WEBVTT - Nvidia Surges and Reddit Gears Up for IPO 0:00:01.440 --> 0:00:02.160 From the heart. 0:00:02.279 --> 0:00:04.600 We're Innovations Money and Power. 0:00:04.360 --> 0:00:09.119 Collie in Silicon Valley, NBN. This is Bloomberg Technology with 0:00:09.240 --> 0:00:11.120 Caroline Hyde and Ed Ludlove. 0:00:24.920 --> 0:00:27.160 I'm Caroine, head of Bloomos World headquarters in New York. 0:00:27.280 --> 0:00:30.560 This is Bloomberg Technology coming up in via. It surges 0:00:30.600 --> 0:00:33.560 as AI demand Power is the company's outlook yet again. 0:00:34.000 --> 0:00:36.120 We'll have full coverage on the company as it looks 0:00:36.120 --> 0:00:38.519 to add two hundred and fifty billion dollars to its 0:00:38.520 --> 0:00:41.239 market cap just today, and we'll get a read on 0:00:41.280 --> 0:00:43.680 the state of the IPO market as Reddit gives up 0:00:43.680 --> 0:00:46.400 to file publicly for its offering as soon as today. 0:00:46.560 --> 0:00:50.320 Details to come. Plus from chips and IPOs to the Moon, 0:00:50.720 --> 0:00:52.720 we get a preview on what we can expect from 0:00:52.840 --> 0:00:55.920 exploration startup Intuitive Machines and its attempt to put a 0:00:56.080 --> 0:00:58.600 US made lander on the Moon for the first time 0:00:58.640 --> 0:01:01.720 in fifty years. That first, we've got to get to it. 0:01:02.080 --> 0:01:06.520 Extraordinary moves once again, extraordinary moves and market capitalization and 0:01:06.600 --> 0:01:09.840 yet still a valuation that is relatively cheap. In video 0:01:10.120 --> 0:01:13.440 surging fifteen percent would be the biggest ever addition in 0:01:13.520 --> 0:01:16.039 terms of marketcap on record that we've seen for any 0:01:16.080 --> 0:01:19.480 single stock at fifteen percent, once again making it on 0:01:19.720 --> 0:01:21.720 edge to get to that two trillion dollar mark when 0:01:21.720 --> 0:01:24.680 it comes to market capitalization. And the reason that maybe 0:01:24.720 --> 0:01:27.760 the valuation is still at thirty three times forward looking 0:01:27.800 --> 0:01:31.280 earnings is because all those earnings keep on grising at 0:01:31.319 --> 0:01:33.839 an extraordinary pace. Here's what guests had to say. 0:01:35.520 --> 0:01:38.160 What a sensational set of results from Nvidia. 0:01:38.360 --> 0:01:41.000 This is really the yearning's heard around the world. 0:01:41.040 --> 0:01:44.760 I'll do my best to sort of contain my enthusiasm. 0:01:44.880 --> 0:01:47.240 It seems each quarter they continue to surprise. 0:01:47.400 --> 0:01:49.120 There are going to be significant benefits. 0:01:49.160 --> 0:01:51.200 The only result that was going to be acceptable was 0:01:51.240 --> 0:01:52.960 not only a beat, but a substantial beat. 0:01:53.200 --> 0:01:56.480 This is a company that continues to execute and completely 0:01:56.520 --> 0:01:59.800 blow away everybody's most robust forecast. 0:02:00.040 --> 0:02:03.440 Hunt deny the impact that it's having across not just 0:02:03.520 --> 0:02:06.000 in the US market and the US tech sector, but 0:02:06.080 --> 0:02:08.800 actually globally. And I think one of those reasons is 0:02:08.840 --> 0:02:10.560 that people are really buying into this idea that it 0:02:10.600 --> 0:02:11.480 isn't the tipping point. 0:02:11.639 --> 0:02:14.240 There is great momentum there. 0:02:14.560 --> 0:02:18.480 People are beginning to wonder how many consecutive quarters can 0:02:18.520 --> 0:02:19.920 this company continue. 0:02:19.560 --> 0:02:21.639 To run with the big question has been how long 0:02:21.680 --> 0:02:22.480 can this continue? 0:02:22.520 --> 0:02:24.920 There is sort of a consensus in the industry to 0:02:24.919 --> 0:02:26.720 put some competitive pressure. 0:02:26.440 --> 0:02:27.160 Back on in video. 0:02:27.200 --> 0:02:30.440 The competition has never been more fierce than it is 0:02:30.520 --> 0:02:33.680 right now foreign video, but they have a huge headstart. 