Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: From the heart of.
Speaker 3: Where innovation, money and power collide in Silicon Valley and beyond.
Speaker 4: This is Bloomberg Technology with Caroline Hyde.
Speaker 5: And Ed Ludlow.
Speaker 3: Welcome to a special edition of BlueBag Technology. I'm Caroline Hyde.
Speaker 3: Right here in Las Vegas. We are live from the
Speaker 3: human x AI conference and we're going to be talking
Speaker 3: to some of the biggest industry leaders and decision makers
Speaker 3: in the AI space throughout this next hour. As you
Speaker 3: can see, a key lineup of expertise. But let's move
Speaker 3: on to also the discussion of how the public markets
Speaker 3: feed into the private markets. How does one think about
Speaker 3: the startup space as we contend with this growth anxiety,
Speaker 3: as we contend with tariff anxiety. Let's bring in Alfred
Speaker 3: Lynn Squire Capital Partners, someone who thinks about seed about
Speaker 3: early stage investment, has been at the forefront of artificial
Speaker 3: intelligence investment before many others. And Alfred, look, how does
Speaker 3: the public market feed into the private market from your
Speaker 3: perspective right now?
Speaker 5: Well, Caroline, thank you for having me on the show.
Speaker 6: This is a great honor to be here, you know,
Speaker 6: to answer your question directly, We just think about building
Speaker 6: great companies and partnering with great founders and helping them
Speaker 6: from idea to IPO and beyond. And so in terms
Speaker 6: of thinking about the public markets, we just think about
Speaker 6: much much longer term. We work with founders at the
Speaker 6: idea stage in a y in a decade, that company
Speaker 6: can then be worth one to ten million dollars in
Speaker 6: two decades. It could be worth ten to one hundred
Speaker 6: billion dollars in three decades, like in for invidious case,
Speaker 6: in Google's case, in Apple's case that we backed very
Speaker 6: early on, they become potentially a trilling dollar company. And so, yes,
Speaker 6: markets can go up and down, there might be you know,
Speaker 6: sort of bumps in the road, but I would just
Speaker 6: encourage your viewers to think about the long long term
Speaker 6: and when you're behind a megatrends such as AI, it
Speaker 6: can last for a long, long period of time.
Speaker 3: That megatren needs infrastructure and it needs electricity and power.
Speaker 3: That's one of the key anxieties of Andy Jesse, for example,
Speaker 3: at Amazon saying his constraint on AWS is power. Is
Speaker 3: it something that your ceo is are contending with how
Speaker 3: to ultimately sustain their growth paths?
Speaker 6: I think it's something that they think about, and it's
Speaker 6: something that we need to work on, and there are
Speaker 6: a lot of great minds working on it. It's not
Speaker 6: something that I'm an expert in, but you're right. Power
Speaker 6: is something that we need in data centers, and the
Speaker 6: bigger the data centers we've built, the more powerful the
Speaker 6: models we've been able to build, the more powerful the applications,
Speaker 6: and so I'm sure we'll get solved.
Speaker 3: Also interesting is, of course you mentioned how Sequoia was
Speaker 3: early into Jensen Huang's vision for AI. You're now thinking
Speaker 3: about not just sort of moving away from lllms, we're
Speaker 3: going into application layers, and we're also going into physics.
Speaker 3: I know that that's really important to you at the moment,
Speaker 3: the application of robotics. Where is the next growth story
Speaker 3: in this long term mega trend?
Speaker 6: Well, I think they're uh, let's break this up. I
Speaker 6: think s there's still lots to do in the foundation
Speaker 6: layer model.
Speaker 5: They're not done. These companies like open.
Speaker 6: Ai that we backed UH early on, they're still continuing
Speaker 6: to build a foundation model layer that allows the application
Speaker 6: founders to build applications that we've not seen before. And
Speaker 6: we will continue to see UH innovation there will you
Speaker 6: continue to.
Speaker 2: See private rounds for those sorts of companies.
Speaker 3: Is there ever a point in which they've just raised
Speaker 3: too much money in the private markets?
Speaker 5: It c It goes up and down.
Speaker 6: But the p the point is that over time these
Speaker 6: companies are always surprising us in the long run on
Speaker 6: what they're capable of doing. Sure, in the short term
Speaker 6: they may uh surprise us in the I and technology
Speaker 6: tends to surprise us in the opposite direction, but in
Speaker 6: the long run it always surprises us in the positive direction.
Speaker 6: And in in terms of many of the companies who
Speaker 6: work with, they're just providing automation to.
Speaker 5: A lot of work flows today. That's what we see today.
Speaker 6: So companies that we work with, such as Clay, they're
Speaker 6: trying to help salespeople with their leads and autoutomatically enriching
Speaker 6: their leads so that the salespeople can focus on actually
Speaker 6: growing their business and contacting the right leads. And with
Speaker 6: Khmure or their ambient scribe is helping doctors focus on
Speaker 6: care not the administrative work. They listen in the background,
Speaker 6: take notes, and yes they take the notes. It seems
Speaker 6: like something small, but then once you take the notes,
Speaker 6: they can code the medical codes properly for insurance claims,
Speaker 6: and that just allows the doctors to focus on care.
Speaker 6: And we're going to see more and more innovation because
Speaker 6: we are left to do some of the more interesting
Speaker 6: things that humans do better than machines.
Speaker 3: So you're looking at still LMS still then looking at
Speaker 3: the application there. What's been interesting is we have had
Speaker 3: this fomo feel in still in the latest alumni from
Speaker 3: open ai going up and starting their own company at Ilia,
Speaker 3: for example, potentially raise get thirty billion dollars without even
Speaker 3: really a product out there or any revenue stream.
Speaker 2: Would you still back him at that sort of valuation?
Speaker 2: Are you doing following an investment?
Speaker 6: I think the interesting thing is if you think that
Speaker 6: something could be worth a trillion dollars, whether it's what
Speaker 6: you the entry price today is important, but not as
Speaker 6: relevant as what you think the order of magnitude is
Speaker 6: in the future. And I think the order of magnitude
Speaker 6: that we think about today will surprise us in the
Speaker 6: long run.
Speaker 5: Don't forget a decade ago.
Speaker 6: Two decades ago, we didn't think a trillion dollar company
Speaker 6: as possible. If you compound what trillion dollars twenty percent
Speaker 6: a year of a year for the next decade, we
Speaker 6: will have ten twenty trillion dollar companies. So you know,
Speaker 6: you just have to think about the order of magnitude
Speaker 6: that is possible and we need to change our mindspace
Speaker 6: around that.
