Speaker 1: From Marhart where Innovation, Money and Power Collie in Silicon Valley, NBN.
Speaker 2: This is Bloomberg Technology with Caroline Hide and Ed Ludlow.
Speaker 3: I'm Caroline Heide a Bloomberg's World headquarters in New York.
Speaker 4: Ed Ludlow is off this week.
Speaker 3: This is Bloomberg Technology coming up in the next hour.
Speaker 3: Wall Street eagerly awaiting in videos earnings due out tomorrow,
Speaker 3: will we get confirmation that shares can meet the sky
Speaker 3: high expectation set by the boom in artificial intelligence? Plus
Speaker 3: Apple loyalists, well, they're making a U turn on the
Speaker 3: Vision pro, some returning the device to get their thirty
Speaker 3: five hundred dollars back.
Speaker 4: So as the headset truly the future.
Speaker 3: And Bitcoin it climbs for four straight weeks, which means
Speaker 3: a record high could be in sight for the largest
Speaker 3: digital asset. Will have more this hour, but first it's
Speaker 3: checking on these markets and look just maybe some profit
Speaker 3: taking ahead of another big week when you're coming to
Speaker 3: the earnings expectations. S and P five found it actually
Speaker 3: below that five thousand dollar level we've had a run
Speaker 3: up in February. Are we going to be selling some
Speaker 3: of that fact into the second half? Nasdaq off by
Speaker 3: more than a percentage point.
Speaker 4: Is tech get sits the most?
Speaker 3: It's interesting that I shine like some of the Chinese
Speaker 3: tech stocks that traded here in the US off by
Speaker 3: almost two percent. Look the riding to the rescue in
Speaker 3: the mortgage area, in particular the cuts to the mortgage rates,
Speaker 3: which are meant to be propping up the property sector.
Speaker 3: Not enough lookewarm response, and certainly the Chinese sector in
Speaker 3: terms of tech also exemplifying that.
Speaker 4: Move on, have a look.
Speaker 3: At so many individual movers and what's happening in crypto. Bitcoin,
Speaker 3: as we said, is marched higher for four straight weeks.
Speaker 3: We're up twenty one percent over the course of this
Speaker 3: year alone, and it is notable that we're almost at
Speaker 3: that fifty two thousand dollars level some balls some tech
Speaker 3: charts when you're starting to signal that we could eclipse
Speaker 3: that sixty nine thousand dollars handle we've had in the past.
Speaker 3: Move on and have a little look at what's happening
Speaker 3: in the world of individual movers. And as I say, well,
Speaker 3: on the global founderies part, we're actually to up two
Speaker 3: point eight percent. One of the tech outperformers of the day.
Speaker 3: Why well, because they seem to be getting yet more
Speaker 3: funding from the government, yet more movement towards supply chain
Speaker 3: here in the United States and some building in Malta
Speaker 3: in particular. So we're up at fifty to four dollars
Speaker 3: eighty six Trade desk, pulling back on what was a
Speaker 3: rampant rise on Friday. Numbers outperformed on the Thursday night.
Speaker 3: We saw really earnings flourish for this particular advertising company,
Speaker 3: and well they're just taking a little bit of profit today,
Speaker 3: having risen more than twenty percent on Friday. In VideA
Speaker 3: also sings some profit taking. In fact, chips across the board.
Speaker 3: We wait and we watch what will happen tomorrow when
Speaker 3: we get those earnings. I'm so pleased to say that
Speaker 3: our next guest can really dive into the world of
Speaker 3: those stocks, in particular when it comes to video. Let's
Speaker 3: go to Multi Tetaman Global Cio Nancy Curtain. Nancy, it
Speaker 3: is great to get your perspective when you've got such
Speaker 3: an amount of money under assets sixty seven billion dollars
Speaker 3: and you've really seen round corners when it comes to AI, are.
Speaker 4: You thinking we'll sell the news tomorrow? When it comes
Speaker 4: to Video.
Speaker 1: Well, look, Caroline, first of all, lovely to be back again.
Speaker 1: You know, there's seven hundred and seventy one companies and
Speaker 1: now I've seen this week, but there's really only one
Speaker 1: that matters, isn't that? And that is in Video of
Speaker 1: course tomorrow after the close, and there's huge expectations built in.
Speaker 1: I mean, the stock is up nearly fifty percent, a
Speaker 1: little bit of correction today, but the stock is nearly
Speaker 1: up fifty percent, you know, nearly eighteen times over the
Speaker 1: last five years. So it's been on our roll here
Speaker 1: two hundred and thirty percent last year, and of course
Speaker 1: last week it edged out Amazon and Alphabet in terms
Speaker 1: of you know, a size at one point eight trillion,
Speaker 1: expectations are high, Caroline. I think probably they'll deliver. Who knows, really,
Speaker 1: I have no insight into that, but what I can
Speaker 1: say is the demand for in Vidia GPU chip seems
Speaker 1: insatiable at the moment, and I think it's going to
Speaker 1: be more about what Jensen says about the outlook, the
Speaker 1: growth and the product lineup as opposed to what he
Speaker 1: actually delivers in the earning.
Speaker 4: Are you anticipating that really?
Speaker 3: In Video as a winners takes all kind of scenario
Speaker 3: or do we see catch up with other chip makers
Speaker 3: able to make inroads into GPUs.
Speaker 1: Well, look, anytime you have a market that's projected to
Speaker 1: grow eighteen times over the next ten years, where in
Speaker 1: video's ghost margins or seventy percent, you're going to have competition.
Speaker 1: And at the moment, AMD and Intel are producing chips
Speaker 1: that bit rival in video, and of course Jensen calls
Speaker 1: them the frenemies. Who are those Microsoft? Meta, Amazon? They're
Speaker 1: all developing accelerator chips as well. But look, in Vidio
Speaker 1: does not stand still. They continue actually to bring out
Speaker 1: a lot of product releases. You know, we've got the
Speaker 1: H two hundred, We've got the so called Blackwell code
Speaker 1: name Blackwell, and of course we have the X one
Speaker 1: hundred next year. And in each of these what we
Speaker 1: expect is to see greater energy efficiency, more processing capability,
Speaker 1: and lowering costs as well. And this is going to
Speaker 1: be all about the volume story heading forward. But you know,
Speaker 1: don't write off in video. They have a pretty strong
Speaker 1: competitive mode face it. You know, in Vidia is more
Speaker 1: than a hardware company. It's hardware and software and tools
Speaker 1: and development and trainee modules. This is really important for
Speaker 1: the development community Kuda. This is a very very important
Speaker 1: competitive mode that they have certainly Visa AMD and Intel,
Speaker 1: but also in Vidia is cloud and platform agnostics. So
Speaker 1: that's important for enterprises. If you're developing your large language model,
Speaker 1: may not want to be just hitched up to one
Speaker 1: hyper scale or so. There's a lot of you know,
Speaker 1: competitive stuff that Nvidia still has in their favorite talk about.