0:02:33.800 --> 0:02:36.760 This tidal wave of spend, it's coming to the rest 0:02:36.800 --> 0:02:39.520 of tech and in our opinion, that's going to continue 0:02:39.560 --> 0:02:41.760 to fuel this tech bill market. 0:02:41.480 --> 0:02:44.160 The equity market sort of really nicely sort of set 0:02:44.240 --> 0:02:44.959 up from here. 0:02:44.960 --> 0:02:47.360 This AI party, it's just getting started. 0:02:48.680 --> 0:02:52.359 Blueberg Intelligence senior analyst many saying joins us to take 0:02:52.440 --> 0:02:55.200 us on a gear from it just getting started. What 0:02:55.240 --> 0:02:57.680 was extraordinary is if you were training after hours and 0:02:57.680 --> 0:02:59.800 not everyone does. At one point you were looking at 0:02:59.800 --> 0:03:03.560 a lot. What pushed us significantly back into the green. 0:03:03.840 --> 0:03:06.400 Yeah, so when you look at the print, the China 0:03:06.480 --> 0:03:09.400 numbers stood out. So China used to be twenty percent 0:03:09.440 --> 0:03:12.920 of revenue. Now it was mid a single digit. So 0:03:12.960 --> 0:03:17.160 clearly they've had some headwinds. But despite that, they come 0:03:17.200 --> 0:03:20.440 out and raise the forecast for another ten percent. And 0:03:20.840 --> 0:03:23.800 you know, that's what's most impressive about the results is 0:03:24.320 --> 0:03:27.080 not only have they executed well, they have not missed 0:03:27.080 --> 0:03:29.760 a beat in terms of shipping new product. So they're 0:03:29.800 --> 0:03:33.440 talking about H two hundred chips in two Q that's 0:03:33.480 --> 0:03:35.760 double the performance of H one hundred. And we know 0:03:35.920 --> 0:03:38.960 H one hundred was double the performance of A one hundred. 0:03:39.000 --> 0:03:42.800 So clearly you know they're executing to perfection here and 0:03:42.840 --> 0:03:46.080 they keep delivering quarter after quarter of perfection. I mean, 0:03:46.120 --> 0:03:49.200 the question to me is really what is the addressable market? 0:03:49.240 --> 0:03:53.080 With Jensen said it's one trillion incremental over the next 0:03:53.080 --> 0:03:55.840 five years. And they are very well positioned on the 0:03:55.880 --> 0:03:59.120 compute and networking side. So if you take that you 0:03:59.160 --> 0:04:02.640 know four and model that, you will believe they can keep, 0:04:02.960 --> 0:04:06.680 you know, continuing with these numbers. But at some point 0:04:07.160 --> 0:04:09.480 there will be a digestion phase because they are exposed 0:04:09.520 --> 0:04:13.160 to hyperscalers. The capex is what fifty percent of their 0:04:13.200 --> 0:04:16.919 data center revenue is coming from hyperscaler capex. So that's 0:04:17.080 --> 0:04:20.760 ten companies, which means every hyperscaler is about five percent 0:04:20.800 --> 0:04:24.240 of in video's revenue. And they are buying these ships, 0:04:24.279 --> 0:04:26.800 but for how long and if one of them does 0:04:26.839 --> 0:04:29.680 get their own chip, what impact does it have on 0:04:29.720 --> 0:04:32.240 a video's growth. Probably people are not going to talk 0:04:32.279 --> 0:04:33.960 about it for the next one or two quarters. This 0:04:34.080 --> 0:04:35.920 is more of you know, a four five quarter question. 0:04:36.279 --> 0:04:40.320 But Jensen himself has started to talk about diversification, talking 0:04:40.360 --> 0:04:43.400 that sovereigns need to have access to their own compute, 0:04:43.600 --> 0:04:45.680 that companies need to do that. That's why they have 0:04:45.800 --> 0:04:47.680 this deal with Cisco. How much do you think that 0:04:47.720 --> 0:04:50.800 they can diversify away from these mega companies that are 0:04:50.800 --> 0:04:52.240 so dominating their revenue. 0:04:52.279 --> 0:04:54.839 I mean they need that. And Jensen said there will 0:04:54.880 --> 0:04:58.440 be more than five foundational models. So right now, the 0:04:58.680 --> 0:05:01.600 prevailing market view is there will be four or five 0:05:01.760 --> 0:05:05.360 foundational large ANGLID models and every company will standardize on that. 0:05:05.640 --> 0:05:08.320 What he's saying is they will be vertical specific large 0:05:08.320 --> 0:05:12.000 anguage models, sovereign large ANGLID models, because these companies don't 0:05:12.000 --> 0:05:15.240 want to give away their data to open AI or Gemini. 