WEBVTT - Dell Boosts Forecast Through 2030 Off AI Boom

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive

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<v Speaker 1>from coast to coast with Caroline Hide in New York

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<v Speaker 1>and Eva Low in San Francisco.

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<v Speaker 2>This is Bloomberg Tech coming up. Dell rises after almost

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<v Speaker 2>doubling its growth estimates for sales and profit through the

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<v Speaker 2>fiscal twenty thirty, boosted by demand for AI products.

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<v Speaker 3>As we speak with a key AI player, the CEO

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<v Speaker 3>of Core, We've joins us on the comedy's latest purchase

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<v Speaker 3>and a way in on the wave of compute deals.

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<v Speaker 2>And Tesla might unveil a new cheaper version of its

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<v Speaker 2>model why as soon as today.

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<v Speaker 4>We'll discuss what to expect.

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<v Speaker 3>Meanwhile, let's check in on these market said, which maybe

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<v Speaker 3>take a bit of a breather. Maybe there's some possibility

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<v Speaker 3>it's some profit taking. As we have just ramped higher

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<v Speaker 3>and higher day after day, notching new records in the

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<v Speaker 3>five hundred. We are flat on the Nasdaq one hundred.

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<v Speaker 3>Remember we still got a government has shut down on

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<v Speaker 3>our hands, but we do still see some buying of

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<v Speaker 3>some key names. What are you looking at?

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<v Speaker 2>Yeah, our top story is Dell, and much like the

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<v Speaker 2>broader market, it's lost a bit of steam. We were

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<v Speaker 2>up almost six percent earlier in the session, now up

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<v Speaker 2>two percent. Through the fiscal twenty thirty, they have almost

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<v Speaker 2>doubled their outlook. They're seeing top line growth seven nine percent,

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<v Speaker 2>bottom line growth of just an EPs fifteen percent. But

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<v Speaker 2>the story is really clear. Traction in the AI server business.

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<v Speaker 2>They have a backlog, margins will improve. It's worth digging

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<v Speaker 2>into it is.

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<v Speaker 3>And we do that. Obninburg's Brodie Ford, just how seismic

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<v Speaker 3>is this? To give us the guidance all the way

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<v Speaker 3>out to twenty thirty, you.

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<v Speaker 5>All said it great. It's AI servers, right. Somebody needs

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<v Speaker 5>to buy and video chips, package them into servers and

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<v Speaker 5>sell them to somebody else, and Dell has emerged as

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<v Speaker 5>a very successful company doing that. The opportunity appears larger

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<v Speaker 5>than Wall Street had anticipated. Sales are going to be

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<v Speaker 5>pretty healthy growth in the coming years. Though, of course,

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<v Speaker 5>as with a lot of AI infrastructure, the question is margins.

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<v Speaker 5>Those are going to remain pretty tight. Those operating margins

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<v Speaker 5>in the single digits, which often gives investors' anxiety. But

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<v Speaker 5>the growth rates are good enough that today doesn't matter.

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<v Speaker 2>The numbers are really interesting. So in the quarter gone.

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<v Speaker 2>Dell did booked five point six billion dollars worth of business,

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<v Speaker 2>They shipped more than eight billion dollars worth of servers,

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<v Speaker 2>and they have this like almost twelve billion dollar backlog.

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<v Speaker 2>And how they're explaining it is that server margins right

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<v Speaker 2>now are depressed because it costs money to move quickly.

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<v Speaker 2>I think that's the conclusion I'm getting anyway.

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<v Speaker 5>Yeah, that's right. I mean it costs a lot of

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<v Speaker 5>money to move quickly. These are massive deals. The supply

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<v Speaker 5>chain is tight, and so if you want to be

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<v Speaker 5>a buyer that gets priority, you're probably going to pay

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<v Speaker 5>a little more. The AI in for a market, whether

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<v Speaker 5>you're talking about compute servers really anybody, but in Vidia,

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<v Speaker 5>it's very competitive right now, and so if you want

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<v Speaker 5>to move with SKIN, you have to accept some lower margins.

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<v Speaker 5>Dell has been willing to do this, and it's winning

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<v Speaker 5>some big deals from companies like core Weave.

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<v Speaker 4>Cool Weave, big deal.

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<v Speaker 3>We talk about G forty two. We think about the

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<v Speaker 3>global impact here, But Brody, at the moment, we're in

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<v Speaker 3>this market where anything where you bolt on AI helps

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<v Speaker 3>your stock do relatively well.

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<v Speaker 4>Just talk to us about what.

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<v Speaker 3>IBM has been announcing and the folding into Panthropic.

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<v Speaker 5>IBM is another one of these companies seen as a

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<v Speaker 5>bit of a legacy company, forgotten a bit by the

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<v Speaker 5>average investor on Wall Street. But today they announce that

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<v Speaker 5>they're going to be using Anthropics Models for their coding assistant.

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<v Speaker 5>This matters because Anthropics model really is the favorite for

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<v Speaker 5>coding and so I think this is being taken as

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<v Speaker 5>a bit of a co sign for IBM's tool that hey,

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<v Speaker 5>large enterprises, you're not just going to pop into cursor.

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<v Speaker 5>You're probably going to do it through a more regulated environment,

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<v Speaker 5>and maybe IBM will be that vendor.

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<v Speaker 2>A slight tangent. But yesterday Brad Lightcap, whose open AI COO,

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<v Speaker 2>told me that Codex, which is their somewhat similar product,

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<v Speaker 2>the use of that is up ten x since August.

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<v Speaker 2>So and I noticed on social media there's a lot

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<v Speaker 2>of debate about like which one's better leave that to

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<v Speaker 2>the blomboy tech on us to decide. IBM does software.

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<v Speaker 2>I think a lot of people don't appreciate that this

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<v Speaker 2>story's indicative of that. Just explain what they offer exactly.

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<v Speaker 5>IBM offers a variety of software, whether it's in you know,

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<v Speaker 5>financial processing, transaction whether it's in coding assistant, it's a

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<v Speaker 5>lot of somewhat custom development helping large enterprises get all

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<v Speaker 5>of their data in order. Let's say run AI models

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<v Speaker 5>on it. Let's say, you know, use it your existing

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<v Speaker 5>data and your coding environment. They have a pretty wide swath,

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<v Speaker 5>and as you said, folks don't realize a lot that

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<v Speaker 5>it's their largest business segment at this point. This is

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<v Speaker 5>not the kind of outsourcing IBM of years past.

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<v Speaker 2>The most Brady Ford on some of what's happening in

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<v Speaker 2>tech today, Thank you very much. When Caroline and I

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<v Speaker 2>woke up this morning and sat at our desks, markets

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<v Speaker 2>were pushing higher. There was a lot of enthusiasm about AI,

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<v Speaker 2>and we've lost a lot of steam. I'm not saying

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<v Speaker 2>it's the fault of this program going to air, but

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<v Speaker 2>those major indices are now marginally in the red. There

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<v Speaker 2>are concerns that we are losing steam, and the words

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<v Speaker 2>AI and bubble keep coming up a lot. Let's get

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<v Speaker 2>a discussion with Janet Moui, RBC bring Dolphin, head of

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<v Speaker 2>market Analysis. All of these deals announced this week were

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<v Speaker 2>driving us at the index level when it comes to technology,

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<v Speaker 2>we're now losing steam. What is the principal direction of

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<v Speaker 2>travel here, Janet, when it comes to the tech sector, Hi.

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<v Speaker 6>Thanks for having me eds.

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<v Speaker 7>I do think that the Marcus having rallied very strongly

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<v Speaker 7>is almost like a strict line, particular for the chip companies.

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<v Speaker 6>So I think tiking a.

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<v Speaker 7>Breather is absolutely normal, and I think some investors would be.

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<v Speaker 6>So I'm not too worried about that.

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<v Speaker 7>I do think that the direction of travel would continue

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<v Speaker 7>to be atward because what we have seen is that

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<v Speaker 7>there are a lot of mega A ideals and they

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<v Speaker 7>involve a lot of infrastructure, a lot of CAPPAC spending

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<v Speaker 7>and its stays within the AI ecosystem, and I think

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<v Speaker 7>it just gives you a visibility over that longevity of

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<v Speaker 7>that AI spending.

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<v Speaker 4>Janet.

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<v Speaker 2>The driver in Monday's market was the deal between a

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<v Speaker 2>MD and open Ai. We spoke to a m D CEO, Lisa, Sue,

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<v Speaker 2>listen to this.

