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

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Speaker 2: Welcome to the Daybreak Asia podcast time Dog Prisner. Much

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Speaker 2: of the price action that we are seeing in global

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Speaker 2: equity markets is being driven by big tech earnings. After

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Speaker 2: the bell in the States, Intel delivered a surprisingly strong

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Speaker 2: forecast for revenue in the current quarter. This would seem

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Speaker 2: to underscore the gains Intel has been making with data

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Speaker 2: center customers. Now, for the last quarter, sales for the

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Speaker 2: data center segments scored fifty nine percent. Intel's central processing

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Speaker 2: units are clearly in high demand for AI computing. Here

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Speaker 2: is Bloomberg's ed Ludlow.

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Speaker 3: The market is a situation where CPU specifically is taking off.

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Speaker 3: For Intel, a lot of their top line performance is

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Speaker 3: answered by that. And in the core to gone, you

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Speaker 3: know that unit's growing fifty nine percent, double what the

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Speaker 3: rest of the business is growing at. So they have

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Speaker 3: found place in that market. But what they're battling to

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Speaker 3: do is improve their own operations, their own foundries, and

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Speaker 3: their own processes so they can get the CPU product

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Speaker 3: and people actually want out there into the real world.

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Speaker 2: That was Bloomberg's ed Ludlow. Now shares an Intel had

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Speaker 2: been up by as much as twelve percent in late

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Speaker 2: US trading. The stock closed higher by three percent at

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Speaker 2: the end of the late US session. Now in regular

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Speaker 2: trading in the States, there were some concerns about overspending

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Speaker 2: on cap X. That was after Alphabet and Tesla raised

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Speaker 2: their spending forecast. Some analysts were saying there are still

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Speaker 2: nagging questions about what the return on investment will be.

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Speaker 2: Shares and Alphabet were down seven percent, Tesla tumbled fourteen percent.

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Speaker 2: For an overall look at tech, we had the chance

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Speaker 2: to catch up with Dan Ives. Dan as a partner

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Speaker 2: and senior managing director at Yorkville Ives. He spoke with

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Speaker 2: Bloomberg TV host Heidi Stroud Watson Sherry on.

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Speaker 1: So, does this give enough of that catalyst that will

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Speaker 1: continue to see the justification for how much spending is

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Speaker 1: being poured into the space.

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Speaker 4: Yeah, I mean, look, it's validation. I mean, if you

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Speaker 4: look at what we saw with Alphabet in terms of

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Speaker 4: the cap backs, and now you look at Intel, you

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Speaker 4: piece it together. This is showing this AI revolution and

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Speaker 4: we're just starting in terms of this next broad frontier

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Speaker 4: and I think that's what investors want to see across

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Speaker 4: the board, and you're starting to see it now from Intel.

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Speaker 1: This is a market that given the amount of volatility

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Speaker 1: that we've seen, clearly investors are chasing for that next catalyst,

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Speaker 1: the next justification, the next support level. Right, do we

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Speaker 1: continue to see the volatility play out?

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Speaker 4: You're going to continue to see the volatility play out.

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Speaker 4: But when you think about where the data center build

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Speaker 4: is and in terms of what it's all doing to

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Speaker 4: be physical AI and just more and more of a

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Speaker 4: data center spending, I mean you're going to have what

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Speaker 4: called three to four trillion dollars being spent, you're only

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Speaker 4: about fifteen percent true, And that's how you have names Aga,

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Speaker 4: Intel doing what they're doing. But you piece it together

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Speaker 4: with what we see from Alphabet, with what we see

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Speaker 4: across tech, and I think this is it sets the

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Speaker 4: tones for what we're going to see inn earning season

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Speaker 4: over the next few weeks.

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Speaker 5: Which ones are you watching closely right now?

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Speaker 4: I think, Look, it's the rest of the hyperscoalurs. Because

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Speaker 4: you got to see how Microsoft and Amazon ultimately in

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Speaker 4: terms of that cloud growth. I think that's one of

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Speaker 4: the best barometers relative to that what we see. We

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Speaker 4: saw it in Alphabet, but now you got to see

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Speaker 4: it in Microsoft as well as Amazon. Because that pieces

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Speaker 4: together where we're ultimately to see across tech. Look, it

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Speaker 4: speaks to argue this is a true Fourth Industrial Revolution

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Speaker 4: plan out and we're just in the early stages of it,

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Speaker 4: and the earning season is further valid It's what we're

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Speaker 4: seeing across the board with the enterprise spenders.