Speaker 3: Help change our mind space because you have been seeing
Speaker 3: around these corners longer than nearly anyone. How can you
Speaker 3: see that earlier is someone to back? How can you
Speaker 3: see that a founder is in an indel you want
Speaker 3: to see the vision of and think.
Speaker 2: That they get to build a trillion on a company.
Speaker 7: Yeah.
Speaker 6: I think that it comes down to the founders. And
Speaker 6: we've been very good at picking founders that are known
Speaker 6: by their first names. Jensen at Nvidio, that Steve ad Apple,
Speaker 6: Larry at Google, Sam.
Speaker 5: And Sam and open Ai.
Speaker 6: And today's founders are Ilia and Brian at Airbnb and
Speaker 6: Tony at geor Dash and the list goes on and on.
Speaker 6: So these founders are special because they have a vision
Speaker 6: of the world that the world has viewed, the world
Speaker 6: has sorry, the world has solved a problem incorrectly, and
Speaker 6: they want to go change it. Yeah, and we get
Speaker 6: the front row seat to see how they want to
Speaker 6: go change the future.
Speaker 2: Is Mara going to be a name that we know
Speaker 2: and one that you're gonna.
Speaker 5: Allow you already know.
Speaker 2: Are you backing her?
Speaker 3: We're talking to her, You're talking to Merrett, You're talking
Speaker 3: to Ilia on his latest funding round.
Speaker 5: Where are investor is in LA's company?
Speaker 2: I know do follow on because he's building something a
Speaker 2: big vision.
Speaker 5: We'll consider that too.
Speaker 3: Tell us about the thesis when it comes to llms
Speaker 3: and then application layers and then the robotics and physical AI.
Speaker 3: What for you is going to be pushing us forward
Speaker 3: in terms of the next situation of value coming from
Speaker 3: these companies going to Are we getting to the stage
Speaker 3: that they will see one trillion across all of those spaces?
Speaker 5: Do you think I believe that's to be true.
Speaker 6: And if you sort of go back in time, when
Speaker 6: I started my career, we thought that all the value
Speaker 6: will accrue to the software layer. That's why we invest
Speaker 6: in software companies. Yeah, but over today the Magnificent seven,
Speaker 6: all of them are both hardware and software companies, and
Speaker 6: some of them in the physical world. I think the
Speaker 6: physical world is going to be the next boundary that
Speaker 6: we're going to break, which is why I'm very excited
Speaker 6: to be here with Brad Porter from Collaborative robotics.
Speaker 3: And it's interesting, of course you backed Xai when it
Speaker 3: comes to AI. Elon himself busy looking at robotics from
Speaker 3: his Tesla perspective as well. How are you thinking about
Speaker 3: who wins in the robotics space? They're gonna be countless
Speaker 3: winners and applications.
Speaker 6: As you know that there are many many winners, Uh
Speaker 6: when there when there's a megatron, and so I believe
Speaker 6: they're gonna be many winners and robotics. And yes, Tesla's
Speaker 6: building robots. They were building cars before. They also build software.
Speaker 6: And Elon Uh is someone that we back across a
Speaker 6: variety of companies such as SpaceX and Boring Company, and
Speaker 6: the physical world is something that we will continue to
Speaker 6: attack and make progress over the coming years.
Speaker 3: How frustrating or how illuminating is it when your founders
Speaker 3: are having arguments in public like Sam versus Elon?
Speaker 2: Does that bother you?
Speaker 6: That's you can ask them that those questions. But no
Speaker 6: founders have Uh a particular view of the world and
Speaker 6: they like to be they like to express those views.
Speaker 5: So it's good.
Speaker 6: That people sort of talk about what they believe and
Speaker 6: how they're going to change the world through that and
Speaker 6: I believe the discussion is always the positive thing.
Speaker 2: Who and where are they going to be from?
Speaker 3: Is changing the world at this moment when you think
Speaker 3: about China versus.
Speaker 2: The US deep Seek.
Speaker 3: You wrote a very thoughtful blog about the impact of
Speaker 3: deep seek and the opportunities for learning from these powerful
Speaker 3: generative AI models that come and the innovation and the
Speaker 3: data and the efficiencies we're going to see. Are we
Speaker 3: going to see a so called winners on either side
Speaker 3: and around the world.
Speaker 6: Well, I believe in humanity instead of one country over
Speaker 6: the other. I am an immigrant to this country, and
Speaker 6: I believe that the way we operate and build businesses
Speaker 6: here is much more innovative. And so I'm rooting for
Speaker 6: the United States, but more but even more than I'm
Speaker 6: rooting for humanity to continue to progress. And the more
Speaker 6: progress we make here, the more progress the people in
Speaker 6: China want to make, And the more progress they make there,
Speaker 6: the more we want to continue to make progress. And
Speaker 6: so that just is the thing that I'm I'm most
Speaker 6: focused on, which is we're going to just make each
Speaker 6: other better at Competition.
Speaker 5: Has always made us better.
Speaker 6: And I believe in the United States and its ability
Speaker 6: and it's free society to do things in much more
Speaker 6: innovative ways than almost any other country in the world.
Speaker 6: It's our innovation, it's our free spirit, and it's also
Speaker 6: our capital markets. You think about our place in the world.
Speaker 6: We have what approximately four percent of the world's population,
Speaker 6: but we have a disproportionate number of the amazing companies,
Speaker 6: the most valuable companies in the world. We have a
Speaker 6: disproportionate amount of capital that we have and control.
Speaker 5: And are able to invest.
Speaker 6: This is why your viewers listen to you and this show,
Speaker 6: because Bloomberg is the place where a lot of information
Speaker 6: about capital is talked about.
Speaker 3: Alphad thanks that they're listening to you, and they're listening
Speaker 3: to thinking about how the money comes back ultimately to
Speaker 3: your LPs, and it's going to be about exits. How
Speaker 3: are you thinking about the IPA market? How you think
Speaker 3: about M and A. Boy, we just had service now
Speaker 3: move works. M and A is still getting done.
Speaker 6: Yeah, So I think that that's a great question shown
Speaker 6: lots of people ask that, but I just want to
Speaker 6: emphasize that at SAKO, over the last five years, we've
Speaker 6: distributed over forty three billion dollars back to our LPs,
Speaker 6: and so this is a business that, if done right,
Speaker 6: can generate a lot of returns for elimited partners. On
Speaker 6: top of that, I just kind of tell our founders
Speaker 6: it doesn't matter what's going on in the public markets
Speaker 6: or in the M and A markets, just focus on
Speaker 6: building a long term great business. If you do that,
Speaker 6: as did Tony at Door to Ash and Brian at
Speaker 6: Airbnb and many others are doing today, you.
Speaker 5: Will always have options.