Speaker 3: The hyperscalers and talk about what we've seen in terms
Speaker 3: of alphabet for example, trying to ultimately provide from the
Speaker 3: cloud perspective. But also when they have been offering the
Speaker 3: competitor to Microsoft's Open AI and being searched and they're like,
Speaker 3: have you been impressed with the way in which big
Speaker 3: tech has been able to ensure that they're not being
Speaker 3: innovated out by some of them will nimble stotups.
Speaker 1: Well, I think it's really interesting, Caroline, is at the
Speaker 1: foundation level, the layer, the digital infrastructure. This is the
Speaker 1: home of big tech. These are billions of dollars just
Speaker 1: a small tech. Yeah, they can't compete, right, But I
Speaker 1: think what we're seeing is a really interesting trend, which
Speaker 1: is big tech and small tech working together. The poster
Speaker 1: trial for that, of course is Microsoft and open AI,
Speaker 1: and then you've got Amazon and Anthropic. But remember last
Speaker 1: week we saw in video reveal a whole bunch of
Speaker 1: investments in small technology. What's going on there? That's because
Speaker 1: they need each other. Small tech is not going to
Speaker 1: have the kind of capital to build the foundation level,
Speaker 1: but large tech needs the innovation coming from small tech,
Speaker 1: the training of models in particular complex areas such as pharmaceuticals,
Speaker 1: drug discovery, autonomous vehicles ARM. You know, this is AI
Speaker 1: on the edge. This is AI and everything we carry
Speaker 1: with us our phones, our tablets, the meters at home, etc.
Speaker 1: So I think this trend of big tech and little
Speaker 1: tech working together goes under a bit of the regulatory scrutiny,
Speaker 1: but it's also a win win for both sides.
Speaker 3: Finnasi as Cio. Where do you gain that exposure? You're
Speaker 3: obviously going to be getting into the publicly traded stocks,
Speaker 3: but where have you found alternatives when you are looking
Speaker 3: at the private markets?
Speaker 1: So three ways that we're looking to play this. Number one,
Speaker 1: we've got passive s and P five hundred exposure, thank
Speaker 1: you very much. It's very cheap so and it means
Speaker 1: we don't underperform, which is a good thing lots of
Speaker 1: people did last year. But the second thing is we're
Speaker 1: adding a global tech manager because we think there's a divergence.
Speaker 1: You know, last year was all about the Magnificent seven,
Speaker 1: you had to own all of them. Take a look
Speaker 1: at this year and Vidia is up nearly fifty percent,
Speaker 1: Tesla's down twenty five Hello, So divergence in performance. We
Speaker 1: also think there will be a broadening in the tech space.
Speaker 1: We see with asml ARM, you know SAP by way
Speaker 1: of example, lots of companies are going to participate as
Speaker 1: they become part of the GENAI journey and opportunity ahead.
Speaker 1: And we also think, you know, smart technology managers focused
Speaker 1: on winners and losers can really think about areas that
Speaker 1: have not been priced in. So those are two things
Speaker 1: we're doing the public market. I talked about big tech
Speaker 1: and little tech. We're going to play that through the
Speaker 1: private markets because we get exposure to leading, leading venture
Speaker 1: and growth managers that are investing in this space. And
Speaker 1: we think that's a phenomenal opportunity because if we get
Speaker 1: that right, those gains aren't like ten percent a year,
Speaker 1: they're absolutely enormous potentially. So we think that's interesting. But
Speaker 1: the final thing I'll say, Caroline is infrastructure. You know,
Speaker 1: Jensen Satin Nadella. There's a trillion dollars of infrastructure spend
Speaker 1: to happen in the digital space. It's not just going
Speaker 1: to be data centers, you know, fiber optics, towers, edge
Speaker 1: computing power, and we think infrastructure very interesting. Uncorrelated to
Speaker 1: the equity markets, has a bit of an inflation hedge.
Speaker 1: That's quite nice given the numbers we saw last week,
Speaker 1: and we're under rutting that to about a ten to
Speaker 1: twelve percent return, so we think that's pretty nice as well.
Speaker 3: Talking diversification, i'll see Tinaman Global Cio Nancy.
Speaker 4: Great to have you back on the show. Coming lovely
Speaker 4: to be here. Thank you there.
Speaker 3: Meanwhile, let's just talk about one of those Magnificent seven
Speaker 3: that we talk about less in the world of ai though.
Speaker 3: Apple's chief operating officer, Jeff Williams is on a reir
Speaker 3: visit to Taiwan to celebrate the fiftieth anniversary of fox Conn.
Speaker 3: It's a company that helped build the iPhone empire by
Speaker 3: assembling those devices to exacting standards in factories across China. Bluwags,
Speaker 3: Mark Gumman, Justice Now what's happening across the ball with Apple.
Speaker 4: And how certain companies.
Speaker 3: He wasn't the only executive to go along to this
Speaker 3: ultimately quite rare event happening in Taiwan. Often executives don't
Speaker 3: want to be making big, flamboyant trips like this.
Speaker 5: Yeah, this is certainly a rare event, but like you said,
Speaker 5: it's a very important occasion. This is the fifty year
Speaker 5: anniversary of Apple's most important partner, and I don't even
Speaker 5: think that's arguable. Fox con builds ninety plus percent of
Speaker 5: the device's Apple cells, the core of the company's business,
Speaker 5: and Jeff Williams, as the company's chief operating officer, he
Speaker 5: really oversees that relationship, along with his top lieutenant, Sabby Kahan,
Speaker 5: who's the senior vice president of operations. So the two
Speaker 5: of them we've reported are in Taiwan for that fifty
Speaker 5: year anniversary. Tim Cook, who really created that relationship a
Speaker 5: couple of decades ago when he became Apple's head of
Speaker 5: operations in the early two thousands, he is not there. Instead,
Speaker 5: we're told that he sent a video message. And obviously
Speaker 5: we're all well aware of the geopolitical challenges related to China,
Speaker 5: and Taiwan. We're aware of the sort of the little
Speaker 5: dance that Tim Cook and other Apple executives have to
Speaker 5: play in terms of managing that relationship in China, and
Speaker 5: perhaps Cook and Apple felt it was more proper for
Speaker 5: Cook not to go to Taiwan for this event, but
Speaker 5: rather send two of his top deputies.