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Speaker 5: Expectations are so high though, I mean the way that

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Speaker 5: Alphabet is training despite the results, what sort of metrics

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Speaker 5: will you be watching to see how stocks also move

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Speaker 5: and is that a clear reflection or the appropriate reflection

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Speaker 5: of their strength?

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Speaker 4: You know, it's a great question. I think right now

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Speaker 4: the issue is you're in between capax and modernization stage.

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Speaker 4: But if you saw Alphabet, I mean that the cloud

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Speaker 4: growth is phenomenal, and now it all comes down to investors.

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Speaker 4: Where's the patients? You see that with a name Mike

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Speaker 4: Tessa versus do you start to see the modernization in

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Speaker 4: Meta in Microsoft, in the rest of software earnings in infrastructure.

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Speaker 4: I think that's what investors are focused on, because what

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Speaker 4: Intel is showing you the spending is there, and that's

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Speaker 4: that's ultimately. I think when you look at name segn video,

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Speaker 4: you go down to the semi food chain, it's a

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Speaker 4: positive for broader tech. Now it comes down to your

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Speaker 4: between the capacs and the modernization patients. Obviously an issue

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Speaker 4: for investors, but when you put up the numbers, investors

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Speaker 4: are going to reward it.

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Speaker 1: We're going to see more reward when it comes to

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Speaker 1: the AI names outside of these top markets. Are you

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Speaker 1: perhaps more compowered by the opportunities in China given the

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Speaker 1: developments in Moonshot and what looks like a pretty rapid

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Speaker 1: closing of that AI gap.

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Speaker 4: Yeah, Look, this is a two horse race between the

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Speaker 4: US and China, and the reality is when it comes

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Speaker 4: to robotics, China's weading. When it comes to power, they're leading.

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Speaker 4: When you see on the when it comes to open source,

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Speaker 4: what we see on the models, that gap is going

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Speaker 4: to continue to narrow. I think for China now it's

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Speaker 4: really what you want to see in terms of the

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Speaker 4: use cases relative to big tech playing out within China.

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Speaker 4: But it's our vue. You can't just play the US

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Speaker 4: China market. You have to also think about where this is,

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Speaker 4: what's the ripple effect. It's going to be in Middle East,

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Speaker 4: it's going to be India, But right now it's US

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Speaker 4: and China that are at the top of the mountain

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Speaker 4: and you're seeing continued competition, which is good for ultimately

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Speaker 4: for investors.

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Speaker 1: How difficult might the regulatory environment become. We've had another

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Speaker 1: case this week of potentially going awry right when it

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Speaker 1: comes to open AI. Is this going to become more

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Speaker 1: of an issue for politicians worldwide and we see these

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Speaker 1: sort of regulatory curbs when it comes to the technology

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Speaker 1: and the scale.

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Speaker 4: I think that's going to be front center. It's going

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Speaker 4: to be a queer political issue when it comes to

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Speaker 4: the midterms. Data center build out. You see the moratorium

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Speaker 4: in New York, you know from local some of the

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Speaker 4: stuff that we're seeing across the United States. You'll see

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Speaker 4: it in China as well. In terms of the models,

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Speaker 4: this is going to be a tug of war. But again,

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Speaker 4: the problem is when politicians get involved in technology, that's

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Speaker 4: not a good formula because you stop innovation. And I

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Speaker 4: think that's this is going to be the balance that

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Speaker 4: will continue to play out across tech, whether it's in

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Speaker 4: the US from.

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Speaker 5: China, when it comes to politicians getting involved. We've seeing

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Speaker 5: sort of a different picture across Asia where governments are

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Speaker 5: really putting very heavy investments, sort of an industrial policy

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Speaker 5: towards artificial intelligence to our semiconductors as well, especially across

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Speaker 5: South Korea for example, what does this mean in terms

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Speaker 5: of competition among economies? And some of these players as well,

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Speaker 5: a lot of these government related projects are to do

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Speaker 5: with samsung S k Heinis for example.

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Speaker 4: Look, I mean Korea, I think so much the poster child.

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Speaker 4: What you see there, you see it from the government

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Speaker 4: down to obviously the memory boom. Go back a few

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Speaker 4: years ago. I mean the Korean market was knocking to

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Speaker 4: be front center relative to where it is today. You're

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Speaker 4: going to see other countries, I think, take that lead.