0:05:15.640 --> 0:05:19.040 And so if that's the case, then yes, these companies 0:05:19.120 --> 0:05:21.400 need to invest or governments need to have the same 0:05:21.520 --> 0:05:24.760 level of CAPEX investments what hyperscalers have done over the 0:05:24.800 --> 0:05:26.920 last two three years in terms of buying these in 0:05:27.040 --> 0:05:30.039 video chips. But if the standardized models are going to 0:05:30.040 --> 0:05:32.479 be the four or five models that we know, then 0:05:32.600 --> 0:05:35.840 I think it will be hard to justify companies spending 0:05:35.880 --> 0:05:39.280 forty fifty billion dollars in capex to buy in video 0:05:39.320 --> 0:05:42.680 chips for training, and Jensen called out inferencing, which is 0:05:42.680 --> 0:05:46.600 the other big opportunity. So if Nvidia chips are going 0:05:46.680 --> 0:05:50.680 to be in smartphones, in PCs and inferencing other types 0:05:50.720 --> 0:05:53.800 of inferencing, then yes, that expands their market. But we 0:05:53.839 --> 0:05:56.640 don't know those details. All we know is next quarter 0:05:56.920 --> 0:05:58.880 they're going to come out and probably raise by another 0:05:58.920 --> 0:06:02.039 ten percent because it probably sandbag, you know, in terms 0:06:02.040 --> 0:06:03.680 of the visibility they already. 0:06:03.400 --> 0:06:06.960 Have, and we're expecting next quarter another revenue increase in 0:06:07.040 --> 0:06:10.920 more than two hundred percent. Just always brilliant to push 0:06:10.960 --> 0:06:13.760 it forward with Blue Meg Intelligence Senior analyst Mandat Sing, 0:06:13.880 --> 0:06:16.600 we always thank him. And actually we were just referencing 0:06:16.640 --> 0:06:19.240 maybe some of the flies in the ointment, which was China. 0:06:19.440 --> 0:06:22.359 Let's dive deep on into that because the China story 0:06:22.440 --> 0:06:25.320 is important and Johnkangli is joining us now. She is 0:06:25.360 --> 0:06:28.000 indeed the CEO, founder and kind of research at JL 0:06:28.040 --> 0:06:30.839 Warren Capital. And what's so interesting about JL Warren Capital 0:06:30.920 --> 0:06:34.440 is you're basically focusing a limelight on the companies that 0:06:34.520 --> 0:06:36.840 do have a big exposure to China and really doing 0:06:36.960 --> 0:06:40.359 deep dive research into them. How much exposure is in 0:06:40.440 --> 0:06:45.640 video going to have going forward. 0:06:43.800 --> 0:06:46.400 Well, I think it's very dynamic. Right now, they have 0:06:46.480 --> 0:06:49.480 five percent as the CEO said on a conference call, 0:06:49.600 --> 0:06:53.599 yes today in this co year if this COO year 0:06:53.640 --> 0:06:56.719 twenty twenty three was twenty percent, so there's a sharp 0:06:57.760 --> 0:07:01.680 job in the direct exposure to the China market. However, 0:07:02.120 --> 0:07:06.680 they're offshore data centers owned by Chinese or Chinese entities 0:07:06.720 --> 0:07:10.080 that use in video chips, so those will be the 0:07:10.080 --> 0:07:14.080 markets in Singapore, markets of Middle East. So if you 0:07:14.200 --> 0:07:18.080 combine all those, I would say that's probably add up 0:07:18.120 --> 0:07:24.040 to fifteen twenty percent of the Nvidia AI chip exposure. 0:07:24.560 --> 0:07:29.840 So depending on Biden administration's approved approval. But China is 0:07:29.920 --> 0:07:33.760 expecting the shipment of the H twenty, which is a 0:07:33.840 --> 0:07:38.600 dumbdown version of the H one hundred, one hundred AI 0:07:38.760 --> 0:07:42.280 chip shipment in second quarter. But then again it really 0:07:42.320 --> 0:07:47.120 depends on the administration in the US. There's absolutely a 0:07:47.160 --> 0:07:52.320 shortage of equivalent of the AI GPU chips in China, 0:07:52.360 --> 0:07:55.520 even though their atcounts to catch up. But it's such 0:07:55.520 --> 0:07:59.600 a long and a complex supply chain. It's not something 0:08:00.120 --> 0:08:02.680 it's not writing a code, it's not a software which 0:08:02.840 --> 0:08:04.600 China is very good at. 0:08:05.760 --> 0:08:09.120 So how quickly therefore, do you think drinking the much 0:08:09.160 --> 0:08:12.560 has been said that if we do indeed force US 0:08:12.680 --> 0:08:16.120 companies to exit their exposure to China, ultimately we're just 0:08:16.160 --> 0:08:19.520 fast tracking the supply chain, the internal supply chain of China. 