Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and ed Lo Loow in sentrances.
Speaker 2: Go This is Bloomberg Tech coming up. Qualcomm saws as
Speaker 2: it jumps into the AI data center market with youtips
Speaker 2: and computers aiming to challenge Nvidio.
Speaker 3: Plus a huge week ahead for tech earnings with Microsoft, Google, Meta, Amazon,
Speaker 3: and Apple all reporting.
Speaker 4: We prepare you for the fire hose and we.
Speaker 2: Sit down with CRUSO CEO Chase lock Miller to talk
Speaker 2: about the company's latest ten billion dollar valuation.
Speaker 3: From private markets to public markets. We check in what's
Speaker 3: happening on the NASDAT today ed a new record high
Speaker 3: for most of the benchmarks we have risk on. As
Speaker 3: we anticipate that meeting between Trump and she will we
Speaker 3: get some sort of positive connotation out of the meanings
Speaker 3: between US and China, certainly in the market's anticipating it,
Speaker 3: but also looking under the hood, there are some key movers.
Speaker 4: And I know you're looking at one of them.
Speaker 2: Yeah, let's get straight to Qualcomm right now. The stock
Speaker 2: is up fifteen percent. At one point in the session,
Speaker 2: it was up twenty two percent and on track for
Speaker 2: its biggest jump since April of twenty nineteen. It has
Speaker 2: come to the market with an NPU, a data center
Speaker 2: chip for AI and machine learning tasks, and it has
Speaker 2: a key customer. The stock's pairing some of its gain
Speaker 2: right now. But this is a severe reaction and an
Speaker 2: important story.
Speaker 3: Caarra it is and treading on in videos toes on
Speaker 3: a key week from video with GtC. Let's get to
Speaker 3: more on Qualcomm's and its plans. Froomberg Chips reporter Ian
Speaker 3: King is with you in Washington, Ian, give us the latest.
Speaker 3: What already are they signaling to the market with Qualcom?
Speaker 5: Yeah, I mean there's two things going on here. They're saying, look,
Speaker 5: we've got a chip, we've got it, We've taken our time,
Speaker 5: We've got it right here we are. We've got a
Speaker 5: follow up chip already, we're going to have one after that.
Speaker 5: And guess what, we've got a customer. So, you know,
Speaker 5: late to the party. But they're making something of an entry.
Speaker 5: I think that's the way to look at this.
Speaker 2: An MPU or neural processing unit is just a specifically
Speaker 2: designed chip for the task, right But in that arrangement
Speaker 2: with Humane. They're saying like two hundred megawatt deal. It
Speaker 2: seems like, you know this, Qualcom never gets any credit
Speaker 2: in the stock market when it comes out. But the
Speaker 2: read here seems to be this is real technology and
Speaker 2: it's going into a real data center. But I'm assuming
Speaker 2: they've been working on something like this for a while.
Speaker 5: Yeah, I mean, this is a derivative of mobile technology
Speaker 5: that they had for a while, and what they've done
Speaker 5: is they scaled it up into the PC world and
Speaker 5: now they're scaling up into the data center world. You
Speaker 5: remember they bought Nuvea a few years ago to improve
Speaker 5: their processing capabilities, essentially to go big, and this is,
Speaker 5: you know, that the latest manifestation of it, and they're
Speaker 5: going after the biggest market available.
Speaker 3: ARMS doing well because of course underlying technology of Rockqualcom
Speaker 3: in some way feeds money and royalties over to ARM.
Speaker 4: But there is humane being mentioned. There is Sara Arabia.
Speaker 4: But what after that in.
Speaker 5: I mean, what we were told in the conversations we
Speaker 5: had and we put in the story is that they
Speaker 5: are speaking with all of the large data center operators,
Speaker 5: all of the hyperscalers. So what I think people will
Speaker 5: be now looking for from Qualcom will be obviously more customers,
Speaker 5: more large scale deployments, more commitments to show that this
Speaker 5: is not just an experiment, but is real, real deployments
Speaker 5: and real you know, with billions of dollars as we're
Speaker 5: seeing floating around everywhere else behind that kind of story.
Speaker 2: Bloom Maggzine King, thank you very much. It is a
Speaker 2: pivotal week for technology and markets, with five of the
Speaker 2: Magnificent seven tech giants set to report earnings, and investors
Speaker 2: are looking for clues on whether this tech rally can
Speaker 2: continue here with more and what investors are expecting. Bloomberg
Speaker 2: Equities reporter Ryan Blaslica, you had the task of previewing
Speaker 2: a monster week what you've been writing about.
Speaker 6: Hey, good morning, thank you for having me.
Speaker 7: So I would say that the major takeaway this week,
Speaker 7: or the major theme that investor is going to be
Speaker 7: focusing on, is HAPEX. People want more clarity on how
Speaker 7: sustainable all this AI spending is going to be. Of course,
Speaker 7: this week we get results from Microsoft, Amazon, Alphabet, and Meta,
Speaker 7: which are together four of the major Nvidia customers right there,
Speaker 7: So anything they have to say about their spending plans,
Speaker 7: anything they have to say about what kind of ROI
Speaker 7: they're seeing from AI. All that is going to be
Speaker 7: very closely monitored. And of course we have the top
Speaker 7: three cloud companies in Microsoft and Amazon and Alphabet. If
Speaker 7: we get to see more signs of some kind of
Speaker 7: an acceleration and growth there, I think that will be
Speaker 7: very warmly received.
Speaker 3: Those hyperscalers, Microsoft, Alphabet, Amazon not a single cele rating
Speaker 3: on them, Ryan, and in fact we're getting upgrades going
Speaker 3: into these earnings.
Speaker 4: What are you making of the bullishness here?
Speaker 7: It's very universally bullish. This morning I wrote about Googenheim
Speaker 7: which upgraded Microsoft, which I believe there leaves them with
Speaker 7: ninety nine percent bull or buy ratings and then one
Speaker 7: person who is a hold. So obviously a lot of
Speaker 7: optimiy there. I think if you talk to analysts, you know,
Speaker 7: people still feel valuations are at least reasonable, maybe a
Speaker 7: little bit elevated. But all of these companies continue to
Speaker 7: score very highly on quality characteristics, in terms of their
Speaker 7: cash flow, in terms of their stability and durability. People
Speaker 7: are positive on the management teams. They're seeing this very
Speaker 7: well exposed of these major long term growth markets. So
Speaker 7: there's still a lot of reason for optimism, but certainly
Speaker 7: it is sort of a startling to see that pretty
Speaker 7: much everyone has the same kind of BIO rating. And
Speaker 7: I'd also flag a story republished over the weekend about
Speaker 7: in video which has one bearish analyst, Jay Goldberg at
Speaker 7: a seaport. We profiled him. If you're interested in reading that,
Speaker 7: I highly recommend it.