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<v Speaker 8>I have full confidence in open Ai, sm Greg Sarah.

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<v Speaker 8>I mean, this is a massive opportunity for us right now.

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<v Speaker 9>Right here.

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<v Speaker 8>It's about who has the most compute and how fast

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<v Speaker 8>can we get it online, and we're committing to doing

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<v Speaker 8>this together.

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<v Speaker 4>The question was.

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<v Speaker 2>Whether open ai was good for the money that it

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<v Speaker 2>needed to fund all of these projects, and the market

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<v Speaker 2>seems nervous about that.

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<v Speaker 4>How nervous about it are you?

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<v Speaker 6>So?

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<v Speaker 7>So far, I think the financing has been coming from

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<v Speaker 7>really investors and companies with very deep podcasts. I mean,

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<v Speaker 7>we're talking about the hyperscalers, including Nvidia's investment into opening Air.

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<v Speaker 6>That's one hundred billion there.

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<v Speaker 7>So I guess you know, from the liquidity perspective, that's

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<v Speaker 7>pretty ample, and so far we're not seeing a lot

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<v Speaker 7>of credit or debt financed activity going on into this

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<v Speaker 7>AI spending.

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<v Speaker 6>So I think on that front, time comfortable, and.

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<v Speaker 7>I think I think the key thing is that there's

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<v Speaker 7>just so much demand to compute out there, so many

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<v Speaker 7>companies can benefit from that and the building of the

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<v Speaker 7>infrastructure in AI. It involves not just a single company,

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<v Speaker 7>but really countries and many companies working together in the ecosystem.

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<v Speaker 6>So I believe that this this really gives you.

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<v Speaker 7>Visibility of the longevity of this AI trend going forward.

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<v Speaker 3>But the reporting keeps from coming back to us. Why

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<v Speaker 3>if there's unlimited and demand for compute, does AMD need

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<v Speaker 3>to give so called incentives it feels like to open

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<v Speaker 3>AI to share in on its own winnings the future revenue.

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<v Speaker 3>Why does the video have to put one hundred billion

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<v Speaker 3>dollars to work in terms of equity investment in open

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<v Speaker 3>AI if they should be just winning out for the

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<v Speaker 3>sheared demand and scale of compute. And why does Oracle

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<v Speaker 3>become one of the best performing stocks when clearly some

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<v Speaker 3>of the profit margins don't always accrue to an Oracle.

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<v Speaker 3>How do we decide which company really should win here?

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<v Speaker 7>Janet, Yes, so I think the big players in this

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<v Speaker 7>AI eqalsystem, in this build up of infrastructure, will likely

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<v Speaker 7>be clear beneficiaries.

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<v Speaker 6>I think that's more on the hardware, the equipment building

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<v Speaker 6>site of AI.

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<v Speaker 7>I mean, there will be definitely some big winners in

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<v Speaker 7>the software side of things, but we don't know what's

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<v Speaker 7>the next killer appso that's a bit more difficult. And

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<v Speaker 7>that's why I think the key favorite for investors remain

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<v Speaker 7>that AI infrastructure build out, whether you talk about data center,

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<v Speaker 7>cloud compute, and et cetera.

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<v Speaker 6>And I believe that, you know, I think some concern

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<v Speaker 6>is right.

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<v Speaker 7>A lot of this, you know, this close loop of

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<v Speaker 7>capital equality investment is based on confidence. It's really the

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<v Speaker 7>confidence that there's going to be insensuable demand for compute,

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<v Speaker 7>and it's really hard to gauge how much of that.

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<v Speaker 7>But if we do believe in this, the leaders in

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<v Speaker 7>the AI, I mean, Jason Juan talked a lot about

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<v Speaker 7>how the demand for compute is just going to be

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<v Speaker 7>so many, you know, tenfolds up from here. So I think,

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<v Speaker 7>you know, I would like to listen and believe in

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<v Speaker 7>the expert in terms of their vision on how much

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<v Speaker 7>there is on the computer demand and solar Far it

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<v Speaker 7>seems very very solid.

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<v Speaker 3>Yeah, promises and vision, But Janet, what data do you

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<v Speaker 3>turn to for hard fundamentals, because at the moment the

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<v Speaker 3>MIT report showed that some of these ultimate focuses on

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<v Speaker 3>productivity aren't actually paying off. Where is it that you're

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<v Speaker 3>going to get your confidence that can grounded in facts

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<v Speaker 3>not vision?

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<v Speaker 7>I mean, so far, if you look at the corporate

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<v Speaker 7>earnings growth, right, you look at the hyperscaler, they're still

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<v Speaker 7>delivering double digit earnings growth, and in fact, you can

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<v Speaker 7>attribute a lot of that to AI, the improved efficiency

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<v Speaker 7>in say advertising and cloud computing demand and things like that.

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<v Speaker 7>It's actually a lot of a big proportion of the

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<v Speaker 7>earnings delivery is already based on AI. And I think

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<v Speaker 7>there's still a lot of potential. And I think in

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<v Speaker 7>terms of the actual data, I think you just need

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<v Speaker 7>to look at the earnings revision. I mean typically you

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<v Speaker 7>can see today from Dell just one example, that earning

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<v Speaker 7>estimates and revenues keep being revised outwards, so there's really

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<v Speaker 7>clear visibility you're going to as far as twenty thirty.

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<v Speaker 7>So I think these are really hard data that you

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<v Speaker 7>can look at.

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<v Speaker 3>Januu, thank you for that read from RBC brew in Dolphin.

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<v Speaker 3>It's always so great to check.

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<v Speaker 2>In with you.

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<v Speaker 3>While coming up, we're going to speak with my trader

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<v Speaker 3>call We've CEO. It's going to be talking about the

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<v Speaker 3>latest AI deal that he's doing a bit of M

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<v Speaker 3>and A and where is he finding confidence for the

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<v Speaker 3>never ending wave of AI deals. This has pretty big

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<v Speaker 3>tech AI Hyperscala coll We've has announced it SA to

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<v Speaker 3>buy UK based Monolith AI, expanding beyond cloud infrastructure to

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<v Speaker 3>offer broader AI solutions, in this case to industrial and

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<v Speaker 3>manufacturing companies joining us. Now, Michael Intrader call We've CEO.

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<v Speaker 3>There's been a wave of M and A coming from me. Michael.

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<v Speaker 3>I want to understand why you're broadening out in this way.

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<v Speaker 10>Yeah, thank you very much for having me. It's exciting

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<v Speaker 10>to be back. And yes, we've been. We've been quite

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<v Speaker 10>active on the M and A front as we continue

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<v Speaker 10>to build and broaden our offerings. Many of them are

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<v Speaker 10>organic things that we're building internally and as you can

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<v Speaker 10>see with the model is a ideal. As you can

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<v Speaker 10>see you with the open pipe deal, as you can

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<v Speaker 10>see you with the weights and biases deal that we

0:12:08.600 --> 0:12:12.320
<v Speaker 10>did earlier this year. There is a tremendous focus that

0:12:12.360 --> 0:12:15.920
<v Speaker 10>we have on broadening out how we're going to be

0:12:15.920 --> 0:12:20.160
<v Speaker 10>able to support our clients from the software side. Obviously

0:12:20.200 --> 0:12:24.000
<v Speaker 10>there's also the core scientific transaction that is in process,

0:12:24.520 --> 0:12:26.440
<v Speaker 10>and once again it is part of our vision of

0:12:26.480 --> 0:12:33.199
<v Speaker 10>being able to offer a turnkey solution from the bricks

0:12:33.320 --> 0:12:36.440
<v Speaker 10>all the way up through the infrastructure and through the

0:12:36.480 --> 0:12:39.040
<v Speaker 10>software to be able to serve our customers in the

0:12:39.080 --> 0:12:39.800
<v Speaker 10>best way possible.

0:12:39.880 --> 0:12:43.240
<v Speaker 3>And is that because also it's more profitable, Michael, We're

0:12:43.240 --> 0:12:46.200
<v Speaker 3>looking at reports at the moment about Oracle and ultimately

0:12:46.240 --> 0:12:48.760
<v Speaker 3>how Razu thin its profit margins are when you're thinking

0:12:48.760 --> 0:12:51.480
<v Speaker 3>about renting out compute because of the cost of ultimately

0:12:51.520 --> 0:12:54.280
<v Speaker 3>the GPUs coming from Nvidia, how hard is it to

0:12:54.320 --> 0:12:56.440
<v Speaker 3>make your bread and butter work? From a real profit

0:12:56.480 --> 0:12:58.079
<v Speaker 3>margin perspective, Yeah.

