1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,800 --> 00:00:09,879 Speaker 2: Think back on twenty twenty five the returns we've had, 3 00:00:09,920 --> 00:00:12,239 Speaker 2: inequities and fixing come and commodities, and I think about 4 00:00:12,240 --> 00:00:14,640 Speaker 2: twenty twenty six worst opportunities and where you really want 5 00:00:14,640 --> 00:00:17,360 Speaker 2: to start is in technology. We can do that with 6 00:00:17,440 --> 00:00:20,159 Speaker 2: Dan Ives. He's a senior tech analyst and head of 7 00:00:20,200 --> 00:00:22,480 Speaker 2: technology research at what Bush. Curty, Stan, thanks for being 8 00:00:22,560 --> 00:00:26,560 Speaker 2: in our studio here here is always all right, set 9 00:00:26,640 --> 00:00:29,160 Speaker 2: us Let's set us up for twenty twenty six. In tech, 10 00:00:29,200 --> 00:00:31,680 Speaker 2: I mean the consumer electronics shows in a couple of 11 00:00:31,680 --> 00:00:33,199 Speaker 2: weeks in Vegas. I'm sure you're going to be their 12 00:00:33,560 --> 00:00:36,440 Speaker 2: huge presence there. Use my name. If you go to Bolagio, 13 00:00:36,479 --> 00:00:37,120 Speaker 2: they'll take care of you. 14 00:00:37,200 --> 00:00:40,680 Speaker 1: I know, you know, you say Sweeney. It always gets 15 00:00:40,680 --> 00:00:42,880 Speaker 1: you the best way it does it. It opens, doores, 16 00:00:43,000 --> 00:00:44,360 Speaker 1: open store, it opens. Yeah. 17 00:00:44,400 --> 00:00:45,720 Speaker 2: What are you thinking about twenty twenty six? 18 00:00:45,760 --> 00:00:45,879 Speaker 3: Here? 19 00:00:45,920 --> 00:00:48,919 Speaker 1: For AI? Look, I mean obviously it starts off at 20 00:00:49,000 --> 00:00:52,479 Speaker 1: Cees where I think that Jensen's speech on that Monday 21 00:00:52,720 --> 00:00:56,080 Speaker 1: is going to set the tone set right in terms 22 00:00:56,080 --> 00:01:00,320 Speaker 1: of autonomous robotics physical AI. But look, I think the 23 00:01:00,400 --> 00:01:03,240 Speaker 1: reality is is that despite a lot of the haters 24 00:01:03,240 --> 00:01:06,640 Speaker 1: and the bears and hibernation mood. It is gonna be 25 00:01:06,880 --> 00:01:10,399 Speaker 1: I think just a booming year for AI and TEX stocks, 26 00:01:10,480 --> 00:01:12,720 Speaker 1: especially in the first half of the year. I think 27 00:01:12,760 --> 00:01:17,000 Speaker 1: investors are underestimating, specifically on software, like we talked about 28 00:01:17,080 --> 00:01:20,280 Speaker 1: not just Palenteer, but Manga, dB Snowflake, a Lout, the 29 00:01:20,280 --> 00:01:23,960 Speaker 1: infrastructure plays, Nebiis and some of those others. It's about 30 00:01:23,959 --> 00:01:30,120 Speaker 1: the derivative place, the second, third, fourth derivatives, CrowdStrike, cybersecurity, power, Alto, 31 00:01:30,880 --> 00:01:35,600 Speaker 1: and I think what we're gonna see play out Microsoft Oracle. Look, 32 00:01:35,840 --> 00:01:38,759 Speaker 1: I think we say here a year from now. Oracle 33 00:01:38,959 --> 00:01:42,680 Speaker 1: is the name that I think investors are just throwing 34 00:01:42,760 --> 00:01:46,119 Speaker 1: in the garbage. That's the one I think investors are getting, yeah, 35 00:01:47,120 --> 00:01:52,080 Speaker 1: because it's the view, like taking on debt, open ai 36 00:01:52,200 --> 00:01:54,240 Speaker 1: is not gonna be good for their bill. Look if 37 00:01:54,240 --> 00:01:58,040 Speaker 