Speaker 3: We're always interested in reading it. Ran plus Delica, thank
Speaker 3: you very much. Indeed, look, there has been all of
Speaker 3: this fear and anxiety and AI bubble, can anix push
Speaker 3: back against those fears, joining us to break it all
Speaker 3: down and the current market signals. What it can mean
Speaker 3: for invest is Denise Chism, director or Quantitative Market Strategy
Speaker 3: at Fidelity Investments. Then is what we love about you
Speaker 3: is you bring the historical context, the research data and
Speaker 3: push us forward. Are there any alarm bells ringing as
Speaker 3: we go into this important week?
Speaker 8: Yeah, it's interesting when you look at the data. I mean,
Speaker 8: everybody highlighted the fact that numbers have been coming up
Speaker 8: into this earning season, and interestingly enough, technology has now
Speaker 8: reaccelerated from a sector perspective back into the top quartile
Speaker 8: of its history. And as much as we want to
Speaker 8: be skeptical and say, well, doesn't that usually mean that
Speaker 8: we have to mean revert that earnings growth typically does
Speaker 8: prove durable when you study history. The more interesting data
Speaker 8: comes with the fact that they've actually become more expensive
Speaker 8: obviously from that almost discount that we saw during the
Speaker 8: tariff tantrum. They're also back in the top quartile of
Speaker 8: their valuation range as well, so meaning that you have
Speaker 8: a matched perspective of expensive valuations and really high earnings growth.
Speaker 8: The interesting part is for the last twenty years, if
Speaker 8: you had to decide between an environment of expensive valuations
Speaker 8: but high growth or lower growth but lower valuations, that
Speaker 8: would actually be it would be a better situation to
Speaker 8: be in the high growth, high valuation, which has been
Speaker 8: much more predictive historically.
Speaker 6: Denise.
Speaker 2: Over the weekend I did a lot of reading, and
Speaker 2: you know, the headline bubble comes up everywhere.
Speaker 6: Across the newspapers.
Speaker 2: But there is some interesting kind of points of distinction
Speaker 2: between a stock bubble and a sector bubble. So in
Speaker 2: a stock bubble, the argument is, well, you know, prices
Speaker 2: and valuations being driven up without the fundamentals to support them.
Speaker 2: But that is different where you have an entire industry
Speaker 2: saying we're going to keep investing in this technology, right
Speaker 2: and in the future we see a return on that investment.
Speaker 2: Which side of the bubble debate do you sit on,
Speaker 2: the stock or the story.
Speaker 8: Well, it's interesting when you look at it compared to
Speaker 8: what we went through in the tech rec I mean,
Speaker 8: when you look at high growth and high valuations, you say, well,
Speaker 8: that was exactly what we saw in the prior bubble.
Speaker 8: So isn't this the first early stages of that. Well,
Speaker 8: relative valuations were actually seventy percent higher in two thousand
Speaker 8: and you ended up with almost negative operating margins. Not
Speaker 8: only are we not negative in terms of operating margins
Speaker 8: for technology as a sector, but they're actually increasing overall,
Speaker 8: which is to say that sometimes things are expensive for
Speaker 8: a reason. And when you look at bubble indicators like CAPEX,
Speaker 8: if you add up all the catbex in the technology
Speaker 8: sector and you divide it by the sales basis or
Speaker 8: even free cash flow, you'll see that there's really nothing anomalists,
Speaker 8: meaning that as much as some of the nominal numbers
Speaker 8: are ie popping, some of the free cash flow is
Speaker 8: also eye popping, as is the sales. So again it's
Speaker 8: back to that high growth is matched with high valuations.
Speaker 8: A lot of the time, what you almost see is
Speaker 8: high valuations are being positive predictors of future growth, which
Speaker 8: is usually more durable than I think investors expect.
Speaker 2: Denise for you right now, which primary or secondary data
Speaker 2: sets are you watching most closely?
Speaker 6: For the tech sector? So for the tech.
Speaker 8: Sector, I do think overall this shift between either economically
Speaker 8: sensitive sectors like technology communications versus consumer discretionary and the
Speaker 8: defensive sectors like consumer staples, healthcare utilities, the fact that
Speaker 8: median earnings is finally starting to recover for the first
Speaker 8: time in the better part of three years is actually
Speaker 8: the best setup for those economically sensitive sectors like technology,
Speaker 8: even despite the fact that technology has already worked, it
Speaker 8: usually continues to work as the durability of the earning
Speaker 8: story actually broadens out. On top of that broadening out stories,
Speaker 8: I might say, well, are there any tailwinds that actually
Speaker 8: are positively predictive, you know, even besides the FED cuts
Speaker 8: that we're seeing and about to still see and the
Speaker 8: tax cuts that we are still seeing or that have
Speaker 8: seen and will bear fruit into twenty twenty six. Remember,
Speaker 8: of all the sectors when you look at lower oil prices,
Speaker 8: which were kind of a form of a tax cut.
Speaker 8: Technology is the number one sector that outperforms after that
Speaker 8: style of a tax cut as it filters through in
Speaker 8: terms of cost to margins and potentially lower in flame
Speaker 8: that increases multiples. So I think that there are a
Speaker 8: lot of things that highlight the fact that there are
Speaker 8: more tailwinds for overall earnings growth, which is bullish for
Speaker 8: economically sensitive sectors like technology.
Speaker 3: And how global does that data set and do those
Speaker 3: tailwinds tend to be right now, Denise?
Speaker 8: So I would say that from a global perspective, you
Speaker 8: are certainly seeing earnings growth across the globe, but right
Speaker 8: now you are seeing an interesting what I would say
Speaker 8: is a change in trend from the last let's call
Speaker 8: it four to six months, where international was accelerating and
Speaker 8: the US was decelerating slightly. You are now seeing that shift,
Speaker 8: meaning that US earnings, specifically led by technology, is reaccelerating
Speaker 8: at the same point where Europe, EFA and emerging markets
Speaker 8: are decelerating. That sets up, in my mind, a better
Speaker 8: risk reward for markets, despite the fact that US stocks
Speaker 8: are much more expensive. It's interesting when you look at
Speaker 8: International versus the US, and you say, well, these stocks
Speaker 8: have actually outperformed over the last ten months, you're to date, certainly,
Speaker 8: and they're still cheap. That seems like a compelling proposition,
Speaker 8: But when you look over the last you know, since
Speaker 8: twenty ten, so over the last fifteen years, you'll see
Speaker 8: that that's led to zero percent odds of outperformance for International,
Speaker 8: which again highlights the fact that look valuation sometimes doesn't
Speaker 8: say what you think it means. Sometimes stocks are cheap
Speaker 8: for a reason, and sometimes stocks are expensive for a reason,
Speaker 8: and a lot of times valuation almost correctly predicts whether
Speaker 8: or not earning's growth is going to be durable or not.