Speaker 3: And maybe he's focused in on the sales or in
Speaker 3: terms of a certain new product that's hit the market
Speaker 3: with Apple. You're talking about with power on this weekend.
Speaker 5: Yeah, the Vision Pro. I mean, first of all, I
Speaker 5: don't think Tim Cook is boarded up in a conference
Speaker 5: room in Kupertino at Apple Park because of this. I
Speaker 5: don't think Apple is at a crisis or anything with
Speaker 5: the Vision Pro. But we have heard that the vision
Speaker 5: Pro return rate is somewhere between average and above average,
Speaker 5: depending on the store the device itself. We've had some
Speaker 5: people complain about the bugginess of the operating system, the
Speaker 5: battery life, and more importantly, the comfort actually being able
Speaker 5: to wear it for long periods of time. So people
Speaker 5: have been setting it back for that reason and why
Speaker 5: that's interesting. Obviously, people buy Apple products and return them
Speaker 5: all the time, but if you're buying the Vision Pro
Speaker 5: at the current price. From the get go, it means
Speaker 5: you're a very early adopter or a massive Apple fan.
Speaker 6: Those are the.
Speaker 5: People who typically are not returning your Apple products, and
Speaker 5: so those are the people doing it this time. That's
Speaker 5: why it's so interesting. In terms of me, I love it.
Speaker 5: I'm continuing to use it. It's buggy, it gets uncomfortable from
Speaker 5: time to time, but it's great for watching video. My
Speaker 5: hope is that it gets better soon. I don't anticipate
Speaker 5: the bugs really dropping into a big Vision OS update.
Speaker 5: That's the operating system till the fall, but I am
Speaker 5: banking on some improvements and they're not two distant future.
Speaker 4: This is version one.
Speaker 3: Mark Gumman, we thank you so much for bringing us
Speaker 3: all across the board of things.
Speaker 4: Apple.
Speaker 7: Bitcoin is the exit strategy. It is the strongest asset.
Speaker 7: So what we see right now is the bitcoin is
Speaker 7: just emerged as a trillion dollar asset class, and it's
Speaker 7: alongside names like Apple and Google and Microsoft. But the
Speaker 7: difference between Bitcoin and the Magnificent seven is Bitcoin's an
Speaker 7: asset class.
Speaker 2: It's not a company.
Speaker 7: There's not enough room in the capital structure of those
Speaker 7: companies to hold ten trillion or one hundred trillion dollars
Speaker 7: worth of capital.
Speaker 3: Of course, that was micro Strategy chairman co founder Sailor
Speaker 3: there of course pretty long bitcoin. His comments come off
Speaker 3: Bitcoin's recent rally to fifty two thousand dollars, It's price
Speaker 3: actually tripling since the start of twenty twenty three, and
Speaker 3: now what Bitcoin might even retest a new record high
Speaker 3: according to some technical analysis. Now consider this, The rally
Speaker 3: includes four straight weeks of increases through February eighteenth, and
Speaker 3: according to data compiled by Bloomberg, in the past five years,
Speaker 3: the cryptocurrency has climbed on average almost fifty percent over
Speaker 3: three months after following a four week winning run that
Speaker 3: would take bitcoin two or seventy eight thousand dollars or thereabouts. Now,
Speaker 3: let's move away from just price points to get a
Speaker 3: read on where people are putting money to work in
Speaker 3: VC and flowing into the wider crypto space. Right now,
Speaker 3: despite last year's downturn, the crypto focused firm hack vc
Speaker 3: is actually just managed to raise one hundred and fifty
Speaker 3: million dollar fund dedicated to the digital asset industry. Let's
Speaker 3: bringing Alex pack On, co founder and managing partner of
Speaker 3: hack vc, and this isn't your first time raising money
Speaker 3: and you've raised two hundred million in the past. This
Speaker 3: is sort of a follow on for what part of
Speaker 3: the ecosystem and what size of companies, what kind of
Speaker 3: problems do you want to see fixed here?
Speaker 8: Yeah, thank you for having me on. Yeah, it was
Speaker 8: a bit of a challenging fundraising environment now versus prior years,
Speaker 8: of course, but for us, we're hyper focused on early
Speaker 8: stage Web three venture capital. I know web three also
Speaker 8: is maybe a word that isn't as common on this
Speaker 8: program than in the last few years. But the thing
Speaker 8: that excites us the most is basically this sort of
Speaker 8: duality in our industry where on the one hand, we've
Speaker 8: been in sort of this prolonged bear market for a
Speaker 8: couple of years, but we're starting to see all this
Speaker 8: upswing in terms of prices and surge of interest from
Speaker 8: the ETF inflows regulatory clarity around the world. But the
Speaker 8: thing that excites us the most is that fundamental usage
Speaker 8: is still growing and still doing really well. So there's
Speaker 8: millions of people using blockchains and using Web three around
Speaker 8: the world, and stable coins are a real killer use case,
Speaker 8: so they're a highlight and our job is to invest
Speaker 8: and goals to invest in sort of the infrastructure that's
Speaker 8: being built right now that can catabult these use cases
Speaker 8: to the mainstream over a multi year period.
Speaker 3: Might surprise you to know that we do have the
Speaker 3: odd person on talking Web three from time to time,
Speaker 3: and a lot of them in your portfolios or indeed
Speaker 3: some unicorns that you've backed in the previous ye is Alex.
Speaker 3: The reason we turn to you is because you do
Speaker 3: have experience, You have back some winners. I think of Avalanche,
Speaker 3: I think of what's happening with DYDX, I think of
Speaker 3: some of the protocols that you've been back in, and
Speaker 3: indeed some of the intersections of Web three and crypto
Speaker 3: and DeFi and ultimately artificial intelligence. How are you thinking
Speaker 3: about access to compute now when you're backing companies like
Speaker 3: crusocloud or a jasper AI.
Speaker 4: When it comes to application of generative AI, yep.
Speaker 8: It's a probably multi trillion dollar topic right now.
Speaker 2: So I think broadly, where.