1: you look at any open ai related tech stock, from 38 00:01:58,120 --> 00:02:03,680 Speaker 1: AMD to you know, to Microsoft to Oracle, those stocks 39 00:02:03,680 --> 00:02:06,400 Speaker 1: have sold off significantly. And I think the reality is 40 00:02:07,120 --> 00:02:10,600 Speaker 1: this is an AI revolution where you're in. We talked 41 00:02:10,600 --> 00:02:13,800 Speaker 1: about the AI party. It's ten thirty ten forty five pm. 42 00:02:14,000 --> 00:02:16,920 Speaker 1: Party goes to four am, start at nine pm, and 43 00:02:17,000 --> 00:02:18,960 Speaker 1: open Ai is going to play a huge role in 44 00:02:19,000 --> 00:02:21,960 Speaker 1: that in the infrastructure build out. So to me, Paul, 45 00:02:22,000 --> 00:02:23,880 Speaker 1: it's like I think, like tech stocks, they're up to 46 00:02:23,919 --> 00:02:25,600 Speaker 1: twenty five percent really that. 47 00:02:26,200 --> 00:02:28,000 Speaker 3: Twenty twenty six. But I mean, is that the big 48 00:02:28,080 --> 00:02:31,280 Speaker 3: names like in Vidia because I think to myself, lots 49 00:02:31,320 --> 00:02:33,320 Speaker 3: of competition out there for them. First of all, supply 50 00:02:33,400 --> 00:02:36,799 Speaker 3: chain challenges continue, but you've also got Google and Amazon, 51 00:02:36,880 --> 00:02:40,480 Speaker 3: big competitors who are playing catch up with Nvidia. Can 52 00:02:40,639 --> 00:02:43,120 Speaker 3: can it really hold on to that momentum in twenty 53 00:02:43,160 --> 00:02:43,560 Speaker 3: twenty six? 54 00:02:43,639 --> 00:02:46,280 Speaker 1: Well, there's only one godfather of AI. He's wearing a 55 00:02:46,320 --> 00:02:48,840 Speaker 1: black leather jacket. His name's Jensen, And I think, look, 56 00:02:49,240 --> 00:02:53,760 Speaker 1: they are five years ahead of any other competitor. That's 57 00:02:53,800 --> 00:02:57,799 Speaker 1: why look for them, like even their third best chip 58 00:02:58,120 --> 00:03:02,840 Speaker 1: restricted each two hundred right in China, despite whatever the 59 00:03:02,880 --> 00:03:08,360 Speaker 1: polotic baba JD Tencent, they want those chips because it 60 00:03:08,400 --> 00:03:13,720 Speaker 1: comes down to like they are so many years ahead 61 00:03:13,760 --> 00:03:17,280 Speaker 1: of competition. I think, book AMD, that's gonna be a 62 00:03:17,320 --> 00:03:20,600 Speaker 1: major play that we see playing out. And then I 63 00:03:20,600 --> 00:03:23,400 Speaker 1: think you start to look at like what Google's doing, 64 00:03:23,560 --> 00:03:26,760 Speaker 1: what Microsoft is doing in so in this chip world, 65 00:03:27,000 --> 00:03:29,160 Speaker 1: it's in an AI arms rates, but here's the deal. 66 00:03:29,240 --> 00:03:32,560 Speaker 1: For the first time in thirty years, US is ahead 67 00:03:32,560 --> 00:03:34,639 Speaker 1: of China when it comes to tech. How about that 68 00:03:34,720 --> 00:03:38,000 Speaker 1: that that is I think that's really like the most 69 00:03:38,080 --> 00:03:39,400 Speaker 1: important thing here is that's it's. 70 00:03:39,280 --> 00:03:41,640 Speaker 3: Getting lost in the sauce. I feel what you just said. 71 00:03:41,440 --> 00:03:44,400 Speaker 1: Well, it is because for so many times, like I'd 72 00:03:44,400 --> 00:03:49,839 Speaker 1: be in Taiwan eighteen hours seeing like factory fabs, then 73 00:03:49,920 --> 00:03:52,920 Speaker 1: land the newark aaraport, there's some fisfied Dunkin Donuts and 74 00:03:52,920 --> 00:03:57,280 Speaker 1: You're like, wow, we are like so Bahat now switched. 