0:08:19.560 --> 0:08:22.120 Do you believe that? Or ultimately does Jensen, as he 0:08:22.200 --> 0:08:25.160 seems to still say, want to still be winning in China. 0:08:25.200 --> 0:08:26.720 He still seems to think that there is a place 0:08:26.720 --> 0:08:27.840 for his company in China. 0:08:29.600 --> 0:08:33.240 Well, I mean there's short term, there's long term. Short term, 0:08:33.320 --> 0:08:39.640 there's no equivalent of a similar technology architecture and production capacity, 0:08:39.640 --> 0:08:42.200 which is really important. As we've seen, this is a 0:08:42.200 --> 0:08:46.360 company in operations for thirty years and went through a 0:08:46.520 --> 0:08:51.360 very rich history of ups and downs, and the A 0:08:51.480 --> 0:08:54.920 one hundred, which is the first of dominating AI GPU 0:08:56.000 --> 0:09:01.000 parallel computing chip, there was long the two years ago. 0:09:01.080 --> 0:09:04.080 It takes many a couple of years to figure out 0:09:04.760 --> 0:09:09.439 the Cobos production capacity, and even today demand far exceeds 0:09:09.520 --> 0:09:12.319 the supply right, So, I mean it's it is a 0:09:12.520 --> 0:09:16.960 very complex. It's a hardware company predominantly as of today, 0:09:17.040 --> 0:09:20.800 and the supply chain is very long, and it's primarily 0:09:20.840 --> 0:09:25.040 in Taiwan and the cross Asia. So it's gonna take 0:09:25.040 --> 0:09:29.320 a very very long time for huaweih to figure out 0:09:29.440 --> 0:09:33.920 where to source it's a Capex equipment, where to you know, 0:09:34.080 --> 0:09:38.760 source the packaging and the testing qualification, et cetera. So 0:09:39.080 --> 0:09:42.520 I mean I would think five to ten years and 0:09:42.679 --> 0:09:46.400 so till then there's enough room for Video to ship 0:09:46.440 --> 0:09:49.040 its legacy chips to try to just get it going, 0:09:49.120 --> 0:09:52.120 and for companies to figure out how to run their 0:09:52.280 --> 0:09:54.640 kind of lower version of AI computing. 0:09:55.160 --> 0:09:58.520 Jamhank, I'm interested in your perspective on the total addressable 0:09:58.520 --> 0:10:01.600 market here because I and put out this four hundred 0:10:01.880 --> 0:10:05.920 billion dollar figure and then Jensen just saw that and 0:10:06.000 --> 0:10:08.640 raised the bar significantly, saying it's a trillion. Where do 0:10:08.679 --> 0:10:11.800 you stand on time when it comes to these sources 0:10:11.840 --> 0:10:13.320 of chips. 0:10:14.320 --> 0:10:17.000 Well, I think it's so early on the adoption it's 0:10:17.040 --> 0:10:21.920 kind of like irrelevant question. So annually globally you're about 0:10:21.960 --> 0:10:27.160 like thirteen fourteen servershipment and currently AI attached ray is 0:10:27.200 --> 0:10:31.040 about four percent, right, So I mean, really, depending on 0:10:31.080 --> 0:10:35.240 what you think the AI attached ray should be in 0:10:35.280 --> 0:10:39.360 a normalized circumstance, but right now, I mean, no one 0:10:39.400 --> 0:10:43.200 knows I mean even assuming what Lisa to the four 0:10:43.400 --> 0:10:46.760 you know, hundred number is four hundred billion, and let's 0:10:46.760 --> 0:10:50.320 assume a video takes sixty or seventy percent of that 0:10:50.520 --> 0:10:56.760 AI chip market, and times it's normalized, let's say normalized 0:10:56.800 --> 0:11:00.600 the net operating marginal forty percent versus today fifty percent, 0:11:00.720 --> 0:11:05.440 because they have such a bargaining