0:12:57.960 --> 0:13:02.000
<v Speaker 10>Look, you know, the profit margins we're able to garner

0:13:02.160 --> 0:13:05.319
<v Speaker 10>with the infrastructure that we sell are significant.

0:13:05.320 --> 0:13:06.320
<v Speaker 9>We're excited about it.

0:13:06.440 --> 0:13:11.199
<v Speaker 10>We've really been able to drive our business in accordance

0:13:11.240 --> 0:13:16.000
<v Speaker 10>with our objectives. We're scaling at an incredibly fast paced

0:13:16.080 --> 0:13:19.400
<v Speaker 10>and so with that you get short term distortions, but

0:13:19.840 --> 0:13:23.079
<v Speaker 10>in terms of the business strategy and execution, couldn't be

0:13:23.120 --> 0:13:27.760
<v Speaker 10>happier when you think about where the space is today

0:13:27.800 --> 0:13:30.280
<v Speaker 10>and where the space is going to be over the

0:13:30.320 --> 0:13:34.920
<v Speaker 10>next several years. The broadening out of our offering of

0:13:35.480 --> 0:13:39.760
<v Speaker 10>software solutions really allows for an incredibly effective way of

0:13:40.800 --> 0:13:43.320
<v Speaker 10>bringing on new clients that are going to pay for

0:13:43.520 --> 0:13:46.520
<v Speaker 10>not only the infrastructure but also the services that they

0:13:46.600 --> 0:13:51.040
<v Speaker 10>get when they need to be able to integrate artificial

0:13:51.040 --> 0:13:54.720
<v Speaker 10>intelligence into their broader mission. And so we're excited about that.

0:13:54.720 --> 0:13:56.280
<v Speaker 10>We think it's the right way to go. We've been

0:13:56.400 --> 0:14:00.400
<v Speaker 10>aggressively pursuing it. We brought on some great teams and

0:14:00.920 --> 0:14:03.000
<v Speaker 10>you know you'll be seeing products coming out of those

0:14:03.040 --> 0:14:04.400
<v Speaker 10>teams imminently.

0:14:04.600 --> 0:14:08.240
<v Speaker 2>Michael, The top story today is Dell roughly doubling its

0:14:08.240 --> 0:14:11.240
<v Speaker 2>growth projections for both sales and profit through fiscal twenty

0:14:11.320 --> 0:14:14.880
<v Speaker 2>thirty largely because of AI server demand. And you are

0:14:15.360 --> 0:14:18.839
<v Speaker 2>one of the key customers for Dell in that respect.

0:14:19.600 --> 0:14:22.080
<v Speaker 2>From the customer's perspective, what does that kind of bigger

0:14:22.120 --> 0:14:24.880
<v Speaker 2>picture forecast from Dell signal to you.

0:14:26.240 --> 0:14:29.000
<v Speaker 10>Look, you know, there's a lot of noise in the

0:14:29.040 --> 0:14:32.960
<v Speaker 10>space again, and this happens periodically, and you know, but

0:14:33.120 --> 0:14:36.400
<v Speaker 10>when you take a step back, you're seeing incredibly strong

0:14:36.440 --> 0:14:41.920
<v Speaker 10>demand from Dell. You're seeing incredibly strong demand across the

0:14:42.160 --> 0:14:47.280
<v Speaker 10>hyperscalers as they're able to embed AI into their products.

0:14:48.200 --> 0:14:51.760
<v Speaker 10>You know, the profits that those are driving are the underpinnings.

0:14:51.800 --> 0:14:53.400
<v Speaker 9>You're asking about what people look to.

0:14:53.720 --> 0:14:55.640
<v Speaker 10>That's what they look to, right like, they look to

0:14:55.680 --> 0:14:58.600
<v Speaker 10>people that are able to generate revenue from their existing

0:14:58.680 --> 0:14:59.880
<v Speaker 10>client base using AI.

0:15:00.040 --> 0:15:00.560
<v Speaker 9>And that is.

0:15:00.480 --> 0:15:03.240
<v Speaker 10>Incredibly strong and we've seen it repeatedly. You're seeing it

0:15:03.280 --> 0:15:06.680
<v Speaker 10>again with Dell. It's really exciting. And once again you

0:15:06.760 --> 0:15:09.280
<v Speaker 10>zoom out just a bit here and it's really uh

0:15:09.880 --> 0:15:14.960
<v Speaker 10>an incredible space going through an incredible transition. That transition

0:15:15.400 --> 0:15:18.160
<v Speaker 10>is causing a systemic imbalance in.

0:15:18.160 --> 0:15:21.920
<v Speaker 9>The infrastructure side, which is what drove us towards UH,

0:15:22.040 --> 0:15:24.320
<v Speaker 9>the UH.

0:15:23.800 --> 0:15:28.280
<v Speaker 10>The deal UH that we are looking at with Course Scientific.

0:15:28.920 --> 0:15:33.120
<v Speaker 10>Course Scientific is an infrastructure provider for us UH. They

0:15:33.120 --> 0:15:36.880
<v Speaker 10>are one of many, you know, over the since our

0:15:36.920 --> 0:15:41.240
<v Speaker 10>last earnings call, we've increased our UH contracted pipeline of

0:15:41.280 --> 0:15:44.480
<v Speaker 10>power from two point two gigawatts to now up to

0:15:44.560 --> 0:15:46.960
<v Speaker 10>two point eight gigawatts, which is a new number that

0:15:47.000 --> 0:15:49.400
<v Speaker 10>we're putting out there, of which none of that comes

0:15:49.400 --> 0:15:55.640
<v Speaker 10>from Course Scientific. We have broadened our strategic relationships with

0:15:55.720 --> 0:15:58.480
<v Speaker 10>other priortividers of the infrastructure. A great example of that

0:15:58.600 --> 0:16:00.960
<v Speaker 10>is Galaxy Digital, you.

0:16:00.880 --> 0:16:04.280
<v Speaker 9>Know, where where we're able to go ahead and and and.

0:16:04.200 --> 0:16:07.280
<v Speaker 10>Get large blocks of contiguous power to continue to buy

0:16:07.920 --> 0:16:12.200
<v Speaker 10>infrastructure that will be made available to our clients as

0:16:12.200 --> 0:16:16.200
<v Speaker 10>they continue to build. And ultimately that brings us back

0:16:16.240 --> 0:16:18.880
<v Speaker 10>to this particular acquisition that we're looking at.

0:16:19.720 --> 0:16:21.320
<v Speaker 9>You know, it's an acquisition that we put out there

0:16:21.320 --> 0:16:22.120
<v Speaker 9>several months ago.

0:16:22.480 --> 0:16:27.600
<v Speaker 10>Of course, Scientific provides core Weave with over five hundred

0:16:27.600 --> 0:16:31.680
<v Speaker 10>megawatts worth of infrastructure which we currently have contracted. Therefore,

0:16:31.880 --> 0:16:34.560
<v Speaker 10>you know, we have a great relationship with them. Regardless

0:16:34.600 --> 0:16:38.480
<v Speaker 10>of the outcome of this UH acquisition, we will continue

0:16:38.480 --> 0:16:40.640
<v Speaker 10>to have a great relationship with them as they deliver

0:16:40.760 --> 0:16:41.560
<v Speaker 10>power to us.

0:16:41.440 --> 0:16:43.560
<v Speaker 9>Within our data centers that we share with them.

0:16:44.320 --> 0:16:47.400
<v Speaker 10>It is a small and shrinking part of our portfolio,

0:16:48.560 --> 0:16:52.240
<v Speaker 10>and ultimately that led us to, uh, you know, the

0:16:52.320 --> 0:16:55.960
<v Speaker 10>position where you know, really, under no circumstances will we

0:16:56.120 --> 0:16:59.360
<v Speaker 10>readdress the bid that we put out. That's the number.

0:16:59.400 --> 0:17:02.040
<v Speaker 10>We think it fitly represents the value for them. We

0:17:02.080 --> 0:17:03.960
<v Speaker 10>think it will be great for the two companies to

0:17:04.000 --> 0:17:09.800
<v Speaker 10>move forward together. The systemic imbalance within the infrastructure is

0:17:09.880 --> 0:17:13.840
<v Speaker 10>causing you know, it really is stressing the supply chains

0:17:13.880 --> 0:17:15.720
<v Speaker 10>and cause all kinds of delays.