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Speaker 4: The private public partnerships are going to be extremely important

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Speaker 4: because this is an arm trace that's happening globally. It's US,

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Speaker 4: China when it comes to memory, Look who are Korea

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Speaker 4: is done? And I think many other countries are looking

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Speaker 4: to say, Okay, how did they put? New country wants

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Speaker 4: to watch the Ai revolution from the stands, They don't

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Speaker 4: want to watch it from the outside in. And I

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Speaker 4: think that right now is sort of the balance that

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Speaker 4: we're seeing play out across time.

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Speaker 2: That was Dan Ives, partner and senior Managing director at

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Speaker 2: Yorkville Ives, speaking with Bloomberg TV host Heidi Stroud Watson

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Speaker 2: cherry On bringing you their conversation here on the Daybreak

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Speaker 2: Asia podcast. Welcome back to the Daybreak Asia Podcast. I'm

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Speaker 2: Doug Chrisner. It has been frequently stated that energy is

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Speaker 2: the biggest constraint to the buildout of global AI. Many

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Speaker 2: countries are turning to nuclear power as a way of

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Speaker 2: addressing it. Perhaps nowhere better reflects that push than in

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Speaker 2: Asia and especially Japan. We had a chance to speak

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Speaker 2: with Nobuo Tanaka. Nobuo is Executive Director Emeritus at the

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Speaker 2: International Energy Agency. He spoke with Bloomberg's shrry On.

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Speaker 5: We were talking a little bit about the difference on

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Speaker 5: how much nuclear energy proliferation has accelerated or that push

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Speaker 5: across Asia. How does this differ from the Western country.

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Speaker 6: Thank you for inviting me, Sherry. The Asian countries need

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Speaker 6: energy and electricity to make the economic growth and Asia

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Speaker 6: is a growth center. So subtly Asia and is the

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Speaker 6: very sustainable model of the electricity and for the sake,

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Speaker 6: nuclear will be a very important part of the portfolio.

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Speaker 6: Electrification is a key element of reducing dependency of oil

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Speaker 6: and gas from Middle East, so they are arged to

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Speaker 6: do this Electrification and Nuclear Small Majority ACTRA particular, it

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Speaker 6: will play a very important role, but they have to

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Speaker 6: learn from Japan's mistake in Kushima for example.

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Speaker 5: I want to get there, but first of all, let

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Speaker 5: me ask about what's happening globally as well when it

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Speaker 5: comes to this awareness of the need of nuclear power

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Speaker 5: in the energy mix, given of course all the geopolitical

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Speaker 5: upheavals that we've seen in the past few years.

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Speaker 6: Yeah, because thanks to the current climate change mitigation, current

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Speaker 6: economic issue, energy security issue, nuclear focus is very much

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Speaker 6: in the center of the discussion of the energy policy.

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Speaker 6: Germany may change their policy against nucleate to more in

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Speaker 6: favor the Prime Minister I mean announced that, and Asia

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Speaker 6: it needs the kind of policy of very safe nuclean

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Speaker 6: as well as affordable nucleer. For that, I am strongly

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Speaker 6: arging Asian country particular assay and should take a coordinated

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Speaker 6: position of the nuclear model. If they have the similar

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Speaker 6: model and standardized model of the nuclear the cost will

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Speaker 6: be smaller because you can make a coalition of patches

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Speaker 6: and procurement. We'll push the provider to reduce the price

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Speaker 6: and at the same time regulatory framework could be similar.

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Speaker 6: Right if all the countries of AUSSI and has the

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Speaker 6: same reactor. The regulatory framework should be same, so then

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Speaker 6: you can keep the safer model of the nuclear power.

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Speaker 6: So I urge ASAAN countries are now connecting each other

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Speaker 6: by agency super greed and by that that you have

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Speaker 6: to make a kind of sense of we have to

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Speaker 6: locate a new creator in the best mix of the

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Speaker 6: new energy sources. And I think this is a great

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Speaker 6: opportunity the ass and can make a difference.

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Speaker 5: You mentioned small modular reactor in SMRs. How big a

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Speaker 5: game changer are they?

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Speaker 6: This is going to be interesting because small modular reactor

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Speaker 6: can be a dedicated power for the data center or

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Speaker 6: AI generation, so it's not connected to the grid, but

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Speaker 6: use for particularly to the industry for the heat or

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Speaker 6: particularly for the data centers. So I think and also

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Speaker 6: the small mosure reactor's best point is that it's the

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Speaker 6: safety and the reduced the risk of accident and emergency

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Speaker 6: planning zone of SML can be contained within the plant.