Speaker 6: And that option may come in at M and A,
Speaker 6: that option may come in IPO.
Speaker 5: I would contend that the IPO.
Speaker 6: Market is always open for great companies.
Speaker 3: What's interesting is we first saw AI come into existence
Speaker 3: almost in a not for profit mentality, and now we
Speaker 3: think open AI thinking about trying to restructure and become
Speaker 3: a for profit entity more clearly.
Speaker 2: Is that something that you back, that.
Speaker 3: You support, that you want to see clearer division of
Speaker 3: for profit and not.
Speaker 4: I think that.
Speaker 6: I think if you go back in history, AI has
Speaker 6: existed for way longer than what you're talking about, which
Speaker 6: is open AI. I mean, the j Jensen was building
Speaker 6: GPUs way longer than what we're talking about today. And
Speaker 6: the first uh, the first set of applications that we're
Speaker 6: that were AI applications were something like AdWords that Google built,
Speaker 6: or trading platforms that many of your viewers and that
Speaker 6: work at large institutions have been using. Those who were
Speaker 6: called machine learning. We just changed that term for profit nonprofit.
Speaker 6: Those are just structures for accomplishing what the mission of
Speaker 6: the company wants to do.
Speaker 5: And I'm supportive of whatever.
Speaker 6: The right model is to do that. But as an investor,
Speaker 6: I want to make sure that the equity that we
Speaker 6: invest in has appreciation and that's that's that's separate from
Speaker 6: the mission.
Speaker 3: Well, you have an extraordinary realm of portfolio companies. You
Speaker 3: sit on some amazing board Citadel Securities among them, as
Speaker 3: well as ABNB as you say, and you had a
Speaker 3: long history of being a founder and a builder yourself.
Speaker 3: Alfred Lynn, we thank you so much from Sequoia Capital
Speaker 3: once we return. Now they're the private markets and people
Speaker 3: building within that space. Mayhobib is a key founder, CEO
Speaker 3: and indeed the co founder of Writer Generative AI platform
Speaker 3: for the enterprise.
Speaker 2: And I've got to.
Speaker 3: Ask at this time, May, when you're really seeing the
Speaker 3: growth accelerate for your business, when you're seeing more and
Speaker 3: more fortune five hundred businesses want to work with you.
Speaker 3: What are these CEOs telling you about the landscape, about
Speaker 3: anxiety about putting money into generative AI when they don't
Speaker 3: know when the next tariff is hitting.
Speaker 8: Yeah, there's no question that selling generative I in the
Speaker 8: enterprise right now has to be an ROI first story.
Speaker 8: Because these are the same CEOs who are telling the
Speaker 8: street that they're cutting op X and you know they're
Speaker 8: trimming down their teams. So it really puts a big
Speaker 8: focus on the kind of return. And the reality is
Speaker 8: actually said it a couple weekends ago. Right there has
Speaker 8: never been such a big gulf between what technology can
Speaker 8: do and then what's actually happening inside of the enterprise.
Speaker 8: We've got a survey coming out for Fortune five hundred execs.
Speaker 8: Seventy one percent are saying that their generative AI efforts have.
Speaker 2: Been very disappointing, very disappointing.
Speaker 8: And so you know, it absolutely is a big thing.
Speaker 2: Why is it disappointing?
Speaker 3: Why is it so hard to bring this once in
Speaker 3: a lifetime AI exuberance.
Speaker 2: To bear on your productivity?
Speaker 8: I think we are bringing knives to knives to a
Speaker 8: gunfight when it comes to actually building with generative AI.
Speaker 8: People are taking these really long kind of software development cycles,
Speaker 8: and it is taking these projects to the business, and
Speaker 8: business is saying this is not really good enough to
Speaker 8: actually write benefit my work. So we take a very
Speaker 8: different approach. Writer is purpose built for that kind of
Speaker 8: collaboration you need between the business and it to actually
Speaker 8: deliver generative AI projects and applications and agents that work
Speaker 8: for the business.
Speaker 2: So it's sort of legacy software is the issue here.
Speaker 8: So it's it's the legacy tooling of building right these
Speaker 8: these products, and so the lms are very very powerful
Speaker 8: that you need to wrap it with data, with workflow,
Speaker 8: with no how and that's just not happening right now
Speaker 8: and most IT departments in the enterprise.
Speaker 2: So help measure your success.
Speaker 3: How you articulating to those you're going out in pitch
Speaker 3: and saying you will get ROI with us.
Speaker 8: It's a very solution oriented approach. So you know, we're
Speaker 8: not talking about, hey, buy a full stack platform by
Speaker 8: our amazing lllms, look at us, how great we are.
Speaker 8: We're talking about actual end user productivity and end user
Speaker 8: use cases. So it's very solution oriented.
Speaker 3: What's also interesting is you've set yourself apart from a
Speaker 3: pretty crowded field. I'm going to say, like AGENTICKI and
Speaker 3: generative AI and the workplace and enterprise seems to be
Speaker 3: everyone's Lexican right now. But you're coming at it from look,
Speaker 3: we do something very different with the type of data
Speaker 3: we're using and the type of model building that we're
Speaker 3: going through. You're almost saying like, actually, you don't look
Speaker 3: at a reasoning model, look at our type of model.
Speaker 2: What is your type of model?
Speaker 8: Yeah, I mean, look at this exhibition floor. It's literally
Speaker 8: hundreds and hundreds of startups and it's such an exciting opportunity.
Speaker 8: But when it comes to the enterprise, they are looking
Speaker 8: at the vendors that they trust, the ones.
Speaker 2: That already have their data.
Speaker 8: But yesterday I was with a CIO of a fortune
Speaker 8: five hundred company where to hire an employee, they need
Speaker 8: to touch one hundred systems, only ten fifteen of them
Speaker 8: might be a service now application. Right, So we kind
Speaker 8: of see ourselves as that Switzerland that ties together a
Speaker 8: lot of disparate systems. They when it comes to building
Speaker 8: these agentic applications, and it really is that bringing together
Speaker 8: structured and unstructured data together to build the toolings.
Speaker 3: But when we had Jensen Wang come out with his
Speaker 3: latest earnings. He tried to paint the vision of a
Speaker 3: new scaling law that's here because of reasoning models. But
Speaker 3: you're actually taking issue with reasoning models in the general
Speaker 3: of AI application right now, you think that self evolving
Speaker 3: models is.
Speaker 2: Where we should go. Okny, articulate what that is?
Speaker 8: Yeah, I mean I love Jensen and he just wants
Speaker 8: more tokens, right, And he's absolutely right right in the
Speaker 8: spirit of what he's saying, which is the revolution is
Speaker 8: just getting started.
Speaker 2: Right, The vast.