0:17:16.000 --> 0:17:18.000
<v Speaker 2>Yeah, I'm sorry to cut you off. We're going to

0:17:18.080 --> 0:17:20.480
<v Speaker 2>run short of time, and I've got to ask you this.

0:17:20.640 --> 0:17:24.359
<v Speaker 2>Twenty four hours ago, we had AMD's CEO Lisa Sue

0:17:24.600 --> 0:17:28.160
<v Speaker 2>and open AI president Greg Brockman on the program. There

0:17:28.160 --> 0:17:30.919
<v Speaker 2>are lots of unasked questions about the six gigawats of

0:17:30.960 --> 0:17:35.639
<v Speaker 2>capacity they've agreed will call. We participate and support in

0:17:35.720 --> 0:17:36.360
<v Speaker 2>that arrangement.

0:17:36.440 --> 0:17:37.200
<v Speaker 4>Just very briefly.

0:17:38.359 --> 0:17:42.280
<v Speaker 10>Yeah, So we support OPENINGI enormously across the space, and

0:17:42.359 --> 0:17:45.280
<v Speaker 10>we have great relationships with AMD. We use their infrastructure

0:17:45.760 --> 0:17:48.200
<v Speaker 10>within our portfolio. How they choose to divvy that out.

0:17:48.200 --> 0:17:48.960
<v Speaker 9>We don't know yet.

0:17:49.600 --> 0:17:52.639
<v Speaker 10>You know, we're more focused on the fourteen you know,

0:17:53.080 --> 0:17:55.720
<v Speaker 10>the minimum deal that we did two weeks ago, which

0:17:55.880 --> 0:17:59.040
<v Speaker 10>was a minimum of fourteen point two billion dollars, which

0:17:59.080 --> 0:18:03.200
<v Speaker 10>will continue to spand with Meta that will come online

0:18:03.240 --> 0:18:06.320
<v Speaker 10>in twenty twenty six. We're really excited about that. And

0:18:06.480 --> 0:18:10.199
<v Speaker 10>you know, the the AMD deal with Opening Eye is

0:18:10.280 --> 0:18:15.120
<v Speaker 10>just another example of the recognition across the space of

0:18:15.200 --> 0:18:18.280
<v Speaker 10>how much of this infrastructure is required and how much

0:18:18.359 --> 0:18:23.200
<v Speaker 10>demand all of these providers of artificial intelligence are encountering.

0:18:23.440 --> 0:18:25.639
<v Speaker 2>Michael and Trader of Koby, thank you very much for

0:18:25.680 --> 0:18:28.320
<v Speaker 2>being back on Bloomberg Tech. Now coming out, Tessa's set

0:18:28.320 --> 0:18:31.800
<v Speaker 2>to unveil a more affordable version of its model.

0:18:31.840 --> 0:18:33.560
<v Speaker 4>Why we have more on that next.

0:18:33.600 --> 0:18:34.720
<v Speaker 2>This is Bloomberg.

0:18:34.359 --> 0:18:49.840
<v Speaker 11>Tech's time now for Talking Tech and first Up Bank

0:18:49.920 --> 0:18:53.320
<v Speaker 11>of New York Mellon But is exploring tokenized deposits, enabling

0:18:53.320 --> 0:18:55.440
<v Speaker 11>clients to make payments using rock chain technology.

0:18:55.480 --> 0:18:58.359
<v Speaker 3>We look at speed up settlement time, reduced costs. Other banks,

0:18:58.359 --> 0:19:01.240
<v Speaker 3>including JP, Morgan and HSBC I've made similar product moves.

0:19:01.600 --> 0:19:04.320
<v Speaker 3>Plus app Lemon, while it's facing a probe over its

0:19:04.400 --> 0:19:07.960
<v Speaker 3>data collection practices. According to sources, the Securities and Exchange

0:19:07.960 --> 0:19:11.639
<v Speaker 3>Commission is investigating whether Apple and violated service agreements on

0:19:11.760 --> 0:19:14.679
<v Speaker 3>pushing targeted ads. Have Love and declined to comment on

0:19:14.760 --> 0:19:18.200
<v Speaker 3>the matter. And Elil Musk named a former Morgan Stanley

0:19:18.240 --> 0:19:20.720
<v Speaker 3>executive as the chief financial officer of XAI. It's all

0:19:20.760 --> 0:19:24.280
<v Speaker 3>according to reporting The Financial Times, Anthony Armstrong worked on

0:19:24.359 --> 0:19:27.080
<v Speaker 3>Musk's purchase of Twitter. He will oversee the finances and

0:19:27.160 --> 0:19:30.120
<v Speaker 3>Musk's AI startup and the social media platform now called

0:19:30.320 --> 0:19:31.240
<v Speaker 3>x Of course ed.

0:19:32.720 --> 0:19:35.960
<v Speaker 2>Tesla is set to unveil a new cheaper version of

0:19:36.000 --> 0:19:39.399
<v Speaker 2>its model Y as soon as today. That's according to sources.

0:19:39.480 --> 0:19:43.480
<v Speaker 2>Bloomberg's Craige Trudell Our Global Autos are joins us from London.

0:19:44.520 --> 0:19:46.199
<v Speaker 2>You and I worked on this together. This is what

0:19:46.240 --> 0:19:49.639
<v Speaker 2>I'm hearing from sources inside Tesla that it is just

0:19:49.680 --> 0:19:53.639
<v Speaker 2>a more affordable model. Why fewer features They engineered cost

0:19:53.720 --> 0:19:57.359
<v Speaker 2>out of the battery pack and the motor. But also

0:19:57.480 --> 0:19:59.920
<v Speaker 2>it's kind of been hiding in plain sight because must

0:20:00.280 --> 0:20:02.800
<v Speaker 2>and others discuss this on the most recent earnings. Cool.

0:20:03.160 --> 0:20:06.000
<v Speaker 12>Yeah, one of the more colorful moments on that call was,

0:20:06.440 --> 0:20:08.800
<v Speaker 12>you know, some of the other executives at the company

0:20:08.960 --> 0:20:11.520
<v Speaker 12>kind of dancing around these questions about what this more

0:20:11.680 --> 0:20:14.719
<v Speaker 12>affordable Tesla would be and must just coming right out

0:20:14.800 --> 0:20:16.760
<v Speaker 12>and saying, let's let the cat out of the bag.

0:20:16.800 --> 0:20:19.439
<v Speaker 12>It's it's just a model. Why so, you know, I

0:20:19.480 --> 0:20:22.560
<v Speaker 12>think the expectation here, of course, is that this by

0:20:22.800 --> 0:20:24.919
<v Speaker 12>by taking some of the content out of the vehicle,

0:20:25.200 --> 0:20:29.040
<v Speaker 12>maybe you know, making it a little bit less attractive

0:20:29.080 --> 0:20:32.240
<v Speaker 12>from from a range perspective, but more attractive from a

0:20:32.280 --> 0:20:33.200
<v Speaker 12>price perspective.

0:20:33.920 --> 0:20:34.080
<v Speaker 7>You know.

0:20:34.119 --> 0:20:37.120
<v Speaker 12>The hope here is that that some incremental consumers who

0:20:37.119 --> 0:20:40.560
<v Speaker 12>maybe we're going to be priced out of this vehicle now,

0:20:40.800 --> 0:20:43.600
<v Speaker 12>can can maybe afford it with this seventy five hundred

0:20:43.640 --> 0:20:46.320
<v Speaker 12>dollars tax credit going away. And I think that's going

0:20:46.359 --> 0:20:48.560
<v Speaker 12>to be you know, one of the key questions for

0:20:48.640 --> 0:20:51.080
<v Speaker 12>the next earnings call from Tesla is you know, just

0:20:51.160 --> 0:20:53.600
<v Speaker 12>how how steep of a cliff are we looking at here?

0:20:53.680 --> 0:20:54.600
<v Speaker 4>Now that that.

0:20:54.560 --> 0:20:57.520
<v Speaker 12>Incentive has been sort of pulled out from under the industry.

0:20:57.760 --> 0:21:00.719
<v Speaker 3>I can see that that reacts to the finding of

0:21:00.800 --> 0:21:04.119
<v Speaker 3>the tax credit, But there's been this ongoing call for

0:21:04.200 --> 0:21:07.640
<v Speaker 3>them to offer a less costly version of the ev

0:21:07.920 --> 0:21:10.040
<v Speaker 3>largely because of China competition. Is it enough?

