:43,919
Speaker 4: access to anthropics powerful mythos models, according to the person

864
00:41:43,920 --> 00:41:46,080
Speaker 4: Familie with the matter Now. The move comes despite a

865
00:41:46,120 --> 00:41:49,960
Speaker 4: widespread alarm over Mythos and speculation about its potential cybersecurity

866
00:41:50,040 --> 00:41:52,960
Speaker 4: risks and Nevius Well. It's emerging as a powerhouse in

867
00:41:52,960 --> 00:41:55,480
Speaker 4: the AI data center gold rush, reporting a six hundred

868
00:41:55,480 --> 00:41:58,120
Speaker 4: and eighty four percent jump in first quarter sales on

869
00:41:58,200 --> 00:42:01,360
Speaker 4: increased demand for its own data center. The company competes

870
00:42:01,400 --> 00:42:04,439
Speaker 4: with the range of neocloud startups like Callweve that rent

871
00:42:04,480 --> 00:42:06,560
Speaker 4: out competing resources to AI developers.

872
00:42:07,040 --> 00:42:09,640
Speaker 3: ED okay, just go back to what everyone's talking about today,

873
00:42:09,640 --> 00:42:12,760
Speaker 3: and that's President Trump's meeting, was ujingping and what to expect.

874
00:42:13,000 --> 00:42:16,279
Speaker 3: Bloomberg Senior Tech editor Mike Shephard joins us from DC

875
00:42:16,960 --> 00:42:18,920
Speaker 3: GO to our senior tech editor. Because there is a

876
00:42:18,920 --> 00:42:21,919
Speaker 3: big delegation of tech CEOs with the president. Jensen Wong

877
00:42:22,080 --> 00:42:24,640
Speaker 3: is with him and those are the issues on the table.

878
00:42:26,760 --> 00:42:30,239
Speaker 17: Those are the addition at the last minute in a

879
00:42:30,320 --> 00:42:34,280
Speaker 17: really dramatic move of Jensen Wang to the trip certainly

880
00:42:34,360 --> 00:42:38,360
Speaker 17: thrust artificial intelligence to the center of the discussions.

881
00:42:38,560 --> 00:42:40,839
Speaker 16: It's unclear what sort of progress we.

882
00:42:40,800 --> 00:42:42,960
Speaker 17: Will actually see in the areas that are most dear

883
00:42:43,040 --> 00:42:46,080
Speaker 17: to Nvidia and that would be gaining more access to

884
00:42:46,160 --> 00:42:49,439
Speaker 17: the Chinese market. They have one US permission to sell

885
00:42:49,440 --> 00:42:53,239
Speaker 17: those h two hundred AI chips to customers in China,

886
00:42:53,280 --> 00:42:56,640
Speaker 17: but Chinese authorities have been reluctant to allow their own

887
00:42:56,719 --> 00:43:00,520
Speaker 17: producers to buy those chips on mass and is they

888
00:43:00,560 --> 00:43:03,840
Speaker 17: want to promote and protect their own domestic chip making

889
00:43:03,880 --> 00:43:07,520
Speaker 17: industry led by Huawei, led by Cambra Con and SMIC,

890
00:43:08,040 --> 00:43:09,959
Speaker 17: and yet there is the tension on the other side.

891
00:43:10,000 --> 00:43:14,520
Speaker 17: They want their own artificial intelligence companies, the model developers

892
00:43:14,600 --> 00:43:16,880
Speaker 17: also the gain and edge and they have been clamoring

893
00:43:16,920 --> 00:43:20,560
Speaker 17: for that. And today we did see shares of Minimax

894
00:43:20,960 --> 00:43:24,440
Speaker 17: knowledge at lists and even today US traded shares of Ali,

895
00:43:24,440 --> 00:43:27,360
Speaker 17: Baba and bay Do all climb on the prospect that

896
00:43:27,400 --> 00:43:30,640
Speaker 17: there could be more compute going to China.

897
00:43:30,920 --> 00:43:33,719
Speaker 4: Talk to us about the names that were already solidified

898
00:43:33,760 --> 00:43:38,640
Speaker 4: as going, because Qualcom's going, Micron's going. Companies with exposure

899
00:43:38,680 --> 00:43:40,440
Speaker 4: to China and the one to increase where would they

900
00:43:40,480 --> 00:43:42,759
Speaker 4: be fitting in to the ultimate demand equation.