75 00:03:58,240 --> 00:04:00,960 Speaker 2: So is Opening Eye gonna go public in twenty twenty 76 00:04:01,000 --> 00:04:02,880 Speaker 2: six and is that going to be a seminal event for. 77 00:04:03,560 --> 00:04:07,360 Speaker 1: I think early twenty seven? Okay, they go, they could 78 00:04:07,400 --> 00:04:10,520 Speaker 1: file maybe by the late twenty six. But I think 79 00:04:10,560 --> 00:04:15,000 Speaker 1: that's the thing like SpaceX, you think about Anthropic, you 80 00:04:14,680 --> 00:04:19,039 Speaker 1: think about Open Ai. Look, the reality is is that 81 00:04:19,960 --> 00:04:23,279 Speaker 1: you know, people talk about bubble some of the best 82 00:04:23,320 --> 00:04:26,000 Speaker 1: companies that haven't even gotten public yet. And I think 83 00:04:26,040 --> 00:04:30,120 Speaker 1: there's a supply demand for big growth names. And that's 84 00:04:30,160 --> 00:04:34,440 Speaker 1: why to me, I think investors that are seeing it's 85 00:04:34,440 --> 00:04:38,919 Speaker 1: a bubble text done, they're doing it from the twenty 86 00:04:38,920 --> 00:04:41,880 Speaker 1: fifth fourth of New York City office building or Metro North, right. 87 00:04:41,960 --> 00:04:43,919 Speaker 1: I mean the reality is like for someone like me 88 00:04:44,000 --> 00:04:47,800 Speaker 1: that sees it globally, sees the demand that supplies twelve 89 00:04:47,839 --> 00:04:51,080 Speaker 1: to one for video chips today any Asia. 90 00:04:51,279 --> 00:04:53,400 Speaker 3: But here's the question, is there enough energy out there 91 00:04:53,440 --> 00:04:55,279 Speaker 3: to meet that supply? Because that's one of the big 92 00:04:55,520 --> 00:04:56,839 Speaker 3: the biggest challenge going forward. 93 00:04:56,920 --> 00:04:59,880 Speaker 1: That's Look, if you think the thing to me that 94 00:05:00,160 --> 00:05:02,800 Speaker 1: like if you're just like, what could spoil the AI party? 95 00:05:03,000 --> 00:05:07,320 Speaker 1: It's not about demand fourth and Dutch Revolution. It's not 96 00:05:07,360 --> 00:05:13,120 Speaker 1: about like the use cases. It's energy and regulation. And look, energy, 97 00:05:13,680 --> 00:05:16,960 Speaker 1: that's why like you know, you look what's happened on nuclear. 98 00:05:17,080 --> 00:05:19,960 Speaker 1: You saw the TAE deal with you know obviously trum media. 99 00:05:20,200 --> 00:05:22,679 Speaker 1: You saw what Google's doing in terms of them buying 100 00:05:22,680 --> 00:05:26,880 Speaker 1: their own energy company. I mean, energy is the biggest 101 00:05:26,920 --> 00:05:30,279 Speaker 1: restriction in the US. But I continue to believe like 102 00:05:30,480 --> 00:05:32,520 Speaker 1: nuclear is going to be the play there. 103 00:05:33,240 --> 00:05:36,360 Speaker 2: CS It's two h and fifty three hundred thousand people 104 00:05:36,520 --> 00:05:38,719 Speaker 2: to send on vegas for it, and it's been going 105 00:05:38,760 --> 00:05:40,640 Speaker 2: there for forty years. I've been going to this thing. 