Speaker 8: Majority of enterprises are still not benefiting from AI, So
Speaker 8: imagine what's going to happen once they do. Right when
Speaker 8: it comes to the actual LMS, Right, what we're saying
Speaker 8: is the path to superintelligence is through self evolving models.
Speaker 8: Models that can update their training data in real time
Speaker 8: in response to making a mistake and then getting nudged.
Speaker 2: By a user. You didn't get our process right, right.
Speaker 8: If we need to go out and retrain or fine
Speaker 8: tune or you know, rebuild a RAG pipeline every time
Speaker 8: a model is wrong, we are never going to get
Speaker 8: to the kind of superintelligence that's possible.
Speaker 3: What about the talent that's needed at the moment, We've
Speaker 3: got a new administration that seems to be cutting funding
Speaker 3: for science in the United States, for universities and next
Speaker 3: level education.
Speaker 2: Is that something that worries you? Or is talent still rich?
Speaker 8: I mean, talent is a struggle no matter you know
Speaker 8: what the political environment. We just opened up our London
Speaker 8: and Singapore offices for exactly this reason, to be able
Speaker 8: to hire outside of the United States. Most of our
Speaker 8: four hundred employees are here, but as we look to
Speaker 8: double over the next year, we.
Speaker 3: Are definitely going to be growing internationally. What about inorganic
Speaker 3: versus organic? Every time you come on, I say, whoever
Speaker 3: startups you're looking at, what other aqua hyers can you do?
Speaker 2: Is it still rich pickings for you to buy other businesses?
Speaker 8: There are literally hundreds of startups that are doing really,
Speaker 8: really exciting things. They are finding it difficult to sell
Speaker 8: into the enterprise. We have kind of risen above the noise,
Speaker 8: and so there have been, you know, some really interesting
Speaker 8: things that we're looking at as bolt on acquisitions to
Speaker 8: the Writer platform.
Speaker 3: Come on when you can announce some of them, maybe,
Speaker 3: but it's always great to catch up with her, the
Speaker 3: CEO of Writer. Now let's return to where we're going next.
Speaker 3: Much more to expect from Human x conference, but in
Speaker 3: the interim it looks for happened to Oracle shares after
Speaker 3: they had their numbers after the bell yesterday, there was
Speaker 3: disappointment that eight percent revenue growth that was hopeful was
Speaker 3: not quite matched.
Speaker 2: We're off by five percent.
Speaker 3: They did say, look next fiscal year, the year after that,
Speaker 3: we can have seen fifteen percent twenty percent revenue growth.
Speaker 3: But in the here and now the disappoint in terms
Speaker 3: of cloud infrastructure demand and sales return. From Las Vegas,
Speaker 3: this is Bloom their technology. Welcome back to a special
Speaker 3: edition of Blue meg Technology.
Speaker 2: I'm Karen Hyde in Las Vegas.
Speaker 3: We're live at the human x AI conference, and we
Speaker 3: are keeping arest what's happening in public markets because after
Speaker 3: the biggest sell off for the Nazak one hundred yesterday
Speaker 3: in it since twenty twenty two, we want to see
Speaker 3: what the Magnificent seven is up to. We're currently bouncing
Speaker 3: around up now four tens percent, but this is not
Speaker 3: the sort of bounce back that we anticipated after the
Speaker 3: hard sell off of yesterday. Their anxiety is still there
Speaker 3: when it comes to US growth, tariff pressure and the
Speaker 3: latest that are being imposed, of course on Canadian goods.
Speaker 3: Let's talk about what it means for the private sector.
Speaker 3: Vibes and Rachel Metz is here in Las Vegas, lock.
Speaker 3: This is one of the biggest artificial intelligence gatherings.
Speaker 2: Are they feeling exuberant?
Speaker 3: Are they worried about what's happening in the public markets
Speaker 3: and the sell off that we've seen in the likes
Speaker 3: of Nvidia.
Speaker 2: Down a trillion dollars from its highs and market cap.
Speaker 9: I think it's a little bit of both things, right.
Speaker 9: I think people are a little concerned about what's going
Speaker 9: on in the stock market. But frankly, during the time
Speaker 9: that I've been here, I see a lot of people
Speaker 9: excited about AI. I mean, this is a conference has
Speaker 9: not happened before, so people are excited to be here
Speaker 9: to see what's going to happen here. And a lot
Speaker 9: of people probably haven't haven't been together, you know, in
Speaker 9: this space, and it's there are so many people.
Speaker 2: The vibes are i'd say, prely good.
Speaker 3: At this moment because the moon music had been still
Speaker 3: one of Fomo, which is talking with Alfred Lynn about
Speaker 3: how he's stills been with Elia, who's potentially raising at
Speaker 3: thirty billion dollars, the ex open AI alumni who are
Speaker 3: coming out memorialities raising money. We're expecting just these bigger
Speaker 3: and big e valuations with few and fewer products actually
Speaker 3: being offered. People are getting in at such an early stage.
Speaker 3: Is that going to stay with these public market gyrations?
Speaker 2: That is a really good question.
Speaker 9: I think it's a little bit hard to say, but
Speaker 9: it certainly is still the case that you only have
Speaker 9: I think a handful of people that are able to
Speaker 9: command these kinds of value cuations, these amounts of money
Speaker 9: without even saying, look, here's my minimum viable product.
Speaker 2: You know, like Ilia's company in.
Speaker 9: Particular, they have said specifically like we're not gonna show anything,
Speaker 9: We're I can roll anything out until we get to
Speaker 9: this extremely high level of a product.
Speaker 2: So I think you're not gonna have a ton of
Speaker 2: people like that.
Speaker 9: But you're right that people are asking questions about just
Speaker 9: in general, like how much money you should be put
Speaker 9: toward these things, especially if it's not something we've even
Speaker 9: gotten a hint of what is going to be yet.
Speaker 3: You're speaking with international CEOs as well and leaders of
Speaker 3: AI businesses. How are they viewing the US as a
Speaker 3: place to be building right now versus France and Mistral
Speaker 3: or what's happening in the Middle East or in Asia.
Speaker 9: Yeah, I mean, I think people are feeling like it's
Speaker 9: it's not totally clear yet how things are going to
Speaker 9: shake out. I think there's probably a little bit of hesitation.
Speaker 9: But also I'm not sure that anybody is really saying like, oh,
Speaker 9: I'm not going you know, I'm not going to do.
Speaker 2: That right now, and we're not worried about scaling.
Speaker 9: I mean, I think people should certainly be thinking about it,
Speaker 9: and for a variety of reasons. It's getting more and
Speaker 9: more and more expensive to build larger AI models that
Speaker 9: also uses.