Speaker 8: We are in the space is sort of like the
Speaker 8: mid nineties equivalent of where the Internet was is where
Speaker 8: we are in crypto today, which is to say, like
Speaker 8: a lot of users and a lot of things happening,
Speaker 8: but the experience of using crypto is really poor.
Speaker 9: From an infrastructure perspective.
Speaker 8: There are it's like slow, it's insecure, there's packs happening
Speaker 8: all the time, and steps and things like that. And
Speaker 8: then the one that you're the area you're talking about,
Speaker 8: which I think is really huge too, is this question
Speaker 8: about how web three can help support AI and the reverse.
Speaker 8: What web three does really really well is it provides
Speaker 8: like democratized access to when it comes to bitcoin or DeFi,
Speaker 8: provides democratized access to financial services, and people around the
Speaker 8: world can get access to dollars and lending and things
Speaker 8: like that. But the other thing it does really well
Speaker 8: is democratize access to resources, right, And so one area
Speaker 8: that's really interesting in crypto AI specifically is this opportunity
Speaker 8: to basically provide AI compute like GPUs, you know, hiring
Speaker 8: the chip stack to AI startups and AI developers around
Speaker 8: the world. That's something that blockchains are great at. There's
Speaker 8: already several multi billion dollar companies in the blockchain industry
Speaker 8: like Crusoe Cloud which is in our Extended Portfolio portfolio,
Speaker 8: and core Weave a few others that are basically big.
Speaker 8: They started as bitcoin mining companies that and they provided
Speaker 8: cheap compute, and it was also very climate friendly. You
Speaker 8: would get compute and entered, you would get energy from
Speaker 8: like in a very cheap way from Exon and Chevron
Speaker 8: that was being wasted and you would use it to
Speaker 8: provide power that would support like the bitcoin ecosystem and mining.
Speaker 8: But now a lot of these companies are also providing
Speaker 8: AI compute and it's democratized, so we can live in
Speaker 8: a world now, I hope once it's successful where it's
Speaker 8: not just open Ai and Microsoft that hog all the
Speaker 8: AI compute and the GPUs.
Speaker 3: Some pivoting there and some app pivoting. Alex It's great
Speaker 3: to have some time with you, of course, back by
Speaker 3: Sekoe Capital Fidelity, Marc Andreesen. It's great to have some
Speaker 3: time with you on the new fund, co founder managing
Speaker 3: partner over at hack VC. Meanwhile, coming up that we're
Speaker 3: going to dive into all the news coming out of
Speaker 3: well another KEYVC player, soft Bang. Of course with the
Speaker 3: Vision Fund, we'll get into that. Meanwhile, watching shares of Ford. Now,
Speaker 3: keep an eye on the price points of evs. We're
Speaker 3: talking Mac three here, we're talking about what's happening with
Speaker 3: Ford having to cut the cost ultimately of their Mustang
Speaker 3: version of the EV. And this is all as we
Speaker 3: see sales really being pulled back an EV, but also
Speaker 3: the supply really ramping up in terms of inventory, so
Speaker 3: Ford slashing the price of its electric Mustang Mustang the
Speaker 3: Mac E after sales plunged.
Speaker 4: It's a bluemotechnology.
Speaker 3: Time now for talking tech, And first up, it's a
Speaker 3: coalition of international law enforcement agencies, including the FBI the
Speaker 3: UK National Crime Agency that have said they have disrupted
Speaker 3: a lot bit one of the most prolific hacker groups
Speaker 3: of all time, including shunning down websites the organization used
Speaker 3: for some ransomware payments. Meanwhile, EU regulators announced a formal
Speaker 3: investigation into TikTok's alleged failure to protect miners who use
Speaker 3: the video sharing platform, which could result in some heavy
Speaker 3: penalties for TikTok owner bike Dance. EU Internal Market Commissioner
Speaker 3: Tierre Breton announced that the social media platform will face
Speaker 3: a formal investigation under the.
Speaker 4: Blocks of Flagship Digital Services Act, which.
Speaker 3: Empowers regulators to levy fines of as much as six
Speaker 3: percent of annual sales or ban repeat offenders from the
Speaker 3: EU plus SoftBank Vision Fund. America's managing partner, Lydia Jet
Speaker 3: is leading the investment firm.
Speaker 4: According to sources.
Speaker 3: Now Jet has represented SoftBank on boards of we of Fanatics,
Speaker 3: a flip Card, of Coupang, among some other companies. There's
Speaker 3: a lot of news surrounding SoftBank at the moment, and
Speaker 3: let's go to the parent company now. The founder, Masayoshi
Speaker 3: Son is considering the creation of a one hundred billion
Speaker 3: dollar chip venture that would supply AI enabling semiconductors. Interesting
Speaker 3: thing is where he's doing this and who with bloemmegs
Speaker 3: alex Web has a story and we should perhaps have
Speaker 3: no surprise at SoftBank, having taken money from Saudi Arabia
Speaker 3: into the Vision Fund, is equally willing to build a
Speaker 3: new chip reality with the country too.
Speaker 10: Yeah, it's obviously a huge opportunity when it comes to investments.
Speaker 10: Saladi's are sitting on a huge amount of capital. They're
Speaker 10: trying to, of course, diversify their economy away from oil.
Speaker 10: This is not news. The fact is that you have
Speaker 10: to wonder whether Saudi's are once bitten twice shy in
Speaker 10: terms of the money they put into the Vision Fund
Speaker 10: and that fund didn't seem to deliver quite as much
Speaker 10: as it promised from day one. But at the same time,
Speaker 10: we are still seeing Saldi plowerhead with efforts to bolster
Speaker 10: their domestic manufacturing efforts. Whether this chip chip venture that
Speaker 10: you know, Bloomberg sources report mass Yoshi Sona is exploring
Speaker 10: with some vigor whether that forms part of it will
Speaker 10: be fascinating given the requirements of to manufacture such a
Speaker 10: thing in terms of intellectual resources, people, you need to
Speaker 10: actually set up these sort of fabs.
Speaker 4: It's interesting because we've had a lot of reporting that.
Speaker 3: Of course, one Samultman has been going back and forth
Speaker 3: to the Middle East and indeed to Massily or She's
Speaker 3: un discussing the future of chip making and manufacturing.
Speaker 4: Saudi Arabia has.
Speaker 3: What one hundred billion dollars in terms of an investment firm.