power to its customers 0:11:05.480 --> 0:11:09.040 because of the shortage of supply and and you know, 0:11:09.240 --> 0:11:13.320 a product mix, and that gives you three hundred billion 0:11:13.520 --> 0:11:18.559 run rate of net profit annually and times whichever multiple 0:11:18.600 --> 0:11:20.920 you want to put it. You can argue it's hardware 0:11:21.040 --> 0:11:23.920 so and it's growing so far, it's on way becoming 0:11:24.000 --> 0:11:27.840 the industry goals standard. So you put twenty five comes 0:11:28.480 --> 0:11:32.240 pe on a normalized demand cycle, so that gives you 0:11:32.280 --> 0:11:36.640 about like a three trillion market market cap versus today, 0:11:36.720 --> 0:11:40.400 I guess it's one point seven two trillion, So we 0:11:40.440 --> 0:11:44.440 are looking at pretty close to doubling. You know, in 0:11:44.480 --> 0:11:47.760 the next few years. It could be bigger than that, 0:11:47.880 --> 0:11:51.599 because lisa tous number can be too low. Gens and 0:11:51.679 --> 0:11:54.920 Hunt's number could be closer to reality. Just no one knows. 0:11:55.160 --> 0:11:59.400 It really depends on the air market application development. But 0:11:59.520 --> 0:12:01.760 one thing I want to say is, look at this 0:12:01.920 --> 0:12:06.560 quarter's growth margin seventy seven percent. That's really really rare. 0:12:07.240 --> 0:12:09.520 The only company that I can think of of a 0:12:09.600 --> 0:12:13.480 gross margin closer to that is Earmese, which tells me 0:12:13.640 --> 0:12:17.680 that this is a story that demand the far exceeds 0:12:17.720 --> 0:12:21.880 stip supply, and the company has so much bargaining power 0:12:21.960 --> 0:12:26.960 to its suppliers, and there's tremendous operating and the economy 0:12:27.000 --> 0:12:27.679 of skill. 0:12:28.559 --> 0:12:31.880 Putting it very succinctly. At the end, there still much 0:12:32.040 --> 0:12:34.559 to be made of this particular stock move, and many 0:12:34.640 --> 0:12:36.840 still feeling they want to get in jail. Warren Capital 0:12:36.920 --> 0:12:39.640 CEO and founder John Henley, it's been brilliant to get 0:12:39.640 --> 0:12:42.080 your expertise today, Thank you very much. Indeed, meanwhile, let's 0:12:42.120 --> 0:12:44.320 check in on the border markets, because there is real 0:12:44.360 --> 0:12:48.240 impact here. Semaschal said it. This is a global repercussion story. Look, 0:12:48.240 --> 0:12:50.160 we've seen the nasnack cup two point three percent, but 0:12:50.240 --> 0:12:53.240 the Japanese Index and Nikke search to a new record high. 0:12:53.240 --> 0:12:55.760 Why because the likes of soft Bank. Of course, AI 0:12:55.840 --> 0:12:59.320 related companies did a lot of the high bar making 0:12:59.360 --> 0:13:01.760 today on the back of these numbers coming from Nvidio 0:13:01.800 --> 0:13:04.640 stops six hundred over in Europe, a new record high 0:13:04.679 --> 0:13:06.920 there as well. Again, this is a tech play. This 0:13:07.040 --> 0:13:09.760 is in euphoria around the productivity gains that we can 0:13:09.760 --> 0:13:11.559 get out of AI. So we're up nine tens of 0:13:11.600 --> 0:13:13.439 a percent and a new record. Maybe don't have a 0:13:13.440 --> 0:13:15.320 little look at what's happening in some other risk assets. 0:13:15.320 --> 0:13:17.760 A choice for this particular show Crypto. Look, it's one 0:13:17.760 --> 0:13:19.960 on risk asset that'shap not surging in quite the same 0:13:20.040 --> 0:13:22.040 Lockstep has announced that, but we are still up some 0:13:22.080 --> 0:13:24.600 six tens percent on the day. We're around that almost 0:13:24.640 --> 0:13:27.760 fifty two thousand dollars level. I mean while coming up 0:13:27.920 --> 0:13:30.840 Reddit it gives up to file for its initial public 0:13:30.880 --> 0:13:35.600 offering very very soon details to come, and watching shares 0:13:35.600 --> 0:13:38.319 of well AIGHT and T, T Mobile, Verizon. Look, I'm 0:13:38.320 --> 0:13:40.760 sorry if you're out there today with an AT and 0:13:40.880 --> 0:13:44.680 T contract, you've had some problems getting around using your service. 