WEBVTT - Cathie Wood Talks SpaceX IPO, Chip Factory

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

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<v Speaker 2>To welcome everybody on Bloomberg Radio, Bloomberg TV across Bloomberg platforms. Yes, indeed,

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<v Speaker 2>Carol Masser, Joe Matthew here at the Milk and Institute

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<v Speaker 2>Global Conference. We have a special guest. And I feel

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<v Speaker 2>like reading in this morning the headlines were made.

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<v Speaker 3>It's like they knew Kathy was going to join us.

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<v Speaker 2>Kathy would CEO CIO and of course the founder of

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<v Speaker 2>ARC invest It's so nice to talk with you again.

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<v Speaker 4>Thanks, delighted to be here.

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<v Speaker 1>You gave me my big break in twenty fifteen.

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<v Speaker 4>I'll never forget that.

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<v Speaker 2>Well, it's so funny because I want to talk to

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<v Speaker 2>you on because you kind of put him for me

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<v Speaker 2>on the radar, and I just feel like it was

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<v Speaker 2>a time when so many people questioned what he was

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<v Speaker 2>up to. Now everybody is so excited about the SpaceX ipo.

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<v Speaker 2>We see increasingly how he's kind of melding his universe together.

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<v Speaker 2>Tell us about kind of that bet, and even today

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<v Speaker 2>we have that he's building a chip factory at least

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<v Speaker 2>fifty five billion in investment, maybe as much as almost

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<v Speaker 2>one hundred and twenty and he's doing this chip factory.

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<v Speaker 3>SpaceX with Tesla. How are you looking at Elon right now?

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<v Speaker 3>What his next era is?

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<v Speaker 4>So this is why I founded ARC invest.

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<v Speaker 1>We knew that the seeds that were planted in the

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<v Speaker 1>twenty years that ended in the bubble, they've been germinating

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<v Speaker 1>for twenty twenty five years and now they're flourishing. And

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<v Speaker 1>what we're seeing is fifteen different technologies evolving and they're

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<v Speaker 1>all converging. And Elon about six months ago, and we've

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<v Speaker 1>been using the word convergence for a long time, he said,

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<v Speaker 1>you know what, I think my companies are converging more

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<v Speaker 1>than even I understood. And so we're seeing of course

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<v Speaker 1>SpaceX XAI, rumors about Tesla, and really he believes that

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<v Speaker 1>in the new world, or to create the new world,

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<v Speaker 1>a company has to be vertically integrated. And so that's

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<v Speaker 1>what's happening here. He is moving into incredible vertical integration

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<v Speaker 1>as he moves data centers into space.

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<v Speaker 3>Is it all about our Bloomberg intelligence?

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<v Speaker 2>George Ferguson cover Space covers defense, but he said, it's

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<v Speaker 2>all about Elon controlling the supply chain. Kathy, But I

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<v Speaker 2>do feel like globally, we're seeing countries companies really thinking about.

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<v Speaker 3>Their supply chain. Is that part of his strategy?

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<v Speaker 4>Absolutely?

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<v Speaker 1>Absolutely, And also when a company is breaking new ground

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<v Speaker 1>literally in this case, and really inventing something, the supply

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<v Speaker 1>chain doesn't exist very often or not all parts of

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<v Speaker 1>it exist. And I think also as he's discussing where

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<v Speaker 1>he's going and how he's going to do it, he is.

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<v Speaker 4>Getting the supply chain ready.

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<v Speaker 1>You know, he always sets the time frame, you know,

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<v Speaker 1>much sooner than most.

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<v Speaker 4>People would expect.

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<v Speaker 1>But it's to get his employees and the supply chain focused,

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<v Speaker 1>because when he moves, he moves fast.

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<v Speaker 5>You've really helped to define people's perception of Elon Musk

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<v Speaker 5>and the company Tesla largely as one that is not

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<v Speaker 5>about making cars, but one that's about autonomy and robotics.

