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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: We've been all in on Apple today.

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Speaker 3: The company out with the biggest product launch of the year,

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Speaker 3: the iPhone seventeen. A skinnier Air designed it improves durability

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Speaker 3: and camera tech. As far as prices go, seven ninety

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Speaker 3: nine is the starting price of the standard phone. The

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Speaker 3: new air versional cost nine to ninety nine. The pro

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Speaker 3: is going to go up by one hundred dollars with

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Speaker 3: twice as much storage.

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Speaker 2: I want to bring in Dan Ives.

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Speaker 3: He's Global head of Technology Research at Wedbush Securities. He's

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Speaker 3: also chairman of eight co holdings sort over three thousand percent.

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Speaker 2: After announcing a planned to button the news just.

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Speaker 3: A little bit by open eyes all. But that was yesterday.

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Speaker 3: Dan's here on site at future Proof in Huntington Beach.

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Speaker 3: We're going to talk about a co holdings in a minute,

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Speaker 3: but first I just want to get your reaction to Apple,

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Speaker 3: because you you actually I saw you you were on

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Speaker 3: your laptop and then I got your most recent Apple

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Speaker 3: note while we were doing our interview with Barry. You

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Speaker 3: just you just you're maintaining your price target on Apple.

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Speaker 3: You and the team at web Bush us to make

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Speaker 3: their three hundred and fifteen million folks out there who

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Speaker 3: are ready to upgrade their iPhones. Is the seventeam gonna

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Speaker 3: gun to upgrade?

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Speaker 4: Look, I think it's gonna move the needle. I mean,

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Speaker 4: I think, especially in China, there's definitely what i'd pin

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Speaker 4: up demand. I think street numbers continue to be pretty

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Speaker 4: conservative to maybe low, and I think that's a great setup. Look,

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Speaker 4: the reality is that this is not gonna be a

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Speaker 4: super cycle. There's nothing here that makes you think that

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Speaker 4: this is gonna be the game change that everyone's been

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Speaker 4: waiting for. But I do believe given the install base,

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Speaker 4: given some of the tweaks here, and ultimately on the

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Speaker 4: on sort of the second half of this upgrade cycle,

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Speaker 4: you will have an AI driven ecosystem I believe will

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Speaker 4: be Google Gemini. This could be a sneaky upgrade cycle

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Speaker 4: that I think surprises investors on the upside. What do

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Speaker 4: you mean because right now, expectations New York City cab

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Speaker 4: drivers barrish on Apple, and I think that what I

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Speaker 4: like about the setup is it's all about it's kind

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Speaker 4: of left behind. Now, A lot of that's been self inflicted,

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Speaker 4: because every Apple event feels like it's a I feel

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Speaker 4: like Michael J. Fox and back to the future. You know.

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Speaker 4: So they continue to be left behind AI, but now

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Speaker 4: with the Google DOJ issue in the rear view, they

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Speaker 4: will double down ultimate in that Gemini partnership. And when

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Speaker 4: you look at the install base, I think I think

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Speaker 4: Street is underestimating what numbers look like for iPhone when

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Speaker 4: you look out over the next six, nine, twelve months.

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Speaker 4: And I think in big tech, I view Apple from

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Speaker 4: a sentiment perspective relative to where I viewed Alphabet. Maybe

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Speaker 4: about six months ago.

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Speaker 3: You in your note ahead of the launch called Apple's

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Speaker 3: AI strategy quote invisible. You said the elephant in the room,

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Speaker 3: and is the black over the stock AI is invisible

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Speaker 3: or Apple's invisible AI strategy? Did you get any more

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Speaker 3: information today at the launch about its strategy?

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Speaker 4: I mean, I think fundamentally it they're keeping it close

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Speaker 4: to the vest right like you in the words, like

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Speaker 4: it continues to be that black cloud. I think they're

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Speaker 4: waiting for ultimately what's going to be Gemini, because I

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Speaker 4: think they had a choice either go down the route

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Speaker 4: with perplexity and ultimately look to acquire that or if

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Speaker 4: it was a favorable ruling, then the Candlelight dinner with

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Speaker 4: Google and sun Dar could ultimately start again and then

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Speaker 4: you could actually double down that partnership, and that is

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Speaker 4: I believe the direction. But look, Tim, they got it.

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Speaker 4: It was a black eye moment a year ago when

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Speaker 4: they weighed out the AI strategy made it's ninety five

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Speaker 4: percent of that had a backtrack on it.