0:13:44.880 --> 0:13:47.280 There have been sort of ever since three am, some 0:13:47.400 --> 0:13:49.840 issues with down de tech to showing that ultimately the 0:13:49.880 --> 0:13:51.800 network has been forced offline. We're off by two point 0:13:51.840 --> 0:13:54.400 nine percent on AIGHT and T Mobile and indeed Verizon, 0:13:54.440 --> 0:13:57.960 even though they said their overall networks were working well, 0:13:58.080 --> 0:14:00.720 they too, were affected by eight and issues. 0:14:00.760 --> 0:14:02.360 We keep an eye on those stocks. This is Bloomberg 0:14:02.400 --> 0:14:12.880 Technology time now for talking tech. 0:14:12.920 --> 0:14:16.000 Of first up, Google actually pausing its AI made images 0:14:16.040 --> 0:14:19.280 of people that's in their Gemini after criticism about how 0:14:19.280 --> 0:14:21.840 it was handling race. Earlier this week, Google said it 0:14:21.880 --> 0:14:24.760 was aware that Gemini was offering what it called inaccuracies 0:14:25.000 --> 0:14:28.680 in some historical image generation depictions. Company now says it's 0:14:28.720 --> 0:14:31.920 working to address the issues with its image generative feature. 0:14:32.400 --> 0:14:32.760 Well, it's a. 0:14:32.760 --> 0:14:35.200 Venture firm and recent Horowitz It's just invested one hundred 0:14:35.240 --> 0:14:38.400 million dollars in a cryptot startup called Eigenlayer. Now the 0:14:38.440 --> 0:14:40.560 announcement suggests that some of the industry's top back is 0:14:40.560 --> 0:14:42.880 that they're still bending on blockchain despite what has been 0:14:42.920 --> 0:14:45.880 a steep downturn in cryptoventure funding. However, the VC firm 0:14:46.120 --> 0:14:49.760 was the sole investor in Iigonlayer's funding round, and social 0:14:49.840 --> 0:14:52.760 media platform Reddit, well, it has struck a deal with 0:14:52.760 --> 0:14:55.520 Google we understand now. According to Reuters, the deal will 0:14:55.560 --> 0:14:58.680 make reddits content available for training the search engine giants 0:14:58.840 --> 0:15:02.920 artificial intelligence models. So basically raking in so much needed 0:15:02.960 --> 0:15:05.840 revenue each year by giving access to its data. And 0:15:05.880 --> 0:15:08.080 let's just talk about Reddit more broadly, because this comes 0:15:08.120 --> 0:15:10.560 ahead of an expected filing of its S one within 0:15:10.600 --> 0:15:13.480 the coming days for its hotly anticipated IPO. We're going 0:15:13.520 --> 0:15:15.240 to bring in Katie roof now for more. And it 0:15:15.400 --> 0:15:17.360 is notable that we're sort of suddenly to hear about 0:15:17.360 --> 0:15:20.320 these deals, these sort of revenue generating deals when it 0:15:20.320 --> 0:15:23.480 comes to access to Reddit's own data for training AI 0:15:24.040 --> 0:15:27.120 ahead of what could be an AI IPO filing. 0:15:29.400 --> 0:15:33.440 Ray you know, obviously they're hoping to get some buzz. 0:15:33.920 --> 0:15:37.320 AI is a higher category rate now, and so Reddit, 0:15:37.400 --> 0:15:40.920 which is one to IPO for three years now, is 0:15:41.040 --> 0:15:44.680 hoping that this AI partnership is going to say Wall Street. 0:15:44.800 --> 0:15:46.600 Yeah, and it's just one name. And of course there 0:15:46.640 --> 0:15:48.880 are a fair few companies wanting data to train their 0:15:48.880 --> 0:15:50.960 AI models on. So we could see yet more of 0:15:51.000 --> 0:15:53.600 it flow in and yet more money to be agreed 0:15:53.600 --> 0:15:55.000 to if we do, indeed think it's going to be 0:15:55.000 --> 0:15:57.760 about sixty million in revenue per year. I'm interested in 0:15:58.200 --> 0:16:02.720 ultimately what means and why Reddit would be looking to 0:16:02.760 --> 0:16:05.960 finally go public. Now, what is it that they're seeing 0:16:06.000 --> 0:16:07.680 that the reading that means that this is the time 0:16:07.720 --> 0:16:08.880 to tap the market. 