Speaker 8: So I do think that you are seeing the US
Speaker 8: be leadership from an earning's perspective.
Speaker 3: Again, briefly, in a historical context, have you ever seen
Speaker 3: such underpinnings of importance from the private market, Because yes,
Speaker 3: we worry about bubbles in the public markets, but a
Speaker 3: lot of them all go back to a few players
Speaker 3: in the private market like open AI.
Speaker 7: Yeah.
Speaker 8: So I think that the places to look from a
Speaker 8: data perspective are always in the public credit markets to
Speaker 8: see what we are discounting interns of the private credit markets.
Speaker 8: I don't have any specific insight, but when you see
Speaker 8: more stress being in high yield credit spreads than there
Speaker 8: is in the VIX or in equity valuation spreads, that's
Speaker 8: usually a negative setup. We're not seeing that so far.
Speaker 8: Credit spreads are well contained and there's still more fear
Speaker 8: in the equity market. So whenever you see headlines like that,
Speaker 8: you always have to step back as an investor and say,
Speaker 8: this could be a situation where yet again the market
Speaker 8: can climb the wall of.
Speaker 2: Worry, denischism of fidelity. It's great to have you back
Speaker 2: on Bloomberg Tech. Thank you very much. Let's get to
Speaker 2: shares of AMD. In some breaking news crossing the Bloomberg,
Speaker 2: the US Department of Energy is said to have formed
Speaker 2: a one billion dollar AI packed or partnership with AMD.
Speaker 2: That's according to a report from Reuters. AMD said to
Speaker 2: be constructing two supercomputers for the department as part of
Speaker 2: that pack. The stock was in negative territory, it swung
Speaker 2: to a gain of about two percent. It's paired that
Speaker 2: now up nine tens to one percent. But we'll try
Speaker 2: and confirm that story and bring you some.
Speaker 3: More care and coming up more AI CEO Chase Logmler
Speaker 3: is joining us to talk about the company's latest fundraise,
Speaker 3: a ten billion dollar valuation.
Speaker 4: We'll talk I Compute This is Blue, their tech.
Speaker 6: AI data centers startup.
Speaker 2: Crusoe's raised a new one point three seven billion dollar
Speaker 2: funding round to put the company's valuation over.
Speaker 6: Ten billion dollars.
Speaker 2: Cruso's partnered in developing the first installation of Open Ai
Speaker 2: and Oracles Stargate project in Abilene, Texas. Let's bring in
Speaker 2: Cruso CEO Chase Lockmolo, who's in town for in videos
Speaker 2: GtC DC, and you're going to be speaking The investors
Speaker 2: in this round are important. It kind of signals maybe
Speaker 2: where some of your next activity will be. But I
Speaker 2: think in the context of the valuation, like I understand
Speaker 2: Cruso to be a critical piece of the build out here,
Speaker 2: it seems almost a bit modest that valuation.
Speaker 9: Yeah, I you know, we feel like it's a great
Speaker 9: valuation for investors to get in and we feel like
Speaker 9: we have a lot of room to grow from from here.
Speaker 9: Just a lot of momentum kind of happening across the space,
Speaker 9: and you know, we're well captured what we're well positioned
Speaker 9: to capture. Meaningful and out of it. So you know,
Speaker 9: we're thrilled to bring on.
Speaker 2: You're very busy in America, right, but what is your
Speaker 2: ambition for the Gulf and the Middle East and what
Speaker 2: projects you might want to build out over there.
Speaker 9: You know, we're looking at a number of different things
Speaker 9: in the in the GCC. You know, obviously having Mubattle
Speaker 9: as a capital partner gives us a very strong partnership.
Speaker 9: In the UEE. We are also sort of you know,
Speaker 9: evaluating some of the things that are going on with
Speaker 9: the ue Stargate and some of the ambitions in Saudi
Speaker 9: But you know, we haven't announced anything quite yet.
Speaker 3: Jase, I want to give context to our viewers who
Speaker 3: know you for what you're doing with Stargate. You're also
Speaker 3: action in Europe to maybe Middle East. But coming down
Speaker 3: to it, you're a cloud provider, data sem to revite
Speaker 3: a manufacturing You've got an edge when it comes to energy.
Speaker 3: That was kind of the winning formula when you first
Speaker 3: ever founded More to service bitcoin mining, and I'm interested
Speaker 3: as to what sets you apart from a core weave
Speaker 3: and other neo clouds out there.
Speaker 9: I think there's a number of things. I mean, we
Speaker 9: we've we've we've taken this vertically integrated energy first approach
Speaker 9: kind of from the start and the founding and the business.
Speaker 9: You know, we you know, I think a lot of
Speaker 9: the value that was unlocked from you know, this first
Speaker 9: Stargate campus in in Abilene was the fact that we
Speaker 9: had access to one point two gigawats of power that
Speaker 9: could energize this very large cluster of Nvidia GPUs. Building
Speaker 9: it very very fast required us to have creative designs
Speaker 9: and flexibility with a lot of modular components that went
Speaker 9: into constructing this very large campus with you know a
Speaker 9: lot of those modular components being manufactured off site. And
Speaker 9: you know, I think we've built a very high performance
Speaker 9: software stack to enable these AI factories to work work
Speaker 9: very effectively in at scale, integrating a lot of great
Speaker 9: managed services like our managed file systems and managed Kubernetes
Speaker 9: that enable innovators to do their life's work on incredibly
Speaker 9: reliable and high performance infrastructure.
Speaker 3: Those innovators, we know open aiye is one of them.
Speaker 3: But you're busy building elsewhere and wyoming, not just in Texas.
Speaker 4: Who are you building for there?
Speaker 3: Can you tell us a little bit about where the
Speaker 3: appetite is coming from.
Speaker 10: Uh.