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Speaker 6: That means you don't have the evacuation plan for the

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Speaker 6: surrounding population. This will give a much better public acceptance

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Speaker 6: of the reactor and the design of the small module

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Speaker 6: reactor can fit to the local needs right data centernees

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Speaker 6: or more backup to the renewables or security issues. So

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Speaker 6: I think public local people can accept small modular reactor

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Speaker 6: much better than the larger reactor which served to the

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Speaker 6: urban areas but not themselves, only sharing the risk. That

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Speaker 6: is the reason why the negative reaction happens to that

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Speaker 6: from the host community.

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Speaker 5: I mean, you mentioned what happened in focusing on We

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Speaker 5: have three Mile Islands as well, We have Chernobyl as well,

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Speaker 5: and we have nuclear generation electricity actually having since the

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Speaker 5: nineteen nineties or so. Are we seeing that change mentality

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Speaker 5: now given the need?

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Speaker 6: Yeah, I think because of the accident, certainly the question

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Speaker 6: about the safety increases. But at the same time, if

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Speaker 6: the data center needs such amount of huge electricity stage,

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Speaker 6: in a way, the decarbonized power nucleate is the only answer.

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Speaker 6: So public acceptance to the nuclear especially the Middle East situation,

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Speaker 6: Ukraine situation, it increased dramatically. So this is a great opportunity.

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Speaker 6: If the governments put the right incentives or right regulatory

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Speaker 6: framework or collaboration among the countries, then I think nuclear

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Speaker 6: may have a very good future.

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Speaker 5: Are you seeing any moves towards up.

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Speaker 6: I think so because the governments are talking about the

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Speaker 6: nuclear collaboration. For example, Korea wants to do more collaboration

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Speaker 6: with Japan for developing the sustainable nuclear model for the

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Speaker 6: future and setting together to the global community. I think

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Speaker 6: US has a very interesting model of sustainable nuclear which

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Speaker 6: I promote integral fast react.

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Speaker 4: It can't take care of.

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Speaker 6: The waste radioactive waste and safety requirement is very good

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Speaker 6: and also proliferation registant. Because of the nuclear war threat

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Speaker 6: is everywhere. We have to have a technology which is

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Speaker 6: registant for the proliferation risk.

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Speaker 5: When it comes to building that sort of nuclear ecosystem,

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Speaker 5: who do you think across Asia is doing it well?

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Speaker 6: Asia is the best place to test that kind of

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Speaker 6: model because Asia is a very growth center of economy

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Speaker 6: and they have experienced the very risk of the security

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Speaker 6: from the Middle East, oil gas, et cetera. And also

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Speaker 6: it can be a very good peaceful arrangement of the

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Speaker 6: Asian can show that the nuclear can play a very

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Speaker 6: important role of the alliance and coalition and the peaceful

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Speaker 6: use of the energy for the future. So I really

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Speaker 6: want that Acian will carefree take a close look what

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Speaker 6: kind of models of smls are available. It is growing

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Speaker 6: in many countries not yet established, but there are many

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Speaker 6: different types. So I think ACAI should take a good

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Speaker 6: study of the models as well as I think acient

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Speaker 6: countries should learn from our mistakes in of christ but

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Speaker 6: it is a human error, human error. You can learn

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Speaker 6: from our mistakes and then avoid the risks of accident.

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Speaker 6: That kind of you know, well prepared policy of Asian

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Speaker 6: can make an Asia as a center of the future

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Speaker 6: sustainable nuclea.

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Speaker 2: That was Nibuo Tanaka, Executive Director Emeritus at the International

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Speaker 2: Energy Agency, speaking with Bloomberg TV host Sherry On bringing

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Speaker 2: you their conversation here on the Daybreak Asia Podcast. Thanks

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Speaker 2: for listening to today's episode of the Bloomberg Daybreak Asia

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Speaker 2: Edition podcast. Each weekday, we look at the story shaping markets, finance,

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Speaker 2: and geopolitics in the Asia Pacific. You can find us

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Speaker 2: on Apple, Spotify, the Bloomberg Podcast YouTube channel, or anywhere

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Speaker 2: else you listen. Join us again tomorrow for insight on

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Speaker 2: the market moves from Hong Kong to Singapore and Australia.

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Speaker 2: I'm Doug Chrisner, and this is Bloomberg