Speaker 2: More and more resources.
Speaker 9: So I think you see people thinking about, well, how
Speaker 9: else might we be able to build these things and
Speaker 9: make them both powerful and not en cost effective and
Speaker 9: also decempro the environment.
Speaker 3: Rachel Metz is going on stage very soon.
Speaker 2: We thank you for joining us.
Speaker 3: Welcome back to the special edition of Blomberg Technology. We
Speaker 3: are live from the Human x AI conference in Las Vegas.
Speaker 3: Apple down two point eight percent even as they unveil
Speaker 3: well as Mark German unveils that they're going to be
Speaker 3: bringing us a whole updated operating system across max iPads
Speaker 3: and indeed iPhones come WWDC in June. Not enough to
Speaker 3: settle some of those worries about the Siri implementation with
Speaker 3: AI and indeed what only what's happening with the Google
Speaker 3: DOJ investigation as well? Yesterday it seems as though the
Speaker 3: current DOJ in this current administration still looking at.
Speaker 2: Stopping any flows of money going from Apple, Google to Apple.
Speaker 3: But let's dig into just where the mindset is right now,
Speaker 3: how a CEO is feeling, how HR department's feeling, how's
Speaker 3: the labor force.
Speaker 2: Sarah Franklin is a person to talk about it.
Speaker 3: That's a CEO where it's bringing artificial intelligence within the
Speaker 3: HR spectrum and ultimately helping companies navigate progress within their
Speaker 3: business culture, within their business. But right now I have
Speaker 3: a feeling maybe the AI output is have fewer people.
Speaker 4: I mean, Caroline, we are in a new economy. It
Speaker 4: has transformed from a data economy to an AI economy overnight,
Speaker 4: and you're seeing the questions of like, what does this
Speaker 4: mean for my jobs? What does this mean for my people?
Speaker 4: What does mean for my business? And everything you were
Speaker 4: just talking about as well, How it's in facting public policy, tariffs,
Speaker 4: everything with electricity to fuel the economy. The AI economy
Speaker 4: is real and it's very much about jobs. And at lattice,
Speaker 4: we want to put people at the center and the
Speaker 4: success of people at the center, so that AI can
Speaker 4: be helpful for people powered future.
Speaker 3: And what are you saying that you all one of
Speaker 3: those people of voices who against the grain came out
Speaker 3: and said we are going to have new coworkers and
Speaker 3: they're going to be artificial intelligence. What does that mean
Speaker 3: for disruption of the labor force? What does it mean
Speaker 3: for the ultimate labor full state we get we can
Speaker 3: wake out, which currently is starting to see a little.
Speaker 2: Bit of a bump up in unemployment. Yeah, I mean Caroline.
Speaker 2: In July, we had this vision.
Speaker 4: We saw what was coming with AI and we wanted
Speaker 4: to get ahead of it because we believe that we
Speaker 4: need to put the success of people as a primary.
Speaker 4: How do we help people understand how to work together
Speaker 4: with AI where they are your coworker, and how do
Speaker 4: you manage AI when it's not just about automation, it's
Speaker 4: about autonomy. People need to understand that AI will be
Speaker 4: acting on your behalf, on your brand's behalf on your
Speaker 4: business behalf And so we are head of this and
Speaker 4: we're helping HR leaders be the people that are helping
Speaker 4: their companies bring AI in responsibly so that we can
Speaker 4: make sure that every career, every job that's changing, we
Speaker 4: can put AI into it in a way that helps
Speaker 4: people be successful in the future.
Speaker 3: May have been the writer was just on saying they've
Speaker 3: got a survey coming out showing that at the moment.
Speaker 2: CEOs are really disappointed with.
Speaker 3: Generative AI, with the productivity, lack of gains.
Speaker 2: How are you measuring success?
Speaker 3: How are you starting to show up that it's helping
Speaker 3: in the world of HI.
Speaker 2: Yeah, so this is a thing. This is new.
Speaker 4: This is an unwritten book for us, and people don't
Speaker 4: know what to do.
Speaker 2: People are saying, okay, let me just bring in.
Speaker 4: AI, but then you have blank slate problems or you
Speaker 4: don't really know how to use it. So we need
Speaker 4: to invest in the education, We need to invest in
Speaker 4: the career pathways, we need to invest.
Speaker 2: In how people can be successful.
Speaker 3: CEOs willing to do that in this anxiety ridden market
Speaker 3: where they're just trying to think about the bottom line.
Speaker 1: They're willing to invest in their people CEOs are and
Speaker 1: this is where HR leaders have an opportunity to be
Speaker 1: that rock for them to lean on and for them
Speaker 1: to really go forward and know what to do to
Speaker 1: invest in their people and their performance, because the ultimate
Speaker 1: judge is how performance is your company, and performance companies
Speaker 1: are that way when their people are performant, they're engaged,
Speaker 1: they're passionate, and they know what to do and they.
Speaker 4: Know how to use the tools. You can't just throw
Speaker 4: AI at them. You have to say, this is how
Speaker 4: you're going to use it, and we want to do
Speaker 4: this in a way that puts the people success as
Speaker 4: the primary.
Speaker 2: Look.
Speaker 3: I'm going to ask a kind of uncomfortable question with
Speaker 3: two women sitting here at an AI conference and thinking
Speaker 3: about who generally is in HL departments, But how will
Speaker 3: women adopting it in particular generative AI versus men? How
Speaker 3: is it disrupting women more in the workface so the
Speaker 3: men or is that just a too basic, simplistic idea.
Speaker 4: The truth is we're too early to tell like this
Speaker 4: is all new. What I do love is that it
Speaker 4: is two incredible women here. A big man is that
Speaker 4: women have that curiosity, they have the resilience, they have
Speaker 4: the ability to adapt to change and they say, Okay,
Speaker 4: this is new, let's bring this in and figure out
Speaker 4: how it can help me, how it can help me
Speaker 4: and my team. And having that mindset of how we
Speaker 4: can use this technology to be helpful is the mindset.
Speaker 4: We don't want to just automate people out of work.
Speaker 4: We want to bring people into the future that we're creating.
Speaker 4: And this is a massive responsibility that we all share
Speaker 4: because we can't just create technology for technology's sake.
Speaker 2: We have to create it for the.
Speaker 4: Better of the world and for the better of business
Speaker 4: and for the better of people.
Speaker 2: That will people be ultimated out of work? Jobs are
Speaker 2: going to change.
Speaker 4: It is no question there is a massive reshaping that
Speaker 4: every CEO is on their mind is how do I
Speaker 4: reshape my business? How do I reshape these career pathways?
Speaker 2: How do I put this in there?