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<v Speaker 5>When you walk out the Hilton here different than where

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<v Speaker 5>I live in Washington, DC, driverless weymos are picking people

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<v Speaker 5>up and driving away with them all day long. The

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<v Speaker 5>mainstreaming of autonomous vehicles is just about here. I'd like

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<v Speaker 5>to know if you see that actually fulfilling itself in

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<v Speaker 5>the next year, and if this is a zero sum

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<v Speaker 5>game or you're going to have Uber, Weimo, Tesla all.

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<v Speaker 1>Involved Okay, this is where vertical integration comes back into

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<v Speaker 1>the conversation. In the robotaxi world. Tesla's vertically integrated and

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<v Speaker 1>has created the platform upon which others will build their companies.

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<v Speaker 1>So I credit our team, So Tasha, Daniel Brettwinton have

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<v Speaker 1>been focused on this from day one twenty fourteen when

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<v Speaker 1>I founded ARC and yes, slowly, slowly than all at once.

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<v Speaker 1>So vertical integration for Tesla means it will have the

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<v Speaker 1>lowest cost structure by far. Now it's going to use

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<v Speaker 1>Uber's umbrella here three dollars plus per mile, but if

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<v Speaker 1>our analysis is correct, those costs as robotaxis scale are

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<v Speaker 1>going to drop to twenty five cents per mile.

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<v Speaker 4>Think about it.

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<v Speaker 1>The cost of transportation is going to collapse here and

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<v Speaker 1>no one Waimo's cost structure, according to our estimates in

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<v Speaker 1>twenty thirty, will be fifty percent higher than Tesla's because

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<v Speaker 1>they're dependent on other auto manufacturers and others in the

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<v Speaker 1>supply chain that Tesla is not.

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<v Speaker 2>How are you thinking about the SpaceX ipokathy, do you

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<v Speaker 2>anticipate there's so much enthusiasm going into it, massive side,

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<v Speaker 2>massive interest, But do you think there'll be a drop

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<v Speaker 2>off initially after you know, once it makes its public debut,

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<v Speaker 2>and then ultimately kind of play out like Tesla did

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<v Speaker 2>that eventually it goes up again, like how do you

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<v Speaker 2>see the trajectory?

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<v Speaker 4>Right?

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<v Speaker 1>So this is only at least what we know so far,

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<v Speaker 1>seventy five billion dollars.

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<v Speaker 4>There is so much demand out there.

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<v Speaker 1>We have in our venture fund, so ARKVX SpaceX is

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<v Speaker 1>the largest position. And because we're direct to consumer when

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<v Speaker 1>it comes to venture although the fund has scaled north

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<v Speaker 1>of eight hundred and fifty million, investors had to look

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<v Speaker 1>for us and how did they find us? They were

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<v Speaker 1>looking for SpaceX. So the demand is voracious out there.

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<v Speaker 1>Only seventy five billion. Yes, it's a big IPO, but

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<v Speaker 1>just think about how SpaceX has reawakened the dream of spacexlation.

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<v Speaker 1>This has captured the imagination not just of investors but

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<v Speaker 1>really everyone.

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<v Speaker 2>So does that mean you don't think it'll fly? You

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<v Speaker 2>think the anim will continue? Do you think there will

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<v Speaker 2>be some settling ing, there'll be.

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<v Speaker 1>Supply demand imbalance in the beginning, you'll see that pop.

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<v Speaker 1>It will be volatile, I would imagine, But we hope

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<v Speaker 1>to serve in terms of providing our research We've already

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<v Speaker 1>got a SpaceX model out there on our site arc

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<v Speaker 1>dash invest dot com. We have not added data centers

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<v Speaker 1>orbital data centers in However, our preliminary work suggests that

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<v Speaker 1>that part of the business could take relative to our

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<v Speaker 1>existing model, could take Tesla from a revenue generation point

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<v Speaker 1>of view, orders of magnitude higher, ten twenty times higher.