106 00:05:41,480 --> 00:05:45,599 Speaker 2: This one feels like we might get like a seminal 107 00:05:46,000 --> 00:05:49,359 Speaker 2: announcement coming out of this, whether it's a product, service 108 00:05:49,360 --> 00:05:52,120 Speaker 2: and investment, a deal, it just feels like maybe this 109 00:05:52,279 --> 00:05:55,600 Speaker 2: CEES might be something where something really material pops out 110 00:05:55,600 --> 00:05:55,720 Speaker 2: of it. 111 00:05:55,920 --> 00:05:59,480 Speaker 1: Yeah, I agree, because like look for so many years 112 00:05:59,480 --> 00:06:02,600 Speaker 1: CEI it's like, oh, a great refrigerator that talks to you, 113 00:06:03,120 --> 00:06:07,960 Speaker 1: a cool drone that now it's really become like central 114 00:06:08,760 --> 00:06:11,200 Speaker 1: to the when you're think about the AI revolution, I 115 00:06:11,200 --> 00:06:13,080 Speaker 1: think when you do about chips, when you look what's 116 00:06:13,120 --> 00:06:16,480 Speaker 1: coming out of AMD, I think in Nvidia is really 117 00:06:16,520 --> 00:06:20,480 Speaker 1: gonna double down on robotics. I think quantum is another one. 118 00:06:20,520 --> 00:06:22,560 Speaker 1: If you go back a year ago, that's where Jensen 119 00:06:22,640 --> 00:06:25,040 Speaker 1: was sort of quantums, like ten fifteen years away, QUANM 120 00:06:25,080 --> 00:06:27,120 Speaker 1: stocks sold up. I actually think there's gonna be a 121 00:06:27,120 --> 00:06:29,919 Speaker 1: lot more bullet when it comes to quantum. And look, 122 00:06:30,120 --> 00:06:32,480 Speaker 1: I know half the companies that I know that are 123 00:06:32,520 --> 00:06:36,680 Speaker 1: going there. They're not officially there. Why they going there. 124 00:06:36,680 --> 00:06:39,279 Speaker 1: They're not going there to you know, to to go 125 00:06:39,360 --> 00:06:41,039 Speaker 1: to the Cosmo or go to the wind for dinner. 126 00:06:41,080 --> 00:06:44,320 Speaker 1: They're going because they're looking. They're looking for acquisitions. 127 00:06:44,320 --> 00:06:47,360 Speaker 2: I kind of feel like during CS if I talked 128 00:06:47,400 --> 00:06:49,599 Speaker 2: to a CEO, I think my first question is could 129 00:06:49,600 --> 00:06:51,960 Speaker 2: be why you're not in Vegas, Like, I don't care 130 00:06:52,000 --> 00:06:54,200 Speaker 2: what business you're in. I'm in the point you're touched 131 00:06:54,240 --> 00:06:56,880 Speaker 2: by the technology, Yeah, exactly. 132 00:06:56,920 --> 00:07:01,400 Speaker 1: But to Paul's point, it's this isn't just about like 133 00:07:01,839 --> 00:07:06,560 Speaker 1: consumer gadgets one hundred inch televisions that somehow talk to you. 134 00:07:07,320 --> 00:07:10,880 Speaker 1: Now it's really become central to like we're the technology. 135 00:07:11,000 --> 00:07:13,440 Speaker 1: Think about the Chinese presence there in terms of X 136 00:07:13,480 --> 00:07:18,280 Speaker 1: paying bid everyone else. You think about autonomous robotics, and 137 00:07:18,320 --> 00:07:20,360 Speaker 1: that's why, like I think the one thing like to 138 00:07:20,400 --> 00:07:23,240 Speaker 1: stress to anyone listening is like this is AI. It's 139 00:07:23,240 --> 00:07:26,880 Speaker 1: not just about like chat, GPT, what mid do you use? 140 00:07:27,400 --> 00:07:30,520 Speaker 1: We are now this is the year Apple goes deep 141 00:07:30,560 --> 00:07:32,360 Speaker 1: thousands of deep end the pool when it comes to 142 00:07:32,360 --> 00:07:35,560 Speaker 1: AI on the consumer side, We're now gonna hit the 143 00:07:35,600 --> 00:07:39,000 Speaker 1: next level of the AI revolution. But this is a 144 00:07:39,120 --> 00:07:43,160 Speaker 1: nineteen ninety six moment, not nineteen ninety nine two thousand 145 00:07:43,160 --> 00:07:43,800 Speaker 1: bubble moments. 