901
00:43:42,560 --> 00:43:45,440
Speaker 16: Here well the broader demand equation.

902
00:43:45,520 --> 00:43:48,360
Speaker 17: Of course, from Micron, they have their own separate issues

903
00:43:48,440 --> 00:43:52,359
Speaker 17: with China where they are almost company non grata at

904
00:43:52,400 --> 00:43:56,440
Speaker 17: a certain level. Their role in the memory market is

905
00:43:56,560 --> 00:44:00,279
Speaker 17: really key as well, and it's something that for chip

906
00:44:00,280 --> 00:44:03,120
Speaker 17: makers and developers worldwide they want to have a piece

907
00:44:03,160 --> 00:44:06,560
Speaker 17: of being able to contribute to the creation of AI

908
00:44:06,640 --> 00:44:10,640
Speaker 17: processors not only designed by Nvidium, by AMD, but by

909
00:44:10,719 --> 00:44:13,120
Speaker 17: other companies as well, so they could be looking to

910
00:44:13,200 --> 00:44:16,520
Speaker 17: push into there, and same with Qualcom. Qualcom of course

911
00:44:16,560 --> 00:44:18,880
Speaker 17: has a lot of business when it comes to chips

912
00:44:18,920 --> 00:44:22,360
Speaker 17: for mobile phones, and that could be a way in there.

913
00:44:22,600 --> 00:44:25,279
Speaker 16: More broadly, when we look at this trip and.

914
00:44:25,239 --> 00:44:27,640
Speaker 17: Its agenda, though, Caro, it's interesting that we see the

915
00:44:27,719 --> 00:44:31,399
Speaker 17: White House Science and Technology Policy Advisor Michael Kratzio's there,

916
00:44:31,520 --> 00:44:34,680
Speaker 17: and this could signal that AI and discussions around the

917
00:44:34,719 --> 00:44:38,319
Speaker 17: technology will be really front and Center. We could see

918
00:44:38,320 --> 00:44:42,520
Speaker 17: the US raise concerns about the practice of distillation that

919
00:44:42,520 --> 00:44:46,400
Speaker 17: we have seen where AI models are unfairly extracted, and

920
00:44:47,120 --> 00:44:50,200
Speaker 17: also a working group created to discuss.

921
00:44:49,760 --> 00:44:54,399
Speaker 4: AI Mike Shepherd across all the latest coming between those

922
00:44:54,840 --> 00:44:56,880
Speaker 4: key talks in Beijing at the moment.

923
00:44:56,920 --> 00:44:58,239
Speaker 5: We appreciate you running it.

924
00:44:58,200 --> 00:44:59,799
Speaker 4: Up, but that does it for this edition of bloom

925
00:44:59,840 --> 00:45:02,200
Speaker 4: Bag Tech. Right here from San Francisco. We've got to

926
00:45:02,200 --> 00:45:04,759
Speaker 4: get back to that breaking news that you helped break

927
00:45:04,840 --> 00:45:07,480
Speaker 4: in earlier this hour. Talk us through why ARM was

928
00:45:07,520 --> 00:45:09,080
Speaker 4: potentially looking to buy Cerebras.

929
00:45:09,160 --> 00:45:12,200
Speaker 3: Yeah, ARM and SoftBank tried to buy Cerebras, Sobria said no,

930
00:45:12,360 --> 00:45:15,600
Speaker 3: they will go public tomorrow. But Cerebris makes supercomputers at

931
00:45:15,640 --> 00:45:18,080
Speaker 3: scale for inference, and that's where the AI story is

932
00:45:18,200 --> 00:45:21,400
Speaker 3: right now. That, of course, all according to Bloomberg sources.

933
00:45:21,440 --> 00:45:23,960
Speaker 3: Recap that story and many others on the podcast. You

934
00:45:24,000 --> 00:45:26,759
Speaker 3: know where to find it, Apple, Spotify, iHeart and all

935
00:45:26,840 --> 00:45:28,080
Speaker 3: of the Bloomberg platforms.

936
00:45:28,160 --> 00:45:29,040
Speaker 2: This is Bloomberg Tech