Speaker 4: And we don't There's so many questions we don't have
Speaker 4: the answers to and why we need courage in the
Speaker 4: leadership and we need to be responsible, accountable and transparent.
Speaker 2: In the decisions that we're making.
Speaker 4: And that's what Lattice helps all HR leaders do as
Speaker 4: they're bringing AI into the workforce.
Speaker 3: What about your own talent and bringing people into your
Speaker 3: own business at the moment, is it rich pickings? Is
Speaker 3: people we orientate their own businesses. You came from salesforce
Speaker 3: and they're busy trying to get rid of some talent
Speaker 3: to bring in more AI talent?
Speaker 2: Is it face to get hold of the people you need.
Speaker 4: We are hiring at Lattice and we have a great
Speaker 4: talent pool that's coming in and we invest in our people.
Speaker 4: And this is something which I'm proud of as a
Speaker 4: CEO that I know that my company trusts me, and
Speaker 4: I know that they know that I will be transparent
Speaker 4: and accountable to the decisions that we make and yes,
Speaker 4: investing in the people. We need to also as leaders
Speaker 4: invest in ourselves. Like we are not immune to this.
Speaker 4: I mean, who's to say that we'll have AI salespeople
Speaker 4: not or AI CEOs.
Speaker 2: Who knows what the future will be.
Speaker 4: But we all have to embrace this change, and we
Speaker 4: all have to embrace AI in a way that it
Speaker 4: is just a reality. It is in the workforce and
Speaker 4: the question is how do we meet people the primary benefactor?
Speaker 3: What about globally speaking, is there as much adoption and
Speaker 3: willingness to bring it into the HR space in Europe,
Speaker 3: in Asia, is there in the United States.
Speaker 2: You know, again it's early days.
Speaker 4: What I see is from my vantage point as a
Speaker 4: tech CEO, is that the globalization that AI provides us,
Speaker 4: it really helps us to battle the misunderstanding that we
Speaker 4: have when language is a barrier, when culture is a barrier.
Speaker 4: And that's something that I personally am optimistic about is
Speaker 4: if we can use this technology in a way to
Speaker 4: help us collaborate better, remove misunderstanding, understand nuance better.
Speaker 2: And that's something I'm hopeful that.
Speaker 4: Bringing AI into the workforce, it can help us have
Speaker 4: better understanding.
Speaker 3: You've been ranked to one of the falsest growing companies
Speaker 3: private companies out that what is holding back growth at
Speaker 3: the moment. If you could ask anything of the administration
Speaker 3: of the markets, of the environment, what.
Speaker 4: Would it be uncertainty. We are in a very uncertain
Speaker 4: time right now. And so the way that we get
Speaker 4: everyone together and go to growth is by being very
Speaker 4: certain in our pathway and just qualming the fears that
Speaker 4: we are going to eliminate people from all jobs, say
Speaker 4: we are committed to a people powered future and we're
Speaker 4: committed to building your success. Yes, it's a change. It's
Speaker 4: happening fast. We can't be living in that movie. Don't
Speaker 4: look up, you know. We have to know that this
Speaker 4: is going to happen, embrace it, and have the courage
Speaker 4: and the support of each other to together go into
Speaker 4: this future and be responsible, accountable and transparent because trust
Speaker 4: is really the currency of the AI economy.
Speaker 3: Sarah, it's great to catch up with you here. Great
Speaker 3: to have a wonderful time at human X, Sarah Franklin.
Speaker 3: That is CEO here in Las Vegas. The music is
Speaker 3: pumping because we've got a mixture of your foia around
Speaker 3: artificial intelligence. We've also got a healthy dose of anxiety
Speaker 3: around these public markets. Andrew Felman joins us now Cerebra CEO,
Speaker 3: who is in the market of updating ultimately access to compute,
Speaker 3: but the whole new way of thinking about bringing the
Speaker 3: data center to life.
Speaker 2: Andrew, I ask.
Speaker 3: You, in this time where we're worried about an electricity
Speaker 3: state of emergency, you need power for your data centers.
Speaker 3: I know you've got efficient data centres, a whole new
Speaker 3: way of powering that means less power is necessary than
Speaker 3: the usual architecture and GPUs, but does that worry you
Speaker 3: an electricity state of an emergency.
Speaker 10: Look, I think as a nation, we've underinvested in our infrastructure,
Speaker 10: including electricity infrastructure, and AI uses a fair bit of power,
Speaker 10: and even companies like Cerebraus, who have the most efficient
Speaker 10: compute in the.
Speaker 5: Market, we use a fair bit of power.
Speaker 10: And so it's not unreasonable that the administration recognizes that
Speaker 10: power is fundamental. AI is fundamental, and that they have
Speaker 10: taken some steps to I think, to eliminate some of
Speaker 10: the red tape. It takes a long time to bring
Speaker 10: up new power plants and to deliver those to new
Speaker 10: data centers.
Speaker 5: Has it been.
Speaker 2: Holding your growth back on you?
Speaker 3: You've just been deploying in places like Oklahoma City in Montreal,
Speaker 3: But has the power infrastructure.
Speaker 2: Of been an issue?
Speaker 7: Absolutely?
Speaker 10: Where these facilities are and how limited and how scarce
Speaker 10: they are is limiting everybody in the day right now.
Speaker 10: These are hard to find, they're expensive, they're driving up
Speaker 10: the cost of AI. About half of the cost of
Speaker 10: AI is.
Speaker 2: Attributed straight to power.
Speaker 10: And so I think if we can do a better
Speaker 10: job at the infrastructure level than as we provide more
Speaker 10: compute right across the country, we will benefit from from
Speaker 10: AI as its price drops, Well, let's.
Speaker 3: Just remind people of your CS three system. Ultimately, this
Speaker 3: is a way of bringing compute in a different way
Speaker 3: with a much smaller surface area ultimately than usual tech
Speaker 3: stack and the usual center GPUs.
Speaker 2: How is that selling into this narrative?
Speaker 3: How are you able to distinguish yourselves because you need
Speaker 3: less power, because you need less space as well within
Speaker 3: a data center.
Speaker 5: That's right, So we chose a very different strategy.
Speaker 10: We chose to build the world's largest chip chip fifty
Speaker 10: six times larger than any previous chip. That meant we
Speaker 10: had to move less information and that allowed us to
Speaker 10: use less energy. And we are a washing demand and yeah,
Speaker 10: we're buried in demand right now. Well, we just announced
Speaker 10: large customers like Hugging Face, like Alpha Sense, like Perplexity,
Speaker 10: like Mistral. That remember AI is made with training and
Speaker 10: used in inference, and right now everybody wants to use it,
Speaker 10: and so there's tremendous demand for blazing fast, low power
Speaker 10: inference and that's what we're bringing to market right now.