146 00:07:43,880 --> 00:07:47,560 Speaker 3: Yes, thankfully. Do we expect a big China presence at 147 00:07:47,560 --> 00:07:50,280 Speaker 3: this thing given the relationship right now between the US 148 00:07:50,320 --> 00:07:50,840 Speaker 3: and China. 149 00:07:50,880 --> 00:07:55,280 Speaker 1: If you're a China tech company, you have to come here. 150 00:07:55,480 --> 00:07:58,000 Speaker 1: And I think, like when I think about like the 151 00:07:58,040 --> 00:08:01,120 Speaker 1: presence last year that was already signific. This year it 152 00:08:01,200 --> 00:08:05,240 Speaker 1: is it's booming because for them, okay, like they're not 153 00:08:05,280 --> 00:08:08,880 Speaker 1: gonna be able to sell into the US at least currently, 154 00:08:09,440 --> 00:08:12,000 Speaker 1: but this for them, it's a flex to muscles on 155 00:08:12,040 --> 00:08:17,480 Speaker 1: the global stage in terms of them selling South America, Europe, Australia. 156 00:08:17,560 --> 00:08:20,840 Speaker 1: I mean that is that world descends upon still because 157 00:08:20,960 --> 00:08:24,720 Speaker 1: when you this is the world event. But to Paul's point, like, 158 00:08:24,760 --> 00:08:28,840 Speaker 1: if you're not there, it's almost like being in a 159 00:08:28,880 --> 00:08:33,040 Speaker 1: wedding at a table by the kitchen with random people 160 00:08:33,679 --> 00:08:35,880 Speaker 1: instead of being at like kind of like Paul, he's 161 00:08:35,920 --> 00:08:38,560 Speaker 1: always like front and center, like he's at the cool table. 162 00:08:39,480 --> 00:08:43,679 Speaker 2: Matt Campbell named seventeenth Penn State head football coach. What 163 00:08:43,679 --> 00:08:44,080 Speaker 2: do you think? 164 00:08:44,520 --> 00:08:48,040 Speaker 1: Look, I think Campbell like he is the right guy 165 00:08:48,160 --> 00:08:50,120 Speaker 1: for Penn State. I mean it's not just that it's 166 00:08:50,120 --> 00:08:53,080 Speaker 1: the staff he's going to bring in. He's he knows 167 00:08:53,160 --> 00:08:56,120 Speaker 1: how to recruit. I think he's the magic formula. I 168 00:08:56,160 --> 00:08:58,080 Speaker 1: think now we'll get Dan town Lynn from the USC 169 00:08:58,120 --> 00:09:00,839 Speaker 1: as a defensive coordinator. This is going to build the 170 00:09:00,920 --> 00:09:04,480 Speaker 1: stage to what I've like people will say next year, 171 00:09:04,520 --> 00:09:07,000 Speaker 1: I got to rebuilding there. I disagree. I think this 172 00:09:07,120 --> 00:09:09,600 Speaker 1: gets us back into the playoffs next year and it 173 00:09:09,679 --> 00:09:13,120 Speaker 1: goes back to the dream Natty. In twenty seven or 174 00:09:13,120 --> 00:09:14,199 Speaker 1: twenty eight, there we. 175 00:09:14,160 --> 00:09:17,880 Speaker 2: Go Penn State, a new cycle there as coach Franklin 176 00:09:17,880 --> 00:09:20,240 Speaker 2: moves on to Virginia Tech. We got the Matt Campbellton. 177 00:09:20,280 --> 00:09:22,520 Speaker 2: You come up there at Penn State and Dan ives 178 00:09:22,600 --> 00:09:25,320 Speaker 2: Very is an alum and very involved in this school. 179 00:09:25,640 --> 00:09:27,280 Speaker 2: Dan I thanks so much for joining us. Is senior 180 00:09:27,320 --> 00:09:29,840 Speaker 2: tech analysis web Bush Security, giving us the latest thoughts 181 00:09:29,920 --> 00:09:30,120 Speaker 2: there