0:16:09.600 --> 0:16:13.200 So what happened was Reddit announced in late twenty twenty 0:16:13.240 --> 0:16:16.680 one that they were that they had filed for IPO. 0:16:16.800 --> 0:16:20.080 But that was right when the IPO window closed for 0:16:20.440 --> 0:16:24.960 tech IPOs and so other than you know, instacart and 0:16:25.040 --> 0:16:27.600 Clay they own arm last September, those are the only 0:16:27.680 --> 0:16:31.560 tech ipeas we've had in over two years. And so 0:16:32.160 --> 0:16:35.280 Reddit didn't restart the IPO window. 0:16:35.840 --> 0:16:37.760 Uh, Instacart tried to. 0:16:38.760 --> 0:16:41.400 But now Reddit's going to try to reopen the window 0:16:41.760 --> 0:16:45.160 in in part two of attempting to excite the market 0:16:45.440 --> 0:16:46.880 about tech IPOs again. 0:16:47.640 --> 0:16:50.120 Sure, so it's been a long time coming, exciting some 0:16:50.200 --> 0:16:53.240 potential vcs and early checks in as well to finally 0:16:53.280 --> 0:16:55.960 get some liquidity. Event, Katie Ruth, we thank you so 0:16:56.040 --> 0:16:58.440 much for bringing us the expertise. And well we wait, 0:16:58.480 --> 0:17:08.920 we watched on Reddit. Let's just focus in on EV's 0:17:08.960 --> 0:17:11.600 a little bit more, the Vietnamese electric vehicle maker vin Fast. 0:17:11.840 --> 0:17:14.679 It's actually shares have been moving around today on the 0:17:14.680 --> 0:17:17.199 downside at one point because its earnings report showed that 0:17:17.320 --> 0:17:20.800 losses increased during the fiscal fourth quarter, but revenue did jump, 0:17:20.800 --> 0:17:23.240 in fact, doubling from a year on year basis. We've 0:17:23.240 --> 0:17:26.240 got then acceleration of automobile deliveries happening for the company. 0:17:26.640 --> 0:17:29.520 Vin Fast, chairwoman of the board of directors. Madame twy 0:17:29.640 --> 0:17:32.600 Le joins us now and mad An Twey. I'm interested 0:17:32.600 --> 0:17:36.320 about that loss widening. What's driving the losses escalating at 0:17:36.359 --> 0:17:36.960 the moment. 0:17:39.359 --> 0:17:43.560 The Q four versus KILLED three, Actually that there was 0:17:43.600 --> 0:17:47.800 some one half adjustment of the inventory. Otherwise the trend 0:17:48.720 --> 0:17:52.840 has been positive, shall we The imagine up to the 0:17:52.920 --> 0:17:57.560 adjustment is about twenty eight twenty seven percent minus twenty 0:17:57.560 --> 0:18:00.879 seven percent versus minus thirty seven percent in Q three, 0:18:01.200 --> 0:18:04.159 So we're heading in the right direction. But because the 0:18:04.200 --> 0:18:06.399 one half adjustment at the end of the year, you 0:18:06.520 --> 0:18:09.920 see the gosh margin going down. 0:18:10.359 --> 0:18:12.440 As we said, though revenues on the right rise. We've 0:18:12.480 --> 0:18:17.480 seen thirteen and thirteen deliveries in the fiscal fourth quarter 0:18:17.640 --> 0:18:21.000 of evs you target, I think it there is one 0:18:21.080 --> 0:18:24.680 hundred thousand EV's for the year, for this fiscal year. 0:18:24.720 --> 0:18:25.399 How do you get that? 0:18:25.800 --> 0:18:31.720 And well we we as you know, we're the only 0:18:31.760 --> 0:18:34.959 one in the world that has the whole lineup of 0:18:35.119 --> 0:18:38.720 vehicles from a segment to the east segment. We have 0:18:39.000 --> 0:18:42.000 this year we start delivering vehicles for the right hand 0:18:42.080 --> 0:18:45.000 drive markets that Indonesia as well, so we have the 0:18:45.040 --> 0:18:49.240 full lineup of vehicles in all segments for all different 0:18:49.280 --> 0:18:53.440 markets we are we're already in Vietnam to Vietnam would 0:18:53.440 --> 0:18:57.840 continue to be to support about half of that forecast 0:18:58.600 --> 0:19:01.600 and continue to be the biggest because in twenty twenty 0:19:01.640 --> 0:19:06.480 four the rest of it spread over across North America, 0:19:07.119 --> 0:19:11.359 Europe and Middle East and Asia as well. So we 0:19:11.480 --> 0:19:14.080 believe that with our light up of vehicles, our access 0:19:14.160 --> 0:19:16.280 or different markets, we should be able to get there 0:19:16.480 --> 0:19:18.120 to achieve the podcast. 