Speaker 3: They have a load of deals that they're announcing and
Speaker 3: one hundred and fifty million with soft Bank is going
Speaker 3: to be into what fully automated manufacturing. What sort of
Speaker 3: focus can we see coming from Saudi Arabia.
Speaker 10: So we hear talk of this, and that's what's been
Speaker 10: announced just recently that they are building a new sort
Speaker 10: of one hundred billion. Well, they're building a new manufacturing
Speaker 10: and research and development conurbation. Essentially much of that is
Speaker 10: likely to be in slightly old school manufacturing things like cars,
Speaker 10: Lucid motors, right in the middle of Saudi's manufacturing ambitions, alex.
Speaker 4: Web with all the inside. Such a global story. We
Speaker 4: thank you. Email coming up.
Speaker 3: We're going to continue to do again to what earnings
Speaker 3: mean for more broadly the market. This is Blue meg Technology.
Speaker 3: Welcome back to BLUEMG Technology. I'm Karen Hide in New
Speaker 3: York and Ludlow he's off this week. Let's get a
Speaker 3: quick check in on these markets because we're seeing a
Speaker 3: little bit of profit taking, perhaps as we anticipate FED speak,
Speaker 3: as we anticipate FED minutes come Wednesday, but also the
Speaker 3: micro is becoming macro here, and we anticipating earnings from
Speaker 3: Nvidia weight with bited breath as to where they can
Speaker 3: live up.
Speaker 4: To the high expectations.
Speaker 3: NASDAK is currently off by a percentage point. Tenure yeld
Speaker 3: just down about three basis points. We're still training in
Speaker 3: that four point two five let's call it on the
Speaker 3: tenure for that sort of a handle. Bitcoin actually just
Speaker 3: coming down a little bit, but only a tiny bit,
Speaker 3: by three tens percent. We're still near that fifty two
Speaker 3: thousand dollars level, having exceeded it recently. Move on and
Speaker 3: look at some of the micro pictures, because in factually,
Speaker 3: across the board it feels that we're seeing some profit
Speaker 3: taking today, whether it be in Nvidia as an individual
Speaker 3: name off by five point six percent, but remember it's
Speaker 3: tripled since the beginning of twenty twenty three in terms
Speaker 3: of market capitalization. But the socks more broadly, of course,
Speaker 3: the Philadelphia Semiconductor Index is actually seeing its worst day
Speaker 3: since the end of January, as we see just chip
Speaker 3: makers fall across the board, AMDs on the downside as well.
Speaker 3: The only one out performing is Global Founderies after its
Speaker 3: recent deal to build more manufacturing here in the US.
Speaker 4: But let's just talk about what micro is macro.
Speaker 3: How much we are all focused on whether the AI
Speaker 3: hype is real, particularly around in Vidia. I'm so please
Speaker 3: to say Liz Young is with us so far ahead
Speaker 3: of investment strategy, and I mean, is.
Speaker 4: It all about in Vidia?
Speaker 3: Do we sort of care much about the FED when
Speaker 3: we come to more of a focus on AI right now?
Speaker 11: Well, I think we always care about the FED, and
Speaker 11: last week was a good indication of that. We're starting
Speaker 11: to see the data stack up in a way that
Speaker 11: says inflation maybe isn't solved entirely.
Speaker 9: And now we've pushed.
Speaker 11: That first cut back to June, so markets are trying
Speaker 11: to grapple with the idea that the cutting cycle might
Speaker 11: start later than we originally anticipated. But this week number one,
Speaker 11: there isn't a whole ton of macro data, at least
Speaker 11: not loud macro data for the market to queue off of.
Speaker 11: And in videos, earnings are going to be the story
Speaker 11: that we all anticipate and wait with baited breath, like
Speaker 11: you said, to find out. The risk that I see
Speaker 11: in this and not necessarily in the company itself, but
Speaker 11: the risk that I see in this is that in
Speaker 11: twenty twenty three we had such concentrated performance, and so
Speaker 11: far in twenty twenty four, we've.
Speaker 9: Had a lot of the same.
Speaker 11: We've had a few fake outs of broadening out in
Speaker 11: the market that you've got things like small caps that
Speaker 11: can't quite get above a certain level. We've seen some
Speaker 11: sectors broaden out, but others not participate yet. And we've
Speaker 11: seen that Magnificent seven turn into more of the Magnificent four.
Speaker 11: So the concentrated performance is still present. And the risk
Speaker 11: that you have when we have so much attention on
Speaker 11: one name is that the entire industry group or the
Speaker 11: entire sector ends up trading just based off of what
Speaker 11: might happen in that one name. Now, that could be
Speaker 11: good or bad in the short term, but it does
Speaker 11: present another type of concentrated risk to investors that are
Speaker 11: invested in whether it's semiconductors or the AI theme.
Speaker 3: Okay, lis So being that diversification is basically everything, do
Speaker 3: you diversify within where AI can propel, either it's application
Speaker 3: in different industry groups or indeed the picks and the
Speaker 3: shovels we're talking to Nancy Curtain a little bit earlier
Speaker 3: about ultimately the infrastructure spending that's going to happen here
Speaker 3: in the US, or do you have to get out
Speaker 3: of the section and just sink diversification more broadly in
Speaker 3: other industry groups.
Speaker 11: Well, it's a tough conversation. It's a good question because
Speaker 11: it's a tough conversation to have with investors today when
Speaker 11: really the experience they've had is that diversification hasn't worked
Speaker 11: right they've had concentrated performance, and if you were in
Speaker 11: the right names, you would have done better than if
Speaker 11: you were in a diversified portfolio of stocks. So it's
Speaker 11: a difficult thing to convince people of today. But when
Speaker 11: you invest in a theme, and this is just broadly
Speaker 11: how I approach themes and what I would say as
Speaker 11: a principle of investing, just the way that I think
Speaker 11: about it, When you invest in a theme, and AI
Speaker 11: is a theme today, one you have to expect that
Speaker 11: that theme is going to take two to five years,
Speaker 11: maybe even longer, to really come to fruition, to really
Speaker 11: mature into what we're expecting it to be. And over
Speaker 11: that timeframe, things are going to change. So the way
Speaker 11: that we see the theme today, the way that we're
Speaker 11: expecting things to be optimistic about that particular theme today.
Speaker 9: Are probably going to morph.
Speaker 11: And you can compare it to something like the Internet
Speaker 11: in the late nineties early two thousands. The original way
Speaker 11: that we expected the Internet to be profitable and exciting
Speaker 11: was not actually how it ended up being.