0:21:10.320 --> 0:21:12.320
<v Speaker 12>I think, you know, that's a really fair question. And

0:21:12.840 --> 0:21:15.560
<v Speaker 12>Ed's reported on this going back quite a while that

0:21:15.880 --> 0:21:20.200
<v Speaker 12>you know, Elon Musk is not particularly interested in expanding

0:21:20.240 --> 0:21:24.080
<v Speaker 12>the lineup with an altogether new vehicle when his in

0:21:24.119 --> 0:21:27.040
<v Speaker 12>his mind, this is a company that's on the cusp

0:21:27.080 --> 0:21:30.879
<v Speaker 12>of making vehicles capable of driving themselves. And so you

0:21:30.920 --> 0:21:34.800
<v Speaker 12>know why sort of you know, bother with with introducing

0:21:34.840 --> 0:21:38.159
<v Speaker 12>a more affordable vehicle and competing with the likes of

0:21:38.200 --> 0:21:41.320
<v Speaker 12>a Corolla or a Civic when you know what you

0:21:41.440 --> 0:21:44.040
<v Speaker 12>have in the lineup is on the cusp of doing

0:21:44.080 --> 0:21:46.760
<v Speaker 12>something that you know no other manufacturer is going to

0:21:46.760 --> 0:21:49.120
<v Speaker 12>be capable of doing. The question, of course, is can

0:21:49.200 --> 0:21:51.119
<v Speaker 12>he make good on that sort of you know, promise

0:21:51.480 --> 0:21:51.920
<v Speaker 12>or vision.

0:21:52.760 --> 0:21:55.600
<v Speaker 2>You know, Craig and Caroline Tesla did not respond to

0:21:56.040 --> 0:21:58.040
<v Speaker 2>our requests for comment, and you know, there's a lot

0:21:58.080 --> 0:21:59.920
<v Speaker 2>of speculation out there that it could be a roads

0:22:00.800 --> 0:22:04.240
<v Speaker 2>and we're not expecting some big event. You know, Craig,

0:22:04.600 --> 0:22:06.880
<v Speaker 2>you've been editing this stuff with me. The frank reality

0:22:06.960 --> 0:22:09.920
<v Speaker 2>is we just don't know. But Caro, you know, we're

0:22:09.960 --> 0:22:11.320
<v Speaker 2>waiting to see what happens.

0:22:11.480 --> 0:22:13.320
<v Speaker 3>We do, we'll wait for it to drop, even if

0:22:13.359 --> 0:22:16.120
<v Speaker 3>it's stealth mode, but you're never in stealth with your reporting,

0:22:16.160 --> 0:22:17.879
<v Speaker 3>and Craig, we thank you for this is the editor

0:22:17.920 --> 0:22:20.240
<v Speaker 3>on it. We appreciate your time. I meanwhile coming up

0:22:20.280 --> 0:22:24.000
<v Speaker 3>look open Aiyes, Golden Touch, how companies are benefiting. I'm

0:22:24.040 --> 0:22:27.639
<v Speaker 3>just going to mention of the AI Darling, that's next.

0:22:28.160 --> 0:22:29.080
<v Speaker 3>This is Blumbad Tech.

0:22:40.520 --> 0:22:41.840
<v Speaker 4>Welcome back to Bloomberg Tech.

0:22:41.920 --> 0:22:44.480
<v Speaker 2>Yesterday afternoon, I'm sat in a warehouse in Fort Mason,

0:22:44.520 --> 0:22:47.879
<v Speaker 2>San Francisco. Sam Ottman of Open Eyes on stage. Loads

0:22:47.880 --> 0:22:50.240
<v Speaker 2>of open Ai execs are on stage. They name check

0:22:50.600 --> 0:22:53.879
<v Speaker 2>all of these companies and some of the stocks go ballistic.

0:22:54.000 --> 0:22:58.080
<v Speaker 2>One of them is Figma, and Figma basically spikes up

0:22:58.119 --> 0:23:01.439
<v Speaker 2>sixteen percent at one point, and yesterday said closes up

0:23:01.640 --> 0:23:04.640
<v Speaker 2>seventy percent. It's up again for a second day, all

0:23:04.720 --> 0:23:08.840
<v Speaker 2>because of a name check on stage by open Ai.

0:23:09.280 --> 0:23:12.440
<v Speaker 2>Actually one quick stack carrot. Figma's up for the first

0:23:12.480 --> 0:23:15.320
<v Speaker 2>time for four straight days since it listed in July,

0:23:15.440 --> 0:23:17.640
<v Speaker 2>so it's on a bit of a run anyway. But yeah,

0:23:17.760 --> 0:23:19.720
<v Speaker 2>let's dig into what's happening with the Golden Touch.

0:23:20.040 --> 0:23:22.959
<v Speaker 3>Let's because the guy's been writing all about our equities reporter, right,

0:23:23.080 --> 0:23:25.880
<v Speaker 3>nos selca been looking at this so called golden touch

0:23:25.960 --> 0:23:28.960
<v Speaker 3>for many a name that sawed yesterday, Figma really holding

0:23:29.000 --> 0:23:31.520
<v Speaker 3>onto those games. Look, they get name checked, but you

0:23:31.560 --> 0:23:34.440
<v Speaker 3>are seeing a folding in of the software within chat ept.

0:23:34.800 --> 0:23:36.520
<v Speaker 3>It's almost a bit of a lifeline when we're worried

0:23:36.520 --> 0:23:38.040
<v Speaker 3>that some of these companies were going to be made

0:23:38.119 --> 0:23:39.880
<v Speaker 3>redundant in some way by open Ai.

0:23:41.280 --> 0:23:43.960
<v Speaker 13>Yes, absolutely, there's been a lot of concern that open

0:23:44.000 --> 0:23:46.600
<v Speaker 13>Ai or these other large language models would really start

0:23:46.680 --> 0:23:50.080
<v Speaker 13>to eat the lunch of these more established legacy software companies.

0:23:50.280 --> 0:23:54.360
<v Speaker 13>We saw all kinds of mentioned yesterday other companies including HubSpot,

0:23:54.680 --> 0:23:57.240
<v Speaker 13>Salesforce is really going on down the line, and I

0:23:57.240 --> 0:23:59.879
<v Speaker 13>think there's a little bit of relief that open aim

0:24:00.200 --> 0:24:03.480
<v Speaker 13>be working with these companies integrating them into its service,

0:24:03.720 --> 0:24:06.360
<v Speaker 13>as opposed to just you know, offering sort of competing

0:24:06.440 --> 0:24:10.240
<v Speaker 13>services that might really represent a strong force of competition

0:24:10.359 --> 0:24:12.960
<v Speaker 13>for them. So yeah, these kinds of mentions we really

0:24:13.000 --> 0:24:17.720
<v Speaker 13>saw some immediate spikes yesterday really across sectors across the market.

0:24:17.960 --> 0:24:20.960
<v Speaker 13>Online travel companies, even Mattel saw a little bit of

0:24:20.960 --> 0:24:23.760
<v Speaker 13>a pop after it was mentioned. And it's a demonstration

0:24:23.800 --> 0:24:25.720
<v Speaker 13>of Sora the video generation service.

0:24:27.000 --> 0:24:30.320
<v Speaker 2>And you reflecting your piece about how if open aiyes

0:24:30.440 --> 0:24:32.600
<v Speaker 2>has the golden touch in AI, it's really been in

0:24:32.680 --> 0:24:35.200
<v Speaker 2>Nvidia that's been the golden ticket and had a similar

0:24:35.240 --> 0:24:36.480
<v Speaker 2>effect on other stocks.

0:24:37.560 --> 0:24:37.720
<v Speaker 14>Yeah.

0:24:37.720 --> 0:24:39.600
<v Speaker 13>Absolutely, So this is something that we've been seeing for

0:24:39.800 --> 0:24:41.919
<v Speaker 13>as long as AI has been a major company or

0:24:42.200 --> 0:24:44.600
<v Speaker 13>major theme in markets. And of course in addition to

0:24:45.040 --> 0:24:47.359
<v Speaker 13>all the companies we've been talking about. Obviously yesterday we

0:24:47.440 --> 0:24:50.159
<v Speaker 13>had the huge jump in AMD on the back of

0:24:50.200 --> 0:24:52.600
<v Speaker 13>the news with open Ai. We had last month huge

0:24:52.600 --> 0:24:54.959
<v Speaker 13>gains in Oracle. So certainly this has been to trend

0:24:55.320 --> 0:24:57.320
<v Speaker 13>all these companies that are really seen at the cutting

0:24:57.440 --> 0:25:00.160
<v Speaker 13>edge of AI, anything that sort of like has any

0:25:00.240 --> 0:25:02.680
<v Speaker 13>kind of connection to them. We do see stock reactions now.