Speaker 3: Mistral a global player over in France. You have had
Speaker 3: a lot of exposure to I mean least and player
Speaker 3: G forty two. How are you changing that exposure because
Speaker 3: there have been some anxiety too dependent on them as
Speaker 3: a customer.
Speaker 10: Well, I think the way you catch three very large
Speaker 10: customers is to begin with one very large customer. And
Speaker 10: we begin with a strategic partnership with G forty two
Speaker 10: and that's been an extraordinary partnership and they've been everything
Speaker 10: we could have hoped for in a partnership. We began
Speaker 10: deploying with them in the US and they through this deployment,
Speaker 10: we proved to the world that we could build some
Speaker 10: of the largest data centers, train some of the largest models,
Speaker 10: and deliver some of the fastest inference in the world.
Speaker 10: And that's opened the door for others, and now we're
Speaker 10: in conversations with the largest players in the world. It's
Speaker 10: that they were a door opener for us and have
Speaker 10: been an excellent partner.
Speaker 3: Is that door wide open when you've got such rules
Speaker 3: as the AI diffusion rule, which potentially limits you selling
Speaker 3: into allies as well as so called adversary countries.
Speaker 10: Look, we've been a big, big proponent and work closely
Speaker 10: with commerce. That's a confusing rule, to be honest, and
Speaker 10: it's if I understand correctly, it's not quite a rule.
Speaker 10: Yet it's a recommendation to be a rule, and it
Speaker 10: will come in in June. I think as a rule,
Speaker 10: I think there are other ways that we could have
Speaker 10: achieved the same goals, but we support would commerce. Department
Speaker 10: of Commerce says, and if that's the path, then that's the.
Speaker 2: Playbook we use.
Speaker 3: Think it will be or do you think that they'll
Speaker 3: navigate away all of it?
Speaker 10: My view is, I think we can achieve the same
Speaker 10: objectives with slightly less intrusive approach, and I hope they
Speaker 10: navigate away. But we weren't asrebrase selling to China long
Speaker 10: before the rules said we couldn't. We thought that was
Speaker 10: the right thing to do, and so we chose to
Speaker 10: follow our ethics.
Speaker 2: So we will do whatever's right.
Speaker 3: How will you do what Seva's right within these public markets, who,
Speaker 3: of course are eyeing an IPO.
Speaker 2: Is now the right time?
Speaker 10: You know? I think there's a lot of things when
Speaker 10: you go public.
Speaker 2: You can't control.
Speaker 10: You can't control what the president says, you can't control sentiment.
Speaker 10: What you can control is how you run your company
Speaker 10: every day. You can build extraordinary technology. You can treat
Speaker 10: your people well so they want to stay. You can
Speaker 10: hire some of the best people from around the world.
Speaker 10: You can deliver and keep your customers extremely happy. These
Speaker 10: are things we can control, and whether you go out
Speaker 10: in a month or a year, those are things I
Speaker 10: think that fall into place if you build an extraordinary business,
Speaker 10: and that's what we can focus.
Speaker 3: You can't control others innovation, we can, and I'm interested
Speaker 3: in the innovation that Deep Set brought and the idea
Speaker 3: that maybe we'll have more and more powerful models and less.
Speaker 2: And less in compute need.
Speaker 3: Where do you are we ultimately just going to scale
Speaker 3: the applications.
Speaker 10: I I think the h that wasn't exactly what Deep
Speaker 10: Deep Seek showed. I I think what deep Sea showed
Speaker 10: was that several hundred people and a fair bit of compute,
Speaker 10: maybe less than others had used, but a lot of
Speaker 10: compute could produce a very interesting result in the open
Speaker 10: source community. So building on the work of others, right
Speaker 10: work could be moved forward, innovations added. And I think
Speaker 10: that the public markets have almost always taken the wrong
Speaker 10: first step when the cost of compute comes down, right,
Speaker 10: the cost of When the cost of compute comes.
Speaker 5: Down, our market grows.
Speaker 10: And it's done that every single time for the last
Speaker 10: fifty or sixty years, and every single time the public
Speaker 10: markets have thought, oh, the market's getting smaller, but that's
Speaker 10: not actually what happens when the cost of compute, when
Speaker 10: we can do more for less new applications urgeon.
Speaker 5: And this is making the market bigger, not smaller.
Speaker 3: And you'll be there with the offering of influencing compute.
Speaker 3: We will Andrew Fellman cerebra CEO. Delight to have him here,
Speaker 3: Thank you. Now coming up so much more poolside, CEO
Speaker 3: going to be discussing the future of his business as
Speaker 3: he focuses in on coding with generator of AI. Jason
Speaker 3: Warner joins us. Now we return to what's happening in
Speaker 3: the nasac and the socks right now. As we know,
Speaker 3: tumult has been upon the tech sector. We're now up
Speaker 3: about a tenth of a percent and the Nazak one
Speaker 3: hundred after its worst day since twenty twenty two. Yesterday
Speaker 3: we lost almost four percent. We wiped out a trillion
Speaker 3: dollars worth of market cap. We see a slight recovery,
Speaker 3: but still worries there. The semiconductor index down six tenths percent.
Speaker 11: This is of bluembog tenology.
Speaker 3: Welcome back to this special edition of Bloomberg Technology. I'm
Speaker 3: Carin Hyde in Las Vegas. We are live at the
Speaker 3: Human XAI conference, and there is a tone of anxiety
Speaker 3: in the public markets that maybe plays into the private
Speaker 3: sector a little bit when you look at a magnificence
Speaker 3: seven actually managing to be now up a percentage point
Speaker 3: having been in the red in earlier trade. We tried
Speaker 3: to understand what the impact of an energy state of
Speaker 3: crisis is for the United States state of emergency, how
Speaker 3: that implicates data center demand. We try to understand what
Speaker 3: the latest tariffs on aluminium on metals coming from Canada
Speaker 3: means for broader risk sentiment. But for now some reprieve
Speaker 3: after a harsh sell off yesterday as people sold their winners,
Speaker 3: and those winners are twenty twenty three and twenty twenty
Speaker 3: four with the Magnificent seven names. We want to think
Speaker 3: about the impact on the private state and indeed what's
Speaker 3: happening in terms of innovation.
Speaker 2: It's not stopping, it's not cooling down.
Speaker 3: Jason Warner is here Pulside CEO of course, previously CTO
Speaker 3: of GitHub, which is now so embodied within the area
Speaker 3: of helping coder is helping engineers. You are building basically
Speaker 3: superintelligence for engineers going forward.
Speaker 2: How are you doing that?
Speaker 7: Well, first, great to be here, thanks for having me.