Speaker 9: Later, or at the very least, there were other things
Speaker 9: that were born out of that Internet boom. Right, we
Speaker 9: didn't know that e commerce would be a big thing.
Speaker 9: We didn't know that ad spending would be.
Speaker 11: A big thing for all these companies, So that same
Speaker 11: thing is likely to happen with the AI theme. So
Speaker 11: I would suggest when you're investing in a theme, I
Speaker 11: would suggest investing in it in a diversified way, and
Speaker 11: then keeping in mind that the timeframe for a theme
Speaker 11: is much longer than one year, and right now I
Speaker 11: think we're queuing off of really short term periods.
Speaker 3: And Liz, what's so great about having a voice on
Speaker 3: is that we all can get very myopic about equities.
Speaker 3: This is different asset classes that gain us exposure as well.
Speaker 3: How many of your clients are asking you, well, what
Speaker 3: about the bond market exposure? I can get hit what
Speaker 3: about corporate Bod's not just US treasuries.
Speaker 11: Yeah, that's another good thing to think about that. Obviously,
Speaker 11: over the last three years or even just since the pandemic,
Speaker 11: equities have taken center stage, and there's been a lot
Speaker 11: of juicy stories about things that have happened in the
Speaker 11: equity market, meme stocks, AI, the Magnificent seven. I mean,
Speaker 11: the list goes on and on. But the thing that's
Speaker 11: happened in the last year, because rates are higher than
Speaker 11: they've been in forty years. People started to wake up
Speaker 11: to the fact that, oh, maybe treasury bonds are not
Speaker 11: as boring as I thought they were. Maybe it's okay
Speaker 11: to sit in something and get paid well, I wait,
Speaker 11: get paid a dividend, get paid a coupon, and realizing
Speaker 11: that maybe there's even capital appreciation opportunity in some of
Speaker 11: those spaces that seemed so boring and vanilla before.
Speaker 9: The thing that I would warn people about.
Speaker 11: Though, I do think that there's good opportunity in the
Speaker 11: treasury market, particularly on the shorter end of the curve.
Speaker 11: But I think yield volatility is here to stay for
Speaker 11: a while, especially while we sit through this period where
Speaker 11: we cannot figure out when the FED is going to cut,
Speaker 11: and it continues to be more and more volatile every day.
Speaker 11: I'd also point to some of the relationships on days,
Speaker 11: at least in twenty twenty four. So far, the relationships
Speaker 11: aren't working the way that we would expect today. Yields
Speaker 11: are down, the Nasdaq is also taking it on the chin,
Speaker 11: so are small caps. You'd usually expect the opposite, So
Speaker 11: there is still risk out there. Investors are obviously waiting
Speaker 11: and looking around a corner for something that might come
Speaker 11: out of left field and shock them, and I would
Speaker 11: tell people to invest with that mentality.
Speaker 3: So if I head of investment strategy, so I love
Speaker 3: having you on the show. Thank you, Lizzy Young, Thank
Speaker 3: you a good rest of the week. Meanwhile, let's talk
Speaker 3: about Tinder for a moment. It's expanding its identity verification program.
Speaker 3: With crime on dating apps on the rise, and of
Speaker 3: course artificial intelligence actually making it more and more difficult.
Speaker 4: To figure out who's real who's fake.
Speaker 3: The dating platform will roll out the system in the
Speaker 3: US and the UK, Brazil and Mexico over the coming
Speaker 3: weeks and months. It's already been testing the feature in
Speaker 3: Australia and New Zealand, where verified users get this a
Speaker 3: sixty seven percent increase in matches compared to those who weren't.
Speaker 3: Coming up, we're going to discuss the latest in the
Speaker 3: VC space. Portage partner Stephanie Chu is going to be
Speaker 3: on with us, and in fact, she's got a real
Speaker 3: laser focus on all things fintech. Well, here's a fintech
Speaker 3: flavor for you. Big deal happening and it is big,
Speaker 3: enormously moving Discover Financial. We're up fourteen percent Capital One
Speaker 3: agreeing to buy Discover Financial Services and the thirty five
Speaker 3: billion dollar all stock deal. It's going to create the
Speaker 3: largest US credit card company by loan volume. And the
Speaker 3: kicker is the CEO of Capital One, seventy three year
Speaker 3: old Richard Fairbanks, saying this is a singular opportunity to
Speaker 3: bring together two companies that can compete.
Speaker 4: In the largest payment networks. This is blumbag technology.
Speaker 3: Time to turn to the VC space, starting with and
Speaker 3: Recent Horowitz, because well, this firm has up the anteam
Speaker 3: when it comes to lobbying in Washington to help the
Speaker 3: defense focused startups it invests in particular. Now, last year,
Speaker 3: according to disclosures, the firm spent almost one million dollars
Speaker 3: on lobbying. It's first official spending on it and easily
Speaker 3: the most paid out by a VC firm.
Speaker 4: Let's bring in Bloomberg's Anda Juton for more on this.
Speaker 3: And I love your story with the zette because you
Speaker 3: go into the details of Espresso Martini's being sipped on
Speaker 3: branded glasses while they sort of talk with various lawmakers
Speaker 3: and their startups and on what has and Resent Horowitz
Speaker 3: been doing that's different from other venture Well, you know.
Speaker 12: It's not just different than other venture affirms, but also
Speaker 12: different than other industries and other tech companies because a
Speaker 12: lot of industries lobby in Washington, a lot.
Speaker 6: Of people are kind of walking in the quarridors of
Speaker 6: power in Washington in DC.
Speaker 12: What's different about this is that it's not just the
Speaker 12: companies themselves that are developing their relationships with lawmakers, it's.
Speaker 6: Their financial backers.
Speaker 12: So you see this American dynamism practice from Andres and
Speaker 12: Horst really trying to kind of create a culture in Washington,
Speaker 12: d C. That is optimistic about technology that will benefit
Speaker 12: their investments. So a really kind of interesting strategy from
Speaker 12: these companies' financial backers.
Speaker 3: And given the manifesto published across social media at the
Speaker 3: end of last year by Mark Andrews, and we should
Speaker 3: perhaps be unsurprising that he is really optimistic and probably
Speaker 3: slightly bored of all the pulling up in front of
Speaker 3: Congress of prior bets that he's made, particularly when it
Speaker 3: comes to.
Speaker 4: Social media and the like.
Speaker 3: But ultimately, what do they want out of these government discussions.