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<v Speaker 3>I'm so glad you went there data centers in space.

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<v Speaker 2>And I mentioned before we got going it came up

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<v Speaker 2>on a real estate panel where so many of the

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<v Speaker 2>real estate investors, even related companies, has switched their focus

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<v Speaker 2>to data centers. But we brought up data centers in space.

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<v Speaker 2>What does that mean though? Then for all of the

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<v Speaker 2>data center build out and money that is happening here

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<v Speaker 2>on Earth, does that mean.

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<v Speaker 3>A lot of that goes away? There's a little bit

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<v Speaker 3>of a bubble, like how do we reconcile that we think?

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<v Speaker 4>And this is the important judgment call.

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<v Speaker 1>Is this hype? Is this nineteen ninety nine? I can

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<v Speaker 1>tell you unequivocally it is not. As I mentioned, the

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<v Speaker 1>seeds were planted. Then now we're ready and we think

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<v Speaker 1>this technology revolution is going to dwarf the industrial revolution.

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<v Speaker 4>By far so.

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<v Speaker 1>I think that we'll need the orbital data centers. And

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<v Speaker 1>of course Elon is informed by his experience in Memphis,

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<v Speaker 1>Tennessee and now Mississippi.

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<v Speaker 4>Memphis became not in my.

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<v Speaker 1>Backyard, you're increasing my electricity prices and you're ruining our land.

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<v Speaker 1>So he's basically saying, I'm not going to have to

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<v Speaker 1>worry about not in my backyard in space.

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<v Speaker 3>But does it make a bubble of the stuff on that.

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<v Speaker 4>I don't think so. I don't think so. We think

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<v Speaker 4>we're going we need all of this.

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<v Speaker 2>Yep.

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<v Speaker 3>Sorry, I know I'm dominating.

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<v Speaker 5>I mean you guys should walk away with this, go

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<v Speaker 5>to ask you about something that took place today. You

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<v Speaker 5>woke up and saw your third largest holding just go

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<v Speaker 5>through the roof in AMD another blow the doors off quarter.

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<v Speaker 5>And it's really creating this question now about whether we

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<v Speaker 5>should be paying a lot more attention the market is

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<v Speaker 5>to CPUs after GPUs went crazy. We're looking at people

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<v Speaker 5>take money out of Nvidia now and chase stocks like AMD.

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<v Speaker 5>Do we need both or is that where you're looking?

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<v Speaker 4>We think we need both.

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<v Speaker 1>I do think there is more competition. We want it,

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<v Speaker 1>we need it. But it was interesting Sarah Fryar at

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<v Speaker 1>Open AI.

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<v Speaker 4>I'm going to give her a shout out because I

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<v Speaker 4>heard her.

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<v Speaker 1>Speak and she was saying, you know, people are chasing GPUs.

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<v Speaker 1>They're they're going to be really shocked at how agentic

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<v Speaker 1>AI activates CPUs and infernt generally activate CPUs. Yesterday, Lisa

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<v Speaker 1>Sue provided a stat we had.

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<v Speaker 4>Never heard before. Right now, for.

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<v Speaker 1>Every for every CPU, there are four to five GPUs

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<v Speaker 1>when it comes to enabling AI. Lisa thinks it's going

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<v Speaker 1>to go one to one in the future. I think

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<v Speaker 1>that has been the sleeper and you see Intel has

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<v Speaker 1>taken off.

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<v Speaker 4>In fact, we're seeing a lot of stocks that were you.

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<v Speaker 1>Know, they were very big in the bubble. And I

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<v Speaker 1>just said to our team today, I said, what's going on.

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<v Speaker 1>We're going back to the future. You know, Intel resurrecting, Yes,

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<v Speaker 1>and Flextronics is now called flex Boom.

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<v Speaker 4>So I think we need it all.

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<v Speaker 5>Not to mention data storage, which has been one of

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<v Speaker 5>the most remarkable exam of a shortage creating a monster rally.