0:25:02.880 --> 0:25:05.119
<v Speaker 13>In many cases the stocks pulled back today. I mean

0:25:05.160 --> 0:25:07.840
<v Speaker 13>you mentioned Figma maybe up still, but I know Salesforce

0:25:07.920 --> 0:25:09.600
<v Speaker 13>was down, some of these other stocks down today. So

0:25:09.600 --> 0:25:12.400
<v Speaker 13>it's not proving to be a lasting bounce, but certainly

0:25:12.720 --> 0:25:14.440
<v Speaker 13>just a mere excitement. It seems like it's getting a

0:25:14.440 --> 0:25:16.119
<v Speaker 13>lot of people, at least in the short term excited.

0:25:16.880 --> 0:25:19.000
<v Speaker 2>Blue most rhyme for Stellaka on the moves that matter,

0:25:19.119 --> 0:25:21.320
<v Speaker 2>Thank you very much. So we've talked about Figma, we've

0:25:21.359 --> 0:25:23.760
<v Speaker 2>just shown it just then one of the names that

0:25:23.840 --> 0:25:27.200
<v Speaker 2>absolutely spiked after the mention on stage from Sam Altman

0:25:27.280 --> 0:25:30.159
<v Speaker 2>and open Ai it's going to be integrated into chat

0:25:30.320 --> 0:25:33.159
<v Speaker 2>GPT through an API, a third party. It was one

0:25:33.160 --> 0:25:35.480
<v Speaker 2>of the key pieces of news from Opienais dev day.

0:25:35.680 --> 0:25:38.800
<v Speaker 2>We've got to sit down with Pigma CEO Dylan Field.

0:25:40.240 --> 0:25:43.639
<v Speaker 15>There wasn't really like a negotiation of any kind. It

0:25:43.680 --> 0:25:48.320
<v Speaker 15>was a collaboration. And are you know me our engineers,

0:25:48.320 --> 0:25:50.840
<v Speaker 15>our frog people. We're talking with their engineers, their Frog people.

0:25:51.359 --> 0:25:53.800
<v Speaker 15>We just have like a slack channel going. I was

0:25:53.840 --> 0:25:56.760
<v Speaker 15>literally do I mean their engineers up to think midnight

0:25:56.840 --> 0:26:00.000
<v Speaker 15>last night? Wow, just identifying longtail issues that they're checking

0:26:00.080 --> 0:26:02.720
<v Speaker 15>out to make sure everything's ready for your day. And

0:26:02.920 --> 0:26:05.960
<v Speaker 15>the team has been amazing to work with, and yeah,

0:26:06.119 --> 0:26:09.240
<v Speaker 15>just in general, been very thankful for the partnership and

0:26:09.480 --> 0:26:10.840
<v Speaker 15>the chance to go build us to figure that.

0:26:10.840 --> 0:26:12.679
<v Speaker 4>Out on the chatterbuty system.

0:26:13.080 --> 0:26:15.679
<v Speaker 2>Dylan, I know that you probably weren't paying attention to

0:26:15.720 --> 0:26:19.359
<v Speaker 2>this particular point, but during the early part of the keynote,

0:26:19.680 --> 0:26:23.800
<v Speaker 2>Figmas shares when ballistic. Frankly, many other names did as well.

0:26:23.840 --> 0:26:26.600
<v Speaker 2>When they were going through the list of partners that

0:26:26.800 --> 0:26:30.040
<v Speaker 2>will be at API access through the chat GPT.

0:26:30.800 --> 0:26:32.320
<v Speaker 4>What does that signal to you.

0:26:32.359 --> 0:26:35.880
<v Speaker 2>About you know, when open ai communicates there is that

0:26:36.040 --> 0:26:39.919
<v Speaker 2>level of response to your from your investors and the

0:26:40.000 --> 0:26:41.560
<v Speaker 2>technology industry at large.

0:26:42.040 --> 0:26:44.840
<v Speaker 15>Yeah, you surprised me with that earlier before we started

0:26:44.840 --> 0:26:48.760
<v Speaker 15>talking about an interview, and I'll a schecond later. But

0:26:49.560 --> 0:26:52.639
<v Speaker 15>I don't know as the honest answer, because there's not

0:26:52.680 --> 0:26:56.040
<v Speaker 15>really something that I'm as tuned into. I told the

0:26:56.080 --> 0:26:59.800
<v Speaker 15>team before we iPod, during the IPO. After the IPO

0:27:00.359 --> 0:27:03.800
<v Speaker 15>number goes up, number goes down. What matters of the

0:27:03.880 --> 0:27:06.280
<v Speaker 15>inputs every day We've got to be driving to make

0:27:06.280 --> 0:27:08.840
<v Speaker 15>sure that we are making a better user experience, better

0:27:08.920 --> 0:27:12.280
<v Speaker 15>products for all of our users on the platform. And

0:27:12.359 --> 0:27:16.080
<v Speaker 15>so I think if it means anything to me, people

0:27:16.080 --> 0:27:18.200
<v Speaker 15>see possibility.

0:27:17.960 --> 0:27:19.399
<v Speaker 4>And how these systems can work together.

0:27:20.000 --> 0:27:21.760
<v Speaker 15>But now we have to go make sure that we

0:27:21.840 --> 0:27:24.919
<v Speaker 15>prove it and then it's great and hopefully it's just

0:27:24.920 --> 0:27:25.280
<v Speaker 15>a start.

0:27:25.359 --> 0:27:28.080
<v Speaker 4>There's a lot more we can do very quickly before

0:27:28.119 --> 0:27:28.720
<v Speaker 4>we let you go.

0:27:28.960 --> 0:27:31.800
<v Speaker 2>You know, you talk, it's about speaking with the slacking

0:27:31.880 --> 0:27:35.000
<v Speaker 2>the open ai engineering team until very late last night,

0:27:35.640 --> 0:27:37.600
<v Speaker 2>just as a moment in time like this dev day

0:27:37.640 --> 0:27:39.720
<v Speaker 2>where there are thousands of people here in Fort Mason,

0:27:39.760 --> 0:27:44.520
<v Speaker 2>San Francisco, in your technology career, could you try and

0:27:44.560 --> 0:27:47.560
<v Speaker 2>summarize what you think is happening in particular with AI

0:27:47.640 --> 0:27:49.320
<v Speaker 2>and what's happening in this city.

0:27:49.480 --> 0:27:51.120
<v Speaker 4>I think it's a moment of excitement.

0:27:52.119 --> 0:27:55.520
<v Speaker 15>And I mean, look, if you're an engineer, if you're

0:27:55.520 --> 0:27:58.400
<v Speaker 15>a designer or a product person, what do you love?

0:27:58.440 --> 0:28:02.040
<v Speaker 15>You love new toys and there are new toys every

0:28:02.160 --> 0:28:04.920
<v Speaker 15>week or two right now. Toys you can go build

0:28:04.960 --> 0:28:08.280
<v Speaker 15>with things that you can go and use to invent

0:28:08.320 --> 0:28:12.919
<v Speaker 15>the future and create new workflows. That's exciting for a technologist.

0:28:13.520 --> 0:28:16.560
<v Speaker 15>And you know where all it goes. Nobody knows if

0:28:16.600 --> 0:28:19.720
<v Speaker 15>they tell you, they do their lines you or to themselves.

0:28:20.520 --> 0:28:23.520
<v Speaker 15>I don't know where everything's headed. But I think that

0:28:23.840 --> 0:28:27.360
<v Speaker 15>definitely it's a moment of excitement right now, and we're

0:28:27.440 --> 0:28:29.239
<v Speaker 15>excited about all the change we can make for our

0:28:29.320 --> 0:28:32.120
<v Speaker 15>users and how we can make their experience using Figma matter.

0:28:33.359 --> 0:28:37.400
<v Speaker 3>Such a great conversation ed there with Pigma CEO Denn Field. Meanwhile,

0:28:37.840 --> 0:28:41.239
<v Speaker 3>NYSEC owner Intercontinental Exchange it puts to invest as much

0:28:41.240 --> 0:28:44.720
<v Speaker 3>as two billion dollars in cash into Polymarket, following the

0:28:44.720 --> 0:28:47.560
<v Speaker 3>crypto based betting platform at roughly eight billion dollars from

0:28:47.560 --> 0:28:50.120
<v Speaker 3>all being most cafin dooldy here with the news, and

0:28:50.200 --> 0:28:53.680
<v Speaker 3>it's interesting they're betting on the future growth of this company,

0:28:53.720 --> 0:28:57.400
<v Speaker 3>but also using its data within nys is offering.