Speaker 3: Is it a light to touch regulation. Is it an
Speaker 3: understanding of who the players are at this time that
Speaker 3: can make us more competitive in a new geopolitical landscape.
Speaker 6: Yeah, it's really a few things.
Speaker 12: You know, they're almost, like I said, trying to create
Speaker 12: like a new culture in Washington, d C. That's part
Speaker 12: of about technology EU seeing the so called tech lash
Speaker 12: where you have lawmakers of both parties really being suspicious
Speaker 12: to some of the consumer brands like Google, Meta, Apple,
Speaker 12: and Amazon.
Speaker 6: But what we have now is kind of smaller.
Speaker 12: Defense minded startups in some cases kind of you know,
Speaker 12: advanced manufacturing and other cases companies that are actually building stuff,
Speaker 12: that are doing things, you know, using technology, using innovation
Speaker 12: in a way that could benefit US.
Speaker 6: National defense and domestic economy.
Speaker 12: So that's really where Andrews and Horowitz has focused as
Speaker 12: American Dynamism Practice, and they're trying to kind of change
Speaker 12: the calculation in Washington that technology is not something to
Speaker 12: be regulated, something to be feared, something to be hauled
Speaker 12: in to Congress, like you said, to testify in front
Speaker 12: of committees. But it's something to be celebrated and something
Speaker 12: to be used as a national advantage. And that's something
Speaker 12: we see especially in relation to the competition with China
Speaker 12: and things like AI kind of computing. You know, some
Speaker 12: of these you know cutting edge technologies that will really
Speaker 12: shape the economy and the geopolitics of the future.
Speaker 3: Healthy sprinkling of space to Anna Edgerton, brilliant story.
Speaker 4: Go read it dot com. We thank you so much.
Speaker 3: Meanwhile, let's stick with the world of VC and perhaps
Speaker 3: while where regulators may or may not be playing when
Speaker 3: it comes to big M and A in the world
Speaker 3: of fintech.
Speaker 4: I'm please to.
Speaker 3: Welcome to the show Stephanie Chew for today's VC Spotlight,
Speaker 3: partner at the Fintech Focus at VC firm Portage. You've
Speaker 3: got to have a two billion dollars in assets under management,
Speaker 3: and boy, you must have woken up today and been
Speaker 3: like Capital One and Discovery, this deal might get through.
Speaker 3: How is this going to shake up fintech investing and
Speaker 3: M and A more broadly in the space?
Speaker 4: Do you think?
Speaker 13: I think this is a really exciting announcement because we've
Speaker 13: been waiting to see some big M and A news
Speaker 13: for a little while. If this, I think this is
Speaker 13: going to be a big question mark for antitrust and
Speaker 13: the regulators around whether or not this deal will actually
Speaker 13: go through.
Speaker 9: But with the public markets.
Speaker 13: Being fairly closed for the last couple of years, the
Speaker 13: exit options from an IPO perspective have been pretty limited
Speaker 13: in the fintech space, so seeing a marquee acquisition on
Speaker 13: in the incumbent area will certainly spur I think a
Speaker 13: lot of discussion on what the M and A opportunities
Speaker 13: will look like for FinTechs going forward, and I hope
Speaker 13: it'll potentially bolster the market environment. And we're seeing this
Speaker 13: on top of a pretty good public markets run in
Speaker 13: early twenty four and late twenty three, so we could
Speaker 13: see multiple exit avenues open up for startups this year.
Speaker 3: And what about also the competitive the competitive landscape and
Speaker 3: how it changes up. When I think Capital one and Discover,
Speaker 3: I think of, well what does that mean for Visa
Speaker 3: and mask caard. But you must be thinking, Okay, where
Speaker 3: do my portfolio companies gain an edge here? Where are
Speaker 3: they going to be needed? Where are they going to
Speaker 3: be necessary? Where can they disrupt what areas you're trying
Speaker 3: to invest in it At the moment.
Speaker 13: I think we've been spending a lot of time. Consumer
Speaker 13: credit I think has been a pretty no go space
Speaker 13: for the last little while for VC investors, just given
Speaker 13: where the market environments have been and cost of capital
Speaker 13: and interest rates I think that there are still really
Speaker 13: interesting investments.
Speaker 6: To be made in that space.
Speaker 13: In the consumer space specifically, we've seen a number of
Speaker 13: large rounds, like builds like Manzo get done in the
Speaker 13: past year or in the past quarter really and so
Speaker 13: I think that there will be hopefully some renewed interests
Speaker 13: on the consumer side.
Speaker 6: I think we've been talking to.
Speaker 13: A lot of our financial services corporate clients, so banks,
Speaker 13: wealth managers, insurance companies, many of whom service our portfolio
Speaker 13: companies actually service, and there's been a huge amount of
Speaker 13: interest in AI. So we're spending a lot of time
Speaker 13: looking at the intersection of financial services and some of
Speaker 13: the new advances in JENAI.
Speaker 5: It's obviously very new.
Speaker 13: We're spending time in fraud ten billion dollars of fraud,
Speaker 13: which is a record amount of fraud lost in twenty
Speaker 13: twenty three. Lots of new fraud vectors coming up with
Speaker 13: JENI as well, so an evergreen space that were many
Speaker 13: of our corporate partners interested in learning more about as well.
Speaker 6: And then finally, in the wealth.
Speaker 13: Management space, the democratization of alternatives is an area that
Speaker 13: we're looking at quite a bit.
Speaker 3: It's interesting, of course, you mentioned Monzo which is UK based.
Speaker 3: You mentioned some of the other areas of the rounds
Speaker 3: that built here in New York. How are you seeing
Speaker 3: the talent growing and where it's growing from at the moment.
Speaker 3: Has there been some sort of regulatory arbitrage ATOL that
Speaker 3: you see globally.
Speaker 13: I'm not sure that there's been a huge I actually
Speaker 13: think fintech has been a generally under invested category in
Speaker 13: the last two years. I would say there was a
Speaker 13: big spike up and down, So I'm not sure that
Speaker 13: there's huge differences and where talent flows are going. I
Speaker 13: think certainly AI is the big story of the day,
Speaker 13: and so a lot of the talent that we're seeing
Speaker 13: want to work on problems related to AI.
Speaker 6: I do think we will see.
Speaker 13: Financial services oriented AI solutions where that is is I
Speaker 13: think where we've seen a lot of really interesting new
Speaker 13: seed companies and many of our existing portfolio companies hiring
Speaker 13: for and or implementing new solutions in the AI space
Speaker 13: that leverage AI with existing text acts.