Speaker 7: And yes, we're building towards a human intelligence future where
Speaker 7: artificial intelligence the humans live side by side, but artificial
Speaker 7: intelligence can do most of the things that humans can do.
Speaker 7: The way in which we do that is we have
Speaker 7: some proprietary research techniques we have dubbed them reinforcement learning
Speaker 7: via code execution feedback. But for the lay person, what
Speaker 7: they need to understand is we're just going to give
Speaker 7: them the superpower to write software in the future, and
Speaker 7: anyone who currently knows it will feel like being augmented
Speaker 7: by one hundred acts.
Speaker 3: Will that displace the number of engineers we need or
Speaker 3: ultimately free them up to do more? How are you
Speaker 3: thinking about augmenting versus replacing?
Speaker 7: Yeah, I mean, I think the conversation of replacement is
Speaker 7: always one that pops up. But I tend to look
Speaker 7: at these things about what we're going to be able
Speaker 7: to do more of, what we'll be able to do faster.
Speaker 7: And this is where I get excited, because I think
Speaker 7: about what software does currently in twenty twenty five, It
Speaker 7: uderwrates almost the entire economy we have. But if you
Speaker 7: think about what it can do in the future, is
Speaker 7: it could take something that might be five or six
Speaker 7: people months of ten humans to do this, and it
Speaker 7: can reduce that to compute hours. And that's great for
Speaker 7: someone like biologist or the physicists or the person doing
Speaker 7: cancer research. And this is the thing I think about
Speaker 7: compressing human knowledge learning into compute hours.
Speaker 3: You're not the only CEO we've recently spoken to who's
Speaker 3: thinking about giving super intelligence and superpowers to an engineer.
Speaker 3: And look, we just have Reflection AI on the store
Speaker 3: on the show yesterday.
Speaker 2: How is the space?
Speaker 3: How is there an awful lot of startups trying to
Speaker 3: do the.
Speaker 2: Same thing or different things.
Speaker 3: Distinguish yourselves from the competition.
Speaker 7: They're all slightly different. The idea here with Poolside is
Speaker 7: more akin to open AI and Anthropic in that we
Speaker 7: are going after the thing that we might call AGI
Speaker 7: and eventually ASI. And so what we are at our
Speaker 7: heart is a frontier AI company similar to open ai Anthropic,
Speaker 7: and we are pushing the boundaries on that. We're going
Speaker 7: via software For technical reasons, we don't need to get
Speaker 7: into that. It's very technical reasons, and then many other
Speaker 7: folks end up in what I would call the AI
Speaker 7: consumer camp. There will be five or six very large
Speaker 7: winners who build out the core infrastructure of artificial intelligence,
Speaker 7: and the rest of the folks will consume the artificial
Speaker 7: intelligence produced by those companies.
Speaker 3: So you see yourself as an infrastructure player.
Speaker 7: Well, I see myself just right next to open AI and.
Speaker 3: Anthropic Okay, do you see yourself as a valuation perspective
Speaker 3: right next to them, because tell us about who you
Speaker 3: are and your funding needs and whether you're out there
Speaker 3: raising money to.
Speaker 7: Do this well. Building artificial intelligence models of the capital
Speaker 7: intensive game though, so at some point we always have
Speaker 7: to consider how much compute capacity we have, and that
Speaker 7: is a proxy for how fast you can go or
Speaker 7: how big you can go. So that's always going to
Speaker 7: be a topic. But right now, we're really happy where
Speaker 7: where we sit.
Speaker 2: So you're not raising money.
Speaker 7: We're not raising money right now.
Speaker 2: What about compute? And is what is holding you back
Speaker 2: right now?
Speaker 3: Is it energy? Infrastructure? Is it electricity? Is it access
Speaker 3: to data centers?
Speaker 2: What is it?
Speaker 7: I would love more time, Yeah, I would love more
Speaker 7: time time for us to go do more experiments But
Speaker 7: for the thing that I think about holding us back
Speaker 7: is really where we are in the world. If I
Speaker 7: cannet this out into a different way, which is, if
Speaker 7: we were in a world of infinites infinite access to energy,
Speaker 7: infinite access to compute, and infinite access to data, we
Speaker 7: would be at AGI or ASI already already. But we
Speaker 7: don't have an infinite world. We have a constrained world,
Speaker 7: so we must make different choices. So my main choice
Speaker 7: that I have to make is how I spend my
Speaker 7: compute budget. So if you were to ask, my primary
Speaker 7: concern is always access to more compute.
Speaker 2: At the moment, where do you get your compute from?
Speaker 7: We have partnerships across a wide variety of folks, although
Speaker 7: our primary clusters are the Amazon Aws web.
Speaker 2: Services, and is that largely US placed.
Speaker 3: What's interesting about you is perhaps people got you modeled
Speaker 3: up with a French company at one point. I know
Speaker 3: that you had team members. There are US domiciled. Where
Speaker 3: are you thinking about your future?
Speaker 7: We've always we are and always have been a US company,
Speaker 7: though we have a presence in France, we have primarily
Speaker 7: hired our AI researchers across Europe and in the UK.
Speaker 7: And also we have an office in Paris, which the
Speaker 7: entirety it happens to be right now because they're doing
Speaker 7: an on site which we do once a month.
Speaker 3: But we're a US company, US company and wishing for
Speaker 3: more compute alongside a lot of other US companies. Jason
Speaker 3: Warner has been great to have him the poolside CEO,
Speaker 3: keep a track of that company in the private sector. Meanwhile,
Speaker 3: back in the public sector, we are looking at shares
Speaker 3: the NASDAK stocks that.
Speaker 2: Are in the chip sector in VideA as well. A
Speaker 2: very volatile day. We're currently Apple quarter percent and then
Speaker 2: Asset one hundred.
Speaker 3: After a brutal sell off yesterday, the worst that we've
Speaker 3: seen since twenty twenty two. Some we can have to
Speaker 3: index is still underwater by some four tenths percent. Remember
Speaker 3: Oracle numbers as well, perhaps giving a bit of a
Speaker 3: dampling spirit to ultimately the demand for AI and how
Speaker 3: quickly we can get data centers on track. Interestingly, they're
Speaker 3: still pointing towards fifteen to twenty percent revenue growth for
Speaker 3: the next fiscal years, so pointing that really the demand
Speaker 3: still remains insatiable when it comes to infrastructure. But thus
Speaker 3: why it didn't live up to expectations in video, though,
Speaker 3: rebounding two point six percent after it's lost more than
Speaker 3: a trillion dollars from its market capt.
Speaker 2: Couple of months.
Speaker 3: Now, that does it for this edition of Bloomberg Technology