Speaker 9: We can't speak about who we're working with directly in
Speaker 9: uh In Wyoming quite yet, but we have a we
Speaker 9: have a we have a great partner there, and we'll
Speaker 9: be thrilled to come back and tell you all about
Speaker 9: it when we're ready to announce it publicly. But it
Speaker 9: is a exciting campus just from both energy perspective and
Speaker 9: the scale it presents. What we've announced initially is one
Speaker 9: point eight gigawatts, but there is a plan to take
Speaker 9: it to ten gigawatts, so it will be a very
Speaker 9: very large campus for you know, AI computing infrastructure, and
Speaker 9: we're thrilled to have a wonderful partner there.
Speaker 2: Last week, the Trump administration made some announcements about how
Speaker 2: they want to speed up the electrical hookups for data centers.
Speaker 2: That's like at the core of the president's strategy cut
Speaker 2: red tape. Do you regulate just your reaction to what
Speaker 2: the administration is doing about speed matching supply of power
Speaker 2: to infrastructure.
Speaker 9: Yeah, you know, we're you know, I think we're we're
Speaker 9: excited to have the support of the administration for some
Speaker 9: of the critical blockers to to moving faster. You know,
Speaker 9: one of our core values as a business is to
Speaker 9: move fast and make things so we speed is really
Speaker 9: at the essence of and at the core of a
Speaker 9: lot of what we do. One of the more frustrating
Speaker 9: things to be slowed down by is you know, waiting
Speaker 9: for a permit to be approved, waiting for you know,
Speaker 9: some sort of application that's that's in the hands of
Speaker 9: a government agency. And you know, seeing the urgency from
Speaker 9: this administration that saying like, hey, we need to support
Speaker 9: the private sector to go out and build this infrastructure
Speaker 9: so that America can lead an artificial intelligence is just
Speaker 9: a great, you know, great indicator of what's to come.
Speaker 9: And you know, we're really excited to have that public
Speaker 9: private partnership. We think it's a very healthy dynamic that's
Speaker 9: at play right now. And you know, we very big
Speaker 9: supporters of a secretary right and you know what he's
Speaker 9: doing to you know, help make this happen faster.
Speaker 3: The key part of the infrastructure that you're building is
Speaker 3: the chips that go in the data centers you're building
Speaker 3: strong within video. We've just had the lead of our
Speaker 3: show that Qualcom's trying to get in on AI accelerate
Speaker 3: a marketplace.
Speaker 4: What do you think about an offering from a Qualcom.
Speaker 3: What's your read or other competitors coming forward?
Speaker 9: Well, I mean I think everybody's sort of taking a
Speaker 9: slightly different angle on this, and you know, big supporters
Speaker 9: of there being more competition in the marketplace. I think
Speaker 9: that's very healthy when you have a market as big
Speaker 9: as AI and AI computing infrastructure. In the case of Qualcom,
Speaker 9: I think their flavor that you know, I think fits
Speaker 9: them a little bit better is more you know, AI
Speaker 9: inference closer to the edge, you know, closer to you know,
Speaker 9: these these on device or near the end points where
Speaker 9: users will be interacting with infrastructure. So you know, I I, uh,
Speaker 9: you know, I think that fits very well with kind
Speaker 9: of the qual Coon dynamic and you know, their strengths
Speaker 9: and what they can bring to the market as AI
Speaker 9: gets embedded in all aspects of you know, the economy
Speaker 9: and everything that you know, people are doing on a
Speaker 9: day to day basis. We're a big believer that we
Speaker 9: will need infrastructure everywhere to help support intelligence everywhere.
Speaker 3: Chase Long, so great to have some time with you
Speaker 3: as you're in town and DC for GtC and videos
Speaker 3: big event. Co found recy of CRUSA, thank you for
Speaker 3: joining and coming up Apple's future iPad pros.
Speaker 4: Well, they're going to borrow some key features from thenly
Speaker 4: to STI, we'll describe next. This is pretty bad tech.
Speaker 6: Apple.
Speaker 3: When I may be pouring over one of the iPhone
Speaker 3: pro's latest innovations to the iPad pro, the company is
Speaker 3: said to be eyeing putting a vapor chamber into future
Speaker 3: iterations at the tablets is the subject of this week's
Speaker 3: power on newsletter from Luemag's managing editor for Consumer tech,
Speaker 3: Mark German. And talk us through Mark why this is
Speaker 3: such a big thing for the iPad and what innovation
Speaker 3: is really at stake here.
Speaker 11: Yeah, let's just take a step back and talk about
Speaker 11: what is a vapor chamber. It's a liquid cooling system.
Speaker 11: So there's actually special, scientifically developed liquid inside of the
Speaker 11: iPhone seventeen pro today.
Speaker 12: And the reason they did that is that.
Speaker 11: They noticed their chips can run so powerfully like they're
Speaker 11: in a laptop, where it can get the device pretty hot,
Speaker 11: and something as thin and light as an iPhone you
Speaker 11: can't put a fan in there to cool it down
Speaker 11: like you would in a mapbook pro or a dust
Speaker 11: or what have you.
Speaker 12: So this offsets that.
Speaker 11: But the iPad Pro is even thinner than the iPhone
Speaker 11: and even though the thermal constraints aren't as constrained because
Speaker 11: you have that larger surface area, the chips are getting
Speaker 11: more performance. They just put the M five processor from
Speaker 11: the MacBook Pro and the new Vision Pro and.
Speaker 12: The iPad Pro. But you can see as they continue
Speaker 12: to add more performance to the iPad pro and those
Speaker 12: designs can seue to get thinner and lighter, something's going
Speaker 12: to give, especially when you can't put in a fan.
Speaker 11: So the solution is bringing that vapor chamber from the
Speaker 11: latest pro iPhones to the next generation Pro iPads.
Speaker 12: In twenty twenty.
Speaker 2: Seven, Mark real quick take us inside Apple and how
Speaker 2: Apple works. So why is it they try the tech
Speaker 2: first on iPhone and then later roll it to a
Speaker 2: future generation iPad.
Speaker 12: Uh, It really all depends, you know.
Speaker 11: There have been so many features they've put in the
Speaker 11: iPad first before they put in the iPhone, or put
Speaker 11: in the mac before they brought it to another product.
Speaker 12: So there's really no consistency there.