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<v Speaker 5>So you need these old fashioned chips, yes, to get

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<v Speaker 5>to this new fashion AI.

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<v Speaker 4>All hands on deck.

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<v Speaker 2>We want to ask you about a story that came

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<v Speaker 2>out Google, Microsoft to give US agency early access to

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<v Speaker 2>AI models. So basically the White House vetting AI models

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<v Speaker 2>those good are bad and.

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<v Speaker 1>Knowing this administration and David sachs our ais are, I

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<v Speaker 1>don't think we're talking about heavy regulation here. We might

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<v Speaker 1>be talking more about national security. National security. We heard

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<v Speaker 1>this with Metho's you know software that you know has

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<v Speaker 1>not has been a place for sixty years and never

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<v Speaker 1>been penetrated. AI can find these vulnerabilities, So they're probably

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<v Speaker 1>trying to tighten up a lot of what we do

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<v Speaker 1>out there and make sure that our industries are safe.

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<v Speaker 5>Doesn't that bring a political implication though, to what may

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<v Speaker 5>or may not be available to people if the White

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<v Speaker 5>House is choosing which platform we auto use.

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<v Speaker 1>No, you know what's interesting, and this is taking a

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<v Speaker 1>leaf from open ai in its early days GPT. You

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<v Speaker 1>are saying, we don't think we can release this. This

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<v Speaker 1>is too powerful is great marketing. It's true that it's

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<v Speaker 1>very powerful, but it's also great marketing. A lot of

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<v Speaker 1>the people at Anthropic came from open AI. So while

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<v Speaker 1>they're blazing trails, no question about it, and they're leapfrogging

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<v Speaker 1>one another, which is great. Competition is great for US here,

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<v Speaker 1>including competition from China. I think that you know, we're

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<v Speaker 1>on our way.

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<v Speaker 2>I want to ask you about stable coins tether and

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<v Speaker 2>their potential. Do you think it has a chance to

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<v Speaker 2>become big in the US under the Genius Act?

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<v Speaker 3>And you've also invested in Circle?

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<v Speaker 2>Are you looking at other stable coin related players.

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<v Speaker 3>Beyond that crypto Bild? Tell me there's a lot going

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<v Speaker 3>on right now.

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<v Speaker 4>It is a lot going on.

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<v Speaker 3>There's a big meeting at Morlago, Like I know, a

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<v Speaker 3>lot of crypto folks like.

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<v Speaker 4>Tell us well.

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<v Speaker 1>And you know, in the last election, I do think

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<v Speaker 1>the crypto community was very was part of the swing

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<v Speaker 1>factor because they knew deregulation would take place under this administration.

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<v Speaker 1>That's absolutely true. So yes, we're seeing the deregulation. You know,

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<v Speaker 1>this is creating a new financial world order. Many people

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<v Speaker 1>think the dollars should be going down because of our

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<v Speaker 1>deficit and debt and all of that, and what we're

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<v Speaker 1>seeing here in the United States is deregulation, tax cuts,

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<v Speaker 1>and a very business friendly, very business friendly administration. We

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<v Speaker 1>think the return on invested capital is going to go

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<v Speaker 1>up in the US generally, and we think that the

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<v Speaker 1>crypto revolution we were at risk of losing it. Yeah,

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<v Speaker 1>and yes we do think USAT has a shot.

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<v Speaker 2>You do, yes, all right, I'm not going to have

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<v Speaker 2>like a million more who's doing?

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<v Speaker 3>Kathy, thank you so much.

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<v Speaker 4>Really appreciate it, Thank you real, thank you so much.

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<v Speaker 3>Really appreciate it.

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<v Speaker 2>Kathy would of course, she's the CEO, CIO and of

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<v Speaker 2>course founder of arc in vas someone like I said,

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<v Speaker 2>it was ten years ago, yes, that we first started talking,

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<v Speaker 2>yes about Elon Musk, so really tremendous to catch up

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<v Speaker 2>with her again and