0:19:18.920 --> 0:19:22.120 And then with that supply, you need to have demand 0:19:22.240 --> 0:19:24.280 meeting it on the other side, as you say it, 0:19:24.280 --> 0:19:26.960 and I'm still your biggest market at the moment, But 0:19:27.280 --> 0:19:29.119 tell us a little bit about where you look to 0:19:29.160 --> 0:19:32.160 expand I know you've been looking into the Philippines from 0:19:32.600 --> 0:19:34.960 just an exposure, but in Indonesia, as you were just saying, 0:19:35.600 --> 0:19:37.560 where is the demand going to be coming from, because 0:19:37.560 --> 0:19:39.119 we've just seen it with RIVIW and you've seen it 0:19:39.119 --> 0:19:42.240 with Tesla that well, there's a pullback. It feels like 0:19:42.359 --> 0:19:45.399 a slowing in growth of demand for electric vehicles because 0:19:45.440 --> 0:19:51.639 people want about infrastructure, they're worried about their ability to charge. 0:19:50.600 --> 0:19:57.720 Well, we've seen we have skepticism in adoptions for ebs. However, 0:19:58.040 --> 0:20:02.359 the reality is the there's still adoption of evs in 0:20:02.400 --> 0:20:07.560 all markets, right So the TV are the vehicle cells 0:20:07.720 --> 0:20:10.800 increased by twelve percent and seventeen percent in the US 0:20:10.800 --> 0:20:14.840 in Europe last year, but the EV sales increase by 0:20:15.560 --> 0:20:19.520 forty five for forty forty five percent, so there's still 0:20:19.520 --> 0:20:22.960 increased in in evs. There's still adoption of evs, and 0:20:23.000 --> 0:20:26.240 we believe that there's a there's a market for EV's. 0:20:26.280 --> 0:20:29.479 I mean, the forecast is still two million to perform 0:20:29.560 --> 0:20:34.400 million of v cells this year in the US. We 0:20:34.680 --> 0:20:37.080 look at so we believe that we should be able 0:20:37.119 --> 0:20:39.760 to get some market shared in North America and in 0:20:39.800 --> 0:20:42.800 Europe where we are the lord child products. But we 0:20:42.920 --> 0:20:46.359 think that the volume driven markets for US in the 0:20:46.400 --> 0:20:49.600 future would be in the markets closer to us, like 0:20:49.640 --> 0:20:53.520 in Asia India for example, one point five million people, 0:20:53.600 --> 0:20:57.240 the most populous country in the world with very low 0:20:57.280 --> 0:21:00.960 adoption right now, or Indonesia, the third most populist country 0:21:00.960 --> 0:21:03.359 in the world. Part of passion that we belong to 0:21:04.680 --> 0:21:08.080 and also very low adoption right now. We believe that 0:21:08.119 --> 0:21:10.679 we should be able in the long run get more 0:21:10.760 --> 0:21:11.359 volume from. 0:21:11.280 --> 0:21:15.679 This market as well. And Andrey Leamy staying up the Philippines, 0:21:16.280 --> 0:21:18.800 thank you for being with us from Hanoi late in 0:21:18.840 --> 0:21:21.399 the evening from Vinvast, we thank you very much. Indeed, 0:21:28.760 --> 0:21:31.119 welcome back to LUMT Technology. I'm Caroline heard in New York. 0:21:31.200 --> 0:21:32.919 Let's get your quit check on these markets. Halfway through 0:21:32.960 --> 0:21:33.560 this training. 0:21:33.400 --> 0:21:35.480 Day, and look, it is an AI story. 0:21:35.680 --> 0:21:38.520 It is an earning beat from Nvidia that drives, and 0:21:38.560 --> 0:21:40.680 that's that one hundred up some two and a half percent. 0:21:40.840 --> 0:21:43.240 Chip makers really roaring. Look, and this isn't just a 0:21:43.440 --> 0:21:46.280 US story. You're seeing this played out with the Japanese 0:21:46.359 --> 0:21:49.000 Nike hitting a new record high stocks six hundred over 0:21:49.040 --> 0:21:50.800 in Europe and a new record high we've just had 0:21:50.840 --> 0:21:53.200 the close of trade in Europe were nine ten percent 0:21:53.240 --> 0:21:55.119 FO one hundred and ninety five. But the socks, as 0:21:55.160 --> 0:21:57.480 I say, other chip makers really managing to flourish at 0:21:57.520 --> 0:22:00.240