Speaker 11: I think it comes down to the to the performance
Speaker 11: needs for that particular and the importance much more important
Speaker 11: to get the vapor chamber in the iPhone sooner. Remember
Speaker 11: the iPhone fifteen pro came out a few years ago
Speaker 11: super hot. They needed to do something to address that,
Speaker 11: and that was their solution. The iPad pros. Today they
Speaker 11: don't really overheat, but there's going to be a time
Speaker 11: where the performance gets so high that if they didn't
Speaker 11: have the vapor chamber of maybe you would have that
Speaker 11: overheating issue.
Speaker 12: So it's all dependent.
Speaker 2: Bloomberg's Mark German and the latest power on from Sunday.
Speaker 2: It's an absolute must read. Thank you very much, Welcome
Speaker 2: back to Bloomberg Tech. Look, this is what's going on,
Speaker 2: and it's largely semiconductor related.
Speaker 6: Starting with in video. Right.
Speaker 2: We are here in Washington, DC because they are doing
Speaker 2: their DTC DC edition conference this week. There will be
Speaker 2: news They're always with is when it comes to Jensen
Speaker 2: Wong and his company. The dynamic, though, is that the
Speaker 2: President of the United States is on a tour of
Speaker 2: Asia and we don't yet know where semiconductors Nvidia fit
Speaker 2: within that dynamic. In terms of newsflow, Quile comes up
Speaker 2: twelve percent. At one point in the session, it was
Speaker 2: up twenty two percent and on track for its biggest
Speaker 2: jump since April of last year of sorry, April twenty nineteen,
Speaker 2: the story they have an MPU an AI accelerator card.
Speaker 2: It will ship next year and it goes to humane
Speaker 2: in Saudi Arabia, first severe reaction to them entering the
Speaker 2: data center market. Also go back to a story that
Speaker 2: we covered earlier in the program. Reuters is reporting that
Speaker 2: AMD has a pact with the Department of Energy to
Speaker 2: build two supercomputers. And that is a report from Reuters
Speaker 2: that's in that moment sent the stock up two percent.
Speaker 2: It's kind of given up some of that game, up
Speaker 2: zero point five percent. But we started the day, as
Speaker 2: you can see on the left of the chart in
Speaker 2: negative territory.
Speaker 6: Goodness, that's a lot.
Speaker 3: Caro, what a semiconductor roundup. But let's head over to ASA.
Speaker 3: You just mentioned it ed because President Trump is in
Speaker 3: back two back summits ahead of the highly anticipated meeting
Speaker 3: with President huzim Paying later this week Chinese and US
Speaker 3: training go she do is they've actually lined up a
Speaker 3: few easy diplomatic wins ahead of that meeting. They've left
Speaker 3: deeper conflicts unresolved for one Treasury Sextuary, Besson said that
Speaker 3: he believed China would delay its latest rare earth restrictions
Speaker 3: after the latest talks, but friction over the export controls
Speaker 3: does remain. So we go out to Bluemost Tyler Kendall,
Speaker 3: who joins us very late from Tokyo, Taya talk us
Speaker 3: through where we stand in terms of winds for a
Speaker 3: tech perspective here.
Speaker 13: Yeah, hey, Caroline, Well, as you were mentioning the US
Speaker 13: is one of their chief of wins that they wanted
Speaker 13: to see this week was China delaying the implementation of
Speaker 13: its recently announced export curves related to critical and rare
Speaker 13: earth minerals. But the US Treasury Secretary maintains that the
Speaker 13: US is not going to loosen its export controls related
Speaker 13: to advanced semiconductors, and that could potentially mark a step
Speaker 13: back for Invidia's bid to rejoin the Chinese market. Now,
Speaker 13: I'm looking forward to your coverage this week of Jensen
Speaker 13: Wang being in Washington, DC, and once he wraps up
Speaker 13: his time I'm in the nation's capital, he's actually headed
Speaker 13: over here to Asia where he's going to attend the
Speaker 13: APEX CEO summit in South Korea. That's going to be
Speaker 13: President Trump's next stop after he wraps up his time
Speaker 13: here in Tokyo because that is where he's going to
Speaker 13: meet with Chinese President Jijingping. So we're going to be
Speaker 13: watching this very closely as it unfolds for the rest
Speaker 13: of the week. Now, even as the US maintains it's
Speaker 13: not going to loosen its current restrictions in place, our
Speaker 13: analysts have Bloomberg Economics say that they expect the US
Speaker 13: to take off the table the threatened but not yet
Speaker 13: imposed restrictions, including those related to critical software and cloud computing.
Speaker 13: There's a lot to look out for here, but really
Speaker 13: the top line so far has been that there is
Speaker 13: this simmering intentions that is appearing to allow for a
Speaker 13: broader conversation about a broader trade deal down the line.
Speaker 13: But at this moment, we are really just looking at
Speaker 13: these key diplomatic wins, these top line wins, instead of
Speaker 13: a fuller, more comprehensive pack bluebooks.
Speaker 2: Tyler Kendo, who's traveling with the President currently in Tokyo,
Speaker 2: thank you very much.
Speaker 10: So.
Speaker 2: In video, Chips have been at the center of this
Speaker 2: trade impass between the US and China, the company losing
Speaker 2: billions of dollars in revenue with its Ai chips out
Speaker 2: of the Chinese market. The same week, President Trump plans
Speaker 2: to meet Xijingping in videos holding one of its biggest
Speaker 2: AI conferences at a massive convention hall just a few
Speaker 2: blocks from the White House. And it's a pretty clear
Speaker 2: sign of the growing stakes in Washington for the world's
Speaker 2: most valuable company. Bloomberg Senior Tech editor Mike Shepherd joins
Speaker 2: us to discuss the calculus from like Jensen, Huang's point
Speaker 2: of view is very simple. Where once they had eighty
Speaker 2: percent of a critical market, they now basically have zero,
Speaker 2: and it's something he wants to reverse through the President
Speaker 2: in this administration.
Speaker 10: He has been making great efforts to do that, as
Speaker 10: we have seen all year. And it's not just in
Speaker 10: the many appearances that he has had with Donald Trump.
Speaker 10: Remember he was present, of course for the unveiling of
Speaker 10: the AI Action Plan.
Speaker 6: He was also with the President.
Speaker 10: On his trip to the Middle East earlier in the year,
Speaker 10: and he joined Donald Trump on the visit to the
Speaker 10: UK in August where they unveiled war AI chip deals.
Speaker 10: But there is more to it than that. The company
Speaker 10: is also investing in its lobbying operation here in Washington.
Speaker 10: It's not just this come and go big event at
Speaker 10: the convention Center just a few blocks from here. They
Speaker 10: are also hiring more lobbyists and spending more to try
Speaker 10: to make sure that their influence operation is here.