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Speaker 3: Well now and now they've lost a lot of the

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Speaker 3: senior executives that were working on that to not apply.

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Speaker 4: And we've talked about there's a better chance to me

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Speaker 4: playing Ryder Cup Beth Page than any internal AI strategy

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Speaker 4: happening at Apple.

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Speaker 1: But is that such a bad thing? And this is

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Speaker 1: one of the things that Dan we talk a lot

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Speaker 1: about that maybe Apple's just kind of watching. There's a

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Speaker 1: lot of money slash around trying to figure out what

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Speaker 1: ultimately are the standards, the methods the companies that really

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Speaker 1: dominate right in terms of AI kind of protocols, and

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Speaker 1: maybe Apple's like, I'll just watch and then we'll figure

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Speaker 1: it out.

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Speaker 4: Are that bad? I think it's bad. I compare it

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Speaker 4: to like Saturday night in New York City, there's a

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Speaker 4: restaurant where there's one person in there at eight thirty like, oh,

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Speaker 4: they must know something everyone else does. I'd rather go

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Speaker 4: to the place where people are lining up outside when

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Speaker 4: it comes to ultimately AI, time's not on their side.

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Speaker 4: Lookquid open AI, Look at Meta wartime CEO, look at Microsoft.

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Speaker 4: Look what are Google's done? That's why you as an

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Speaker 4: all time high. So I do believe cooks recognize this.

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Speaker 4: But the problem is is that now it's a go

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Speaker 4: time moment when it comes to AI and that look

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Speaker 4: we've talked about, that's how you get the three twenty

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Speaker 4: five three point fifty four hundred dollars stock is AI,

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Speaker 4: you know relative to right now Apple, they're kind of

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Speaker 4: on the outside looking in of that AI party where

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Speaker 4: it's still ten pm going to four A.

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Speaker 3: Everyone wants to know about what the heck is going

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Speaker 3: on Over at eight Co Holdings, your chairman of this company. Now,

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Speaker 3: I think it took a lot of people by surprise.

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Speaker 3: It's a crypto treasury firm. And for those who aren't

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Speaker 3: familiar with the way this works, so Michael Sayler strategy,

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Speaker 3: but with a different cryptocurrency. This is world Coin backed

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Speaker 3: by Sam Altman eyeball scanning stuff what is going on here?

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Speaker 4: So I wouldn't have done this as chairman if it

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Speaker 4: was just a regular token back strategy. The reason I

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Speaker 4: did this it has to do with sam, It has

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Speaker 4: to do with my view World is going to be

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Speaker 4: a de facto standard for identification authentication in terms of

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Speaker 4: human proof in AI world. This is much more of

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Speaker 4: a tech infrastructure play than when i'd say the traditional

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Speaker 4: crypto play. So obviously the reason I'm so excited about

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Speaker 4: it is really this is going to become I think,

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Speaker 4: a huge part of the story and the narrative. It's

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Speaker 4: really an intersection of AI and crypto.

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Speaker 1: Explain that damn.

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Speaker 4: So what that means is, you know, as timped it's

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Speaker 4: IRIS scanned the orbs. Right going forward in the future,

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Speaker 4: especially in the robotic world, bots everywhere, you're not going

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Speaker 4: to be able to just identify through a boot check.

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Speaker 4: It's really going to be IRIS scanning. What they've done

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Speaker 4: already fifteen million humans on the platform I believe going

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Speaker 4: about one hundred million over the next year. That's going

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Speaker 4: to be a form of identification that's probably the most

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Speaker 4: privacy lock box out there, and it's secured by a token,

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Speaker 4: a World token. So my view and our view as

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Speaker 4: a team, this is early days in terms of where

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Speaker 4: this is all heading. And that's why we want to

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Speaker 4: do the strategy.

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Speaker 1: Now, what's to prevent somebody else from doing the same

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Speaker 1: thing they are.

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Speaker 4: They're playing a different game than they They're Nvidia in

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Speaker 4: twenty twenty two. And in other words, like relative to

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Speaker 4: what Sam Alex and the team have built out, I

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Speaker 4: mean from an infrastructure and authentication perspective, they are I

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Speaker 4: think miles ahead. I don't see anyone that could catch them.

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Speaker 4: That's why we bet on World as part of the

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Speaker 4: acres strategy. And obviously having someone like Tom Lee and

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Speaker 4: bitmnor you know, a big investor, that's another support that

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Speaker 4: we're so excited to have.

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Speaker 3: You've also got an ETF the launched back in June.