0:28:57.480 --> 0:28:57.920
<v Speaker 4>That's right.

0:28:58.000 --> 0:29:02.120
<v Speaker 16>The data is really the value that polymarket can provide

0:29:02.160 --> 0:29:05.480
<v Speaker 16>to ICE and its client base. So these are large

0:29:05.520 --> 0:29:09.200
<v Speaker 16>institutions used to trading on the New York Stock Exchange

0:29:09.480 --> 0:29:14.440
<v Speaker 16>options exchanges that ICE operates, and now those users are

0:29:14.480 --> 0:29:19.200
<v Speaker 16>going to be having the ability to pull from Polymarket's data.

0:29:19.360 --> 0:29:23.720
<v Speaker 16>Data is an incredibly valuable part of exchange operators how

0:29:23.800 --> 0:29:26.720
<v Speaker 16>they're growing their own business. And at the same time

0:29:27.280 --> 0:29:31.480
<v Speaker 16>this announcement this morning, there was another part about tokenization.

0:29:31.640 --> 0:29:35.880
<v Speaker 16>That's another path forward for these exchanges as they're looking

0:29:35.960 --> 0:29:39.640
<v Speaker 16>to innovate, and if you're a storied institution like ICE,

0:29:39.960 --> 0:29:43.200
<v Speaker 16>you might not be able to do that without these

0:29:43.640 --> 0:29:47.280
<v Speaker 16>new incumbents, the crypt native firms that have already started

0:29:47.560 --> 0:29:51.640
<v Speaker 16>to build and to tokenize themselves. Now they can come

0:29:51.640 --> 0:29:54.160
<v Speaker 16>forward with their own ideas and partner with ICE in

0:29:54.200 --> 0:29:54.600
<v Speaker 16>this way.

0:29:55.760 --> 0:29:58.280
<v Speaker 2>Betting on prediction markets was a story around the twenty

0:29:58.280 --> 0:30:01.360
<v Speaker 2>twenty four US presidential election, and so I don't know like,

0:30:01.520 --> 0:30:04.560
<v Speaker 2>give us your reporting on the deal itself to invest

0:30:04.720 --> 0:30:07.560
<v Speaker 2>This is something that moved very quickly. It's something that

0:30:07.800 --> 0:30:09.560
<v Speaker 2>you know, they've been talking about for a while.

0:30:10.080 --> 0:30:14.760
<v Speaker 16>So the prediction market is a competitive space. It's been growing.

0:30:15.400 --> 0:30:18.280
<v Speaker 16>You have the likes of Calshi and Crypto dot Com.

0:30:18.600 --> 0:30:21.640
<v Speaker 16>These are all companies that have started to put forth

0:30:21.920 --> 0:30:24.640
<v Speaker 16>predictions in the form of In many cases it's a

0:30:24.640 --> 0:30:28.600
<v Speaker 16>binary yes or no, and you can apply this to markets,

0:30:28.640 --> 0:30:32.080
<v Speaker 16>and I believe that is where this deal itself is

0:30:32.120 --> 0:30:35.120
<v Speaker 16>going to start. It's going to be a simple will

0:30:35.200 --> 0:30:38.240
<v Speaker 16>the value of bold, for example, or another asset class

0:30:38.920 --> 0:30:41.240
<v Speaker 16>cross a certain benchmark and it's going to be a

0:30:41.320 --> 0:30:44.040
<v Speaker 16>yes or no and go from there. But you can

0:30:44.120 --> 0:30:49.280
<v Speaker 16>also extend that to as you mentioned politics. Eventually sports

0:30:49.320 --> 0:30:53.760
<v Speaker 16>will be another very big potential asset class that can

0:30:53.840 --> 0:30:57.600
<v Speaker 16>expand there's questions around regulation of how that might work.

0:30:57.840 --> 0:31:02.440
<v Speaker 16>But if you have companies like earlier we saw CME,

0:31:02.560 --> 0:31:06.560
<v Speaker 16>the largest derivatives exchange based in Chicago. They're partnering with

0:31:06.680 --> 0:31:10.280
<v Speaker 16>fan Duel. Everyone is racing to partner up, so I

0:31:10.360 --> 0:31:12.920
<v Speaker 16>expect to see many more deals like this that will

0:31:12.920 --> 0:31:17.640
<v Speaker 16>indicate where the future of exchange operators are going what a.

0:31:17.600 --> 0:31:21.200
<v Speaker 3>Difference year or so, Mikes, because you mentioned regulation and

0:31:21.280 --> 0:31:24.000
<v Speaker 3>there is a much more favorable regulatory environment. I mean, look,

0:31:24.040 --> 0:31:26.680
<v Speaker 3>Poni Marcus coming back to the US and previously not

0:31:26.680 --> 0:31:27.880
<v Speaker 3>been allowed to be here. That's right.

0:31:27.920 --> 0:31:31.280
<v Speaker 16>In twenty twenty two, this was a company that was

0:31:31.720 --> 0:31:35.120
<v Speaker 16>shunned away from the US marketplace. They kept many of

0:31:35.160 --> 0:31:39.040
<v Speaker 16>their users, but they couldn't embrace us in the way

0:31:39.080 --> 0:31:42.360
<v Speaker 16>that they wanted to. And now flash forward to today,

0:31:42.600 --> 0:31:46.600
<v Speaker 16>They've bought a derivatives operator that was very It was

0:31:46.640 --> 0:31:49.720
<v Speaker 16>not well known, but it basically was a path forward

0:31:49.720 --> 0:31:52.640
<v Speaker 16>to them to re enter the US marketplace. They have

0:31:52.720 --> 0:31:56.560
<v Speaker 16>regulators that they're working with. Just a few days ago,

0:31:56.880 --> 0:32:01.360
<v Speaker 16>we had companies like Ice and Polymarket, the executives going

0:32:01.400 --> 0:32:04.760
<v Speaker 16>to DC and speaking with the SEC and the CFTC.

0:32:04.880 --> 0:32:10.000
<v Speaker 16>These are the regulators of the main, the largest marketplaces

0:32:10.000 --> 0:32:13.880
<v Speaker 16>when you think about equities options, and now we're going

0:32:13.880 --> 0:32:18.040
<v Speaker 16>to see prediction markets potentially come under those same regulators.

0:32:18.320 --> 0:32:21.240
<v Speaker 16>So we see a lot of partnering up. We see

0:32:21.280 --> 0:32:25.640
<v Speaker 16>a path forward of innovation and really an embrace of

0:32:25.960 --> 0:32:29.320
<v Speaker 16>the crypto native firms like a Polymarket.

0:32:29.680 --> 0:32:33.040
<v Speaker 2>Bloomer's Cafine Dougherty, thank you very much. Okay, more to

0:32:33.080 --> 0:32:35.720
<v Speaker 2>come next on open ai. We'll be right back. This

0:32:35.800 --> 0:32:51.640
<v Speaker 2>is Bloomberg Tech. Open ai is announced blockbuster deals with

0:32:51.680 --> 0:32:55.040
<v Speaker 2>AMD and Nnvidia to build out data centers that combined

0:32:55.080 --> 0:32:58.080
<v Speaker 2>would have more than enough electricity to power New York

0:32:58.160 --> 0:33:01.080
<v Speaker 2>City a peak demand open Air as chief operating off

0:33:01.080 --> 0:33:03.880
<v Speaker 2>to brad Lightcap explain why the company is going so

0:33:04.040 --> 0:33:05.440
<v Speaker 2>big on infrastructure.

0:33:05.600 --> 0:33:09.080
<v Speaker 14>We are tremendously compute constrained. It feels like we're in

0:33:09.120 --> 0:33:11.400
<v Speaker 14>this kind of recurring theme of being compute constrained. And

0:33:11.680 --> 0:33:13.480
<v Speaker 14>I think the reason for that is the answer to

0:33:13.520 --> 0:33:15.040
<v Speaker 14>the question you ask, which is demand.

0:33:15.320 --> 0:33:16.240
<v Speaker 4>Right, we see.