Speaker 3: To stay and that influence mike more broadly, is there
Speaker 3: an inbuilt confidence that they will have the access that's
Speaker 3: necessary for China, because there's been this ongoing narrative in
Speaker 3: the Republican Party itself torn a little bit about the
Speaker 3: hawkishness that they should have for China and the access
Speaker 3: to deep technology that should be allowed or not in
Speaker 3: the case, Oh, Kerry.
Speaker 6: You hit the nail on the head right there.
Speaker 10: With the tension here in Washington over whether and how
Speaker 10: much to allow Nvidia to return to the China market,
Speaker 10: and really it centers on national security concerns. Many in
Speaker 10: both parties Here in Washington, lawmakers and policy makers from
Speaker 10: the prior administration and even some in the current administration
Speaker 10: have some misgivings about allowing China to have access to
Speaker 10: the sophisticated artificial intelligence chips that Nvidia produces. One of
Speaker 10: the big concerns is that granting that technology to Beijing
Speaker 10: opens the door somehow to the Communist Party there, somehow
Speaker 10: employing it for military and intelligence gathering. Purposes, and that
Speaker 10: would be across purposes, of course, with what the national
Speaker 10: security apparatus here in Washington wants to see. China is
Speaker 10: still seen as the top geopolitical rival with the US,
Speaker 10: and they don't want to hand any sensitive technology in
Speaker 10: that direction, citing those national security concerns. So we will
Speaker 10: see how that comes up in the conversations here during
Speaker 10: the Nvidia conference. We'll be looking to see what Jensen
Speaker 10: Wong says, not only during his keynote, but also in
Speaker 10: other aside moments with the media and other folks. If
Speaker 10: this comes up in any way. It will also be
Speaker 10: interested in seeing how lawmakers who are in attendance tomorrow
Speaker 10: may actually be acting to that.
Speaker 6: To his sales pitch of a return.
Speaker 2: To China, Bloombos, Mike Shephard, thank you very much. So
Speaker 2: a meeting between US and Chinese reps are drawing close
Speaker 2: attention from the defense technology sector and its investors. Many
Speaker 2: senior opportunities emerging under the Trump administration, particularly in areas
Speaker 2: like space, defense, cybersecurity, advanced manufacturing sectors increasingly viewed as
Speaker 2: arenas of competition between Washington and Beijing. Joining US now
Speaker 2: is mina fultas he's the founder and chief investment officer
Speaker 2: of Washington Harbor Partners. Welcome to Bloomberg Tech. I mean
Speaker 2: that is the dynamic. There is tension economically and otherwise
Speaker 2: between the United States and China, but if you're a
Speaker 2: bench capitalist or private growth equity player, you see an opportunity.
Speaker 14: Thank you so much both for having me here today.
Speaker 14: At Washington Harbor Partners. We're running our daily ground game.
Speaker 14: We're meeting with the Department of War. We're meeting with
Speaker 14: the National security community, with the White House, with Congress
Speaker 14: to listen and to engage and to understand and what
Speaker 14: are the greatest mission needs, What are the market gaps,
Speaker 14: and where can we find the best founders, with the
Speaker 14: best leadership, with the best technologies and capabilities to meet
Speaker 14: those needs and to fill those market gaps.
Speaker 6: You just mentioned the Department of War.
Speaker 2: Last week I was in Los Angeles with many space
Speaker 2: technology leaders and they very much say that space is
Speaker 2: the next war fighting domain. Their point, which I wrote
Speaker 2: about for the Tech in Depth newsletter, is that Space Force,
Speaker 2: as a government agency is a real player here. Do
Speaker 2: you agree with that argument and do you see yourself
Speaker 2: doing business with Space Force?
Speaker 14: That's a great question, and space is a critical workfighting
Speaker 14: domain that we're very interested in. We're very bullish on
Speaker 14: the Space Force. We're very excited about their leadership, their talent,
Speaker 14: their focus, the resources they're dedicating to this very critical
Speaker 14: work fighting domain. We're making active investments in the space domain. So,
Speaker 14: for example, we recently invested in a company called Turion Space,
Speaker 14: which is a space domain awareness company. IDEA unified potential
Speaker 14: threats in space, they analyze them, and they potentially help
Speaker 14: to react to those emerging threats and emerging technologies. We
Speaker 14: also have investments in companies like Stoke Space, apex Space,
Speaker 14: and Quindar to meet these mission gaps and needs in space,
Speaker 14: and we're on the lookout to be much more active
Speaker 14: in the space domain.
Speaker 3: Stoke Space just had some interesting news in and of
Speaker 3: itself about its own fundraised.
Speaker 4: I'm interested more broadly.
Speaker 3: Than what is your ask when you're thinking about later
Speaker 3: this week the meeting between she and Trump, how worried
Speaker 3: are you about rare earth metals? How worried are you
Speaker 3: about access at the moment when so much of this
Speaker 3: is integral to some of the startups that.
Speaker 14: You back, Thank you, Caroline. So the whole world is watching,
Speaker 14: everyone's following the headlines, and at Washington Harbor, we just
Speaker 14: have our heads down and running our daily ground game.
Speaker 6: Rare Earth's.
Speaker 14: The US supply chain we think is a very high priority.
Speaker 14: We're investors in a company called Vulcanellum, which we think
Speaker 14: can help create that domestic supply chain and ensure that
Speaker 14: we have access to the most important materials for both
Speaker 14: robotics and drones and other very important mission needs. Production
Speaker 14: at scale we think is an increasingly important pain point.
Speaker 14: We're investors in companies like Aerial Industries, which brings hardware
Speaker 14: and sensors, ammunitions to the mission edge. Beyond just things,
Speaker 14: we think data is incredibly valuable in part and valuable
Speaker 14: and powerful. We think bringing data the edge and empowering
Speaker 14: the warfighter and the operator with AI and AI enabled
Speaker 14: capabilities is also of incredible importance. So we're invested in
Speaker 14: a company called Raft which brings that decision making capability
Speaker 14: using AI to the mission edge. And finally, power and
Speaker 14: energy resilient, mobile, safe power and energy anywhere in the
Speaker 14: world for the war fighter we also think is incredibly
Speaker 14: important and very critical to this aply chain.
Speaker 4: Just remind us of like your thesis.
Speaker 3: At this moment, we've suddenly felt like twenty twenty five
Speaker 3: has been the year that we're all talking about defense tech.