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Speaker 3: It's the dan Ives webbush Ai Revolution ETF.

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Speaker 2: It's up sixteen percent since launch.

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Speaker 3: It's outperforming the S and P five hundred and the

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Speaker 3: Nasdaq one hundred, Broadcom, Google and Video, TSMC, Apple, They're

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Speaker 3: the top holdings. Somebody watching right now might be like, Okay,

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Speaker 3: he's got a clothing company, he's chairman of this crypto

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Speaker 3: treasury company. He has this day job at webbush How

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Speaker 3: am I sure that he's going to manage this ETF

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Speaker 3: and have the time and resources to manage the CTF

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Speaker 3: in my interest.

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Speaker 4: And that's a great question. I'd say, when you think

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Speaker 4: about my chairman role, it's all related to AI in

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Speaker 4: the infrastructure, and there was this is interrelated to my

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Speaker 4: view of where the AI revolution gets built out. And

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Speaker 4: the reality is that ninety five percent of my time

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Speaker 4: has spent you know, three and a half million aire

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Speaker 4: Miles Well, I was twenty five years. I think what's

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Speaker 4: what's enabled to distinguish us is feet on the ground

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Speaker 4: talk talking whether it's private public partners and really, you know,

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Speaker 4: I think that's how investors have grown to do.

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Speaker 2: You add do you add eight co holdings to the

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Speaker 2: I E T F?

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Speaker 4: No, No, that would be totally it's a total separate operation.

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Speaker 4: You keep firewalls between it.

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Speaker 1: Though, Like there's gonna be people who are saying, yeah,

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Speaker 1: of course Dan's gonna talk up that he loves alphabet

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Speaker 1: and that he looked loves Nvidio. I mean he's got

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Speaker 1: an ETF like.

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Speaker 4: I just how do we sure like and and and

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Speaker 4: and part of how investors know us the ETF is

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Speaker 4: all based on our ives A I thirty. It's all

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Speaker 4: based on our research. So the reality is I think

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Speaker 4: part of how we've gotten so you know that the

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Speaker 4: the customer, I'd say from an investor perspective, we've had

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Speaker 4: massive uh you know, I think reception for the ETF

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Speaker 4: is because it's our thirty names that altimately we've used

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Speaker 4: the winners and we and we change at every quarter.

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Speaker 4: And that's I think you about ETF, what it's based on.

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Speaker 4: It's all based on the research and got everyone here

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Speaker 4: that knows dan ives they know like feet on the street,

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Speaker 4: not sitting there in some Peter Malar fifteen to four

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Speaker 4: of New York City office building. And the only time

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Speaker 4: you travel is two times in San Francisco.

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Speaker 2: You just got back from Australia.

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Speaker 4: Yeah, so I literally landed here from Australia.

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Speaker 2: What were you doing there?

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Speaker 1: Yeah?

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Speaker 4: So part part work, part pleasure. So it's fun because look,

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Speaker 4: I mean we when we talk at AI revolution like

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Speaker 4: in Sydney, in Melbourne pack meetings, because the reality is

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Speaker 4: that this is not just us. And that's why I

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Speaker 4: spend so much my time traveling around the globe.

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Speaker 1: What might be the irrational exuberance part of kind of

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Speaker 1: the trade today or the tech trade or the AI trade,

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Speaker 1: and just got about thirty seconds.

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Speaker 4: There's gotta be some fluff out. Just because you say

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Speaker 4: AI forty times in a conference call doesn't make yourself

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Speaker 4: an AI need Look just because like Tim he was

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Speaker 4: wearing an AI shirt because he says it fifteen times and

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Speaker 4: says Tim on the back AI, it doesn't mean. My

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Speaker 4: view is you have to distinguish the winners and the

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Speaker 4: real ones from the fake. And that's three out. And

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Speaker 4: then look, that's what we spend all of our time doing.

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Speaker 2: The one company you're most bullish on right now, public company.

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Speaker 4: SCUAI volunteer that's going to a trillion next two to

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Speaker 4: three years. And I always say the haters hated, hated, fifteen,

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Speaker 4: despised eighties, say it's super expensive one point fifty, they'll

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Speaker 4: be seeing the same thing at a trillion.

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Speaker 1: Yeah, it's a company we've talked a lot about, I

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Speaker 1: would say, in the last year, and then some tenives.

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Speaker 1: Thank you so much, Always appreciate it. Glve Ahead of

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Speaker 1: Technology Research at web Bush Securities