0:33:16.040 --> 0:33:19.000
<v Speaker 14>There are multiples of demand that are lateent and untapped

0:33:19.840 --> 0:33:22.800
<v Speaker 14>from what we have today. And even today, obviously by

0:33:22.840 --> 0:33:26.520
<v Speaker 14>any standard, demand in revenue growth has been torrid in

0:33:27.040 --> 0:33:29.880
<v Speaker 14>its pace, and so really we have to invest ahead

0:33:29.880 --> 0:33:31.160
<v Speaker 14>of that. And I think that's going to be the

0:33:31.200 --> 0:33:33.080
<v Speaker 14>rate limitter for us to be able to go capture

0:33:33.240 --> 0:33:35.959
<v Speaker 14>a demand, whether it's consumer or enterprise, and for us

0:33:35.960 --> 0:33:38.920
<v Speaker 14>to be able to build new models, paralyze more experiences,

0:33:39.000 --> 0:33:42.200
<v Speaker 14>more product experiences, and then enable users specifically to be

0:33:42.200 --> 0:33:45.080
<v Speaker 14>able to use those products more actively.

0:33:45.240 --> 0:33:46.080
<v Speaker 4>In their daily life.

0:33:46.080 --> 0:33:48.680
<v Speaker 14>At work and at home, and so you know, even

0:33:48.720 --> 0:33:51.240
<v Speaker 14>things like Sora, the app we just launched. We wish

0:33:51.280 --> 0:33:54.120
<v Speaker 14>we could invite more people onto it now, but we

0:33:54.160 --> 0:33:56.719
<v Speaker 14>just need more compute. So the AMD deal we're excited

0:33:56.760 --> 0:34:00.520
<v Speaker 14>about being you know, directionally a way.

0:34:00.400 --> 0:34:03.040
<v Speaker 4>For us to do that. I've got to ask about

0:34:03.040 --> 0:34:03.960
<v Speaker 4>the report that.

0:34:03.960 --> 0:34:07.720
<v Speaker 2>Open AI closed secondary or the ability for employees to

0:34:07.720 --> 0:34:10.799
<v Speaker 2>sell shares at a five hundred billion dollar valuation. I

0:34:10.840 --> 0:34:13.080
<v Speaker 2>already asked you this question, but what is the metric

0:34:13.320 --> 0:34:16.040
<v Speaker 2>we're supposed to judge your success by the five hundred

0:34:16.080 --> 0:34:20.520
<v Speaker 2>billion dollar valuation? The six billion tokens per minute? To you, Brad,

0:34:20.520 --> 0:34:20.960
<v Speaker 2>what is it?

0:34:21.680 --> 0:34:21.920
<v Speaker 15>For me?

0:34:21.960 --> 0:34:26.840
<v Speaker 14>It's it's actually kind of a metric that we talked about.

0:34:26.840 --> 0:34:27.720
<v Speaker 4>Is tokens.

0:34:27.840 --> 0:34:32.440
<v Speaker 14>It's you mentioned six billion tokens per minute on our API.

0:34:33.120 --> 0:34:35.720
<v Speaker 4>That is the purest for me, the kind of essence

0:34:35.800 --> 0:34:38.040
<v Speaker 4>of utility is that consumption metric.

0:34:38.120 --> 0:34:41.919
<v Speaker 14>And so we've actively tracked that metric to see how

0:34:41.920 --> 0:34:44.960
<v Speaker 14>people's consumption of AI is growing over time. And you

0:34:45.040 --> 0:34:48.240
<v Speaker 14>see this happen in amazing ways. So things like Codex,

0:34:48.239 --> 0:34:51.560
<v Speaker 14>for example, we've seen grow ten x since August purely

0:34:51.600 --> 0:34:55.080
<v Speaker 14>on consumption of tokens around coding and you start to

0:34:55.080 --> 0:34:58.040
<v Speaker 14>see that same pattern emerge across multiple lanes of use

0:34:58.200 --> 0:35:00.600
<v Speaker 14>and across multiple areas of work. And that's the metric

0:35:00.640 --> 0:35:02.480
<v Speaker 14>I look at because if that number is going up

0:35:02.480 --> 0:35:04.600
<v Speaker 14>and these people are using us for more things, and that's.

0:35:04.440 --> 0:35:05.080
<v Speaker 4>The ultimate goal.

0:35:05.920 --> 0:35:09.480
<v Speaker 3>Open Aiico brad lightcap there and it is all about use.

0:35:09.880 --> 0:35:11.320
<v Speaker 3>And we got a lot of that news out of

0:35:11.360 --> 0:35:14.359
<v Speaker 3>open aistaf day. Let's down on attention to Blomberg's Rachel

0:35:14.400 --> 0:35:17.839
<v Speaker 3>mets and look, there is a lot of crossover here

0:35:17.880 --> 0:35:20.759
<v Speaker 3>of other technologies being into what twined really with the

0:35:20.840 --> 0:35:21.880
<v Speaker 3>chat gipt offering.

0:35:23.239 --> 0:35:24.120
<v Speaker 4>Yeah, exactly.

0:35:24.200 --> 0:35:28.200
<v Speaker 17>I mean just yesterday at the company's developer event, we

0:35:28.239 --> 0:35:31.120
<v Speaker 17>saw the company trying to bring in lots of different

0:35:31.160 --> 0:35:35.040
<v Speaker 17>companies applications like Zilo for instance, and you would use

0:35:35.080 --> 0:35:38.200
<v Speaker 17>it within chat GBT, and a number of other companies

0:35:38.239 --> 0:35:41.279
<v Speaker 17>as well have been building these apps and Opening I

0:35:41.360 --> 0:35:44.279
<v Speaker 17>wants all kinds of people to build these apps, and

0:35:44.880 --> 0:35:47.840
<v Speaker 17>they want to make chat gbt more of a I

0:35:47.840 --> 0:35:49.600
<v Speaker 17>guess like more of a starting point and more of

0:35:49.640 --> 0:35:52.919
<v Speaker 17>an operating system almost for a lot of different kinds

0:35:52.920 --> 0:35:56.080
<v Speaker 17>of computing things that you would normally do perhaps on

0:35:56.120 --> 0:35:58.799
<v Speaker 17>your other apps on your phone or would go straight

0:35:58.840 --> 0:36:02.160
<v Speaker 17>to a website for things like that, and like Brad said,

0:36:02.840 --> 0:36:05.320
<v Speaker 17>that will take a lot of competing power.

0:36:06.840 --> 0:36:09.520
<v Speaker 2>Rachel sam Altman and other executives took about an hour

0:36:09.600 --> 0:36:11.759
<v Speaker 2>of questions from us. You and I were hanging out

0:36:11.800 --> 0:36:14.480
<v Speaker 2>in the afternoon of dev day. There was like lots

0:36:14.480 --> 0:36:16.520
<v Speaker 2>of other news. You know, it could be the eight

0:36:16.640 --> 0:36:19.200
<v Speaker 2>hundred million weekly users. What jumped out to you? What

0:36:19.320 --> 0:36:23.200
<v Speaker 2>is it you think moved the needle, if anything, I thought.

0:36:23.000 --> 0:36:27.839
<v Speaker 17>That this that eight hundred million weekly user. I mean

0:36:27.840 --> 0:36:30.040
<v Speaker 17>it was almost kind of just like mentioned as you know,

0:36:30.160 --> 0:36:32.319
<v Speaker 17>like one of a number of things. I feel like

0:36:32.360 --> 0:36:35.000
<v Speaker 17>that's really significant milestone, and it seems to have been

0:36:35.040 --> 0:36:38.000
<v Speaker 17>achieved really quickly. And I think it's just a really

0:36:38.080 --> 0:36:42.040
<v Speaker 17>putting a big signpost on the idea that CHADGBT has

0:36:42.760 --> 0:36:46.040
<v Speaker 17>just kept going. As such, it's a machine that's really

0:36:46.080 --> 0:36:48.880
<v Speaker 17>gone faster and faster and faster since it was launched

0:36:48.960 --> 0:36:52.840
<v Speaker 17>in late twenty twenty two. This is as Nick Turley,

0:36:52.880 --> 0:36:56.360
<v Speaker 17>who's the head of chad GBT said about almost a

0:36:56.520 --> 0:36:58.480
<v Speaker 17>tenth of the world's population. I mean, that is a

0:36:58.600 --> 0:37:00.879
<v Speaker 17>huge amount of adoption to have, and I think it's

0:37:00.920 --> 0:37:03.600
<v Speaker 17>really important to think about everything the company does through

0:37:03.600 --> 0:37:04.120
<v Speaker 17>that lens

0:37:04.560 --> 0:37:07.080
<v Speaker 3>Ludeberg Rachel mets, fantastic to have you