Speaker 3: But the LPs that are in Washington Harbor partners, the
Speaker 3: likes of the corporate pension fonts, the endowments of foundations,
Speaker 3: have they always been there backing this thesis. How much
Speaker 3: have you suddenly heard of this wall of demand coming
Speaker 3: from those who want to access this VC focus that
Speaker 3: you have.
Speaker 14: We are very fortunate to have very focused LPs who
Speaker 14: have been very passionate about bringing the best technologies to
Speaker 14: not only the war fighter, but also the civil servant.
Speaker 14: They see it as having been unfair that those who
Speaker 14: are making the greatest sacrifice and taking the most courage
Speaker 14: haven't had the best technologies and have critically been eight
Speaker 14: to ten years behind the Fortune five hundred. Today, they're
Speaker 14: all universally excited that in an area where we haven't
Speaker 14: had the US military modernized and nearly a generation, all
Speaker 14: the stars are aligning now to change things now more
Speaker 14: than ever. Congress has appropriated real dollars to acquiring capability
Speaker 14: and next generation technologies. Both sides of the aisle are
Speaker 14: in agreement today that things have to change, that there
Speaker 14: needs to be acquisition reform and that they're trying to
Speaker 14: enable the Pentagon to acquire modern technologies and capabilities very quickly.
Speaker 2: The timeline that all of the apparatus fence OUP US,
Speaker 2: this nation runs to is conflict of some form twenty
Speaker 2: twenty seven US and China. Do you model for that
Speaker 2: same timeline?
Speaker 14: You know, we model for asap. We model for the
Speaker 14: urgent needs and not knowing when there could be conflict.
Speaker 14: And so the critical thing here is that both military leaders,
Speaker 14: civilian leaders, entrepreneurs, investors are scaling up and they're all
Speaker 14: acting with a sense of urgency to make sure that
Speaker 14: the warfighter has what they need in the next two
Speaker 14: weeks and doesn't have to wait two years to get
Speaker 14: what they deserve and need to fight this battle.
Speaker 3: In ft of Washington Harbor Partners, It's great to have
Speaker 3: some time with you today.
Speaker 4: Come back soon. Meanwhile, coming up on as Big.
Speaker 3: Tech gets set to report results AI bubble fears, they're lingering.
Speaker 4: We're going to discuss that next. Is it real?
Speaker 3: This is Blomberg Tech? Could the AI boom be headed
Speaker 3: for a bust? Bloomberg Intelligences Brian Doherty says no, yeah,
Speaker 3: calling AI quote the backbone of a modernized industrial economy,
Speaker 3: not its next speculative tale. Please to say Brian joins
Speaker 3: us now working with Jessica Lynn as well.
Speaker 4: Just give us the fundamental underpinnings. It gives you confidence
Speaker 4: that this isn't some tech rec written.
Speaker 15: So I think what's really interesting is we actually look
Speaker 15: at the equities landscape a little bit different than everybody else.
Speaker 15: So everything we do is through a thematic lens or
Speaker 15: a thesis driven so we actually carve up the equities
Speaker 15: landscape into AI, decentralized energy, grid, tech, space ed you
Speaker 15: guys were talking about this a few minutes ago, space
Speaker 15: quantum computing. So when we think about tech or we
Speaker 15: think about energy, we're actually looking much more discrete and
Speaker 15: right now. What we're looking at right now is that
Speaker 15: we've seen an incredible rise in correlations between AI and
Speaker 15: decentralized energy transition metals, which again rare earths and other
Speaker 15: metals critical to the transition. So those correlations have been
Speaker 15: rising over the last year. What's also very interesting though,
Speaker 15: is we're seeing that those names or those themes have
Speaker 15: much higher beta to AI than they used to, and
Speaker 15: more specifically, it means they're getting hit a little bit
Speaker 15: harder on the downdraft, right, So when you get AI pullback,
Speaker 15: you're seeing those decentralized energy grid tech transition metal names
Speaker 15: actually feel some pain on that. But when we look
Speaker 15: at how these secular trends are actually progressing, there is
Speaker 15: just such huge, huge underlying opportunity in the bottlenecks, in
Speaker 15: the retrofits, in the fact that, let's be honest, the
Speaker 15: power grid itself was already aging. There's a lot of
Speaker 15: investment opportunity there.
Speaker 2: If you are a Bloomberg Terminal client and you're listening
Speaker 2: to the show, first of all, look up at the
Speaker 2: screen and really focus here of what Brian's about to say,
Speaker 2: and then check out her research on the terminal. Seriously,
Speaker 2: you're doing a comparison with twenty twenty one. Why why
Speaker 2: look at twenty twenty one, and then you're saying, this
Speaker 2: is what we think will happen in twenty twenty six.
Speaker 6: Answer those two please.
Speaker 15: So we're looking to twenty twenty one because that's the
Speaker 15: most recent correction, if you will, that we saw, and
Speaker 15: a lot of people refer back to twenty twenty one
Speaker 15: where we see a lot of that particular US technology
Speaker 15: really dive down into twenty twenty two, so that's a
Speaker 15: really good reference point for US, something that we are flagging.
Speaker 15: Though it's pretty hard to make comps right when you
Speaker 15: go back to the dot com era. We're not in
Speaker 15: the dotcom era. We're looking at when we look at
Speaker 15: the eighteen biggest most powerful names in our AI theme universe,
Speaker 15: for instance, we're talking about twenty four trillion of market
Speaker 15: up in the dotcom area. That was more like a
Speaker 15: seven trillion dollar type number in today's dollars. So what
Speaker 15: we're looking at is twenty twenty one is the most
Speaker 15: recent comp where we saw a massive market correction naturally,
Speaker 15: and where we look to twenty twenty six, though we
Speaker 15: don't expect that to happen. We've got rate cuts coming.
Speaker 15: We've talked about that a lot in the last few
Speaker 15: weeks as well, So rate cuts are coming, they're not
Speaker 15: on the rise, which was also a big part of
Speaker 15: that time period. And then, more importantly though, we are
Speaker 15: very much flagging some tension. So while we do think
Speaker 15: that we're very much in a boom, this isn't a bust.
Speaker 15: It's not to say that it's not going to be
Speaker 15: without tension. And the biggest tension we're watching for is
Speaker 15: the fact that we've now seen tech investors tech dollars
Speaker 15: flock towards industrial materials, energy names. Well, guess what those
Speaker 15: tend to be longer build cycles. So the tension on
Speaker 15: quarter to quarter earnings. Tech investors maybe aren't used to
Speaker 15: the patients that are sometimes required in there, and so
Speaker 15: we do expect some volatility because of that.