Speaker 3: We'll see how it impacts us the user as well,
Speaker 3: rather than just in support conversations with various chatbots. Stephanie
Speaker 3: Cho just always so great to have your expertise on
Speaker 3: the show Thank You Partner at Portage Now, the ex
Speaker 3: account of the widow of opposition leader Alexi Navalni in
Speaker 3: Russia was briefly suspended a day after it was used
Speaker 3: to help her challenge Russian President Vladimir Putin over the
Speaker 3: death of her husband. Now In a video posted on
Speaker 3: her account on Monday, Julia Novalnier accused Putin of killing
Speaker 3: husband as she announced that she was taking over Navalni's
Speaker 3: role as opposition leader after his death in a remote
Speaker 3: Russian prison on Friday. We want to talk about the
Speaker 3: roles and responsibilities of Elon Musk's platform right now, because
Speaker 3: this brief suspension comes just a week after the same
Speaker 3: platform published at full unedited interview of the Russian president
Speaker 3: with former Fox News host Tucker Carlson.
Speaker 4: Who else to discuss.
Speaker 3: In our very own Kurt Wagner, whose book Battle for
Speaker 3: the Bird, which dives deep into the social media platform,
Speaker 3: is out today. He joins us now and Kurt. All
Speaker 3: of this concern about the way in which x as
Speaker 3: was Twitter gained a new leadership suddenly changed up basically.
Speaker 4: Most of its employee base.
Speaker 3: There were concerns about content moderation first and foremost, How
Speaker 3: does these sorts of day to day headlines make you
Speaker 3: think about how it's occurring over there right now?
Speaker 14: Yeah, I mean, clearly this is something that they are
Speaker 14: struggling with to do at scale.
Speaker 12: Right.
Speaker 14: I'm told that this particular suspension was done automatically, so
Speaker 14: it's both flagged automatically, suspended automatically, and then ultimately reversed
Speaker 14: after a human review. But again, you know, these are
Speaker 14: the kinds of complicated sort of issues that these types
Speaker 14: of companies deal with. And it's sort of interesting because,
Speaker 14: of course, when Elon Musk was on the outside, this
Speaker 14: was the exact kind of thing that he might complain about,
Speaker 14: right that he would say, hey, Twitter is being biased
Speaker 14: because they took this account down. And now he's on,
Speaker 14: you know, the inside, and we're seeing that they're still
Speaker 14: struggling with the same kind of stuff. So I think
Speaker 14: this sort of just you know, highlights how difficult it
Speaker 14: is to do this content moderation at scale.
Speaker 3: I mean, your book really chronicles then Twitter's struggles with
Speaker 3: content moderation when it came to former President Trump as well,
Speaker 3: And I want to gauge your perspective of what you
Speaker 3: learn through that reporting out and writing and how it
Speaker 3: pushes us forward to potentially run off in an election
Speaker 3: here in the United States.
Speaker 14: Yeah, I mean, it's so interesting to think about, right,
Speaker 14: because that was a huge portion of the company, like
Speaker 14: a huge part of the company's history was sort of
Speaker 14: this run up to the twenty twenty election, how they
Speaker 14: dealt with President Trump, how he used the service to
Speaker 14: you know, complain about the voting, complain about the election
Speaker 14: results and things like that, and ultimately Twitter at the
Speaker 14: time ended up banning him, as we know. But President
Speaker 14: Trump is now back, right, and there's a new regime
Speaker 14: at X that has been very hands off and basically
Speaker 14: said they don't want to enforce any of those types
Speaker 14: of things. So it'll be really interesting to see we
Speaker 14: as we head into twenty twenty four to one, does
Speaker 14: President Trump, former President Trump really start to use X
Speaker 14: more regularly, And if we get to a point where
Speaker 14: he starts to complain about the same stuff he did
Speaker 14: in twenty twenty, right, a rigged election, for example, will
Speaker 14: X step in and do anything about it? And we
Speaker 14: know that was a huge deal, you know, four years ago.
Speaker 14: I'm really fascinated to see if this is going to
Speaker 14: sort of play on repeat again and how they're going
Speaker 14: to handle this time around and talk.
Speaker 3: About alternate universes here or what might have been, Because
Speaker 3: what's so interesting is some of the really juicy details
Speaker 3: you reveal in the book. For example, who could have
Speaker 3: led the business other than Jack Dorsey at the time,
Speaker 3: and before Elon Well took.
Speaker 4: It over, who was that?
Speaker 14: Yeah, this is one of my favorite details. That's right
Speaker 14: at the front of the book. When Jack Dorsey returned
Speaker 14: as CEO in twenty fifteen, the board was actually considering
Speaker 14: another candidate, Andy Jasse, who at the time was running AWS.
Speaker 14: We obviously all now know he's the CEO of Amazon today.
Speaker 14: And it's just a really interesting, you know, thought process
Speaker 14: or a thought experiment, I should say, to think about
Speaker 14: what Twitter would have looked like had the board decided
Speaker 14: to go with more of a business minded CEO versus
Speaker 14: Jack Dorsey, who was a product minded CEO. And that
Speaker 14: was ultimately the deciding factor, I'm told is that they
Speaker 14: thought Twitter was a product a company that had a
Speaker 14: product problem, so they just decided to go and bring
Speaker 14: back Jack Dorsey back. But again, it's just really interesting
Speaker 14: to think, like where would the business have been had
Speaker 14: they brought in someone who was, you know, maybe a
Speaker 14: little bit more traditional in terms of their their business chops.
Speaker 3: Well, we know how much work Blood Sweiners you put
Speaker 3: into this book, and congratulations on it going on sale today.
Speaker 3: Appreciate all your expertise day and day out in the show.
Speaker 3: We thank you, Bloomberg's Kirk Wagner. Go buy the book. Meanwhile,
Speaker 3: that does it for this edition of Bloemberg Technology. You
Speaker 3: do not want to forget to check out our podcast
Speaker 3: that there is going to be so much to be digesting,
Speaker 3: and you can do it on your terminal, online on Apple,
Speaker 3: Spotify or iHeart all of this as we anticipate the
Speaker 3: all important numbers coming from Nvidea after the bell tomorrow.
Speaker 3: Will they live up to expectations? Will we see AI
Speaker 3: height become a reality? Will we see that revenue continue
Speaker 3: to double on triple We'll see this is Bloomberg Technology,