Speaker 2: reON deity of Bloomberg Intelligence. We just showed it, but
Speaker 2: it's must read research on the Bloomberg terminal with Jessica Lynn.
Speaker 6: Thank you very much.
Speaker 2: Now coming up, we're going to discuss how Warner Brothers
Speaker 2: Discovery is looking for help blocking the Elesons.
Speaker 6: That's a dynamic. This is green bag tech.
Speaker 3: It is time now for talking tech of First up,
Speaker 3: ahead of a meeting between President Trump and the South
Speaker 3: Korean president, Lee j Young, the South Korean leader is
Speaker 3: saying that the countries remain stuck on all the major
Speaker 3: details of a three hundred and fifty billion dollar investment pledge.
Speaker 16: Take a listen, Panshi, the method of investment, the amount
Speaker 16: of investment, the timeline, and how we will share the
Speaker 16: losses and divide the dividends. All of these remain sticking points.
Speaker 16: The US will, of course try to maximize its interests,
Speaker 16: but it must not be to an extent that causes
Speaker 16: catastrophic consequences for South Korea.
Speaker 3: Trump and Lee while they are set to meet on
Speaker 3: the sidelines of the APEX summit. Plus, Nelson Peltz's Try
Speaker 3: and Fund Management is teaming up with tech VC General
Speaker 3: Catalyst to buy the rest of Janie Henderson. That the
Speaker 3: two firms plan to use AI to drive the asset
Speaker 3: manager's next phase of growth. After Try and Help bring
Speaker 3: the CEO allied Budge and Janis Henderson posted five straight
Speaker 3: quarters of positive inflows and.
Speaker 4: Game Stop shares.
Speaker 3: They jumped more prolly seismically in the pre market. Now
Speaker 3: a little bit off that, but they're trading after our
Speaker 3: white House x account reposted a company's statement declaring the
Speaker 3: console wars over. GameStop was reacting to Microsoft's plan to
Speaker 3: release a Halo Combat Evolved remake for rival PlayStation five
Speaker 3: in twenty twenty six.
Speaker 4: More on entertainment now.
Speaker 3: As Warner Brothers Discovery announced a.
Speaker 17: Strategic review Media Chants, they have been encircling the company
Speaker 17: for a potential takeover the most aggressive of which has
Speaker 17: been Paramount Skuidance, led by David Ellison, offering merger prospects
Speaker 17: no less than.
Speaker 4: Three times already.
Speaker 3: Bluemokes Media and entertain Managing editor Lukashaw, You've been writing
Speaker 3: about it over the course of the weekend. And why
Speaker 3: has David Salzlov been pushing back on Paramount's guidance.
Speaker 18: Well, the several reasons, the first of which is they
Speaker 18: think they can get more money. I think there are
Speaker 18: concerns about David Elson and Paramounts guidance as a buyer
Speaker 18: that we can get to. But David Ellison has increased
Speaker 18: his offer three times in a row. All of the
Speaker 18: chatter around potential deals has led to a huge spike
Speaker 18: in the Warner Brothers Discovery share price, and so you
Speaker 18: know they're trying to start something of a bidding war
Speaker 18: because while there are other parties who may be interested
Speaker 18: in parts of the business, so far David Ellison is
Speaker 18: the on owned who's come out and said I.
Speaker 6: Want the whole thing.
Speaker 4: He wants the whole thing. How are employees reacting?
Speaker 3: How is just the company surviving with what is a
Speaker 3: big question mark?
Speaker 18: Well, look, employees at Warner Brothers Discovery are unfortunately used
Speaker 18: to this type of uncertainty around deals. You know, Warner
Speaker 18: Brothers and HBO, and there have been various names of
Speaker 18: the kind of the corporate entity Time Warner Warner Media,
Speaker 18: but Time war got sold to AT and T many
Speaker 18: years ago, then it got merged with Discovery, so it
Speaker 18: I think a lot of them feel like they've been
Speaker 18: in one never ending integration meeting with lots of layoffs.
Speaker 18: And you know, David as loves a divisive figure internally
Speaker 18: at the company. So some people are very excited about
Speaker 18: the prospects.
Speaker 12: Some people are dreading it.
Speaker 3: Talking of excitement where excitement is at the moment in
Speaker 3: the world of entertainment. Taught me through BTS, taught me
Speaker 3: through the shar scale of desire to get into these
Speaker 3: pop bands from career.
Speaker 18: Yeah, so BTS is I'd say that the band most
Speaker 18: responsible for popularizing K pop around the world, certainly outside
Speaker 18: of South Korea, the best selling artists in the world
Speaker 18: for a couple of years, I think in twenty twenty
Speaker 18: and twenty twenty one, they've been on hiatus essentially because
Speaker 18: the various members of the military or excuse me, various
Speaker 18: members of a group have been serving in the military.
Speaker 18: They are coming back with a new album in March
Speaker 18: and then going to go on their biggest tour ever
Speaker 18: according to my sources, about sixty five dates, including more
Speaker 18: than thirty in North America, and there's a huge fight
Speaker 18: between the two biggest concert promoters in the world to
Speaker 18: get to be the company to promote it.
Speaker 3: Meanwhile, all the fights at home are for costumes for
Speaker 3: K pop demon Hunters, so clearly it's a theme.
Speaker 4: Bloomberg's Lucashaw, thank you very much.
Speaker 3: Indeed, it's a great read, go get to it and
Speaker 3: his newsletters from all of his team.
Speaker 4: Meanwhile, that does.
Speaker 3: It with this edition at Bloomberg Tech quick check on
Speaker 3: Qualcomm in particular, that was the breaking news at the
Speaker 3: top of the hour, the fact that Qualcom has indeed
Speaker 3: decided it's going to be unveiling a competitor to in
Speaker 3: Video and wants a bit more of the AI Slice
Speaker 3: of the Pie and Boy of Shares move off the
Speaker 3: back of it were up more than twelve percent, coming
Speaker 3: off of what was a twenty percent move at one point.
Speaker 3: But we are risk on across the tech world as
Speaker 3: we prepare ourselves for a meeting between US and China.
Speaker 3: Don't forget to check out our podcast. You can find
Speaker 3: it on the terminal as well as online on Apple, Spotify,
Speaker 3: and iHeart. We've got a thick and fast earnings week
Speaker 3: stick with us for it.
Speaker 4: This is Bloomberg